Earnings release
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aramark For Immediate Release Ⓡ Inquiries : Felise Glantz Kissell ( 215 ) 409-7287 Kissell-Felise@aramark.com Gene Cleary ( 215 ) 409-7945 Cleary-Gene@aramark.com ' ' ' ' Aramark Reports Third Quarter Earnings YEAR - OVER - YEAR SUMMARY Note : As previously disclosed , the calendar shift resulting from the 53rd week in fiscal 2025 affects quarterly comparisons in fiscal 2026 Revenue + 9 % ; Organic Revenue + 9 % о 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 + 18 % ; Adjusted Operating Income ( AOI ) + 13 % ¹ ° о Operating Income and AOI growth would have increased approximately + 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 GAAP EPS + 34 % to $ 0.36 ; Adjusted EPS + 29 % ¹ to $ 0.52 ° ° 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 Strong Earnings and Cash Generation Further Enhanced Balance Sheet • Net Cash Provided by Operating Activities + $ 41 million ; Free Cash Flow + $ 42 million о Over $ 1.4 billion of cash availability at quarter - end ; Proactively repaid $ 100 million of 2028 Term Loans following quarter - end Launched Operations with Top Global Hyperscaler ; Continued Expansion of Aramark Nexus ™ о ° Began providing premium hospitality services at first Texas - based Al data center site with hyperscaler ; Mobilization underway at second location and the Company anticipates additional sites to be awarded Recently announced a multi - year engagement with a leading Al data center colocation provider to serve workforce communities across multiple locations ; Extensive demand for Aramark Nexus ™ capabilities 1 On a constant currency basis Page 1
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Philadelphia, PA, August 11, 2026 - Aramark (NYSE: ARMK) today reported third quarter fiscal 2026results. "The Company delivered another impressive quarter of strong top and bottom-line results,” said John Zillmer, Aramark’s Chief Executive Officer. “We continue to build on the momentum across the portfolio, including industry-leading client retention, broad-based revenue growth in the U.S. and International, record levels of new client wins, and the continued expansion of Aramark Nexus. Given the strong business trends across sectors and geographies, we’ve once again raised our Organic Revenue growth expectations for fiscal 2026. Our performance is a testament to the dedication of our teams, whose unwavering commitment to serving our clients, delivering exceptional hospitality experiences, and performing at a high level every day has been instrumental in our success.” THIRD QUARTER RESULTS In the third quarter, consolidated revenue increased 9% year-over-year to $5.1 billion. The favorable effect of currency translation increased revenue by approximately $33 million. Organic Revenue, which excludes the effect of currency translation, was also higher by 9% compared to the same year-ago period. Performance was driven by broad-based net new business and base business momentum across sectors and geographies. The calendar shift from the 53rd week in the prior year reduced Revenue and Organic Revenue growth by an estimated 2%, primarily occurring in the Education sector within the FSS United States segment. Revenue growth in the quarter would have increased approximately 11% without the calendar shift. Revenue Q3 '26 Q3 '25 Change (%) OrganicRevenueChange (%) FSS United States $3,496M $3,247M 8 % 8 % FSS International 1,562 1,379 13 % 11 % Total Company $5,058M $4,626M 9 % 9 % May not total due to rounding Difference between Change (%) and Organic Revenue Change (%) is the effect of currency translation • FSS United States revenue growth was led by 1) 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; 2) Business & Industry from sustained double-digit growth with the contribution fromsignificant new business, high client retention rates, and continued base business performance; and 3) 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. • FSS International revenue growth was broad-based across all geographies as a result of continued base business strength and net new business performance—largely from Spain, Canada, the U.K., and Germany. Revenue on a GAAP basis included the favorable effect of currency translation. Operating Income in the third quarter increased 18% compared to the prior year period to $216 million, and AOI grew 13% to $261 million, representing an operating income margin increase of more than 30 basis points and an AOI margin increase of nearly 20 basis points. The quarter benefited from strong revenue levels, supply chain efficiencies, and productivity gains from effective cost management. This favorable performance more than offset the calendar shift, which reduced Operating Income and AOI by an estimated 11% and 8%, respectively. Operating income and AOI growth would have increased approximately 29% and 21%, respectively, without the calendar shift—with operating income margin growth of nearly 65 basis points and AOI margin expansion of 50 basis points. The effect of currency translation increased Operating Income by approximately $1 million. 1 1 1 2
