Aramark Reports Earnings Results for Fiscal 2025
Fourth quarter and full year 2025 results include a 53rd week of operations
FISCAL 2025 YEAR-OVER-YEAR SUMMARY
-
Record Annualized Gross New Business of
$1.6 Billion 12% Higher than Fiscal '24-
Retention rate at
96.3% ; Strongest in Company history with many LOBs and countries even higher -
Net New business at
5.6% of prior year revenue; Awarded largest contract win ever in FSS United States
-
Retention rate at
-
Revenue +
6% ; Organic Revenue +7% -
Growth driven by net new business, base business volume, and the contribution from the 53rd week of an estimated
2% ; Revenue in the prior year included portfolio exits in Facilities -
Onboarding unprecedented level of new business; Worked closely with certain new large accounts on timing of site openings to ensure seamless transition into becoming Aramark clients
-
Growth driven by net new business, base business volume, and the contribution from the 53rd week of an estimated
-
Operating Income +
12% ; Adjusted Operating Income (AOI) +12% 1-
Additional incentive-based compensation of approximately
$25 million 3% , recorded in the fourth quarter associated with achieving record Net New business -
Leveraged enhanced technology capabilities across portfolio; Profitability led by supply chain efficiencies and productivity
-
Additional incentive-based compensation of approximately
-
GAAP EPS +
23% to$1.22 19% 1 to$1.82 -
Incentive-based compensation in the fourth quarter impacted GAAP EPS and Adjusted EPS by
$0.07 7% and5% , respectively -
Strong confidence in the business and the significant growth opportunities ahead
-
Incentive-based compensation in the fourth quarter impacted GAAP EPS and Adjusted EPS by
-
Achieved Leverage Ratio of 3.25x; Lowest Level in Nearly 20 Years
-
Net cash from operations +
27% ; Free Cash Flow +41% ; Over$2.4 billion -
Repurchased in excess of 4 million shares; Raised quarterly dividend by
14%
-
Net cash from operations +
Q4 YEAR-OVER-YEAR SUMMARY
-
Revenue +
14% ; Organic Revenue +14% -
Growth led by substantial new business, high retention levels, and base business volume somewhat offset by the timing of onboarding new business; Contribution from the 53rd week of an estimated
7% -
Exited year-end at higher end of Company's long-term revenue growth model2
-
Growth led by substantial new business, high retention levels, and base business volume somewhat offset by the timing of onboarding new business; Contribution from the 53rd week of an estimated
-
Operating Income Unchanged; Adjusted Operating Income (AOI) +
6% 1- Profitability reflected higher revenue levels, supply chain efficiencies, and above-unit cost management, along with the incentive-based compensation
-
Operating income included restructuring initiatives to further streamline operations
-
GAAP EPS (28)% to
$0.33 6% 1 to$0.57 -
Incentive-based compensation impacted GAAP EPS and Adjusted EPS by
$0.07 15% and13% , respectively - GAAP EPS also included a non-cash asset impairment associated with a minority interest investment made in a previous fiscal year
-
Incentive-based compensation impacted GAAP EPS and Adjusted EPS by
“Fiscal 2025 represented many consequential milestones for the Company, contributing to the strong growth trajectory ahead,” said John Zillmer, Aramark CEO. “In addition to being awarded one of the most prestigious medical systems in the world, we delivered almost
“We take delivering on our commitments very seriously. Our actions have centered on building a high performing business focused on providing exceptional hospitality to our clients and I want to reiterate that we are resolutely committed to achieving our financial objectives and generating significant shareholder value.”
1 |
On a constant-currency basis |
2 |
Excluded revenue from the 53rd week |
FISCAL 2025 SUMMARY
Consolidated revenue was
As Aramark began onboarding an unprecedented level of new business, the Company worked closely with certain large clients toward the end of the fourth quarter to prepare for a seamless transition to Aramark becoming their new Hospitality partner. In some cases, this led to a shift in the timing of new account openings. With many of these sites now up and running, the Company believes it is well positioned for strong performance in the quarters ahead.
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Revenue |
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FY25 |
FY24 |
Change (%) |
Organic Revenue Change (%) |
FSS United States |
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|
|
|
FSS International |
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|
|
|
Total Company |
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|
Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation |
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May not total due to rounding |
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Operating income increased
The effect of currency translation reduced operating income by
|
Operating Income |
|
Adjusted Operating Income (AOI) |
|||||
|
FY25 |
FY24 |
Change (%) |
|
FY25 |
FY24 |
Change (%) |
Constant Currency Change (%) |
FSS United States |
|
|
|
|
|
|
|
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FSS International |
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|
|
|
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Corporate |
( |
( |
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( |
( |
(8)% |
(8)% |
Total Company |
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|
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May not total due to rounding |
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Aramark's earnings per share in fiscal 2025 was
FOURTH QUARTER RESULTS
Consolidated revenue was
The effect of currency translation increased GAAP revenue by
|
Revenue |
|||
|
Q4 '25 |
Q4 '24 |
Change (%) |
Organic Revenue Change (%) |
FSS United States |
|
|
|
|
FSS International |
|
|
|
|
Total Company |
|
|
|
|
Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation |
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May not total due to rounding |
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- FSS United States revenue growth was led by 1) Business & Industry continuing its strong pace of record net new business; 2) Education with high retention rates, meal plan optimization, and benefits from increased student enrollment; and 3) Healthcare reporting its best performance in over two years—which more than offset a shift in the timing of new account openings and a majority of the Company's MLB teams within Sports & Entertainment ultimately falling out of playoff contention towards the end of the quarter.
