v3.26.1
Business Segments
 9 Months Ended
Jul. 03, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS:
The Company's reportable segments are determined based on how the Company's Chief Operating Decision Maker (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 EndedNine Months Ended
July 3, 2026July 3, 2026
FSS United StatesFSS InternationalTotalFSS United StatesFSS InternationalTotal
Revenue$3,496.4 $1,561.5 $5,057.9 $10,288.8 $4,508.0 $14,796.8 
Less:
Food and support services costs964.7 405.7 2,880.3 1,195.1 
Personnel costs(1)(2)
1,298.3 774.0 3,884.7 2,274.8 
Other direct costs(2)
908.9 268.7 2,530.1 733.5 
Depreciation and amortization(3)
77.5 20.6 230.2 60.4 
Selling expenses35.9 7.5 103.6 22.0 
Adjusted operating income $211.1 $85.0 $296.1 $659.9 $222.2 $882.1 
Reconciliation to Income Before Income Taxes:
Unallocated corporate expenses(4)
(35.3)(100.6)
Amortization of acquisition-related intangible assets(3)
(37.9)(103.3)
Severance and other charges(1)
(5.6)(11.1)
Gains, losses and settlements impacting comparability(2)
(1.7)(14.2)
Interest Expense, net(79.9)(244.0)
Income Before Income Taxes
$135.7 $408.9 
(1)Adjusted for Severance and Other Charges of $2.0 million and $7.5 million incurred by FSS United States for the three and nine months ended July 3, 2026, respectively. Adjusted for Severance and Other Charges of $3.6 million incurred by FSS International for the three and nine months ended July 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 $0.8 million benefit and a $4.8 million charge related to a multiemployer pension plan withdrawal for the three and nine months ended July 3, 2026, respectively. 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 nine months ended July 3, 2026. Adjustments impacting FSS International Other direct costs consist of charges related to hyperinflation in Argentina of $1.4 million and $1.0 million for the three and nine months ended July 3, 2026, respectively, and legal and professional fees related to an antitrust review of $1.1 million and $2.4 million for the three and nine months ended July 3, 2026, respectively.
(3)Adjusted for Amortization of Acquisition-Related Intangible Assets of $27.7 million and $78.0 million incurred by FSS United States for the three and nine months ended July 3, 2026, respectively. Adjusted for Amortization of Acquisition-Related Intangible Assets of $10.2 million and $25.2 million incurred by FSS International for the three and nine months ended July 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 EndedNine Months Ended
June 27, 2025June 27, 2025
FSS United StatesFSS InternationalTotalFSS United StatesFSS InternationalTotal
Revenue$3,247.2 $1,379.2 $4,626.4 $9,604.6 $3,853.2 $13,457.8 
Less:
Food and support services costs899.9 371.8 2,696.2 1,036.4 
Personnel costs(1)
1,234.5 704.8 3,658.2 1,991.5 
Other direct costs(2)
818.4 211.6 2,343.2 574.4 
Depreciation and amortization(3)
72.0 17.5 211.6 49.2 
Selling expenses33.1 6.1 101.5 17.3 
Adjusted operating income $189.3 $67.4 $256.7 $593.9 $184.4 $778.3 
Reconciliation to Income Before Income Taxes:
Unallocated corporate expenses(4)
(26.5)(85.7)
Amortization of acquisition-related intangible assets(3)
(32.1)(90.6)
Severance and other charges(1)
(12.7)(12.7)
Gains, losses and settlements impacting comparability(2)
(2.8)(15.3)
Interest Expense, net(86.4)(251.9)
Income Before Income Taxes
$96.2 $322.1 
(1)Adjusted for Severance and Other Charges of $4.5 million and $8.2 million incurred by FSS United States and FSS International, respectively, for the three and nine months ended June 27, 2025.
(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 includes a charge for contingent consideration liabilities related to acquisition earn outs of $11.1 million for the nine months ended June 27, 2025. Adjustment impacting FSS International consists of charges related to hyperinflation in Argentina of $1.7 million and $3.0 million for the three and nine months ended June 27, 2025, respectively, and legal charges related to an antitrust review of $1.1 million for the three and nine months ended June 27, 2025.
(3)Adjusted for Amortization of Acquisition-Related Intangible Assets of $24.8 million and $72.9 million incurred by FSS United States for the three and nine months ended June 27, 2025, respectively. Adjusted for Amortization of Acquisition-Related Intangible Assets of $7.3 million and $17.8 million incurred by FSS International for the three and nine months ended June 27, 2025, 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.

Additional financial information by segment is as follows (in millions):
Capital Expenditures and Other(1)
Three Months EndedNine Months Ended
July 3, 2026June 27, 2025July 3, 2026June 27, 2025
FSS United States$82.4 $81.1 $258.8 $274.4 
FSS International29.4 22.1 79.9 74.9 
Corporate— — 0.1 — 
Total$111.8 $103.2 $338.8 $349.3 
(1)Includes amounts acquired in business combinations.
Depreciation and AmortizationThree Months EndedNine Months Ended
July 3, 2026June 27, 2025July 3, 2026June 27, 2025
FSS United States$105.2 $96.8 $308.1 $284.5 
FSS International30.8 24.8 85.7 67.0 
Corporate0.1 0.2 0.4 0.6 
Total$136.1 $121.8 $394.2 $352.1 
Identifiable Assets
July 3, 2026October 3, 2025
FSS United States$10,419.3 $10,181.8 
FSS International3,473.0 3,030.5 
Corporate81.6 92.3 
Total$13,973.9 $13,304.6