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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 7, 2026

img117687709_0.jpg

UNIFIRST CORPORATION

(Exact name of registrant as specified in its charter)

Massachusetts

001-08504

04-2103460

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

68 Jonspin Road, Wilmington, Massachusetts

01887

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (978) 658-8888

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

UNF

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 


Item 2.02 Results of Operations and Financial Condition.

On January 7, 2026, UniFirst Corporation (the “Company”) issued a press release (“Press Release”) announcing financial results for the first quarter of fiscal 2026, which ended on November 29, 2025. A copy of the Press Release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information in this Item 2.02, including the exhibit attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

Description

 99

Press release of the Company dated January 7, 2026.

 104

 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

UNIFIRST CORPORATION

Date: January 7, 2026

By:

/s/ Steven S. Sintros

Steven S. Sintros

President and Chief Executive Officer

By:

/s/ Shane O’Connor

Shane O’Connor

Executive Vice President and Chief Financial Officer

 


EX-99 2 unf-ex99.htm EX-99 EX-99

 

 

Exhibit 99

Investor Relations Contact

Shane O'Connor, Executive Vice President & CFO

UniFirst Corporation

978-658-8888

shane_oconnor@unifirst.com

 

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2026

Wilmington, MA – January 7, 2026 – UniFirst Corporation (NYSE: UNF) (“UniFirst” or the “Company”) today reported results for its fiscal 2026 first quarter ended November 29, 2025.

First Quarter 2026 Consolidated Results

Consolidated revenues increased 2.7% to $621.3 million compared to $604.9 million in the first quarter of fiscal 2025, driven by organic growth in the core Uniform & Facility Service Solutions segment.
Operating margin was 7.3% compared to 9.2% in the prior year period, reflecting planned investments in growth and digital transformation initiatives.
Net income was $34.4 million compared to $43.1 million in the prior year period and diluted earnings per share was $1.89 compared to $2.31 in the prior year period.
Adjusted EBITDA margin was 13.3% compared to 15.5% in the prior year period.
The quarterly tax rate was 26.9% compared to 25.6% in the prior year period.

 

“Our first quarter performance was consistent with our expectations and reflects the impact of planned investments designed to accelerate growth and enhance operational efficiency,” said Steven Sintros, UniFirst President and Chief Executive Officer. “While these initiatives weighed on near-term margins, we believe they position UniFirst for improved profitability over time. Importantly, organic growth driven by new customer wins and improved retention reflects the strength of UniFirst’s differentiated, service-driven model focused on reliability, local accountability and long-term relationships.”

Mr. Sintros added, “Our flexible balance sheet and cash flow generation enabled us to continue returning capital to shareholders through share repurchases and an increased dividend, marking our eighth consecutive year of dividend growth.”

 

The Company's results for the first quarter of fiscal 2026 and 2025 included approximately $2.3 million and $2.5 million, respectively, of costs related to its enterprise resource planning project (“Key Initiative”), which is expected to enhance long-term growth, scalability, operating efficiency and profitability. In the first quarter of fiscal 2026 and 2025, these costs decreased:

Both operating income and Adjusted EBITDA by $2.3 million and $2.5 million, respectively.
Net income by $1.7 million and $1.8 million, respectively.
Diluted earnings per share by $0.09 for both periods.

Segment Reporting Results

Uniform & Facility Service Solutions

 

Revenues increased 2.4% to $565.9 million compared to $552.8 million in the prior year period.
Organic growth, which excludes the effect of acquisitions and fluctuations in the Canadian dollar, was 2.4%.
As a result of our strategic investments in growth, new customer account acquisitions surpassed those of the corresponding period last year, and customer retention rates also demonstrated improvement.
Operating margin was 7.4% compared to 8.8% in the prior period and Adjusted EBITDA margin was 13.6% compared to 15.4% in the prior period, reflecting the Company’s planned investments in growth and digital transformation initiatives. In addition, healthcare claims expense and legal costs increased compared to the prior period, partially offset by lower merchandise costs.
Costs related to the Company’s Key Initiative were recorded to this segment and decreased operating and Adjusted EBITDA margins by 0.4% and 0.5% in the first quarters of fiscal 2026 and 2025, respectively.

First Aid & Safety Solutions

Revenues increased 15.3% to $30.2 million compared to $26.2 million in the prior year period.
Operating loss and Adjusted EBITDA were $0.4 million and $0.8 million, respectively.

 

 

The segment’s results again reflected the investments the Company has made to drive growth and improve profitability in its First Aid van business.

