APG financial statements

The full income statement, balance sheet, and cash-flow statement for APi Group Corporation (APG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 412.0M2024-09 412.2M2024-12 416.3M2025-03 415.3M2025-06 415.9M2025-09 415.9M2025-12 388.8M2026-03 433.2M2026-06 432.2M+4.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	7.91B YoY+12.7%	7.02B YoY+1.3%	6.93B YoY+5.6%	6.56B YoY+66.4%	3.94B YoY+9.8%
	2.49B YoY+14.2%	2.18B YoY+12.3%	1.94B YoY+13.2%	1.71B YoY+82.5%	939M YoY+24.2%
Cost of revenue	5.42B YoY+12.1%	4.84B YoY-3.0%	4.99B YoY+3.0%	4.84B YoY+61.4%	3.00B YoY+6.0%
Selling, general & administrative	1.93B YoY+14.1%	1.69B YoY+7.1%	1.58B YoY+1.9%	1.55B YoY+93.3%	803M YoY+10.8%
Restructuring	—	12.0M YoY-67.6%	37.0M YoY+68.2%	22.0M	0.00
Amortization of intangibles	242M YoY+9.0%	222M YoY-0.9%	224M YoY-1.3%	227M YoY+78.7%	127M YoY-30.2%
Operating income	554M YoY+14.5%	484M YoY+34.8%	359M YoY+121.6%	162M YoY+19.1%	136M YoY+181.9%
Interest expense	—	—	145M YoY+16.0%	125M YoY+108.3%	60.0M YoY+15.4%
Other non-operating income	-141M YoY+8.4%	-154M YoY-21.3%	-127M YoY-84.1%	-69.0M YoY-21.1%	-57.0M YoY-216.7%
Equity-method income	413M YoY+25.2%	330M YoY+42.2%	232M YoY+149.5%	93.0M YoY+17.7%	79.0M YoY+142.9%
Pre-tax income	413M YoY+25.2%	330M YoY+42.2%	232M YoY+149.5%	93.0M YoY+17.7%	79.0M YoY+142.9%
Income tax	111M YoY+38.8%	80.0M YoY+1.3%	79.0M YoY+295.0%	20.0M YoY-37.5%	32.0M YoY+203.2%
	302M YoY+20.8%	250M YoY+63.4%	153M YoY+109.6%	73.0M YoY+55.3%	47.0M YoY+130.7%
Preferred dividends	—	—	—	—	184M YoY-17.1%
Net income to common	-288M YoY-28.6%	-224M YoY-39.1%	-161M YoY-655.2%	29.0M YoY+121.2%	-137M YoY+63.5%
	-$0.69 YoY-23.2%	-$0.56 YoY-21.7%	-$0.46 YoY-790.0%	$0.07 YoY+114.9%	-$0.45 YoY+69.7%
EPS (basic)	-$0.69 YoY-23.2%	-$0.56 YoY-21.7%	-$0.46 YoY-790.0%	$0.07 YoY+114.9%	-$0.45 YoY+69.7%
	416M YoY+3.5%	402M YoY+13.8%	353M YoY+0.8%	350M YoY+13.2%	309M YoY+21.9%
	416M YoY+3.5%	402M YoY+13.8%	353M YoY-11.6%	399M YoY+29.2%	309M YoY+21.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.23B YoY+21.5%	2.66B YoY+2.9%	2.58B YoY-2.6%	2.65B YoY+1.0%	2.63B YoY+82.7%
Cash & equivalents	912M YoY+82.8%	499M YoY+4.2%	479M YoY-20.8%	605M YoY-49.1%	1.19B YoY+130.7%
Accounts receivable	1.56B YoY+8.2%	1.44B YoY+3.5%	1.40B YoY+6.2%	1.31B YoY+71.2%	767M YoY+20.0%
Inventory	145M YoY+1.4%	143M YoY-4.7%	150M YoY-8.0%	163M YoY+136.2%	69.0M YoY+7.8%
Prepaid expenses	125M YoY+5.0%	119M YoY-2.5%	122M YoY+8.9%	112M YoY+34.9%	83.0M YoY+7.8%
	8.94B YoY+9.6%	8.15B YoY+7.4%	7.59B YoY-6.2%	8.09B YoY+56.8%	5.16B YoY+26.9%
Property, plant & equipment	397M YoY+4.7%	379M YoY-1.6%	385M YoY-5.4%	407M YoY+24.8%	326M YoY-8.2%
Operating lease right-of-use	301M YoY+12.3%	268M YoY+15.0%	233M YoY+5.0%	222M YoY+119.8%	101M YoY-5.6%
