APi Group CorpAPGEarnings & Financial Report
X.AI Corp., doing business as xAI, is an American company working in the area of artificial intelligence (AI), social media and technology that is a wholly owned subsidiary of American aerospace company SpaceX. Founded by Elon Musk in 2023, the company's flagship products are the generative AI chatbot named Grok and the social media platform X, the latter of which they acquired in March 2025.
Revenue
$1.8B
Gross Profit
$567.0M
Operating Profit
$142.0M
Net Profit
$69.0M
Gross Margin
31.1%
Operating Margin
7.8%
Net Margin
3.8%
YoY Growth
2.4%
EPS
$0.23
APi Group Corp Q3 FY2024 Financial Summary
APi Group Corp reported revenue of $1.8B (up 2.4% YoY) for Q3 FY2024, with a net profit of $69.0M (up 27.8% YoY) (3.8% margin). Cost of goods sold was $1.3B, operating expenses totaled $425.0M.
Key Financial Metrics
| Total Revenue | $1.8B |
|---|---|
| Net Profit | $69.0M |
| Gross Margin | 31.1% |
| Operating Margin | 7.8% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
APi Group Corp Q3 FY2024 revenue of $1.8B breaks down across 5 segments, led by Life Safety at $1.2B (65.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Life Safety | $1.2B | 65.9% |
| Infrastructure Utility | $283.0M | 15.5% |
| Specialty Contracting | $147.0M | 8.1% |
| Heating Ventilation And Air Conditioning | $132.0M | 7.2% |
| Fabrication | $63.0M | 3.5% |
APi Group Corp Revenue by Segment — Quarterly Trend
APi Group Corp revenue by segment across the last 4 reported quarters, showing how each business line (such as Life Safety and Infrastructure Utility) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Infrastructure Utility | — | — | $291.0M | $256.0M |
| Specialty Contracting | — | — | $289.0M | $274.0M |
APi Group Corp Annual Revenue by Year
APi Group Corp annual revenue history includes year-by-year totals (for example, 2025 revenue was $7.9B).
| Year | Annual Revenue |
|---|---|
| 2025 | $7.9B |
| 2024 | $7.0B |
| 2023 | $6.9B |
APi Group Corp Quarterly Revenue & Net Profit History
APi Group Corp results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $2.0B | +11.7% | $57.0M | 2.9% |
| Q4 FY2025 | $2.1B | +13.8% | $97.0M | 4.6% |
| Q3 FY2025 | $2.1B | +14.2% | $93.0M | 4.5% |
| Q2 FY2025 | $2.0B | +15.0% | $77.0M | 3.9% |
| Q1 FY2025 | $1.7B | +7.4% | $35.0M | 2.0% |
| Q4 FY2024 | $1.9B | +5.8% | $67.0M | 3.6% |
| Q3 FY2024 | $1.8B | +2.4% | $69.0M | 3.8% |
| Q2 FY2024 | $1.7B | -2.3% | $69.0M | 4.0% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.73B | $1.83B | $1.86B | $1.72B | $1.99B | $2.08B | $2.12B | $1.98B |
| YoY Growth | -2.3% | 2.4% | 5.8% | 7.4% | 15.0% | 14.2% | 13.8% | 11.7% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $7.96B | $8.24B | $8.15B | $8.10B | $8.54B | $8.72B | $8.94B | $8.97B |
| Liabilities | $5.13B | $5.28B | $5.20B | $5.12B | $5.37B | $5.45B | $5.53B | $5.48B |
| Equity | $2.83B | $2.97B | $2.95B | $2.98B | $3.17B | $3.28B | $3.41B | $3.49B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $110.0M | $220.0M | $283.0M | $62.0M | $83.0M | $232.0M | $382.0M | $85.0M |