Aramark : Q2 FY26 Aramark Business Review Slides
ARMK
Published on 05/12/2026 at 06:38 am EDT
M A Y 1 2 , 2 0 2 6
Q2 2026 Earnings Resu
lts
1
Q2 Fiscal 2026 Highlights
2
Revenue & Profit Growth Drivers
3
Disciplined Capital Allocation Priorities
4
Fiscal 2026 Outlook
Q2 2026 Earnings Results 3
We Make Life Better
Unwavering focus on growth through delivering
hospitality excellence
Q2 2026 Earnings Results
Performance led by broad-based net new business and base business in both FSS United States and International
Approximately 3% benefit to Revenue and Organic Revenue growth from the calendar shift
New business wins have already reached a record $1 billion this fiscal year to date
High client retention rate exceeding 98% across the Company
Enhanced technology capabilities resulted in additional productivity gains
Approximately 14% and 12% benefit to Operating Income and AOI growth, respectively, from the calendar shift
Profitability growth reflected strong revenue levels, supply chain efficiencies, and effective above-unit cost management
Continued momentum in top and bottom line performance
Approximately 30% and 20% benefit to GAAP EPS and Adjusted EPS growth, respectively, from the calendar shift
Favorable business trends occurring throughout the organization
Strong cash flow from higher earnings and favorable working capital
Proactively repaid $55 million of 2030 Term Loans
Repurchased approximately $25 million of stock
Q2 2026 Earnings Results
1 Constant Currency 5
For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation
Organic Growth: +12%
$4,907
$4,806
Q2 '25
Revenue (as reported)
Q2 '26
Revenue (as reported)
($101)
Effect of Currency Translation
Q2 '26
Organic Revenue
$4,279
Aramark
Organic Growth: +12%
$3,428
Q2 '25
Revenue (as reported)
Q2 '26
Revenue (as reported)
($2)
Effect of Currency Translation
Q2 '26
Organic Revenue
Growth was led by:
Sports, Leisure & Corrections primarily from higher per cap spending and attendance levels in Sports & Entertainment, which included Opening Day of Major League Baseball and the World Baseball Classic, as well as the NCAA Basketball Tournament
Business & Industry from sustained double-digit growth with significant new business contribution, exceptionally high client retention rates, elevated catering demand, and an expanded Refreshments client base
Healthcare from onboarding new business
Calendar shift positively impacted growth by an estimated 4%
FSS United States
$3,056
$3,430
Organic Growth: +13%
$1,477
$1,378
Q2 '25
Revenue (as reported)
Q2 '26
Revenue (as reported)
($99)
Effect of Currency Translation
Q2 '26
Organic Revenue
Growth was led by:
All geographies, driven by ongoing base business expansion and net new business performance
Double-digit growth in both Europe and Canada, and Emerging Markets experiencing high-single digit growth on an organic basis
Calendar shift positively impacted growth by an estimated 1%
FSS International
$1,223
Q2 2026 Earnings Results
Charts displayed in $ millions 6
For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation
E D U C A T I O N
S P O R T S , L E I S U R E
F & C O R R E C T I O N S
S S
B U S I N E S S &
U I N D U S T R Y
S
F A C I L I T I E S & O T H E R
Collegiate Hospitality experienced growth from net new business and an increase in residential meal plans from higher enrollment levels; Notable new business wins, include Suffolk University and University of Wisconsin-Oshkosh, which will fully launch in the new academic year
Student Nutrition seeing growth in net new business as well as from continuation of increased participation rates from expanded offerings and additional programs; continue pursuing additional growth opportunities with an emphasis on self-operated school districts
Sports delivered significant revenue growth from higher attendance levels and per cap spending from Opening Day of Major League Baseball and the World Baseball Classic, as well as the NCAA Basketball Tournament
Corrections continued to expand its presence in state-wide systems with Oklahoma DOC; Strong growth in base business during quarter