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Operating Income Adjusted Operating Income (AOI) Q3 '26 Q3 '25 Change (%) Q3 '26 Q3 '25 Change (%) ConstantCurrencyChange (%) FSS United States $182M $160M 14% $211M $189M 12% 11% FSS International 69 49 40% 85 67 26% 24% Corporate (35) (27) (33)% (35) (27) (33)% (33)% Total Company $216M $183M 18% $261M $230M 13% 13% May not total due to rounding Year-over-year profitability growth and margin expansion resulted from the following segment performance: • FSS United States increased from higher base business and new business revenue levels, particularly in Sports, Leisure & Corrections, Business & Industry, and Healthcare, in addition to supply chain efficiencies and productivity gains from effective cost management. Operating Income and AOI would have increased an estimated 26% and 22%, respectively, without the calendar shift —with operating income margin growth of more than 40 basis points and AOI margin expansion of nearly 65 basis points. • FSS International benefited from base business and net new business expansion, along withstrengthened supply chain economics. Operating Income on a GAAP basis included the favorable effect of currency translation. • Corporate expenses increased primarily due to higher share-based compensation. CASH FLOW AND CAPITAL STRUCTUREAramark reported a higher cash inflow in the third quarter compared to the prior year period, predominantly driven by stronger business performance and earnings growth. Net cash provided by operating activities in the quarter grew $41 million and Free Cash Flow increased $42 million. Consistent with the typical seasonality of the business, the Company expects to generate a large cash inflow in the fourth quarter, primarily from Collegiate Hospitality and Sports & Entertainment. At quarter-end, the Company had more than $1.4 billion in cash availability. Aramark proactively repaid approximately $100 million of 2028 Term Loans subsequent to quarter-end. The Company remains committed to a leverage ratio below 3.0x by the end of fiscal 2026. Aramark also maintains an active share repurchase program and has repurchased more than 5 million shares since its inception for an aggregate purchase price of approximately $194 million. DIVIDEND DECLARATION Aramark's Board of Directors approved a quarterly dividend of $0.12 per share of common stock, as announced on August 5, 2026. The dividend will be payable on September 9, 2026, to stockholders of record at the close of business on August 19, 2026. BUSINESS UPDATE The Company reported another quarter of substantial growth in both revenue and profitability, with this momentum continuing in all business segments. Late in the third quarter, Aramark began operations at its first Texas-based site supporting a top global hyperscaler and is currently scaling the service offerings. The Company is mobilizing a second site for this client and anticipates supporting additional locations. Aramark remains in active dialogue with other leading hyperscalers, reflecting strong demand for its integrated suite of capabilities. 3
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Further extending the reach of Aramark Nexus, the Company recently announced a multi-year engagement with a leading AI data center colocation provider to deliver premium hospitality services to workforce communities across multiple locations, including in Wyoming and Texas. As Aramark Nexuscontinues to expand in scale and geographic footprint, the Company believes that the business is uniquely positioned to help clients attract and retain skilled labor through differentiated hospitality solutions and premium amenities that enhance the employee experience and contribute to operational success. 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. 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. Aramark currently anticipates its full-year performance for Fiscal 2026 as follows: • 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 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 “We’re extremely confident in our ability to continue driving strong, sustained growth,” Zillmer added. “We believe that the opportunities before us—from the outperformance of our core business to the scaling of Aramark Nexus and our Global Supply Chain platform—position us well to realize the benefits of the significant value-creating actions underway. Once again, I am thankful to our teams around the globe forembodying our culture and values, which remain the foundation of who we are as a Company.”
