What changed in this filing

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Item 1. Business

2025-12-19 compared with 2024-12-19 · 67 added, 70 removed, 129 unchanged (52% of the section changed)

ABM Industries Incorporated, which operates through its subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,” or the “Company”), is a leading provider of integrated facility, infrastructure, and mobility solutions with a mission to make a difference, every person, every day .

ABM Industries Incorporated, which operates through its subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,” or the “Company”), is a leading provider of facility maintenance, engineering and infrastructure solutions with a mission to make a difference, every person, every day .

Our history dates back to 1909, when American Building Maintenance Company began as a window washing company in San Francisco with one employee.

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As part of the transformation initiative, we also evaluated all of our service offerings and sold our Security and Government Services businesses, which did not align with our long-term focus on specialized industry groups.

In 2017, we acquired GCA Services Group (“GCA”), a provider of integrated facility services to educational institutions and commercial facilities, for approximately $1.3 billion, representing the largest acquisition in ABM history.

In 2017, we acquired GCA Services Group (“GCA”), a provider of integrated facility services to educational institutions and commercial facilities representing the largest acquisition in ABM history.

The acquisition accelerated the Company’s position as a leading facility solutions provider in the education market.

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and Crown Energy Services, Inc.

(collectively, “Able”), a leading facilities services company headquartered in San Francisco, California, with the goal to provide additional scaling to the Company’s core businesses and key geographies and bolstering ABM’s janitorial and facilities services service lines.

(collectively, “Able”), a leading facilities services company headquartered in San Francisco, California, with the goal to provide additional scaling to the Company’s core businesses and key geographies and to bolster ABM’s janitorial and facilities services service lines.

In addition, the acquisition of Able further expanded ABM’s sustainability and energy efficiency offerings amid growing demand for environmentally responsible solutions.

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(“Quality Uptime”), an independent uninterrupted power supply system (“UPS”) maintenance company providing customized preventive and emergency service programs for mission-critical data centers and other facilities across the United States.

With the addition of Quality Uptime, we will offer comprehensive and complementary critical infrastructure solutions for data centers and similar crucial facilities, including electrical testing, electrical switchgear maintenance, breaker testing, UPS service and maintenance, and battery and power distribution unit service and maintenance.

The above acquisitions and divestitures we’ve made since 2015 largely reflect strategies first introduced in our 2020 Vision initiative and also strategies included in our follow-on launched strategic plan called ELEVATE, which was introduced in 2021 and is described below.

With the addition of Quality Uptime, we now offer comprehensive and complementary critical infrastructure solutions for data centers and similar crucial facilities, including electrical testing, electrical switchgear maintenance, breaker testing, UPS service and maintenance, and battery and power distribution unit service and maintenance.

In 2025, we acquired LMC FM Limited (“LMC”), a Dublin-based facilities services company with coverage across Ireland.

The acquisitions and divestitures we have made since 2015 largely reflect strategies first introduced in our 2020 Vision initiative and strategies included in our follow-on strategic modernization plan called ELEVATE, which was introduced in 2021 and is described below.

As a result of these strategic initiatives and investments, we have strengthened our ability to offer janitorial, engineering, parking and eMobility, infrastructure, electrical, lighting and energy solutions, HVAC and mechanical services, landscaping and turf services, and mission critical solutions across aviation, education, manufacturing and distribution, and commercial business industries, on a standalone basis or in combination, and have positioned ourselves as a leading integrated facilities management company.

Unless otherwise indicated, all references to years are to our fiscal year, which ends on October 31.

Forward-Looking Strategic Plan

Leveraging the various accomplishments achieved through 2020 Vision , the Company embarked on the next step of its journey in 2021 with a multiyear strategic plan called ELEVATE .

The ELEVATE strategy is designed to strengthen our industry leadership position through end-market repositioning and building on our core services, which we expect together will drive significant long-term value for our stakeholders.

We will continue to make significant investments over the life of the program, which are expected to total $200 - $215 million, and we will continue to implement various measures with the aim to ELEVATE :

• the client experience, by serving as a trusted advisor who can provide innovative multiservice solutions and consistent service delivery;

• the team member experience, by investing in workforce management, training, developing the next generation of ABM leaders, and building on our inclusive culture;

• our use of technology and data to power client and employee experiences with cutting-edge data and analytics, processes, and tools that will fundamentally change how we operate our business.

Strategic Transformation and Systems Modernization Plan

In 2021, ABM launched its multiyear ELEVATE transformation and systems modernization plan to strengthen our industry leadership, enhance our core service capabilities, and modernize ABM’s systems, processes, and tools — with a goal of advancing data integrity, technology enablement, and operational consistency to support long-term growth and value creation.

