Item 9A. Controls and Procedures
ITEM 9A. CONTROLS AND PROCEDURES.
a. Disclosure Controls and Procedures.
As of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer evaluated our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and (2) accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.
b. Management’s Report on Internal Control Over Financial Reporting.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based upon the framework in Internal Control – Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, our management concluded that our internal control over financial reporting was effective as of October 31, 2025.
Audit Report on Internal Controls Over Financial Reporting of the Registered Public Accounting Firm
KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this Annual Report on Form 10-K and, as part of its audit, has issued its report, included herein, on the effectiveness of our internal control over financial reporting.
c. Changes in Internal Control Over Financial Reporting.
To support the growth of our financial shared service capabilities and standardize our financial systems, we continue to update several key platforms, including our HR information systems, enterprise resource planning system, and labor management system. The implementation of several key platforms involves changes in the systems that include internal controls. During the third quarter of 2023 and first quarter of 2025, we had a change in our internal control over financial reporting as a result of our implementation of a new ERP system and key boundary systems for the Education, B&I, and M&D industry groups that has materially affected our internal control over financial reporting. The new ERP system and key boundary systems for these industry groups is replacing our legacy system in which a significant portion of our business transactions originate, are processed, and recorded. The rest of our industry groups will transition to our new ERP system and key boundary systems over the next several years. Our new ERP system and key boundary systems are intended to provide us with enhanced transactional processing and management tools, as compared with our legacy system, and is intended to enhance internal controls over financial reporting. We believe our new ERP system and key boundary systems will facilitate better transactional reporting and oversight, enhance our internal control over financial reporting, and function as an important component of our disclosure controls and procedures. Although some of the transitions have proceeded to date without material adverse effects, the possibility exists that they could adversely affect our internal controls over financial reporting and procedures.
There were no other changes in our internal control over financial reporting during the fiscal year 2025 identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
92
ITEM 9B. OTHER INFORMATION.
Trading Arrangements
During the quarter ended October 31, 2025, certain of our “officers,” as defined in Rule 16a-1(f) of the Exchange Act, and directors adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, as follows:
Trading Arrangements
Name and Title Action Date of Action Rule 10b5-1 Trading Arrangement 1
Non-Rule 10b5-1 Trading Arrangement Aggregate Number of Securities to Be Sold Aggregate Number of Securities to Be Purchased Duration
Rene Jacobsen , Executive Vice President and Chief Operating Officer
Adoption October 15, 2025 X - 86,273 shares of common stock (2)
- From January 13, 2026, until the earlier of (i) the date when all the shares under the plan are sold and (ii) December 31, 2026
(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
(2) Mr. Jacobsen’s trading plan provides for the sale of approximately 86,273 gross shares (with any shares underlying performance-based equity awards being calculated at target), plus any related dividend-equivalent shares earned with respect to such shares, and excluding, as applicable, any shares withheld to satisfy tax withholding obligations in connection with the net settlement of the equity awards.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
93
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.
Information about our executive officers is found in Part I, Item 1, of this Annual Report on Form 10-K under “Executive Officers of Registrant.” Additional information required by this Item will be set forth under the captions “Proposal No. 1—Election of Directors,” “Corporate Governance and Board Matters,” and “Audit-Related Matters” in our Definitive Proxy Statement for our 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”). Such information is incorporated herein by reference. Our 2026 Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the conclusion of our fiscal year ended October 31, 2025. We have adopted an Insider Trading Policy governing the purchase, sale, and other dispositions of our securities by directors, officers, and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. A copy of our policy is filed with this Annual Report on Form 10-K as Exhibit 19.
On April 4, 2025, we filed our Annual CEO Certification as required by Section 303A.12 of the NYSE Listed Company Manual.
Code of Business Conduct
We have adopted and posted on our website (www.abm.com) the ABM Code of Business Conduct. Our Code of Business Conduct qualifies as a “code of ethics” within the meaning of Item 406 of Regulation S-K. Our Code of Business Conduct applies to all of our directors, officers, and employees, including our Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer. If any amendments are made to the Code of Business Conduct or if any waiver, including any implicit waiver, from a provision of the Code of Business Conduct is granted to our Principal Executive Officer, Principal Financial Officer, or Principal Accounting Officer, we will disclose the nature of such amendment or waiver on our website at the address specified above.
