Free cash flow remains highly erratic, swinging from a negative $904.4 million in 2026Q1 to a positive $522.4 million in 2026Q2, driven by extreme volatility in working capital.
| Metric | TTM | Oct'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 |
|---|
| Cash from Operations | 870.29M | 921.03M | 726.51M | 766.43M | 694.5M | 657.08M | 176.68M | 984.23M | 1.05B | 1.05B | 806.64M | 683.04M | 398.16M | 695.91M | 691.76M |
| Operating CF Margin % | - | 4.98% | 4.18% | 4.77% | 5.07% | 5.43% | 1.38% | 6.07% | 6.63% | 7.21% | 5.6% | 4.77% | 2.68% | 4.99% | 5.12% |
| Operating CF Growth % | -7.27% | 26.77% | -5.21% | 10.36% | 5.69% | 271.9% | -82.05% | -6.03% | -0.57% | 30.59% | 18.1% | 71.55% | -42.79% | 0.6% | - |
| Net Income | 357.03M | 326.39M | 261.89M | 673.53M | 194.18M | -92.22M | -461.44M | 448.47M | 568.44M | 374.19M | 288.23M | 236.98M | 149.46M | 70.37M | 107.2M |
| Depreciation & Amortization | 504.2M | 476.35M | 435.55M | 546.36M | 532.33M | 550.69M | 595.2M | 592.57M | 596.18M | 508.21M | 495.76M | 504.03M | 521.58M | 542.14M | 529.21M |
| Stock-Based Compensation | 63.14M | 58.64M | 62.55M | 86.94M | 95.49M | 71.05M | 30.34M | 55.28M | 88.28M | 65.16M | 56.94M | 66.42M | 96.33M | 19.42M | 15.68M |
| Deferred Taxes | 48.72M | 14.22M | -7.32M | 114.55M | 35.42M | -43.23M | -134.05M | 40.5M | -104.29M | -37.86M | 52.42M | -4.11M | 37.37M | -17.79M | -66.61M |
| Other Non-Cash Items | -872.95M | 40.01M | -15.6M | -582.33M | -54.24M | -146.71M | 381.75M | -197.45M | 27.1M | 59.95M | 60.67M | -20.64M | 21.13M | 38.63M | 63.05M |
| Working Capital Changes | 769.82M | 5.42M | -10.56M | -72.61M | -108.67M | 317.5M | -235.12M | 44.85M | -128.36M | 83.73M | -86.72M | -99.64M | -427.71M | 43.15M | 43.23M |
| Change in Receivables | 151.74M | -74.48M | -99.79M | -201.49M | -462.69M | -290.21M | 362.71M | -78.77M | -45.89M | -111.42M | -32.86M | 67.75M | -226.76M | -441K | -38.03M |
| Change in Inventory | 15.86M | -24.09M | -3.83M | -37.86M | -71.5M | -7.54M | -25.68M | -49.73M | -40.19M | -21.15M | -9.63M | -29.59M | -19.81M | -34.95M | -50.32M |
| Change in Payables | 251.69M | 115.59M | 105.87M | 92.63M | 421.76M | 252.16M | -342.07M | 17.68M | 26.66M | 93.97M | -24.23M | -99.27M | 9.66M | 74.46M | 83.98M |
| Cash from Investing | -556.47M | -722.42M | -415.86M | 208.91M | -831.29M | -634.39M | -361.12M | -209.52M | -2.87B | -678.48M | -679.75M | -504.33M | -505.22M | -385.39M | -481.58M |
| Capital Expenditures | -230.91M | -466.57M | -427.43M | -461.41M | -364.75M | -375.34M | -364.43M | -485.22M | -618.11M | -533.82M | -485.71M | -505.26M | -516.7M | -414.95M | -497.87M |
| CapEx % of Revenue | 1.19% | 2.52% | 2.46% | 2.87% | 2.66% | 3.1% | 2.84% | 2.99% | 3.91% | 3.66% | 3.37% | 3.53% | 3.48% | 2.98% | 3.69% |
| Acquisitions | 247.8M | -255.85M | -81.69M | 630.85M | -466.53M | -259.04M | 3.31M | 275.7M | -2.25B | -144.66M | -194.04M | 922K | 11.48M | 372K | -1.94M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -573.36M | -18.06M | 20.19M | 69.46M | 78.22M | 0 | 0 | 0 | -6.88M | -2.54M | 5.34M | 0 | 8.93M | 29.19M | 18.23M |
| Cash from Financing | -768.75M | -234.63M | -1.56B | 653.65M | -37.69M | -2.01B | 2.44B | -734.89M | 1.79B | -288.69M | -96.73M | -167.98M | 107.75M | -336.27M | -286.83M |
| Debt Issued (Net) | -548.77M | 45.78M | -1.43B | 751.75M | 52.65M | -1.88B | 2.55B | -576.93M | 1.95B | -74.38M | -45.55M | -137.69M | -357.79M | -198.19M | -285.49M |
| Equity Issued (Net) | -51.31M | -97.18M | 36.57M | 46.97M | 49.32M | 41.59M | -6.54M | -10.91M | -24.41M | -71.22M | 34.96M | -10.23M | 523.76M | -42.4M | -26.45M |
| Dividends Paid | -118.21M | -110.82M | -99.9M | -114.61M | -113.12M | -112.01M | -110.89M | -108.44M | -103.11M | -100.81M | -92.07M | -81.9M | -52.19M | -47.35M | 0 |
| Share Repurchases | -97.19M | -140.16M | 0 | 0 | 0 | 0 | -6.54M | -50M | -24.41M | -100M | -749K | -50.18M | -4.73M | -42.4M | -37.7M |
| Other Financing | -50.46M | -72.4M | -65.59M | -30.46M | -26.54M | -59.74M | 46K | -38.61M | -27.75M | -42.28M | 5.93M | 61.85M | -6.03M | -48.33M | 25.11M |