As this work progresses, ABM is entering a phase of turning modernization efforts into measurable performance improvements across our enterprise.

Looking ahead, ABM will continue to advance this transformation and modernization program where appropriate while optimizing systems and processes company-wide that we expect to drive performance, strengthen client trust, and create long-term value for shareholders.

Contract Types

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Energy Savings Contracts and Fixed-Price Repair and Refurbishment Under these arrangements, we agree to develop, design, engineer, and construct various types of energy saving projects.

Additionally, as part of bundled energy solutions arrangements, we guarantee the project will satisfy agreed-upon performance standards.

Additionally, as part of infrastructure solutions arrangements, we guarantee the project will satisfy agreed-upon performance standards.

The client agrees to pay us based on a predetermined contractual milestone schedule.

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Microgrid and Uninterrupted Power Supply Systems Installation

Under these arrangements, we provide electrical contracting services for energy-related products such as the installation of solar solutions, battery storage, distributed generation, UPS service and maintenance, battery and power distribution unit service and maintenance, and other specialized electric trades.

Under these arrangements, we provide electrical contracting services for energy-related products such as design, installation and maintenance of distributed generation equipment, UPS systems, power distribution units, and other specialized electric trades.

The client agrees to pay us based on a predetermined contractual milestone schedule.

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REPORTABLE SEGMENTS AND DESCRIPTIONS

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.

B&I, our largest reportable segment, encompasses comprehensive facility solutions, including janitorial and maintenance, facilities engineering, and parking and transportation management to a diverse range of clients.

Our expertise extends to commercial real estate properties, including corporate offices for high-tech clients, sports and entertainment venues, and both traditional hospitals and non-acute healthcare facilities.

We typically provide these services pursuant to monthly fixed-price, square-foot, cost-plus, and parking arrangements (i.e., management reimbursement, leased location, or allowance) that are obtained through a competitive bid process as well as pursuant to work orders.

M&D provides integrated facility services, engineering, janitorial, and other specialized services to a variety of manufacturing, distribution, and data center facilities.

M&D provides integrated facility services, engineering, janitorial and maintenance, and other specialized solutions to a variety of manufacturing, distribution, and data center facilities.

We typically provide these services pursuant to monthly fixed-price, square-foot, and cost-plus, that are obtained through a competitive bid process as well as pursuant to work orders.

One client accounted for approximately 32% of revenues for this segment in 2025.

Education delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services for public school districts, private schools, colleges, and universities.

These services are typically provided pursuant to monthly fixed-price, square-foot, and cost-plus arrangements that are obtained through either a competitive bid process or re-bid upon renewal as well as pursuant to work orders.

Aviation supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation.

Aviation provides comprehensive support services to airlines and airports, including parking and transportation management, janitorial and maintenance services, passenger assistance, catering logistics, aircraft cabin maintenance, and transportation solutions.

We typically provide services to clients in this segment under master services agreements.

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Two clients accounted for approximately 27% of revenues for this segment in 2025.

Technical Solutions specializes in facility infrastructure, mechanical and electrical services, EV power design, installation and maintenance, microgrid systems design, installation and maintenance, including uninterrupted power supply system and power distribution units.

These services can also be leveraged for cross-selling across all of our industry groups, both domestically and internationally.

Contracts for this segment are generally structured as electrical contracting services for energy related products such as the installation of solar solutions, battery storage, distributed generation, and other specialized electric trade.

Education delivers comprehensive facility services to public school districts, private schools, colleges, and universities.

Our services include janitorial and custodial services, landscaping and grounds maintenance, facilities engineering, and parking management.

Technical Solutions specializes in comprehensive facility infrastructure services, including mechanical and electrical systems, as well as design, installation, and maintenance of microgrid systems encompassing UPS systems, power distribution units and EV charging stations.

These offerings are strategically leveraged for cross-selling across all our industry groups, both domestically and internationally.

Contracts for this segment are generally structured as electrical contracting services for energy related products.

One client accounted for approximately 30% of revenues for this segment in 2025.

Service Marks, Trademarks, and Trade Names

We hold various service marks, trademarks, and/or trade names, such as “ABM,” “ABM Building Value,” “ABM GreenCare,” “ABM EnhancedClean,” “ABM EnhancedFacility,” “Linc Service,” “TEGG,” “ABM Connect,” “ABMVantage,” and “RavenVolt,” which we deem important to our marketing activities, to our business, and, in some cases, to the franchising activities conducted by our Technical Solutions segment.