Leisure business had successful win of Stone Mountain, the most visited attraction in Georgia, where we start offering food and beverage, lodging, retail, tours, and camping next month ahead of the peak summer tourist season
Workplace Experience Group sustained double-digit growth as a result of significant new business contributions, exceptionally high retention rates, and elevated catering demand; Refreshments expanded its client base, building incremental route density across several key geographic areas, including central New York, the Southeast, and Pacific Northwest, while increasing the average size of new wins by 15%
Ongoing commitment to vertical sales opportunities and cross lines of business opportunities, particularly in Education and Business & Industry; AOI benefited from productivity gains due to effective use of technology capabilities
H E A L T H C A R E
Experienced strong base business growth, specifically from vertical sales success and the expansion of multi-service offerings
Completed the successful launch of Penn Medicine, which is now fully operational, and RWJBarnabas Health set to mobilize this summer
F S S I N T E R N A T I O N A L
Achieved another quarter of consistent, compounded growth, with organic revenue increasing 13% to $1.4 billion
Revenue performance was broad-based across every region, attributed to double-digit growth in Europe and Canada, with Emerging Markets up high single digit on an organic basis
Business momentum was led by Sports & Entertainment, Education, Extractive Services, and Business & Industry, highlighting the depth of our in-country expertise and strong cross-border collaboration
All countries are driving favorable net new business, underpinned by an extensive sales pipeline
New client awards ranged from an increased presence in festivals such as Brockwell Live in the U.K., serving hundreds of thousands of visitors, to the new T-Mobile Arena in the Czech Republic, scheduled to host its first event later this fall, and Xiangya Hospital in China, a leading institution in clinical care and medical education
Q2 2026 Earnings Results 7
A single, end-to-end community operating model designed to enhance workforce well-being, operational efficiency, and project continuity
Built on decades of experience operating in demanding and remote environments, the Nexus platform delivers integrated hospitality, facilities, housing, and workforce support services for hyperscale, data centers, and workforce communities
LEARN MORE
Q2 2026 Earnings Results 8
From housing to restaurants and everything in between, Aramark Nexus connects every facet of your workforce experience through one seamlessly integrated, hyperscale solution
A R A M U S
N E X U S
INTEGRATED WORKFORCE COMMUNITY DELIVERY
PORTFOLIO GROWTH & CHANGE MANAGEMENT
EXPERIENCE-LED FOOD, HOSPITALITY, & AMENITIES
WORKFORCE RISK & RESILIENCE
FACILITIES, OPERATIONS & SUPPORT SERVICES
DATA, TECHNOLOGY, & DIGITAL ENABLEMENT
End-to-end orchestration of multiservice workforce community under single provider
Construction services
Global standards with localized execution
Governance models for complex, fast-growing portfolios
Management of large, distributed global portfolios
Rapid onboarding & change management of new sites & geographies
Nimble support for expansion, consolidation, & transformation
High-volume, multiformat food & hospitality programs
Experience-driven offerings for talent attraction & retention
Embedded wellness, nutrition, & sustainability
Large-scale workforce recruitment, onboarding, & training
Clear risk allocation & commercial governance
Operational resilience, compliance, & continuity planning
Integrated soft services (housing, recreation, entertainment, security, transportation, retail, restaurants, laundry service, cleaning)
Performance-based, flexible models with utilization variability & outcome-focused KPIs
Preventative & maintenance programs for integrated property management
Enterprise-scale data, analytics, & reporting
Demand forecasting & utilization insights
Digital transparency across performance & experience
