10-K 0000723254-26-000028 (2026-07-29) vs 10-K 0000723254-25-000017 (2025-07-28)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 7,084 |
33.2% |
| MD&A | Item 7 | 5,739 |
15.4% |
| Legal Proceedings | Item 3, via Note 1 – Significant Accounting Policies | 4,641 |
97.1% |
| Accounting Policies | Item 8, Note 1 – Significant Accounting Policies | 4,641 |
16.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 495 words changed in this paragraph; it is 64% similar to last year's version.
This Annual Report on Form 10-K contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words words, terms or expressions such as “estimates,” "confident," "continue," "hope," "likely," "might," "possible," "potential," "trend," “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “targets,” “forecasts,” “believes,” “seeks,” “could,” “should,” “may” “may,” "strategy," and “will” "objective” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ materially from those set forth in or implied by this Annual Report. Factors that are related to the Transaction that might cause such a difference include, but are not limited to, the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Cintas and UniFirst; the outcome of any legal proceedings that may be instituted against Cintas or UniFirst; the possibility that the Transaction does not close when expected or at all because required regulatory, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Cintas and UniFirst operate; any failure to promptly and effectively integrate the businesses of Cintas and UniFirst; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Cintas' or UniFirst's customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by Cintas' issuance of additional shares of its capital stock in connection with the Transaction; changes in the trading price of Cintas' or UniFirst's capital stock; and the diversion of management's attention and time to the Transaction from ongoing business operations and opportunities. Additional factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, tariffs and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls for over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. These risks and uncertainties include, but are not limited to, those described in this section and elsewhere in this report and may also be described from time to time in our future reports filed with the SEC. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us or that we currently believe to be immaterial may also harm our business. Forward-looking and other statements in this Annual Report on Form 10-K regarding our greenhouse gas (GHG) reduction plans and other sustainability aspirations are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking GHG-related and/or sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.
Source: Item 1A, 10-K 0000723254-26-000028 vs Item 1A, 10-K 0000723254-25-000017
MD&A 123 words changed in this paragraph; it is 58% similar to last year's version.
The Cintas Corporation No. 2 (Corp. 2) entered into a credit agreement that which supports our commercial paper program on March 27, 2026 (the Credit Agreement). The Credit Agreement has capacity under the revolving credit facility of $2.0 billion. billion and contains a letter of credit sub-facility of up to $300.0 million and a swing line sub-facility of up to $150.0 million. The credit agreement Credit Agreement has an accordion feature that provides Cintas with the ability to request increases to the borrowing commitments under the revolving credit facility of up to $500.0 million $1.0 billion in the aggregate, subject to customary conditions. The maturity date of the revolving credit facility is March 27, 2031. In connection with the entry into the Credit Agreement, on March 27, 2026, Corp. 2 terminated all commitments and repaid all obligations under its existing Third Amended and Restated Credit Agreement, dated as of March 23, 2027. 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to such date, the “Existing Credit Agreement”). Upon the termination of the Existing Credit Agreement, all the obligations under the Existing Credit Agreement were terminated. As of both May 31, 2025 2026 and 2024, 2025, there was no commercial paper outstanding and no borrowings on our revolving credit facility.
Source: Item 7, 10-K 0000723254-26-000028 vs Item 7, 10-K 0000723254-25-000017
Accounting Policies 116 words changed in this paragraph; it is 36% similar to last year's version.
Fair value measurements. Financial Accounting Standards Board (FASB) ASC Topic 820, Fair Value Measurements (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. It also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.
Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0000723254-26-000028 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0000723254-25-000017
Legal Proceedings 48 words changed in this paragraph; it is 74% similar to last year's version.
Litigation and other contingencies. Cintas is subject to legal proceedings, insurance receipts, legal settlements and claims arising from the ordinary course of its business, including personal injury, customer contract, environmental and employment claims. U.S. GAAP requires that a liability for contingencies be recorded when it is probable that a liability has occurred, and the amount of the liability can be reasonably estimated. In the opinion of management, the aggregate liability, if any, with respect to such ordinary course of business actions will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows of Cintas. Cintas is also party to additional litigation not considered in the ordinary course of business.
