2025
ANNUAL
REPORT
A Message From Our Chief Executive Officer
To Our Shareholders,
When Aramark set out on its current course, we knew that growing
revenue and profitability would be the main determinant of our
success. Looking at our performance, we have stayed true to the goals
we set, an approach that has led to three-year compound annual
growth rates in revenue and profitability of 11% and 24%, respectively.
We believe that our disciplined commitment to our strategy continues
to validate our hospitality approach and growth-oriented model,
and it has led to some of the unprecedented numbers we achieved in
Fiscal Year 2025. As an enterprise—through our people and our teams
in the lines of business and countries—we have focused on a culture
of hospitality, the power of collaboration, and the strength of our
relationships. These are foundational and defining values, and they
are essential to our success.
Here are a few more numbers that capture the year we just closed:
• Net New Business was nearly $1 billion and represented 5.6% of
prior year revenue. Gross New Business set a record at $1.6 billion
and 12% higher than prior year. This is due to a robust rate of new
business wins—including several of our largest contracts ever—
and the strongest retention rate in company history at 96.3%.
• Our Global Supply Chain and GPOs realized new purchasing
spend of more than $1 billion for the second consecutive year.
• Thanks to a 27% increase in cash flow from operations and a 41%
increase in free cash flow, our Leverage Ratio dropped to 3.25x.
This is the lowest leverage ratio since prior to Aramark’s going
private in 2007, and it grants us a range of options and a high
degree of financial flexibility to create additional shareholder value,
with an achievable goal of below 3x by the close of Fiscal Year 2026.
In Fiscal Year 2025, we effectively deployed Artificial Intelligence (“AI”)
across the organization. In food production, Hospitality IQ optimizes
the menu planning process, matching nutritional and contractual
requirements with consumer preferences. With AI, Global Supply Chain
and GPOs aggregates and captures spend across our more than $20
billion procurement volume, which we believe can generate significant
cost savings and position us to better negotiate deals with suppliers
and manufacturers. AI strengthens our operational efficiencies and
enables us to scale best-in-class digital experiences.
As I mentioned above, we had several of our largest new business
wins in Aramark history in Fiscal Year 2025, and they contributed to
the strength of the U.S. segment’s performance. At the University of
Pennsylvania Health System, we will provide patient and retail food,
environmental services, patient transportation, and an integrated
call center. It’s our largest contract in U.S. history and our second
largest enterprise win ever. It’s also worth noting that for the second
consecutive year our Healthcare+ line of business was named a
Best Place to Work by Modern Healthcare magazine, this year ranking
first in the Large Supplier category.
We had a large retain and grow win with Arizona State University,
adding significant new business for our Collegiate Hospitality, Sports
& Entertainment, and Refreshment lines of businesses. Workplace
Experience Group had a very strong year, too, most notably in terms
of growth.
The International segment had a strong year overall, and its fourth
consecutive year of double-digit organic revenue and AOI growth.
The segment realized organic revenue growth across all geographies—
leading with the U.K., Canada, Ireland, Spain, and South America.
We continued to address some of the significant needs we see among
the communities where we serve. Our IN2WORK program, which
provides vocational training and nationally recognized certifications to
justice-impacted individuals, celebrated its 20th anniversary. Since its
start, the program has graduated 20,000 participants, and Aramark has
hired almost 600 of them post-release.
This year, nearly 8,000 employees took part in 380 service projects to
help community members in 200 cities across 13 countries during our
annual Aramark Building Community Day.
In Fiscal Year 2025, we built upon our historically strong, consistent
performance while advancing a number of initiatives. We now look
ahead with optimism and confidence, ready to build on the momentum
we’ve generated. With the net new business we delivered in Fiscal Year
2025, and what we see in the pipeline, we expect to be well-positioned
to hit our Fiscal Year 2026 goals.
It is my firm belief that we are executing a proven strategy that will
continue to provide ample opportunities to create value. Our job is
clear: to fulfill the promises we’ve made to our shareholders, to our
clients and customers, to our communities, and to ourselves.
Sincerely,
John Zillmer
The reconciliation of certain financial measures presented in the above message including adjusted operating income,
consolidated leverage ratio and free cash flow, to measures calculated in accordance with generally accepted accounting
principles (GAAP) are provided in Annex A.
+$ *)**))+( * )$. $ %## )) %$
-3D:;?9E@?