Q2 2026 Earnings Results 9
AOI Growth: +24%
$258
Q2 2025
Q2 2026
$205
Aramark
AOI Growth: +27%
$223
Q2 2025
Q2 2026
Performance included the following:
Accelerated revenue levels
Enhanced technology driving additional productivity gains in food and labor
Supply Chain efficiencies
Disciplined above-unit cost management
Calendar shift favorably affected profitability by an estimated 13%
FSS United States
$176
AOI Growth: +12%
$69
Q2 2025
Q2 2026
Performance included the following:
Higher base business
New business maturity
Strengthened supply chain economics
Largely unaffected by the calendar shift
FSS International
$58
Q2 2026 Earnings Results
Charts displayed in $ millions
AOI growth is calculated on a constant currency basis 10
For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation
Intelligence Behind Every Experience
Purposeful innovation creates unmatched engagement & connectivity, allowing teams to focus on moments that matter
E L E V A T I N G G U E S T E X P E R I E N C E S
M A X I M I Z I N G O P E R A T O R F O C U S
E M P O W E R I N G C L I E N T A C H I E V E M E N T
Q2 2026 Earnings Results 11
AI-driven labor tools enable exceptional hospitality, while delivering profitable growth
Optimized labor scheduling via insight-driven algorithms that map people to demand for sales, facilities and more
Proactive communications to enhance scheduling
coordination and execution
Reduced reliance on third-party spend with ability to open shifts to qualified Aramark employees with role-specific skills
Accelerated employee availability for faster productivity, driving client satisfaction
Q2 2026 Earnings Results 12
S T R A T E G I C O U T L A Y S
L E V E R A G E
L I Q U I D I T Y
S H A R E H O L D E R
R E T U R N O F C A P I T A L
Continue to invest in business to drive and propel growth
Opportunistic tuck-in acquisitions
Capital expenditures driving client enhancements along with scale and innovation
Strong free cash flow generation supports leverage reduction
Proactively repaid $55 million of Term Loans due 2030
Committed to reaching leverage ratio under 3.0x by the end of fiscal 2026
No significant maturities until fiscal 2028
More than $1.4 billion of cash availability at end of quarter
Repurchased almost $25 million of stock in the quarter; Approximately $194 million repurchased to date (more than 5 million shares)
Ongoing commitment to dividend policy (quarterly dividend at $0.12 per share)
Q2 2026 Earnings Results 13
FY26
(in Millions)
Q1 Q2 Q3 Q4 FY
$305
Net Cash provided by Operating Activities in the quarter was $400 million compared to $256 million in the prior year, an increase of 56%; Free Cash Flow grew 116% to $305 million from $141 million in the prior year
$(902)
$1,052
Strong cash flow performance in the quarter from higher earnings and favorable working capital
FY25
$141
$(34)
$454
Cash flow performance in the quarter enabled proactive payment of debt
$(705)
Q2 2026 Earnings Results 14
Based on Aramark's strong performance in the first half of the fiscal year, the Company updated its Fiscal 2026 Outlook for Organic Revenue growth and reaffirmed expectations for AOI, Adjusted EPS, and Leverage Ratio.
Aramark continues to expect accelerated AOI and margin expansion this fiscal year, consistent with the Company's expectations, capitalizing on its multiple operating levers while mobilizing a record level of new business openings.
Aramark's newly awarded multi-year agreement with a top global hyperscaler is underway and service set to begin this fiscal year. This new business is not currently reflected in the Company's Fiscal 2026 Outlook with updates to be provided as the client engagement launches, grows, and scales.
Organic Revenue growth at the high end of the Company's previously stated +7% to +9%;
Adjusted Operating Income growth of +12% to +17%;
Adjusted EPS growth of +20% to +25%; and
Leverage Ratio under 3x
Note: All percentages above are on a constant currency basis
For easier comparison purposes, Fiscal 2025 Organic Revenue is on a 52-week basis
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.
