Vestis Q2 Revenue Falls to $665 Million; Net Loss $27.8 Million
Vestis reported fiscal second-quarter 2025 revenue of $665 million, down $40.1 million from a year earlier, and a net loss of $27.8 million, compared with net income of $6.0 million in the prior-year quarter. The company also amended its credit agreement to raise its net leverage covenant to 5.25x through fiscal 2026, and it eliminated its dividend, with dividends and share repurchases restricted under the amendment.
Key points
- Revenue of $665 million, down $40.1 million year over year; net loss of $27.8 million, or $(0.21) per diluted share, versus net income of $6.0 million, or $0.05 per diluted share, a year earlier
- Adjusted EBITDA of $47.6 million, including a one-time $15.0 million bad debt expense; $62.6 million excluding it, or 9.4% of revenue, versus $87.2 million in the prior-year quarter
- Net leverage covenant raised from 4.50x to 5.25x through the second quarter of fiscal 2026; net leverage was 4.16x at quarter end
- Third-quarter fiscal 2025 revenue guidance of $674 million to $682 million and Adjusted EBITDA of at least $63 million; Jim Barber named CEO effective June 2, 2025
The filing
Written by AI on Nov 8, 2026, 1:55 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 06, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.