Aramark(ARMK) - 2025 Q3 - Quarterly Report

FORM 10-Q Filing Information Aramark's Quarterly Report on Form 10-Q for June 27, 2025, outlines its filing status and outstanding common stock - Aramark (Commission File Number: 001-36223) filed its Quarterly Report on Form 10-Q for the period ended June 27, 2025, as a large accelerated filer, not a shell company[2][4] | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, par value $0.01 per share | ARMK | New York Stock Exchange | - As of July 25, 2025, 262,850,908 shares of common stock were outstanding[4] PART I - Financial Information This section presents Aramark's unaudited financial statements and notes, covering accounting policies, assets, liabilities, and performance Item 1. Financial Statements (Unaudited) Aramark's unaudited condensed consolidated financial statements, including balance sheets, income, cash flows, and equity, are presented with notes Condensed Consolidated Balance Sheets This section details Aramark's financial position, presenting assets, liabilities, and stockholders' equity at specific dates | ASSETS (in thousands) | June 27, 2025 | September 27, 2024 | | :-------------------- | :------------ | :----------------- | | Cash and cash equivalents | $501,485 | $672,483 | | Receivables, net | $2,357,475 | $2,096,928 | | Total current assets | $3,528,537 | $3,406,562 | | Property and Equipment, net | $1,702,075 | $1,573,193 | | Goodwill | $4,852,720 | $4,677,201 | | Other Intangible Assets | $1,899,911 | $1,804,602 | | Total Assets | $13,283,678 | $12,674,371 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | June 27, 2025 | September 27, 2024 | | :------------------------------------ | :------------ | :----------------- | | Current maturities of long-term borrowings | $41,113 | $964,286 | | Accounts payable | $1,137,859 | $1,394,007 | | Total current liabilities | $2,737,997 | $4,214,210 | | Long-Term Borrowings | $6,253,834 | $4,307,171 | | Total stockholders' equity | $3,084,131 | $3,038,974 | | Total Liabilities and Stockholders' Equity | $13,283,678 | $12,674,371 | - Total assets increased by $609.3 million (4.8%) from September 27, 2024, to June 27, 2025, primarily driven by increases in receivables, property and equipment, goodwill, and other intangible assets[13] - Total liabilities decreased by $1,476.2 million (14.7%) due to a significant reduction in current maturities of long-term borrowings, partially offset by an increase in long-term borrowings[13] - Stockholders' equity increased by $45.1 million (1.5%)[13] Condensed Consolidated Statements of Income This section presents Aramark's consolidated income statements, detailing revenue, operating income, net income, and earnings per share | (in thousands, except per share data) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Revenue | $4,626,451 | $4,376,076 | $13,457,835 | $12,983,754 | | Operating income | $182,587 | $161,679 | $574,026 | $487,715 | | Net income attributable to Aramark stockholders | $71,783 | $58,126 | $239,256 | $140,111 | | Basic Earnings per share | $0.27 | $0.22 | $0.91 | $0.53 | | Diluted Earnings per share | $0.27 | $0.22 | $0.90 | $0.53 | - For the three months ended June 27, 2025, revenue increased by 5.7% YoY, operating income increased by 12.9% YoY, and net income attributable to Aramark stockholders increased by 23.5% YoY[15] - Basic and diluted EPS both increased by $0.05 YoY[15] - For the nine months ended June 27, 2025, revenue increased by 3.7% YoY, operating income increased by 17.7% YoY, and net income attributable to Aramark stockholders increased by 70.8% YoY[15] - Basic and diluted EPS both increased by $0.38 YoY[15] Condensed Consolidated Statements of Comprehensive Income This section presents Aramark's consolidated statements of comprehensive income, including net income and other comprehensive income (loss) | (in thousands) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $71,952 | $58,121 | $239,628 | $139,640 | | Other comprehensive income (loss), net of tax | $14,636 | $(4,618) | $(19,260) | $(38,043) | | Comprehensive income attributable to Aramark stockholders | $86,419 | $53,508 | $219,996 | $102,068 | - Comprehensive income attributable to Aramark stockholders significantly increased for both the three-month period (61.5% YoY) and nine-month period (115.5% YoY) ended June 27, 2025, primarily driven by higher net income and a positive shift in other comprehensive income (loss) from foreign currency translation adjustments[17] Condensed Consolidated Statements of Cash Flows This section details Aramark's cash flow activities, categorizing them into operating, investing, and financing sections | (in thousands) | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------- | :------------------------------ | :------------------------------ | | Net cash used in operating activities | $(254,527) | $(295,101) | | Net cash used in investing activities | $(614,178) | $(379,404) | | Net cash provided by (used in) financing activities | $679,377 | $(800,564) | | Decrease in cash and cash equivalents and restricted cash | $(174,909) | $(1,476,838) | | Cash and cash equivalents and restricted cash, end of period | $557,704 | $495,529 | - Net cash used in operating activities decreased by $40.6 million, indicating improved operational cash management[20] - Net cash used in investing activities increased by $234.8 million, primarily due to higher acquisitions and property/equipment purchases[20] - A significant shift occurred in financing activities, moving from a net cash usage of $800.6 million in the prior year to a net cash provision of $679.4 million, driven by new borrowings and a receivables facility[20][150][152][154] Condensed Consolidated Statements of Stockholders' Equity This section details changes in Aramark's stockholders' equity, including common stock, capital surplus, retained earnings, and treasury stock | (in thousands) | Balance, September 27, 2024 | Balance, June 27, 2025 | | :------------- | :-------------------------- | :--------------------- | | Total Stockholders' Equity | $3,038,974 | $3,084,131 | | Common Stock | $3,043 | $3,078 | | Capital Surplus | $3,931,932 | $4,014,513 | | Retained Earnings | $239,709 | $393,744 | | Accumulated Other Comprehensive Loss | $(132,457) | $(151,717) | | Treasury Stock | $(1,003,253) | $(1,175,487) | - Total stockholders' equity increased by $45.1 million from September 27, 2024, to June 27, 2025[23] - This was primarily driven by net income attributable to Aramark stockholders ($239.3 million) and capital contributions from common stock issuance, partially offset by dividends declared ($83.2 million) and repurchases of common stock ($140.2 million)[23][99] Notes to Condensed Consolidated Financial Statements This section provides detailed explanations of Aramark's significant accounting policies and financial statement items NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Aramark is a global provider of food and facilities services, operating in two reportable segments: FSS United States and FSS International[27][28][29] - The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include all adjustments for fair presentation[27][28][29] - New accounting standards updates (ASU 2024-03, ASU 2023-09, ASU 2023-07) are being assessed for impact, with ASU 2023-07 on Segment Reporting expected to be adopted retrospectively for fiscal 2025 annual disclosures[30][31][32] - Comprehensive income includes net income, foreign currency translation adjustments, and changes in the fair value of cash flow hedges[34][37] - Accumulated other comprehensive loss primarily consists of foreign currency translation adjustments and cash flow hedges[34][37] - The company completed the separation and distribution of its Uniform segment (Vestis) on September 30, 2023, as a tax-free spin-off[49][54] - Related transaction fees of $20.0 million and charitable contribution expense of $8.8 million were incurred in the nine months ended June 28, 2024[49][54] NOTE 2. GOODWILL AND OTHER INTANGIBLE ASSETS | Segment (in thousands) | September 27, 2024 | Acquisitions | Translation | June 27, 2025 | | :--------------------- | :----------------- | :----------- | :---------- | :------------ | | FSS United States | $4,184,547 | $45,375 | $(34) | $4,229,888 | | FSS International | $492,654 | $111,477 | $18,701 | $622,832 | | Total Goodwill | $4,677,201 | $156,852 | $18,667 | $4,852,720 | | Other Intangible Assets (in thousands) | June 27, 2025 Net Amount | September 27, 2024 Net Amount | | :------------------------------------- | :----------------------- | :---------------------------- | | Customer relationship assets | $692,016 | $647,006 | | Trade names | $1,207,895 | $1,157,596 | | Total Other Intangible Assets | $1,899,911 | $1,804,602 | - Goodwill increased by $175.5 million during the nine months ended June 27, 2025, primarily due to acquisitions ($156.9 million) and foreign currency translation ($18.7 million)[57][59] - Amortization of intangible assets for the nine months ended June 27, 2025, was $90.6 million, up from $78.8 million in the prior year[57][59] NOTE 3. BORROWINGS | Long-term borrowings, net (in thousands) | June 27, 2025 | September 27, 2024 | | :------------------------------------- | :------------ | :----------------- | | Senior Secured Credit Facility | $4,358,160 | $3,199,372 | | Senior Unsecured Notes | $1,609,287 | $2,057,593 | | Receivables Facility | $570,000 | — | | Total Long-Term Borrowings, net | $6,253,834 | $4,307,171 | - Long-term borrowings, net, increased by $1,946.7 million from September 27, 2024, to June 27, 2025[60] - This was primarily due to the issuance of €400.0 million 4.375% Senior Unsecured Notes due April 2033 and new U.S. Term B-8 Loans due 2030 ($1,395.0 million), used to repay existing notes and term loans[60][63][70] - As of June 27, 2025, the company had $906.5 million availability under its revolving credit facility and $30.0 million under the Receivables Facility[61] NOTE 4. DERIVATIVE INSTRUMENTS - Aramark uses interest rate swap agreements to manage interest rate risk on debt obligations, with $2.4 billion notional amount outstanding as of June 27, 2025[80][81] - During the nine months ended June 27, 2025, $800.0 million in swaps matured, and $900.0 million in new swaps were initiated[80][81] | (in thousands) | June 27, 2025 | September 27, 