We hold various service marks, trademarks, and/or trade names, such as “ABM,” “ABM Building Value,” “ABM GreenCare,” “ABM EnhancedClean,” “ABM EnhancedFacility,” “Linc Service,” “TEGG,” “ABM Connect,” “ABMVantage,” “RavenVolt,” and “Driving Possibility, Together,” which we deem important to our marketing activities, to our business, and, in some cases, to the franchising activities conducted by our Technical Solutions segment.

Dependence on Significant Client

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The sales and marketing teams acquire, nurture, and manage leads through the sales buying process, as well as train personnel on product offerings, sales tools, and proposal systems, all governed by standard operating procedures.

Macro-Economic Environment in Commercial Real Estate

On an ongoing basis, we monitor changes to the macro-economic environment and their potential impacts on demand for our services and on our financial condition.

One such monitored change is the strength or softness of the commercial real estate industry, especially multi-tenant and owner-occupied commercial office buildings.

The recent softness in that market is primarily attributable to the lingering effects of the Pandemic, especially the normalization of hybrid work, which has resulted in higher office vacancy rates.

Given that Class A and high-quality commercial office buildings are a key end market for us, we have experienced modest declines in demand for janitorial services and work orders in these markets.

We expect the occupancy rates of Class A and high-quality buildings and back-to office trends to improve throughout 2025.

Regulatory Environment

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Corporate Responsibility Strategy and Oversight

As a company with over 110 years of history, we understand the importance of embedding and integrating responsible and community-minded business practices into our operations and commit to standards to create value and support the long-term success of our business, shareholders, employees, and clients.

Our Board of Directors oversees ABM’s corporate responsibility-related risks and priorities with the assistance of its committees.

Our Board of Directors receives regular reports from meetings of its Governance Committee, which is responsible for oversight of the Company’s corporate governance and overall corporate

responsibility-related framework, as well as from meetings of its Stakeholder and Enterprise Risk Committee, which is responsible for oversight of the Company’s programs, policies, and practices relating to social and environmental matters that may impact the Company’s business and key stakeholders.

Additionally, our internal culture, environmental sustainability, and inclusion efforts are led by cross functional teams that include employees across the enterprise, and are aimed to advance our corporate responsibility strategies, and regularly present to the Board of Directors’ Stakeholder and Enterprise Risk Committee.

Since 2011, we have voluntarily published a Corporate Responsibility Report on an annual basis in alignment with the Global Reporting Initiative framework and the Sustainability Accounting Standards Board to address our business, our employees, and the environment.

More information about our sustainability performance, progress, and goals can be found in the Human Capital section of this report and in the Corporate Responsibility section of the Company’s corporate website.

Corporate responsibility is central to how we operate and deliver for our stakeholders.

With more than 110 years of experience, ABM integrates responsible and community-minded business practices across its operations to create long-term value for shareholders, employees, clients, and the communities we serve.

Our mission to make a difference, every person, every day — and our values of respect, excellence, integrity, innovation, trust, and collaboration guide our actions.

Our corporate responsibility strategy is built around three core pillars:

environmental stewardship, our workforce, and responsible business practices.

• Environmental stewardship focuses on integrating technologies and practices that reduce environmental impact for us and our clients, improve energy efficiency, and promote responsible use of resources.

• Our workforce emphasizes a people-centered culture that values, develops, and empowers employees while fostering inclusion, safety, and community engagement through programs such as ABM Cares.

• Responsible business practices ensure operations are conducted ethically and transparently through strong governance, compliance, and supply chain integrity.

Our Board of Directors and its committees oversee corporate responsibility-related risks and priorities.

The Board’s Governance Committee is responsible for oversight of the Company’s corporate governance and overall corporate-responsibility framework.

The Board’s Stakeholder and Enterprise Risk Committee is responsible for oversight of the Company’s programs, policies, and practices related to environmental, social, and stakeholder matters that may impact the

Company’s business and key stakeholders, as well as of the Company’s execution of its enterprise risk management program.

ABM’s cross-functional teams, including representatives from sustainability, human resources, legal, procurement, operations, and communications, are responsible for advancing the Company’s Corporate Responsibility initiative across the enterprise.

These teams regularly present to the Board of Directors’ Stakeholder and Enterprise Risk Committee.

In 2024, we established a management-level Sustainability Committee to integrate sustainability capabilities across business functions and client offerings and to support innovation and measurable impact.

Since 2011, ABM has voluntarily published an annual Corporate Responsibility Report, aligned with GRI, SASB, and IFRS Sustainability Disclosure Standards, to communicate our performance, progress, and goals.

