<p>食品和设施服务提供商爱玛客在 2025 年第三季度未能达到华尔街的收入预期，但销售额同比增长 14.3%，达到 50.5 亿美元。另一方面，该公司对全年业绩的展望接近分析师的预期，预计中间值收入为 197.5 亿美元。其每股 GAAP 利润为 0.33 美元，低于分析师共识预期的 44.7%。</p>
<p><strong>爱玛客 (ARMK) 2025 年第三季度亮点：</strong></p>
<ul>
<li><strong>收入：</strong> 50.5 亿美元，分析师预期为 51.5 亿美元（同比增长 14.3%，低于预期 2.1%）</li>
<li><strong>每股收益 (GAAP)：</strong> 0.33 美元，分析师预期为 0.59 美元（低于预期 44.7%）</li>
<li><strong>调整后 EBITDA：</strong> 3.789 亿美元，分析师预期为 4.261 亿美元（利润率 7.5%，低于预期 11.1%）</li>
<li><strong>2026 财年的每股收益 (GAAP) 指导</strong> 为 2.23 美元，超出分析师预期 10.8%</li>
<li><strong>营业利润率：</strong> 4.3%，与去年同期持平</li>
<li><strong>自由现金流利润率：</strong> 20.8%，与去年同期相似</li>
<li><strong>市值：</strong> 98.2 亿美元</li>
</ul>
<p>“2025 财年对公司来说代表了许多重要的里程碑，为未来的强劲增长轨迹做出了贡献，” 爱玛客首席执行官约翰·齐尔默表示。</p>
<p><strong>公司概况</strong></p>
<p>从在大联盟体育场提供热狗到管理每天为数千人提供餐饮的大学餐厅，爱玛客在 16 个国家为学校、医疗机构、企业、体育场馆和监狱提供食品服务和设施管理。</p>
<p><strong>收入增长</strong></p>
<p>一家公司的长期表现是其整体质量的指标。即使是糟糕的企业也可能在一两个季度内表现出色，但顶级企业则会持续增长多年。</p>
<p>在过去 12 个月中，爱玛客的收入达到 185.1 亿美元，是商业服务行业的巨头，受益于规模经济，使其在分销方面具有优势。这也使其在固定成本上比小型竞争对手获得更多杠杆，并能够提供更低的价格。</p>
<p>如您所见，爱玛客的销售在过去五年中以 7.6% 的年复合增长率稳步增长。这表明其需求旺盛，是我们分析的有用起点。</p>
<p>长期增长是最重要的，但在商业服务领域，五年的历史视角可能会错过新的创新或需求周期。爱玛客最近的表现显示，其需求放缓，因为在过去两年中收入持平。</p>
<p>本季度，爱玛客的收入同比增长 14.3%，达到 50.5 亿美元，但未能达到华尔街的预期。</p>
<p>展望未来，卖方分析师预计未来 12 个月收入将增长 6.3%，相比过去两年有所改善。这个预测高于行业平均水平，暗示其新产品和服务将促进更好的收入表现。</p>
<p>软件正在吞噬世界，几乎没有哪个行业未受到其影响。这推动了对帮助软件开发人员完成工作的工具的需求，无论是监控关键的云基础设施、集成音频和视频功能，还是确保内容流畅播放。点击这里获取我们最喜欢的三只股票的免费报告，以把握这一代巨型趋势。</p>
<p><strong>调整后营业利润率</strong></p>
<p>调整后营业利润率是盈利能力的关键指标。可以将其视为净收入（底线）减去非经常性支出、税收和债务利息的影响——这些指标与商业基本面关联较小。</p>
<p>在过去五年中，爱玛客是盈利的，但受到其庞大成本基础的制约。其平均调整后营业利润率为 4.8%，对于商业服务行业来说较弱。</p>
<p>好的一面是，爱玛客的调整后营业利润率在过去五年中上升了 2.9 个百分点，因为其销售增长为其提供了经营杠杆。</p>
<p>本季度，爱玛客的调整后营业利润率为 5.7%，与去年同期持平。这表明公司的整体成本结构相对稳定。</p>
<p><strong>每股收益</strong></p>
<p>收入趋势解释了一家公司的历史增长，但每股收益（EPS）的长期变化指向该增长的盈利能力——例如，一家公司可能通过过度支出广告和促销来虚增其销售。</p>
<p>在过去五年中，爱玛客的全年每股收益从负转正。这令人鼓舞，表明其正处于关键时刻。</p>
<p>与收入一样，我们分析每股收益的时间段较短，因为这可以提供对企业新兴主题或发展的洞察。</p>
<p>对爱玛客来说不幸的是，其每股收益在过去两年中年均下降 31%，而其收入持平。这告诉我们公司在适应波动需求方面遇到了困难。</p>
<p>我们可以更深入地研究爱玛客的收益，以更好地理解其表现的驱动因素。我们之前提到爱玛客的调整后营业利润率在本季度持平，但两年的视角显示其利润率下降，而其股份数量增长了 1.3%。这意味着公司不仅在运营支出上变得效率降低，还稀释了其股东的权益。</p>
<p>在第三季度，爱玛客报告每股收益为 0.33 美元，低于去年同期的 0.46 美元。这个数据未能达到分析师的预期，但我们更关心长期每股收益的增长，而不是短期波动。在接下来的 12 个月中，华尔街预计爱玛客的全年每股收益为 1.22 美元，将增长 60%。</p>
<p><strong>爱玛客第三季度业绩的关键要点</strong></p>
<p>我们对爱玛客在本季度显著超出分析师全年每股收益指导预期的表现感到印象深刻。另一方面，其收入未能达到预期，每股收益也低于华尔街的预期。总体而言，这是一个较为疲软的季度。结果公布后，股价保持在 37.27 美元不变。</p>
<p>爱玛客可能经历了一个艰难的季度，但这是否实际上为现在的投资创造了机会？如果你正在做出这个决定，你应该考虑估值、商业品质以及最新的财报等更大背景。我们在这里的可操作性完整研究报告中涵盖了这些内容，活跃的 Edge 会员可以免费阅读。</p>

爱玛客

<p>爱玛客（NYSE:ARMK）公布了 2025 年第三季度的业绩，营收为 50.5 亿美元，较去年同期增长 14.3%，但低于预期的 51.5 亿美元。根据美国通用会计准则（GAAP），每股收益为 0.33 美元，显著低于预期的 0.59 美元。公司预计全年营收为 197.5 亿美元。尽管增长势头良好，爱玛客的调整后营业利润率仍保持在 5.7% 的稳定水平。分析师预计未来一年营收将增长 6.3%，显示出改善业绩的潜力。首席执行官约翰·齐尔默强调了对公司增长贡献显著的里程碑</p>

