Cintas Corporation Announces
CINCINNATI, September 23, 2026 -- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2027 first quarter ended August 31, 2026. Revenue for the first quarter of fiscal 2027 was $3.01 billion compared to $2.72 billion in last year’s first quarter, an increase of 10.9%. The organic revenue growth rate for the first quarter of fiscal 2027, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations and workday differences, was 8.9%.
Gross margin for the first quarter of fiscal 2027 was $1.55 billion compared to $1.37 billion in last year’s first quarter, an increase of 13.7%. Gross margin as a percent of revenue was 51.5% for the first quarter of fiscal 2027, compared to 50.3% in last year's first quarter, an increase of 120 basis points.
Operating income for the first quarter of fiscal 2027 increased 15.2% to $711.9 million compared to $617.9 million in last year's first quarter. Operating income as a percent of revenue was 23.6% in the first quarter of fiscal 2027 compared to 22.7% in last year's first quarter. Operating income in the first quarter of fiscal 2027 included $14.4 million of transaction expenses related to the proposed UniFirst Corporation (UniFirst) acquisition.
Net income was $551.7 million for the first quarter of fiscal 2027 compared to $491.1 million in last year's first quarter, an increase of 12.3%. The first quarter of fiscal 2027 effective tax rate was 20.0% compared to 17.6% in last year's first quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. First quarter of fiscal 2027 diluted earnings per share (EPS) was $1.36 compared to $1.20 in last year's first quarter, an increase of 13.3%. Excluding the UniFirst non-recurring transaction expenses, which had a $0.03 impact on diluted EPS, adjusted diluted EPS was $1.39 for the first quarter, an increase of 15.8% over the prior year.
Reflecting our commitment to return capital to our shareholders, on September 15, 2026, Cintas paid an aggregate quarterly dividend of $208.8 million to shareholders. During the first quarter of fiscal 2027 and through September 22, 2026, Cintas purchased shares of Cintas common stock under our share buyback programs, for a total purchase price of $544.7 million.
Todd M. Schneider, Cintas’ Chief Executive Officer, stated “We are pleased with our start to fiscal 2027. Our employee-partners delivered another strong quarter, producing record revenue and record operating margin. Organic revenue growth of 8.9% and a record gross margin reflect the value we continue to provide our customers and the impact of our ongoing investments in technology, capacity and talent. These results demonstrate the strength of our business model and our ability to help customers operate their facilities in a clean, safe and professional manner."
Mr. Schneider continued, "We continue to engage with the U.S. Federal Trade Commission as it reviews our transaction with UniFirst. We remain excited about the substantial value we expect to create for shareholders and customers through the transaction, and we look forward to welcoming the UniFirst Team Partners to Cintas once the transaction is complete, which we expect to occur prior to the end of calendar 2026."
Mr. Schneider concluded, "As we look forward to what lies ahead for fiscal 2027, we are raising our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $12.10 billion to $12.25 billion to a range of $12.15 billion to $12.27 billion, and we are raising our adjusted diluted EPS expectations from a range of $5.36 to $5.50 to a range of $5.45 to $5.54. The adjusted diluted EPS guide does not include the impact of non- recurring transaction expenses related to the UniFirst acquisition."
(1) Cintas believes a reconciliation of its guidance of non-GAAP adjusted diluted EPS to its most directly comparable GAAP measure cannot be provided without unreasonable efforts due to uncertainty regarding, and the potential variability, of the non-recurring transaction costs related to the UniFirst acquisition. It is important to note that these factors could be material to Cintas' GAAP results. Please note the following regarding the adjusted diluted EPS guidance: • Fiscal year 2027 interest, net is expected to be approximately $103.0 million compared to $101.2 million in fiscal year 2026. The increase is primarily a result of the amortization of bridge loan financing expenses related to the UniFirst acquisition. Expected interest, net does not factor in any debt activity or issuance of commercial paper related to future share buybacks or acquisition activity, including the funding necessary for the proposed acquisition of UniFirst.
• Fiscal year 2027 effective tax rate is expected to be 20.4% compared to 20.2% in fiscal year 2026.