6666666666666666666666666666666666666666666
%(#
!
$$+"(&%(*&+()+$**%)* %$
%(
6% * )+( * ). $ *%
@C
*($) * %$(&%(*&+()+$**%)* %$
%(
6% * )+( * ). $ *%
6666666666666666666666666666666666666666666
@CE:78;D53=J73C7?676%5E@47C @>>;DD;@? ;=7$F>47C
C3>3C<
O8:KE8D<F=I<>@JKI8EK8JJG<:@=@<;@E@KJ:?8IK8E@Q8K@FE
" + , DGCFP@JKI8EKJK8I<8:F;<
,<:LI@K@@JK4@=D
$3>7@835:I5:3?97@?H:;5:(79;DE7C76
FDDFE,KF:B
G8IM8CL< G<
,<:LI@K@@JKF=K?<:K'FE<
6666666666666666666666666666666666666666666
"E;@:8K<9P:?<:BD8IB@=K?<I<>@JKI8EK@J8N@JKI8EK@JEFKI@JKI8EK?8J=@C<;8CCI<:KF=;LI@E>K?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JII@JKI8EK?8JJL9D@KK<;LC8K@FE, -U F=K?@J:?8GKK?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8J
I@JKI8EK@J8C8I><8::
:FDG8EPFI8E@E>>IFNK?:FDG8EP ,<<K?<;<=@E@K@FEJF=C8I><8:::FDG8EP8E;
@E>>IFNK?:FDG8EP@E+LC<9 F=K?< O:?8E><:K
%8I><8:::FDG8EP D@E>>IFNK?:FDG8EP
"=8E@E>>IFNK?:FDG8EP
@E;@:8K<9P:?<:BD8IB@=K?<I<>@JKI8EK?8JN@K?8EPEJK8E;8I;JGIFM@;<;GLIJL8EKKF,<:K@FE8F=K?< O:?8E><:K
"E;@:8K<9P:?<:BD8IBN?@JKI8EK?8J=@C<;8ILE;@JK=@IDK?8KGI@JK@JKI8EK
@E:CL;<;@EK?<=@C@E>I<=C<:KK?<:FII<:K@FEF=8E@JKI8EKJK?<I@JKI8EK@J8J?<:K 2>I<>8K<D8IB@JKI8EK?@JKI8EKN8J
8GGIFO@D8K@JKI8EKJ:FDDFEJKF:BFLKJK8E;@E>@J
6666666666666666666666666666666666666666666
%+#$*) $%(&%(*/( ($
)FIK@FEJF=K?<;<=@E@K@M<GIFOPJK8K< FDD@JJ@FEGLIJL8EKKF+<>LC8K@FEIKFK?<
I<>@JKI8EKJEEL8C&<F=,KF:B?FC;< FDD@JJ@FEEFKC8K@JKI8EKJ=@J:8CP<8I<
)+-"
"K8C)IF:<<;@E>J
"K@JKI8EKJ FDDFE HL@KP
+I<8E; @E8E:@8C
@J:CFJLI<
"K8I;@E> FI<@>E#LI@J;@:K@FEJK?8K)I7?ED
-?@JIJK8KF=K?<)I@M8K<,<:LI@K@8K@FE+<=FID:KF=
-?8I;@E>K?<GIFNK?JKI8K<>P "EJFD<:8JJK8KFIK?<E<>8K@M<
MJK8K<8K8EPK@D<
8E;8:KL8CICF98C:8C8D@K@<
G8E;PJ?FIK8>
FE>F@E>KCF98CJLGGCP:?8@E;@JILGK@FEJ
@E=C8K@FE
MFC8K@C@KP8E;;@JILGK@FEF=>CF98C=@E8E:@8CD8IBK?<@DGC:C@FILJ<F=GI<=:FJKJ8E;F9JK8:C8E;:8E::FDGC@8E:<N@K?89IF8;
I8E><F=C8NJ8E;I<>LC8K@FEJ
@E:CL;@E>K?<.E@K<;,K8KE FIILGK)I8:K@:P8E;FLI89@C@KPKFJL::I8K<K?<9LJ@EI=IFDFLIG8IK@:@G8K@FE@E
DLCK@FMLC8K@FEJ@E:CL;@E>K?FJ<IKF=FF;8E;
9<8E;?FLI8E;>FMC@89@C@KP8JJF:@8K<;N@K?EFE:FDGC@8E:<N@K?