-
FSS International delivered another strong quarter of revenue growth, with broad-based contributions across geographies, particularly in the
U.K. ,Canada ,Ireland ,Spain andLatin America . Top performing industries included Business & Industry, Healthcare, Education, and Extractive Services. Revenue on a GAAP basis reflected the effect of currency translation as referenced above.
In the fourth quarter, operating income was unchanged at
|
Operating Income |
|
Adjusted Operating Income (AOI) |
|||||
|
Q4 '25 |
Q4 '24 |
Change (%) |
|
Q4 '25 |
Q4 '24 |
Change (%) |
Constant Currency Change (%) |
FSS United States |
|
|
|
|
|
|
|
|
FSS International |
|
|
(15)% |
|
|
|
|
|
Corporate |
( |
( |
(19)% |
|
( |
( |
(24)% |
(24)% |
Total Company |
|
|
Unchanged |
|
|
|
|
|
May not total due to rounding |
||||||||
-
FSS United States experienced higher revenue levels, enhanced technology capabilities, particularly within supply chain, and disciplined above-unit cost management, which more than offset the expense items referenced above. Excluding these items, AOI would have increased by an additional
12% .
Aramark also took the opportunity to make some strategic reinvestments within Destinations, which included property development, digital marketing optimization, and other enhancements to drive the guest experience. -
FSS International benefited from increased revenue, disciplined management of operating costs, and supply chain efficiencies.
Operating income in the quarter included severance charges from restructuring initiatives to further optimize operations. - Corporate expenses reflected higher incentive-based compensation.
Aramark's earnings per share in the fourth quarter was
CASH FLOW AND CAPITAL STRUCTURE
Net cash provided by operating activities increased
The Company's leverage ratio improved to 3.25x at the end of September 2025, compared to 3.41x a year ago, and represented the lowest level in nearly 20 years. Aramark continues to take proactive actions to further enhance the Company's strong balance sheet and reduce its leverage ratio. In the fiscal year, Aramark repurchased in excess of 4 million shares of stock. Subsequent to year-end, the Company has repurchased shares in the market under a 10b5-1 program.
Aramark’s capital allocation priorities remain unchanged: 1) invest in the business to drive and propel growth; 2) reduce leverage below 3.0x; 3) grow quarterly dividend payments; and 4) repurchase Aramark stock using excess cash generation.
At fiscal year-end, the Company had over
DIVIDEND DECLARATION
Aramark's Board of Directors approved a
BUSINESS UPDATE
In fiscal 2025, Aramark capitalized on extensive new business opportunities, resulting in annualized gross new business wins of
Aramark believes in its continued ability to achieve Net New business of at least
The Company is also focused on accelerating profitability from its multiple operating levers, which include differentiated supply chain capabilities and disciplined cost management, building upon Aramark's efficiencies and scale.
OUTLOOK
The Company provides its expectations for organic revenue growth, Adjusted Operating Income growth (constant currency), Adjusted Earnings per Share growth (constant currency) and Net Debt to Covenant Adjusted EBITDA ("Leverage Ratio") on a non-GAAP basis, and does not provide a reconciliation of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for the effect of currency translation. The fiscal 2026 outlook reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission.
Aramark currently anticipates its full-year financial performance for fiscal 2026 as follows:
|
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|
Fiscal 2026 Outlook |
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($ in millions, except Adjusted EPS and Leverage Ratio) |
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Fiscal 2025 Reference Point |
|
$ Range1 |
|
Year-over-year Organic Growth2 |
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Revenue |
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|
|
|
— |
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+ |
— |
+ |
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|
|
|
|
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|
||||
Adjusted Operating Income |
|
|
|
|
— |
|
|
+ |
— |
+ |
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|
|
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Adjusted EPS |
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|
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— |
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|
+ |
— |
+ |
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|
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||||
Leverage Ratio |
|
3.25x |
|
Under 3x |
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|
||||||
Adjusted EPS does not include the additional benefit from opportunistic share repurchases |
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1Revenue $ Range included |
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2Constant Currency |
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*For easier comparison purposes, fiscal 2025 Revenue is on a 52-week basis |
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“We enter fiscal 2026 with great confidence,” Zillmer added. “Our teams are focused on driving performance, and we are already seeing success in leveraging enterprise-wide capabilities, starting operations for a record number of new clients, maintaining our retention momentum, optimizing Global Supply Chain strategies, and lastly pursuing another year of significant growth opportunities.”
CONFERENCE CALL SCHEDULED
The Company has scheduled a conference call at 8:30 a.m. ET today to discuss its earnings and outlook. This call and related materials can be heard and reviewed, either live or on a delayed basis, on the Company's website, www.aramark.com, on the investor relations page.
About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 16 countries around the world with food and facilities management. Because of our hospitality culture, our employees strive to do great things for each other, our partners, our communities, and the planet. Aramark has been recognized on FORTUNE’s list of “World’s Most Admired Companies,” The Civic 50 by Points of Light 2024, Fair360’s “Top 50 Companies for Diversity” and “Top Companies for Black Executives,” Newsweek’s list of “America’s Most Responsible Companies 2024,” the HRC’s “Best Places to Work for LGBTQ Equality,” and earned a score of 100 on the Disability Equality Index. Learn more at www.aramark.com and connect with us on LinkedIn, Facebook, X, and Instagram.