Additional information is available in the Human Capital section of this report and on the Company’s website under Corporate Responsibility.

Human Capital

Given that ABM is a service-oriented business, our employees are the driving force behind our success, and we believe our ability to attract, develop, and retain our employees at all levels of our organization has a direct impact on client satisfaction and our ability to grow the Company.

To succeed in a competitive labor market, ABM has developed key recruitment and retention strategies, objectives, and measures that we focus on as part of the overall management of our business.

Given that ABM is a widely distributed solutions and service-oriented business, our employees are the driving force behind our success, and we believe our ability to attract, develop, and retain our employees at all levels of our organization has a direct impact on client satisfaction and our ability to grow the Company.

To succeed in a competitive labor market, we have developed key recruitment and retention strategies, objectives, and measures that we focus on as part of the overall management of our business.

These strategies, objectives, and measures form the pillars of our human capital management framework and are advanced through the programs, policies, and initiatives described below.

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Our Code of Business Conduct drives the application of our core values of respect, integrity, collaboration, innovation, trust, and excellence throughout our operations.

Our Code of Business Conduct serves as a critical tool to help all ABM team members to recognize and report unethical conduct, while preserving and nurturing our culture of honesty and accountability.

The Company provides comprehensive annual training and certification programs on our Code of Business Conduct for our Board of Directors and all of our staff and management employees.

Our Code of Business Conduct serves as a critical tool to help all ABM employees to recognize and report unethical conduct, while preserving and nurturing our culture of honesty and accountability.

We provide comprehensive annual training and certification programs on our Code of Business Conduct for our Board of Directors and all of our staff and management employees.

Human resources, hiring, and training

With a team of approximately 117,000 employees across the United States, UK, Ireland, and other locations, we have invested in and implemented a variety of systems and tools designed to centralize and standardize hiring and training practices, including regional recruitment strategies, applicant tracking technology, and advanced analytics that provide actionable insights in our HR processes.

These efforts are intended to drive ongoing improvement in the attraction, retention, and engagement of our frontline employees, who constitute the majority of our workforce.

As we continue to elevate our employee experience and prepare our next generation of internal leaders, we continued to grow our frontline leadership program, which we launched enterprise-wide in 2022.

This program is designed to enhance the management and coaching skills of frontline supervisors to improve the employee experience, create an environment for career growth, and increase retention.

In 2024, we re-launched our Leadership Academy designed for middle- and senior-level leaders from across the enterprise.

The 2024 class participated in the four-month development program, which provided a broader operational understanding of the organization, identified and closed development gaps, and accelerated such employees’ readiness for future growth as effective leaders.

Our online training platform, ABM University, provides our staff and management employees with access to a multitude of training courses, videos, reference material, and other tools.

Additionally, our frontline employees

receive on-the-job training specific to their role and location to enable us to deliver for our clients in a safe and efficient manner.

With a team of approximately 113,000 employees across the United States, UK, Ireland, and other locations, we continue to enhance our hiring, training, and development practices to support an engaged workforce.

We utilize regional recruitment strategies, applicant-tracking technology, and analytics tools to improve efficiency and consistency in our human capital processes, with particular focus on attracting, retaining, and developing our frontline employees, who represent the majority of our workforce.

We continue to invest in employee growth and leadership development programs such as our Frontline Leader Essentials Program and Leadership Foundations, which build supervisory and management skills across our frontline workforce.

For middle- and senior-level leaders, our Leadership Academy focuses on strengthening operational and leadership capabilities across the enterprise.

Our online training platform, ABM University, provides employees access to a wide range of on-demand courses and development resources.

Frontline employees also receive role-specific, on-the-job training to ensure safe, efficient, and high-quality service delivery for our clients.

Compensation and employee benefits

In addition, we offer competitive wages and salaries in our served markets, and full-time employees have access to a continuum of health and wellness benefits, including medical, dental, vision, disability, and basic and voluntary life and AD&D insurance, 401K employee savings and an employee stock purchase plan, a 24/7 employee assistance program, healthcare flexible spending accounts, telemedicine options, legal support, as well as commuter, fitness, and other discount programs.

We offer competitive wages and salaries in our served markets, and full-time employees have access to an array of health and wellness benefits, including medical, dental, vision, disability, basic and voluntary life and AD&D insurance, 401K employee savings and an employee stock purchase plan, a 24/7 employee assistance program, healthcare flexible spending accounts, telemedicine options, legal support, as well as commuter, fitness, and other discount programs.