Source: Item 3, via Note 1 – Significant Accounting Policies, 10-K 0000723254-26-000028 vs Item 3, via Note 15 – Litigation and Other Contingencies, 10-K 0000723254-25-000017
Every change, by type
Sentences and paragraphs of CTAS's Risk Factors and MD&A, 10-K 2026-07-29 against 10-K 2025-07-28.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
elsewhere in this report and may also be described from time to time in our future reports filed with the SEC. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us or that we currently believe to be immaterial may also harm our business. Forward-looking and other statements in this Annual Report on Form 10-K regarding our greenhouse gas (GHG) reduction plans and other sustainability aspirations are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking GHG-related and/or sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
In addition, changes in U.S. and foreign trade policies, including the imposition of new tariffs, increases in existing tariffs, retaliatory trade measures, import or export restrictions, economic sanctions, customs regulations and other actions affecting international commerce, could increase the cost of raw materials, finished goods, equipment and other products sourced directly by us or indirectly through our suppliers. Such measures could also reduce the availability of products and materials, disrupt established sourcing arrangements, increase transportation and logistics costs, extend lead times and contribute to volatility in commodity and input costs. We may not be able to predict, mitigate or fully offset the impact of such measures, and competitive conditions or contractual arrangements may limit our ability to pass increased costs on to customers in a timely manner, or at all.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
Further, geopolitical tensions, armed conflicts, acts of terrorism, military actions and related sanctions or other governmental responses, including developments in the Middle East and other strategically important regions, may disrupt global trade routes, shipping channels, transportation networks, energy supplies and financial markets. Such events may contribute to volatility in fuel and energy prices, increase freight and distribution costs, adversely affect the operations of suppliers and other business partners, and exacerbate inflationary pressures and broader economic uncertainty. Disruptions affecting key maritime shipping routes, ports or other critical infrastructure could adversely affect the availability, timing and cost of materials and products used in our business and may require us or our suppliers to implement alternative sourcing, transportation or inventory strategies, which could increase costs and reduce operating efficiencies. As a result, these factors could adversely affect our revenue, operating margins, cash flows and consolidated results of operations.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
Historically, a portion of our growth has come from acquisitions. We continue to evaluate opportunities for acquiring businesses that may supplement our internal growth. However, there can be no assurance that we will be able to identify and purchase suitable acquisitions on favorable terms or at all. We may pay substantial amounts of cash or incur debt to pay for acquisitions, which could adversely affect our liquidity. The incurrence of indebtedness also results in increased fixed obligations and increased interest expense, and could also include covenants or other restrictions that would impede our ability to manage our operations. From time to time, we have issued, and may continue to issue, equity securities to pay for acquisitions, which could adversely affect our consolidated results of operations and result in dilution to our stockholders. In addition, acquisitions we announce could be viewed negatively by investors, which may adversely affect our business or our stock price. Volatility in our stock price may also negatively impact our ability to complete acquisitions on favorable terms.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
The proposed acquisition of UniFirst is subject to risks and uncertainties, and there can be no assurance that the Transaction will be completed on the anticipated terms, within the expected timeframe, or at all. Completion of the Transaction is subject to a number of conditions, including, among others, the receipt of required regulatory approvals, including the expiration or termination of applicable waiting periods under the HSR Act. These conditions may not be satisfied in a timely manner or at all. In addition, the merger agreement may be terminated under specified circumstances, including if the transaction is not consummated by the applicable outside date set forth in the Merger Agreement.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
If the Transaction is not completed, we would not realize any of the anticipated strategic, operational or financial benefits of the acquisition and could be subject to a number of risks and costs, including a decline in the market price of our common stock to the extent that the current market price reflects expectations that the Transaction will be completed; significant transaction-related expenses, including legal, accounting, financial advisory, financing and other professional fees, whether or not the Transaction is completed; the diversion of management's time and attention from existing business operations and other strategic opportunities; potential adverse reactions from customers, suppliers, business partners, employee-partners and the financial markets; potential litigation relating to the Transaction or the failure to complete the transaction; and, under certain circumstances, the obligation to pay UniFirst a termination fee of $350.0 million.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
The announcement and pendency of the Transaction may also disrupt our business operations and relationships regardless of whether the Transaction is completed. Uncertainty regarding the Transaction could make it more difficult to retain and attract employees, maintain relationships with customers, suppliers and other business partners, and pursue business opportunities during the pendency of the Transaction.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
In addition, securities class action litigation, derivative litigation or other legal proceedings are often instituted in connection with significant merger transactions. Any such litigation, regardless of its merits, could result in substantial costs, divert management's attention and resources, and delay the completion of the Transaction. An
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
adverse judgment could result in monetary damages, and a successful claim seeking injunctive relief could prevent or materially delay the completion of the Transaction.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
