CINTAS CORP
For the period ended Feb 28, 2026. Filed Apr 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 28, 2026 · Filed Apr 7, 2026
CTAS$222.36-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-11-30; filed 2026-01-07.
0000723254-26-000002
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-02-28; filed 2026-04-07.
0000723254-26-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 89 current paragraphs.
35 unchanged; 43 reworded; 7 added; 5 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Selling and administrative expenses increased $79.1 million, or 11.1%, in the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Selling and administrative expenses as a percent of revenue were 27.8% for the three months ended February 28, 2026, compared to 27.2% for the three months ended February 28, 2025. We recorded a gain of $15.0 million on a sale of property and equipment in the three months ended February 28, 2025 which impacted all segments by the same percent of revenue. Excluding this gain, selling and administrative expenses as a percent of revenue remained the same for the three months ended February 28, 2026, compared to the three months ended February 28, 2025.
Current report
Selling and administrative expenses increased $13.7 million in the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Selling and administrative expenses as a percent of revenue for the three months ended February 28, 2026 were 33.0%, compared to 33.3% for the three months ended February 28, 2025. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025, selling and administrative expenses as a percent of revenue improved by 0.9% in the three months ended February 28, 2026, compared to the three months ended February 28, 2025. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth.
Current report
Selling and administrative expenses increased $208.1 million, or 10.0%, for the nine months ended February 28, 2026, compared to the nine months ended February 28, 2025. Selling and administrative expenses as a percent of revenue were 27.4% for the nine months ended February 28, 2026, compared to 27.2% for the nine months ended February 28, 2025. In the nine months ended February 28, 2025, we recorded a gain of $15.0 million on a sale of property and equipment which impacted all segments by the same percent of revenue. Excluding this gain, selling and administrative expenses as a percent of revenue remained the same for the nine months ended February 28, 2026, compared to the nine months ended February 29, 2025.
Current report
Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $128.2 million but remained the same as a percent of revenue. Selling and administrative expenses as a percent of revenue was 25.8% for both the nine months ended February 28, 2026 and 2025. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025, selling and administrative expenses improved by 0.2%. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth.
Current report
Operating income for the First Aid and Safety Services reportable operating segment was $254.7 million for the nine months ended February 28, 2026, compared to $218.0 million for the nine months ended February 28,
Current report
Operating income was 24.9% of the reportable operating segment’s revenue, compared to 24.4% for the nine months ended February 28, 2025. The improvement as a percent of revenue was primarily a result of the improvement in gross margin and improved operating leverage from revenue growth.
Current report
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, shareholder, 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.
Removed paragraphs (5)
Previous report
Selling and administrative expenses increased $71.5 million, or 10.4%, in the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Selling and administrative expenses as a percent of revenue were 27.0% for the three months ended November 30, 2025, compared to 26.8% for the three months ended November 30, 2024. The change as a percent of revenue was primarily due to investments in selling resources.
Previous report
Selling and administrative expenses increased $14.3 million in the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Selling and administrative expenses as a percent of revenue for the three months ended November 30, 2025 were 32.3%, compared to 32.2% for the three months ended November 30, 2024. The change as a percent of revenue was primarily due to investments in selling resources.
Previous report
Selling and administrative expenses increased $129.1 million, or 9.4%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024. Selling and administrative expenses as a percent of revenue were 27.3% for the six months ended November 30, 2025, compared to 27.2% for the six months ended November 30, 2024. The change as a percent of revenue was primarily due to investments in selling resources.
Previous report
Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $76.8 million but decreased as a percent of revenue for the six months ended November 30, 2025 to 25.6%, compared to 25.7% for the six months ended November 30, 2024. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth, partially offset by investments in selling resources.
Previous report
Income before income taxes for the First Aid and Safety Services reportable operating segment was $167.3 million for the six months ended November 30, 2025, compared to $146.5 million for the six months ended November 30, 2024. Income before income taxes, at 24.7% of the reportable operating segment’s revenue, decreased 10 basis points compared to the six months ended November 30, 2024 primarily due to the decrease in gross margin.
