ABM Industries closed fiscal second quarter 2026 (period ended April 30, 2026) with revenue of $2.29 billion, up 8.4% year over year, an organic growth print of 6.1% that materially outran the company's reaffirmed 3% to 4% full-year organic outlook and validated the demand story across Technical Solutions (ATS), Aviation, and Manufacturing & Distribution (M&D). The quarter was also the first full quarter of the WGNSTAR acquisition (closed February 4, 2026 for $283.4 million in cash), which contributed $36.6 million of M&D revenue and now gives ABM a foothold in semiconductor and high-technology managed workforces - a strategically distinct adjacency from janitorial services. Adjusted EBITDA of $131.7 million rose 4.6% on a 5.8% adjusted-EBITDA margin (versus 6.0% prior year), adjusted diluted EPS of $0.90 was up from $0.86, and free cash flow of $22.4 million more than doubled the year-ago $15.2 million despite a $26.7 million step-up in capital expenditures. Operating-profit gross margin compressed 72 basis points to 12.1%, with three of five segments - Business & Industry (B&I), M&D, and Aviation - running into a contract-mix headwind that management explicitly called out, partially offset by 100 basis points of operating-margin expansion in Education and a return to double-digit revenue growth in M&D. The thesis question for the next six months is whether second-half margin recovery (driven by ATS volume ramp, M&D contract maturation, and Restructuring Program savings reaching $35 million annualized) is large enough to absorb the $110 million of interest expense now in the run-rate; at the current $48.13 share price, the equity trades at roughly 12 times the midpoint of fiscal 2026 adjusted-EPS guidance ($4.00), a level we view as a fair-to-cheap read on a multi-year transformation story that is now showing real top-line traction.