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REVENUES | 9 Months Ended
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Jul. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Disaggregation of Revenues We generate revenues under several types of contracts, which are further explained below. Generally, the type of contract is determined by the nature of the services provided by each of our major service lines throughout our reportable segments; therefore, we disaggregate revenues from contracts with customers into major service lines. We have determined that disaggregating revenues into these categories best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Our reportable segments are B&I, M&D, Aviation, Education, and Technical Solutions, as described in Note 12, “Segment Information.”
|  | Three Months Ended July 31, 2025 |  | Nine Months Ended July 31, 2025
(in millions) |  | B&I |  | M&D |  | Aviation |  | Education |  | Technical Solutions |  | Total |  | B&I |  | M&D |  | Aviation |  | Education |  |  | Technical Solutions |  | Total
Major Service Line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Janitorial(1) |  | $ | 715.5 |  |  | $ | 343.3 |  |  | $ | 60.1 |  |  | $ | 204.9 |  |  | $ | — |  |  | $ | 1,323.8 |  |  | $ | 2,119.9 |  |  | $ | 1,010.9 |  |  | $ | 166.0 |  |  | $ | 599.3 |  |  |  | $ | — |  |  | $ | 3,896.1 |
Aviation Services(2) |  | — |  |  | — |  |  | 134.5 |  |  | — |  |  | — |  |  | 134.5 |  |  | — |  |  | — |  |  | 368.2 |  |  | — |  |  |  | — |  |  | 368.2 |
Parking and Transportation(3) |  | 111.6 |  |  | 13.6 |  |  | 84.2 |  |  | 0.1 |  |  | — |  |  | 209.4 |  |  | 321.4 |  |  | 38.9 |  |  | 248.4 |  |  | 0.3 |  |  |  | — |  |  | 609.1 |
Facility Solutions |  | $ | 827.1 |  |  | $ | 356.9 |  |  | $ | 278.8 |  |  | $ | 205.0 |  |  | $ | — |  |  | $ | 1,667.8 |  |  | $ | 2,441.3 |  |  | $ | 1,049.8 |  |  | $ | 782.7 |  |  | $ | 599.6 |  |  |  | $ | — |  |  | $ | 4,873.4 |
Operations and Maintenance(4) |  | 210.5 |  |  | 51.3 |  |  | 12.9 |  |  | 30.1 |  |  | — |  |  | 304.8 |  |  | 632.0 |  |  | 150.5 |  |  | 39.3 |  |  | 88.6 |  |  |  | — |  |  | 910.4 |
Building & Energy Solutions(5) |  | 1.2 |  |  | 0.7 |  |  | — |  |  | — |  |  | 249.5 |  |  | 251.4 |  |  | 3.9 |  |  | 0.9 |  |  | — |  |  | — |  |  |  | 662.0 |  |  | 666.8 |
Engineering and Infrastructure Solutions |  | $ | 211.7 |  |  | $ | 52.0 |  |  | $ | 12.9 |  |  | $ | 30.1 |  |  | $ | 249.5 |  |  | $ | 556.2 |  |  | $ | 635.9 |  |  | $ | 151.4 |  |  | $ | 39.3 |  |  | $ | 88.6 |  |  |  | $ | 662.0 |  |  | $ | 1,577.1 |
Total |  | $ | 1,038.7 |  |  | $ | 408.9 |  |  | $ | 291.8 |  |  | $ | 235.1 |  |  | $ | 249.5 |  |  | $ | 2,224.0 |  |  | $ | 3,077.2 |  |  | $ | 1,201.2 |  |  | $ | 822.0 |  |  | $ | 688.2 |  |  |  | $ | 662.0 |  |  | $ | 6,450.5 |
|  | Three Months Ended July 31, 2024 |  | Nine Months Ended July 31, 2024
(in millions) |  | B&I |  | M&D |  | Aviation |  | Education |  | Technical Solutions |  | Total |  | B&I |  | M&D |  | Aviation |  | Education |  | Technical Solutions |  | Total
Major Service Line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Janitorial(1) |  | $ | 696.1 |  |  | $ | 326.5 |  |  | $ | 53.7 |  |  | $ | 200.6 |  |  | $ | — |  |  | $ | 1,277.0 |  |  | $ | 2,070.7 |  |  | $ | 1,013.5 |  |  | $ | 132.1 |  |  | $ | 598.4 |  |  | $ | — |  |  | $ | 3,814.8 |
Aviation Services(2) |  | — |  |  | — |  |  | 118.8 |  |  | — |  |  | — |  |  | 118.8 |  |  | — |  |  | — |  |  | 341.2 |  |  | — |  |  | — |  |  | 341.2 |
Parking and Transportation(3) |  | 106.0 |  |  | 12.8 |  |  | 84.6 |  |  | 0.1 |  |  | — |  |  | 203.6 |  |  | 311.8 |  |  | 38.0 |  |  | 247.5 |  |  | 0.3 |  |  | — |  |  | 597.5 |
Facility Solutions |  | $ | 802.1 |  |  | $ | 339.3 |  |  | $ | 257.2 |  |  | $ | 200.7 |  |  | $ | — |  |  | $ | 1,599.4 |  |  | $ | 2,382.5 |  |  | $ | 1,051.5 |  |  | $ | 720.8 |  |  | $ | 598.7 |  |  | $ | — |  |  | $ | 4,753.5 |
Operations and Maintenance(4) |  | 208.5 |  |  | 37.8 |  |  | 11.2 |  |  | 27.6 |  |  | — |  |  | 285.1 |  |  | 650.8 |  |  | 115.1 |  |  | 35.3 |  |  | 75.4 |  |  | — |  |  | 876.6 |
Building & Energy Solutions(5) |  | — |  |  | — |  |  | — |  |  | — |  |  | 209.7 |  |  | 209.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 551.9 |  |  | 551.9 |