Reworded paragraphs (43)
Previous wording
Cintas classifies its business into two reportable operating segments and places the remainder of its operating segments in an All Other category. Cintas’ two reportable operating segments are Uniform Rental and Facility Services and First Aid and Safety Services. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services, as well as workplace water services. The remainder of Cintas’ business, which consists of the Fire Protection Services operating segment and the Uniform Direct Sales operating segment, is included in All Other. These operating segments consist of fire protection products and services and the direct sale of uniforms and related items. Cintas evaluates operating segment performance based on revenue and operating income. Revenue and operating income for the three and six months ended November 30, 2025 and 2024, for the two reportable operating segments and All Other are presented in Note 10 entitled Segment Information of “Notes to Consolidated Condensed Financial Statements.” The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker (CODM) regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate.
Current wording
Cintas classifies its business into two reportable operating segments and places the remainder of its operating segments in an All Other category. Cintas’ two reportable operating segments are Uniform Rental and Facility Services and First Aid and Safety Services. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services, as well as workplace water services. The remainder of Cintas’ business, which consists of the Fire Protection Services operating segment and the Uniform Direct Sales operating segment, is included in All Other. These operating segments consist of fire protection products and services and the direct sale of uniforms and related items. Cintas evaluates operating segment performance based on revenue and operating income. Revenue and operating income for the three and nine months ended February 28, 2026 and 2025, for the two reportable operating segments and All Other are presented in Note 11 entitled Segment Information of “Notes to Consolidated Condensed Financial Statements.” The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker (CODM) regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate.
Previous wording
Total revenue increased 9.3% to $2,800.0 million for the three months ended November 30, 2025, compared to $2,561.8 million for the three months ended November 30, 2024. The organic revenue growth rate, which adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations, was 8.6%. Revenue growth was positively impacted by 0.7% due to acquisitions.
Current wording
Total revenue increased 8.9% to $2,841.4 million for the three months ended February 28, 2026, compared to $2,609.2 million for the three months ended February 28, 2025. The organic revenue growth rate, which adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations, was 8.2%. Revenue growth was positively impacted by 0.4% due to acquisitions and 0.3% due to foreign currency exchange rate fluctuations.
Previous wording
Uniform Rental and Facility Services reportable operating segment revenue was $2,155.4 million for the three months ended November 30, 2025, compared to $1,990.4 million for the three months ended November 30, 2024, which was an increase of 8.3%. The organic revenue growth rate for this reportable operating segment was 7.8%. Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 0.5% primarily due to acquisitions. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Current wording
Uniform Rental and Facility Services reportable operating segment revenue was $2,177.5 million for the three months ended February 28, 2026, compared to $2,021.1 million for the three months ended February 28, 2025, which was an increase of 7.7%. The organic revenue growth rate for this reportable operating segment was 7.3%. Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 0.1% due to acquisitions and 0.3% due to foreign currency exchange rate fluctuations. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Previous wording
Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 12.8% for the three months ended November 30, 2025, compared to the three months ended November 30, 2024, from $571.4 million to $644.6 million. The organic revenue growth rate for other revenue was 11.6%. Revenue growth was positively impacted by 1.2% primarily due to acquisitions.
Current wording
Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 12.9% for the three months ended February 28, 2026, compared to the three months ended February 28, 2025, from $588.0 million to $664.0 million. The organic revenue growth rate for other revenue was 11.4%. Revenue growth was positively impacted by 1.4% due to acquisitions and 0.1% due to foreign currency exchange rate fluctuations.