8GGC@:89C<C8NFIFK?FMLC8K@FEJEFMLC8KFIP=I8DKFFM?FLKFLIJLGGCP:?8@E
=FF; 9FIE<@CCE@<M8I@89C<I8K<
@E;<9K<;EI<FLI9LJ@EJ)8IK"
"K8C)IF:<<;@E>J8E;)8IK""
"KJN@K?K?<,<:LI@K@< FDD@JJ@FEK?<, J8
IJK8KJK8K8K@FEKFGL9C@:CPLG;8K<FIIJK8K
FD;?7DD
%G7CG;7H
I8D8IBK?<\ FDG8EP]
\N<]FI\LJ]@J8C<8;@E>>CF98CGIFM@;E@=@:8EK
FGJKL;LD:?8I8:K
:?8IKJ?FNJ89I<8B;FNEF=FLII@E:FD<9PK?D7?ED
))+?;E76)E3E7D
)) ?E7C?3E;@?3=
/ (7G7?F7
/ %A7C3E;?9 ?5@>7
FCC8IJ@ED@CC@FEJ (G@E:FD<@E:FD<8E; D@CC@FEF=E@E
N<?8M<9IF8;J8E;?8:FD9@E8K@FEF=
FI>8E@:>IFNK?8E;8:HL@J@K@FEJ
N@K?K?<>F8CF==LIK?FLI=FF;8E;=8:@C@K@IFN@E>FLI
@EKLGKFFLI <: (E
#8EL8IP
N<;<\'2, ]@E:FEALE:K@FEN@K?8>F@E> GI@M8K<KI8EJ8:K@FE
F=FLI:FDDFEJKF:B
C3>3C)79>7?E
(E,DDD8I;@E>K?<J<8ELD9=FF;
?FJG@K8C@KP
GIF:LI=8:@C@K@<J
KI8@E@E>8E;JLGK?<D8AFI@KPF=K?<=FF;J
I<:<@M@E>
GI8E;J
=FF;8E;9<@K
PD8E8>IFLE;JB<8E;:8G@K8CGIFA<:KD8E8>FM
FLI:C@?K?<@IFE J@K<<FLI9LJ@EDDDFM:C@D<F=J398
0@K?@EK?< ;L:8K@FEJ<:KFI
N<J?<F==FF;8E;
=FF; IN@K?@EK?< ,,.E@K<;,K8KDC<JFLI:<GIFM@;<;J;@E@E>
:8K
=FF;J2-+<F=EFE :C@E@:8C=FF;
=FF; I:C@<F=9LJ@EJFE J@K<I
:FEM
0<8CJFGIFM@;<9<8E;MJJ@E:CL;<8=LCCI8E><F=:F==<<F==J
\>I898E;>F]=FF;FGN8K= /3=?398= 0<GIFM@;<:FE:J@E>JD@EFIC<8>L<8==@C@8K<JGFIKJK<8DJ
@E:CL;@E>K<8DJ
@E&8AFI%<8>L<8J<98CC
K?<'8K@FE8C8JBL<8E;K?<'8K@FE8C!F:BL<
8JN<=FFK98CCJK8;@LDJ8E;FK?<8E;LE@MJ3/=#>2/<
0<GIFM@;<8M8I@
GC8EKFGPD8E8>IFLE;JB<
C8E;J:8G@E>
KI8EJGFIK8K@FE
:8G@K8CGIF>I8DD8E8>JKF9L@C;@E>FG?MD<F=JD;FD -?FK@8K<K?<GI@:@E>8E;FK?FK@8K<=8MFI89C<KMFCLD<;@J:FLEKJ
I<98K?=FF;J,PJ:F FIGFI8K@FE
,PJ:F
., FF;J
)@FE8C;@JKI@9LKFIJ (LI;@JKI@9LKFIJ8I<IFLI
FI;GIF;L:KJKFFLIJG<:@=@:CF:8K@FEJ (LICF:8K@FED8E8>
9I<8;
;8@IPGIF;L:KJ8E;8C:F?FC@:9I<I<?KJ
FECP=FI:8LJ< -?<GI@:@E>8E;FK?I<FK@8K<;GI<I<E@=@:8EK8DFLEKF=FLIGLI:?8JI<?
,PJ:F:8E
@EJ@>E@=@:8EK:8J?FK?