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aramark aramark Q3 Fiscal 2026 Earnings Results AUGUST 11 , 2026
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Q3 2026 Earnings Results Forward-Looking Statements 2 This presentation 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, “Fiscal 2026 Outlook,” “Modeling Assumptions,” 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.
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Q3 2026 Earnings Results Overview Fiscal 2026 Outlook 4 Aramark Nexus Capabilities 3 Revenue & Profit Growth Drivers 2 Q3 Fiscal 2026 Highlights 1 3
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Q3 2026 Earnings Results Summary of Q3 Fiscal 2026 Results • Performance driven by broad-based net new business and base business momentum • Revenue growth would have increased approximately +11% without the calendar shift • New client wins totaling more than $1.6 billion fiscal year to date, +51% higher than the comparable prior year period • Industry-leading client retention at record levels of approximately 98% • Operating Income and AOI growth would have increased +29% and +21% 1 , respectively, without the calendar shift • Profitability growth led by strong revenue across the organization, supply chain efficiencies, and productivity gains from effective cost management Operating Income Adjusted Operating Income (AOI) +18% 0 +13% 1 • GAAP EPS and Adjusted EPS growth would have increased approximately 55% and 43% 1 , respectively, without the calendar shift • Results reflected successful execution of the Company’s growth strategies As previously disclosed, the calendar shift from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026 1 Constant Currency; Charts displayed in $ millions For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation 4 Revenue Organic Revenue +9% 0 +9% 1 GAAP EPS Adjusted EPS +34% 0 +29% 1 Net Cash Provided by Operating Activities Free Cash Flow +$41 0 +$42 1 • Strong earnings and cash generation further enhanced Balance Sheet • Over $1.4 billion of cash availability at quarter-end • Proactively repaid $100 million of 2028 Term Loans following quarter-end
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Q3 2026 Earnings Results Revenue Growth Across Segments As previously disclosed, the calendar shift from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026 Charts displayed in $ millions For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation 5 Organic Growth: +9% ($33) Aramark Growth was led by: • Sports, Leisure & Corrections primarily from higher per cap spending and fan attendance levels in Sports & Entertainment, which included FIFA World Cup matches and the NBA/NHL playoffs, along with an expanded client portfolio across the sector • Business & Industry from sustained double-digit growth with the contribution from significant new business, high client retention rates, and continued base business performance • Healthcare as a result of both new business and base business expansion • Revenue and Organic Revenue growth would have increased an estimated 10% without the calendar shift, primarily in the Education sector $- Organic Growth: +8% FSS United States $1,379 $1,562 $1,529 Q3 '25 Revenue (as reported) Q3 '26 Revenue (as reported) Effect of Currency Translation Q3 '26 Organic Revenue Growth was led by: • Continued momentum in all geographies as a result of base business strength and net new business performance • Particularly strong results in Spain, Canada, the U.K., and Germany with contributions from multiple lines of business, including Sports & Entertainment, Education, and Business & Industry Organic Growth: +11% ($33) FSS International $4,626 $5,058 -$33 $5,025 Q3 '25 Revenue (as reported) Q3 '26 Revenue (as reported) Effect of Currency Translation Q3 '26 Organic Revenue $3,247 $3,496 $3,496 Q3 '25 Revenue (as reported) Q3 '26 Revenue (as reported) Effect of Currency Translation Q3 '26 Organic Revenue