• Our adjusted diluted EPS guidance does not include the impact of future share buybacks or significant economic disruptions or downturn.
• Adjusted diluted EPS guidance excludes non-recurring transaction costs related to the UniFirst acquisition, which cannot be reasonably estimated at this time.
Cintas Corporation helps more than one million businesses of all types and sizes get
to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get
® . Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.
Cintas will host a live webcast to review the fiscal 2027 first quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.
This Press Release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, including statements regarding our future business plans and expectations, and including the company's fiscal 2027 full-year guidance which involve risks and uncertainties. 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 such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “targets,” “forecasts,” “believes,” “seeks,” “could,” “should,” “may” and “will” 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. Forward- looking statements in this release include, but are not limited to, statements about the completion and the benefits of the transaction between Cintas and UniFirst (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release.
The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward- looking statements: 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 important factors relating to Cintas that could cause actual results to differ from those in forward-looking statements 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, and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; Cintas' ability to meet its aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls 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 Cintas' common stock, if any; changes in global tax and labor laws; the reactions of competitors in terms of price and service and the other risks and contingencies detailed in Cintas’ most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission.
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. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2026, and in our reports on Forms 10-Q and 8-K. 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.
The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the U.S. Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides these additional non-GAAP financial measures of free cash flow and organic revenue growth. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the difference between these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are shown in the tables below.
Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.
Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions and foreign currency exchange rate fluctuations.
Three Months Ended August 31, 2026 August 31, 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 551,711 $ 491,140 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 78,918 77,589 Amortization of intangible assets and 48,408 48,348 capitalized contract costs Stock-based 31,047 30,348 compensation Deferred income 9,132 13,496 taxes Change in current assets and liabilities, net of acquisitions of businesses:
Accounts -32,734 -3,635 receivable, net Inventories, net 12,817 -2,398 Uniforms and other rental -33,880 -34,760 items in service Prepaid expenses and other current -108,897 -62,382 assets and capitalized contract costs Accounts payable 46,486 -22,501 Accrued compensation and -77,801 -94,275 related liabilities Accrued liabilities and -49,338 -101,114 other Income taxes, 96,462 74,625 current Net cash provided by 572,331 414,481 operating activities Cash flows from investing activities: Capital -107,532 -101,957 expenditures Purchases of -7,179 -6,538 investments Acquisitions of businesses, net -3,916 -7,602 of cash acquired Other, net 1,260 -130 Net cash used in investing -117,367 -116,227 activities Cash flows from financing activities: Proceeds from exercise of stock-based 159 2,669 compensation awards Dividends paid -180,700 -157,766 Repurchase of -315,710 -266,097 common stock Other, net -3,917 -2,807 Net cash used in financing -500,168 -424,001 activities Effect of exchange rate changes on cash -215 -83 and cash equivalents Net decrease in cash and cash -45,419 -125,830 equivalents Cash and cash equivalents at 289,018 263,973 beginning of period Cash and cash equivalents at $ 243,599 $ 138,143 end of period
Full text with the tables
Exhibit 99
FOR IMMEDIATE RELEASE
September 23, 2026
Cintas Corporation Announces
Fiscal 2027 First Quarter Results
CINCINNATI, September 23, 2026 -- Cintas Corporation (Nasdaq: CTAS) today
reported results for its fiscal 2027 first quarter ended August 31, 2026.
Revenue for the first quarter of fiscal 2027 was $3.01 billion compared to $2.72
billion in last year’s first quarter, an increase of 10.9%. The organic revenue
growth rate for the first quarter of fiscal 2027, which adjusts for the impacts
of acquisitions, foreign currency exchange rate fluctuations and workday
differences, was 8.9%.
Gross margin for the first quarter of fiscal 2027 was $1.55 billion compared to
$1.37 billion in last year’s first quarter, an increase of 13.7%. Gross margin
as a percent of revenue was 51.5% for the first quarter of fiscal 2027, compared
to 50.3% in last year's first quarter, an increase of 120 basis points.