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CONFERENCE CALL SCHEDULED The Company has scheduled a conference call at 8:30 a.m. ET today to discuss its earnings and outlook. This call and related materials can be heard and reviewed, either live or on a delayed basis, onthe Company's website, www.aramark.com, on the investor relations page. About Aramark Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 16 countries around the world with food and facilities management. Because of our hospitality culture, our employees strive to do great things for each other, our partners, our communities, and the planet. Learn more at www.aramark.com and connect with us on LinkedIn, Facebook, and Instagram. 5
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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 intangibleassets; 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 currencytranslation. Adjusted Net Income Adjusted Net Income represents net income attributable to Aramark stockholders adjusted to eliminate the impact of amortization ofacquisition-related intangible assets; severance and other charges; the effect of debt repricing and repayments on interest expense, net, andother items impacting comparability, less the tax impact of these adjustments. The tax effect for Adjusted Net Income for our UnitedStates earnings is calculated using a blended United States federal and state tax rate. The tax effect for Adjusted Net Income injurisdictions 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 forincome taxes; depreciation and amortization and certain other items as defined in our credit agreement required in calculating covenantratios and debt compliance. We also use Net Debt for our ratio to Covenant Adjusted EBITDA, which is calculated as total long-termborrowings 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. Managementbelieves that the presentation of free cash flow provides useful information to investors because it represents a measure of cash flowavailable 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 FreeCash Flow as supplemental measures of our operating profitability and to control our cash operating costs. We believe these financialmeasures are useful to investors because they enable better comparisons of our historical results and allow our investors to evaluate ourperformance based on the same metrics that we use to evaluate our performance and trends in our results. These financial metrics are notmeasurements of financial performance under generally accepted accounting principles, or GAAP. Our presentation of these metrics haslimitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported underGAAP. You should not consider these measures as alternatives to revenue, operating income, net income, earnings per share or net cashused in operating activities, determined in accordance with GAAP. Adjusted Revenue (Organic), Adjusted Operating Income, AdjustedNet Income, Adjusted EPS, Covenant Adjusted EBITDA and Free Cash Flow as presented by us may not be comparable to other similarlytitled measures of other companies because not all companies use identical calculations. 6
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Explanatory Notes to the Non-GAAP Schedules Amortization of Acquisition-Related Intangible Assets - adjustments to eliminate the impact of amortization expense recognized on acquisition-related intangible assets. Severance and Other Charges - adjustments to eliminate severance expenses in the applicable period ($5.6 million for the third quarter of 2026, $11.1 million for year-to-date 2026 and $12.7 million for both the third quarter and year-to-date 2025). Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of the Company's ongoing operational performance, primarily for non-cash charges for the impairment of certain assets related to a business held-for-sale ($6.1 million for year-to-date 2026), multiemployer pension plan withdrawal charge, net of reversal ($0.8 million reversal for the third quarter of 2026 and $4.8 million charge for year-to-date 2026), legal and professional fees related to an antitrust review ($1.1 million for the third quarter of 2026, $2.4 million for year-to-date 2026 and $1.1 million for the both the third quarter and year-to-date 2025), charges related to hyperinflation in Argentina ($1.4 million for the third quarter of 2026, $1.0 million for year-to-date 2026, $1.7 million for the third quarter of 2025 and $3.0 million for year-to-date 2025) and a