Selected Operational and Financial Metrics
Adjusted Revenue (Organic)
Adjusted Revenue (Organic) represents revenue, adjusted to eliminate the impact of currency translation.
Adjusted Operating Income
Adjusted Operating Income represents operating income adjusted to eliminate the change in amortization of acquisition-related intangible assets; severance and other charges; spin-off related charges and other items impacting comparability.
Adjusted Operating Income (Constant Currency)
Adjusted Operating Income (Constant Currency) represents Adjusted Operating Income adjusted to eliminate the impact of currency translation.
Adjusted Net Income
Adjusted Net Income represents net income attributable to Aramark stockholders adjusted to eliminate the change in amortization of acquisition-related intangible assets; severance and other charges; spin-off related charges; loss (gain) on equity investments, net; the effect of debt repayments and refinancings on interest expense, net, and other items impacting comparability, less the tax impact of these adjustments. The tax effect for Adjusted Net Income for our
Adjusted Net Income (Constant Currency)
Adjusted Net Income (Constant Currency) represents Adjusted Net Income adjusted to eliminate the impact of currency translation.
Adjusted EPS
Adjusted EPS represents Adjusted Net Income divided by diluted weighted average shares outstanding.
Adjusted EPS (Constant Currency)
Adjusted EPS (Constant Currency) represents Adjusted EPS adjusted to eliminate the impact of currency translation.
Covenant Adjusted EBITDA
Covenant Adjusted EBITDA represents net income attributable to Aramark stockholders adjusted for interest expense, net; provision for income taxes; depreciation and amortization and certain other items as defined in our debt agreements required in calculating covenant ratios and debt compliance. We also use Net Debt for our ratio to Covenant Adjusted EBITDA, which is calculated as total long-term borrowings less cash and cash equivalents and short-term marketable securities.
Free Cash Flow
Free Cash Flow represents net cash provided by (used in) operating activities of continuing operations less net purchases of property and equipment and other. Management believes that the presentation of free cash flow provides useful information to investors because it represents a measure of cash flow available for distribution among all the security holders of the Company.
Net New Business
Net New Business is an internal statistical metric used to evaluate our new sales and retention performance. The calculation is defined as the annualized value of gross new business less the annualized value of lost business.
We use Adjusted Revenue (Organic), Adjusted Operating Income (including on a constant currency basis), Adjusted Net Income (including on a constant currency basis), Adjusted EPS (including on a constant currency basis), Covenant Adjusted EBITDA and Free Cash Flow as supplemental measures of our operating profitability and to control our cash operating costs. We believe these financial measures are useful to investors because they enable better comparisons of our historical results and allow our investors to evaluate our performance based on the same metrics that we use to evaluate our performance and trends in our results. These financial metrics are not measurements of financial performance under generally accepted accounting principles, or GAAP. Our presentation of these metrics has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. You should not consider these measures as alternatives to revenue, operating income, net income, earnings per share or net cash provided by (used in) operating activities of continuing operations, determined in accordance with GAAP. Adjusted Revenue (Organic), Adjusted Operating Income, Adjusted Net Income, Adjusted EPS, Covenant Adjusted EBITDA and Free Cash Flow as presented by us may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations.
Explanatory Notes to the Non-GAAP Schedules
Amortization of Acquisition-Related Intangible Assets - adjustments to eliminate the change in amortization expense recognized on acquisition-related intangible assets.
Severance and Other Charges - adjustments to eliminate severance expenses in the applicable period (
Spin-off Related Charges - adjustments to eliminate charges related to the Company's spin-off of the Uniform segment, including accounting and legal related expenses, third party advisory costs and other costs. Adjustment also eliminates charitable contribution expense for the contribution of Vestis shares to a donor advised fund in order to fund charitable contributions (
Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of the Company's ongoing operational performance, including expense for contingent consideration liabilities related to acquisition earn outs (
Loss (Gain) on Equity Investments, net - adjustments to eliminate the impact of a non-cash charge for the impairment of an equity investment (
Effect of Debt Repayments and Refinancings on Interest Expense, net - adjustments to eliminate expenses associated with the repayment of borrowings and refinancings by the Company in the applicable period such as charges related to the payment of a call premium (
Tax Impact of Adjustments to Adjusted Net Income - adjustments to eliminate the net tax impact of the adjustments to Adjusted Net Income calculated based on a blended
Effect of Currency Translation - adjustments to eliminate the impact that fluctuations in currency translation rates had on the comparative results by presenting the periods on a constant currency basis. Assumes constant foreign currency exchange rates based on the rates in effect for the prior year period being used in translation for the comparable current year period.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements under the heading "Outlook" and those related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, forward-looking statements can be identified by words such as "outlook," "aim," "anticipate," "have confidence," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe," "see," "look to" and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected.