Operating income for the first quarter of fiscal 2027 increased 15.2% to $711.9
million compared to $617.9 million in last year's first quarter. Operating
income as a percent of revenue was 23.6% in the first quarter of fiscal 2027
compared to 22.7% in last year's first quarter. Operating income in the first
quarter of fiscal 2027 included $14.4 million of transaction expenses related to
the proposed UniFirst Corporation (UniFirst) acquisition.
Net income was $551.7 million for the first quarter of fiscal 2027 compared to
$491.1 million in last year's first quarter, an increase of 12.3%. The first
quarter of fiscal 2027 effective tax rate was 20.0% compared to 17.6% in last
year's first quarter. The tax rates in both quarters were impacted by certain
discrete items, primarily the tax accounting impact for stock-based
compensation. First quarter of fiscal 2027 diluted earnings per share (EPS) was
$1.36 compared to $1.20 in last year's first quarter, an increase of 13.3%.
Excluding the UniFirst non-recurring transaction expenses, which had a $0.03
impact on diluted EPS, adjusted diluted EPS was $1.39 for the first quarter, an
increase of 15.8% over the prior year.
Reflecting our commitment to return capital to our shareholders, on September
15, 2026, Cintas paid an aggregate quarterly dividend of $208.8 million to
shareholders. During the first quarter of fiscal 2027 and through September 22,
2026, Cintas purchased shares of Cintas common stock under our share buyback
programs, for a total purchase price of $544.7 million.
Todd M. Schneider, Cintas’ Chief Executive Officer, stated “We are pleased with
our start to fiscal 2027. Our employee-partners delivered another strong
quarter, producing record revenue and record operating margin. Organic revenue
growth of 8.9% and a record gross margin reflect the value we continue to
provide our customers and the impact of our ongoing investments in technology,
capacity and talent. These results demonstrate the strength of our business
model and our ability to help customers operate their facilities in a clean,
safe and professional manner."
Mr. Schneider continued, "We continue to engage with the U.S. Federal Trade
Commission as it reviews our transaction with UniFirst. We remain excited about
the substantial value we expect to create for shareholders and customers through
the transaction, and we look forward to welcoming the UniFirst Team Partners to
Cintas once the transaction is complete, which we expect to occur prior to the
end of calendar 2026."
Mr. Schneider concluded, "As we look forward to what lies ahead for fiscal 2027,
we are raising our full fiscal year financial guidance. We are raising our
annual revenue expectations from a range of $12.10 billion to $12.25 billion to
a range of $12.15 billion to $12.27 billion, and we are raising our adjusted
diluted EPS expectations from a range of $5.36 to $5.50 to a range of $5.45 to
$5.54. The adjusted diluted EPS guide does not include the impact of non-
recurring transaction expenses related to the UniFirst acquisition."
I… U…
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e… G… e… G… e… G… e… Gr…
F… of v… of v… of v… of vs.
… 2… R… 2… R… 2… R… 2… R… 20…
… A B E H I L M P Q
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… 7… $ 1… 8… $ 1… 7… $ 1… 8.…
…
E… I… M… Q=…
C D D D D
…
… 2… 2… 2… 2… 2…
…
…
A F G J K N O R S
…
… $ 1… $ 1… 7… $ 1… 8… $ 1… 7… $ 1… 8.…
…
…
F… G… J… K… N… O… R… S=…
Please note the following regarding the annual revenue guidance:
• Fiscal year 2027 has one more workday than fiscal year 2026.
• Guidance excludes expected impacts from the proposed UniFirst acquisition.
• Guidance does not assume any future acquisitions.
• Guidance assumes a constant foreign currency exchange rate.
I… U…
G… G…
F… F…
2… 2…
L… H… L… H…
e… G… e… G… e… G… e… Gr…
F… of v… of v… of v… of vs.
2… R… 2… R… 2… R… 2… R… 20…
──────────────────────────────────────────────────────────────────────────────
… $ 4… $ — $ — $ — $ —
…
…
… 0… — — — —
…
…
…
… $ 4… $ 5… 8… $ 5… 1… $ 5… 1… $ 5… 12…
…
(1) Cintas believes a reconciliation of its guidance of non-GAAP adjusted
diluted EPS to its most directly comparable GAAP measure cannot be provided
without unreasonable efforts due to uncertainty regarding, and the potential
variability, of the non-recurring transaction costs related to the UniFirst
acquisition. It is important to note that these factors could be material to
Cintas' GAAP results.