charge for contingent consideration liabilities related to acquisition earn outs ($11.1 million for year-to-date 2025). Effect of Debt Repayments and Refinancings on Interest Expense, net - adjustments to eliminate expenses associated with the refinancings by the Company in the applicable period such as payment of third party costs ($0.7 million for year-to-date 2026 and $5.8 million for year-to-date 2025) and non-cash charges for the write-off of unamortized debt issuance costs and discounts ($0.4 million for year-to-date 2026 and $2.5 million for year-to-date 2025). Tax Impact of Adjustments to Adjusted Net Income - adjustments to eliminate the net tax impact of the adjustments to Adjusted Net Income calculated based on a blended United States federal and state tax rate for United States adjustments and the local country tax rate for adjustments in jurisdictions outside the United States. The adjustments also reverse the valuation allowance recorded against global deferred tax assets based on the company’s ability to utilize them ($8.1 million charge for the third quarter of 2026, $11.5 million charge for year-to-date 2026, $3.1 million benefit for the third quarter of 2025 and $11.6 million benefit for year-to-date 2025). Additionally, the adjustments reverse the benefit from release of certain reserves that were originally established due to CARES Act ($0.6 million benefit for both the third quarter and year-to-date 2026) and eliminate the impact of the state tax treatment related to the sale of a minority interest ($4.4 million charge for year-to-date 2025) and the tax related impact of the Company's spin-off of the Uniform segment, including non- deductible transaction costs ($3.6 million charge for year-to-date 2025). Effect of Currency Translation - adjustments to eliminate the impact that fluctuations in currency translation rates had on the comparative results by presenting the periods on a constant currency basis. Assumes constant foreign currency exchange rates based on the rates in effect for the prior year period being used in translation for the comparable current year period. 7
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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 notdirectly relate to any historical or current fact. These statements include, but are not limited to, statements under the heading "BusinessUpdate," "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 canbe identified by words such as "outlook," "aim," "anticipate," "have confidence," "estimate," "expect," "will be," "will continue," "willlikely result," "project," "intend," "plan," "believe," "see," "look to" and other words and terms of similar meaning or the negative versionsof such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results oroutcomes 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 economicconditions; 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 globalfinancial markets; the impact of the United States' and other countries’ trade policies including the implementation of tariffs; the failure toretain current clients, renew existing client contracts and obtain new client contracts; a determination by clients to reduce theiroutsourcing or use of preferred vendors; competition in our industries; increased operating costs and obstacles to cost recovery due to thepricing and cancellation terms of our food and support services contracts; currency risks and other risks associated with internationaloperations, 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; thecontract intensive nature of our business, which may lead to client disputes; the inability to hire and retain key or sufficiently qualifiedpersonnel or increases in labor costs; our expansion strategy and our ability to successfully integrate the businesses we acquire and costsand timing related thereto; continued or further unionization of our workforce; liability resulting from our participation in multiemployerdefined benefit pension plans; laws and governmental regulations including those relating to food and beverages, the environment, wageand 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 ortax-related laws; potential liabilities, increased costs, reputational harm, and other adverse effects based on our commitments andstakeholder expectations relating to environmental, social and governance considerations; the failure to maintain food safety throughoutour supply chain, food-borne illness concerns and claims of illness or injury; a cybersecurity