ARMKNYSERetail-Eating PlacesUS GAAP · USD

Aramark

Aramark is a contract services company that designs, staffs, and operates food, hospitality, procurement, and facilities programs for institutions and venues. Its core business is serving captive populations and event-driven traffic at schools, hospitals, workplaces, sports arenas, leisure sites, and correctional facilities. The company runs two reportable segments, Food and Support Services United States and Food and Support Services International, with the U.S. as its largest market and a 15-country international footprint. Aramark often acts as the exclusive provider on-site, meaning it manages much of the labor, supply chain, and service delivery for its clients. The business is built around recurring multi-site contracts, operational execution, and the ability to deliver bundled services at scale.

Revenue18.5bn USD
+6.4 %y/y
Operating profit (EBIT)792m USD
+12.1 %y/y
EBIT margin4.3%
+0.2 ppy/y
Net income326m USD
+24.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-505101520bn USD2020: 12.8 bn USD2020: EBIT -0.26 bn USD20202021: 12.1 bn USD2021: EBIT 0.19 bn USD20212022: 16.3 bn USD2022: EBIT 0.63 bn USD20222023: 18.9 bn USD2023: EBIT 0.86 bn USD20232024: 17.4 bn USD2024: EBIT 0.71 bn USD20242025: 18.5 bn USD2025: EBIT 0.79 bn USD202518.50.79
RevenueOperating profit (EBIT)

Business

Share of revenue
Food and beverage services70 %

On-site meal preparation, dining, catering, and beverage programs for captive and event-based customers.

Facilities services20 %

Custodial, housekeeping, plant operations, maintenance, grounds, and energy services delivered at client sites.

Hospitality and event services7 %

Guest-facing service programs for sports, leisure, entertainment, and conference venues.

Procurement and support services3 %

Purchasing, sourcing, and other back-office support that helps clients manage on-site operations.

Customers

Aramark sells primarily to institutions that outsource non-core operations and want a single provider to run food and facilities programs on-site. Its largest end markets are education, healthcare, business and industry, sports and leisure venues, and corrections, where customers value scale, labor management, and consistent service quality. Many of these clients have captive audiences such as students, patients, employees, or event attendees, which makes recurring service contracts attractive. In international markets, the company serves a similar mix of sectors, but with local operating requirements and competitive dynamics that vary by country. No single client represents more than 2% of total revenue, which indicates a diversified contract base despite concentration in a few end markets.

Education

Schools, colleges, and universities buy dining and support services to serve students and staff efficiently on campus.

Healthcare

Hospitals, healthcare systems, and senior living facilities buy meal and facilities services to support patients, residents, and staff.

Business & Industry

Corporate offices and industrial sites buy workplace dining and facilities support to outsource non-core operations.

Sports, Leisure & Corrections

Venues, parks, entertainment sites, and correctional institutions buy managed food and support services for large on-site populations.

Facilities & Other

Other institutional clients buy bundled support services such as custodial, maintenance, and grounds management.

Strategy

Aramark’s strategy centers on winning and retaining multi-year outsourced service contracts by combining food, hospitality, procurement, and facilities capabilities. The company emphasizes differentiated client solutions, cross-sector selling, and employee training to deepen relationships with decision makers at existing and prospective accounts. Operational execution and supply chain efficiency are important because pricing pressure and contract cancellation terms can limit the ability to recover costs. Management also highlights liquidity discipline, flexibility to defer capital spending, and the ability to support working capital, debt service, dividends, and refinancings. Internationally, the company is focused on leveraging its existing footprint while competing against local and multinational providers that may have broader geographic reach.

Grow base business through contract retention and new winsShort term

Recurring contract revenue is the core of the model, so retaining accounts and adding sites drives scale and stability.

Improve operating efficiency and supply chain performanceShort term

Cost control is essential because contracts can have pricing and cancellation terms that limit pass-through of inflation.

Strengthen international footprintMedium term

International operations diversify revenue and offer growth, but require local execution and competitive positioning.

Geography

2025

Aramark generates most of its revenue in the United States, which accounted for 71% of fiscal 2025 revenue through the FSS United States segment. The remaining 29% came from FSS International, which spans an additional 15-country footprint plus some smaller-country and offshore operations. This geographic mix matters because the U.S. business is larger and more mature, while international operations add growth opportunities but also foreign currency and local execution risk. The company notes that a significant portion of cash is held in mature, liquid geographies where it operates, and it also carries foreign currency borrowings. Competitive position and contract wins can vary by country because local providers may be better established in specific regions.

United States71 %
Other countries (US filing)29 %

Share of the revenue the company reports by geography.

Risks

Aramark faces intense competition from local, regional, national, and international providers, and some competitors may underbid or accept lower margins to win contracts. Because many contracts are outsourced and site-specific, clients can also self-operate or switch to alternative providers, which creates renewal risk and pricing pressure. The business is exposed to labor inflation, food and supply chain cost volatility, and the challenge of recovering those costs under contract terms. International operations add foreign exchange risk, local market competition, and execution complexity across multiple jurisdictions. The company also highlights cybersecurity and AI-related risks, since system failures or data breaches could disrupt operations, damage client trust, and create legal or regulatory exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cost inflation and limited pass-through1Intense contract competition2Cybersecurity and data breach risk3Foreign currency and international execution risk4AI governance and technology adoption risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cost inflation and limited pass-throughImpact: HighLikelihood: High

    Labor, food, and operating costs can rise faster than contract pricing, especially where cancellation or pricing terms are restrictive.

    Exposure: On-site service contracts with fixed or negotiated pricing

  2. Intense contract competitionImpact: HighLikelihood: Medium

    The company competes against many providers that may underbid or accept lower margins to win or retain accounts.

    ExposureFood and facilities services contracts across educationHealthcareVenues
  3. Cybersecurity and data breach riskImpact: HighLikelihood: Medium

    A breach could disrupt operations, delay reporting, and create legal, financial, and reputational damage.

    ExposureEnterprise systemsVendor systemsClient data
  4. Foreign currency and international execution riskImpact: MediumLikelihood: Medium

    A meaningful share of revenue comes from outside the U.S., and the company has foreign currency borrowings.

    Exposure: FSS International and offshore operations

  5. AI governance and technology adoption riskImpact: MediumLikelihood: Low

    Poorly controlled AI use could produce biased or incorrect outputs and increase compliance and cyber risk.

    Exposure: Internal processes and decision support tools

Accounting

Judgemental items
Goodwill and indefinite-lived intangible impairment

The company tests reporting units for impairment and adverse market or operating changes could trigger non-cash write-downs.

Impact: Could materially affect earnings and equity if assumptions weaken.

Revenue recognition on service contracts

Contract terms, service delivery timing, and cancellation provisions influence when revenue is recognized.

Impact: Affects quarterly revenue comparability and margin analysis.

Seasonality and calendar effects

Education and venue activity create uneven revenue and cost patterns across quarters.

Impact: Can distort sequential growth and operating margin trends.

Foreign currency translation

International operations and foreign currency borrowings create translation and transaction effects.

Impact: Can move reported revenue, earnings, and debt balances.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Aramark (ARMK) Revenue, Earnings & Financials 2025 – Clarifo