APi Group Corporation (NYSE:APG) provided investors with preliminary targets for 2026 and an update on 2025, and the stock moved slightly lower in morning trading as the broader market slipped.
Shares of APG were down about 0.6%, matching a 0.6% decline in the S&P 500, after the company set revenue and adjusted EBITDA ranges for the coming year that largely mirror consensus forecasts.
2026 guidance in detail
For fiscal 2026, APi Group issued revenue guidance between $8.40 billion and $8.60 billion. That range compares with analysts' expectations of $8.47 billion. The company also projected adjusted EBITDA for 2026 of $1.14 billion to $1.20 billion, versus a consensus estimate of $1.18 billion.
At the midpoint of its adjusted EBITDA range, APi expects margins to reach 13.8% for 2026. Management highlighted expectations for strong organic growth across both service and project revenue streams during the year.
Update on 2025 results
APi told investors it now expects 2025 results to finish "comfortably above the midpoint" of guidance previously issued for that year. Earlier guidance for 2025 specified net revenues of $7.83 billion to $7.93 billion and adjusted EBITDA of $1.02 billion to $1.05 billion.
Company leadership said it anticipates adjusted EBITDA margins for 2025 will exceed its 13% target, and that adjusted free cash flow conversion will be in line with the firm's 80% target. APi also expects to finish 2025 with a net leverage ratio that is "significantly below 2.0x."
Next steps and investor access
Management will provide additional detail on the company’s 2025 performance and the 2026 outlook on an upcoming earnings call scheduled for February 25, 2026.
This preliminary guidance and the accompanying update leave APi aligned with market expectations for the coming year while indicating better-than-anticipated execution in 2025, according to the company’s statements.