ABM INDUSTRIES INC /DE/ABM
ABM INDUSTRIES INC /DE/ Segments Disclosure
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 specializes in facility infrastructure, mechanical and electrical services, including EV power design, installation and maintenance, as well as microgrid systems installations and uninterrupted power supply services. These services can also be leveraged for cross-selling across all of our industry groups, both domestically and internationally. | ||||
The accounting policies for our segments are the same as those disclosed within our significant accounting policies in Note 2, “Basis of Presentation and Significant Accounting Policies.” Our management evaluates the performance of each reportable segment based on its respective operating profit results, which include the allocation of certain centrally incurred costs. Corporate expenses not allocated to segments include certain CEO and other finance and human resource departmental expenses, certain information technology costs, share-based compensation, certain legal costs and settlements, restructuring and related costs, certain actuarial adjustments to self-insurance reserves, and direct acquisition costs.
As of October 31, 2025, the Company’s Chief Operating Decision Makers (the “CODMs”), consisting of the Chief Executive Officer and the Chief Operating Officer, evaluate the performance of ABM’s operating segments and allocate resources based on segment operating profit and revenue. These metrics are regularly reviewed as part of ABM’s internal reporting package.
Segment operating profits are used to allocate resources, including investment spending, primarily as part of the annual budget process. On a monthly basis, the CODMs review budget-to-actual variances to assess performance, monitor trends, and compare results across segments. Segment performance is also considered in the determination of incentive compensation for segment leadership. Segment asset information is not provided to the CODMs, nor is it used in evaluating segment performance or making resource allocation decisions. Accordingly, segment assets are not disclosed in this note.
In accordance with ASU 2023-07, Segment Reporting (Topic 280), we have disclosed the measure of profit or loss used by the CODMs, along with other significant segment items that are regularly provided and used in managing the business.
Financial Information by Reportable Segment
Year Ended October 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in millions) | B&I | M&D | Aviation | Education | Technical Solutions | Total | |||||||||||||||||||||||||||||
| Revenues | $ | 4,126.0 | $ | 1,618.6 | $ | 1,118.7 | $ | 922.0 | $ | 960.6 | $ | 8,745.9 | |||||||||||||||||||||||
Significant segment expenses | |||||||||||||||||||||||||||||||||||
Direct labor | 2,290.1 | 1,058.6 | 657.2 | 605.7 | 306.2 | 4,917.9 | |||||||||||||||||||||||||||||
Indirect costs | 119.8 | 31.0 | 12.9 | 23.4 | 91.0 | 278.0 | |||||||||||||||||||||||||||||
General and administrative | 88.3 | 45.2 | 41.4 | 9.5 | 77.1 | 261.5 | |||||||||||||||||||||||||||||
Selling | 33.2 | 12.9 | 1.6 | 1.4 | 52.1 | 101.2 | |||||||||||||||||||||||||||||
Other segment items(1) | 1,277.6 | 319.4 | 340.5 | 214.3 | 347.9 | 2,499.5 | |||||||||||||||||||||||||||||
Segment operating profit | $ | 316.9 | $ | 151.4 | $ | 65.2 | $ | 67.7 | $ | 86.5 | $ | 687.6 | |||||||||||||||||||||||
Corporate | (370.5) | ||||||||||||||||||||||||||||||||||
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions | (4.6) | ||||||||||||||||||||||||||||||||||
