Financial Analysis

ACQUISITIONS Acquisition of LMC FM Effective June 1, 2025, we acquired LMC FM Limited (LMC), a Dublin-based facilities services company with coverage across Ireland, for a purchase price of approximately $22.5 million in cash plus the potential of $5.8 million of contingent consideration to be paid in calendar year 2027 upon the retention of the top two customers. The acquisition was accounted for under the acquisition method. Accordingly, the assets acquired and liabilities assumed were recognized on the date of acquisition at their estimated fair values, with the excess of the purchase price recorded as goodwill. The goodwill is not deductible for income tax purposes. As of October 31, 2025, we recorded preliminary goodwill and intangibles of $14.7 million and $12.9 million, respectively. The total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $19.8 million and $19.0 million, respectively. The purchase price allocation is subject to adjustments within the measurement period not to exceed one year from the acquisition date. The Consolidated Statements of Comprehensive Income for the year ended October 31, 2025, include revenues of $23.0 million attributable to LMC, which are included in our Technical Solutions segment. Acquisition of Quality Uptime Effective June 21, 2024, we acquired Quality Uptime Services, Inc. (Quality Uptime), an UPS installation and maintenance company providing customized preventive and emergency service prog …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Letters of Credit and Surety Bonds We use letters of credit and surety bonds to secure certain commitments related to insurance programs and for other purposes. As of October 31, 2025, these letters of credit totaled $23.5 million, and surety bonds and surety-backed letters of credit totaled $1,026.6 million. Guarantees In some instances, we offer clients guaranteed energy savings under certain energy savings contracts. At October 31, 2025 and 2024, total guarantees were $214.3 million and $224.2 million, respectively, and these guarantees extend through 2045 and 2044, respectively. We accrue for the estimated cost of guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. Historically, we have not incurred any material losses in connection with these guarantees. Indemnifications We are party to a variety of agreements under which we may be obligated to indemnify the other party for certain matters. These agreements are primarily standard indemnification arrangements entered into in our ordinary course of business. Pursuant to these arrangements, we may agree to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, generally our clients, in connection with any claims arising out of the services that we provide. We also incur costs to defend lawsuits or settle claims related to these indemnification arrangements, and in most ca …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

CREDIT FACILITY As of October 31, (in millions) 2025 2024 Current portion of long-term debt (1)(2) Gross term loan $ 30.0 $ 32.5 Unamortized deferred financing costs (0.6) (0.9) Current portion of term loan $ 29.4 $ 31.6 Long-term debt (1)(2) Gross term loan $ 555.0 $ 503.8 Unamortized deferred financing costs (1.9) (0.6) Total noncurrent portion of term loan 553.1 503.2 Revolving line of credit (3) 984.0 799.0 Long-term debt $ 1,537.1 $ 1,302.2 (1) At October 31, 2025, and October 31, 2024, the weighted average interest rate on our outstanding borrowings, not including letters of credit and swaps, was 5.84% and 6.68%, respectively. (2) At October 31, 2025, we had borrowing capacity of up to $577.5 million (3) At October 31, 2025, standby letters of credit amounted to $23.5 million On September 1, 2017, we refinanced and replaced our then-existing $800.0 million credit facility with a new senior, secured five-year syndicated credit facility, consisting of a $900.0 million revolving line of credit and an $800.0 million amortizing term loan, both of which were scheduled to mature on September 1, 2022. In accordance with the terms of the Credit Facility, the revolving line of credit was reduced to $800.0 million on September 1, 2018. The Credit Facility was amended on June 28, 2021, to increase the capacity of the Revolver and term loan to $1.3 billion and $650 million, respectively, and to extend the maturity to June 28, 2026. It was further amended on November 1, 2022, to tran …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

