ctas-20250831

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	August 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission file number 0-11399

Cintas Corporation

(Exact name of registrant as specified in its charter)


Washington						31-1188630
(State or Other Jurisdiction of Incorporation or Organization)						(IRS Employer Identification Number)


6800 Cintas Boulevard
P.O. Box 625737
Cincinnati,	Ohio	45262-5737
(Address of Principal Executive Offices)		(Zip Code)

Registrant's Telephone Number, Including Area Code: (513) 459-1200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, no par value

CTAS

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

Indicate by checkmark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by checkmark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☑ No ☐

Indicate by checkmark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☑ Accelerated Filer ☐ Non-Accelerated Filer ☐

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding September 30, 2025
Common Stock, no par value						401,866,678

CINTAS CORPORATION

TABLE OF CONTENTS


		Page
Part I. Financial Information

Item 1.	Financial Statements

	Consolidated Condensed Statements of Income – Three Months Ended August 31, 2025 and 2024	3

	Consolidated Condensed Statements of Comprehensive Income – Three Months Ended August 31 , 2025 and 2024	4

	Consolidated Condensed Balance Sheets – August 31, 2025 and May 31, 2025	5

	Consolidated Condensed Statements of Shareholders' Equity - Three Months Ended August 31, 2025 and 2024	6

	Consolidated Condensed Statements of Cash Flows – Three Months Ended August 31 , 2025 and 2024	7

	Notes to Consolidated Condensed Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

Part II. Other Information

Item 1.	Legal Proceedings	26



Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

Signatures		28

Table of Contents

Part I. Financial Information

ITEM 1.

FINANCIAL STATEMENTS

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
(In thousands except per share data)	August 31, 2025		August 31, 2024
Revenue:
Uniform rental and facility services	$	2,091,066	$	1,933,839
Other	627,056		567,748
Total revenue	2,718,122		2,501,587

Costs and expenses:
Cost of uniform rental and facility services	1,052,553		981,163
Cost of other	299,008		268,293
Selling and administrative expenses	748,702		691,100

Operating income	617,859		561,031

Interest income	(2,209)		(1,250)
Interest expense	24,161		25,619

Income before income taxes	595,907		536,662
Income taxes	104,767		84,629


Net income	$	491,140	$	452,033




Basic earnings per share	$	1.21	$	1.12




Diluted earnings per share	$	1.20	$	1.10

Dividends declared per share	$	0.45	$	0.39

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended
(In thousands)	August 31, 2025		August 31, 2024

Net income	$	491,140	$	452,033

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(325)		3,656
Change in fair value of interest rate lock agreements, net of tax benefit of $(908) and $(3,408), respectively	(2,652)		(9,956)
Amortization of interest rate lock agreements, net of tax benefit of $(513) and $(513), respectively	(1,523)		(1,523)

Other comprehensive loss, net of tax benefit of $(1,421) and $(3,921), respectively	(4,500)		(7,823)
Comprehensive income	$	486,640	$	444,210

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS


(In thousands)	August 31, 2025		May 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	138,143	$	263,973

Accounts receivable, net	1,421,047		1,417,381
Inventories, net	449,739		447,408
Uniforms and other rental items in service	1,172,321		1,137,361

Prepaid expenses and other current assets	194,676		170,046
Total current assets	3,375,926		3,436,169

Property and equipment, net	1,677,021		1,652,474

Investments	369,503		339,518
Goodwill	3,410,729		3,400,227
Service contracts, net	298,025		309,828
Operating lease right-of-use assets, net	244,067		224,383
Other assets, net	462,419		462,642
	$	9,837,690	$	9,825,241

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	462,315	$	485,109
Accrued compensation and related liabilities	135,185		229,538
Accrued liabilities	779,672		875,077
Income taxes, current	78,956		4,034
Operating lease liabilities, current	51,691		50,744

Total current liabilities	1,507,819		1,644,502

Long-term liabilities:
Debt due after one year	2,425,757		2,424,999
Deferred income taxes	484,443		471,740
Operating lease liabilities	197,818		178,738
Accrued liabilities	466,153		420,781
Total long-term liabilities	3,574,171		3,496,258

Shareholders’ equity:
Preferred stock, no par value:	—		—
100 shares authorized, none outstanding
Common stock, no par value, and paid-in capital:	2,694,077		2,593,479
1,700,000 shares authorized
FY 2026: 778,465 shares issued and 402,950 shares outstanding
FY 2025: 776,936 shares issued and 402,948 shares outstanding

Retained earnings	12,107,250		11,798,451
Treasury stock:	(10,125,516)		(9,791,838)
FY 2026: 375,515 shares
FY 2025: 373,988 shares
Accumulated other comprehensive income	79,889		84,389
Total shareholders’ equity	4,755,700		4,684,481
	$	9,837,690	$	9,825,241

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)


	Common Stock and Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Income			Treasury Stock				Total Shareholders' Equity
(In thousands)	Shares	Amount						Shares		Amount

Balance at June 1, 2025	776,936	$	2,593,479	$	11,798,451	$	84,389		(373,988)		$	(9,791,838)	$	4,684,481
Net income	—	—		491,140		—			—		—		491,140
Comprehensive loss, net of tax	—	—		—		(4,500)			—		—		(4,500)
Dividends	—	—		(182,341)		—			—		—		(182,341)
Stock-based compensation	—	30,348		—		—			—		—		30,348
Vesting of stock-based compensation awards	511	—		—		—			—		—		—
Stock options exercised	1,018	70,250		—		—			(304)		(67,581)		2,669
Repurchase of common stock	—	—		—		—			(1,223)		(266,097)		(266,097)


Balance at August 31, 2025	778,465	$	2,694,077	$	12,107,250	$	79,889		(375,515)		$	(10,125,516)	$	4,755,700


	Common Stock and Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Income			Treasury Stock				Total Shareholders' Equity
(In thousands)	Shares	Amount						Shares		Amount

Balance at June 1, 2024	773,097	$	2,305,301	$	10,617,955	$	91,201		(368,089)		$	(8,698,085)	$	4,316,372
Net income	—	—		452,033		—			—		—		452,033
Comprehensive loss, net of tax	—	—		—		(7,823)			—		—		(7,823)
Dividends	—	—		(157,955)		—			—		—		(157,955)
Stock-based compensation	—	33,367		—		—			—		—		33,367
Vesting of stock-based compensation awards	792	—		—		—			—		—		—
Stock options exercised	1,342	77,055		—		—			(407)		(76,824)		231
Repurchase of common stock	—	—		—		—			(3,476)		(614,802)		(614,802)
Balance at August 31, 2024	775,231	$	2,415,723	$	10,912,033	$	83,378		(371,972)		$	(9,389,711)	$	4,021,423

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
(In thousands)	August 31, 2025		August 31, 2024
Cash flows from operating activities:
Net income	$	491,140	$	452,033
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	77,589		73,838
Amortization of intangible assets and capitalized contract costs	48,348		46,554
Stock-based compensation	30,348		33,367

Deferred income taxes	13,496		1,887
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(3,635)		(49,129)
Inventories, net	(2,398)		11,318
Uniforms and other rental items in service	(34,760)		(20,144)
Prepaid expenses and other current assets and capitalized contract costs	(62,382)		(80,282)
Accounts payable	(22,501)		56,698
Accrued compensation and related liabilities	(94,275)		(86,965)
Accrued liabilities and other	(101,114)

SEC Form 10-Q filed by Cintas Corporation