Goodwill	3.17B YoY+9.4%	2.89B YoY+17.1%	2.47B YoY+3.7%	2.38B YoY+115.4%	1.11B YoY+2.2%
Intangible assets	1.58B YoY-4.6%	1.66B YoY+2.5%	1.62B YoY-9.2%	1.78B YoY+102.3%	882M YoY-8.6%
Deferred tax assets	40.0M YoY-29.8%	57.0M YoY-49.6%	113M YoY+4.6%	108M YoY+47.9%	73.0M YoY-18.0%
Other non-current assets	89.0M YoY-23.3%	116M YoY+54.7%	75.0M YoY-47.9%	144M YoY+220.0%	45.0M YoY+50.0%
	2.15B YoY+14.1%	1.89B YoY+4.3%	1.81B YoY-5.9%	1.92B YoY+121.6%	867M YoY+3.1%
Accounts payable	526M YoY+5.8%	497M YoY+5.3%	472M YoY-3.7%	490M YoY+107.6%	236M YoY+57.3%
Deferred revenue	694M YoY+17.6%	590M YoY+12.2%	526M YoY+13.6%	463M YoY+90.5%	243M YoY+11.0%
Short-term & current debt	5.00M YoY+25.0%	4.00M YoY-20.0%	5.00M YoY-97.6%	206M YoY+20500.0%	1.00M YoY-94.4%
Current lease liability	93.0M YoY+10.7%	84.0M YoY+21.7%	69.0M YoY+3.0%	67.0M YoY+179.2%	24.0M YoY-14.3%
Finance lease liability (current)	5.00M YoY-16.7%	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+100.0%	3.00M YoY+0.0%
	5.53B YoY+6.3%	5.20B YoY+10.1%	4.72B YoY-8.6%	5.17B YoY+82.2%	2.84B YoY+13.1%
Long-term debt	2.75B YoY+0.2%	2.75B YoY+18.4%	2.32B YoY-10.1%	2.58B YoY+46.3%	1.77B YoY+26.4%
Non-current lease liability	211M YoY+12.8%	187M YoY+14.0%	164M YoY+6.5%	154M YoY+100.0%	77.0M YoY-1.3%
Operating lease liability (total)	304M YoY+12.2%	271M YoY+16.3%	233M YoY+5.4%	221M YoY+118.8%	101M YoY-4.7%
Finance lease liability (total)	9.00M YoY-18.2%	11.0M YoY-21.4%	14.0M YoY-22.2%	18.0M YoY+260.0%	5.00M YoY-76.2%
Finance lease liability	4.00M YoY-20.0%	5.00M YoY-37.5%	8.00M YoY-33.3%	12.0M YoY+500.0%	2.00M YoY-88.9%
Deferred tax liabilities	205M YoY+3.5%	198M YoY-15.0%	233M YoY-31.5%	340M YoY+690.7%	43.0M YoY-4.4%
Other non-current liabilities	146M YoY+39.0%	105M YoY-17.3%	127M YoY+14.4%	111M YoY+56.3%	71.0M YoY-33.0%
	3.41B YoY+15.4%	2.95B YoY+42.6%	2.07B YoY-2.6%	2.13B YoY-8.4%	2.32B YoY+49.1%
Preferred stock	0.00	0.00	0.00	0.00	—
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	3.30B YoY-0.3%	3.31B YoY+28.5%	2.57B YoY+0.5%	2.56B YoY-0.1%	2.56B YoY+37.9%
Retained earnings	517M YoY+140.5%	215M YoY+2054.5%	-11.0M YoY+93.3%	-164M YoY+30.8%	-237M YoY+16.5%
Accumulated other comprehensive income	-405M YoY+28.6%	-567M YoY-15.7%	-490M YoY-83.5%	-267M	—
Total equity incl. non-controlling	—	—	2.07B YoY-2.6%	2.13B YoY-8.4%	2.32B YoY+49.1%
Total liabilities & equity	8.94B YoY+9.6%	8.15B YoY+7.4%	7.59B YoY-6.2%	8.09B YoY+56.8%	5.16B YoY+26.9%
	416M YoY+0.9%	412M YoY+16.6%	353M YoY+0.9%	350M YoY+3.9%	337M YoY+33.7%
	431M YoY+3.6%	416M YoY+13.7%	366M YoY+4.1%	352M YoY+0.8%	349M YoY+15.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	759M YoY+22.4%	620M YoY+20.6%	514M YoY+90.4%	270M YoY+48.4%	182M YoY-63.3%