Q2 2026 Earnings Results 15
Q2 2026 Earnings Results
Appendix
Q2 2026 Earnings Results
FY26 Modeling Assumptions
Net Interest Expense: $315M - $325M
Adjusted Tax Rate: ~26%
Share Count: ~270M
Effect of Currency Translation:
Revenue: ~$175M
Q2 2026 Earnings Results 18
Revenue (as reported)
Three Months Ended Q1 2026 Three Months Ended Q2 2026 Six Months Ended YTD 2026 01/02/2026 12/27/2024 Change % 04/03/2026 03/28/2025 Change % 04/03/2026 03/28/2025 Change %
FSS United States:
Business & Industry $ 510.6 $ 432.2 18 % $ 553.0 $ 449.6 23 % $ 1,063.6 $ 881.8 21 %
Education 1,086.1 1,141.1 (5) % 1,142.9 1,011.5 13 % 2,228.9 2,152.6 4 %
Healthcare 421.3 404.6 4 % 443.2 411.5 8 % 864.5 816.1 6 %
Sports, Leisure & Corrections 961.2 950.3 1 % 907.4 799.1 14 % 1,868.6 1,749.4 7 %
Facilities & Other 382.9 372.8 3 % 383.8 384.7 - % 766.8 757.5 1 %
Total FSS United States 3,362.1 3,301.0 2 % 3,430.3 3,056.4 12 % 6,792.4 6,357.4 7 %
Effect of Currency Translation (0.1) - - (2.0) - - (2.0) - -
Adjusted Revenue (Organic) 3,362.0 3,301.0 2 % 3,428.3 3,056.4 12 % 6,790.3 6,357.4 7 %
Revenue (as reported)
FSS International:
Europe 847.8 675.1 26 % 826.1 653.0 27 % 1,673.9 1,328.1 26 %
Rest of World 621.6 576.0 8 % 650.9 569.9 14 % 1,272.6 1,145.9 11 %
Total FSS International 1,469.4 1,251.1 17 % 1,477.0 1,222.9 21 % 2,946.5 2,474.0 19 %
Effect of Currency Translation (51.3) - - (99.1) - - (150.4) - -
Adjusted Revenue (Organic) 1,418.1 1,251.1 13 % 1,378.0 1,222.9 13 % 2,796.1 2,474.0 13 %
Total Revenue (as reported) $ 4,831.5 $ 4,552.1 6 % $ 4,907.3 $ 4,279.3 15 % $ 9,738.9 $ 8,831.4 10 %
Effect of Currency Translation (51.4) - - (101.1) - - (152.4) - -
Adjusted Revenue (Organic) $ 4,780.2 $ 4,552.1 5 % $ 4,806.3 $ 4,279.3 12 % $ 9,586.5 $ 8,831.4 9 %
Note: Numbers may not foot due to rounding
^The calendar shift resulting from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026. In the first quarter of fiscal 2026, this shift reduced consolidated revenue by an estimated 3%, and favorably benefited the second quarter of fiscal 2026 by an estimated 3%. The calendar shift had no effect on the Company's results for the six months ended April 3, 2026
Q2 2026 Earnings Results Charts displayed in $ millions 19
($ in thousands)
Three Months Ended Three Months Ended Six Months Ended 01/02/2026 12/27/2024 04/03/2026 03/28/2025 04/03/2026 03/28/2025
Purchases of property and equipment and other
$ 122,156
$ 119,861
$ 101,276
$ 115,800
$ 223,432
$ 235,661
Payments made to clients on contracts
101,408
61,032
49,960
25,818
151,368
86,850
$ 223,564
$ 180,893
$ 151,236
$ 141,618
$ 374,800
$ 322,511
Revenue (as reported)
$ 4,831,549
$ 4,552,086
$ 4,907,342
$ 4,279,298
$ 9,738,891
$ 8,831,384
CapEx as % of Revenue
4.6 %
4.0 %
3.1 %
3.3 %
3.8 %
3.7 %
Q2 2026 Earnings Results 20
Non-GAAP Schedules
Q2 2026 Earnings Results
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 impact of amortization of acquisition-related intangible assets, severance and other 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 impact of amortization of acquisition-related intangible assets; severance and other charges; 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 United States earnings is calculated using a blended United States federal and state tax rate. The tax effect for Adjusted Net Income in jurisdictions outside the United States is calculated at the local country tax rate.
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.
Q2 2026 Earnings Results 22
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 credit agreement 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 longterm borrowings less cash and cash equivalents and short-term marketable securities.
Free Cash Flow
Free Cash Flow represents net cash used in operating activities 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.
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 used in operating activities, 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.