Previous wording
Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $67.2 million, or 6.6%, for the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.9% for the three months ended November 30, 2024, to 50.2% for the three months ended November 30, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Current wording
Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $73.4 million, or 7.3%, for the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.0% for the three months ended February 28, 2025, to 49.7% for the three months ended February 28, 2026. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Previous wording
Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $35.3 million, or 13.0%, for the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Cost of other increased as a percent of revenue, increasing from 47.4% for three months ended November 30, 2024, to 47.5% for the three months ended November 30, 2025. The increase in cost of sales as a percent of revenue was primarily due to adding route capacity.
Current wording
Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $29.8 million, or 10.6%, for the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Cost of other improved as a percent of revenue, decreasing from 47.6% for three months ended February 28, 2025, to 46.7% for the three months ended February 28, 2026. The improvement in cost of sales as a percent of revenue was primarily due to favorable sales mix and sourcing and productivity initiatives.
Previous wording
Operating income was $655.7 million, or 23.4% of revenue, for the three months ended November 30, 2025, compared to $591.4 million, or 23.1% of revenue, for the three months ended November 30, 2024. The resulting increase in operating income as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Current wording
Operating income was $659.9 million, or 23.2% of revenue, for the three months ended February 28, 2026, compared to $609.9 million, or 23.4% of revenue, for the three months ended February 28, 2025. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025 noted previously, operating income as a percent of revenue improved by 0.4%. The resulting increase in operating income as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Previous wording
Net interest expense (interest expense less interest income) was $27.2 million for the three months ended November 30, 2025, compared to $25.7 million for the three months ended November 30, 2024. The change was primarily due to an increase in the average amount of outstanding commercial paper during the three months ended November 30, 2025.
Current wording
Net interest expense (interest expense less interest income) was $27.4 million for the three months ended February 28, 2026, compared to $23.4 million for the three months ended February 28, 2025. The change was primarily due to an increase in the average amount of outstanding commercial paper during the three months ended February 28, 2026.
Previous wording
Cintas’ effective tax rate was 21.2% and 20.7% for the three months ended November 30, 2025 and 2024, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.
Current wording
Cintas’ effective tax rate was 20.6% and 21.0% for the three months ended February 28, 2026 and 2025, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.
Previous wording
Net income was $495.3 million for the three months ended November 30, 2025, an increase of 10.4% compared to the three months ended November 30, 2024. Diluted earnings per share were $1.21 for the three months ended November 30, 2025, which was an increase of 11.0% compared to the three months ended November 30, 2024. Diluted earnings per share increased primarily due to the increase in net income and share repurchases.
Current wording
Net income was $502.5 million for the three months ended February 28, 2026, an increase of 8.4% compared to the three months ended February 28, 2025. Diluted earnings per share were $1.24 for the three months ended
Previous wording
Uniform Rental and Facility Services reportable operating segment revenue increased to $2,155.4 million from $1,990.4 million, or 8.3%, for the three months ended November 30, 2025, over the three months ended November 30, 2024. The organic revenue growth rate for the reportable operating segment was 7.8%. The cost of uniform rental and facility services increased $67.2 million, or 6.6%. The reportable operating segment’s gross margin was $1,074.2 million. Gross margin as a percent of revenue was 49.8% for the three months ended November 30, 2025, compared to 49.1% for the three months ended November 30, 2024. The resulting increase as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Current wording
Uniform Rental and Facility Services reportable operating segment revenue increased to $2,177.5 million from $2,021.1 million, or 7.7%, for the three months ended February 28, 2026, over the three months ended February 28, 2025. The organic revenue growth rate for the reportable operating segment was 7.3%. The cost of uniform rental and facility services increased $73.4 million, or 7.3%. The reportable operating segment’s gross margin was $1,094.4 million. Gross margin as a percent of revenue was 50.3% for the three months ended February 28, 2026, compared to 50.0% for the three months ended February 28, 2025. The resulting increase as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Previous wording
Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $44.5 million in the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Selling and administrative expenses as a percent of revenue for the three months ended November 30, 2025 were 25.4%, compared to 25.3% in the three months ended November 30, 2024. The change as a percent to revenue was primarily due to investments in selling resources.