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Q3 2026 Earnings Results Q3 Growth Drivers Across Business Segments • Continued the strong growth trajectory, delivering another quarter of impressive results with organic revenue increasing 11% to $1.5 billion • Revenue performance was broad-based across geographies and sectors, led by Spain, Canada, the U.K., and Germany • Concert and festival activity was strong, as many client venues benefited from major touring artists, particularly in Europe; Also successfully served more than 300,000 fans during the multi-day Formula 1 Grand Prix in Barcelona, leveraging nearly 100 food and beverage locations • Every country within the International portfolio delivered strong new business performance, underpinned by an extensive sales pipeline • Awarded nearly 200 new client accounts during the quarter, including continued expansion in the mining industry, providing remote hospitality services for Discovery Silver Mine in Canada, as well as Codelco’s Chuquicamata and AMSA’s Los Pelambres copper mines in Chile F S S I N T E R N A T I O N A L F S S U S E D U C A T I O N • Results reflected the calendar shift in the quarter; Sector would have achieved more than 7% growth absent the shift, which is expected to be fully recaptured in the fourth quarter • Collegiate Hospitality benefited from increased residential meal plan enrollment, record retention and the strongest selling season in recent history; Notable new business wins include University of Colorado System at Colorado Springs, Grand Canyon University, Ohio Wesleyan University, and Texas State University, which will fully launch operations this upcoming new academic year • Student Nutrition driving positive growth in net new business; Recent new client wins include Camden County School District S P O R T S , L E I S U R E & C O R R E C T I O N S • Sports delivered significant revenue growth from higher per cap spending and attendance levels from the FIFA World Cup matches and NBA/NHL playoffs, as well as the ongoing MLB season and new business; Collegiate Athletics portfolio expanded with wins at Texas State University and Florida State University • Corrections continued to expand its new business and base business during the quarter • Leisure business experienced strong success with the Company’s “Landmarks of Legacy” initiative commemorating America’s 250th anniversary, creating immersive, integrated guest experiences across the leisure portfolio; Commenced operations at Stone Mountain, now providing foodservice, lodging, retail, tours, and camping during this peak summer season B U S I N E S S & I N D U S T R Y • Workplace Experience Group achieved double-digit compounded growth for the 19th consecutive quarter, reflecting the contribution from new business, high client retention rates, and continued base business performance F A C I L I T I E S & O T H E R • Facilities business benefited from base business growth due to vertical sales opportunities and cross lines of business opportunities • GPO and Supply Chain delivered more than $1.1 billion of annualized new spend wins globally fiscal year-to-date H E A L T H C A R E • Built upon the successful launch of Penn Medicine by actively mobilizing multiple lines of service across RWJBarnabas Health’s 18 locations, while continuing to deliver strong base business performance 6
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Q3 2026 Earnings Results Aramark Nexus: Operational and Scaling 7 Colocation Provider Top Global Hyperscaler • First site: Operations launched; Revenue and AOI contributing • Second site: Mobilization underway • Scope of work across both sites expected to increase ~40% from original estimates • Started scaling service offerings • Client has indicated additional sites anticipated as new locations come online • Continued expansion of Nexus with a significant multi-year engagement • Providing premium hospitality services to workforce communities across multiple locations, including in Wyoming and Texas • Initial site scheduled to mobilize in the first half of Aramark’s new fiscal year (‘27) • Uniquely positioned to help clients attract and retain skilled labor through differentiated hospitality solutions and premium amenities that enhance the employee experience and support project success Pipeline momentum: Reflects strong demand for Nexus’ integrated suite of capabilities across hyperscale AI data centers and other large-scale, complex, and often remote operating environments Aramark remains in active dialogue with other leading hyperscalers
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Q3 2026 Earnings Results Aramark Nexus: Capabilities 8 From housing to restaurants and everything in between, Aramark Nexus connects every facet of a client’s workforce experience through one seamlessly integrated solution Culinary and Retail Scalable dining programs for large remote workforces and retail options that keep employees energized and engaged Facilities Management End to end cleaning, environmental solutions and predictive programs that promote a healthy and safe workplace, while protecting client’s facilities Transportation and Security Safe, reliable transportation connecting the workforce between accommodations and work sites and security services that promote a safe workplace Wellness, Recreation and Entertainment Fitness facilities, recreation, and entertainment programing, and daily life conveniences that support the whole person Employee Accommodations Purpose-built workforce accommodations designed for long- term workforce assignments Unified Management Structure A single management team coordinates all services across the campus, streamlining the experience