Some of the factors that we believe could affect or continue to affect our results include without limitation: unfavorable economic conditions; natural disasters, global calamities, climate change, pandemics, energy shortages, sports strikes and other adverse incidents; geopolitical events including, ongoing tensions in the
ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In Thousands, Except Per Share Amounts) |
|||||||
|
|
Fiscal Year Ended |
|||||
|
|
October 3, 2025 |
|
September 27, 2024 |
|||
Revenue |
|
$ |
18,506,299 |
|
$ |
17,400,701 |
|
Costs and Expenses: |
|
|
|
|
|||
Cost of services provided (exclusive of depreciation and amortization) |
|
|
16,959,669 |
|
|
15,975,017 |
|
Depreciation and amortization |
|
|
476,345 |
|
|
435,547 |
|
Selling and general corporate expenses |
|
|
278,439 |
|
|
283,627 |
|
Total costs and expenses |
|
|
17,714,453 |
|
|
16,694,191 |
|
Operating income |
|
|
791,846 |
|
|
706,510 |
|
Loss (Gain) on Equity Investments, net |
|
|
19,465 |
|
|
(25,071 |
) |
Interest Expense, net |
|
|
341,925 |
|
|
366,716 |
|
Income Before Income Taxes |
|
|
430,456 |
|
|
364,865 |
|
Provision for Income Taxes |
|
|
103,586 |
|
|
102,972 |
|
Net income |
|
|
326,870 |
|
|
261,893 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
|
476 |
|
|
(629 |
) |
Net income attributable to Aramark stockholders |
|
$ |
326,394 |
|
$ |
262,522 |
|
|
|
|
|
|
|||
Earnings per share attributable to Aramark stockholders: |
|
|
|
|
|||
Basic |
|
$ |
1.24 |
|
$ |
1.00 |
|
Diluted |
|
$ |
1.22 |
|
$ |
0.99 |
|
|
|
|
|
|
|||
Weighted Average Shares Outstanding: |
|
|
|
|
|||
Basic |
|
|
263,863 |
|
|
263,045 |
|
Diluted |
|
|
267,349 |
|
|
266,200 |
|
|
|
|
|
|
|||
ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In Thousands, Except Per Share Amounts) |
|||||||
|
|
Three Months Ended |
|||||
|
|
October 3, 2025 |
|
September 27, 2024 |
|||
Revenue |
|
$ |
5,048,464 |
|
$ |
4,416,947 |
|
Costs and Expenses: |
|
|
|
|
|||
Cost of services provided (exclusive of depreciation and amortization) |
|
|
4,632,440 |
|
|
4,019,921 |
|
Depreciation and amortization |
|
|
124,260 |
|
|
112,753 |
|
Selling and general corporate expenses |
|
|
73,944 |
|
|
65,478 |
|
Total costs and expenses |
|
|
4,830,644 |
|
|
4,198,152 |
|
Operating income |
|
|
217,820 |
|
|
218,795 |
|
Loss (Gain) on Equity Investments, net |
|
|
19,465 |
|
|
(25,071 |
) |
Interest Expense, net |
|
|
90,016 |
|
|
84,299 |
|
Income Before Income Taxes |
|
|
108,339 |
|
|
159,567 |
|
Provision for Income Taxes |
|
|
21,097 |
|
|
37,314 |
|
Net income |
|
|
87,242 |
|
|
122,253 |
|
Less: Net (loss) income attributable to noncontrolling interests |
|
|
104 |
|
|
(158 |
) |
Net income attributable to Aramark stockholders |
|
$ |
87,138 |
|
$ |
122,411 |
|
|
|
|
|
|
|||
Earnings per share attributable to Aramark stockholders: |
|
|
|
|
|||
Basic |
|
$ |
0.33 |
|
$ |
0.46 |
|
Diluted |
|
$ |
0.33 |
|
$ |
0.46 |
|
|
|
|
|
|
|||
Weighted Average Shares Outstanding: |
|
|
|
|
|||
Basic |
|
|
263,155 |
|
|
263,894 |
|
Diluted |
|
|
266,957 |
|
|
267,912 |
|
|
|
|
|
|
|||
ARAMARK AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(In Thousands) |
||||||
|
|
|
|
|
||
|
|
October 3, 2025 |
|
September 27, 2024 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
639,095 |
|
$ |
672,483 |
Receivables |
|
|
2,210,388 |
|
|
2,096,928 |
Inventories |
|
|
418,766 |
|
|
387,601 |
Prepayments and other current assets |
|
|
254,642 |
|
|
249,550 |
Total current assets |
|
|
3,522,891 |
|
|
3,406,562 |
Property and Equipment, net |
|
|
1,734,489 |
|
|
1,573,193 |
Goodwill |
|
|
4,874,670 |
|
|
4,677,201 |
Other Intangible Assets |
|
|
1,874,067 |
|
|
1,804,602 |
Operating Lease Right-of-use Assets |
|
|
701,839 |
|
|
638,659 |
Other Assets |
|
|
596,673 |
|
|
574,154 |
|
|
$ |
13,304,629 |
|
$ |
12,674,371 |
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
||
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Current maturities of long-term borrowings |
|
$ |
31,543 |
|
$ |
964,286 |
Current operating lease liabilities |
|
|
60,744 |
|
|
54,163 |
Accounts payable |
|
|
1,522,747 |
|
|
1,394,007 |
Accrued expenses and other current liabilities |
|
|
1,931,688 |
|
|
1,801,754 |
