APGMEDIUM SIGNALFINANCIAL10-K

APG delivered strong financial performance with 83% cash growth and expanded operational scope, while adding new cloud-based technology risks and emphasizing divestiture capabilities alongside acquisitions.

The substantial cash increase combined with strong revenue and profit growth suggests successful execution of APG's acquisition strategy and improved operational efficiency. However, the addition of cloud-based platform risks indicates increased technology dependence, while the shift from pure acquisition focus to include divestitures suggests more active portfolio management.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

APG demonstrated robust financial health with cash nearly doubling to $912M and revenue growing 13% to $7.9B, while maintaining strong profitability with 21% net income growth and 22% operating cash flow improvement. The balanced growth across revenue, operating income, and cash generation, combined with proportional increases in assets and equity, signals effective scaling and capital management. The company appears to be successfully executing its growth strategy while building significant financial flexibility through cash accumulation.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+82.8%
$499.0M→$912.0M

Cash position surged 82.8% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+22.4%
$620.0M→$759.0M

Operating cash flow grew 22.4% — strong conversion of earnings to cash, healthy business fundamentals.

Current Assets
Balance Sheet
+21.5%
$2.7B→$3.2B

Current assets grew 21.5% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
+20.8%
$250.0M→$302.0M

Net income grew 20.8% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+15.4%
$3.0B→$3.4B

Equity base grew 15.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+14.5%
$484.0M→$554.0M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Gross Profit
P&L
+14.2%
$2.2B→$2.5B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

SG&A Expense
P&L
+14.1%
$1.7B→$1.9B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Liabilities
Balance Sheet
+14.1%
$1.9B→$2.1B

Current liabilities rose 14.1% — increased short-term obligations, watch current ratio.

Revenue
P&L
+12.7%
$7.0B→$7.9B

Revenue growing 12.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Exhibits, Financial Statement Schedules 110 Item 16 Form 10-K Summary 114 ii Table of Conten t s PART I As used in this Annual Report on Form 10-K ("Annual Report"), the terms we, us, our, the Company, and APG refer to APi Group Corporation, a Delaware corporation headquartered in New Brighton, Minnesota, and its wholly owned subsidiaries (the Subsidiaries ).
These forward-looking statements are subject to a number of known and unknown risks, uncertainties, and assumptions, including those described in Risk Factors and in Risk Factor Summary below.
As we increase our reliance on cloud-based applications and platforms to operate our businesses, any disruption or interference with these platforms could adversely affect our financial condition and results of operations.
As part of our business strategy, we rely on our ability to successfully execute acquisitions and divestitures and to integrate acquired businesses into our operations, and our inability to do so could adversely affect our business and results of operations.
We carry a significant amount of goodwill, identifiable intangible assets, and fixed assets that are subject to impairment in the future under certain circumstances.
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REMOVED
As part of our business strategy, we rely on our ability to successfully acquire other businesses, and integrate acquired businesses into our operations, and our inability to do so could adversely affect our business and results of operations.
We have a significant amount of goodwill and identifiable intangible assets that are subject to impairment in the future under certain circumstances.
Our contracts portfolio is primarily comprised of contracts with durations of less than six months, many of which are subject to reduction or cancellation, which present risks that turn on our ability to maintain a stable pipeline of projects.
We are vulnerable to the economic conditions affecting the industries we serve, including the construction and technology industries, the energy sector, and data centers, which present risks of a decline in demand for our services or in the financial condition of our customers and their ability and willingness to invest in infrastructure projects.
We believe that our core strategies of driving organic growth and growth through accretive acquisitions, promoting sharing of best practices across all of our businesses, and leveraging our scale and services offerings place us in the position to capitalize on opportunities and trends in the industries we serve, grow our businesses, and advance our position in each of our markets.
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