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Q3 2026 Earnings Results AOI Profitability Across Segments 9 As previously disclosed, the calendar shift from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026 Charts displayed in $ millions; AOI growth and AOI Margin are calculated on a constant currency basis For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation $230 $261 Q3 2025 Q3 2026 AOI Growth: +13% AOI Margin: Nearly +20bps Performance included the following: • Higher base business and new business revenue levels • Growth particularly strong in Sports, Leisure & Corrections, Business & Industry, and Healthcare • Productivity gains from effective cost management • Supply chain efficiencies • AOI growth would have increased an estimated 22% with AOI margin expansion of nearly +65 basis points, without the calendar shift Performance included the following: • Higher base business • Net new business maturity • Strengthened supply chain economics $67 $85 Q3 2025 Q3 2026 AOI Growth: +24% AOI Margin: Nearly +60bps AOI Growth: +11% AOI Margin: More than +20bps Aramark FSS United States FSS International $189 $211 Q3 2025 Q3 2026 AOI growth would have increased 21% with AOI margin expansion of +50 basis points, without the calendar shift
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Q3 2026 Earnings Results Quarterly Cadence of Free Cash Flow (in Millions) FY25 FY26 • Net Cash provided by Operating Activities in the quarter grew +$41 million and Free Cash Flow increased +$42 million • Higher cash flow in the quarter predominantly driven by stronger business performance and earnings growth • Cash flow performance in the quarter facilitated another proactive payment of debt • Consistent with the typical seasonality of the business, the Company expects a large inflow of cash in the fourth quarter, primarily from Collegiate Hospitality and Sports & Entertainment 10 $(705) $141 $(34) $1,052 $454 $(902) $305 $9 Q1 Q2 Q3 Q4 FY For more information related to Non-GAAP financial measures, refer to the Non-GAAP schedules included in this presentation
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Q3 2026 Earnings Results Disciplined Capital Allocation Priorities • 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 $100 million of Term Loans due 2028 subsequent to quarter-end • 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 • Maintain an active share repurchase program • Repurchased approximately $194 million to date (more than 5 million shares) • Ongoing commitment to dividend policy (quarterly dividend at $0.12 per share) 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 11
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Q3 2026 Earnings Results Fiscal 2026 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. 12 Aramark currently anticipates its full-year performance for Fiscal 2026 as follows: Previous Outlook for Organic Revenue growth was at the high end of +7% to +9% All percentages above are on a constant currency basis For easier comparison purposes, Fiscal 2025 Organic Revenue is on a 52-week basis • Organic Revenue growth of +9% to +10%; • Adjusted Operating Income (AOI) growth of +12% to +17%; • Adjusted EPS growth of +20% to +25%; and • Leverage Ratio under 3x As a result of Aramark's strong financial performance throughout Fiscal 2026, the Company raised its full-year Organic Revenue growth Outlook. In addition to the continued growth momentum across Aramark’s broader portfolio, this increase reflects the contribution from commencing operations with a top global hyperscaler as Aramark scales its premium hospitality services. The Company reaffirmed its Outlook for AOI, Adjusted EPS, and Leverage Ratio with anticipated fourth quarter results consistent with Wall Street estimates. Aramark expects AOI growth and margin expansion to accelerate in the fourth quarter, driven by its multiple operating levers and the early profitability contribution from Aramark Nexus, while mobilizing a record level of new business throughout the Company and adding growth resources as appropriate to further capitalize on the significant demand for Aramark Nexus.