Current wording
Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $51.4 million in the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Selling and administrative expenses as a percent of revenue for the three months ended February 28, 2026 were 26.3%, compared to 25.8% in the three months ended February 28, 2025. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025, selling and administrative expenses as a percent of revenue remained the same in the three months ended February 28, 2026, compared to the three months ended February 28, 2025.
Previous wording
Income before income taxes increased $53.4 million, or 11.3%, for the Uniform Rental and Facility Services reportable operating segment for the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Income before income taxes was 24.4% of the reportable operating segment's revenue compared to the three months ended November 30, 2024 of 23.7% of revenue. The improvement in income before income taxes was primarily a result of the expansion in gross margin.
Current wording
Operating Income increased $31.5 million, or 6.4%, for the Uniform Rental and Facility Services reportable operating segment for the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Operating income was 23.9% of the reportable operating segment's revenue compared to the three months ended February 28, 2025 of 24.2% of revenue. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025 noted previously, operating income as a percent of revenue improved by 0.3%. The improvement in operating income was primarily a result of the expansion in gross margin.
Previous wording
First Aid and Safety Services reportable operating segment revenue increased to $342.2 million from $299.4 million, or 14.3%, for the three months ended November 30, 2025, over the three months ended November 30, 2024. The organic revenue growth rate for the reportable operating segment was 14.1%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.2% due to acquisitions. The increase in revenue was driven by many factors including increases in new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.
Current wording
First Aid and Safety Services reportable operating segment revenue increased to $346.8 million from $301.8 million, or 14.9%, for the three months ended February 28, 2026, over the three months ended February 28, 2025. The organic revenue growth rate for the reportable operating segment was 14.6%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.2% due to acquisitions. The increase in revenue was driven by many factors including increases in new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.
Previous wording
Cost of first aid and safety services for the three months ended November 30, 2025, increased $16.8 million, or 13.1%, compared to the three months ended November 30, 2024. The gross margin as a percent of revenue was 57.7% for the three months ended November 30, 2025, compared to the gross margin as a percent of revenue of 57.3% in the three months ended November 30, 2024. The improvement in gross margin as a percent of revenue was primarily due to a favorable sales mix and strategic sourcing initiatives.
Current wording
Cost of first aid and safety services for the three months ended February 28, 2026, increased $15.6 million, or 12.0%, compared to the three months ended February 28, 2025. The gross margin as a percent of revenue was 58.1% for the three months ended February 28, 2026, compared to 57.0% in the three months ended February 28, 2025. The improvement in gross margin as a percent of revenue was primarily due to a favorable sales mix and strategic sourcing initiatives.
Previous wording
Income before income taxes for the First Aid and Safety Services reportable operating segment increased $11.8 million to $87.0 million for the three months ended November 30, 2025, compared to the three months ended November 30, 2024. Income before income taxes was 25.4% of the reportable operating segment’s revenue compared to the three months ended November 30, 2024 of 25.1%. The improvement in income before income taxes as a percent to revenue was primarily due to the previously discussed change in gross margin, partially offset by the change in selling and administrative expenses as a percent of revenue noted above.
Current wording
Operating Income for the First Aid and Safety Services reportable operating segment increased $15.8 million to $87.3 million for the three months ended February 28, 2026, compared to the three months ended February 28, 2025. Operating income was 25.2% of the reportable operating segment’s revenue compared to the three months ended February 28, 2025 of 23.7%. The improvement in operating income as a percent to revenue was primarily due to the previously discussed changes in gross margin and selling and administrative expenses noted above.
Previous wording
Total revenue increased 9.0% to $5,518.1 million for the six months ended November 30, 2025, compared to $5,063.4 million for the six months ended November 30, 2024. Total organic revenue growth was 8.2%. Organic growth adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations. Revenue growth was positively impacted by 0.8% due to acquisitions.