Other

 

Revenues for the quarter decreased 2.9% to $25.2 million compared to $25.9 million in the prior year period, reflecting the anticipated start of a large refurbishment project wind-down and fewer reactor outages.
Operating income and Adjusted EBITDA were $3.9 million and $4.8 million, respectively. Due to the high fixed-cost nature of the business, the revenue decline resulted in disproportionately lower Adjusted EBITDA.
This segment consists of its nuclear solutions. Given the cyclical and seasonal nature of the nuclear industry, this segment’s results are often affected by seasonality, the timing and duration of power reactor outages and project-based activities.

Balance Sheet and Capital Allocation

Cash, cash equivalents and short-term investments were $129.5 million and the Company had no long-term debt outstanding as of November 29, 2025.
The Company repurchased $31.7 million of shares of its Common Stock in the first quarter of fiscal 2026 and had $8.9 million remaining under its existing share repurchase authorization as of November 29, 2025.
The Company declared a quarterly cash dividend of $0.365 per Common Stock share on October 28, 2025.

 

Fiscal 2026 Financial Outlook

UniFirst reaffirmed its full-year fiscal 2026 guidance provided on October 22, 2025, including consolidated revenues of between $2.475 billion and $2.495 billion and fully diluted earnings per share between $6.58 and $6.98.

This guidance continues to include an estimated $7.0 million of costs directly attributable to the Company’s Key Initiative, which it anticipates expensing in fiscal 2026. Guidance does not include the impact of any future share repurchases.

 

Conference Call Information

UniFirst Corporation will hold a conference call today at 9:00 a.m. (ET) to discuss its quarterly financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet and can be accessed at www.unifirst.com.

About UniFirst Corporation

Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the Company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its five company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 16,000-plus employee Team Partners, the Company outfits more than 2 million workers every day. For more information, contact UniFirst at 888.296.2740 or visit UniFirst.com.

Forward-Looking Statements Disclosure

This public announcement contains forward-looking statements within the meaning of the federal securities laws that reflect the Company's current views with respect to future events and financial performance, including projected revenues, operating margin and earnings per share. Forward-looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as “guidance,” “outlook,” “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,” “strategy,” “objective,” “assume,” “strive,” “design,” “assumption,” “vision,” “approximate,” or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based upon our current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements.


 

 

Such factors include, but are not limited to, uncertainties caused by an economic recession or other adverse economic conditions, including, without limitation, as a result of elevated inflation or interest rates or extraordinary events or circumstances such as geopolitical conflicts like the conflict between Russia and Ukraine and disruption in the Middle East and their impact on our customers' businesses and workforce levels, disruptions of our business and operations, including limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers in connection with extraordinary events or circumstances, uncertainties regarding our ability to consummate acquisitions and successfully integrate acquired businesses and the performance of such businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, any adverse outcome of pending or future contingencies or claims, our ability to compete successfully without any significant degradation in our margin rates, seasonal and quarterly fluctuations in business levels, our ability to preserve positive labor relationships and avoid becoming the target of corporate labor unionization campaigns that could disrupt our business, the effect of currency fluctuations on our results of operations and financial condition, our dependence on third parties to supply us with raw materials, which such supply could be severely disrupted as a result of extraordinary events or circumstances such as the conflict between Russia and Ukraine, any loss of key management or other personnel, increased costs as a result of any changes in federal, state, international or other laws, rules and regulations or governmental interpretation of such laws, rules and regulations, uncertainties regarding, or adverse impacts from continued high price levels of natural gas, electricity, fuel and labor or increases in such costs, the negative effect on our business from sharply depressed oil and natural gas prices, the continuing increase in domestic healthcare costs, increased workers' compensation claim costs, increased healthcare claim costs, our ability to retain and grow our customer base, demand and prices for our products and services, fluctuations in our nuclear business, political or other instability, supply chain disruption or infection among our employees in Mexico and Nicaragua where our principal garment manufacturing plants are located, our ability to properly and efficiently design, construct, implement and operate a new enterprise resource planning computer system, interruptions or failures of our information technology systems, including as a result of cyber-attacks, additional professional and internal costs necessary for compliance with any changes in or additional Securities and Exchange Commission (the “SEC”), New York Stock Exchange and accounting or other rules, strikes and unemployment levels, our efforts to evaluate and potentially reduce internal costs, the impact of U.S. and foreign trade policies and tariffs or other impositions on imported goods on our business, results of operations and financial condition, our ability to successfully implement our business strategies and processes, including our capital allocation strategies, our ability to successfully remediate the material weakness in internal control over financial reporting disclosed in our Annual Report on Form 10-K for the year ended August 30, 2025 and the other factors described under Part I, Item 1A. “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended August 30, 2025, Part II, Item 1A. “Risk Factors” and elsewhere in our subsequent Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.