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Q3 2026 Earnings Results
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Q3 2026 Earnings Results Appendix
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Q3 2026 Earnings Results Modeling Assumptions 15 FY26 Modeling Assumptions • Net Interest Expense: $315M - $325M • Adjusted Tax Rate: 25.5% • Share Count: ~270M • Effect of Currency Translation: ◦ Revenue: ~$185M
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Q3 2026 Earnings Results Revenue by Segment Charts displayed in $ millions 16 Three Months Ended Q1 2026 Three Months Ended Q2 2026 Three Months Ended Q3 2026 Nine Months Ended YTD 2026 01/02/2026 12/27/2024 Change % 04/03/2026 03/28/2025 Change % 07/03/2026 06/27/2025 Change % 07/03/2026 06/27/2025 Change % Revenue (as reported) FSS United States: Business & Industry $ 510.6 $ 432.2 18 % $ 553.0 $ 449.6 23 % $ 589.7 $ 500.8 18 % $ 1,653.3 $ 1,382.6 20 % Education 1,086.1 1,141.1 (5)% 1,142.9 1,011.5 13 % ^ 784.3 811.9 (3)% 3,013.2 2,964.5 2 % Healthcare 421.3 404.6 4 % 443.2 411.5 8 % 460.9 413.1 12 % 1,325.4 1,229.2 8 % Sports, Leisure & Corrections 961.2 950.3 1 % 907.4 799.1 14 % 1,258.6 1,123.6 12 % 3,127.2 2,873.0 9 % Facilities & Other 382.9 372.8 3 % 383.8 384.7 — % 402.9 397.8 1 % 1,169.7 1,155.3 1 % Total FSS United States 3,362.1 3,301.0 2 % 3,430.3 3,056.4 12 % 3,496.4 3,247.2 8 % 10,288.8 9,604.6 7 % Effect of Currency Translation (0.1) — — (2.0) — — (0.1) — — (2.2) — — Adjusted Revenue (Organic) 3,362.0 3,301.0 2 % 3,428.3 3,056.4 12 % 3,496.3 3,247.2 8 % 10,286.6 9,604.6 7 % Revenue (as reported) FSS International: Europe 847.8 675.1 26 % 826.1 653.0 27 % 914.8 795.5 15 % 2,588.7 2,123.6 22 % Rest of World 621.6 576.0 8 % 650.9 569.9 14 % 646.7 583.7 11 % 1,919.3 1,729.6 11 % Total FSS International 1,469.4 1,251.1 17 % 1,477.0 1,222.9 21 % 1,561.5 1,379.2 13 % 4,508.0 3,853.2 17 % Effect of Currency Translation (51.3) — — (99.1) — — (32.5) — — (182.9) — — Adjusted Revenue (Organic) 1,418.1 1,251.1 13 % 1,378.0 1,222.9 13 % 1,529.0 1,379.2 11 % 4,325.1 3,853.2 12 % Total Revenue (as reported) $ 4,831.5 $ 4,552.1 6 % $ 4,907.3 $ 4,279.3 15 % $ 5,057.9 $ 4,626.4 9 % $ 14,796.8 $ 13,457.8 10 % Effect of Currency Translation (51.4) — — (101.1) — — (32.6) — — (185.1) — — Adjusted Revenue (Organic) $ 4,780.2 $ 4,552.1 5 % $ 4,806.3 $ 4,279.3 12 % $ 5,025.3 $ 4,626.4 9 % $ 14,611.7 $ 13,457.8 9 % Note: Numbers may not foot due to rounding As previously disclosed, the calendar shift from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026
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Q3 2026 Earnings Results CapEx and Client Payments 17 ($ in thousands) Three Months Ended Three Months Ended Three Months Ended Nine Months Ended 01/02/2026 12/27/2024 04/03/2026 03/28/2025 07/03/2026 06/27/2025 07/03/2026 06/27/2025 Purchases of property and equipment and other $ 122,156 $ 119,861 $ 101,276 $ 115,800 $ 112,369 $ 111,378 $ 335,801 $ 347,039 Payments made to clients on contracts 101,408 61,032 49,960 25,818 38,522 12,603 189,890 99,453 $ 223,564 $ 180,893 $ 151,236 $ 141,618 $ 150,891 $ 123,981 $ 525,691 $ 446,492 Revenue (as reported) $ 4,831,549 $ 4,552,086 $ 4,907,342 $ 4,279,298 $ 5,057,909 $ 4,626,451 $14,796,800 $13,457,835 CapEx as % of Revenue 4.6 % 4.0 % 3.1 % 3.3 % 3.0 % 2.7 % 3.6 % 3.3 %
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Q3 2026 Earnings Results Non-GAAP Schedules
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Q3 2026 Earnings Results Selected Operational and Financial Metrics 19 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.
