Aramark 8-K, filed May 12, 2026

Aramark (ARMK)

8-K 2026-05-12 For: 2026-05-12

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Added on May 12, 2026

About this 8-K

Aramark filed this 8-K on May 12, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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May 12, 2026
Date of Report (Date of earliest event reported) ____________________________
Aramark
(Exact name of Registrant as Specified in its Charter) ____________________________
Delaware		001-36223	20-8236097
(State or other Jurisdiction of Incorporation)		(Commission File Number)	(IRS Employer Identification No.)
2400 Market Street			19103
Philadelphia,	Pennsylvania
(Address of Principal Executive Offices)			(Zip Code)


(215)						238-3000
(Registrant's Telephone Number, Including Area Code)
N/A (Former name or former address, if changed since last report.)


Title of Each Class		Trading Symbol(s)	Name of Each Exchange on which Registered
Common Stock,	par value $0.01 per share	ARMK	New York Stock Exchange


Exhibit No.						Description

Exhibit 99.1						Press release of Aramark, dated M ay 12 , 2026, announcing results for the quarter ended April 3 , 2026.


Exhibit No.						Description

Exhibit 99.1						Press release of Aramark, dated May 12 , 2026, announcing results for the quarter ended April 3 , 2026.



For Immediate Release	Inquiries: Felise Glantz Kissell (215) 409-7287 Kissell-Felise@aramark.com	Gene Cleary (215) 409-7945 Cleary-Gene@aramark.com


	Revenue
	Q2 '26	Q2 '25	Change (%)		Organic Revenue Change (%)
FSS United States	$3,430M	$3,056M	12	%	12	%
FSS International	1,477	1,223	21	%	13	%
Total Company	$4,907M	$4,279M	15	%	12	%


	Operating Income			Adjusted Operating Income (AOI)
	Q2 '26	Q2 '25	Change (%)	Q2 '26	Q2 '25	Change (%)	Constant Currency Change (%)
FSS United States	$193M	$152M	27%	$223M	$176M	27%	27%
FSS International	61	52	19%	69	58	19%	12%
Corporate	(34)	(29)	(18)%	(34)	(29)	(18)%	(18)%
Total Company	$220M	$174M	26%	$258M	$205M	26%	24%



•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


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 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 repricing and repayments 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.

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 long-term 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.


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 "Business Update," "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 the conflict in the Middle East, global supply chain disruptions, inflation, volatility and disruption of global financial markets; the impact of the United States' and other countries’ trade policies including the implementation of tariffs; the failure to retain current clients, renew existing client contracts and obtain new client contracts; a determination by clients to reduce their outsourcing or use of preferred vendors; competition in our industries; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our food and support services contracts; currency risks and other risks associated with international operations, including compliance with a broad range of laws and regulations, including the United States Foreign Corrupt Practices Act; risks associated with suppliers from whom our products are sourced; disruptions to our relationship with our distribution partners; the contract intensive nature of our business, which may lead to client disputes; the inability to hire and retain key or sufficiently qualified personnel or increases in labor costs; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; continued or further unionization of our workforce; liability resulting from our participation in multiemployer defined benefit pension plans; laws and governmental regulations including those relating to food and beverages, the environment, wage and hour and government contracting; liability associated with noncompliance with applicable law or other governmental regulations; new interpretations of or changes in the enforcement of the government regulatory framework; increases or changes in income tax rates or tax-related laws; potential liabilities, increased costs, reputational harm, and other adverse effects based on our commitments and stakeholder expectations relating to environmental, social and governance considerations; the failure to maintain food safety throughout our supply chain, food-borne illness concerns and claims of illness or injury; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy breaches; the use of artificial intelligence technologies within our business processes; our leverage; variable rate indebtedness that subjects us to interest rate risk; the inability to generate sufficient cash to service all of our indebtedness; debt agreements that limit our flexibility in operating our business; risks associated with the completed spin-off of Aramark Uniform and Career Apparel ("Uniform") as an independent publicly traded company to our stockholders; and other factors set forth under the headings "Part I, Item 1A Risk Factors," "Part I, Item 3 Legal Proceedings" and "Part II, Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations" and other sections of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on November 25, 2025 as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and which may be obtained by contacting Aramark's investor relations department via its website at www.aramark.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and in our other filings with the SEC. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us. Forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, changes in our expectations, or otherwise, except as required by law.