Current wording
Total revenue increased 9.0% to $8,359.6 million for the nine months ended February 28, 2026, compared to $7,672.5 million for the nine months ended February 28, 2025. Total organic revenue growth was 8.2%. Organic growth adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations. Revenue growth was positively impacted by 0.7% due to acquisitions and 0.1% due to foreign currency exchange rate fluctuations.
Previous wording
Uniform Rental and Facility Services reportable operating segment revenue was $4,246.5 million for the six months ended November 30, 2025, compared to $3,924.2 million for the six months ended November 30, 2024, which was an increase of 8.2%. Organic revenue growth for this reportable operating segment was 7.5%. Uniform Rental and Facility Services reportable operating segment revenue was positively impacted by 0.7% due to acquisitions. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Current wording
Uniform Rental and Facility Services reportable operating segment revenue was $6,423.9 million for the nine months ended February 28, 2026, compared to $5,945.4 million for the nine months ended February 28, 2025, which was an increase of 8.0%. Organic revenue growth for this reportable operating segment was 7.5%. Uniform Rental and Facility Services reportable operating segment revenue was positively impacted by 0.5% due to acquisitions. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Previous wording
Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, was $1,271.6 million for the six months ended November 30, 2025, compared to $1,139.1 million for the six months ended November 30, 2024, which was an increase of 11.6%. Organic growth for other revenue was 10.6%. Revenue growth was positively impacted by 1.0% due to acquisitions.
Current wording
Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, was $1,935.6 million for the nine months ended February 28, 2026, compared to $1,727.1 million for the nine months ended February 28, 2025, which was an increase of 12.1%. Organic growth for other revenue was 10.9%. Revenue growth was positively impacted by 1.2% due to acquisitions.
Previous wording
Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $138.6 million, or 6.9%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.8% for the six months ended November 30, 2024, to 50.2% for the six months ended November 30, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Current wording
Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $211.9 million, or 7.1%, for the nine months ended February 28, 2026, compared to the nine months ended February 28, 2025. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.5% for the nine months ended February 28, 2025, to 50.1% for the nine months ended February 28, 2026. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Previous wording
Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms, and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $66.0 million, or 12.2%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024. Cost of other as a percent of revenue was 47.6% for the six months ended November 30, 2025, compared to 47.3% for six months ended November 30, 2024. The increase in cost of sales as a percent of revenue was primarily due to adding route capacity and unfavorable changes in the revenue mix.
Current wording
Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms, and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $95.8 million, or 11.7%, for the nine months ended February 28, 2026, compared to the nine months ended February 28, 2025. Cost of other as a percent of revenue improved to 47.3% for the nine months ended February 28, 2026, compared to 47.4% for nine months ended February 28, 2025. The improvement in cost of sales as a percent of revenue was primarily due to favorable sales mix.
Previous wording
Operating income was $1,273.6 million, or 23.1% of revenue, for the six months ended November 30, 2025, compared to $1,152.4 million, or 22.8% of revenue, for the six months ended November 30, 2024. The improvement in operating income as a percent of revenue was primarily due to the previously mentioned improvements in gross margin partially offset by the change in selling and administrative expenses as a percent of revenue noted above.
Current wording
Operating income was $1,933.5 million, or 23.1% of revenue, for the nine months ended February 28, 2026, compared to $1,762.3 million, or 23.0% of revenue, for the nine months ended February 28, 2025. The improvement in operating income as a percent of revenue was primarily due to the previously mentioned improvements in gross margin as a percent of revenue noted above.
Previous wording
Net interest expense (interest expense less interest income) was $49.2 million for the six months ended November 30, 2025, compared to $50.1 million for the six months ended November 30, 2024. The reduction was primarily due to additional interest income earned in the six months ended November 30, 2025.
Current wording
Net interest expense (interest expense less interest income) was $76.6 million for the nine months ended February 28, 2026, compared to $73.5 million for the nine months ended February 28, 2025. The change was primarily due to an increase in the average amount of outstanding commercial paper during the nine months ended February 28, 2026.
