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Aramark cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$4.8M in Q3 FY26

Operating cash flow$117M
Capital spending−$112M
Free cash flow+$4.8M
Cash / net income1.2×
Cash conversion cycle31 days

Analysis

In Q3 FY26, Aramark generated $117M of operating cash flow and spent $112M on capital projects, leaving free cash flow of $4.8M.

Operating cash flow was $117M against net income of $97.8M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$136M, payables −$109M, receivables −$44.7M.

Its cash conversion cycle was 31 days (receivables 45 + inventory 9 − payables 23).

Free cash flow

Aramark: free cash flow by quarterAramark: free cash flow by quarter$882MQ4 FY24−$707MQ1 FY25$140MQ2 FY25−$34.7MQ3 FY25−$904MQ1 FY26$299MQ2 FY26$4.8MQ3 FY26
Operating cash flow less capital spending.
Aramark: operating cash flow against capital spendingAramark: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$139MQ4 FY24−$587M$120MQ1 FY25$256M$116MQ2 FY25$76.7M$111MQ3 FY25−$782M$122MQ1 FY26$400M$101MQ2 FY26$117M$112MQ3 FY26
Latest (Q3 FY26): Operating cash flow $117M, Capital spending $112M.

Capital allocation, year by year

Aramark: where the cash came from (up) and went (down), by fiscal yearAramark: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $657MFY21: Net borrowing −$1.6BFY21: Shares issued $41.6MFY21: Asset sales $32.5MFY21: Capital spending −$408MFY21: Acquisitions −$266MFY21: Dividends −$112M$731MFY21FY22: Operating cash flow $694MFY22: Net borrowing −$27.7MFY22: Shares issued $43.0MFY22: Asset sales $16.3MFY22: Capital spending −$312MFY22: Acquisitions −$323MFY22: Dividends −$113M$754MFY22FY23: Operating cash flow $766MFY23: Net borrowing −$620MFY23: Shares issued $45.6MFY23: Asset sales $18.1MFY23: Capital spending −$384MFY23: Acquisitions −$50.2MFY23: Buybacks −$23.7MFY23: Dividends −$115M$830MFY23FY24: Operating cash flow $727MFY24: Net borrowing −$1.4BFY24: Shares issued $36.6MFY24: Asset sales $23.9MFY24: Capital spending −$427MFY24: Acquisitions −$149MFY24: Buybacks −$14.4MFY24: Dividends −$99.9M$787MFY24FY25: Operating cash flow $921MFY25: Net borrowing $45.8MFY25: Shares issued $43.0MFY25: Asset sales $22.7MFY25: Capital spending −$489MFY25: Acquisitions −$264MFY25: Buybacks −$170MFY25: Dividends −$111M$1.0BFY25
Over these 5 years operating cash flow totalled $3.8B; the largest uses were net borrowing ($3.7B) and capital spending ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$499M
Debt$6.1B
Net debt$5.6B
Due within a year$34.7M

Aramark funds itself: free cash flow was — over the last twelve months, and $499M of cash and investments stands against $6.1B of debt ($34.7M due within a year, 14.4× covered by cash).

Aramark: debt maturities by year (FY25)Aramark: debt maturities by year (FY25)$34.7MYear 1$30.0MYear 2$1.9BYear 3$616MYear 4$2.4BYear 5$510MAfter year 5
Principal due in each year as disclosed in the annual report, against $499M of cash and investments now.

Where the cash came from and went

Aramark: sources (+) and uses (−) of cash, Q3 FY26Aramark: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$117MCapital spending−$112MNet borrowing (+) / repaid (−)$35.2MDividends−$31.6MCash drawn (+) / kept (−)−$27.9MShares issued$23.9MOther investing−$7.4MOther financing$4.6MAsset & business sales$3.9MAcquisitions−$3.4MExchange rates−$1.1MBuybacks−$913K

From profit to cash

Aramark: net income to operating cash flow, Q3 FY26Aramark: net income to operating cash flow, Q3 FY26Net income$97.8MDepreciation & amortization$136MStock-based pay$19.3MDeferred taxes$23.4MReceivables−$44.7MInventory$20.3MPayables−$109MAccrued liabilities−$7.0MContract assets−$38.5MPrepaid and other assets$2.3MOperating cash flow$117M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY264592331
Q2 FY264692629
Q1 FY264492924
Q4 FY254492825
Q3 FY254592429
Q2 FY254792630
Q1 FY254382724
Q4 FY244492825

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$117M−$112M−$3.4M−$913K−$31.6M$35.2M$23.9M−$27.9M$4.8M
Q2 FY26$400M−$101M−$58.2M−$25.1M−$31.5M−$291M$16.1M−$32.5M$299M
Q1 FY26−$782M−$122M−$32.8M−$41.3M−$31.5M$208M$3.2M$199M−$904M
Q3 FY25$76.7M−$111M−$15.2M−$30.9M−$27.5M−$320M$20.0M$416M−$34.7M
Q2 FY25$256M−$116M−$136M−$80.7M−$27.8M$245M$4.4M−$436M$140M
Q1 FY25−$587M−$120M−$111M−$28.6M−$27.9M$170M$12.0M$194M−$707M
Q4 FY24$1.0B−$139M−$42.4M−$14.4M−$25.0M−$139M$11.7M−$237M$882M

Aramark: income statement and cash flow

Aramark, Q3 FY26: revenue $5.1B (+9% year over year), operating margin 4.3%. The chart follows the revenue to costs, profit and cash.

Aramark: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.