ARMKMEDIUM SIGNALFINANCIAL10-K

Aramark reported solid operating performance with meaningful growth in profitability metrics, though accompanied by a notable increase in total debt levels.

The company demonstrated strong operational execution with double-digit growth in operating income and cash flow generation, suggesting effective cost management and business momentum. However, the 25% increase in total debt warrants monitoring, though this could reflect strategic investments or refinancing activities typical for a mature food services company.

Comparing 2025-11-25 vs 2024-11-19View on EDGAR →
FINANCIAL ANALYSIS

Aramark delivered a balanced financial performance with operating income growing 12% to $792 million and net income advancing 24% to $326 million, demonstrating improved operational efficiency. Operating cash flow increased modestly by 10% to $766 million, providing solid cash generation. The notable increase in total debt to $5.4 billion was partially offset by a reduction in current liabilities, suggesting potential debt restructuring or strategic capital deployment.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+24.8%
$4.3B$5.4B

Debt rose 24.8% — additional borrowing for investment or operations; monitor coverage ratios.

Net Income
P&L
+24.3%
$262.5M$326.4M

Net income grew 24.3% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
-15.8%
$4.2B$3.5B

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Income
P&L
+12.1%
$706.5M$791.8M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Operating Cash Flow
Cash Flow
+10.4%
$694.5M$766.4M

Operating cash flow grew 10.4% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-19
ADDED
Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure 43 Item 9A.
The following chart shows a breakdown of our revenue and operating income by these reportable segments: Reportable Segments: FSS United States FSS International FY 2025 Revenue (1) : $ 13,211.9 $ 5,294.4 FY 2025 Operating Income (1) : $ 717.5 $ 193.5 (1) Dollars in millions.
Operating income excludes $119.2 million related to corporate expenses.
In fiscal 2025, we generated $18.5 billion of revenue, $791.8 million of operating income and $326.4 million of net income attributable to Aramark stockholders.
We are the exclusive provider of food and beverage services at most of the locations we serve and are responsible for hiring, training and supervising the majority of the food service personnel in addition to ordering, receiving, preparing and serving food and beverage items sold at those facilities.
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REMOVED
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 45 Item 9A.
The following chart shows a breakdown of our revenue and operating income by these reportable segments: Reportable Segments: FSS United States FSS International FY 2024 Revenue (1) : $ 12,576.7 $ 4,824.0 FY 2024 Operating Income (1) : $ 659.9 $ 187.3 (1) Dollars in millions.
Operating income excludes $140.7 million related to corporate expenses.
In fiscal 2024, we generated $17.4 billion of revenue, $706.5 million of operating income and $262.5 million of net income attributable to Aramark stockholders.
Assets and liabilities associated to the Uniform segment are classified as assets and liabilities of discontinued operations in our audited Consolidated Balance Sheet as of September 29, 2023.
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