Previous wording
Cintas’ effective tax rate was 19.4% and 18.3% for the six months ended November 30, 2025 and 2024, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.
Current wording
Cintas’ effective tax rate was 19.8% and 19.2% for the nine months ended February 28, 2026 and 2025, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.
Previous wording
Net income for the six months ended November 30, 2025, increased $86.0 million, or 9.5%, compared to the six months ended November 30, 2024. Diluted earnings per share was $2.41 for the six months ended November 30, 2025, which was an increase of 10.0% compared to the six months ended November 30, 2024. Diluted earnings per share increased primarily due to the increase in net income and share repurchases.
Current wording
Net income for the nine months ended February 28, 2026, increased $125.0 million, or 9.2%, compared to the nine months ended February 28, 2025. Diluted earnings per share was $3.65 for the nine months ended February 28, 2026, which was an increase of 10.3% compared to the nine months ended February 28, 2025. Diluted earnings per share increased primarily due to the increase in net income and share repurchases.
Previous wording
Uniform Rental and Facility Services reportable operating segment revenue increased 8.2% to $4,246.5 million for the six months ended November 30, 2025, compared to $3,924.2 million for the six months ended November 30, 2024. Organic revenue growth for this reportable operating segment was 7.5%. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Current wording
Uniform Rental and Facility Services reportable operating segment revenue increased 8.0% to $6,423.9 million for the nine months ended February 28, 2026, compared to $5,945.4 million for the nine months ended February 28, 2025. Organic revenue growth for this reportable operating segment was 7.5%. Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.
Previous wording
Cost of uniform rental and facility services increased $138.6 million, or 6.9%, for the six months ended November 30, 2025 over the six months ended November 30, 2024. The reportable operating segment’s gross margin was $2,112.7 million, or 49.8% of revenue, for the six months ended November 30, 2025, compared to the gross margin of 49.2% for the six months ended November 30, 2024. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Current wording
Cost of uniform rental and facility services increased $211.9 million, or 7.1%, for the nine months ended February 28, 2026 over the nine months ended February 28, 2025. The reportable operating segment’s gross margin was $3,207.1 million, or 49.9% of revenue, for the nine months ended February 28, 2026, compared to the gross margin of 49.5% for the nine months ended February 28, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.
Previous wording
Income before income taxes increased $106.9 million, or 11.6%, for the Uniform Rental and Facility Services reportable operating segment for the six months ended November 30, 2025, compared to the six months ended November 30, 2024. Income before income taxes was 24.2% of the reportable operating segment’s revenue, compared to 23.4% for the six months ended November 30, 2024. The improvement as a percent of revenue was primarily a result of the improvement in gross margin.
Current wording
Operating income increased $138.4 million, or 9.8%, for the Uniform Rental and Facility Services reportable operating segment for the nine months ended February 28, 2026, compared to the nine months ended February 28, 2025. Operating income was 24.1% of the reportable operating segment’s revenue, compared to 23.7% for the nine months ended February 28, 2025. The improvement as a percent of revenue was primarily a result of the improvement in gross margin.
Previous wording
First Aid and Safety Services reportable operating segment revenue increased from $591.9 million to $676.9 million, or 14.4%, for the six months ended November 30, 2025, over the six months ended November 30, 2024. Organic revenue growth for this reportable operating segment was 14.1%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.3% due to acquisitions. This increase in revenue was driven by many factors including new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.
Current wording
First Aid and Safety Services reportable operating segment revenue increased from $893.7 million to $1,023.7 million, or 14.5%, for the nine months ended February 28, 2026, over the nine months ended February 28, 2025. Organic revenue growth for this reportable operating segment was 14.3%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.2% due to acquisitions. This increase in revenue was driven by many factors including new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.