Labor relations

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• proficient in reporting accidents, utilizing applicable procedures to confirm appropriate loss mitigation techniques are implemented should a loss occur.

Our “Think Safe” approach to safety includes establishing a safety mindset from day one of employment.

Our “Think Safe, Act Safe, Be Safe” approach to safety includes establishing a safety mindset from day one of employment.

This safety culture is continuously reinforced through daily moments for safety messaging, relevant monthly training topics, and unique programs and materials created for our employees.

One of the cornerstones of our ThinkSafe program is designed to help leaders identify workplace hazards and implement changes to prevent accident or injury.

One of the cornerstones of our “Think Safe, Act Safe, Be Safe” program is designed to help leaders identify workplace hazards and implement changes to prevent accident or injury.

In our frontline leader training, participants are guided in creating a culture of safety and provided guidance on practices to support our employees receiving the right care at the right time to expedite their recovery.

Culture and inclusion

With a widely distributed workforce serving over 20,000 clients across multiple nations and geographic regions, ABM’s culture, and the team member experience it supports, plays a vital role in attracting, retaining, and engaging talent.

The Company works to develop an increasingly inclusive culture, where individuals from all backgrounds are equally able to contribute and are provided with opportunities to grow in their careers.

Guided by ABM’s mission and values, the Company’s inclusive culture strategy is activated through its Culture & Inclusion Council.

ABM’s President and CEO and Chief Human Resources Officer each serve as executive sponsors of the Council, which provides regular reports to the Board’s Stakeholder and Enterprise Risk Committee.

Additionally, ABM is an Equal Opportunity and Affirmative Action employer in compliance with the requirements of the Executive Order 11246 of the Rehabilitation Act of 1973 and the Vietnam Era Veterans’ Readjustment Assistance Act.

With a widely distributed workforce serving over 20,000 clients across multiple nations and geographic regions, ABM’s culture — and the employee experience it enables — remains critical to attracting, retaining, and engaging top talent.

The Company continues to strengthen a culture of inclusion and belonging for all employees, where individuals from all backgrounds are empowered to contribute fully, develop their capabilities, and advance their careers.

We believe our enterprise-wide focus on our culture enhances engagement, safety, and innovation — key drivers of operational excellence and long-term value creation.

Guided by our mission and values, ABM’s inclusion strategy is activated through its Culture & Inclusion Council, as well as Impact Groups, which are accessible to all employees, with executive sponsorship from ABM’s President, Chief Executive Officer, and Chief Human Resources Officer.

Beyond our internal workforce, our culture of care extends to the communities we serve.

Through the ABM Cares program, employees participate in volunteer initiatives, local partnerships, and charitable giving that strengthen community ties and reflect the Company’s mission of “making a difference every person, every day.” The recently launched ABM Team Member Relief Fund further demonstrates this commitment by providing financial support to employees facing unexpected personal or natural disaster-related hardships.

Additionally, ABM is an Equal Opportunity and Affirmative Action employer in compliance with the requirements of Executive Order 11246, the Rehabilitation Act of 1973, and the Vietnam Era Veterans’ Readjustment Assistance Act.

Available Information

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Member of the Board of Directors of ABM since January 2015.

Executive Vice President and Chief Financial Officer of ABM since November 2020;

Senior Vice President, Finance and Procurement of Best Buy Co.

from January 2018 to November 2020;

Chief Financial Officer of Best Buy Canada from May 2016 to December 2017;

Vice President, Finance, Retail of Canadian Tire Corporation Limited from May 2014 to May 2016.

Executive Vice President and Chief Financial Officer since June 10, 2025;

Senior Vice President, Financial Planning and Analysis from November 2015 to June 2025;

Vice President, Strategic Solutions, from October 2008 to November 2015;

Vice President, Finance & Administration, from July 2005 to October 2008.

Rene Jacobsen 64 Executive Vice President and Chief Operating Officer of ABM since November 2020;

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Vice President, Sales of Honeywell from July 2015 to July 2017.

Newborn 61 Executive Vice President and General Counsel of ABM since 2017;

Corporate Secretary of ABM from July 2017 to October 2024;

Executive Vice President and General Counsel of TravelClick, Inc.

from July 2014 to June 2017;

Senior Vice President, General Counsel, and Secretary of The Reader’s Digest Association, Inc.

from March 2007 to February 2014.

Tolar 50 Executive Vice President and General Counsel of ABM since January 1, 2025;

Senior Vice President and Deputy General Counsel, from March 2011 to December 2024;

Partner at Locke Lord LLP, from October 2009 to March 2011.

Raúl Valentín

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business