Total current liabilities |
|
|
3,546,722 |
|
|
4,214,210 |
Long-Term Borrowings |
|
|
5,374,394 |
|
|
4,307,171 |
Noncurrent Operating Lease Liabilities |
|
|
255,305 |
|
|
241,012 |
Deferred Income Taxes and Other Noncurrent Liabilities |
|
|
966,019 |
|
|
865,510 |
Commitments and Contingencies |
|
|
|
|
||
Redeemable Noncontrolling Interest |
|
|
14,130 |
|
|
7,494 |
Total Stockholders' Equity |
|
|
3,148,059 |
|
|
3,038,974 |
|
|
$ |
13,304,629 |
|
$ |
12,674,371 |
ARAMARK AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
(In Thousands) |
||||||||
|
|
|
|
|
||||
|
|
Fiscal Year Ended |
||||||
|
|
October 3, 2025 |
|
September 27, 2024 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
326,870 |
|
|
$ |
261,893 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
476,345 |
|
|
|
435,547 |
|
Asset write-downs |
|
|
8,946 |
|
|
|
18,186 |
|
Reduction of contingent consideration liability |
|
|
11,127 |
|
|
|
(8,710 |
) |
Loss (Gain) on equity investments, net |
|
|
19,465 |
|
|
|
(25,071 |
) |
Deferred income taxes |
|
|
14,219 |
|
|
|
(7,323 |
) |
Share-based compensation expense |
|
|
58,643 |
|
|
|
62,552 |
|
Changes in operating assets and liabilities |
|
|
51,396 |
|
|
|
14,014 |
|
Payments made to clients on contracts |
|
|
(123,113 |
) |
|
|
(139,003 |
) |
Other operating activities |
|
|
77,137 |
|
|
|
114,429 |
|
Net cash provided by operating activities |
|
|
921,035 |
|
|
|
726,514 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Net purchases of property and equipment and other |
|
|
(466,573 |
) |
|
|
(403,480 |
) |
Proceeds from sale of equity investments |
|
|
— |
|
|
|
101,198 |
|
Acquisitions, divestitures and other investing activities |
|
|
(255,851 |
) |
|
|
(113,580 |
) |
Net cash used in investing activities |
|
|
(722,424 |
) |
|
|
(415,862 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Net proceeds/payments of long-term borrowings |
|
|
45,779 |
|
|
|
(1,432,278 |
) |
Payments of dividends |
|
|
(110,821 |
) |
|
|
(99,901 |
) |
Proceeds from issuance of common stock |
|
|
42,973 |
|
|
|
36,573 |
|
Repurchase of stock |
|
|
(140,156 |
) |
|
|
— |
|
Payments for contingent considerations |
|
|
(33,604 |
) |
|
|
(12,807 |
) |
Other financing activities |
|
|
(38,799 |
) |
|
|
(52,783 |
) |
Net cash used in financing activities |
|
|
(234,628 |
) |
|
|
(1,561,196 |
) |
Effect of foreign exchange rates on cash and cash equivalents and restricted cash |
|
|
10,548 |
|
|
|
10,790 |
|
Decrease in cash and cash equivalents and restricted cash |
|
|
(25,469 |
) |
|
|
(1,239,754 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
|
732,613 |
|
|
|
1,972,367 |
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
707,144 |
|
|
$ |
732,613 |
|
Balance Sheet classification |
|
|
|
||||
(in thousands) |
October 3, 2025 |
|
September 27, 2024 |
||||
Cash and cash equivalents |
$ |
639,095 |
|
$ |
672,483 |
||
Restricted cash in Prepayments and other current assets |
|
68,049 |
|
|
60,130 |
||
Total cash and cash equivalents and restricted cash |
$ |
707,144 |
|
$ |
732,613 |
||
ARAMARK AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
|
Fiscal Year Ended |
||||||||||||||
|
|
October 3, 2025 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
13,211,947 |
|
|
$ |
5,294,352 |
|
|
|
|
$ |
18,506,299 |
|
||
Operating Income (as reported) |
|
$ |
717,510 |
|
|
$ |
193,525 |
|
|
$ |
(119,189 |
) |
|
$ |
791,846 |
|
Operating Income Margin (as reported) |
|
|
5.4 |
% |
|
|
3.7 |
% |
|
|
|
|
4.3 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Revenue (as reported) |
|
$ |
13,211,947 |
|
|
$ |
5,294,352 |
|
|
|
|
$ |
18,506,299 |
|
||
Effect of Currency Translation |
|
|
4,436 |
|
|
|
65,788 |
|
|
|
|
|
70,224 |
|
||
Adjusted Revenue (Organic) |
|
$ |
13,216,383 |
|
|
$ |
5,360,140 |
|
|
|
|
$ |
18,576,523 |
|
||
Revenue Growth (as reported) |
|
|
5.1 |
% |
|
|
9.8 |
% |
|
|
|
|
6.4 |
% |
||
Adjusted Revenue Growth (Organic) |
|
|
5.1 |
% |
|
|
11.1 |
% |
|
|
|
|
6.8 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
717,510 |
|
|
$ |
193,525 |
|
|
$ |
(119,189 |
) |
|
$ |
791,846 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
97,921 |
|
|
|
26,643 |
|
|
|
— |
|
|
|
124,564 |
|