incident or other disruptions in theavailability of our computer systems or privacy breaches; the use of artificial intelligence technologies within our business processes; ourleverage; variable rate indebtedness that subjects us to interest rate risk; the inability to generate sufficient cash to service all of ourindebtedness; debt agreements that limit our flexibility in operating our business; risks associated with the completed spin-off of AramarkUniform and Career Apparel ("Uniform") as an independent publicly traded company to our stockholders; and other factors set forthunder the headings "Part I, Item 1A Risk Factors," "Part I, Item 3 Legal Proceedings" and "Part II, Item 7 Management's Discussion andAnalysis of Financial Condition and Results of Operations" and other sections of our Annual Report on Form 10-K, filed with theSecurities and Exchange Commission (the "SEC") on November 25, 2025 as such factors may be updated from time to time in our otherperiodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and which may be obtained by contactingAramark's investor relations department via its website at www.aramark.com. These factors should not be construed as exhaustive andshould be read in conjunction with the other cautionary statements that are included herein and in our other filings with the SEC. As aresult of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements includedherein or that may be made elsewhere from time to time by, or on behalf of, us. Forward-looking statements speak only as of the datemade. 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. 8
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ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In Thousands, Except Per Share Amounts) Three Months Ended July 3, 2026 June 27, 2025 Revenue $ 5,057,909 $ 4,626,451 Costs and Expenses: Cost of services provided (exclusive of depreciation and amortization) 4,627,572 4,256,343 Depreciation and amortization 136,124 121,822 Selling and general corporate expenses 78,627 65,699 Total costs and expenses 4,842,323 4,443,864 Operating income 215,586 182,587 Interest Expense, net 79,856 86,401 Income Before Income Taxes 135,730 96,186 Provision for Income Taxes 37,896 24,234 Net income 97,834 71,952 Less: Net income attributable to noncontrolling interests 176 169 Net income attributable to Aramark stockholders $ 97,658 $ 71,783 Earnings per share attributable to Aramark stockholders: Basic $ 0.37 $ 0.27 Diluted $ 0.36 $ 0.27 Weighted Average Shares Outstanding: Basic 263,588 262,660 Diluted 268,535 265,347
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ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In Thousands, Except Per Share Amounts) Nine Months Ended July 3, 2026 June 27, 2025 Revenue $ 14,796,800 $ 13,457,835 Costs and Expenses: Cost of services provided (exclusive of depreciation and amortization) 13,523,893 12,327,229 Depreciation and amortization 394,238 352,085 Selling and general corporate expenses 225,785 204,495 Total costs and expenses 14,143,916 12,883,809 Operating income 652,884 574,026 Interest Expense, net 244,016 251,909 Income Before Income Taxes 408,868 322,117 Provision for Income Taxes 112,393 82,489 Net income 296,475 239,628 Less: Net income attributable to noncontrolling interests 706 372 Net income attributable to Aramark stockholders $ 295,769 $ 239,256 Earnings per share attributable to Aramark stockholders: Basic $ 1.12 $ 0.91 Diluted $ 1.11 $ 0.90 Weighted Average Shares Outstanding: Basic 263,292 264,118 Diluted 267,191 267,180 10
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ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands) July 3, 2026 October 3, 2025 Assets Current Assets: Cash and cash equivalents $ 499,425 $ 639,095 Receivables 2,582,676 2,210,388 Inventories 433,618 418,766 Prepayments and other current assets 340,215 254,642 Total current assets 3,855,934 3,522,891 Property and Equipment, net 1,739,649 1,734,489 Goodwill 4,996,446 4,874,670 Other Intangible Assets 1,921,828 1,874,067 Operating Lease Right-of-use Assets 844,890 701,839 Other Assets 615,190 596,673 $ 13,973,937 $ 13,304,629 Liabilities and Stockholders' Equity Current Liabilities: Current maturities of long-term borrowings $ 34,917 $ 31,543 Current operating lease liabilities 67,905 60,744 Accounts payable 1,139,097 1,522,747 Accrued expenses and other current liabilities 1,759,309 1,931,688 Total current liabilities 3,001,228 3,546,722 Long-Term Borrowings 6,094,909 5,374,394 Noncurrent Operating Lease Liabilities 270,166 255,305 Deferred Income Taxes and Other Noncurrent Liabilities 1,143,510 966,019 Redeemable Noncontrolling Interests 69,918 14,130 Total Stockholders' Equity 3,394,206 3,148,059 $ 13,973,937 $ 13,304,629 11
