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Business Segments | 6 Months Ended
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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 Ended |  | Six Months Ended
|  | April 3, 2026 |  | April 3, 2026
|  | FSS United States |  | FSS International |  | Total |  | FSS United States |  | FSS International |  | Total
Revenue |  | $ | 3,430.3 |  |  | $ | 1,477.0 |  |  | $ | 4,907.3 |  |  | $ | 6,792.4 |  |  | $ | 2,946.5 |  |  | $ | 9,738.9 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Food and support services costs |  | 967.5 |  |  | 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 expenses |  | 32.8 |  |  | 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 Ended |  | Six Months Ended
|  | March 28, 2025 |  | March 28, 2025
|  | FSS United States |  | FSS International |  | Total |  | FSS United States |  | FSS International |  | Total
Revenue |  | $ | 3,056.4 |  |  | $ | 1,222.9 |  |  | $ | 4,279.3 |  |  | $ | 6,357.4 |  |  | $ | 2,474.0 |  |  | $ | 8,831.4 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Food and support services costs |  | 854.9 |  |  | 324.0 |  |  |  |  | 1,796.3 |  |  | 664.6 |  |  |
Personnel costs |  | 1,202.8 |  |  | 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 expenses |  | 33.8 |  |  | 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 Ended |  | Six Months Ended
| April 3, 2026 |  | March 28, 2025 |  | April 3, 2026 |  | March 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 Amortization | Three Months Ended |  | Six Months Ended
| April 3, 2026 |  | March 28, 2025 |  | April 3, 2026 |  | March 28, 2025
FSS United States | $ | 102.8 |  |  | $ | 95.1 |  |  | $ | 202.9 |  |  | $ | 187.7 |
FSS International | 29.2 |  |  | 21.8 |  |  | 54.9 |  |  | 42.2 |
Corporate | 0.2 |  |  | 0.2 |  |  | 0.3 |  |  | 0.4 |
Total | $ | 132.2 |  |  | $ | 117.1 |  |  | $ | 258.1 |  |  | $ | 230.3 |
Identifiable Assets |
| April 3, 2026 |  | October 3, 2025
FSS United States | $ | 10,477.4 |  |  | $ | 10,181.8 |
FSS International | 3,270.3 |  |  | 3,030.5 |
Corporate | $ | 93.0 |  |  | $ | 92.3 |
Total | $ | 13,840.7 |  |  | $ | 13,304.6 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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