Q2 2026 Earnings Results 23
ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN
(Unaudited) (In thousands)
Three Months Ended April 3, 2026
FSS United States FSS International Corporate
Aramark and
Subsidiaries
Revenue (as reported)
$ 3,430,268 $ 1,477,074
$ 4,907,342
Operating Income (as reported)
$ 192,620 $ 61,408 $ (34,279)
$ 219,749
Operating Income Margin (as reported)
5.6 % 4.2 %
4.5 %
Revenue (as reported)
$ 3,430,268 $ 1,477,074
$ 4,907,342
Effect of Currency Translation
(1,963) (99,098)
(101,061)
Adjusted Revenue (Organic)
$ 3,428,305 $ 1,377,976
$ 4,806,281
Revenue Growth (as reported)
12.2 % 20.8 %
14.7 %
Adjusted Revenue Growth (Organic)
12.2 % 12.7 %
12.3 %
Operating Income (as reported)
$ 192,620 $ 61,408 $ (34,279)
$ 219,749
Amortization of Acquisition-Related Intangible Assets
25,114 8,244 -
33,358
Severance and Other Charges
5,512 - -
5,512
Gains, Losses and Settlements impacting comparability
- (916) -
(916)
Adjusted Operating Income
$ 223,246 $ 68,736 $ (34,279)
$ 257,703
Effect of Currency Translation
(536) (3,978) -
(4,514)
Adjusted Operating Income (Constant Currency)
$ 222,710 $ 64,758 $ (34,279)
$ 253,189
Operating Income Growth (as reported)
27.0 % 19.1 % (17.9)%
26.2 %
Adjusted Operating Income Growth
26.9 % 18.5 % (17.9)%
25.8 %
Adjusted Operating Income Growth (Constant Currency)
26.6 % 11.6 % (17.9)%
23.6 %
Adjusted Operating Income Margin
6.5 % 4.7 %
5.3 %
Adjusted Operating Income Margin (Constant Currency)
6.5 % 4.7 %
5.3 %
Three Months Ended March 28, 2025
FSS United States FSS International Corporate
Aramark and
Subsidiaries
Revenue (as reported)
$ 3,056,338
$ 1,222,960
$ 4,279,298
Operating Income (as reported)
$ 151,686
$ 51,553
$ (29,063)
$ 174,176
Amortization of Acquisition-Related Intangible Assets
24,195
5,827
-
30,022
Gains, Losses and Settlements impacting comparability
-
622
-
622
Adjusted Operating Income
$ 175,881
$ 58,002
$ (29,063)
$ 204,820
Operating Income Margin (as reported)
5.0 %
4.2 %
4.1 %
Adjusted Operating Income Margin
5.8 %
4.7 %
4.8 %
Q2 2026 Earnings Results 24
ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN
(Unaudited) (In thousands)
Six Months Ended April 3, 2026
FSS United States FSS International Corporate
Aramark and
Subsidiaries
Revenue (as reported)
$ 6,792,374 $ 2,946,517
$ 9,738,891
Operating Income (as reported)
$ 381,368 $ 121,198 $ (65,268)
$ 437,298
Operating Income Margin (as reported)
5.6 % 4.1 %
4.5 %
Revenue (as reported)
$ 6,792,374 $ 2,946,517
$ 9,738,891
Effect of Currency Translation
(2,035) (150,401)
(152,436)
Adjusted Revenue (Organic)
$ 6,790,339 $ 2,796,116
$ 9,586,455
Revenue Growth (as reported)
6.8 % 19.1 %
10.3 %
Adjusted Revenue Growth (Organic)
6.8 % 13.0 %
8.5 %
Operating Income (as reported)
$ 381,368 $ 121,198 $ (65,268)
$ 437,298
Amortization of Acquisition-Related Intangible Assets
50,276 15,083 -
65,359
Severance and Other Charges
5,512 - -
5,512
Gains, Losses and Settlements impacting comparability
11,608 915 -
12,523
Adjusted Operating Income
$ 448,764 $ 137,196 $ (65,268)
$ 520,692
Effect of Currency Translation
(533) (6,106) -
(6,639)
Adjusted Operating Income (Constant Currency)
$ 448,231 $ 131,090 $ (65,268)
$ 514,053
Operating Income Growth (as reported)
10.4 % 15.2 % (10.2)%
11.7 %
Adjusted Operating Income Growth
10.9 % 17.3 % (10.2)%
12.6 %
Adjusted Operating Income Growth (Constant Currency)
10.8 % 12.0 % (10.2)%
11.2 %
Adjusted Operating Income Margin
6.6 % 4.7 %
5.3 %
Adjusted Operating Income Margin (Constant Currency)