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions | (0.8) | ||||||||||||||||||||||||||||||||||
Total operating profit | $ | 311.7 | |||||||||||||||||||||||||||||||||
| Income from unconsolidated affiliates | 4.6 | ||||||||||||||||||||||||||||||||||
| Interest expense | (96.4) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 219.9 | |||||||||||||||||||||||||||||||||
Other significant segment items(3) | |||||||||||||||||||||||||||||||||||
Materials and supplies | $ | 109.2 | $ | 58.5 | $ | 22.3 | $ | 47.5 | $ | 280.8 | |||||||||||||||||||||||||
Salaries and wages (other than direct) | 126.7 | 32.1 | 16.2 | 16.3 | 130.4 | ||||||||||||||||||||||||||||||
Consulting and professional services | 11.8 | 5.3 | 46.0 | 4.0 | 9.2 | ||||||||||||||||||||||||||||||
Travel and entertainment (other than direct) | 8.6 | 3.4 | 2.1 | 1.5 | 6.5 | ||||||||||||||||||||||||||||||
| Legal | 7.2 | 1.7 | 2.5 | 1.0 | 1.2 | ||||||||||||||||||||||||||||||
Year Ended October 31, 2024 | |||||||||||||||||||||||||||||||||||
| (in millions) | B&I | M&D | Aviation | Education | Technical Solutions | Total | |||||||||||||||||||||||||||||
| Revenues | $ | 4,059.1 | $ | 1,554.3 | $ | 1,032.6 | $ | 904.0 | $ | 809.3 | $ | 8,359.4 | |||||||||||||||||||||||
Significant segment expenses | |||||||||||||||||||||||||||||||||||
| Direct labor | 2,239.9 | 996.5 | 596.7 | 598.4 | 262.2 | 4,693.7 | |||||||||||||||||||||||||||||
| Indirect costs | 134.5 | 20.8 | 16.7 | 25.0 | 76.5 | 273.4 | |||||||||||||||||||||||||||||
General and administrative | 92.7 | 49.5 | 41.8 | 11.5 | 67.5 | 262.9 | |||||||||||||||||||||||||||||
| Selling | 28.8 | 7.8 | 1.5 | 1.3 | 49.1 | 88.5 | |||||||||||||||||||||||||||||
Other segment items(1) | 1,256.2 | 313.5 | 316.8 | 212.5 | 284.6 | 2,383.6 | |||||||||||||||||||||||||||||
Segment operating profit | $ | 307.0 | $ | 166.3 | $ | 59.1 | $ | 55.3 | $ | 69.4 | $ | 657.2 | |||||||||||||||||||||||
Corporate(2) | (433.1) | ||||||||||||||||||||||||||||||||||
| Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions | (6.5) | ||||||||||||||||||||||||||||||||||
| Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions | (5.5) | ||||||||||||||||||||||||||||||||||
Total operating profit | $ | 212.0 | |||||||||||||||||||||||||||||||||
| Income from unconsolidated affiliates | 6.5 | ||||||||||||||||||||||||||||||||||
| Interest expense | (85.0) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 133.6 | |||||||||||||||||||||||||||||||||
Other significant segment items(3) | |||||||||||||||||||||||||||||||||||
Materials and supplies | $ | 119.9 | $ | 73.5 | $ | 21.8 | $ | 49.1 | $ | 242.0 | |||||||||||||||||||||||||
Salaries and wages (other than direct) | 131.3 | 25.7 | 18.5 | 19.0 | 107.9 | ||||||||||||||||||||||||||||||
Consulting and professional services | 12.5 | 5.6 | 45.0 | 3.0 | 7.4 | ||||||||||||||||||||||||||||||
Travel and entertainment (other than direct) | 9.6 | 2.1 | 1.8 | 1.2 | 5.3 | ||||||||||||||||||||||||||||||
| Legal | 9.6 | 1.5 | 2.1 | 0.8 | 0.9 | ||||||||||||||||||||||||||||||
Year Ended October 31, 2023 | |||||||||||||||||||||||||||||||||||
| (in millions) | B&I | M&D | Aviation | Education | Technical Solutions | Total | |||||||||||||||||||||||||||||
| Revenues | $ | 4,089.4 | $ | 1,526.7 | $ | 925.7 | $ | 880.5 | $ | 674.2 | $ | 8,096.4 | |||||||||||||||||||||||
Significant segment expenses | |||||||||||||||||||||||||||||||||||
| Direct labor | 2,265.6 | 995.4 | 536.2 | 590.5 | 250.6 | 4,638.2 | |||||||||||||||||||||||||||||
| Indirect costs | 135.0 | 19.0 | 15.8 | 19.8 | 61.3 | 250.9 | |||||||||||||||||||||||||||||
General and administrative | 91.0 | 47.3 | 38.9 | 11.0 | 51.4 | 239.6 | |||||||||||||||||||||||||||||