ITEM 11. EXECUTIVE COMPENSATION.
Information with respect to executive compensation required by this Item will be set forth under the captions “Director Compensation for Fiscal Year 2025,” “Executive Compensation,” and “Corporate Governance and Board Matters—Compensation Committee Interlocks and Insider Participation” in our 2026 Proxy Statement and is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Information with respect to security ownership of certain beneficial owners and management and equity compensation plan information and related stockholder matters required by this Item will be set forth under the captions “General Information—Security Ownership of Certain Beneficial Owners,” “General Information—Security Ownership of Directors and Executive Officers,” and “General Information—Equity Compensation Plan Information” in our 2026 Proxy Statement and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
Information with respect to certain relationships and related transactions and with respect to director independence required by this Item will be set forth under the captions “General Information—Certain Relationships and Transactions with Related Persons” and “Corporate Governance and Board Matters” in our 2026 Proxy Statement and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Information with respect to our Audit Committee’s pre-approval policy for audit services performed by KPMG LLP (PCAOB ID 185 ) and our principal accounting fees and services required by this Item will be set forth under the caption “Audit-Related Matters” in our 2026 Proxy Statement and is incorporated herein by reference.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) The following documents are filed as part of this report:
1 . Financial Statements : Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
41
Consolidated Balance Sheets at October 31, 2025 and 2024
45
Consolidated Statements of Comprehensive Income for the Years Ended October 31, 202 5 , 202 4 , and 202 3
46
Consolidated Statements of Stockholders’ Equity for the Years Ended October 31, 2025, 2024, and 2023
47
Consolidated Statements of Cash Flows for the Years Ended October 31, 2025, 2024, and 2023
48
2. Financial Statement Schedule
Valuation and Qualifying Accounts for the Years Ended October 31, 2025, 2024, and 2023
96
3. Exhibits
Exhibit Index
97
95
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
(in millions) Balance
Beginning of Year Additions from Acquisitions Charges to
Costs and Expenses (1)
Write-offs (2) / Allowance Taken
Balance
End of Year
Accounts receivable and sales allowances
2025 $ 22.8 — 58.8 ( 56.1 ) $ 25.5
2024 25.0 0.3 88.7 ( 91.3 ) 22.8
2023 22.6 — 76.0 ( 73.6 ) 25.0
(1) Majority of charges to costs and expenses relates to sales allowance.
(2) Write-offs are net of recoveries.
96
EXHIBIT INDEX
Exhibit Exhibit Description Incorporated by Reference
No. Form File No. Exhibit Filing Date
2.1 Agreement and Plan of Merger, dated July 11, 2017, among GCA Holding Corp., ABM Industries Incorporated, Grade Sub One, Inc., Grade Sub Two, LLC and Thomas H. Lee Equity Fund VII, L.P. and Broad Street Principal Investments Holdings, L.P., acting jointly as the Securityholder Representative
8-K 001-08929 2.1 July 14, 2017
2.2 Purchase Agreement, dated August 25, 2021, among Crown Building Maintenance Co., Crown Energy Services, Inc., ABM Industries Incorporated and the sellers and sellers’ representative party thereto
8-K 001-08929 2.1 August 25, 2021
2.3 Agreement and Plan of Merger, dated August 17, 2022, by and among ABM Industries Incorporated, RavenVolt Merger Sub, Inc., RavenVolt, Inc. and Jonathan Hinton, as shareholders’ representative
8-K 001-08929 2.1 August 18, 2022
3.1 Restated Certificate of Incorporation of ABM Industries Incorporated, dated March 26, 2020
8-K 001-08929 3.1 March 27, 2020
3.2 Amended and Restated Bylaws of ABM Industries Incorporated, dated March 27, 2024
8-K 001-08929 3.1 March 27, 2024