 

 

Consolidated Statements of Income

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

(In thousands, except per share data)

 

November 29, 2025

 

 

November 30, 2024

 

Revenues

 

$

621,318

 

 

$

604,908

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Cost of revenues (1)

 

 

393,029

 

 

 

381,054

 

Selling and administrative expenses (1)

 

 

147,806

 

 

 

133,515

 

Depreciation and amortization

 

 

35,175

 

 

 

34,808

 

Total operating expenses

 

 

576,010

 

 

 

549,377

 

 

 

 

 

 

 

Operating income

 

 

45,308

 

 

 

55,531

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

Interest income, net

 

 

(1,929

)

 

 

(2,695

)

Other expense, net

 

 

259

 

 

 

290

 

Total other income, net

 

 

(1,670

)

 

 

(2,405

)

 

 

 

 

 

 

Income before income taxes

 

 

46,978

 

 

 

57,936

 

Provision for income taxes

 

 

12,615

 

 

 

14,831

 

 

 

 

 

 

 

Net income

 

$

34,363

 

 

$

43,105

 

 

 

 

 

 

 

Income per share – Basic:

 

 

 

 

 

 

Common Stock

 

$

1.97

 

 

$

2.41

 

Class B Common Stock

 

$

1.58

 

 

$

1.93

 

 

 

 

 

 

 

Income per share – Diluted:

 

 

 

 

 

 

Common Stock

 

$

1.89

 

 

$

2.31

 

 

 

 

 

 

 

Income allocated to – Basic:

 

 

 

 

 

 

Common Stock

 

$

28,760

 

 

$

36,213

 

Class B Common Stock

 

$

5,603

 

 

$

6,892

 

 

 

 

 

 

 

Income allocated to – Diluted:

 

 

 

 

 

 

Common Stock

 

$

34,363

 

 

$

43,105

 

 

 

 

 

 

 

Weighted average shares outstanding – Basic:

 

 

 

 

 

 

Common Stock

 

 

14,597

 

 

 

15,012

 

Class B Common Stock

 

 

3,551

 

 

 

3,574

 

 

 

 

 

 

 

Weighted average shares outstanding – Diluted:

 

 

 

 

 

 

Common Stock

 

 

18,188

 

 

 

18,666

 

 

(1)
Exclusive of depreciation on the Company's property, plant and equipment and amortization on its intangible assets.

 

 

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands)

 

November 29, 2025

 

 

August 30, 2025

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

123,977

 

 

$

203,501

 

Short-term investments

 

 

5,558

 

 

 

5,672

 

Receivables, net

 

 

293,396

 

 

 

285,297

 

Inventories

 

 

142,891

 

 

 

145,197

 

Rental merchandise in service

 

 

237,477

 

 

 

227,720

 

Prepaid taxes

 

 

10,330

 

 

 

7,708

 

Prepaid expenses and other current assets

 

 

59,088

 

 

 

49,508

 

Total current assets

 

 

872,717

 

 

 

924,603

 

Property, plant and equipment, net

 

 

833,508

 

 

 

829,622

 

Goodwill

 

 

669,202

 

 

 

657,748

 

Customer contracts and other intangible assets, net

 

 

104,226

 

 

 

105,829

 

Deferred income taxes

 

 

967

 

 

 

977

 

Operating lease right-of-use assets, net

 

 

74,595

 

 

 

70,110

 

Other assets

 

 

197,483

 

 

 

189,266

 

Total assets

 

$

2,752,698

 

 

$

2,778,155

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

90,552

 

 

$

94,980

 

Accrued liabilities

 

 

154,414

 

 

 

176,903

 

Accrued taxes

 

 

 

 

 

674

 

Operating lease liabilities, current

 

 

18,987

 

 

 

17,846

 

Total current liabilities

 

 

263,953

 

 

 

290,403

 

Long-term liabilities:

 

 

 

 

 

 

Accrued liabilities

 

 

129,487

 

 

 

128,554

 

Accrued and deferred income taxes

 

 

138,708

 

 

 

135,648

 

Operating lease liabilities

 

 

57,952

 

 

 

54,593

 

Total liabilities

 

 

590,100

 

 

 

609,198

 