Even if the Transaction is completed, we may not realize the anticipated benefits, cost savings, synergies, efficiencies, innovation opportunities, enhanced growth prospects or other strategic objectives expected from the Transaction within the anticipated time period or at all. The integration of UniFirst's business into our operations will be a complex, costly and time-consuming process and may result in significant challenges, including the diversion of management's attention from ongoing business operations; difficulties in retaining key management personnel and other employee-partners; challenges in retaining customers and maintaining relationships with suppliers and other business partners; difficulties in combining and coordinating geographically dispersed operations; challenges associated with consolidating corporate and administrative functions and eliminating duplicative operations; unanticipated issues in integrating information technology, communications, operational and financial reporting systems; previously unknown liabilities; unforeseen integration expenses; and delays in implementing integration initiatives.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
The anticipated benefits of the Transaction are based on a number of assumptions that may prove to be inaccurate. If we are unable to successfully integrate UniFirst's business, retain employees and customers, achieve anticipated synergies and efficiencies, effectively manage an expanded organization or otherwise realize the expected benefits of the Transaction, our financial results could differ materially from our expectations. In such circumstances, the Transaction may not be accretive to earnings, may not improve our financial position, may not enhance our ability to reduce leverage, and may not generate the expected cash flows or returns on investment. As a result, our business, financial condition, results of operations and the market price of our common stock could be materially adversely affected.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedRisk Factors
In addition, the completion of the Transaction is subject to the expiration or termination of applicable waiting periods (including any extension thereof) and the receipt of certain authorizations or consents from regulatory authorities that may impose conditions that could have an adverse effect on us after the completion of the Transaction or, if not obtained, could prevent completion of the Transaction.
Read it in 10-K 2026-07-29 at sec.gov ↗
RemovedRisk Factors
The world has experienced an exponential level of growth in the availability of potential applications of artificial intelligence (AI). AI could disrupt certain aspects of our business and evolve use of technology in ways that are not yet known. If we are not able to adapt and effectively incorporate potential advantages of AI in our business, it may negatively impact our ability to compete. On the other hand, if we are not able to effectively manage the risks of AI, including the potential for poor or inconsistent quality, privacy concerns, risks related to automated decision-making, and the potential for exposure of confidential and/or propriety information, we may suffer harm to our consolidated results of operations and reputation.
Read it in 10-K 2025-07-28 at sec.gov ↗
RewordedRisk Factors
Our ability to find qualified suppliers who meet our standards, and to access products in a timely and efficient manner, is a significant challenge, especially with respect to suppliers located and goods sourced outside the U.S. political and economic stability in the countries in which foreign suppliers are located, the financial stability of suppliers, suppliers' failure to meet our supplier standards, labor problems experienced by our suppliers, the availability of raw materials to suppliers, currency exchange rates, transport availability and cost, inflation and other factors relating to the suppliers and the countries in which they are located are beyond our control.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Disruptions in the availability of any internal or external information technology systems due to implementation of a new system or otherwise, or privacy incidents involving information technology systems, could impact our ability to service our customers and adversely affect our revenue, consolidated results of operations and reputation and expose us to litigation risk.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Changes in laws, regulations and the related interpretations, including any laws or regulations that may be enacted by the current U.S. presidential administration and Congress, may alter the landscape in which we do business and may affect our costs of doing business.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Forward-looking statements may be identified by words words, terms or expressions such as “estimates,” "confident," "continue," "hope," "likely," "might," "possible," "potential," "trend," “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “targets,” “forecasts,” “believes,” “seeks,” “could,” “should,” “may” “may,” "strategy," and “will” "objective” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Increases in labor costs, including the cost to provide employee-partner related healthcare benefits, minimum wages, labor shortages or shortages of skilled labor, regulations regarding the classification of employees and/or their eligibility for overtime wages, higher material costs for items such as fabrics fabrics, textiles and textiles, other products used in our operations, the inability to obtain insurance coverage at cost-effective rates, higher interest rates, inflation, new or expanded tariffs and other measures that could restrict international trade, higher tax rates and other changes in tax laws and other economic factors could increase our costs of rental uniforms and facility services, cost of other services and selling and administrative expenses.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
These risks and uncertainties include, but are not limited to, those described in this section and elsewhere in this report and may also be described from time to time in our future reports filed with the SEC.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Factors Additional factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, tariffs and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls for over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and labor laws; and the reactions of competitors in terms of price and service.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Any increase in the amount of taxation incurred as a result of challenges to our tax filing positions could result in a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
The price of fuel and energy needed to run our vehicles and equipment is unpredictable and fluctuates based on events outside of our control, including geopolitical developments, supply and demand fluctuations for fuel and other energy related products, actions by energy producers, war and unrest in oil producing countries, regional production patterns, limits on refining capacities, natural disasters and environmental concerns including the impact of legislative and regulatory efforts to limit GHG emissions.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Failure to achieve and maintain an effective internal control environment could cause us to be unable to produce reliable financial reports or prevent fraud.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedRisk Factors
Changes Increases in the fuel and energy industry costs could adversely affect our consolidated financial condition and consolidated results of operations.