2024 | | :------------- | :------------ | :----------------- | | Unrealized net of tax gains related to interest rate swaps in Accumulated other comprehensive loss | $19,700 | $36,500 | - The company expects a net of tax gain of approximately $17.0 million to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months from interest rate swaps[86] NOTE 5. REVENUE RECOGNITION - Aramark recognizes revenue from food and facility services based on written contracts, with performance obligations generally satisfied over time[87][89] - The company uses the right to invoice practical expedient to recognize revenue as services are provided[87][89] | Revenue by Segment (in millions) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | FSS United States | $3,247.2 | $3,144.5 | $9,604.6 | $9,400.7 | | FSS International | $1,379.2 | $1,231.6 | $3,853.2 | $3,583.1 | | Total Revenue | $4,626.4 | $4,376.1 | $13,457.8 | $12,983.8 | - Deferred income, primarily from prepaid meal plans, decreased from $352.5 million at September 27, 2024, to $134.3 million at June 27, 2025[91][92] - For the nine months ended June 27, 2025, $311.5 million of revenue was recognized from deferred income[91][92] NOTE 6. INCOME TAXES - For the three and nine months ended June 27, 2025, Aramark recorded a $3.1 million income tax benefit from the reversal of a valuation allowance against deferred tax assets in a foreign subsidiary due to an acquisition[94] - The company expects to meet safe harbor requirements for Pillar Two Global Anti-Base Erosion Model Rules (minimum 15.0% effective tax rate) for fiscal years 2025-2027, with no material impact on current or future financial statements[96] - The recently signed One Big Beautiful Bill (OBBB) Act, effective in fiscal year 2025 and future periods, is currently being assessed for its impact on consolidated financial statements[97] NOTE 7. STOCKHOLDERS' EQUITY - A dividend of $0.105 per share of common stock was declared on July 22, 2025, payable on August 20, 2025[98] - The Board of Directors approved a $500.0 million share repurchase program on November 5, 2024[99] - During the nine months ended June 27, 2025, the company repurchased 4.0 million shares for $140.2 million[99] NOTE 8. EARNINGS PER SHARE | (in thousands, except per share data) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income attributable to Aramark stockholders | $71,783 | $58,126 | $239,256 | $140,111 | | Basic weighted-average shares outstanding | 262,660 | 263,390 | 264,118 | 262,761 | | Diluted weighted-average shares outstanding | 265,347 | 266,577 | 267,180 | 265,387 | | Basic Earnings Per Share | $0.27 | $0.22 | $0.91 | $0.53 | | Diluted Earnings Per Share | $0.27 | $0.22 | $0.90 | $0.53 | - Basic and diluted EPS increased significantly for both the three-month and nine-month periods ended June 27, 2025, reflecting higher net income[103][104] - Share-based awards and performance stock units were excluded from diluted EPS computation if antidilutive or performance targets were not met[103][104] NOTE 9. COMMITMENTS AND CONTINGENCIES - Aramark is involved in various legal actions and investigations incidental to its business, but does not believe any are likely to be individually or in aggregate material to its financial condition[105] - A putative class action lawsuit was filed against Vestis (former Uniform segment) and certain officers, later amended to include Aramark and its CEO as defendants, alleging false or misleading statements related to Vestis' business and financial results[106] - Aramark intends to vigorously defend this matter[106] NOTE 10. BUSINESS SEGMENTS - Aramark operates in two reportable segments: Food and Support Services United States (FSS United States) and Food and Support Services International (FSS International)[108] - Approximately 84% of global revenue is from food services and 16% from facilities services[108] | Revenue by Segment (in millions) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | FSS United States | $3,247.2 | $3,144.5 | $9,604.6 | $9,400.7 | | FSS International | $1,379.2 | $1,231.6 | $3,853.2 | $3,583.1 | | Total Revenue | $4,626.4 | $4,376.1 | $13,457.8 | $12,983.8 | | Operating Income by Segment (in millions) | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | FSS United States | $160.0 | $140.1 | $505.4 | $459.2 | | FSS International | $49.1 | $52.3 | $154.3 | $141.1 | | Corporate | $(26.5) | $(30.7) | $(85.7) | $(112.6) | | Total Operating Income | $182.6 | $161.7 | $574.0 | $487.7 | NOTE 11. FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES - Fair value measurements are classified into Level 1 (quoted prices in active markets), Level 2 (observable inputs for similar assets/liabilities), and Level 3 (unobservable inputs)[112][113] - The fair value of the company's debt was $6,325.2 million at June 27, 2025, and $5,300.7 million at September 27, 2024, with inputs classified as Level 2[112][113] - The contingent consideration liability from the Union Supply acquisition was fully paid out in the second quarter of fiscal 2025, resulting in a zero balance at June 27, 2025[115] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes Aramark's financial