SHARE-BASED COMPENSATION PLANS We use various share-based compensation plans to provide incentives for our key employees and non-employee members of our Board of Directors. Currently, these incentives primarily consist of RSUs and performance shares. On May 2, 2006, our stockholders approved the 2006 Equity Incentive Plan, which was last amended and restated on March 7, 2018 (as amended and restated, the 2006 Equity Plan). The 2006 Equity Plan is an omnibus plan that provides for a variety of equity and equity-based award vehicles, including stock options, stock appreciation rights, RSUs, performance shares, and other share-based awards. Shares subject to awards that terminate without vesting or exercise are available for future awards under the 2006 Equity Plan. Certain of the awards under the 2006 Equity Plan may qualify as performance-based compensation under the IRC. On March 24, 2021, our stockholders approved the 2021 Equity and Incentive Compensation Plan (the 2021 Equity Plan). The 2021 Equity Plan is an omnibus plan that provides for a variety of equity and equity-based award vehicles, including stock options, stock appreciation rights, RSUs, performance shares, and other share-based awards. Shares subject to awards that terminate without vesting or exercise are available for future awards under the 2021 Equity Plan. Certain of the awards under the 2021 Equity Plan may qualify as performance-based compensation under the IRC. No further shares are authorized for issua …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Hierarchy of Our Financial Instruments Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis As of October 31, (in millions) Fair Value Hierarchy 2025 2024 Cash and cash equivalents (1) 1 $ 104.1 $ 64.6 Insurance deposits (2) 1 4.8 2.3 Assets held in funded deferred compensation plan (3) 1 4.8 4.4 Credit facility (4) 2 1,569.0 1,335.3 Interest rate swap assets (5) 2 4.3 13.5 Interest rate swap liabilities (5) 2 0.1 Investments in equity securities (6) 3 34.1 15.4 Contingent consideration (7)(8) 3 38.3 109.1 (1) Cash and cash equivalents are stated at nominal value, which equals fair value. (2) Represents restricted deposits that are used to collateralize our insurance obligations and are stated at nominal value, which equals fair value. These insurance deposits are included in Other noncurrent assets on the accompanying Consolidated Balance Sheets. See Note 11, Insurance, for further information. (3) Represents investments held in Rabbi trusts associated with one of our deferred compensation plans, which we include in Other noncurrent assets on the accompanying Consolidated Balance Sheets. The fair value of the assets held in the funded deferred compensation plan is based on quoted market prices. See Note 13, Employee Benefit Plans, for further information. (4) Represents gross outstanding borrowings under our Amended Credit Facility. Due to variable interest rates, the carrying value of outstanding borrowi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill (in millions) Business & Industry Manufacturing & Distribution Aviation Education Technical Solutions Total Balance at October 31, 2023 $ 1,092.7 $ 502.2 $ 69.0 $ 459.3 $ 368.0 $ 2,491.3 Acquisitions 80.6 80.6 Foreign currency translation 2.6 0.4 1.1 4.1 Balance at October 31, 2024 $ 1,095.5 $ 502.2 $ 69.4 $ 459.3 $ 449.6 $ 2,575.9 Acquisitions (1) 14.7 14.7 Foreign currency translation 3.2 0.1 0.3 3.7 Adjustments (3.2) (3.2) Balance at October 31, 2025 $ 1,098.7 $ 502.2 $ 69.6 $ 459.3 $ 461.4 $ 2,591.1 (1) During 2025, goodwill increased primarily as a result of the LMC Acquisition. See Note 3, Acquisitions, for additional information. We did not record goodwill impairment charges during fiscal years 2025 and 2024. Other Intangible Assets As of October 31, 2025 2024 (in millions) Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Customer contracts and relationships $ 761.7 $ (518.7) $ 242.9 $ 748.2 $ (467.2) $ 281.0 Trademarks and trade names 13.1 (12.8) 0.3 12.7 (11.7) 1.0 Contract rights and other 0.7 (0.7) 0.7 (0.3) 0.5 Total (1) $ 775.5 $ (532.2) $ 243.2 $ 761.7 $ (479.3) $ 282.4 (1) These intangible assets are being amortized over the expected period of benefit, with a weighted average life of approximately 11 years. Estimated Annual Amortization Expense for Each of the Next Five Years (in millions) 2026 2027 2028 2029 2030 Estimated amortization expense (1) $ 4 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Geographic Sources of Income Before Income Taxes Year Ended October 31, (in millions) 2025 2024 2023 United States $ 170.4 $ 88.8 $ 294.3 Foreign 49.5 44.8 36.8 Income before income taxes $ 219.9 $ 133.6 $ 331.1 Components of Income Tax Provision Year Ended October 31, (in millions) 2025 2024 2023 Current: Federal $ (49.3) $ (53.7) $ (50.6) State (22.8) (22.8) (25.0) Foreign (7.4) (0.4) (9.0) Deferred: Federal 13.4 19.3 (0.5) State 8.4 6.7 5.3 Foreign 0.1 (1.3) 0.1 Income tax provision $ (57.6) $ (52.2) $ (79.7) Reconciliation of the U.S. Statutory Tax Rate to Annual Effective Tax Rate Year Ended October 31, 2025 2024 2023 U.S. statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 6.7 8.0 6.9 Federal and state tax credits (1.9) (2.6) (1.0) Impact of foreign operations (1.9) (6.4) 0.8 Changes in uncertain tax positions (2.2) 0.1 Incremental tax benefit from share-based compensation awards (0.2) (1.6) (0.7) Energy efficiency incentives (0.4) (4.1) (0.1) Nondeductible executive compensation 1.8 3.4 1.4 Nontaxable RavenVolt contingent consideration (0.2) 20.1 (3.9) Other nondeductible expenses 1.4 2.1 0.6 Other, net (0.1) 1.4 (1.0) Effective tax rate 26.2 % 39.1 % 24.1 % During 2025 and 2024, we had effective tax rates of 26.2% and 39.1%, respectively, resulting in an income tax provision of $57.6 million and $52.2 million, respectively. Our effective tax rate for 2025 was benefited by a $3.1 million return to provision adjustme …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The components of lease assets and liabilities and their classification on our Consolidated Balance Sheets were as follows: As of October 31, (in millions) Classification 2025 2024 Lease assets Operating leases Right-of-use assets $ 95.1 $ 101.2 Finance leases Property, plant and equipment, net (1) 15.6 20.5 Total lease assets $ 110.7 $ 121.7 Lease liabilities Current liabilities Operating leases Current portion of lease liabilities $ 28.2 $ 26.6 Finance leases Other accrued liabilities 3.9 4.5 Noncurrent liabilities Operating leases Long-term lease liabilities 83.7 92.0 Finance leases Other noncurrent liabilities 11.1 15.0 Total lease liabilities $ 126.9 $ 138.1 (1) Finance lease assets are recorded net of accumulated amortization of $27.3 million and $23.1 million as of October 31, 2025, and October 31, 2024, respectively. The components of lease costs and classification within the Consolidated Statements of Comprehensive Income were as follows: Year Ended October 31, (in millions) 2025 2024 Operating lease costs: Operating expenses (1)(2) $ 88.1 $ 81.6 Selling, general and administrative expenses (3) 27.9 26.4 Finance lease costs: Operating expenses (4) 4.9 4.6 Interest expense (5) 1.0 1.1 Total lease costs $ 121.9 $ 113.8 (1) Related to certain parking arrangements. (2) Includes short-term lease costs and variable lease costs. (3) Includes short-term lease costs. (4) Represents amortization of leased assets. (5) Interest on lease liabilities. The following table pr …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This accounting update improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief Operating Decision Maker, and an amount for other segment items by reportable segment, with a description of its composition. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU effective October 31, 2025, on a retrospective basis for all prior periods presented in the financial statements, with no impact on the Companys financial position or results of operations, and have updated our segment disclosures to comply with the updated requirements. See Note 18, Segment and Geographic Information, for the expanded segment reporting disclosures. In September 2022, the FASB issued ASU 2022-04, Liabilities Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the programs nature, activity durin …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Defined Benefit Plans We provide benefits to certain employees under various defined benefit and postretirement benefit plans (collectively, the Plans). The Plans were previously amended to preclude new participants. All of the Plans are unfunded with the exception of one, which is underfunded. Information for the Plans As of October 31, (in millions) 2025 2024 Net obligations $ 6.8 $ 6.9 Projected benefit obligations (1) 12.3 12.5 Fair value of assets 5.4 5.6 (1) At October 31, 2025 and 2024, total projected benefit obligations related to unfunded and underfunded plans were $12.3 million and $12.5 million, respectively. At October 31, 2025, assets of the Plans were fully invested in fixed income. The expected return on assets was $0.0 million in 2025, $0.0 million in 2024, and $0.2 million in 2023. The aggregate net periodic benefit cost for all Plans was $0.8 million, $0.8 million, and $0.6 million for 2025, 2024, and 2023, respectively. Future benefit payments in the aggregate are expected to be $11.3 million. Deferred Compensation Plans We maintain deferred compensation plans that permit