	Three Months Ended
	April 3, 2026		March 28, 2025
Revenue	$	4,907,342	$	4,279,298
Costs and Expenses:
Cost of services provided (exclusive of depreciation and amortization)	4,480,948		3,919,653
Depreciation and amortization	132,160		117,059
Selling and general corporate expenses	74,485		68,411
Total costs and expenses	4,687,593		4,105,123
Operating income	219,749		174,175

Interest Expense, net	82,241		89,704
Income Before Income Taxes	137,508		84,471
Provision for Income Taxes	35,368		22,498
Net income	102,140		61,973
Less: Net income attributable to noncontrolling interests	190		119
Net income attributable to Aramark stockholders	$	101,950	$	61,854



Earnings per share attributable to Aramark stockholders:
Basic	$	0.39	$	0.23
Diluted	$	0.38	$	0.23
Weighted Average Shares Outstanding:
Basic	263,160		264,811
Diluted	266,390		267,420


	Six Months Ended
	April 3, 2026		March 28, 2025
Revenue	$	9,738,891	$	8,831,384
Costs and Expenses:
Cost of services provided (exclusive of depreciation and amortization)	8,896,321		8,070,885
Depreciation and amortization	258,114		230,263
Selling and general corporate expenses	147,158		138,797
Total costs and expenses	9,301,593		8,439,945
Operating income	437,298		391,439

Interest Expense, net	164,160		165,508
Income Before Income Taxes	273,138		225,931
Provision for Income Taxes	74,497		58,255
Net income	198,641		167,676
Less: Net income attributable to noncontrolling interests	530		203
Net income attributable to Aramark stockholders	$	198,111	$	167,473

Earnings per share attributable to Aramark stockholders:
Basic	$	0.75	$	0.63
Diluted	$	0.74	$	0.62
Weighted Average Shares Outstanding:
Basic	263,144		264,846
Diluted	266,382		268,076


ARAMARK AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In Thousands)

	April 3, 2026		October 3, 2025
Assets

Current Assets:
Cash and cash equivalents	$	475,722	$	639,095
Receivables	2,475,099		2,210,388
Inventories	453,325		418,766
Prepayments and other current assets	341,915		254,642

Total current assets	3,746,061		3,522,891
Property and Equipment, net	1,786,495		1,734,489
Goodwill	4,980,956		4,874,670
Other Intangible Assets	1,907,892		1,874,067
Operating Lease Right-of-use Assets	825,305		701,839
Other Assets	593,941		596,673

	$	13,840,650	$	13,304,629

Liabilities and Stockholders' Equity

Current Liabilities:
Current maturities of long-term borrowings	$	33,853	$	31,543
Current operating lease liabilities	65,314		60,744
Accounts payable	1,246,368		1,522,747
Accrued expenses and other current liabilities	1,744,183		1,931,688

Total current liabilities	3,089,718		3,546,722
Long-Term Borrowings	6,056,336		5,374,394
Noncurrent Operating Lease Liabilities	266,806		255,305
Deferred Income Taxes and Other Noncurrent Liabilities	1,085,590		966,019
Redeemable Noncontrolling Interests	61,871		14,130
Total Stockholders' Equity	3,280,329		3,148,059
	$	13,840,650	$	13,304,629


ARAMARK AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)


	Six Months Ended
	April 3, 2026		March 28, 2025
Cash flows from operating activities:
Net income	$	198,641	$	167,676
Adjustments to reconcile Net income to Net cash used in operating activities:
Depreciation and amortization	258,114		230,263

Asset write-downs	6,058		—
Increase in contingent consideration liability	—		11,127

Deferred income taxes	37,430		2,931
Share-based compensation expense	34,793		30,296
Changes in operating assets and liabilities	(839,069)		(724,340)
Payments made to clients on contracts	(151,368)		(86,850)
Other operating activities	73,453		37,693
Net cash used in operating activities	(381,948)		(331,204)
Cash flows from investing activities:
Net purchases of property and equipment and other	(214,878)		(232,486)

Acquisitions, divestitures and other investing activities	(101,637)		(249,984)
Net cash used in investing activities	(316,515)		(482,470)
Cash flows from financing activities:
Net proceeds/payments of long-term borrowings	(83,443)		414,590
Net change in Revolving Credit Facility	140,366		275,882
Net change in funding under the Receivables Facility	625,000		586,000
Payments of dividends	(63,068)		(55,683)
Proceeds from issuance of common stock	19,288		16,379
Repurchase of common stock	(66,322)		(109,283)
Payments for contingent considerations	(33,697)		(10,505)
Other financing activities	(5,677)		(50,816)
Net cash provided by financing activities	532,447		1,066,564





Effect of foreign exchange rates on cash and cash equivalents and restricted cash	(335)		(11,497)
(Decrease) Increase in cash and cash equivalents and restricted cash	(166,351)		241,393
Cash and cash equivalents and restricted cash, beginning of period	707,144		732,613
Cash and cash equivalents and restricted cash, end of period	$	540,793	$	974,006


(d)			Exhibits


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


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


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

(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.


Balance Sheet classification	April 3, 2026		March 28, 2025
Cash and cash equivalents	$	475,722	$	920,455
Restricted cash in Prepayments and other current assets	65,071		53,551

Total cash and cash equivalents and restricted cash	$	540,793	$	974,006


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		%