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Vestis (VSTS) investor relations material
Vestis Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Dec, 2025
Executive summary
Launched a multi-year business transformation plan focused on commercial and operational excellence, asset/network optimization, and sustainable, profitable growth by 2027, with third-party advisors engaged.
Addressed past issues including overemphasis on revenue growth at the expense of quality, customer attrition, and an unbalanced product mix favoring low-margin supplies.
Transformation plan includes new tools for customer segmentation, pricing, satisfaction, organizational streamlining, and targeted investments in facilities.
Leadership expects improved profitability and operational rigor beginning in 2026.
FY2025 ended with revenue of $2.73B, net loss of $40M, and adjusted EBITDA of $257M.
Financial highlights
FY2025 revenue declined 2.5% to $2.73B; Q4 revenue was $712M, with normalized Q4 revenue (excluding extra week) at $660M, down 3.5% year-over-year.
Q4 adjusted EBITDA was $65M (9.1% margin); full-year adjusted EBITDA was $257.4M, down 27.1% year-over-year.
Q4 gross margin was 25.1%, down 366 bps year-over-year; adjusted gross profit for FY2025 was $724.8M (26.5% margin).
Q4 net loss was $13M; adjusted net income was $4M.
Q4 operating cash flow was $31M; free cash flow for FY2025 was $5.8M; liquidity at year-end was $298M.
Outlook and guidance
Fiscal 2026 revenue expected to be flat to down 2% versus normalized 2025; adjusted EBITDA guidance is $285M–$315M.
Free cash flow for 2026 projected at $50M–$60M; CapEx to remain consistent with 2025.
Transformation plan to deliver at least $75M in run-rate cost savings by end of 2026; plan costs estimated at $25M–$30M, to be completed by end of 2027.
Q1 2026 adjusted EBITDA expected to be 7–10% above Q4 2025 normalized level, with sequential improvement each quarter.
How will transformation impact Net Leverage Ratio by FY26?
What actions address the 3.5% underlying revenue decline?
How will FY26 FCF of $50-60M be allocated?
Plant optimization: How does it enable network changes?
How will new tools prevent low-margin revenue growth?
Future investments: What drives '27+ growth?
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Frequently asked questions
Vestis Corporation is a provider of uniform rentals and workplace supplies, serving a wide array of customers across the United States and Canada. With over 75 years of experience in the industry, Vestis caters to more than 300,000 customer locations, ranging from Fortune 500 companies to locally owned small businesses. The company's service offerings are comprehensive, including a full-service uniform rental program, workplace supplies like towels and aprons, floor care products such as mats, linen services, managed restroom supply services, first aid and safety products, and cleanroom and other specialty garment processing. Vestis operates within an estimated $48 billion industry, engaging in sectors such as manufacturing, hospitality, retail, food processing, pharmaceuticals, healthcare, and automotive, providing services that help its customers reduce operating costs, enhance brand image, and maintain a safe and clean workplace. The company is headquartered in Roswell, Georgia, and its shares are listed on the NYSE.
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