condition and results, covering business overview, macroeconomic factors, segment performance, liquidity, and capital resources Overview Aramark is a leading global provider of food and facilities services, operating in FSS United States and FSS International - Aramark is a leading global provider of food and facilities services across education, healthcare, business & industry, and sports, leisure & corrections sectors[120][121] - Operations are divided into FSS United States and FSS International segments[120][121] Current Business Environment The company observed moderation in global inflationary costs and market interest rates, while managing foreign currency volatility - The company observed moderation in global inflationary costs (product, energy, labor) and market interest rates, but continued foreign currency volatility[122] - Actions are taken to mitigate risks, including supply chain initiatives, pricing adjustments, and interest rate swaps[122] Seasonality Revenue and operating results vary quarterly due to seasonality, with distinct patterns in FSS United States and cash flows - Revenue and operating results vary quarterly due to seasonality[123] - FSS United States experiences lower activity in sports and leisure during the first half of the fiscal year, offset by education, with the reverse in the second half[123] - Cash usage is typical in the first fiscal quarter, with inflows in the fourth quarter[123] Foreign Currency Fluctuations The impact of foreign currency translation is calculated assuming constant exchange rates for period-to-period comparisons - The impact of foreign currency translation is calculated assuming constant exchange rates from the prior year to facilitate period-to-period performance comparisons[124] Fiscal Year Aramark's fiscal year is a 52- or 53-week period ending on the Friday nearest September 30th - Aramark's fiscal year is a 52- or 53-week period ending on the Friday nearest September 30th[125] - Fiscal year 2025 is a 53-week period, while fiscal year 2024 was 52 weeks[125] Results of Operations This section analyzes Aramark's consolidated and segment-level financial performance, including revenue, operating income, and expenses - Consolidated revenue increased by 5.7% for the three months and 3.7% for the nine months ended June 27, 2025, driven by base business growth and additional operating days, partially offset by the exit of lower-margin accounts[129] | Cost of services provided (exclusive of depreciation and amortization) as % of Revenue | | :---------------------------------------------------------------------------------- | | Three Months Ended | | June 27, 2025: 92.0% | | June 28, 2024: 92.3% | | Nine Months Ended | | June 27, 2025: 91.6% | | June 28, 2024: 92.1% | - Operating income increased by $20.9 million (12.9%) for the three months and $86.3 million (17.7%) for the nine months ended June 27, 2025, primarily due to base business growth and supply chain efficiencies, partially offset by higher medical claims and severance charges[133] - Interest Expense, net, increased by 6.0% for the three-month period due to new interest rate swap agreements at higher rates[134][135] - Interest Expense, net, decreased by 10.8% for the nine-month period due to prior year call premiums and write-offs related to debt repayments[134][135] - FSS United States revenue increased by 3.3% (three months) and 2.2% (nine months), driven by volume growth in Business & Industry, additional operating days in Education, and net new business in Sports, Leisure & Corrections[140][142] - FSS International revenue increased by 12.0% (three months) and 7.5% (nine months) due to base business growth and net new business, with foreign currency translation having a favorable impact in the three-month period and a negative impact in the nine-month period[140][142] - Corporate expenses decreased by $4.2 million (three months) and $26.9 million (nine months), mainly due to lower share-based compensation expense and prior year expenses related to the Uniform segment separation[144] Liquidity and Capital Resources This section discusses Aramark's cash position, debt activities, and compliance with debt covenants, outlining its financial flexibility - As of June 27, 2025, Aramark had $501.5 million in cash and cash equivalents, $43.7 million in marketable securities, $906.5 million available under its revolving credit facility, and $30.0 million under its Receivables Facility[145] - Recent debt activities include issuing €400.0 million of 4.375% Senior Notes due April 2033 and $1,395.0 million of New U.S. Term B-8 Loans due 2030, used to repay existing debt and for general corporate purposes[146][147] | Cash Activity (in millions) | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :-------------------------- | :------------------------------ | :------------------------------ | | Net cash used in operating activities | $(254.5) | $(295.1) | | Net cash used in investing activities | $(614.2) | $(379.4) | | Net cash provided by (used in) financing activities | $679.4 | $(800.6) | - Cash provided by financing activities significantly increased in fiscal 2025 due to new borrowings (U.S. Term