v3.26.1
Business Segments
 6 Months Ended
Apr. 03, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS:
The Company's reportable segments are determined based on how the Company's CODM, the Chief Executive Officer, assesses performance and decides how to allocate resources for the Company. Based on the CODM's assessment, the Company has two reportable segments: FSS United States and FSS International.
The CODM evaluates each segment’s performance based on financial metrics, including revenue and adjusted operating income. The CODM uses these metrics to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. Segment revenue represents food and facilities services sales. 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.
Corporate expenses include certain operating and non-operating costs not allocated to the segments. The nature of these expenses may vary but primarily consist of corporate personnel compensation costs, share-based compensation expense and other unallocated costs.
Approximately 85% of the global revenue is related to food services and 15% is related to facilities services. Financial information by segment is as follows (in millions):
Three Months EndedSix Months Ended
April 3, 2026April 3, 2026
FSS United StatesFSS InternationalTotalFSS United StatesFSS InternationalTotal
Revenue$3,430.3 $1,477.0 $4,907.3 $6,792.4 $2,946.5 $9,738.9 
Less:
Food and support services costs967.5 391.9 1,915.6 789.4 
Personnel costs(1)(2)
1,313.7 749.5 2,586.4 1,500.8 
Other direct costs(2)
815.4 238.3 1,621.2 464.8 
Depreciation and amortization(3)
77.7 21.0 152.7 39.8 
Selling expenses32.8 7.6 67.7 14.5 
Adjusted operating income $223.2 $68.7 $291.9 $448.8 $137.2 $586.0 
Reconciliation to Income Before Income Taxes:
Unallocated corporate expenses(4)
(34.3)(65.3)
Amortization of acquisition-related intangible assets(3)
(33.3)(65.4)
Severance and other charges(1)
(5.5)(5.5)
Gains, losses and settlements impacting comparability(2)
0.9 (12.5)
Interest Expense, net(82.2)(164.2)
Income Before Income Taxes
$137.5 $273.1 
(1)Adjusted for Severance and Other Charges of $5.5 million incurred by FSS United States for the three and six months ended April 3, 2026.
(2)Adjusted for Gains, Losses, and Settlements impacting comparability consisting of certain transactions that are not indicative of the Company's ongoing operational performance. Adjustment impacting FSS United States Personnel costs includes a charge related to a multiemployer pension plan withdrawal of $5.6 million for the six months ended April 3, 2026. Adjustment impacting FSS United States Other direct costs includes a non-cash charge for the impairment of certain assets related to a business held-for-sale of $6.1 million for the six months ended April 3, 2026. Adjustments impacting FSS International Other direct costs consist of gains related to hyperinflation in Argentina of $0.9 million and $0.4 million for the three and six months ended April 3, 2026, respectively, and legal charges related to an antitrust review of $1.3 million for the six months ended April 3, 2026.
(3)Adjusted for Amortization of Acquisition-Related Intangible Assets of $25.1 million and $50.3 million incurred by FSS United States for the three and six months ended April 3, 2026, respectively. Adjusted for Amortization of Acquisition-Related Intangible Assets of $8.2 million and $15.1 million incurred by FSS International for the three and six months ended April 3, 2026, respectively.
(4)Includes certain operating and non-operating costs not allocated to the segments, such as corporate personnel compensation costs, share-based compensation expense and other unallocated costs.
Three Months EndedSix Months Ended
March 28, 2025March 28, 2025
FSS United StatesFSS InternationalTotalFSS United StatesFSS InternationalTotal
Revenue$3,056.4 $1,222.9 $4,279.3 $6,357.4 $2,474.0 $8,831.4 
Less:
Food and support services costs854.9 324.0 1,796.3 664.6 
Personnel costs1,202.8 648.5 2,423.7 1,286.7 
Other direct costs(1)
718.1 171.0 1,524.8 362.8 
Depreciation and amortization(2)
70.9 15.9 139.6 31.7 
Selling expenses33.8 5.5 68.4 11.2 
Adjusted operating income $175.9 $58.0 $233.9 $404.6 $117.0 $521.6 
Reconciliation to Income Before Income Taxes:
Unallocated corporate expenses(3)
(29.1)(59.2)
Amortization of acquisition-related intangible assets(2)
(30.0)(58.5)
Gains, losses and settlements impacting comparability(1)
(0.6)(12.5)
Interest Expense, net(89.7)(165.5)
Income Before Income Taxes
$84.5 $225.9 
(1)Adjusted for Gains, Losses, and Settlements impacting comparability consisting of certain transactions that are not indicative of the Company's ongoing operational performance. Adjustment impacting FSS United States includes a charge for contingent consideration liabilities related to acquisition earn outs of $11.1 million for the six months ended March 28, 2025. Adjustment impacting FSS International consist of charges related to hyperinflation in Argentina of $0.6 million and $1.3 million for the three and six months ended March 28, 2025, respectively.
(2)Adjusted for Amortization of Acquisition-Related Intangible Assets of $24.2 million and $48.1 million incurred by FSS United States for the three and six months ended March 28, 2025, respectively. Adjusted for Amortization of Acquisition-Related Intangible Assets of $5.8 million and $10.5 million incurred by FSS International for the three and six months ended March 28, 2025, respectively.
(3)Includes certain operating and non-operating costs not allocated to the segments, such as corporate personnel compensation costs, share-based compensation expense and other unallocated costs.

Additional financial information by segment is as follows (in millions):
Capital Expenditures and Other(1)
Three Months EndedSix Months Ended
April 3, 2026March 28, 2025April 3, 2026March 28, 2025
FSS United States$79.8 $91.2 $176.4 $193.3 
FSS International$14.6 32.8 50.5 52.8 
Corporate$0.1 — 0.1 — 
Total$94.5 $124.0 $227.0 $246.1 
(1)Includes amounts acquired in business combinations.
Depreciation and AmortizationThree Months EndedSix Months Ended
April 3, 2026March 28, 2025April 3, 2026March 28, 2025
FSS United States$102.8 $95.1 $202.9 $187.7 
FSS International29.2 21.8 54.9 42.2 
Corporate0.2 0.2 0.3 0.4 
Total$132.2 $117.1 $258.1 $230.3 
Identifiable Assets
April 3, 2026October 3, 2025
FSS United States$10,477.4 $10,181.8 
FSS International3,270.3 3,030.5 
Corporate$93.0 $92.3 
Total$13,840.7 $13,304.6