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Business Segments
 12 Months Ended
Oct. 03, 2025
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, certain acquisition-related costs and share-based compensation expense.
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):
Fiscal Year Ended October 3, 2025
FSS United StatesFSS InternationalTotal
Revenue$13,211.9 $5,294.4 $18,506.3 
Less:
Food and support services costs3,683.1 1,417.7 
Personnel costs(1)
4,983.3 2,708.6 
Other direct costs(2)
3,287.2 815.1 
Depreciation and amortization(3)
282.6 68.4 
Selling expenses135.7 24.3 
Adjusted operating income $840.0 $260.3 $1,100.3 
Reconciliation to Income from Continuing Operations Before Income Taxes:
Unallocated corporate expenses(4)
(119.2)
Amortization of acquisition-related intangible assets(3)
(124.5)
Severance and other charges(1)
(36.4)
Gains, losses and settlements impacting comparability(2)
(28.3)
Loss on Equity Investments, net(19.5)
Interest Expense, net(341.9)
Income from Continuing Operations Before Income Taxes$430.5 
(1)Adjusted for Severance and Other Charges of $6.6 million and $29.8 million incurred by FSS United States and FSS International, respectively.
(2)Adjusted for Gains, Losses, and Settlements impacting comparability consists of certain transactions that are not indicative of the Company's ongoing operational performance. Adjustments impacting FSS United States include charges for contingent consideration liabilities related to acquisition earn outs ($11.1 million) and non-cash charges related to impairment of assets ($6.9 million). Adjustments impacting FSS International consist of charges related to hyperinflation in Argentina ($5.7 million), legal charges related to an anti-trust review ($2.5 million) and non-cash charges related to impairment of assets ($2.1 million).
(3)Adjusted for Amortization of Acquisition-Related Intangible Assets of $97.9 million and $26.6 million incurred by FSS United States and FSS International, 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.
Fiscal Year Ended September 27, 2024
FSS United StatesFSS InternationalTotal
Revenue$12,576.7 $4,824.0 $17,400.7 
Less:
Food and support services costs(1)
3,428.4 1,325.0 
Personnel costs(2)
4,661.0 2,428.4 
Other direct costs(3)
3,320.0 773.8 
Depreciation and amortization(4)
269.5 58.9 
Selling expenses123.6 19.3 
Adjusted operating income$774.2 $218.6 $992.8 
Reconciliation to Income from Continuing Operations Before Income Taxes:
Unallocated corporate expenses(5)
(140.7)
Amortization of acquisition-related intangible assets(4)
(107.1)
Severance and other charges(2)
(19.7)
Gains, losses and settlements impacting comparability(1)(3)
(18.8)
Gain on Equity Investments, net25.1 
Interest Expense, net(366.7)
Income from Continuing Operations Before Income Taxes$364.9 
(1)Adjusted for non-cash adjustments of inventory based on expected usage of $18.2 million incurred by FSS United States.
(2)Adjusted for Severance and Other Charges of $12.9 million incurred by FSS United States. Adjustments impacting FSS International consist of a charge related to a ruling on a foreign payroll tax matter of $6.8 million.
(3)Adjusted for Gains, Losses, and Settlements impacting comparability consists of certain transactions that are not indicative of the Company's ongoing operational performance. Adjustment impacting FSS United States consists of the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ($8.2 million). Adjustments impacting FSS International consist of charges related to hyperinflation in Argentina ($5.4 million) and non-cash charges related to the impairment of trade names ($3.3 million).
(4)Adjusted for Amortization of Acquisition-Related Intangible Assets of $91.4 million and $15.7 million incurred by FSS United States and FSS International, respectively.
(5)Includes certain operating and non-operating costs not allocated to the segments, such as corporate personnel compensation costs, share-based compensation expense, spin-off related charges and other unallocated costs.
Fiscal Year Ended September 29, 2023
FSS United StatesFSS InternationalTotal
Revenue$11,721.4 $4,361.8 $16,083.2 
Less:
Food and support services costs3,238.0 1,200.7 
Personnel costs(1)
4,420.3 2,207.1 
Other direct costs(2)
3,002.0 702.5 
Depreciation and amortization(3)
265.6 54.6 
Selling expenses113.3 20.9 
Adjusted operating income$682.2 $176.0 $858.2 
Reconciliation to Income from Continuing Operations Before Income Taxes:
Unallocated corporate expenses(4)
(139.4)
Amortization of acquisition-related intangible assets(3)
(89.5)
Severance and other charges(1)
(32.3)
Gains, losses and settlements impacting comparability(2)
28.0 
Gain on Equity Investments, net376.0 
Interest Expense, net(437.5)
Income from Continuing Operations Before Income Taxes$563.5 
(1)Adjusted for Severance and Other Charges of $2.3 million and $30.0 million incurred by FSS United States and FSS International, respectively.
(2)Adjusted for Gains, Losses, and Settlements impacting comparability consists of certain transactions that are not indicative of the Company's ongoing operational performance. Adjustments impacting FSS United States consist of non-cash adjustments for the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ($85.7 million), non-cash charges for the impairment of operating lease right-of-use assets and property and equipment ($21.6 million), non-cash charges related to the impairment of information technology assets ($8.2 million), pension withdrawal charges ($6.7 million) and non-cash charges related to the impairment of trade names ($2.3 million). Adjustments impacting FSS International consist of charges related to hyperinflation in Argentina ($10.4 million), non-cash charges for the impairment of certain assets related to a business that was sold ($5.2 million) and other miscellaneous charges ($3.3 million).
(3)Adjusted for Amortization of Acquisition-Related Intangible Assets of $76.8 million and $12.7 million incurred by FSS United States and FSS International, respectively.
(4)Includes certain operating and non-operating costs not allocated to the segments, such as corporate personnel compensation costs, share-based compensation expense, spin-off related charges and other unallocated costs.
FSS United StatesFSS InternationalCorporateTotal
Fiscal Year Ended October 3, 2025
Capital Expenditures and Other(1)
$389.5 $109.8 $— $499.3 
Depreciation and Amortization380.6 94.9 0.8 476.3 
Identifiable Assets10,181.8 3,030.5 92.3 13,304.6 
Fiscal Year Ended September 27, 2024
Capital Expenditures and Other(1)
$359.4 $95.2 $— $454.6 
Depreciation and Amortization360.9 74.6 — 435.5 
Identifiable Assets9,903.2 2,586.4 184.8 12,674.4 
Fiscal Year Ended September 29, 2023
Capital Expenditures and Other(1)
$299.3 $85.3 $0.4 $385.0 
Depreciation and Amortization342.4 67.3 0.2 409.9 
(1)
Includes amounts acquired in business combinations.
The following geographic data include revenue generated by subsidiaries within that geographic area and net property and equipment based on physical location (in millions):
Fiscal Year Ended
RevenueOctober 3, 2025September 27, 2024September 29, 2023
United States$13,062.3 $12,441.7 $11,536.9 
Foreign5,444.0 4,959.0 4,546.3 
$18,506.3 $17,400.7 $16,083.2 
Property and Equipment, netOctober 3, 2025September 27, 2024
United States$1,428.6 $1,312.6 
Foreign305.9 260.6 
$1,734.5 $1,573.2