B-8 Loans, 4.375% 2033 Notes, Receivables Facility, revolving credit facility), partially offset by debt repayments and common stock repurchases[154][162] - Aramark was in compliance with all debt covenants as of June 27, 2025[157][165] - The Consolidated Secured Debt Ratio was 2.96x (covenant ≤ 5.125x) and the Interest Coverage Ratio was 3.98x (covenant ≥ 2.000x)[157][165] Critical Accounting Estimates Management's discussion of critical accounting estimates refers to the Annual Report on Form 10-K, highlighting subjective judgments - Management's discussion of critical accounting estimates refers to the Annual Report on Form 10-K filed on November 19, 2024, emphasizing the subjectivity and judgment involved in estimates that can materially impact financial statements[170][171] New Accounting Standard Updates A full description of recent accounting standard updates and their expected adoption dates is provided in Note 1 - A full description of recent accounting standard updates and their expected adoption dates is provided in Note 1 to the condensed consolidated financial statements[173] Item 3. Quantitative and Qualitative Disclosure About Market Risk Aramark manages interest rate risk through debt and interest rate swaps, with recent transactions impacting its market risk profile - The market risk associated with debt obligations as of June 27, 2025, has not materially changed from September 27, 2024, despite several debt-related transactions[174] - Key transactions impacting market risk include the repayment of $839.3 million U.S. Term B-4 Loans and $551.5 million 5.000% 2025 Notes, the syndication of $1,395.0 million New U.S. Term B-8 Loans due 2030, and the issuance of €400.0 million 4.375% 2033 Notes[174] - During the nine months ended June 27, 2025, $800.0 million notional amount of interest rate swaps matured, and $900.0 million notional amount of new interest rate swaps were entered into[174] Item 4. Controls and Procedures Management evaluated Aramark's disclosure controls and procedures as effective, with no material changes to internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of June 27, 2025, ensuring timely and accurate reporting of information required under the Securities Exchange Act of 1934[175] - No material changes in internal control over financial reporting occurred during the third quarter of fiscal 2025[175] PART II - Other Information This section provides additional information beyond financial statements, including legal proceedings, risk factors, equity sales, and exhibits Item 1. Legal Proceedings Aramark is involved in various legal actions and investigations, which are not expected to be individually or in aggregate material to its financial condition - Aramark is party to various legal actions and investigations, including claims related to employment, wage and hour, discrimination, environmental, and consumer protection laws[177] - Based on current information and counsel's advice, the company does not believe these legal matters are likely to be individually or in aggregate material to its business, financial condition, results of operations, or cash flows[177] - The company is subject to federal, state, and local environmental laws and regulations, with related remediation costs not expected to have a material adverse effect[178] Item 1A. Risk Factors No material changes to the risk factors previously disclosed in Aramark's Annual Report on Form 10-K for fiscal year ended September 27, 2024 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended September 27, 2024[180] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Aramark engaged in share repurchase activity during the three months ended June 27, 2025, under a $500.0 million program | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in thousands) | | :------------------------------- | :----------------------------- | :--------------------------- | :----------------------------------------------------------------------------- | :--------------------------------------------------------------------------------------------------- | | March 29, 2025 to April 25, 2025 | 893,100 | $31.38 | 893,100 | $359,844 | | April 26, 2025 to May 23, 2025 | — | — | — | $359,844 | | May 24, 2025 to June 27, 2025 | — | — | — | $359,844 | | Total | 893,100 | | 893,100 | | - The share repurchase program, authorized for up to $500.0 million, does not have a fixed expiration date[181] Item 3. Defaults Upon Senior Securities Aramark reported no defaults upon senior securities during the period - There were no defaults upon senior securities[182] Item 4. Mine Safety Disclosures Aramark reported no mine safety disclosures for the period - There were no mine safety disclosures[183] Item 5. Other Information No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 27, 2025 - No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 27, 2025[184] Item 6. Exhibits This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including CEO/CFO certifications and inline XBRL financial information - Exhibits include certifications from the CEO and CFO (31.1, 31.2, 32.1) and financial information in inline XBRL format (101, 104)[190][193]