4.1 Description of Registrant’s Securities
10-K 001-08929 4.1 December 17, 2020
10.1 Credit Agreement, dated as of September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, certain subsidiaries of ABM Industries Incorporated from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent
8-K 001-08929 10.2 September 8, 2017
10.2 Letter Agreement, dated November 6, 2017, between ABM Industries Incorporated and Bank of America, N.A., as Swingline Lender with respect to the Credit Agreement dated as of September 1, 2017, among ABM Industries Incorporated, the Designated Borrowers party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent
10-K 001-08929 10.3 December 22, 2017
10.3 First Amendment, dated as of July 3, 2018, to the Credit Agreement dated September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Guarantors identified on the signature pages thereto, the Lenders identified on the signature pages thereto, and Bank of America, N.A., as administrative agent
10-Q 001-08929 10.1 September 7, 2018
10.4 Second Amendment, dated as of September 5, 2018, to the Credit Agreement dated September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Guarantors identified on the signature pages thereto, the Lenders identified on the signature pages thereto, and Bank of America, N.A., as administrative agent
10-Q 001-08929 10.2 September 7, 2018
97
10.5 Third Amendment, dated as of May 28, 2020, to the Credit Agreement dated September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Guarantors identified on the signature pages thereto, the Lenders identified on the signatures pages thereto and Bank of America, N.A., as administrative agent
10-Q 001-08929 10.1 June 18, 2020
10.6 Fourth Amendment, dated as of June 28, 2021, to the Credit Agreement dated September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Guarantors identified on the signature pages thereto, the Lenders identified on the signature pages thereto and Bank of America, N.A., as administrative agent
10-Q 001-08929 10.1 September 9, 2021
10.7
Fifth Amendment, dated as of November 1, 2022, to the Credit Agreement dated September 1, 2017, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Subsidiary Guarantors identified on the signature pages thereto, the Lenders identified on the signature pages thereto and Bank of America, N.A., as administrative agent
10-K
001-08929 10.7 December 21, 2022
10.8
LIBOR Transition Amendment, dated as of November 1, 2022, by and among ABM Industries Incorporated, a Delaware corporation, the Designated Borrowers identified on the signature pages thereto, the Subsidiary Guarantors identified on the signature pages thereto, the Lenders identified on the signature pages thereto and Bank of America, N.A., as administrative agent
10-K
001-08929 10.8 December 21, 2022
10.9
Amended and Restated Credit Agreement, dated as of February 26, 2025, among ABM Industries Incorporated, ABM Aviation UK Limited, each of the other subsidiaries of ABM Industries Incorporated from time to time party thereto, the financial institutions listed on the signature pages thereof as lenders and Bank of America, N.A. as administrative agent and collateral agent for the lenders
8-K 001-08929 10.1 February 28, 2025
10.10*
ABM Executive Retiree Healthcare and Dental Plan
10-K 001-08929 10.17 January 14, 2005
10.11*
Deferred Compensation Plan for Non-Employee Directors, as amended and restated December 13, 2010
10-K 001-08929 10.7 December 23, 2010
10.12*
Form of Director’s Indemnification Agreement
10-K 001-08929 10.9 December 21, 2018
10.13*
2006 Equity Incentive Plan, as amended and restated March 7, 2018
8-K 001-08929 10.1 March 8, 2018
10.14*
ABM Industries Incorporated 2021 Equity and Incentive Compensation Plan, as amended and restated October 23, 2023
10-K
001-08929
10.13 December 18, 2023
98
10.15*
Statement of Terms and Conditions Applicable to Options, Restricted Stock and Restricted Stock Units, and Performance Shares Granted to Employees Pursuant to the 2006 Equity Incentive Plan, for Awards Granted on or after March 4, 2015
