Vestis Corp

Listed Company

VSTSCIK 0001967649NYSELarge AcceleratedWholesale-Miscellaneous Nondurable GoodsDelawareFY ends Oct 3

Period

FY 2025

Revenue

$2.73B

Net Income

$-40.22M

Total Assets

$2.91B

Equity

$865.64M

Shares Out

131.95M

Op. Cash Flow

$64.23M

Business

Vestis Corporation provides uniform rental and workplace supply services across the United States and Canada. It offers uniforms (including contamination-control, high-visibility and flame-resistant garments), mats, towels, linens, restroom supplies, first-aid and safety products, plus laundering, sanitization, repair, customization and delivery services. The company operates through full-service uniform programs, workplace supply services, cleanroom/contamination-control offerings and a network of manufacturing, laundry, distribution and route-delivery facilities. It serves customers in manufacturing, hospitality, retail, food processing, healthcare and automotive markets via sales representatives, route service representatives, telemarketing and digital platforms.

Summary from filing dated 2025-12-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30
Revenue	2,735	2,806	2,825	2,687
Cost of services provided (exclusive of depreciation and amortization)	2,010	1,990	1,970	1,910
Depreciation and amortization	143	141	137	134
Selling, general and administrative expenses	517	517	501	451
Total Operating Expenses	2,670	2,648	2,607	2,495
Operating Income	64	158	218	192
Loss (Gain) on Sale of Equity Investment, net	3	0	−52	0
Interest Expense, net	92	127	2	—
Other Expense (Income), net	14	−642,000	−2	—
(Loss) Income Before Income Taxes	−44	32	270	190
(Benefit) Provision for Income Taxes	−4	11	57	48
Net (Loss) Income	−40	21	213	142
Basic (in usd per share)	−0.31	0.16	1.63	1.08
Diluted (in usd per share)	−0.31	0.16	1.63	1.08
Basic (in shares)	132	132	131	131
Diluted (in shares)	132	132	131	131

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	30	31	36	—	—
Receivables (net of allowances: $32,677; $19,804, respectively)	162	177	393	—	—
Inventories, net	179	165	175	—	—
Rental merchandise in service, net	406	396	399	—	—
Other current assets	73	44	17	—	—
Total current assets	850	813	1,020	—	—
Property and Equipment, at cost	1,739	1,759	1,697	—	—
Less - Accumulated depreciation	−1,075	−1,088	−1,032	—	—
Total property and equipment, net	663	671	665	—	—
Goodwill	962	964	964	963	—
Other Intangible Assets, net	189	213	239	—	—
Operating Lease Right-of-use Assets	85	74	58	—	—
Other Assets	158	198	213	—	—
Total Assets	2,907	2,932	3,157	—	—
Current maturities of financing lease obligations	35	31	28	—	—
Current operating lease liabilities	20	20	20	—	—
Accounts payable	158	163	134	—	—
Accrued payroll and related expenses	94	97	114	—	—
Accrued expenses and other current liabilities	101	145	73	—	—
Total current liabilities	409	456	396	—	—
Long-Term Borrowings	1,155	1,148	1,463	—	—
Noncurrent Financing Lease Obligations	131	115	105	—	—
Noncurrent Operating Lease Liabilities	77	66	46	—	—
Deferred Income Taxes	177	192	218	—	—
Other Noncurrent Liabilities	92	53	53	—	—
Total Liabilities	2,041	2,029	2,280	—	—
Commitments and Contingencies (see Note 9)	—	—	—	—	—
Common stock, par value $0.01 per share, 350,000,000 shares authorized, 131,859,470 and 131,481,967 shares issued and outstanding as of October 3, 2025 and September 27, 2024, respectively	1	1	0	—	—
Additional paid-in capital	938	928	0	—	—
(Accumulated deficit) retained earnings	−47	3	0	—	—
Accumulated other comprehensive loss	−26	−29	−31	—	—
Total Equity	866	903	877	2,336	2,332
Total Liabilities and Equity	2,907	2,932	3,157	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30
Deferred income taxes	−13	−20	14	21
Share-based compensation expense	12	16	14	17
Asset write-downs	1	980,000	8	0
(Gain) loss on disposals of property and equipment	−490,000	1	0	0
Amortization of debt issuance costs	4	5	0	0
Loss on extinguishment of debt	0	4	0	0
Receivables, net	14	216	−24	−54
Inventories, net	−14	10	9	−631,000
Rental merchandise in service, net	−11	3	−5	−42
Other current assets	−25	−3	952,000	−3
Accounts payable	−267,000	22	−33	31
Accrued expenses and other current liabilities	−12	81	−8	—
Changes in other noncurrent liabilities	9	−16	−944,000	−2
Changes in other assets	−4	−9	−9	−4
Other operating activities	−220,000	33,000	−8	−2
Net cash provided by operating activities	64	472	257	233
Purchases of property and equipment and other	−58	−79	−78	−76
Proceeds from disposals of property and equipment	6	5	11	7
Proceeds from sale of equity investment	38	0	52	0
Other investing activities	−5	0	75,000	200,000
Net cash used in investing activities	−20	−74	−15	−86
Proceeds from long-term borrowings	167	798	1,500	0
Payments of long-term borrowings	−161	−1,138	0	0
Payments of financing lease obligations	−34	−31	−28	−28
Dividend payments	−14	−14	0	0
Debt issuance costs	−2	−11	−14	0
Other financing activities	−2	−2	0	0
Net cash distributions to Parent	0	−6	−1,689	−135
Net cash used in financing activities	−46	−403	−230	−163
Effect of foreign exchange rates on cash and cash equivalents	383,000	−218,000	353,000	−2
Increase (Decrease) in cash and cash equivalents	−1	−5	12	−17

Filings

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