Please note the following regarding the adjusted diluted EPS guidance:
• Fiscal year 2027 interest, net is expected to be approximately $103.0 million
compared to $101.2 million in fiscal year 2026. The increase is primarily a
result of the amortization of bridge loan financing expenses related to the
UniFirst acquisition. Expected interest, net does not factor in any debt
activity or issuance of commercial paper related to future share buybacks or
acquisition activity, including the funding necessary for the proposed
acquisition of UniFirst.
• Fiscal year 2027 effective tax rate is expected to be 20.4% compared to 20.2%
in fiscal year 2026.
• Our adjusted diluted EPS guidance does not include the impact of future share
buybacks or significant economic disruptions or downturn.
• Adjusted diluted EPS guidance excludes non-recurring transaction costs related
to the UniFirst acquisition, which cannot be reasonably estimated at this time.
Cintas
Cintas Corporation helps more than one million businesses of all types and sizes
get
Ready
™
to open their doors with confidence every day by providing products and services
that help keep their customers’ facilities and employees clean, safe and looking
their best. With offerings including uniforms, mats, mops, towels, restroom
supplies, workplace water services, first aid and safety products, eye-wash
stations, safety training, fire extinguishers, sprinkler systems and alarm
service, Cintas helps customers get
Ready for the Workday
® . Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company
traded over the Nasdaq Global Select Market under the symbol CTAS and is a
component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.
Cintas will host a live webcast to review the fiscal 2027 first quarter results
today at 10:00 a.m., Eastern Time. The webcast will be available to the public
on Cintas' website at www.Cintas.com. A replay of the webcast will be available
approximately two hours after the completion of the live call and will remain
available for two weeks.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Press Release contains forward-looking statements, within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A
of the Securities Act of 1933, as amended, including statements regarding our
future business plans and expectations, and including the company's fiscal 2027
full-year guidance which involve risks and uncertainties. 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 such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,”
“expects,” “intends,” “targets,” “forecasts,” “believes,” “seeks,” “could,”
“should,” “may” and “will” 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. Forward-
looking statements in this release include, but are not limited to, statements
about the completion and the benefits of the transaction between Cintas and
UniFirst (the “Transaction”), including future financial and operating results,
the combined company’s plans, objectives, expectations and intentions, and other
statements that are not historical facts. These statements are subject to
various risks, uncertainties, potentially inaccurate assumptions and other
factors that could cause actual results to differ from those set forth in or
implied by this Press Release.
The following Transaction-related factors, among others, could cause actual
results to differ materially from those expressed in or implied by forward-
looking statements: 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 important factors relating to Cintas that could cause actual results
to differ from those in forward-looking statements 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, and other political, economic and regulatory risks; uncertainties
regarding any existing or newly-discovered expenses and liabilities related to
environmental compliance and remediation; Cintas' ability to meet its
aspirations relating to sustainability opportunities, improvements and
efficiencies; the cost, results and ongoing assessment of internal controls 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 Cintas' common stock, if any; changes in global tax and labor
laws; the reactions of competitors in terms of price and service and the other
risks and contingencies detailed in Cintas’ most recent Annual Report on Form
10-K and its other filings with the Securities and Exchange Commission.
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. A further list and
description of risks, uncertainties and other matters can be found in our Annual
Report on Form 10-K for the year ended May 31, 2026, and in our reports on Forms
10-Q and 8-K. 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.