Read it in 10-K 2026-07-29 at sec.gov ↗
Quiet changesRisk Factors
These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ materially from those set forth in or implied by this Annual Report.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedMD&A
On March 10, 2026, the Company entered into a Merger Agreement pursuant to which the Company will acquire all outstanding shares of UniFirst common stock. UniFirst is a North American company in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Under the terms of the Merger Agreement, subject to the satisfaction (or, to the extent permitted by applicable law in accordance with the Merger Agreement, waiver) of certain conditions, Cintas will acquire all the outstanding shares of UniFirst common stock in a transaction valued at approximately $5.5 billion. Each share of UniFirst common stock will be converted into the right to receive $155.00 in cash and 0.7720 shares of validly issued, fully paid and non-assessable Cintas common stock, with no par value (with, if applicable, cash in lieu of fractional shares), in each case without interest and subject to any applicable withholding taxes. Completion of the Transaction is subject to a number of conditions, including, among others, the receipt of required regulatory approvals, including the expiration or termination of applicable waiting periods under the HSR Act.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedMD&A
As a result of the Transaction with UniFirst, the Company incurred $16.1 million in transaction expenses in fiscal 2026 which relate primarily to legal and professional services, regulatory fees and financing fees. Of the $16.1 million, $15.1 million was recorded in selling and administrative expenses, and $1.0 million was recorded in interest expense, on the consolidated statements of income. No transaction expenses were incurred in fiscal 2025.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedMD&A
During the fiscal year ended May 31, 2026, Cintas paid $5.2 million in prepaid short term debt financing fees related to bridge loan financing in connection with the Transaction.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedMD&A
In connection with the Transaction, we also entered into a commitment letter on March 10, 2026 with certain debt commitment parties, who have committed to provide a 364-day senior unsecured bridge facility in an aggregate principal amount of $2.85 billion (the Bridge Facility) consisting of two separate tranches. The funding of the Bridge Facility provided for in the commitment letter is subject to the satisfaction of certain customary limited conditions, including the consummation of the mergers in accordance with the merger agreement and the execution and delivery of definitive documentation with respect to the Bridge Facility in accordance with the terms set forth in the commitment letter. As of May 31, 2026, there was no borrowings on our Bridge Facility.
Read it in 10-K 2026-07-29 at sec.gov ↗
AddedMD&A
The Credit Agreement includes, among other things, “certain funds” provisions pursuant to which $1.25 billion of the commitments under the Credit Agreement are available for, subject to the satisfaction of certain limited conditions (including the consummation of the mergers in accordance with the merger agreement), the consummation of the Transaction. The commitments under one of the two tranches of the Bridge Facility were replaced by the revolving credit facility.
Read it in 10-K 2026-07-29 at sec.gov ↗
RemovedMD&A
On April 15, 2025, in accordance with the terms of the senior notes, Cintas paid the $50.0 million aggregate principal amount outstanding of its 3.11%, private placement, 10-year senior notes that matured on that date with cash on hand. On May 1, 2025, in accordance with the terms of the senior notes, Cintas paid the $400.0 million aggregate principal outstanding of its 3.45%, 3-year senior notes that matured on that date with cash on hand. On May 2, 2025, Cintas issued $400.0 million aggregate principal amount of senior notes that bear an interest rate of 4.20% and mature on May 1, 2028.
