ABM Industries delivered a solid Q3 2025 despite near-term margin pressure from strategic pricing and escalation actions in select contracts. Revenue reached $2.224 billion, up 6.2% year over year, with 5% organic growth and 1.2% contribution from acquisitions, marking the strongest organic growth in ABM since 4Q2022. Management highlighted a disciplined focus on cash collections, delivering free cash flow of $150 million in the quarter and reducing day sales outstanding meaningfully. Through the first three quarters, ABM has secured over $1.5 billion in new business, a 15% YoY increase, underpinning a favorable longer-term revenue and earnings trajectory. The company signaled a robust margin recovery plan—including a restructuring program targeting $35 million in annual run-rate savings at roughly $10 million of one-time costs—and reiterated confidence in a stronger Q4 driven by ATS (Technical Solutions) performance and enrolment gains from pricing and escalation management. ABM remains positioned to benefit from secular trends in tech-enabled manufacturing, aviation/travel, and electrification (microgrids/data centers), while maintaining a people-led, service-intensive core business that AI will augment rather than replace. Key near-term risks include geographic pockets of slower office market recovery and ongoing pricing negotiations that temporarily pressure margins. Management projects Q4 to show meaningful margin and EPS improvement, with full-year adjusted EPS expected to land at the low end of the prior $3.65–$3.80 guidance range.