6.6 % 4.7 %
5.4 %
Six Months Ended March 28, 2025
FSS United States FSS International Corporate
Aramark and
Subsidiaries
Revenue (as reported)
$ 6,357,354
$ 2,474,030
$ 8,831,384
Operating Income (as reported)
$ 345,404
$ 105,238
$ (59,203)
$ 391,439
Amortization of Acquisition-Related Intangible Assets
48,054
10,452
-
58,506
Gains, Losses and Settlements impacting comparability
11,127
1,315
-
12,442
Adjusted Operating Income
$ 404,585
$ 117,005
$ (59,203)
$ 462,387
Operating Income Margin (as reported)
5.4 %
4.3 %
4.4 %
Adjusted Operating Income Margin
6.4 %
4.7 %
5.2 %
Q2 2026 Earnings Results 25
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 Six Months Ended
April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025
Net Income Attributable to Aramark Stockholders (as reported)
$ 101,950
$ 61,854
$ 198,111
$ 167,473
Adjustment:
Amortization of Acquisition-Related Intangible Assets
33,358
30,022
65,359
58,506
Severance and Other Charges
5,512
-
5,512
-
Gains, Losses and Settlements impacting comparability
(916)
622
12,523
12,442
Effect of Debt Repricing and Repayments on Interest Expense, net
-
8,326
1,121
8,326
Tax Impact of Adjustments to Adjusted Net Income
(9,058)
(9,030)
(16,226)
(18,019)
Adjusted Net Income
$ 130,846
$ 91,794
$ 266,400
$ 228,728
Effect of Currency Translation, net of Tax
(2,980)
-
(3,851)
-
Adjusted Net Income (Constant Currency) $ 127,866 $ 91,794 $ 262,549 $ 228,728
Earnings Per Share (as reported)
Net Income Attributable to Aramark Stockholders (as reported)
$ 101,950
$ 61,854
$ 198,111
$ 167,473
Diluted Weighted Average Shares Outstanding
266,390
267,420
266,382
268,076
$ 0.38 $ 0.23 $ 0.74 $ 0.62
Earnings Per Share Growth (as reported) %
65.5 %
19.0 %
Adjusted Earnings Per Share
Adjusted Net Income
$ 130,846
$ 91,794
$ 266,400
$ 228,728
Diluted Weighted Average Shares Outstanding
266,390
267,420
266,382
268,076
$ 0.49 $ 0.34 $ 1.00 $ 0.85
Adjusted Earnings Per Share Growth %
43.1 %
17.2 %
Adjusted Earnings Per Share (Constant Currency)
Adjusted Net Income (Constant Currency)
$ 127,866
$ 91,794
$ 262,549
$ 228,728
Diluted Weighted Average Shares Outstanding
266,390
267,420
266,382
268,076
$ 0.48 $ 0.34 $ 0.99 $ 0.85
Adjusted Earnings Per Share Growth (Constant Currency) %
39.8 %
15.5 %
Q2 2026 Earnings Results 26
(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 April 3, 2026 represents a fiscal 2025 non-cash charge for the impairment on an equity investment ($19.5 million) and a fiscal 2026 non-cash charge for the impairment of certain assets related to a business held-for-sale ($6.1 million). The twelve months ended March 28, 2025 represents a fiscal 2024 gain from the sale of the Company's remaining equity investment in the San Antonio Spurs NBA franchise ($25.1 million).
(3) Represents the annualizing of net EBITDA from certain acquisitions made during the period and, for purposes of the Credit Agreement, the net benefit from cost savings initiatives ($16.3 million for the twelve months ended April 3, 2026).
(4) "Other" for the twelve months ended April 3, 2026 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 ($56.4 million), severance charges ($41.9 million), non-cash charges for the impairments of assets ($8.9 million), multiemployer pension plan withdrawal charge ($5.6 million), merger and integration charges ($4.9 million), the impact of hyperinflation in Argentina ($4.0 million), legal charges related to an antitrust review ($3.8 million) and other miscellaneous expenses.