Read it in 10-K 2025-07-28 at sec.gov ↗
RemovedMD&A
During the fiscal year ended May 31, 2024, Cintas repurchased and subsequently retired, $13.5 million of its 6.15%, 30-year senior notes. In conjunction with these transactions, Cintas recognized a loss of $0.9 million, which is recorded in interest expense on the consolidated statement of income for the fiscal year ended May 31, 2024. The following table summarizes Cintas' outstanding debt at May 31:
Read it in 10-K 2025-07-28 at sec.gov ↗
RemovedMD&A
(1) Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (G&K) in fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate until repayment in fiscal 2025.
Read it in 10-K 2025-07-28 at sec.gov ↗
RemovedMD&A
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 requires additional disclosures pertaining to significant expenses that are regularly provided to the CODM and other items of an entity’s reportable operating segments. This standard was adopted by Cintas on May 31, 2025 and did not have a material impact on the Company's consolidated financial statements.
Read it in 10-K 2025-07-28 at sec.gov ↗
RewordedMD&A
From In the inception of the July 26, 2022 share buyback program period subsequent to May 31, 2026, through July 28, 2025, Cintas has 29, 2026, we purchased 4.1 0.2 million shares of Cintas common stock in the aggregate, at an average price of $178.20 $199.70 per share, for a total purchase price of $736.4 $48.4 million.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
The As a percent of revenue, the cost of uniform rental and facility services as a percent of revenue improved compared from 50.7% in fiscal 2025, to 50.0% in fiscal 2024 from 51.8% to 50.7% 2026, primarily due to efficiency gains in energy usage, more efficient use of in-service inventory and production efficiency gains.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
In fiscal 2025 we recorded a $15 $15.0 million gain on a sale of property, and in fiscal 2024 we recorded $15 million associated with a legal settlement, both of property which impacted all segments by the same percent of revenue. revenue of approximately 0.2%.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Revenue growth was positively impacted by 0.8% 0.4% due to acquisitions, negatively impacted by 0.9% due to two less workdays in fiscal 2025 compared to fiscal 2024 acquisitions and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Net interest expense (interest expense less interest income) was $101.2 million in fiscal 2026 compared to $95.5 million in fiscal 2025 compared to $95.0 million in fiscal 2024. but was the same as a percent of revenue.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Selling and administrative expenses for the First Aid and Safety Services reportable operating segment increased by $48.4 $47.2 million, or 13.7%, 11.7%, in fiscal 2025 2026 compared to fiscal 2024, 2025, but decreased as a percent of revenue to 32.3% in fiscal 2026 compared to 33.0% in fiscal 2025 compared to 33.1% in fiscal 2024. 2025.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Cintas announced on The July 27, 2021, that the Board authorized a $1.5 billion 26, 2022 share buyback program, which program was completed during the fourth second quarter of fiscal 2024. 2026.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
The increase in cash used in financing activities was primarily due to the increase in repayment of debt, share buyback activity and an increase in dividends paid. paid, repurchases of common stock and debt issuance costs.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
ASU 2024-03 2025-06 is effective for fiscal years beginning after December 15, 2026 2027 (fiscal 2028), 2029) and for interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029), those annual reporting periods, with early adoption permitted.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Income before Operating income taxes as a percent of revenue at 24.2%, 25.4%, increased from 22.4% 24.2% in fiscal 2024 2025 due to the previously discussed growth in revenue and improvements in gross margin. margin and selling and administrative expenses.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
The increase was primarily the result of an increase in net income, deferred income taxes and favorable changes in working capital, primarily income taxes, current, accounts payable receivable, net, and accrued compensation and related liabilities. inventories, net.
Read it in 10-K 2026-07-29 at sec.gov ↗
RewordedMD&A
Net cash used in investing activities was $568.4 million in fiscal 2026, compared to $623.6 million in fiscal 2025, compared to $603.3 million in fiscal 2024. 2025.
Read it in 10-K 2026-07-29 at sec.gov ↗
Quiet changesMD&A
Approximately Over 95% of the Company's revenue is derived from fees for route servicing of Uniform Rental and Facility Services, First Aid and Safety Services and Fire Protection Services customers, performed by a Cintas employee-partner, at the customer's location of business.
Read it in 10-K 2026-07-29 at sec.gov ↗