10-Q 001-08929 10.2 June 3, 2015
10.16*
Statement of Terms and Conditions Applicable to Options, Restricted Stock and Restricted Stock Units, and Performance Shares Granted to Employees Pursuant to the 2006 Equity Incentive Plan, for Awards Granted on or after January 1, 2020
10-Q 001-08929 10.1 March 5, 2020
10.17*
Statement of Terms and Conditions Applicable to Awards Granted to Employees Pursuant to the 2021 Equity and Incentive Compensation Plan
10-Q 001-08929 10.1 June 9, 2021
10.18*
Statement of Terms and Conditions Applicable to Awards Granted to UK Employees Pursuant to the 2021 Equity and Incentive Compensation Plan
10-K
001-08929 10.20 December 21, 2022
10.19*
Statement of Terms and Conditions Applicable to Awards Granted to Employees Pursuant to the 2021 Equity and Incentive Compensation Plan, for Awards Granted on or after January 1, 2022
10-Q 001-08929 10.1 March 9, 2022
10.20*
Statement of Terms and Conditions Applicable to Awards Granted to Employees Pursuant to the 2021 Equity and Incentive Compensation Plan, for Awards Granted on or after October 23, 2023
10-K
001-08929
10.19 December 18, 2023
10.21*
Statement of Terms and Conditions Applicable to Options, Restricted Stock, and Restricted Stock Units Granted to Directors Pursuant to the 2006 Equity Incentive Plan, for Awards Granted on or after March 4, 2015
10-Q 001-08929 10.3 June 3, 2015
10.22*
Statement of Terms and Conditions Applicable to Options, Restricted Stock, and Restricted Stock Units Granted to Directors Pursuant to the 2006 Equity Incentive Plan, for Awards Granted on or after January 1, 2020
10-Q 001-08929 10.2 March 5, 2020
10.23*
Statement of Terms and Conditions Applicable to Awards Granted to Non-Employee Directors Pursuant to the 2021 Equity and Incentive Compensation Plan
10-Q 008-08929 10.2 June 9, 2021
10.24*
Form of Restricted Stock Unit Agreement - 2006 Equity Plan
10-K 001-08929 10.18 December 20, 2019
10.25*
Form of Restricted Stock Unit Agreement for Employees – 2021 Equity and Incentive Compensation Plan
10-Q 001-08929 10.2 March 9, 2022
10.26*
Form of Performance Share Agreement for Employees - 2021 Equity and Incentive Compensation Plan
10-Q 001-08929 10.3 March 9, 2022
10.27*
Executive Stock Option Plan (aka Age-Vested Career Stock Option Plan), as amended and restated June 4, 2012
10-Q 001-08929 10.1 September 6, 2012
10.28*
Deferred Compensation Plan for Executives, amended and restated October 25, 2010
10-K 001-08929 10.22 December 23, 2010
10.29*
Deferred Compensation Plan for Executives, amended and restated October 2, 2023
10-K
001-08929
10.29 December 18, 2023
10.30*
Supplemental Executive Retirement Plan, as amended and restated June 3, 2008
10-Q 001-08929 10.4 September 8, 2008
99
10.31*
Service Award Benefit Plan, as amended and restated June 3, 2008
10-Q 001-08929 10.5 September 8, 2008
10.32*
Executive Severance Plan and Summary Plan Description, effective as of June 4, 2024
10-K 001-08929 10.31 December 19, 2024
10.33*
Amended and Restated Executive Employment Agreement, dated as of September 22, 2017, by and between ABM Industries Incorporated and Scott Salmirs
10-K 001-08929 10.28 December 22, 2017
10.34*
Amended and Restated Change in Control Agreement, dated as of September 22, 2017, by and between ABM Industries Incorporated and Scott Salmirs
10-K 001-08929 10.29 December 22, 2017
10.35*
Executive Employment Agreement, dated as of January 1, 2018, by and between ABM Industries Incorporated and Rene Jacobsen
10-Q 001-08929 10.3 March 7, 2018
10.36*
Change in Control Agreement, dated as of January 1, 2018, by and between ABM Industries Incorporated and Rene Jacobsen
10-Q 001-08929 10.4 March 7, 2018
10.37*
Executive Employment Agreement, dated as of March 1, 2018, by and between ABM Industries Incorporated and Andrea Newborn
10-Q 001-08929 10.1 March 7, 2019
10.38*