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ARAMARK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In Thousands) Nine Months Ended July 3, 2026 June 27, 2025 Cash flows from operating activities: Net income $ 296,475 $ 239,628 Adjustments to reconcile Net income to Net cash used in operating activities: Depreciation and amortization 394,238 352,085 Asset write-downs 6,058 — Increase in contingent consideration liability — 11,127 Deferred income taxes 60,841 (263) Share-based compensation expense 54,109 44,721 Changes in operating assets and liabilities (977,384) (859,337) Payments made to clients on contracts (189,890) (99,453) Other operating activities 90,798 56,965 Net cash used in operating activities (264,755) (254,527) Cash flows from investing activities: Net purchases of property and equipment and other (323,386) (342,714) Acquisitions, divestitures and other investing activities (112,478) (271,464) Net cash used in investing activities (435,864) (614,178) Cash flows from financing activities: Net proceeds/payments of long-term borrowings (92,711) (24,223) Net change in Revolving Credit Facility 187,193 394,715 Net change in funding under the Receivables Facility 625,000 570,000 Payments of dividends (94,678) (83,222) Proceeds from issuance of common stock 43,176 36,427 Repurchase of common stock (67,235) (140,156) Payments for contingent considerations (35,554) (25,191) Other financing activities (1,583) (48,973) Net cash provided by financing activities 563,608 679,377 Effect of foreign exchange rates on cash and cash equivalents and restricted cash (1,455) 14,419 Decrease in cash and cash equivalents and restricted cash (138,466) (174,909) Cash and cash equivalents and restricted cash, beginning of period 707,144 732,613 Cash and cash equivalents and restricted cash, end of period $ 568,678 $ 557,704 Balance Sheet classification July 3, 2026 June 27, 2025 Cash and cash equivalents $ 499,425 $ 501,485 Restricted cash in Prepayments and other current assets 69,253 56,219 Total cash and cash equivalents and restricted cash $ 568,678 $ 557,704 12
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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 andSubsidiaries 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 Severance and Other Charges 1,955 3,649 — 5,604 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 andSubsidiaries 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 % 13
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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 andSubsidiaries 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 andSubsidiaries 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 % 14
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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 % 15
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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 67,409 59,920 Unusual or non-recurring losses and (gains) 25,523 (25,071) Pro forma EBITDA for certain transactions 42,051 22,102 Other 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 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 stockunits 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) anda 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 tothe 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 othermiscellaneous 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 onexpected 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 andwill convert back to cash. Short-term marketable securities are included in "Prepayments and other current assets" on the Condensed Consolidated Balance Sheets. (1) (2) (3) (4)(5) (6) 16
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ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FREE CASH FLOW (Unaudited) (In thousands) Nine Months Ended Six Months Ended Three Months Ended July 3, 2026 April 3, 2026 July 3, 2026 Net cash (used in) provided by operating activities $ (264,755)$ (381,948)$ 117,193 Net purchases of property and equipment and other (323,386) (214,878) (108,508) Free Cash Flow $ (588,141)$ (596,826)$ 8,685 Nine Months Ended Six Months Ended Three Months Ended June 27, 2025 March 28, 2025 June 27, 2025 Net cash (used in) provided by operating activities $ (254,527)$ (331,204)$ 76,677 Net purchases of property and equipment and other (342,714) (232,486) (110,228) Free Cash Flow $ (597,241)$ (563,690)$ (33,551) Nine Months Ended Six Months Ended Three Months Ended Change Change Change Net cash (used in) provided by operating activities $ (10,228)$ (50,744)$ 40,516 Net purchases of property and equipment and other 19,328 17,608 1,720 Free Cash Flow $ 9,100 $ (33,136)$ 42,236 17