eligible employees and directors to defer a portion of their compensation. At October 31, 2025 and 2024, the total liability of all deferred compensation was $27.4 million and $26.7 million, respectively, and these amounts are included in Other accrued liabilities and Other noncurrent liabilities on the accompanying Consolidated Balance Sheets. Under one of our defe …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING AND RELATED COSTS In the fourth quarter of 2025, we implemented a restructuring program to further streamline our operations and improve the efficiency of our support functions. This initiative is intended to enhance overall organizational effectiveness and ensure alignment between the Companys cost structure and our strategic growth objectives. We recognized $13.4 million of restructuring charges during the fourth quarter of 2025, which includes employee severance, asset impairment charges, and other related costs. We continue to review our overhead and cost structure for additional efficiency opportunities under this program. We expect these actions to be completed by 2026. Rollforward of Restructuring and Related Liabilities (in millions) Employee Severance Asset Impairment Other Total Balance, October 31, 2024 $ $ $ $ Costs recognized (1) 10.4 2.8 0.2 13.4 Payments (7.0) (7.0) Non-cash items (2.8) (2.8) Balance, October 31, 2025 $ 3.4 $ $ 0.2 $ 3.6 (1) We include these costs within corporate expenses and are included within Restructuring and related expenses on the Consolidated Statements of Comprehensive Income. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES Disaggregation of Revenues We generate revenues under several types of contracts, which are further described in Note 2, Basis of Presentation and Significant Accounting Policies. 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, Education, Aviation, and Technical Solutions, as described in Note 18, Segment and Geographic Information. Year ended October 31, 2025 (in millions) B&I M&D Aviation Education Technical Solutions Total Major Service Line Janitorial (1) $ 2,849.4 $ 1,350.5 $ 228.1 $ 805.0 $ $ 5,233.1 Aviation Services (2) 502.6 502.6 Parking and Transportation (3) 430.3 53.1 335.0 0.4 818.8 Facility Solutions $ 3,279.7 $ 1,403.6 $ 1,065.8 $ 805.4 $ $ 6,554.5 Operations and Maintenance (4) 841.0 213.5 52.9 116.5 1,224.0 Building & Energy Solutions (5) 5.3 1.5 960.6 967.4 Engineering and Infrastructure Solutions $ 846.3 $ 215.0 $ 52.9 $ 116.5 $ 960.6 $ 2,191.4 Total $ 4,126.0 $ 1,618.6 $ 1,118.7 $ 922.0 $ 960.6 $ 8,745.9 Year ended October 31, 2024 (in millions) B&I M&D Aviation Education Technical Solutions Total …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT AND GEOGRAPHIC INFORMATION Segment Information Our current reportable segments consist of B&I, M&D, Aviation, Education, and Technical Solutions, as further described below. REPORTABLE SEGMENTS AND DESCRIPTIONS B&I B&I, our largest reportable segment, encompasses janitorial, facilities engineering, and parking services for commercial real estate properties (including corporate offices for high-tech clients), sports and entertainment venues, and traditional hospitals and non-acute healthcare facilities. B&I also provides vehicle maintenance and other services to rental car providers. M&D M&D provides integrated facility services, engineering, janitorial, and other specialized services in different types of manufacturing, distribution, and data center facilities. Manufacturing facilities include traditional motor vehicles, electric vehicles, batteries, pharmaceuticals, steel, semiconductors, chemicals, and many others. Distribution facilities include e-commerce, cold storage, logistics, general warehousing, and others. Aviation Aviation supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation. Education Education delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services for public school districts, private schools, colleges, and universities. Technical Solutions Technical Solutions speciali …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

