Api Group Corp
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Api Group Corp (APG). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Safety Services | $2.08B 52.2% | $4.58B 69.3% · +120.0% | $4.43B 63.7% · -3.3% | $4.80B 68.3% · +8.4% | $5.46B 68.9% · +13.7% |
| Specialty Services | $1.91B 47.8% | $2.03B 30.7% · +6.4% | $2.52B 36.3% · +24.0% | $2.23B 31.7% · -11.5% | $2.46B 31.1% · +10.4% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Safety Services | $207.0M 10.0% | $559.0M 12.2% | $625.0M 14.1% | $765.0M 15.9% | $916.0M 16.8% |
| Specialty Services | $78.0M 4.1% | $210.0M 10.3% | $278.0M 11.0% | $253.0M 11.4% | $264.0M 10.7% |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| United States [Member] | $3.35B 93.4% | $3.55B 90.1% · +6.0% | $4.06B 61.9% · +14.5% | $4.34B 62.6% · +6.8% | $4.38B 62.5% · +1.0% | $5.18B 65.5% · +18.2% |
| Other [Member] | $238.0M 6.6% | $391.0M 9.9% · +64.3% | $1.93B 29.5% · +394.1% | $1.98B 28.6% · +2.6% | $2.00B 28.5% · +0.8% | $2.04B 25.8% · +2.1% |
| France | – | $0 0.0% | $564.0M 8.6% | $607.0M 8.8% · +7.6% | $637.0M 9.1% · +4.9% | $691.0M 8.7% · +8.5% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Life Safety | – | – | – | $4.36B 62.8% |
| Infrastructure/Utility | – | – | – | $1.22B 17.6% |
| Specialty Contracting | – | – | – | $653.0M 9.4% |
| HVAC | – | – | – | $507.0M 7.3% |
| Fabrication | – | – | – | $202.0M 2.9% |
| Corporate and Elimination [Member] | -$12.0M -0.3% | -$47.0M -1.2% · -291.7% | -$47.0M -0.7% · +0.0% | – |
| Specialty Services [Member] | $1.96B 54.6% | $1.91B 48.4% · -2.8% | $2.03B 31.0% · +6.5% | – |
| Safety Services [Member] | $1.64B 45.7% | $2.08B 52.8% · +27.0% | $4.58B 69.8% · +119.8% | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 10, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.