| Net Change in Cash | -501.26M | -93.52M | -1.24B | 1.63B | -203.14M | -1.98B | 2.26B | 31.62M | -23.77M | 86.22M | 30.16M | 10.73M | 692K | -25.75M | -76.64M |
| Free Cash Flow | 639.38M | 454.46M | 299.09M | 305.02M | 329.74M | 281.74M | -187.75M | 499.01M | 429.24M | 519.56M | 320.93M | 177.78M | -118.54M | 280.96M | 193.89M |
| FCF Margin % | 3.29% | 2.46% | 1.72% | 1.9% | 2.41% | 2.33% | -1.46% | 3.08% | 2.72% | 3.56% | 2.23% | 1.24% | -0.8% | 2.01% | 1.44% |
| FCF Growth % | 72.32% | 51.95% | -1.95% | -7.5% | 17.04% | 250.06% | -137.63% | 16.25% | -17.39% | 61.89% | 80.52% | 249.97% | -142.19% | 44.91% | - |
| FCF per Share | 2.40 | 1.70 | 1.12 | 1.16 | 1.27 | 1.11 | -0.75 | 1.98 | 1.69 | 2.07 | 1.29 | 0.72 | -0.50 | 1.22 | 0.84 |
| FCF Conversion (FCF/Net Income) | 1.79x | 2.82x | 2.77x | 1.14x | 3.57x | -7.23x | -0.38x | 2.19x | 1.84x | 2.82x | 2.80x | 2.89x | 2.67x | 10.03x | 6.68x |
| Interest Paid | -160.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -80.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial filings, Aramark's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 8.13 in 2026Q1 and a positive 3.93 in 2026Q2, highlighting a significant disconnect between accounting profits and the actual cash generated by core operations.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generating capability. Investors should monitor whether these swings are driven by seasonal working capital requirements or if they indicate a fundamental inability to convert reported earnings into liquid assets.
Based on the provided cash flow data, Aramark's free cash flow trajectory remains highly erratic, swinging from a negative $904.4 million in 2026Q1 to a positive $522.4 million in 2026Q2, reflecting the inherent instability of a business model heavily reliant on large-scale, lumpy institutional contract cycles.
The lack of a consistent free cash flow trend complicates the assessment of the company's ability to self-fund operations or service its debt load. This volatility appears to be a structural feature of the business, necessitating a cautious approach to evaluating the company's long-term financial health.
According to quarterly cash flow statements, Aramark experiences massive quarterly working capital swings, such as the $1.0 billion inflow in 2026Q2 followed by a $1.0 billion outflow in 2026Q1, which suggests that the company's liquidity is highly sensitive to the timing of client payments and inventory management.
These dramatic shifts in working capital indicate that the company's cash position is subject to significant seasonal pressure, likely tied to the academic and sports calendars of its client base. Such fluctuations may mask underlying operational inefficiencies and warrant further investigation into the company's receivables collection cycle.
As indicated by the reported figures, Aramark maintains a consistent capital intensity, with CapEx as a percentage of revenue hovering between 1.9% and 3.2% over the last ten quarters, suggesting that the company is prioritizing essential maintenance and contract-specific investments over aggressive, large-scale infrastructure expansion.
The stability of this ratio implies that the company's capital expenditure is largely driven by the requirements of existing contracts rather than speculative growth projects. However, investors should monitor whether these investments are sufficient to maintain the competitive edge required to retain high-value institutional clients.
Quick answers to the most common questions about buying ARMK stock.
Aramark (ARMK) generated $921.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aramark (ARMK) generated $454.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Aramark (ARMK) spent $466.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Aramark (ARMK) returned $110.8M to shareholders via cash dividends and spent $140.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.