PREFERRED AND COMMON STOCK Preferred Stock We are authorized to issue 500,000 shares of preferred stock. None of these preferred shares are issued. Common Stock Effective September 3, 2025, our Board of Directors expanded our existing share repurchase program by an additional $150.0 million of our common stock. Share repurchases may take place on the open market or otherwise, and all or part of the repurchases may be made pursuant to Rule 10b5-1 plans or in privately negotiated transactions. The timing of repurchases is at our discretion and will depend upon several factors, including market and business conditions, future cash flows, share price, share availability, and other factors. Repurchased shares are retired and returned to an authorized but unissued status. The repurchase program may be suspended or discontinued at any time without prior notice. Repurchase Activity We repurchased shares under the share repurchase program during the year ended October 31, 2025, as summarized below. At October 31, 2025, authorization for $183.1 million of repurchases remained under the Share Repurchase Program. Years Ended October 31, (in millions, except per share amounts) 2025 2024 Total number of shares purchased 2.56 1.17 Average price paid per share (1) $ 47.35 $ 47.86 Total cash paid for share repurchases (1) $ 121.3 $ 55.8 (1) Average price paid per share and total cash paid for share repurchases does not include any excise tax for share repurchases as part of the Inflation Redu …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENT On December 15, 2025, we entered into a Share Purchase Agreement with PW Red October S.A R.L, Watchman Investment Holdings Unlimited Company, and certain Management Sellers, as defined in the Purchase Agreement (the Sellers), pursuant to which ABM will acquire all of the issued and outstanding share capital of Iveagh New Opportunities Limited, a company incorporated in Ireland, and its direct and indirect wholly-owned subsidiaries (collectively, WGNSTAR) for an aggregate purchase price of approximately $275 million in cash, payable in accordance with the terms of the Purchase Agreement and subject to the adjustments set forth therein (the transaction, the Acquisition). We will finance the Acquisition with cash on hand and borrowings under our Amended Credit Facility. The closing of the Acquisition is subject to the satisfaction or waiver of customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as certain other regulatory approvals in Ireland. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

ACQUISITIONS Acquisition of WGNSTAR On February 4, 2026, we completed the acquisition of all of the equity interests of WGNSTAR, a provider of managed workforce solutions and equipment support services for the semiconductor and high-technology industries across the United States and Ireland, for an aggregate purchase price of approximately $283.4 million in cash (subject to customary adjustments). We financed the acquisition with cash on hand and proceeds from a new incremental term loan. See Note 9, Credit Facility, for further information. Preliminary Acquisition Accounting The assets acquired and liabilities assumed were recognized at their acquisition date fair values. The acquisition accounting is subject to change as the Company obtains additional information during the measurement period about the facts and circumstances that existed as of the acquisition date. The final acquisition accounting may include changes to intangible assets, goodwill, deferred taxes, property plant and equipment, right-of-use assets, legal matters, and other accrued liabilities within the measurement period not to exceed one year from the acquisition date. Goodwill arising from the WGNSTAR Acquisition is not deductible for tax reporting purposes. The following table summarizes the preliminary acquisition accounting based on currently available information: (in millions) Cash and cash equivalents 14.1 Trade accounts receivable and other current assets 26.1 Customer relationship intangibles and …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Letters of Credit and Surety Bonds We use letters of credit and surety bonds to secure certain commitments related to insurance programs and for other purposes. As of April 30, 2026, these letters of credit totaled $23.5 million and surety bonds and surety-backed letters of credit totaled $1,086.2 million. Guarantees In some instances, we offer clients guaranteed energy savings under certain energy savings contracts. At April 30, 2026, total guarantees were $195.4 million and extend through 2045. We include the estimated costs of guarantees 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. Historically, we have not incurred any material losses in connection with these guarantees. Sales Taxes We collect sales tax from clients and remit those collections to the applicable states. In some cases when clients fail to pay their invoices, including the amount of any sales tax that we paid on their behalf, we may be entitled to seek a refund of that amount of sales tax from the applicable state. Sales tax laws and regulati …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

