2<\/sup><\/i><\/p>\n<\/td>\n| \n Excluded revenue from the 53rd week<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n FISCAL 2025 SUMMARY
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<\/span><\/b>Consolidated revenue was $18.5 billion, an increase of 6% year-over-year. The effect of currency translation reduced revenue by $70 million. Organic revenue grew 7% compared to the prior year period. Growth was strengthened by net new business and base business volume, somewhat offset by the Company’s portfolio exits in Facilities in fiscal 2024. The contribution from the 53rd week increased revenue by an estimated 2%.<\/p>\n\nAs 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.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Revenue<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n FY25<\/b><\/p>\n<\/td>\n | \n FY24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n Organic Revenue Change (%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFSS United States<\/p>\n<\/td>\n | \n \n$13,212M<\/p>\n<\/td>\n | \n \n$12,577M<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFSS International<\/p>\n<\/td>\n | \n $5,294M<\/span><\/p>\n<\/td>\n | \n $4,824M<\/span><\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n | \n \n11%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Company<\/b><\/p>\n<\/td>\n | \n $18,506M<\/b><\/p>\n<\/td>\n | \n $17,401M<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n | \n 7%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n May not total due to rounding<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOperating income increased 12% year-over-year to $792 million and AOI grew 12%1<\/sup> to $981 million, which represented an operating margin increase of 20 basis points and AOI margin expansion of nearly 25 basis points1<\/sup> year-over-year. Profitability growth resulted from higher revenue levels, expanded supply chain capabilities, and disciplined above-unit cost management. These increases more than offset additional incentive-based compensation recorded in the fourth quarter of approximately $25 million, or 3%, associated with achieving record Net New business.<\/p>\n\nThe effect of currency translation reduced operating income by $4 million.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Operating Income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted Operating Income (AOI)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n FY25<\/b><\/p>\n<\/td>\n | \n FY24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n FY25<\/b><\/p>\n<\/td>\n | \n FY24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n Constant Currency Change (%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFSS United States<\/p>\n<\/td>\n | \n \n$718M<\/p>\n<\/td>\n | \n \n$660M<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$840M<\/p>\n<\/td>\n | \n \n$774M<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFSS International<\/p>\n<\/td>\n | \n \n$194M<\/p>\n<\/td>\n | \n \n$187M<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$260M<\/p>\n<\/td>\n | \n \n$219M<\/p>\n<\/td>\n | \n \n19%<\/p>\n<\/td>\n | \n \n21%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate<\/p>\n<\/td>\n | \n ($119M)<\/span><\/p>\n<\/td>\n | \n ($141M)<\/span><\/p>\n<\/td>\n | \n \n15%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n ($119M)<\/span><\/p>\n<\/td>\n | \n ($111M)<\/span><\/p>\n<\/td>\n | \n \n(8)%<\/p>\n<\/td>\n | \n \n(8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Company<\/b><\/p>\n<\/td>\n | \n $792M<\/b><\/p>\n<\/td>\n | \n $707M<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $981M<\/b><\/p>\n<\/td>\n | \n $882M<\/b><\/p>\n<\/td>\n | \n 11%<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n May not total due to rounding<\/i><\/p>\n<\/td>\n | | \n | \n | \n | \n | <\/tr>\n<\/table>\n\nAramark’s earnings per share in fiscal 2025 was $1.22, compared to $0.99 in fiscal 2024. Adjusted earnings per share increased 19%1<\/sup> to $1.82. The additional incentive-based compensation in the fourth quarter impacted Adjusted EPS by approximately 5%, or $0.07.<\/p>\nFOURTH QUARTER RESULTS
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<\/span><\/b>Consolidated revenue was $5.0 billion in the fourth quarter, a 14% increase year-over-year both on a GAAP and organic revenue basis, primarily driven by substantial new business, high retention levels, and base business volume. The contribution from the 53rd week increased revenue by an estimated 7%.<\/p>\n\nThe effect of currency translation increased GAAP revenue by $22 million.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Revenue<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 ’25<\/b><\/p>\n<\/td>\n | \n Q4 ’24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n Organic Revenue Change (%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFSS United States<\/p>\n<\/td>\n | \n \n$3,607M<\/p>\n<\/td>\n | \n \n$3,176M<\/p>\n<\/td>\n | \n \n14%<\/p>\n<\/td>\n | \n \n14%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFSS International<\/p>\n<\/td>\n | \n $1,441M<\/span><\/p>\n<\/td>\n | \n $1,241M<\/span><\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n | \n \n14%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Company<\/b><\/p>\n<\/td>\n | \n $5,048M<\/b><\/p>\n<\/td>\n | \n $4,417M<\/b><\/p>\n<\/td>\n | \n 14%<\/b><\/p>\n<\/td>\n | \n 14%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n May not total due to rounding<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n- \nFSS 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\u2014which 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.<\/p>\n<\/li>\n
- \nFSS International delivered another strong quarter of revenue growth, with broad-based contributions across geographies, particularly in the U.K., Canada, Ireland, Spain and Latin 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.<\/p>\n<\/li>\n<\/ul>\n
