Compass Group (LON:CPG) has reported strong financial results for the year ended 30 September 2025, with revenue rising 8.7 percent on an underlying basis to $46.1 billion, and operating profit increasing by 11.7 percent to $3.34 billion. On a statutory basis, revenue was up 9.7 percent and operating profit rose by 14.7 percent to $2.96 billion.
| Underlying1 results | Statutory results | |||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| Revenue | $46.1bn | $42.1bn2 | 8.7%3 | $46.1bn | $42.0bn | 9.7% |
| Operating profit | $3,335m | $2,986m2 | 11.7%2 | $2,964m | $2,584m | 14.7% |
| Operating margin | 7.2% | 7.1% | 10bps | 6.4% | 6.2% | 20bps |
| Earnings per share | 131.9c | 118.7c2 | 11.1%2 | 110.1c | 82.3c | 33.8% |
| Operating cash flow | $2,904m | $2,642m | 9.9% | $3,366m | $3,135m | 7.4% |
| Free cash flow | $1,975m | $1,740m | 13.5% | |||
| Annual dividend per share | 65.9c | 59.8c | 10.2% | 65.9c | 59.8c | 10.2% |
The group achieved organic revenue growth of 8.7 percent, driven by a 9.1 percent increase in North America and a 7.7 percent increase in International. Net new business growth reached 4.5 percent, aligning with the company’s 4 to 5 percent annual target range for the fourth consecutive year. The client retention rate remained above 96 percent, and new business wins secured annualised revenue of $3.8 billion, up 11 percent on a constant-currency basis.
Underlying operating margins improved by 10 basis points to 7.2 percent, with margins reaching 7.3 percent in the second half of the year. The group delivered strong cash generation, with $2.0 billion in underlying free cash flow and an 88 percent conversion rate. Statutory earnings per share rose by 33.8 percent to 110.1 cents, while underlying EPS increased by 11.1 percent to 131.9 cents. The full-year dividend increased by 10.2 percent to 65.9 cents per share.
During the year, Compass invested $1.5 billion in capital expenditure, equivalent to 3.3 percent of revenue, and $1.3 billion in mergers and acquisitions. This included the agreement to acquire Vermaat, a premium food services business in Europe, for approximately €1.5 billion ($1.8 billion), subject to regulatory approval. The company noted that integration of recent acquisitions is ahead of schedule and contributing to profit growth. The group also completed its disposal programme.
Looking ahead to 2026, Compass expects underlying operating profit growth of around 10 percent. This is expected to be driven by organic revenue growth of approximately 7 percent, around 2 percent profit contribution from M&A including Vermaat, and continued margin progression. The company remains confident in its long-term outlook, targeting mid-to-high single-digit organic revenue growth with profit growth expected to outpace revenue growth.
Group Chief Executive Dominic Blakemore stated that 2025 was another strong year for Compass, supported by consistent new business growth and high client retention. He highlighted that recent investments in Europe, particularly the acquisition of Vermaat, will strengthen the company’s delivery capabilities and expand its addressable market. Blakemore added that the business model, which combines sector specialisation with global scale, continues to create long-term value.
Notes:
1. Reconciliation of statutory to underlying results can be found in notes 2 (segmental analysis) and 14 (non-GAAP measures) to the consolidated financial statements.
2. Measured on a constant-currency basis.
