Cintas Corporation Announces Fiscal 2026 Fourth Quarter and Full Year Results

CINTAS CORPORATION SUPPLEMENTAL DATA

Gross Margin and Net Income Margin Results

Three Months Ended

Twelve Months Ended

May 31,
2026

May 31
2025

May 31,
2026

May 31
2025

Uniform rental and facility services gross margin

50.2%

49.0%

50.0%

49.3%

Other gross margin

53.4%

52.0%

52.9%

52.4%

Total gross margin

51.0%

49.7%

50.7%

50.0%

Net income margin

17.6%

16.8%

17.8%

17.5%

Computation of Free Cash Flow

Twelve Months Ended

(In thousands)

May 31,
2026

May 31
2025

Net cash provided by operations

$

2,276,280

$

2,165,905

Capital expenditures

(395,105

)

(408,884

)

Free cash flow

$

1,881,175

$

1,757,021

SUPPLEMENTAL SEGMENT DATA

(In thousands)

Uniform Rental
and Facility
Services

First Aid
and Safety
Services

All
Other

Corporate

Total

For the three months ended May 31, 2026

Revenue

$

2,197,705

$

368,133

$

339,365

$

—

$

2,905,203

Cost of sales

1,095,307

155,067

174,538

—

1,424,912

Gross margin

1,102,398

213,066

164,827

—

1,480,291

Selling and administrative expenses

572,930

114,475

105,827

—

793,232

UniFirst Corporation transaction expenses

—

—

—

14,024

14,024

Operating income

$

529,468

$

98,591

$

59,000

$

(14,024

)

$

673,035

For the three months ended May 31, 2025

Revenue

$

2,030,680

$

324,397

$

312,575

$

—

$

2,667,652

Cost of sales

1,036,013

140,208

165,442

—

1,341,663

Gross margin

994,667

184,189

147,133

—

1,325,989

Selling and administrative expenses

529,558

107,505

91,474

—

728,537

Operating income

$

465,109

$

76,684

$

55,659

$

—

$

597,452

For the twelve months ended May 31, 2026

Revenue

$

8,621,624

$

1,391,853

$

1,251,284

$

—

$

11,264,761

Cost of sales

4,312,097

589,370

655,501

—

5,556,968

Gross margin

4,309,527

802,483

595,783

—

5,707,793

Selling and administrative expenses

2,232,515

449,084

404,546

—

3,086,145

UniFirst Corporation transaction expenses

—

—

—

15,136

15,136

Operating income

$

2,077,012

$

353,399

$

191,237

$

(15,136

)

$

2,606,512

For the twelve months ended May 31, 2025

Revenue

$

7,976,073

$

1,218,090

$

1,146,018

$

—

$

10,340,181

Cost of sales

4,040,888

521,480

603,649

—

5,166,017

Gross margin

3,935,185

696,610

542,369

—

5,174,164

Selling and administrative expenses

2,061,795

401,882

350,761

—

2,814,438

Operating income

$

1,873,390

$

294,728

$

191,608

$

—

$

2,359,726

Cintas Corporation

Consolidated Condensed Balance Sheets

(In thousands)

May 31,
2026

May 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$

289,018

$

263,973

Accounts receivable, net

1,555,190

1,417,381

Inventories, net

446,435

447,408

Uniforms and other rental items in service

1,276,174

1,137,361

Prepaid expenses and other current assets

286,225

170,046

Total current assets

3,853,042

3,436,169

Property and equipment, net

1,740,501

1,652,474

Investments

438,662

339,518

Goodwill

3,544,212

3,400,227

Service contracts, net

287,869

309,828

Operating lease right-of-use assets, net

271,088

224,383

Other assets, net

393,766

462,642

$

10,529,140

$

9,825,241

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

461,157

$

485,109

Accrued compensation and related liabilities

237,042

229,538

Accrued liabilities

889,198

875,077

Income taxes, current

44,070

4,034

Operating lease liabilities, current

56,505

50,744

Debt due within one year

998,987

—

Total current liabilities

2,686,959

1,644,502

Long-term liabilities:

Debt due after one year

1,429,086

2,424,999

Deferred income taxes

537,919

471,740

Operating lease liabilities

221,379

178,738

Accrued liabilities

513,910

420,781

Total long-term liabilities

2,702,294

3,496,258

Shareholders’ equity:

Preferred stock, no par value:

100 shares authorized, none outstanding

—

—

Common stock, no par value, and paid-in capital:

2,851,129

2,593,479

1,700,000 shares authorized

FY 2026: 779,537 issued and 400,147 outstanding

FY 2025: 776,936 issued and 402,948 outstanding

Retained earnings

13,073,999

11,798,451

Treasury stock:

(10,869,708

)

(9,791,838

)

FY 2026: 379,390 shares

FY 2025: 373,988 shares

Accumulated other comprehensive income

84,467

84,389

Total shareholders’ equity

5,139,887

4,684,481

$

10,529,140

$

9,825,241

Cintas Corporation

Consolidated Condensed Statements of Cash Flows

(In thousands)

Twelve Months Ended

May 31,
2026

May 31
2025

Cash flows from operating activities:

Net income

$

1,999,968

$

1,812,281

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

318,637

303,377

Amortization of intangible assets and capitalized contract costs

194,209

190,806

Stock-based compensation

128,076

128,329

Gain on sale of property and equipment

—

(19,341

)

Deferred income taxes

58,092

(5,807

)

Change in current assets and liabilities, net of acquisitions of businesses:

Accounts receivable, net

(135,216

)

(174,141

)

Inventories, net

2,273

(33,947

)

Uniforms and other rental items in service

(137,612

)

(93,646

)

Prepaid expenses and other current assets and capitalized contract costs

(174,033

)

(180,840

)

Accounts payable

(24,102

)

143,973

Accrued compensation and related liabilities

7,185

17,769

Accrued liabilities and other

(371

)

92,397

Income taxes, current

39,174

(15,305

)

Net cash provided by operating activities

2,276,280

2,165,905

Cash flows from investing activities:

Capital expenditures

(395,105

)

(408,884

)

Purchases of investments

(8,252

)

(7,196

)

Proceeds from sale of property and equipment

—

23,972

Acquisitions of businesses, net of cash acquired

(164,548

)

(232,899

)

Other, net

(523

)

1,369

Net cash used in investing activities

(568,428

)

(623,638

)

Cash flows from financing activities:

Proceeds from issuance of debt, net

—

398,088

Debt issuance costs

(7,277

)

(1,165

)

Repayment of debt

—

(450,000

)

Proceeds from exercise of stock-based compensation awards

3,808

896

Dividends paid

(701,485

)

(611,627

)

Repurchase of common stock

(952,104

)

(934,800

)

Other, net

(25,014

)

(20,403

)

Net cash used in financing activities

(1,682,072

)

(1,619,011

)

Effect of exchange rate changes on cash and cash equivalents

(735

)

(1,298

)

Net increase (decrease) in cash and cash equivalents

25,045

(78,042

)

Cash and cash equivalents at beginning of year

263,973

342,015

Cash and cash equivalents at end of year

$

289,018

$

263,973