Change in Control Agreement, dated as of March 1, 2018, by and between ABM Industries Incorporated and Andrea Newborn
10-Q 001-08929 10.2 March 7, 2019
10.39*
Executive Employment Agreement, dated as of October 28, 2019, by and between ABM Industries Incorporated and Joshua H. Feinberg
10-K 001-08929 10.35 December 20, 2019
10.40*
Change in Control Agreement, dated as of February 8, 2020, by and between ABM Industries Incorporated and Joshua H. Feinberg
10-Q 001-08929 10.4 June 9, 2021
10.41*
Executive Separation and Release Agreement, dated as of October 31, 2024, by and between ABM Industries Incorporated and Joshua H. Feinberg
10-K 001-08929 10.4 December 19, 2024
10.42*
Executive Employment Agreement, dated as of November 1, 2020, by and between ABM Industries Incorporated and Earl R. Ellis
10-Q 001-08929 10.6 June 9, 2021
10.43*
Change in Control Agreement, dated as of November 30, 2020, by and between ABM Industries Incorporated and Earl R. Ellis
10-Q 001-08929 10.7 June 9, 2021
10.44*
Executive Employment Agreement, dated as of September 1, 2021, by and between ABM Industries Incorporated and Raul Valentin
10-Q 001-08929 10.1 March 12, 2025
10.45*
Change in Control Agreement, dated as of September 1, 2021, by and between ABM Industries Incorporated and Raul Valentin
10-Q 001-08929 10.2 March 12, 2025
10.46 *‡
Executive Separation and Release Agreement, dated as of September 5, 2025, by and between ABM Industries Incorporated and Earl Ellis
19
Insider Trading Policy
10-K 001-08929 19 December 19, 2024
21.1‡ Subsidiaries of the Registrant
23.1‡ Consent of Independent Registered Public Accounting Firm
100
31.1‡ Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2‡ Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1† Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
97*
ABM Industries Incorporated Amended and Restated Recoupment Policy, effective October 2, 2023
10-K
001-08929
97 December 18, 2023
101.INS ‡ Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH ‡ Inline XBRL Taxonomy Extension Schema Document
101.CAL‡ Inline XBRL Taxonomy Calculation Linkbase Document
101.LAB ‡ Inline XBRL Taxonomy Label Linkbase Document
101.PRE ‡ Inline XBRL Presentation Linkbase Document
101.DEF ‡ Inline XBRL Taxonomy Extension Definition Linkbase Document
104† Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Indicates management contract or compensatory plan, contract, or arrangement
‡ Indicates filed herewith
† Indicates furnished herewith
101
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ABM Industries Incorporated
By: /s/ Scott Salmirs
Scott Salmirs
President and Chief Executive Officer and Director
December 19, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of ABM Industries and in the capacities and on the dates indicated.
By: /s/ Scott Salmirs
Scott Salmirs
President and Chief Executive Officer and Director
(Principal Executive Officer)
December 19, 2025
/s/ David M. Orr
/s/ Dean A. Chin
David M. Orr
Executive Vice President and
Chief Financial Officer
Dean A. Chin
Senior Vice President, Chief Accounting Officer,
Corporate Controller and Treasurer
(Principal Financial Officer) (Principal Accounting Officer)
December 19, 2025 December 19, 2025
/s/ Sudhakar Kesavan /s/ Quincy L. Allen
Sudhakar Kesavan Quincy L. Allen, Director
Chairman of the Board and Director December 19, 2025
December 19, 2025
/s/ LeighAnne G. Baker /s/ Carol A. Clements
LeighAnne G. Baker, Director Carol Clements, Director
December 19, 2025 December 19, 2025
/s/ Donald F. Colleran /s/ James D. DeVries
Donald F. Colleran, Director James D. DeVries, Director
December 19, 2025 December 19, 2025
/s/ Art A. Garcia /s/ Thomas M. Gartland
Art A. Garcia, Director Thomas M. Gartland, Director
December 19, 2025 December 19, 2025
/s/ Jill M. Golder /s/ Barry A. Hytinen
Jill M. Golder, Director Barry A. Hytinen, Director
December 19, 2025 December 19, 2025
/s/ Winifred M. Webb
Winifred M. Webb, Director
December 19, 2025
102