Shareholders’ equity:

 

 

 

 

 

 

Common Stock

 

 

1,452

 

 

 

1,468

 

Class B Common Stock

 

 

355

 

 

 

355

 

Capital surplus

 

 

107,058

 

 

 

109,107

 

Retained earnings

 

 

2,077,625

 

 

 

2,079,812

 

Accumulated other comprehensive loss

 

 

(23,892

)

 

 

(21,785

)

       Total shareholders’ equity

 

 

2,162,598

 

 

 

2,168,957

 

           Total liabilities and shareholders’ equity

 

$

2,752,698

 

 

$

2,778,155

 

 


 

 

Detail of Operating Results

(Unaudited)

 

 

 

Thirteen Weeks Ended November 29, 2025

 

 

Thirteen Weeks Ended November 30, 2024

 

(In thousands, except percentages)

 

Uniform & Facility Service Solutions

 

 

First Aid & Safety Solutions

 

 

Other

 

 

Total

 

 

Uniform & Facility Service Solutions

 

 

First Aid & Safety Solutions

 

 

Other

 

 

Total

 

Revenues

 

$

565,892

 

 

$

30,244

 

 

$

25,182

 

 

$

621,318

 

 

$

552,752

 

 

$

26,222

 

 

$

25,934

 

 

$

604,908

 

Revenue Growth %

 

 

2.4

%

 

 

15.3

%

 

 

-2.9

%

 

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (1), (2)

 

$

41,837

 

 

$

(402

)

 

$

3,873

 

 

$

45,308

 

 

$

48,520

 

 

$

341

 

 

$

6,670

 

 

$

55,531

 

Operating Margin

 

 

7.4

%

 

 

-1.3

%

 

 

15.4

%

 

 

7.3

%

 

 

8.8

%

 

 

1.3

%

 

 

25.7

%

 

 

9.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1), (2)

 

$

77,196

 

 

$

800

 

 

$

4,815

 

 

$

82,811

 

 

$

85,103

 

 

$

1,253

 

 

$

7,604

 

 

$

93,960

 

Adjusted EBITDA Margin

 

 

13.6

%

 

 

2.6

%

 

 

19.1

%

 

 

13.3

%

 

 

15.4

%

 

 

4.8

%

 

 

29.3

%

 

 

15.5

%

 

(1)
The Company's financial results for the first quarter of fiscal 2026 and 2025 included approximately $2.3 million and $2.5 million, respectively, of costs directly attributable to its Key Initiative.
(2)
The Key Initiatives' costs decreased both Uniform & Facility Service Solutions' segment operating and Adjusted EBITDA margin for the first quarters of fiscal 2026 and 2025 by 0.4% and 0.5%, respectively.

 

 

Consolidated Statements of Cash Flows

(Unaudited)

 

(In thousands)

 

November 29, 2025

 

 

November 30, 2024

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

34,363

 

 

$

43,105

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization (1)

 

 

35,175

 

 

 

34,808

 

Share-based compensation

 

 

2,587

 

 

 

2,836

 

Accretion on environmental contingencies

 

 

351

 

 

 

320

 

Accretion on asset retirement obligations

 

 

267

 

 

 

57

 

Deferred income taxes

 

 

2,134

 

 

 

1,706

 

Loss (gain) on sale of property and equipment

 

 

233

 

 

 

(6

)

Other

 

 

152

 

 

 

112

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

    Receivables, less reserves

 

 

(8,478

)

 

 

(3,606

)

    Inventories

 

 

2,929

 

 

 

1,761

 

    Rental merchandise in service

 

 

(10,133

)

 

 

2,762

 

    Prepaid expenses and other current assets and Other assets

 

 

(14,024

)

 

 

(8,618

)

    Accounts payable

 

 

(1,759

)

 

 

(6,861

)

    Accrued liabilities

 

 

(26,663

)

 

 

(18,196

)

    Prepaid and accrued income taxes

 

 

(2,283

)

 

 

7,944

 

Net cash provided by operating activities

 

 

14,851

 

 

 

58,124

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired

 

 

(13,391

)

 

 

(2,352

)

Capital expenditures, including capitalization of software costs

 

 

(38,883

)

 

 

(33,566

)

Purchases of investments

 

 

 

 

 

(14,734

)

Maturities of investments

 

 

 

 

 

13,039

 

Proceeds from sale of assets

 

 

174

 

 

 

153

 

Net cash used in investing activities

 

 

(52,100

)

 

 

(37,460

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of share-based awards

 