(5) "Other" for the twelve months ended March 28, 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 ($52.8 million), non-cash adjustments to inventory based on expected usage ($18.2 million), charges related to a ruling on a foreign tax matter ($6.8 million), severance charges ($6.7 million), non-cash charges related to the impairment of a trade name ($3.3 million), contingent consideration expense related to acquisition earn outs, net of reversals ($2.4 million), the impact of hyperinflation in Argentina ($1.9 million) and other miscellaneous expenses.
(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 Condensed Consolidated Balance Sheets.
ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES NET DEBT TO COVENANT ADJUSTED EBITDA
(Unaudited)
(In thousands)
Twelve Months Ended
April 3, 2026 March 28, 2025
Net Income Attributable to Aramark Stockholders (as reported)
$ 357,032
$ 348,010
Interest Expense, net
340,577
331,285
Provision for Income Taxes
119,828
117,649
Depreciation and Amortization
504,196
451,148
Share-based compensation expense(1)
62,695
63,062
Unusual or non-recurring losses and (gains)(2)
25,523
(25,071)
Pro forma EBITDA for certain transactions(3)
36,604
28,502
Other(4)(5)
127,504
95,335
Covenant Adjusted EBITDA $ 1,573,959 $ 1,409,920
Net Debt to Covenant Adjusted EBITDA
Total Long-Term Borrowings
$ 6,090,189
$ 6,532,881
Less: Cash and cash equivalents and short-term marketable securities(6)
475,722
963,721
Net Debt
$ 5,614,467
$ 5,569,160
Covenant Adjusted EBITDA
$ 1,573,959
$ 1,409,920
Net Debt/Covenant Adjusted EBITDA 3.6 3.9
Q2 2026 Earnings Results 27
ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FREE CASH FLOW
(Unaudited) (In thousands)
Three Months Ended
Three Months Ended
Six Months Ended
January 2, 2026
April 3, 2026
April 3, 2026
Net Cash (used in) provided by operating activities
$ (782,200)
$ 400,252
$ (381,948)
Net purchases of property and equipment and
other
(120,033)
(94,845)
(214,878)
Free Cash Flow
$ (902,233)
$ 305,407 $ (596,826)
Three Months Ended
Three Months Ended
Six Months Ended
Three Months Ended
Nine Months Ended
Three Months Ended
Fiscal Year Ended
December 27, 2024
March 28, 2025
March 28, 2025
June 27, 2025
June 27, 2025
October 3, 2025
October 3, 2025
Net Cash (used in) provided by operating activities
$ (587,152)
$ 255,948 $ (331,204)
$ 76,677
$ (254,527)
$ 1,175,562 $ 921,035
Net purchases of property and equipment and other
(117,788)
(114,698) (232,486)
(110,228)
(342,714)
(123,859) (466,573)
Free Cash Flow
$ (704,940)
$ 141,250 $ (563,690)
$ (33,551)
$ (597,241)
$ 1,051,703 $ 454,462
Q2 2026 Earnings Results 28
ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES
ORGANIC REVENUE GROWTH WITHOUT THE CALENDAR SHIFT
(Unaudited) (In thousands)
Three Months Ended April 3, 2026
FSS United States
Revenue (as reported)
$ 3,430,268
Effect of Currency Translation
(1,963)
Adjusted Revenue (Organic)
$ 3,428,305
Estimated Impact of Calendar Shift
(119,714)
Adjusted Revenue (Organic), without the calendar shift
$ 3,308,591
Revenue Growth (as reported)
12.2 %
Adjusted Revenue Growth (Organic)
12.2 %
Adjusted Revenue Growth (Organic), without the calendar shift
8.3 %
Three Months Ended March 28, 2025
FSS United States
Revenue (as reported) $ 3,056,338
Q2 2026 Earnings Results 29
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Q2 2026 Earnings Results 30
Q2 2026 Earnings Results
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Aramark published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 10:37 UTC.