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ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ORGANIC REVENUE AND ADJUSTED OPERATING INCOME GROWTH WITHOUT THE CALENDAR SHIFT (Unaudited) (In thousands) Three Months Ended July 3, 2026 FSS United States Aramark and Subsidiaries Revenue (as reported) $ 3,496,394 $ 5,057,909 Estimated Impact of Calendar Shift 80,825 80,825 Revenue, without the calendar shift $ 3,577,219 $ 5,138,734 Effect of Currency Translation (118) (32,647) Adjusted Revenue (Organic), without the calendar shift $ 3,577,101 $ 5,106,087 Revenue Growth (as reported) 7.7 % 9.3 % Revenue Growth, without the calendar shift 10.2 % 11.1 % Adjusted Revenue Growth (Organic), without the calendar shift 10.2 % Operating Income (as reported) $ 182,155 $ 215,586 Estimated Impact of Calendar Shift 20,140 20,140 Operating Income, without the calendar shift $ 202,295 $ 235,726 Amortization of Acquisition-Related Intangible Assets 27,745 37,904 Severance and Other Charges 1,955 5,604 Gains, Losses and Settlements impacting comparability (770) 1,722 Adjusted Operating Income, without the calendar shift $ 231,225 $ 280,956 Effect of Currency Translation (26) (1,463) Adjusted Operating Income (Constant Currency), without the calendar shift 231,199 279,493 Operating Income Growth (as reported) 13.8 % 18.1 % Operating Income Growth, without the calendar shift 26.4 % 29.1 % Adjusted Operating Income Growth (Constant Currency), without the calendar shift 22.1 % 21.4 % Operating Income Margin (as reported) 5.2 % 4.3 % Operating Income Margin, without the calendar shift 5.7 % 4.6 % Adjusted Operating Income Margin (Constant Currency), without the calendar shift 6.5 % 5.5 % Three Months Ended June 27, 2025 FSS United States Aramark and Subsidiaries Revenue (as reported) $ 3,247,254 $ 4,626,451 Operating Income (as reported) $ 160,030 $ 182,587 Amortization of Acquisition-Related Intangible Assets 24,821 32,131 Severance and Other Charges 4,444 12,678 Gains, Losses and Settlements impacting comparability — 2,829 Adjusted Operating Income $ 189,295 $ 230,225 Operating Income Margin (as reported) 4.9 % 3.9 % Adjusted Operating Income Margin 5.8 % 5.0 % *FSS International results were largely unaffected by the calendar shift from the 53rd week in the prior year 18
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ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE WITHOUT THE CALENDAR SHIFT (Unaudited) (In thousands, except per share amounts) Three Months Ended July 3, 2026 June 27, 2025 Net Income Attributable to Aramark Stockholders (as reported) $ 97,658 $ 71,783 Estimated Effect of Calendar Shift, net of Tax 14,904 — Net Income Attributable to Aramark Stockholders, without the calendar shift $ 112,562 $ 71,783 Adjustment: Amortization of Acquisition-Related Intangible Assets 37,904 32,131 Severance and Other Charges 5,604 12,678 Gains, Losses and Settlements impacting comparability 1,722 2,829 Tax Impact of Adjustments to Adjusted Net Income (2,761) (12,876) Adjusted Net Income, without the calendar shift $ 155,031 $ 106,545 Effect of Currency Translation, net of Tax (930) — Adjusted Net Income (Constant Currency), without the calendar shift $ 154,101 $ 106,545 Earnings Per Share (as reported) Net Income Attributable to Aramark Stockholders (as reported) $ 97,658 $ 71,783 Diluted Weighted Average Shares Outstanding 268,535 265,347 $ 0.36 $ 0.27 Earnings Per Share Growth (as reported) % 34.4 % Earnings Per Share, without the calendar shift Net Income Attributable to Aramark Stockholders, without the calendar shift $ 112,562 $ 71,783 Diluted Weighted Average Shares Outstanding 268,535 265,347 $ 0.42 $ 0.27 Earnings Per Share Growth %, without the calendar shift 54.9 % Adjusted Earnings Per Share (Constant Currency), without the calendar shift Adjusted Net Income (Constant Currency), without the calendar shift $ 154,101 $ 106,545 Diluted Weighted Average Shares Outstanding 268,535 265,347 $ 0.57 $ 0.40 Adjusted Earnings Per Share Growth (Constant Currency) %, without the calendar shift 42.9 % 19