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Q3 2026 Earnings Results Selected Operational and Financial Metrics (continued) 20 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.
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Q3 2026 Earnings Results Revenue, AOI and AOI Margin QTD 21 ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN (Unaudited) (In thousands) Three Months Ended July 3, 2026 FSS United States FSS International Corporate Aramark and Subsidiaries Revenue (as reported) $ 3,496,394 $ 1,561,515 $ 5,057,909 Operating Income (as reported) $ 182,155 $ 68,752 $ (35,321) $ 215,586 Operating Income Margin (as reported) 5.2 % 4.4 % 4.3 % Revenue (as reported) $ 3,496,394 $ 1,561,515 $ 5,057,909 Effect of Currency Translation (118) (32,529) (32,647) Adjusted Revenue (Organic) $ 3,496,276 $ 1,528,986 $ 5,025,262 Revenue Growth (as reported) 7.7 % 13.2 % 9.3 % Adjusted Revenue Growth (Organic) 7.7 % 10.9 % 8.6 % Operating Income (as reported) $ 182,155 $ 68,752 $ (35,321) $ 215,586 Amortization of Acquisition-Related Intangible Assets 27,745 10,159 — 37,904 Gains, Losses and Settlements impacting comparability (770) 2,492 — 1,722 Adjusted Operating Income $ 211,085 $ 85,052 $ (35,321) $ 260,816 Effect of Currency Translation (26) (1,437) — (1,463) Adjusted Operating Income (Constant Currency) $ 211,059 $ 83,615 $ (35,321) $ 259,353 Operating Income Growth (as reported) 13.8 % 40.1 % (33.3)% 18.1 % Adjusted Operating Income Growth 11.5 % 26.1 % (33.3)% 13.3 % Adjusted Operating Income Growth (Constant Currency) 11.5 % 24.0 % (33.3)% 12.7 % Adjusted Operating Income Margin 6.0 % 5.4 % 5.2 % Adjusted Operating Income Margin (Constant Currency) 6.0 % 5.5 % 5.2 % Three Months Ended June 27, 2025 FSS United States FSS International Corporate Aramark and Subsidiaries Revenue (as reported) $ 3,247,254 $ 1,379,197 $ 4,626,451 Operating Income (as reported) $ 160,030 $ 49,059 $ (26,502) $ 182,587 Amortization of Acquisition-Related Intangible Assets 24,821 7,310 — 32,131 Severance and Other Charges 4,444 8,234 — 12,678 Gains, Losses and Settlements impacting comparability — 2,829 — 2,829 Adjusted Operating Income $ 189,295 $ 67,432 $ (26,502) $ 230,225 Operating Income Margin (as reported) 4.9 % 3.6 % 3.9 % Adjusted Operating Income Margin 5.8 % 4.9 % 5.0 %
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Q3 2026 Earnings Results Revenue, AOI and AOI Margin YTD 22 ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN (Unaudited) (In thousands) Nine Months Ended July 3, 2026 FSS United States FSS International Corporate Aramark and Subsidiaries Revenue (as reported) $ 10,288,768 $ 4,508,032 $ 14,796,800 Operating Income (as reported) $ 563,523 $ 189,950 $ (100,589) $ 652,884 Operating Income Margin (as reported) 5.5 % 4.2 % 4.4 % Revenue (as reported) $ 10,288,768 $ 4,508,032 $ 14,796,800 Effect of Currency Translation (2,153) (182,930) (185,083) Adjusted Revenue (Organic) $ 10,286,615 $ 4,325,102 $ 14,611,717 Revenue Growth (as reported) 7.1 % 17.0 % 9.9 % Adjusted Revenue Growth (Organic) 7.1 % 12.2 % 8.6 % Operating Income (as reported) $ 563,523 $ 189,950 $ (100,589) $ 652,884 Amortization of Acquisition-Related Intangible Assets 78,021 25,242 — 103,263 Severance and Other Charges 7,467 3,649 — 11,116 Gains, Losses and Settlements impacting comparability 10,838 3,407 — 14,245 Adjusted Operating Income $ 659,849 $ 222,248 $ (100,589) $ 781,508 Effect of Currency Translation (559) (7,543) — (8,102) Adjusted Operating Income (Constant Currency) $ 659,290 $ 214,705 $ (100,589) $ 773,406 Operating Income Growth (as reported) 11.5 % 23.1 % (17.4)% 13.7 % Adjusted Operating Income Growth 11.1 % 20.5 % (17.4)% 12.8 % Adjusted Operating Income Growth (Constant Currency) 11.0 % 16.4 % (17.4)% 11.7 % Adjusted Operating Income Margin 6.4 % 4.9 % 5.3 % Adjusted Operating Income Margin (Constant Currency) 6.4 % 5.0 % 5.3 % Nine Months Ended June 27, 2025 FSS United States FSS International Corporate Aramark and Subsidiaries Revenue (as reported) $ 9,604,608 $ 3,853,227 $ 13,457,835 Operating Income (as reported) $ 505,434 $ 154,297 $ (85,705) $ 574,026 Amortization of Acquisition-Related Intangible Assets 72,875 17,762 — 90,637 Severance and Other Charges 4,444 8,234 — 12,678 Gains, Losses and Settlements impacting comparability 11,127 4,144 — 15,271 Adjusted Operating Income $ 593,880 $ 184,437 $ (85,705) $ 692,612 Operating Income Margin (as reported) 5.3 % 4.0 % 4.3 % Adjusted Operating Income Margin 6.2 % 4.8 % 5.1 %
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Q3 2026 Earnings Results Organic Revenue, AOI, and AOI Margin Growth without the Calendar Shift 23
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Q3 2026 Earnings Results Education Organic Revenue Growth without the Calendar Shift 24 ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES EDUCATION ORGANIC REVENUE GROWTH WITHOUT THE CALENDAR SHIFT (Unaudited) (In thousands) Three Months Ended July 3, 2026 Revenue (as reported) $ 784,226 Adjusted Revenue (Organic) $ 784,226 Estimated Impact of Calendar Shift 84,825 Adjusted Revenue (Organic), without the calendar shift $ 869,051 Revenue Growth (3.4)% Adjusted Revenue Growth (Organic), without the calendar shift 7.0 % Three Months Ended June 27, 2025 Revenue (as reported) $ 811,941
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Q3 2026 Earnings Results Adjusted EPS 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 Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net Income Attributable to Aramark Stockholders (as reported) $ 97,658 $ 71,783 $ 295,769 $ 239,256 Adjustment: Amortization of Acquisition-Related Intangible Assets 37,904 32,131 103,263 90,637 Severance and Other Charges 5,604 12,678 11,116 12,678 Gains, Losses and Settlements impacting comparability 1,722 2,829 14,245 15,271 Effect of Debt Repricing and Repayments on Interest Expense, net — — 1,121 8,326 Tax Impact of Adjustments to Adjusted Net Income (2,761) (12,876) (18,987) (30,895) Adjusted Net Income $ 140,127 $ 106,545 $ 406,527 $ 335,273 Effect of Currency Translation, net of Tax (930) — (4,781) — Adjusted Net Income (Constant Currency) $ 139,197 $ 106,545 $ 401,746 $ 335,273 Earnings Per Share (as reported) Net Income Attributable to Aramark Stockholders (as reported) $ 97,658 $ 71,783 $ 295,769 $ 239,256 Diluted Weighted Average Shares Outstanding 268,535 265,347 267,191 267,180 $ 0.36 $ 0.27 $ 1.11 $ 0.90 Earnings Per Share Growth (as reported) % 34.4 % 23.6 % Adjusted Earnings Per Share Adjusted Net Income $ 140,127 $ 106,545 $ 406,527 $ 335,273 Diluted Weighted Average Shares Outstanding 268,535 265,347 267,191 267,180 $ 0.52 $ 0.40 $ 1.52 $ 1.25 Adjusted Earnings Per Share Growth % 30.0 % 21.2 % Adjusted Earnings Per Share (Constant Currency) Adjusted Net Income (Constant Currency) $ 139,197 $ 106,545 $ 401,746 $ 335,273 Diluted Weighted Average Shares Outstanding 268,535 265,347 267,191 267,180 $ 0.52 $ 0.40 $ 1.50 $ 1.25 Adjusted Earnings Per Share Growth (Constant Currency) % 29.1 % 19.8 %