 

3

 

 

 

3

 

Taxes withheld and paid related to net share settlement of equity awards

 

 

(3,193

)

 

 

(3,284

)

Repurchase of Common Stock

 

 

(32,736

)

 

 

(6,373

)

Payment of cash dividends

 

 

(6,133

)

 

 

(5,897

)

Net cash used in financing activities

 

 

(42,059

)

 

 

(15,551

)

 

 

 

 

 

 

Effect of exchange rate changes

 

 

(216

)

 

 

(438

)

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(79,524

)

 

 

4,675

 

Cash and cash equivalents at beginning of period

 

 

203,501

 

 

 

161,571

 

Cash and cash equivalents at end of period

 

$

123,977

 

 

$

166,246

 

(1)
Depreciation and amortization for the first quarter of fiscal 2026 and 2025 included approximately $4.0 million and $4.2 million, respectively, of non-cash amortization expense recognized on acquisition-related intangible assets.

 


 

 

Reconciliation of GAAP to Non-GAAP Financial Measures

The Company reports its consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). To supplement the Company’s consolidated financial results in this press release, the Company also presents Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. The Company defines Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, further adjusted for share-based compensation expense and other items impacting the comparability of the Company’s underlying operating performance between periods. Adjusted EBITDA margin is defined as Adjusted EBITDA for a period divided by revenue for the same period.

The Company believes these non-GAAP financial measures provide useful supplemental information regarding the performance of the Company and its segments to both management and investors. In addition, by excluding certain items, these non-GAAP financial measures enable management and investors to further evaluate the underlying operating performance of the Company.

 

Supplemental reconciliations of the Company’s consolidated net income on a GAAP basis to Adjusted EBITDA and Adjusted EBITDA margin are presented in the following table. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures, which are provided below. Adjusted EBITDA and Adjusted EBITDA margin should be considered in addition to, and not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

 

The Company does not allocate its provision for income taxes to its business segments and as a result, presents it in a separate column in the following tables.

 

Thirteen Weeks Ended November 29, 2025

 

(In thousands, except percentages)

 

Uniform & Facility Service Solutions

 

 

First Aid & Safety Solutions

 

 

Other

 

 

Unallocated Adjustments

 

 

Total

 

Revenue

 

$

565,892

 

 

$

30,244

 

 

$

25,182

 

 

$

 

 

$

621,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

43,507

 

 

$

(402

)

 

$

3,873

 

 

$

(12,615

)

 

$

34,363

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

12,615

 

 

 

12,615

 

Interest income, net

 

 

(1,929

)

 

 

 

 

 

 

 

 

 

 

 

(1,929

)

Depreciation and amortization

 

 

33,210

 

 

 

1,171

 

 

 

794

 

 

 

 

 

 

35,175

 

Share-based compensation expense

 

 

2,408

 

 

 

31

 

 

 

148

 

 

 

 

 

 

2,587

 

Adjusted EBITDA

 

$

77,196

 

 

$

800

 

 

$

4,815

 

 

$

 

 

$

82,811

 

Adjusted EBITDA Margin

 

 

13.6

%

 

 

2.6

%

 

 

19.1

%

 

 

 

 

 

13.3

%

 

 

Thirteen Weeks Ended November 30, 2024

 

(In thousands, except percentages)

 

Uniform & Facility Service Solutions

 

 

First Aid & Safety Solutions

 

 

Other

 

 

Unallocated Adjustments

 

 

Total

 

Revenue

 

$

552,752

 

 

$

26,222

 

 

$

25,934

 

 

$

 

 

$

604,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

50,925

 

 

$

341

 

 

$

6,670

 

 

$

(14,831

)

 

$

43,105

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

14,831

 

 

 

14,831

 

Interest income, net

 

 

(2,695

)

 

 

 

 

 

 

 

 

 

 

 

(2,695

)

Depreciation and amortization

 

 

33,110

 

 

 

885

 

 

 

813

 

 

 

 

 

 

34,808

 

Share-based compensation expense

 

 

2,688

 

 

 

27

 

 

 

121

 

 

 

 

 

 

2,836

 

Executive Transaction costs

 

 

1,075

 

 

 

 

 

 

 

 

 

 

 

 

1,075

 

Adjusted EBITDA

 

$

85,103

 

 

$

1,253

 

 

$

7,604

 

 

$

 

 

$

93,960

 

Adjusted EBITDA Margin

 

 

15.4

%

 

 

4.8

%

 

 

29.3

%

 

 

 

 

 

15.5

%