For additional information, contact:
Scott A. Garula
, Executive Vice President & Chief Financial Officer - 513-972-3867
Jared S. Mattingley
, Vice President, Treasurer & Investor Relations - 513-972-4195
Cintas Corporation
Consolidated Condensed Statements of Income
(Unaudited)
(In thousands except per share data)
Three Months August 31, August 31,
Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenue:
Uniform
rental and $ 2,294,736 $ 2,091,066 9.7%
facility
services
Other 719,245 627,056 14.7%
Total 3,013,981 2,718,122 10.9%
revenue
Costs and
expenses:
Cost of
uniform
rental and 1,128,884 1,052,553 7.3%
facility
services
Cost of 331,554 299,008 10.9%
other
Selling and
administrat… 827,244 748,702 10.5%
expenses
UniFirst
Corporation 14,412 — 100.0%
transaction
expenses
Operating 711,887 617,859 15.2%
income
Interest -2,649 -2,209 19.9%
income
Interest 24,706 24,161 2.3%
expense
Income
before 689,830 595,907 15.8%
income taxes
Income taxes 138,119 104,767 31.8%
Net income $ 551,711 $ 491,140 12.3%
Basic
earnings per $ 1.37 $ 1.21 13.2%
share
Diluted
earnings per $ 1.36 $ 1.20 13.3%
share
Basic
weighted
average 400,137 403,292
common
shares
outstanding
Diluted
weighted
average 404,290 409,294
common
shares
outstanding
CINTAS CORPORATION SUPPLEMENTAL DATA
Gross Margin and Net Income Margin Results
Three Months Ended
August 31, 2026 August 31, 2025
──────────────────────────────────────────────────────────────────────────────
Uniform rental and facility
services 50.8% 49.7%
gross margin
Other gross margin 53.9% 52.3%
Total gross margin 51.5% 50.3%
Net income margin 18.3% 18.1%
Reconciliation of Non-GAAP Financial Measures
The press release contains non-GAAP financial measures within the meaning of the
rules promulgated by the U.S. Securities and Exchange Commission. To supplement
its consolidated condensed financial statements presented in accordance with
U.S. generally accepted accounting principles (GAAP), the Company provides these
additional non-GAAP financial measures of free cash flow and organic revenue
growth. The Company believes that these non-GAAP financial measures are
appropriate to enhance understanding of its past performance as well as
prospects for future performance. A reconciliation of the difference between
these non-GAAP financial measures with the most directly comparable financial
measures calculated in accordance with GAAP are shown in the tables below.
Computation of Free Cash Flow
(In Three Months August 31, August 31,
thousands) Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net cash
provided by $ 572,331 $ 414,481
operations
Capital -107,532 -101,957
expenditures
Free cash $ 464,799 $ 312,524
flow
Management uses free cash flow to assess the financial performance of the
Company. Management believes that free cash flow is useful to investors because
it relates the operating cash flow of the Company to the capital that is spent
to continue, improve and grow business operations.
Computation of Organic Revenue Growth
Three
Months August 31, August 31,
Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
A B G
Revenue $ 3,013,981 $ 2,718,122 10.9%
G=(A-B)/B
C D
Workdays
in the 66 65
period
E F H
Workday
adjusted $ 2,968,315 $ 2,718,122 9.2%
revenue
E=(A/C)*D F=(B/D)*D H=(E-F)/F
Acquisiti…
and
foreign
currency (0.3)%
exchange
impact,
net
Organic
revenue 8.9%
growth
Management believes that organic revenue growth is valuable to investors because
it reflects the revenue performance compared to a prior period with the same
number of revenue generating days and excludes the impact from acquisitions and
foreign currency exchange rate fluctuations.