Engineering and Infrastructure Solutions |  | $ | 208.5 |  |  | $ | 37.8 |  |  | $ | 11.2 |  |  | $ | 27.6 |  |  | $ | 209.7 |  |  | $ | 494.8 |  |  | $ | 650.8 |  |  | $ | 115.1 |  |  | $ | 35.3 |  |  | $ | 75.4 |  |  | $ | 551.9 |  |  | $ | 1,428.5 |
Total |  | $ | 1,010.6 |  |  | $ | 377.1 |  |  | $ | 268.4 |  |  | $ | 228.3 |  |  | $ | 209.7 |  |  | $ | 2,094.2 |  |  | $ | 3,033.4 |  |  | $ | 1,166.6 |  |  | $ | 756.1 |  |  | $ | 674.0 |  |  | $ | 551.9 |  |  | $ | 6,182.0 |
(1) Janitorial arrangements provide a wide range of essential cleaning services for commercial office buildings, airports and other transportation centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, and stadiums and arenas. These arrangements are often structured as monthly fixed-price, square-foot, cost-plus, and work order contracts. (2) Aviation Services arrangements support airlines and airports with services such as passenger assistance, catering logistics, and airplane cabin maintenance. These arrangements are often structured as monthly fixed-price, cost-plus, transaction price, and hourly contracts. (3) Parking and Transportation arrangements provide parking and transportation services for clients at various locations, including airports and other transportation centers, commercial office buildings, educational institutions, health facilities, hotels, and stadiums and arenas. These arrangements are structured as management reimbursement, leased location, and allowance contracts. Certain of these arrangements are considered service concession agreements and are accounted for under the guidance of Topic 853; accordingly, service concession expense related to these arrangements is recorded as a reduction of the related parking service revenues. (4) Operations and Maintenance arrangements provide onsite mechanical engineering and technical services and solutions relating to a broad range of facilities and infrastructure systems that are designed to extend the useful life of facility fixed assets, improve equipment operating efficiencies, reduce energy consumption, lower overall operational costs for clients, and enhance the sustainability of client locations. These arrangements are generally structured as monthly fixed-price, cost-plus, and work order contracts. (5) Building & Energy Solutions arrangements provide custom energy solutions, including microgrid systems installation, electrical, HVAC, lighting, electric vehicle charging station installation, uninterrupted power supply services, and other general maintenance and repair services for clients in the public and private sectors and are generally structured as Energy Savings, Fixed-Price Repair, and Refurbishment contracts. We also franchise certain operations under franchise agreements relating to our Linc Network and TEGG brands pursuant to franchise contracts. Contract Types We have arrangements under various contract types, as described in Note 2, “Basis of Presentation and Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended October 31, 2024. Certain arrangements involve variable consideration (primarily per transaction fees, reimbursable expenses, and sales-based royalties). We do not estimate the variable consideration for these arrangements; rather, we recognize these variable fees as they are earned. Some of our contracts, often related to Airline Services, may also include performance incentives based on variable performance measures that are ascertained exclusively by future performance and therefore cannot be estimated at contract inception and are recognized as revenue once known and mutually agreed upon. