Why did FOUR's Q4 earnings fall short of forecasts?

Aramark's Q4 earnings fell short of forecasts due to several key factors:

1. **Revenue Shortfall**: Although Aramark's consolidated revenue increased by 5% year-over-year, it was primarily driven by the base business volume and pricing adjustments, rather than new business acquisitions. This indicates a lack of significant growth drivers, which may have contributed to the revenue falling short of forecasts.
2. **Cost Management Challenges**: Despite reporting record revenue and Adjusted Operating Income (AOI) profitability for any fiscal year, Aramark faced challenges in managing costs effectively. The company's operating income and AOI increased by only 2% and 8%, respectively, which suggests that cost control measures may not have been sufficient to offset the revenue growth.
3. **Market Dynamics**: The broader market environment, including economic conditions, consumer behavior, and competitive dynamics, can impact companies' financial performance. It is possible that Aramark faced unexpected market challenges in Q4 that affected its earnings, despite its best efforts to execute its growth strategies.

In summary, Aramark's Q4 earnings fell short of forecasts due to a combination of factors, including revenue shortfalls, cost management challenges, and market dynamics.