<p>Food and facilities services provider Aramark  missed Wall Street’s revenue expectations in Q3 CY2025, but sales rose 14.3% year on year to $5.05 billion. On the other hand, the company’s outlook for the full year was close to analysts’ estimates with revenue guided to $19.75 billion at the midpoint. Its GAAP profit of $0.33 per share was 44.7% below analysts’ consensus estimates.</p>
<div class="lb-trans"><p>食品和设施服务提供商爱玛客在 2025 年第三季度未能达到华尔街的收入预期，但销售额同比增长 14.3%，达到 50.5 亿美元。另一方面，该公司对全年业绩的展望接近分析师的预期，预计中间值收入为 197.5 亿美元。其每股 GAAP 利润为 0.33 美元，低于分析师共识预期的 44.7%。</p>
</div><p><strong>Aramark (ARMK) Q3 CY2025 Highlights:</strong></p>
<div class="lb-trans"><p><strong>爱玛客 (ARMK) 2025 年第三季度亮点：</strong></p>
</div><ul>
<li><strong>Revenue:</strong> $5.05 billion vs analyst estimates of $5.15 billion (14.3% year-on-year growth, 2.1% miss)</li>
<li><strong>EPS (GAAP):</strong> $0.33 vs analyst expectations of $0.59 (44.7% miss)</li>
<li><strong>Adjusted EBITDA:</strong> $378.9 million vs analyst estimates of $426.1 million (7.5% margin, 11.1% miss)</li>
<li><strong>EPS (GAAP) guidance for the upcoming financial year 2026</strong> is $2.23 at the midpoint, beating analyst estimates by 10.8%</li>
<li><strong>Operating Margin:</strong> 4.3%, in line with the same quarter last year</li>
<li><strong>Free Cash Flow Margin:</strong> 20.8%, similar to the same quarter last year</li>
<li><strong>Market Capitalization:</strong> $9.82 billion</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>收入：</strong> 50.5 亿美元，分析师预期为 51.5 亿美元（同比增长 14.3%，低于预期 2.1%）</li>
<li><strong>每股收益 (GAAP)：</strong> 0.33 美元，分析师预期为 0.59 美元（低于预期 44.7%）</li>
<li><strong>调整后 EBITDA：</strong> 3.789 亿美元，分析师预期为 4.261 亿美元（利润率 7.5%，低于预期 11.1%）</li>
<li><strong>2026 财年的每股收益 (GAAP) 指导</strong> 为 2.23 美元，超出分析师预期 10.8%</li>
<li><strong>营业利润率：</strong> 4.3%，与去年同期持平</li>
<li><strong>自由现金流利润率：</strong> 20.8%，与去年同期相似</li>
<li><strong>市值：</strong> 98.2 亿美元</li>
</ul>
</div><p>“Fiscal 2025 represented many consequential milestones for the Company, contributing to the strong growth trajectory ahead,” said John Zillmer, Aramark CEO.</p>
<div class="lb-trans"><p>“2025 财年对公司来说代表了许多重要的里程碑，为未来的强劲增长轨迹做出了贡献，” 爱玛客首席执行官约翰·齐尔默表示。</p>
</div><p><strong>Company Overview</strong></p>
<div class="lb-trans"><p><strong>公司概况</strong></p>
</div><p>From serving hot dogs at major league stadiums to managing college dining halls that feed thousands daily, Aramark  provides food services and facilities management to schools, healthcare facilities, businesses, sports venues, and correctional institutions across 16 countries.</p>
<div class="lb-trans"><p>从在大联盟体育场提供热狗到管理每天为数千人提供餐饮的大学餐厅，爱玛客在 16 个国家为学校、医疗机构、企业、体育场馆和监狱提供食品服务和设施管理。</p>
</div><p><strong>Revenue Growth</strong></p>
<div class="lb-trans"><p><strong>收入增长</strong></p>
</div><p>A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.</p>
<div class="lb-trans"><p>一家公司的长期表现是其整体质量的指标。即使是糟糕的企业也可能在一两个季度内表现出色，但顶级企业则会持续增长多年。</p>