\nIn the fourth quarter, operating income was unchanged at $218 million compared to the prior year, and AOI grew 6%1<\/sup> to $289 million. GAAP Operating Income reflected restructuring initiatives to further optimize operations. AOI growth was from higher revenue levels, leveraging technology capabilities, particularly in supply chain, and above-unit cost management. These increases more than offset elevated expenses in incentive-based compensation (approximately $25 million) and certain medical prescription claims ($5 million), as well as some new business start-up costs largely in Higher Education and Collegiate Sports. Excluding these items, AOI margin would have increased by an additional 70 basis points. The Company has taken actions to decrease future medical expenses, specifically related to certain elective lifestyle prescriptions.<\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Operating Income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted Operating Income (AOI)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 ’25<\/b><\/p>\n<\/td>\n | \n Q4 ’24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 ’25<\/b><\/p>\n<\/td>\n | \n Q4 ’24<\/b><\/p>\n<\/td>\n | \n Change (%)<\/b><\/p>\n<\/td>\n | \n Constant Currency Change (%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFSS United States<\/p>\n<\/td>\n | \n \n$212M<\/p>\n<\/td>\n | \n \n$201M<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$246M<\/p>\n<\/td>\n | \n \n$241M<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFSS International<\/p>\n<\/td>\n | \n \n$39M<\/p>\n<\/td>\n | \n \n$46M<\/p>\n<\/td>\n | \n \n(15)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$76M<\/p>\n<\/td>\n | \n \n$58M<\/p>\n<\/td>\n | \n \n31%<\/p>\n<\/td>\n | \n \n31%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate<\/p>\n<\/td>\n | \n ($33M)<\/span><\/p>\n<\/td>\n | \n ($28M)<\/span><\/p>\n<\/td>\n | \n \n(19)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n ($33M)<\/span><\/p>\n<\/td>\n | \n ($27M)<\/span><\/p>\n<\/td>\n | \n \n(24)%<\/p>\n<\/td>\n | \n \n(24)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Company<\/b><\/p>\n<\/td>\n | \n $218M<\/b><\/p>\n<\/td>\n | \n $219M<\/b><\/p>\n<\/td>\n | \n \nUnchanged<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $289M<\/b><\/p>\n<\/td>\n | \n $271M<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n May not total due to rounding<\/i><\/p>\n<\/td>\n | | \n | \n | \n | \n | <\/tr>\n<\/table>\n\n- \nFSS 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%.<\/p>\n
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.<\/p>\n<\/li>\n - \nFSS International benefited from increased revenue, disciplined management of operating costs, and supply chain efficiencies.<\/p>\n
Operating income in the quarter included severance charges from restructuring initiatives to further optimize operations.<\/p>\n<\/li>\n - \nCorporate expenses reflected higher incentive-based compensation.<\/p>\n<\/li>\n<\/ul>\n
\nAramark’s earnings per share in the fourth quarter was $0.33, compared to $0.46 in fiscal 2024. GAAP EPS in the quarter reflected a non-cash asset impairment associated with a minority interest investment made in a previous fiscal year. Adjusted earnings per share increased 6%1<\/sup> to $0.57. The additional incentive-based compensation impacted Adjusted EPS by 13%, or $0.07.<\/p>\nCASH FLOW AND CAPITAL STRUCTURE
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<\/span><\/b>Net cash provided by operating activities increased 27% to $921 million in fiscal 2025 and Free Cash Flow grew 41% to $454 million. The year-over-year increase was led by stronger cash from operations and favorable working capital. In the fourth quarter, the Company had a significant source of cash driven by the Collegiate Hospitality business, consistent with Aramark’s historical seasonality.<\/p>\n\nThe 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.<\/p>\n \nAramark\u2019s 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.<\/p>\n \nAt fiscal year-end, the Company had over $2.4 billion in cash availability.<\/p>\n DIVIDEND DECLARATION
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<\/span><\/b>Aramark’s Board of Directors approved a 14% increase to Aramark’s quarterly dividend. The dividend of $0.12 per share of common stock will be payable on December 17, 2025, to stockholders of record at the close of business on December 5, 2025.<\/p>\nBUSINESS UPDATE
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<\/span><\/b>In fiscal 2025, Aramark capitalized on extensive new business opportunities, resulting in annualized gross new business wins of $1.6 billion\u2014more than 12% greater than fiscal 2024. The Company also achieved a client retention rate of 96.3% with many LOBs and countries even higher. Combined, this represented unprecedented annualized Net New business for the Company at 5.6% of prior year revenue, which included the largest contract win ever awarded in FSS United States history\u2014and is also one of the most prestigious medical systems in the world\u2014scheduled to commence operations early in the new year.<\/p>\n\nAramark believes in its continued ability to achieve Net New business of at least 4% to 5% of prior year revenue\u2014with retention levels above 95%. The new business pipeline across the organization is significant, including in first-time outsourcing, and Aramark is already off to another strong start at this early stage in the new fiscal year.<\/p>\n \nThe 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.<\/p>\n OUTLOOK
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<\/span><\/b>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.<\/i><\/p>\n\nAramark currently anticipates its full-year financial performance for fiscal 2026 as follows:<\/p>\n | | | | | | | | | | | | | | | | |