| Selling | 32.5 | 5.7 | 0.7 | 2.9 | 49.7 | 91.4 | |||||||||||||||||||||||||||||
Other segment items(1) | 1,249.6 | 297.6 | 274.1 | 206.5 | 208.0 | 2,235.8 | |||||||||||||||||||||||||||||
Segment operating profit | $ | 315.6 | $ | 161.7 | $ | 60.0 | $ | 49.7 | $ | 53.2 | $ | 640.3 | |||||||||||||||||||||||
Corporate(2) | (226.7) | ||||||||||||||||||||||||||||||||||
| Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions | (3.9) | ||||||||||||||||||||||||||||||||||
| Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions | (0.3) | ||||||||||||||||||||||||||||||||||
| Total operating profit | $ | 409.5 | |||||||||||||||||||||||||||||||||
| Income from unconsolidated affiliates | 3.9 | ||||||||||||||||||||||||||||||||||
| Interest expense | (82.3) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 331.1 | |||||||||||||||||||||||||||||||||
Other significant segment items(3) | |||||||||||||||||||||||||||||||||||
Materials and supplies | $ | 116.9 | $ | 68.2 | $ | 24.8 | $ | 48.3 | $ | 154.8 | |||||||||||||||||||||||||
Salaries and wages (other than direct) | 133.6 | 21.4 | 16.9 | 18.0 | 94.1 | ||||||||||||||||||||||||||||||
Consulting and professional services | 14.4 | 4.7 | 29.1 | 3.3 | 4.1 | ||||||||||||||||||||||||||||||
Travel and entertainment (other than direct) | 8.6 | 1.7 | 1.4 | 1.1 | 4.3 | ||||||||||||||||||||||||||||||
| Legal | 3.7 | 2.4 | 0.2 | 0.5 | 0.6 | ||||||||||||||||||||||||||||||
(1) Other segment items consist of payroll related expenses, materials and supplies, insurance costs, depreciation and amortization, consulting and professional services, and various other expense items.
(2) During the year ended October 31, 2024, reflects adjustments to the fair value of the contingent consideration payable related to the RavenVolt Acquisition of $95.7 million. During the year ended October 31, 2023, reflects adjustments to the fair value of the contingent consideration payable related to the RavenVolt Acquisition of $45.6 million and an employee retention credit totaling $24.0 million.
(3) Note these items are included in the segment expenses and operating profit shown above and are listed separately below segment operating profit as they are metrics that are separately provided to the CODMs on a regular basis.
Depreciation and Amortization
| Year Ended October 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Business & Industry | $ | 35.0 | $ | 37.3 | $ | 44.9 | |||||||||||
| Manufacturing & Distribution | 11.7 | 12.2 | 13.1 | ||||||||||||||
| Aviation | 14.1 | 12.6 | 9.6 | ||||||||||||||
| Education | 21.3 | 21.8 | 22.5 | ||||||||||||||
| Technical Solutions | 10.4 | 7.7 | 17.5 | ||||||||||||||
| Corporate | 13.1 | 15.0 | 13.1 | ||||||||||||||
| $ | 105.6 | $ | 106.6 | $ | 120.7 | ||||||||||||
Geographic Information Based on the Country in Which the Sale Originated(1)
| Year Ended October 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenues | |||||||||||||||||
| United States | $ | 8,025.4 | $ | 7,760.9 | $ | 7,565.6 | |||||||||||
| All other countries | 720.5 | 598.4 | 530.8 | ||||||||||||||
| $ | 8,745.9 | $ | 8,359.4 | $ | 8,096.4 | ||||||||||||
(1) Substantially all of our long-lived assets are related to U.S. operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 19, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Dec 18, 2023 | |
| 2022 | Dec 21, 2022 | |
| 2021 | Dec 22, 2021 | |
| 2020 | Dec 17, 2020 | |
| 2019 | Dec 20, 2019 | |
| 2018 | Dec 21, 2018 | |
| 2017 | Dec 22, 2017 | |
| 2016 | Dec 21, 2016 | |
| 2015 | Dec 17, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.