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us. The majority of our contracts include performance obligations that are primarily satisfied over time as we provide the related services. These contract types include: monthly fixed-price; square-foot; cost-plus; work orders; transaction-price; hourly; management reimbursement; leased location; allowance; energy savings contracts; and fixed-price repair and refurbishment contracts, as well as our franchise and royalty fee arrangements. We recognize revenue as the services are performed using a measure of progress that is determined by the contract type. Generally, most of our contracts are cancelable by either party without a substantive penalty, and the majority have a notification period of 30 to 90 days. We primarily account for our performance obligations under the series guidance, using the as-invoiced practical expedient when applicable. We apply the as-invoiced practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing under the customer contracts. Under this practical expedient, we recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date and for which we have the right to invoice the customer. Remaining Performance Obligations At July 31, 2025, performance obligations that were unsatisfied for which we expect to recognize revenue totaled $273.0 million. We expect to recognize revenue on approximately 77% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter, based on our estimates of project timing. These amounts exclude variable consideration primarily related to: (i) contr acts where we have determined that the contract consists of a series of distinct service periods, and revenues are based on future performance that cannot be estimated at contract inception; (ii) parking contracts where we and the customer share the gross revenues or operating profit for the location; and (iii) contracts where transaction prices include performance incentives that are based on future performance and therefore cannot be estimated at contract inception. For these contract types, we apply the practical expedient that permits exclusion of information about the remaining performance obligations with original expected durations of one year or less. Contract Balances The timing of revenue recognition, billings, and cash collections results in contract assets and contract liabilities, as further explained below. The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets primarily consist of billed trade receivables, unbilled trade receivables, and costs incurred in excess of amounts billed. Billed and unbilled trade receivables represent amounts from work completed in which we have an unconditional right to bill our customer. Costs incurred in excess of amounts billed typically arise when the revenue recognized on projects exceeds the amount billed to the customer. These amounts are transferred to billed trade receivables when the rights become unconditional. Contract assets also include the capitalization of incremental costs of obtaining a contract with a customer, primarily commissions. Commissions expense is recognized on a straight-line basis over a weighted average expected customer relationship period. Contract liabilities consist of deferred revenue and advance payments and billings in excess of revenue recognized. We generally classify contract liabilities as current since the related contracts are generally for a period of one year or less. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation. The following tables present the balances in our contract assets and contract liabilities:
(in millions) |  | July 31, 2025 |  | October 31, 2024
Contract assets |  |  |  |
Billed trade receivables(1) |  | $ | 1,262.4 |  |  | $ | 1,282.9 |
Unbilled trade receivables(1) |  | 257.7 |  |  | 124.0 |
Costs incurred in excess of amounts billed |  | 159.1 |  |  | 162.1 |
Capitalized commissions(2) |  | 32.4 |  |  | 30.8 |
(1) Included in “Trade accounts receivable, net,” on the unaudited Consolidated Balance Sheets. (2) Included in “Other current assets” and “Other noncurrent assets” on the unaudited Consolidated Balance Sheets. During the nine months ended July 31, 2025, we capitalized $15.1 million of new costs and amortized $13.5 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.
(in millions) |  | Nine Months Ended July 31, 2025
Contract liabilities(1) |  |
Balance at beginning of period |  | $ | 118.2 |
Additional contract liabilities |  | 295.3 |
Recognition of deferred revenue |  | (261.9) |
Balance at end of period |  | $ | 151.6 |
(1) Included in “Deferred revenue” and “Other accrued liabilities” on the unaudited Consolidated Balance Sheets.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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