</div><p>With $18.51 billion in revenue over the past 12 months, Aramark is a behemoth in the business services sector and benefits from economies of scale, giving it an edge in distribution. This also enables it to gain more leverage on its fixed costs than smaller competitors and the flexibility to offer lower prices.</p>
<div class="lb-trans"><p>在过去 12 个月中，爱玛客的收入达到 185.1 亿美元，是商业服务行业的巨头，受益于规模经济，使其在分销方面具有优势。这也使其在固定成本上比小型竞争对手获得更多杠杆，并能够提供更低的价格。</p>
</div><p>As you can see below, Aramark’s sales grew at a solid 7.6% compounded annual growth rate over the last five years. This shows it had high demand, a useful starting point for our analysis.</p>
<div class="lb-trans"><p>如您所见，爱玛客的销售在过去五年中以 7.6% 的年复合增长率稳步增长。这表明其需求旺盛，是我们分析的有用起点。</p>
</div><p>Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. Aramark’s recent performance shows its demand has slowed as its revenue was flat over the last two years.</p>
<div class="lb-trans"><p>长期增长是最重要的，但在商业服务领域，五年的历史视角可能会错过新的创新或需求周期。爱玛客最近的表现显示，其需求放缓，因为在过去两年中收入持平。</p>
</div><p>This quarter, Aramark’s revenue grew by 14.3% year on year to $5.05 billion but fell short of Wall Street’s estimates.</p>
<div class="lb-trans"><p>本季度，爱玛客的收入同比增长 14.3%，达到 50.5 亿美元，但未能达到华尔街的预期。</p>
</div><p>Looking ahead, sell-side analysts expect revenue to grow 6.3% over the next 12 months, an improvement versus the last two years. This projection is above average for the sector and implies its newer products and services will catalyze better top-line performance.</p>
<div class="lb-trans"><p>展望未来，卖方分析师预计未来 12 个月收入将增长 6.3%，相比过去两年有所改善。这个预测高于行业平均水平，暗示其新产品和服务将促进更好的收入表现。</p>
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<div class="lb-trans"><p>软件正在吞噬世界，几乎没有哪个行业未受到其影响。这推动了对帮助软件开发人员完成工作的工具的需求，无论是监控关键的云基础设施、集成音频和视频功能，还是确保内容流畅播放。点击这里获取我们最喜欢的三只股票的免费报告，以把握这一代巨型趋势。</p>
</div><p><strong>Adjusted Operating Margin</strong></p>
<div class="lb-trans"><p><strong>调整后营业利润率</strong></p>
</div><p>Adjusted operating margin is a key measure of profitability. Think of it as net income (the bottom line) excluding the impact of non-recurring expenses, taxes, and interest on debt - metrics less connected to business fundamentals.</p>
<div class="lb-trans"><p>调整后营业利润率是盈利能力的关键指标。可以将其视为净收入（底线）减去非经常性支出、税收和债务利息的影响——这些指标与商业基本面关联较小。</p>
</div><p>Aramark was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 4.8% was weak for a business services business.</p>
<div class="lb-trans"><p>在过去五年中，爱玛客是盈利的，但受到其庞大成本基础的制约。其平均调整后营业利润率为 4.8%，对于商业服务行业来说较弱。</p>
</div><p>On the plus side, Aramark’s adjusted operating margin rose by 2.9 percentage points over the last five years, as its sales growth gave it operating leverage.</p>
<div class="lb-trans"><p>好的一面是，爱玛客的调整后营业利润率在过去五年中上升了 2.9 个百分点，因为其销售增长为其提供了经营杠杆。</p>
</div><p>This quarter, Aramark generated an adjusted operating margin profit margin of 5.7%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.</p>
<div class="lb-trans"><p>本季度，爱玛客的调整后营业利润率为 5.7%，与去年同期持平。这表明公司的整体成本结构相对稳定。</p>