CREDIT FACILITY Credit Facility Information (in millions) April 30, 2026 October 31, 2025 Current portion of long-term debt (1)(2) Gross term loan $ 42.8 $ 30.0 Unamortized deferred financing costs (1.0) (0.6) Current portion of term loan $ 41.8 $ 29.4 Long-term debt (1)(2) Gross term loan $ 779.1 $ 555.0 Unamortized deferred financing costs (2.5) (1.9) Total noncurrent portion of term loan 776.6 553.1 Revolving line of credit (3) 1,045.0 984.0 Long-term debt $ 1,821.6 $ 1,537.1 (1) At April 30, 2026, and October 31, 2025, the weighted average interest rate on all outstanding borrowings, not including letters of credit and swaps, was 5.66% and 5.84%, respectively. (2) At April 30, 2026, we had borrowing capacity of $518.9 million. (3) At April 30, 2026, standby letters of credit amounted to $23.5 million. On September 1, 2017, we refinanced and replaced our then-existing $800.0 million credit facility with a new senior, secured five-year syndicated credit facility (the Credit Facility), consisting of a $900.0 million revolving line of credit (the Revolver) and an $800.0 million amortizing term loan, both of which matured on September 1, 2022. In accordance with terms of the Credit Facility, the revolver was reduced to $800.0 million on September 1, 2018. The Credit Facility was amended on June 28, 2021, to increase the capacity of the Revolver and term loan to $1.3 billion and $650 million, respectively, and to extend the maturity to June 28, 2026. It was further amended on N …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Hierarchy of Our Financial Instruments Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (in millions) Fair Value Hierarchy April 30, 2026 October 31, 2025 Cash and cash equivalents (1) 1 $ 94.9 $ 104.1 Insurance deposits (2) 1 4.8 4.8 Assets held in funded deferred compensation plan (3) 1 4.7 4.8 Credit facility (4) 2 1,866.8 1,569.0 Interest rate swap assets (5) 2 1.0 4.3 Interest rate swap liabilities (5) 2 0.3 0.1 Investments in equity investment (6) 3 14.1 34.1 Contingent consideration (7)(8) 3 38.6 38.3 (1) Cash and cash equivalents are stated at nominal value, which equals fair value. (2) Represents restricted deposits that are used to collateralize our insurance obligations and are stated at nominal value, which equals fair value. These insurance deposits are included in Other noncurrent assets on the accompanying unaudited Consolidated Balance Sheets. See Note 8, Insurance, for further information. (3) Represents investments held in a Rabbi trust associated with one of our deferred compensation plans, which we include in Other noncurrent assets on the accompanying unaudited Consolidated Balance Sheets. The fair value of the assets held in the funded deferred compensation plan is based on quoted market prices. (4) Represents gross outstanding borrowings under our Amended Credit Facility. Due to variable interest rates, the carrying value of outstanding borrowings under this facility approximates …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our quarterly tax provision is calculated using an estimated annual effective tax rate that is adjusted for discrete items occurring during the period to arrive at our effective tax rate. During the three and six months ended April 30, 2026, we had effective tax rates of 27.9% and 26.8% , respectively. During the three and six months ended April 30, 2025, we had effective tax rates of 29.4% and 25.6%, respectively. The difference between the estimated annual effective tax rate before discrete items and statutory rate is primarily related to state income taxes, non-deductible compensation, and tax credits. Our effective tax rates for the three months ended April 30, 2026, and April 30, 2025, were not impacted by any significant discrete items. Our effective tax rate for the six months ended April 30, 2026, was reduced by discrete items, primarily share based compensation. Our effective tax rate for the six months ended April 30, 2025, was reduced by discrete items, primarily return to provision adjustments related to our non-U.S. operations. The Work Opportunity Tax Credit (WOTC) and Federal Empowerment Zone (FEZ) credit are federal tax credits available to employers for hiring individuals from certain targeted groups. The Company has historically benefited from these tax credits, which expired on December 31, 2025. As of April 30, 2026, the credits have not been renewed, and our effective tax rate for the three and six months ended April 30, 2026 only includes a …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards There were no recently adopted accounting standards during the six months ended April 30, 2026.