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Q3 2026 Earnings Results Adjusted EPS Growth without the Calendar Shift 26
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Q3 2026 Earnings Results Net Debt to Covenant Adjusted EBITDA 27 ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES NET DEBT TO COVENANT ADJUSTED EBITDA (Unaudited) (In thousands) Twelve Months Ended July 3, 2026 June 27, 2025 Net Income Attributable to Aramark Stockholders (as reported) $ 382,907 $ 361,667 Interest Expense, net 334,032 336,208 Provision for Income Taxes 133,490 119,803 Depreciation and Amortization 518,498 464,838 Share-based compensation expense(1) 67,409 59,920 Unusual or non-recurring losses and (gains)(2) 25,523 (25,071) Pro forma EBITDA for certain transactions(3) 42,051 22,102 Other(4)(5) 117,652 112,599 Covenant Adjusted EBITDA $ 1,621,562 $ 1,452,066 Net Debt to Covenant Adjusted EBITDA Total Long-Term Borrowings $ 6,129,826 $ 6,294,947 Less: Cash and cash equivalents and short-term marketable securities(6) 499,425 545,213 Net Debt $ 5,630,401 $ 5,749,734 Covenant Adjusted EBITDA $ 1,621,562 $ 1,452,066 Net Debt/Covenant Adjusted EBITDA 3.5 4.0 (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 July 3, 2026 represents a fiscal 2026 non-cash charge for the impairment of certain assets related to a business held-for-sale ($6.1 million) and a fiscal 2025 non- cash charge for the impairment on an equity investment ($19.5 million). The twelve months ended June 27, 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 ($21.4 million for the twelve months ended July 3, 2026). (4) "Other" for the twelve months ended July 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 ($58.1 million), severance charges ($34.9 million), non-cash charges for the impairments of assets ($8.9 million), merger and integration charges ($5.7 million), multiemployer pension plan withdrawal charge, net ($4.8 million), earnings from miscellaneous investments, net of dividends ($4.6 million), legal and professional fees related to an antitrust review ($3.8 million), the impact of hyperinflation in Argentina ($3.7 million) and other miscellaneous expenses. (4) "Other" for the twelve months ended June 27, 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 ($53.7 million), severance charges ($19.4 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), dividends from miscellaneous investments, net of earnings ($5.0 million), the impact of hyperinflation in Argentina ($3.3 million), contingent consideration expense related to acquisition earn outs, net of reversals ($2.4 million), legal charges related to an anti-trust review ($1.1 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.
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Q3 2026 Earnings Results Free Cash Flow 28 ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FREE CASH FLOW (Unaudited) (In thousands) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended January 2, 2026 April 3, 2026 April 3, 2026 July 3, 2026 July 3, 2026 Net Cash (used in) provided by operating activities $ (782,200) $ 400,252 $ (381,948) $ 117,193 $ (264,755) Net purchases of property and equipment and other (120,033) (94,845) (214,878) (108,508) (323,386) Free Cash Flow $ (902,233) $ 305,407 $ (596,826) $ 8,685 $ (588,141) 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
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Q3 2026 Earnings Results 29 This is Aramark Built on service, enabled by people, focused on what matters most Empowered People & Service Delivering Global Scale Grounded In Integrity & Purpose