Severance and Other Charges |
|
|
6,637 |
|
|
|
29,795 |
|
|
|
— |
|
|
|
36,432 |
|
Gains, Losses and Settlements impacting comparability |
|
|
17,956 |
|
|
|
10,366 |
|
|
|
— |
|
|
|
28,322 |
|
Adjusted Operating Income |
|
$ |
840,024 |
|
|
$ |
260,329 |
|
|
$ |
(119,189 |
) |
|
$ |
981,164 |
|
Effect of Currency Translation |
|
|
1,239 |
|
|
|
3,241 |
|
|
|
— |
|
|
|
4,480 |
|
Adjusted Operating Income (Constant Currency) |
|
$ |
841,263 |
|
|
$ |
263,570 |
|
|
$ |
(119,189 |
) |
|
$ |
985,644 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Growth (as reported) |
|
|
8.7 |
% |
|
|
3.3 |
% |
|
|
15.3 |
% |
|
|
12.1 |
% |
Adjusted Operating Income Growth |
|
|
8.5 |
% |
|
|
19.1 |
% |
|
|
(7.8 |
)% |
|
|
11.2 |
% |
Adjusted Operating Income Growth (Constant Currency) |
|
|
8.7 |
% |
|
|
20.6 |
% |
|
|
(7.8 |
)% |
|
|
11.7 |
% |
Adjusted Operating Income Margin |
|
|
6.4 |
% |
|
|
4.9 |
% |
|
|
|
|
5.3 |
% |
||
Adjusted Operating Income Margin (Constant Currency) |
|
|
6.4 |
% |
|
|
4.9 |
% |
|
|
|
|
5.3 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Fiscal Year Ended |
||||||||||||||
|
|
September 27, 2024 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
12,576,737 |
|
|
$ |
4,823,964 |
|
|
|
|
$ |
17,400,701 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
659,907 |
|
|
$ |
187,341 |
|
|
$ |
(140,738 |
) |
|
$ |
706,510 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
91,358 |
|
|
|
15,706 |
|
|
|
— |
|
|
|
107,064 |
|
Severance and Other Charges |
|
|
12,868 |
|
|
|
— |
|
|
|
92 |
|
|
|
12,960 |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
29,037 |
|
|
|
29,037 |
|
Gains, Losses and Settlements impacting comparability |
|
|
10,044 |
|
|
|
15,528 |
|
|
|
1,075 |
|
|
|
26,647 |
|
Adjusted Operating Income |
|
$ |
774,177 |
|
|
$ |
218,575 |
|
|
$ |
(110,534 |
) |
|
$ |
882,218 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Margin (as reported) |
|
|
5.2 |
% |
|
|
3.9 |
% |
|
|
|
|
4.1 |
% |
||
Adjusted Operating Income Margin |
|
|
6.2 |
% |
|
|
4.5 |
% |
|
|
|
|
5.1 |
% |
||
ARAMARK AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
October 3, 2025 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
3,607,339 |
|
|
$ |
1,441,125 |
|
|
|
|
$ |
5,048,464 |
|
||
Operating Income (as reported) |
|
$ |
212,076 |
|
|
$ |
39,228 |
|
|
$ |
(33,484 |
) |
|
$ |
217,820 |
|
Operating Income Margin (as reported) |
|
|
5.9 |
% |
|
|
2.7 |
% |
|
|
|
|
4.3 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Revenue (as reported) |
|
$ |
3,607,339 |
|
|
$ |
1,441,125 |
|
|
|
|
$ |
5,048,464 |
|
||
Effect of Currency Translation |
|
|
355 |
|
|
|
(22,029 |
) |
|
|
|
|
(21,674 |
) |
||
Adjusted Revenue (Organic) |
|
$ |
3,607,694 |
|
|
$ |
1,419,096 |
|
|
|
|
$ |
5,026,790 |
|
||
Revenue Growth (as reported) |
|
|
13.6 |
% |
|
|
16.1 |
% |
|
|
|
|
14.3 |
% |
||
Adjusted Revenue Growth (Organic) |
|
|
13.6 |
% |
|
|
14.4 |
% |
|
|
|
|
13.8 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
212,076 |
|
|
$ |
39,228 |
|
|
$ |
(33,484 |
) |
|
$ |
217,820 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
25,046 |
|
|
|
8,881 |
|
|
|
— |
|
|
|
33,927 |
|
Severance and Other Charges |
|
|
2,193 |
|
|
|
21,561 |
|
|
|
— |
|
|
|
23,754 |
|
Gains, Losses and Settlements impacting comparability |
|
|
6,829 |
|
|
|
6,222 |
|
|
|
— |
|
|
|
13,051 |
|
Adjusted Operating Income |
|
$ |
246,144 |
|
|
$ |
75,892 |
|
|
$ |
(33,484 |
) |
|
$ |
288,552 |
|
Effect of Currency Translation |
|
|
82 |
|
|
|
(422 |
) |
|
|
— |
|
|
|
(340 |
) |
Adjusted Operating Income (Constant Currency) |
|
$ |
246,226 |
|
|
$ |
75,470 |
|
|
$ |
(33,484 |
) |
|
$ |
288,212 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Growth (as reported) |
|
|
5.7 |
% |
|
|
(15.1 |
)% |
|
|
(19.0 |
)% |
|
|
(0.4 |
)% |
Adjusted Operating Income Growth |
|
|
2.3 |
% |
|
|
31.3 |
% |
|
|
(23.7 |
)% |
|
|
6.3 |
% |
Adjusted Operating Income Growth (Constant Currency) |
|
|
2.3 |
% |
|
|
30.6 |
% |
|
|
(23.7 |
)% |
|
|
6.2 |
% |
Adjusted Operating Income Margin |
|
|
6.8 |
% |
|
|
5.3 |
% |
|
|
|
|
5.7 |
% |
||
Adjusted Operating Income Margin (Constant Currency) |
|
|
6.8 |
% |
|
|
5.3 |
% |
|
|
|
|
5.7 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