SUPPLEMENTAL SEGMENT DATA
(In
th…
For
the
th…
mo… Uni… Fir…
en… Ren… Aid
Au… and and
31, Fac… Saf… All
20… Ser… Ser… Other Corp… Total
──────────────────────────────────────────────────────────────────────────────
Re… $ 2,2… $ 388… $ 330… $ — $ 3,0…
Co…
of 1,1… 164… 166… — 1,4…
sa…
Gr… 1,1… 223… 163… — 1,5…
ma…
Se…
and 590… 124… 112… — 827…
ad…
ex…
Un…
Co… — — — 14,… 14,…
tr…
ex…
Op…
in… $ 575… $ 99,… $ 51,… $ -14… $ 711…
(l…
For
the
th…
mo…
en…
Au…
31,
20…
Re… $ 2,0… $ 334… $ 292… $ — $ 2,7…
Co…
of 1,0… 144… 154… — 1,3…
sa…
Gr… 1,0… 190… 137… — 1,3…
ma…
Se…
and 538… 109… 100… — 748…
ad…
ex…
Op… $ 499… $ 80,… $ 37,… $ — $ 617…
in…
Cintas Corporation
Consolidated Condensed Balance Sheets
(In thousands)
August 31, May 31,
2026 2026
──────────────────────────────────────────────────────────────────────────────
-Unaudited
ASSETS
Current assets:
Cash and cash equivalents $ 243,599 $ 289,018
Accounts receivable, net 1,587,573 1,555,190
Inventories, net 433,286 446,435
Uniforms and other rental
items in 1,309,995 1,276,174
service
Prepaid expenses and
other current 357,292 286,225
assets
Total current assets 3,931,745 3,853,042
Property and equipment, 1,768,378 1,740,501
net
Investments 448,875 438,662
Goodwill 3,548,696 3,544,212
Service contracts, net 272,972 287,869
Operating lease 274,590 271,088
right-of-use assets, net
Other assets, net 407,479 393,766
$ 10,652,735 $ 10,529,140
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 506,502 $ 461,157
Accrued compensation and
related 159,159 237,042
liabilities
Accrued liabilities 841,215 889,198
Income taxes, current 140,129 44,070
Operating lease 58,370 56,505
liabilities, current
Debt due within one year 999,291 998,987
Total current liabilities 2,704,666 2,686,959
Long-term liabilities:
Debt due after one year 1,429,554 1,429,086
Deferred income taxes 548,906 537,919
Operating lease 224,159 221,379
liabilities
Accrued liabilities 540,918 513,910
Total long-term 2,743,537 2,702,294
liabilities
Shareholders’ equity:
Preferred stock, no par
value: — —
100 shares authorized,
none outstanding
Common stock, no par
value, and paid-in
capital:
1,700,000 shares
authorized 2,931,963 2,851,129
FY 2027: 780,726 issued
and 399,517 outstanding
FY 2026: 779,537 issued
and 400,147 outstanding
Retained earnings 13,416,890 13,073,999
Treasury stock:
FY 2027: 381,209 shares -11,235,046 -10,869,708
FY 2026: 379,390 shares
Accumulated other 90,725 84,467
comprehensive income
Total shareholders’ 5,204,532 5,139,887
equity
$ 10,652,735 $ 10,529,140
Cintas Corporation
Consolidated Condensed Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months
Ended August 31, 2026 August 31, 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows from
operating
activities:
Net income $ 551,711 $ 491,140
Adjustments to
reconcile net
income to
net cash
provided by
operating
activities:
Depreciation 78,918 77,589
Amortization of
intangible
assets and 48,408 48,348
capitalized
contract costs
Stock-based 31,047 30,348
compensation
Deferred income 9,132 13,496
taxes
Change in
current assets
and
liabilities, net
of acquisitions
of
businesses:
Accounts -32,734 -3,635
receivable, net
Inventories, net 12,817 -2,398
Uniforms and
other rental -33,880 -34,760
items in
service
Prepaid expenses
and other
current -108,897 -62,382
assets and
capitalized
contract costs
Accounts payable 46,486 -22,501
Accrued
compensation and -77,801 -94,275
related
liabilities
Accrued
liabilities and -49,338 -101,114
other
Income taxes, 96,462 74,625
current
Net cash
provided by 572,331 414,481
operating
activities
Cash flows from
investing
activities:
Capital -107,532 -101,957
expenditures
Purchases of -7,179 -6,538
investments
Acquisitions of
businesses, net -3,916 -7,602
of cash
acquired
Other, net 1,260 -130
Net cash used in
investing -117,367 -116,227
activities
Cash flows from
financing
activities:
Proceeds from
exercise of
stock-based 159 2,669
compensation
awards
Dividends paid -180,700 -157,766
Repurchase of -315,710 -266,097
common stock
Other, net -3,917 -2,807
Net cash used in
financing -500,168 -424,001
activities
Effect of
exchange rate
changes on cash -215 -83
and cash
equivalents
Net decrease in
cash and cash -45,419 -125,830
equivalents
Cash and cash
equivalents at 289,018 263,973
beginning
of period
Cash and cash
equivalents at $ 243,599 $ 138,143
end of
period