ABM’s QQ1 2025 results reflect a diversified portfolio across five reportable segments, with 2% reported organic revenue growth and a robust backlog in Technical Solutions (ATS) that frames a constructive multi-year growth trajectory. Adjusted EPS of $0.87 and Adjusted EBITDA of $120.6 million underscored operating leverage across segments, particularly ATS and Aviation, even as the company advanced a large ERP transition that temporarily pressured cash flow. Management reaffirmed and raised the lower bound of full-year guidance to $3.65–$3.80 per share, while reiterating a normalized free cash flow target of $250–$290 million, excluding integration costs and earnouts. The quarter also featured strategic investments in technology (ABM Connect, AI-enabled deal desk) and governance actions (credit facility upsizing to $2.2 billion), positioning ABM to capitalize on secular demand for power resilience, data-driven facilities management and onshore manufacturing support. However, near-term cash flow volatility remains a theme due to ERP-related working capital timing and the ongoing labor-market dynamics amid immigration policy considerations. The following analysis integrates segment results, liquidity dynamics, and management commentary to present a balanced view for investors.