APG · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

APi Group

27 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns fromnamed as a risk

We perform work through various subsidiaries to the U.S. federal government through government contracts.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, CACI, CBRE, CI, CRM and 25 more

U.S. oil and natural gas pipeline industry

earns fromnamed as a risk

Our energy and infrastructure businesses depend on energy and other industries' participants’ willingness to make operating and capital expenditures to build pipelines to transport oil and natural gas and the development and production of oil and natural gas, as well as other infrastructure-related projects, in the United States.Risk factors (Item 1A)

Partners and platforms

Citibank N.A.

depends on · $2,157 million in principal amount of debt outstanding under our credit facilitiesnamed as a risk

The Credit Agreement governing the credit facilities contains covenants that restrict our operations.Risk factors (Item 1A)

Also named by DDS, LGND, M, XYL

Third-party cloud computing platforms

depends onnamed as a risk

As a result of the implementation of ERP systems, we are migrating a significant portion of our computing infrastructure to third party hosted cloud-based computing platforms.Risk factors (Item 1A)

Also named by ADP

Other companies

SOFR

exposed to its price · approximately $10 million per yearnamed as a risk

A one percentage point increase in the average interest rate on our floating rate debt at December 31, 2025 would increase future interest expense by approximately $10 million per year.Market risk (Item 7A)

Also named by AAP, AIOT, APH, ARES, AXON, BGC, BR, CCC and 82 more

Collective bargaining agreements

depends on · approximately 50% of our employeesnamed as a risk

As of December 31, 2025, approximately 50% of our employees were covered by collective bargaining agreements in the U.S. or similar employment and labor obligations in other countries in which we conduct business.Risk factors (Item 1A)

Also named by BALL, CAG, CARR, HLT, HSY, IEX, KR, NI and 10 more

Series A Preferred Stock

6,000,000 shares of our common stocknamed as a risk

We have 4,000,000 shares of Series A Preferred Stock which are convertible into 6,000,000 shares of our common stock upon conversion on the last day of 2026 pursuant to the Company's Certificate of Incorporation.Risk factors (Item 1A)

Places

International operations (outside U.S.)

earns from · approximately 35% of our consolidated net revenuesnamed as a risk

Revenues generated from foreign operations represented approximately 35% of our consolidated net revenues for the year ended December 31, 2025.Market risk (Item 7A)

Also named by AXP, CARR, COP, COST, DD, ECL, EQIX, FIS and 14 more

United Kingdom pension plans

named as a risk

In December 2024, we entered into a non-binding agreement in principle with the Trustees of the two pension plans in the U.K. to proceed with wind-up of the plans contingent on certain conditions.Risk factors (Item 1A)

Europe works councils

subject tonamed as a risk

In addition, our employees in certain countries in Europe are subject to works council arrangements, exposing us to potential delays in implementing changes, works council claims and litigation.Risk factors (Item 1A)

Hazards

PFAS

named as a risk

For example, in August 2022, the U.S. Environmental Protection Agency (“EPA”) issued a proposal that, if enacted, would designate two types of PFAS as hazardous substances, which could lead to legal claims or other liabilities.Risk factors (Item 1A)

Also named by ACHR, CAG, CAVA, CTVA, DD, ES, FDX, INTC and 12 more

Asbestos

named as a risk

Certain of our businesses, along with numerous other third parties, are named as defendants in personal injury lawsuits based on alleged exposure to various hazardous materials, including asbestos and per- and poly-fluoroalkyl substances ("PFAS").Risk factors (Item 1A)

Also named by AAP, BLDR, CARR, JCI, NVT, PLD, RPM, TRV

North America weather seasonality

operates innamed as a risk

Consequently, net revenues for our businesses are typically lower during the first and second quarters due to the prevalence of unfavorable weather conditions within our North American companies, which can cause project delays and affect productivity.Business (Item 1)

Also named by FSS

Commodities and inputs

Gasoline

exposed to its price · approximately 12,700 vehiclesnamed as a risk

We are also exposed to increases in energy prices, including as they relate to gasoline prices for our rolling-stock fleet of approximately 12,700 vehicles.Risk factors (Item 1A)

Also named by ADM, BJ, CART, COST, DRVN, EME, FIX, GPC and 2 more

Copper

exposed to its pricenamed as a risk

For certain contracts, including those where we have assumed responsibility for procuring materials for a project, we are exposed to market risk of increases in certain commodity prices of materials, such as copper and steel, which are used as components of supplies or materials utilized in all of our operations.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APH, APLD, BMI, BWA, CARR and 58 more

Steel

exposed to its pricenamed as a risk

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Optical fiber cable

exposed to its pricenamed as a risk

In addition, we are exposed to various supply chain risks, including the market risk of price fluctuations or availability of copper, steel, cable optic fiber, and other materials used as components of supplies or materials utilized in our operations.Market risk (Item 7A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

Also named by AAON, AAP, ALSN, AMRC, APA, APD, AROC, AYI and 78 more

Laws and programs

EU General Data Protection Regulation (GDPR)

subject to · up to 4% of worldwide revenuenamed as a risk

For example, under the E.U. General Data Protection Regulation (“GDPR”) and U.K. General Data Protection Regulation ("UK GDPR") companies must meet certain requirements regarding the handling of personal data or face penalties of up to 4% of worldwide revenue.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, AXON, BAX and 61 more

Infrastructure Investment and Jobs Act

earns from · $550 billion of newly authorized infrastructure spending through 2026

The Infrastructure Investment and Jobs Act, signed into law on November 15, 2021, includes $550 billion of newly authorized infrastructure spending through 2026.Business (Item 1)

Also named by AWK, CTOS, HASI, J, MLM, MTZ, NWPX, OGE and 3 more

U.S. tariffs

exposed to its pricenamed as a risk

These prices could be materially impacted by general market conditions and other factors, including U.S. trade relationships with other countries or the imposition of tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Foreign Corrupt Practices Act

subject tonamed as a risk

In addition, applicable U.S. and non-U.S. anti-corruption laws, including but not limited to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, generally prohibit us from, among other things, corruptly making payments for the purpose of obtaining or retaining business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Fair Labor Standards Act

subject tonamed as a risk

Pending and future wage and hour litigation, including claims relating to the U.S. Fair Labor Standards Act, analogous state laws, or other state wage and hour laws could result in significant attorney fees and settlement costs.Risk factors (Item 1A)

Also named by CVLG, DPZ, DY, EME, FIX, FLO, SBUX

Pension Protection Act of 2006

subject tonamed as a risk

In addition, certain U.S. multiemployer pension plans to which we contribute or may contribute in the future are in “endangered,” “seriously endangered” or “critical” status.Risk factors (Item 1A)

Also named by DY, ECG, MYRG

Employee Retirement Income Security Act (ERISA) multiemployer pension plans

subject tonamed as a risk

To the extent those plans are underfunded, U.S. regulations, including the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, may subject us to substantial liabilities under those plans if we withdraw from them or if they are terminated or experience a mass withdrawal.Risk factors (Item 1A)

Also named by EME, URI

Occupational Safety and Health Act (OSHA)

subject tonamed as a risk

We incur capital and operating expenditures and other costs in the ordinary course of business in complying with the OSH Act, the HSW Code, the HSW Act, and other state and local laws and regulations, and could incur penalties and fines in the future, including, in extreme cases, criminal sanctions.Risk factors (Item 1A)

Also named by DY

National Fire Protection Association building codes

subject to

For example, the Uniform Building Codes written by the National Fire Protection Association and the International Code Council regulate fire suppression and sprinkler systems.Business (Item 1)