APG Q3 deep dive: recurring services and project backlog fuel revenue and margin outlook

What happened: APi (NYSE:APG) reported Q3 2026 revenue of $2.55 billion, up 22.5% year on year, and lifted full-year revenue guidance to $9.23 billion at the midpoint. Key numbers: Revenue $2.55 billion vs $2.40 billion estimated. Adjusted EPS $0.50 vs $0.47 estimated. Adjusted EBITDA $350 million vs $332.7 million estimated. Organic revenue up 15.7%. Why it matters: Management attributed growth to its inspection-first strategy and record backlog, and said it expects continued margin expansion in 2027 with a 2028 adjusted EBITDA margin target of 16% in view. Market: -1.5% today ($44.34), +13.8% YTD, 1.4x vol — as of 22:46 UTC Verified: Q3_2026 (Oct 29) EPS $0.50 vs $0.47 est, +6.3% beat; next print ~Jan 28

APi (NYSE:APG) reported Q3 2026 revenue of $2.55 billion, up 22.5% year on year, and lifted full-year revenue guidance to $9.23 billion at the midpoint.

Management attributed growth to its inspection-first strategy and record backlog, and said it expects continued margin expansion in 2027 with a 2028 adjusted EBITDA margin target of 16% in view. Market: -1.5% today ($44.34), +13.8% YTD, 1.4x vol — as of 22:46 UTC Verified: Q3_2026 (Oct 29) EPS $0.50 vs $0.47 est, +6.3% beat; next print ~Jan 28