Depreciation & amortization	327M YoY+8.3%	302M YoY-0.3%	303M YoY-0.3%	304M YoY+50.5%	202M YoY-23.2%
Intangible amortization	242M YoY+9.0%	222M YoY-0.9%	224M YoY-1.3%	227M YoY+78.7%	127M YoY-30.2%
Share-based compensation	44.0M YoY+37.5%	32.0M YoY+10.3%	29.0M YoY+61.1%	18.0M YoY+50.0%	12.0M YoY+140.0%
Deferred income taxes	14.0M YoY+151.9%	-27.0M YoY+15.6%	-32.0M YoY+31.9%	-47.0M YoY-883.3%	6.00M YoY+108.1%
Change in receivables	57.0M YoY+2750.0%	2.00M YoY-97.1%	69.0M YoY-53.4%	148M YoY+49.5%	99.0M YoY+182.5%
Change in inventory	-6.00M YoY+33.3%	-9.00M YoY+30.8%	-13.0M YoY-143.3%	30.0M YoY+1400.0%	2.00M YoY+118.2%
Change in payables	5.00M YoY-68.8%	16.0M YoY+214.3%	-14.0M YoY-119.7%	71.0M YoY-9.0%	78.0M YoY+425.0%
	-254M YoY+69.4%	-829M YoY-620.9%	-115M YoY+96.0%	-2.90B YoY-2297.5%	-121M YoY+64.4%
Capital expenditure	96.0M YoY+14.3%	84.0M YoY-2.3%	86.0M YoY+8.9%	79.0M YoY+43.6%	55.0M YoY+44.7%
Free cash flow	663M YoY+23.7%	536M YoY+25.2%	428M YoY+124.1%	191M YoY+50.4%	127M YoY-72.3%
Acquisitions	186M YoY-76.1%	778M YoY+837.3%	83.0M YoY-97.1%	2.84B YoY+3201.2%	86.0M YoY-73.0%
	-121M YoY-149.4%	245M YoY+146.1%	-532M YoY-130.3%	1.76B YoY+91.5%	917M YoY+826.3%
Long-term debt issued	0.00 YoY-100.0%	850M	0.00 YoY-100.0%	1.10B YoY+69.8%	650M YoY+160.0%
Long-term debt repaid	7.00M YoY-98.4%	437M YoY-9.7%	484M YoY+1323.5%	34.0M YoY-89.4%	321M YoY+1428.6%
Common stock issued	0.00 YoY-100.0%	458M	0.00 YoY-100.0%	797M	0.00
Common stock repurchased	75.0M	0.00 YoY-100.0%	41.0M YoY-6.8%	44.0M	0.00 YoY-100.0%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	0.00 YoY+100.0%	-5.00M	0.00	0.00	—
FX effect on cash	—	—	—	—	-2.00M YoY-150.0%
Net change in cash	412M YoY+1861.9%	21.0M YoY+116.5%	-127M YoY+85.6%	-884M YoY-190.6%	976M YoY+276.8%
Interest paid	136M YoY-10.5%	152M YoY+1.3%	150M YoY+25.0%	120M YoY+192.7%	41.0M YoY-12.8%
Income taxes paid	111M YoY+9.9%	101M YoY+6.3%	95.0M YoY+120.9%	43.0M YoY-34.8%	66.0M YoY+127.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	14.9B YoY+49.0%	9.98B YoY+22.5%	8.15B YoY+85.2%	4.40B YoY-18.6%	5.40B YoY+77.7%
P/E	49.3× YoY+23.4%	39.9× YoY-26.5%	54.3× YoY-18.5%	66.7× YoY-42.0%	114.9×
P/S	1.9× YoY+32.2%	1.4× YoY+19.9%	1.2× YoY+60.8%	0.7× YoY-46.2%	1.4× YoY+61.8%
P/B	4.4× YoY+29.1%	3.4× YoY-7.4%	3.7× YoY+78.4%	2.0× YoY-12.0%	2.3× YoY+19.2%
P/FCF	22.4× YoY+20.5%	18.6× YoY-26.4%	25.3× YoY-28.7%	35.5× YoY-16.6%	42.5× YoY+540.8%
	2.0% YoY-18.9%	2.5% YoY+36.1%	1.8% YoY+22.7%	1.5% YoY+72.4%	0.87%
	4.5% YoY-17.0%	5.4% YoY+35.9%	4.0% YoY+40.2%	2.8% YoY+19.9%	2.4% YoY-84.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: APG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all APG filings on SEC EDGAR → Not investment advice.