1. Alternative Performance Measure
(see pages 156 to 163 of the Annual Report 2025). The Group’s APMs are defined in note 34 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 34 to the consolidated financial statements.
At a glance
Delivering strong underlying revenue growth
$46.1 billion
16.8%
Compound annual growth rate
1. With effect from 1 October 2024, the Group’s internal management reporting structure changed to combine Rest of World with Europe to form a new International region.
A diverse portfolio across five key sectors
Our core focus is the provision of outsourced food services and targeted support services. We create bespoke, innovative and cost-effective solutions through our unique sectorised approach to the market. By understanding what is important to our clients we address their unique needs and create long-lasting partnerships.
Underlying revenue is defined as revenue plus share of revenue of joint ventures. Statutory revenue for 2025 is $46.1 billion.
The Group’s APMs are defined in note 34 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 34 to the consolidated financial statements of the Annual Report 2025.
Strategic framework
Our vision is to be a world-class provider of contract food services and support services, renowned for our great people, our great service, and our great results.
Our competitive advantages
Significant and expanding market opportunity
We estimate the global food services market for Compass to be worth c.$360 billion1, of which we have less than 15% market share.
Our total addressable market continues to expand as our additional capabilities enable us to serve new sub-sectors of the food services market.
This provides a significant runway for growth, with nearly three-quarters of the market still self-operated or held by regional players.
Compass is well placed to benefit from market trends which are accelerating outsourcing, including more complex consumer demands, the desire for cost savings, increased use of technology and wider macroeconomic pressures.
Beyond food services, there are further growth opportunities in targeted support services, which are not included in this estimate.
1. Based on management estimates.
c.$360bn
addressable global food
services market
Measuring progress
We track our progress against a mix of financial and non‑financial measures, which we believe best reflect the delivery of our strategy. We measure growth, efficiency and shareholder returns, which are all underpinned by our focus on safety and our impact on the environment.
Organic revenue change1
8.7%
Strategic link: Performance
Organic revenue growth was strong at 8.7% reflecting net new business growth of 4.5%, pricing of around 3% and volume growth of around 1%.
Underlying operating margin1
7.2%
Strategic link: Performance
Underlying operating margin improved by 10bps to 7.2% as the Group benefited from operating leverage on its increased revenues.
Return on Capital Employed (ROCE)1
18.2%
Strategic link: Performance
The reduction in ROCE reflects the impact of acquisitions on capital employed. Excluding acquisitions, ROCE would have increased in 2025, driven by the Group’s strong trading performance.
Underlying basic earnings per share1
131.9c
Strategic link: Performance
Earnings per share growth of 11.1% on a constant-currency basis in 2025 reflects the Group’s strong organic revenue growth and continued improvement in underlying operating margin.
Underlying free cash flow1
$1,975m
Strategic link: Performance
Underlying free cash flow increased to $1,975 million, representing a conversion rate of 87.8% of underlying profit after tax.
Greenhouse gas intensity ratio (GHG)2
4.9 tCO2e/$m
Strategic link: Purpose
Our greenhouse gas intensity ratio has reduced by 4% year on year. This ratio is based on Scope 1 and 2 emissions and is normalised by revenue to allow for the growth in our business.
Measuring progress and looking ahead
We are evolving how we measure safety progress to reflect a more proactive and holistic approach across Compass. Beginning FY2026, safety walks will serve as our new leading safety Key Performance Indicator, capturing real-time observations and actions that strengthen our safety culture. This measure will be underpinned by our established historical metrics on personal injury and food safety incidents, which remain important to the business and will continue to be monitored.
KPI type
Financial KPI
Non-Financial KPI
- Our financial KPIs represent underlying and other Alternative Performance Measures (APMs), which are not defined by generally accepted accounting principles (GAAP). The Group’s APMs are defined in note 34 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 34 to the consolidated financial statements of the Annual Report 2025.
- Our non-financial KPIs are further explained on pages 18 and 19 of the Annual Report 2025.