September 27, 2024 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
3,176,066 |
|
|
$ |
1,240,881 |
|
|
|
|
$ |
4,416,947 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
200,715 |
|
|
$ |
46,214 |
|
|
$ |
(28,134 |
) |
|
$ |
218,795 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
23,724 |
|
|
|
4,527 |
|
|
|
— |
|
|
|
28,251 |
|
Severance and Other Charges |
|
|
6,719 |
|
|
|
— |
|
|
|
— |
|
|
|
6,719 |
|
Gains, Losses and Settlements impacting comparability |
|
|
9,476 |
|
|
|
7,055 |
|
|
|
1,075 |
|
|
|
17,606 |
|
Adjusted Operating Income |
|
$ |
240,634 |
|
|
$ |
57,796 |
|
|
$ |
(27,059 |
) |
|
$ |
271,371 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Margin (as reported) |
|
|
6.3 |
% |
|
|
3.7 |
% |
|
|
|
|
5.0 |
% |
||
Adjusted Operating Income Margin |
|
|
7.6 |
% |
|
|
4.7 |
% |
|
|
|
|
6.1 |
% |
||
ARAMARK AND SUBSIDIARIES |
|||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||||
ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
October 3, 2025 |
|
September 27, 2024 |
|
October 3, 2025 |
|
September 27, 2024 |
||||||||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
87,138 |
|
|
$ |
122,411 |
|
|
$ |
326,394 |
|
|
$ |
262,522 |
|
|
|
Adjustment: |
|
|
|
|
|
|
|
|
||||||||
|
Amortization of Acquisition-Related Intangible Assets |
|
|
33,927 |
|
|
|
28,251 |
|
|
|
124,564 |
|
|
|
107,064 |
|
|
Severance and Other Charges |
|
|
23,754 |
|
|
|
6,719 |
|
|
|
36,432 |
|
|
|
12,960 |
|
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,037 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
13,051 |
|
|
|
17,606 |
|
|
|
28,322 |
|
|
|
26,647 |
|
|
Loss (Gain) on Equity Investments, net |
|
|
19,465 |
|
|
|
(25,071 |
) |
|
|
19,465 |
|
|
|
(25,071 |
) |
|
Effect of Debt Repayments and Refinancings on Interest Expense, net |
|
|
— |
|
|
|
5,282 |
|
|
|
8,326 |
|
|
|
38,634 |
|
|
Tax Impact of Adjustments to Adjusted Net Income |
|
|
(25,620 |
) |
|
|
(11,663 |
) |
|
|
(56,515 |
) |
|
|
(39,956 |
) |
Adjusted Net Income |
|
$ |
151,715 |
|
|
$ |
143,535 |
|
|
$ |
486,988 |
|
|
$ |
411,837 |
|
|
|
Effect of Currency Translation, net of Tax |
|
|
66 |
|
|
|
— |
|
|
|
3,619 |
|
|
|
— |
|
Adjusted Net Income (Constant Currency) |
|
$ |
151,781 |
|
|
$ |
143,535 |
|
|
$ |
490,607 |
|
|
$ |
411,837 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings Per Share (as reported) |
|
|
|
|
|
|
|
|
|||||||||
|
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
87,138 |
|
|
$ |
122,411 |
|
|
$ |
326,394 |
|
|
$ |
262,522 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
266,957 |
|
|
|
267,912 |
|
|
|
267,349 |
|
|
|
266,200 |
|
|
|
|
$ |
0.33 |
|
|
$ |
0.46 |
|
|
$ |
1.22 |
|
|
$ |
0.99 |
|
|
Earnings Per Share Growth (as reported) % |
|
|
(28.3 |
)% |
|
|
|
|
23.2 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
|||||||||
|
Adjusted Net Income |
|
$ |
151,715 |
|
|
$ |
143,535 |
|
|
$ |
486,988 |
|
|
$ |
411,837 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
266,957 |
|
|
|
267,912 |
|
|
|
267,349 |
|
|
|
266,200 |
|
|
|
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|
$ |
1.82 |
|
|
$ |
1.55 |
|
|
Adjusted Earnings Per Share Growth % |
|
|
5.6 |
% |
|
|
|
|
17.4 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Earnings Per Share (Constant Currency) |
|
|
|
|
|
|
|
|
|||||||||
|
Adjusted Net Income (Constant Currency) |
|
$ |
151,781 |
|
|
$ |
143,535 |
|
|
$ |
490,607 |
|
|
$ |
411,837 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
266,957 |
|
|
|
267,912 |
|
|
|
267,349 |
|
|
|
266,200 |
|
|
|
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|
$ |
1.84 |
|
|
$ |
1.55 |
|
|
Adjusted Earnings Per Share Growth (Constant Currency) % |
|
|
5.6 |
% |
|
|
|
|
18.7 |
% |
|
|
||||
ARAMARK AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||
NET DEBT TO COVENANT ADJUSTED EBITDA |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
|
|||
|
|
|
Twelve Months Ended |
|||||
|
|
|
October 3, 2025 |
|
September 27, 2024 |
|||
Net income Attributable to Aramark Stockholders (as reported) |
|
$ |
326,394 |
|
$ |
262,522 |
|
|
|
Interest Expense, net |
|
|
341,925 |
|
|
366,716 |
|
|
Provision for Income Taxes |
|
|
103,586 |
|
|
102,972 |
|
|
Depreciation and Amortization |