</div><p><strong>Earnings Per Share</strong></p>
<div class="lb-trans"><p><strong>每股收益</strong></p>
</div><p>Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.</p>
<div class="lb-trans"><p>收入趋势解释了一家公司的历史增长，但每股收益（EPS）的长期变化指向该增长的盈利能力——例如，一家公司可能通过过度支出广告和促销来虚增其销售。</p>
</div><p>Aramark’s full-year EPS flipped from negative to positive over the last five years. This is encouraging and shows it’s at a critical moment in its life.</p>
<div class="lb-trans"><p>在过去五年中，爱玛客的全年每股收益从负转正。这令人鼓舞，表明其正处于关键时刻。</p>
</div><p>Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.</p>
<div class="lb-trans"><p>与收入一样，我们分析每股收益的时间段较短，因为这可以提供对企业新兴主题或发展的洞察。</p>
</div><p>Sadly for Aramark, its EPS declined by 31% annually over the last two years while its revenue was flat. This tells us the company struggled to adjust to choppy demand.</p>
<div class="lb-trans"><p>对爱玛客来说不幸的是，其每股收益在过去两年中年均下降 31%，而其收入持平。这告诉我们公司在适应波动需求方面遇到了困难。</p>
</div><p>We can take a deeper look into Aramark’s earnings to better understand the drivers of its performance. We mentioned earlier that Aramark’s adjusted operating margin was flat this quarter, but a two-year view shows its margin has declinedwhile its share count has grown 1.3%. This means the company not only became less efficient with its operating expenses but also diluted its shareholders.</p>
<div class="lb-trans"><p>我们可以更深入地研究爱玛客的收益，以更好地理解其表现的驱动因素。我们之前提到爱玛客的调整后营业利润率在本季度持平，但两年的视角显示其利润率下降，而其股份数量增长了 1.3%。这意味着公司不仅在运营支出上变得效率降低，还稀释了其股东的权益。</p>
</div><p>In Q3, Aramark reported EPS of $0.33, down from $0.46 in the same quarter last year. This print missed analysts’ estimates, but we care more about long-term EPS growth than short-term movements. Over the next 12 months, Wall Street expects Aramark’s full-year EPS of $1.22 to grow 60%.</p>
<div class="lb-trans"><p>在第三季度，爱玛客报告每股收益为 0.33 美元，低于去年同期的 0.46 美元。这个数据未能达到分析师的预期，但我们更关心长期每股收益的增长，而不是短期波动。在接下来的 12 个月中，华尔街预计爱玛客的全年每股收益为 1.22 美元，将增长 60%。</p>
</div><p><strong>Key Takeaways from Aramark’s Q3 Results</strong></p>
<div class="lb-trans"><p><strong>爱玛客第三季度业绩的关键要点</strong></p>
</div><p>We were impressed by how significantly Aramark blew past analysts’ full-year EPS guidance expectations this quarter. On the other hand, its revenue missed and its EPS fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $37.27 immediately following the results.</p>
<div class="lb-trans"><p>我们对爱玛客在本季度显著超出分析师全年每股收益指导预期的表现感到印象深刻。另一方面，其收入未能达到预期，每股收益也低于华尔街的预期。总体而言，这是一个较为疲软的季度。结果公布后，股价保持在 37.27 美元不变。</p>
</div><p>Aramark may have had a tough quarter, but does that actually create an opportunity to invest right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.</p>
<div class="lb-trans"><p>爱玛客可能经历了一个艰难的季度，但这是否实际上为现在的投资创造了机会？如果你正在做出这个决定，你应该考虑估值、商业品质以及最新的财报等更大背景。我们在这里的可操作性完整研究报告中涵盖了这些内容，活跃的 Edge 会员可以免费阅读。</p>
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爱玛客 (NYSE:ARMK) 未能达到 2025 年第三季度的销售预期