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RESTRUCTURING AND RELATED COSTS In the fourth quarter of 2025, we implemented a restructuring program (the Restructuring Program) to further streamline our operations and improve the efficiency of our support functions. This initiative is intended to enhance overall organizational effectiveness and ensure alignment between the Companys cost structure and our strategic growth objectives. We recognized $20.1 million of cumulative restructuring charges under this program through the second quarter of 2026, which includes employee severance, asset impairment charges, and other related costs. We continue to review our overhead and cost structure for additional efficiency opportunities under this program. We expect these actions to be completed in 2026. Rollforward of Restructuring and Related Liabilities (in millions) Employee Severance Asset Impairment (2) Other Total Balance, October 31, 2025 $ 3.4 $ $ 0.2 $ 3.6 Costs recognized (1) 0.7 1.9 4.2 6.8 Payments $ (2.7) (2.1) (4.9) Non-cash items (1.9) (1.9) Balance, April 30, 2026 $ 1.4 $ $ 2.2 $ 3.6 (1) We include these costs within corporate expenses and are included within Restructuring and related expenses on the unaudited Consolidated Statements of Comprehensive Income. (2) Represents various ROU asset impairments due to lease terminations or subleases as part of a real estate optimization project. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

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 13, Segment Information. Three Months Ended April 30, 2026 Six Months Ended April 30, 2026 (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) $ 704.1 $ 337.4 $ 63.7 $ 204.5 $ $ 1,309.8 $ 1,434.8 $ 671.2 $ 129.0 $ 407.8 $ $ 2,642.7 Aviation Services (2) 150.3 150.3 281.6 281.6 Parking and Transportation (3) 107.3 22.1 82.4 0.1 211.9 214.6 40.8 169.4 0.2 424.9 Facility Solutions $ 811.5 $ 359.5 $ 296.4 $ 204.6 $ $ 1,672.0 $ 1,649.3 $ 712.0 $ 580.0 $ 408.0 $ $ 3,349.3 Operations and Maintenance (4) 203.1 102.5 14.4 27.6 347.6 428.9 172.2 28.6 52.9 682.5 Building & Energy Solutions (5) 1.2 1.8 267.3 270.4 2.7 1.9 497.1 501.7 Engineering and Infrastructure Solutions $ 204.4 $ 104.3 $ 14.4 $ 27. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION Our current reportable segments consist of B&I, M&D, Aviation, Education, and Technical Solutions, as further described below. REPORTABLE SEGMENTS AND DESCRIPTIONS B&I B&I, our largest reportable segment, encompasses comprehensive facility solutions, including janitorial and maintenance, facilities engineering, and parking and transportation management to a diverse range of clients. Our expertise extends to commercial real estate properties, including corporate offices for high-tech clients, sports and entertainment venues, and both traditional hospitals and non-acute healthcare facilities. We typically provide these services pursuant to monthly fixed-price, square-foot, cost-plus, and parking arrangements (i.e., management reimbursement, leased location, or allowance) that are obtained through a competitive bid process as well as pursuant to work orders. M&D M&D provides integrated facility services, engineering, janitorial and maintenance, and other specialized solutions to a variety of manufacturing, distribution, and data center, facilities. We typically provide these services pursuant to monthly fixed-price, square-foot, and cost-plus arrangements, that are obtained through a competitive bid process as well as pursuant to work orders. Aviation Aviation provides comprehensive support services to airlines and airports, including parking and transportation management, janitorial and maintenance services, passenger assistance, cate …

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COMMON STOCK Effective September 3, 2025, our Board of Directors expanded our existing share repurchase program by an additional $150.0 million of our common stock. Share repurchases may take place on the open market or otherwise, and all or part of the repurchases may be made pursuant to Rule 10b5-1 plans or in privately negotiated transactions. The timing of repurchases is at our discretion and will depend upon several factors, including market and business conditions, future cash flows, share price, share availability, and other factors. Repurchased shares are retired and returned to an authorized but unissued status. The repurchase program may be suspended or discontinued at any time without prior notice. Repurchase Activity We repurchased shares under the share repurchase program during the three and six months ended April 30, 2026, as summarized below. At April 30, 2026, authorization for $89.0 million of repurchases remained under our share repurchase program. (in millions, except per share amounts) Three Months Ended April 30, 2026 Six Months Ended April 30, 2026 Total number of shares purchased 0.07 2.13 Average price paid per share (1) $ 45.61 $ 44.17 Total cash paid for share repurchases (1) $ 3.0 $ 94.1 (in millions, except per share amounts) Three Months Ended April 30, 2025 Six Months Ended April 30, 2025 Total number of shares purchased 0.42 Average price paid per share (1) $ $ 51.23 Total cash paid for share repurchases (1) $ $ 21.3 (1) Average price paid per …

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