|
|
476,345 |
|
|
435,547 |
|
|
Share-based compensation expense(1) |
|
|
58,107 |
|
|
62,552 |
|
|
Unusual or non-recurring losses and (gains)(2) |
|
|
19,465 |
|
|
(22,752 |
) |
|
Pro forma EBITDA for certain transactions(3) |
|
|
13,357 |
|
|
840 |
|
|
Other(4)(5) |
|
|
125,579 |
|
|
126,581 |
|
Covenant Adjusted EBITDA |
|
$ |
1,464,758 |
|
$ |
1,334,978 |
|
|
|
|
|
|
|
||||
Net Debt to Covenant Adjusted EBITDA |
|
|
|
|
||||
|
Total Long-Term Borrowings |
|
$ |
5,405,937 |
|
$ |
5,271,457 |
|
|
Less: Cash and cash equivalents and short-term marketable securities(6) |
|
|
639,095 |
|
|
714,825 |
|
|
Net Debt |
|
$ |
4,766,842 |
|
$ |
4,556,632 |
|
|
Covenant Adjusted EBITDA |
|
$ |
1,464,758 |
|
$ |
1,334,978 |
|
|
Net Debt/Covenant Adjusted EBITDA |
|
|
3.25 |
|
|
3.41 |
|
|
|
|
|
|
||||
(1) Represents share-based compensation expense of equity awards resulting from the application of accounting for stock options, restricted stock units, performance stock units and deferred stock unit awards. |
||||||||
(2) The twelve months ended October 3, 2025 represents the fiscal 2025 non-cash charge for the impairment of an equity investment ( |
||||||||
(3) Represents the annualizing of net EBITDA from certain acquisitions and divestitures made during the period. |
||||||||
(4) "Other" for the twelve months ended October 3, 2025 includes adjustments to remove the impact attributable to the adoption of certain accounting standards that are made to the calculation in accordance with the Credit Agreement and indentures ( |
||||||||
(5) "Other" for the twelve months ended September 27, 2024 includes adjustments to remove the impact attributable to the adoption of certain accounting standards that are made to the calculation in accordance with the Credit Agreement and indentures ( |
||||||||
(6) Short-term marketable securities represent held-to-maturity debt securities with original maturities greater than three months, which are maturing within one year and will convert back to cash. Short-term marketable securities are included in "Prepayments and other current assets" on the Consolidated Balance Sheets. |
||||||||
ARAMARK AND SUBSIDIARIES |
|||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||
FREE CASH FLOW |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands) |
|||||||||||
|
|
|
|
|
|
||||||
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
||||||
|
October 3, 2025 |
|
June 27, 2025 |
|
October 3, 2025 |
||||||
Net cash provided by (used in) operating activities |
$ |
921,035 |
|
|
$ |
(254,527 |
) |
|
$ |
1,175,562 |
|
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(466,573 |
) |
|
|
(342,714 |
) |
|
|
(123,859 |
) |
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
454,462 |
|
|
$ |
(597,241 |
) |
|
$ |
1,051,703 |
|
|
|
|
|
|
|
||||||
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
||||||
|
September 27, 2024 |
|
June 28, 2024 |
|
September 27, 2024 |
||||||
Net cash provided by (used in) operating activities |
$ |
726,514 |
|
|
$ |
(295,101 |
) |
|
$ |
1,021,615 |
|
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(403,480 |
) |
|
|
(270,912 |
) |
|
|
(132,568 |
) |
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
323,034 |
|
|
$ |
(566,013 |
) |
|
$ |
889,047 |
|
|
|
|
|
|
|
||||||
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
||||||
|
Change |
|
Change |
|
Change |
||||||
Net cash provided by operating activities |
$ |
194,521 |
|
|
$ |
40,574 |
|
|
$ |
153,947 |
|
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(63,093 |
) |
|
|
(71,802 |
) |
|
|
8,709 |
|
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
131,428 |
|
|
$ |
(31,228 |
) |
|
$ |
162,656 |
|
|
|
|
|
|
|
||||||
ARAMARK AND SUBSIDIARIES |
||||
FISCAL 2025 REFERENCE POINT |
||||
(Unaudited) |
||||
(In thousands) |
||||
|
|
Fiscal Year Ended |
||
|
|
October 3, 2025 |
||
Revenue (as reported) |
|
$ |
18,506,299 |
|
Estimated Impact of 53rd week |
|
|
(326,691 |
) |
Adjusted Revenue (Organic) |
|
$ |
18,179,608 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251116901416/en/
Inquiries:
Felise Glantz Kissell
(215) 409-7287
Kissell-Felise@aramark.com
Gene Cleary
(215) 409-7945
Cleary-Gene@aramark.com
Source: Aramark