Previous wording
Cost of first aid and safety services increased $37.5 million, or 14.9%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024, due to higher sales volume. The gross margin as a percent of revenue was 57.3% for the six months ended November 30, 2025, compared to 57.5% in the six months ended November 30, 2024. The reduction in gross margin as a percent of revenue was primarily due to adding route capacity in the first three months of the year as well as unfavorable changes in revenue mix.
Current wording
Cost of first aid and safety services increased $53.0 million, or 13.9%, for the nine months ended February 28, 2026, compared to the nine months ended February 28, 2025, due to higher sales volume. The gross margin as a percent of revenue was 57.6% for the nine months ended February 28, 2026, compared to 57.3% in the nine months ended February 28, 2025. The improvement in gross margin as a percent of revenue was primarily due to favorable changes in revenue mix.
Previous wording
Selling and administrative expenses increased $26.7 million but decreased as a percent of revenue to 32.6%, for the six months ended November 30, 2025, compared to 32.7% for the six months ended November 30, 2024. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth, partially offset by investments in selling resources.
Current wording
Selling and administrative expenses increased $40.4 million but decreased as a percent of revenue to 32.7%, for the nine months ended February 28, 2026, compared to 32.9% for the nine months ended February 28, 2025. Excluding the gain on a sale of property and equipment in the three months ended February 28, 2025, selling and administrative expenses improved by 0.4%. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth.
Previous wording
The following is a summary of our cash flows and cash and cash equivalents as of and for the six months ended November 30:
Current wording
The following is a summary of our cash flows and cash and cash equivalents as of and for the nine months ended February 28:
Previous wording
Cash and cash equivalents as of November 30, 2025 and 2024, include $88.3 million and $63.7 million, respectively, that is located outside of the U.S.
Current wording
Cash and cash equivalents as of February 28, 2026 and 2025, include $97.6 million and $34.2 million, respectively, that is located outside of the U.S.
Previous wording
We expect our cash flows from operating activities to remain sufficient to provide us with adequate levels of liquidity. In addition, we have access to $2.0 billion of debt capacity from our amended and restated revolving credit facility. We believe the Company has sufficient liquidity to operate in the current business environment for at least the next 12 months and the foreseeable future thereafter. Acquisitions, repurchases of our common stock and dividends remain strategic objectives, but they will be dependent on the economic outlook and liquidity of the Company.
Current wording
We expect our cash flows from operating activities to remain sufficient to provide us with adequate levels of liquidity. In addition, we have access to $2.0 billion of debt capacity from our revolving credit facility under our credit agreement. We believe the Company has sufficient liquidity to operate in the current business environment for at least the next 12 months and the foreseeable future thereafter. Acquisitions, repurchases of our common stock and dividends remain strategic objectives, but they will be dependent on the economic outlook and liquidity of the Company.
Previous wording
Net cash provided by operating activities was $945.7 million for the six months ended November 30, 2025, compared to $905.1 million for the six months ended November 30, 2024. The change from the prior fiscal year was primarily due to an increase in net income, favorable changes in working capital, specifically, accounts receivable, net and income taxes. These changes were partially offset by unfavorable changes in working capital, specifically accrued liabilities and accounts payable.
Current wording
Net cash provided by operating activities was $1,567.2 million for the nine months ended February 28, 2026, compared to $1,525.6 million for the nine months ended February 28, 2025. The change from the prior fiscal year was primarily due to an increase in net income, favorable changes in working capital, specifically, accounts receivable, net and income taxes. These changes were partially offset by unfavorable changes in working capital, specifically accrued liabilities and accounts payable.
Previous wording
Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses. Capital expenditures were $208.2 million and $194.3 million for the six months ended November 30, 2025 and 2024, respectively. Capital expenditures in the six months ended November 30, 2025, included $143.3 million for the Uniform Rental and Facility Services reportable operating segment and $33.7 million for the First Aid and Safety Services reportable operating segment. Cash paid for acquisitions of businesses was $93.2 million and $154.9 million for the six months ended November 30, 2025 and 2024, respectively. The acquisitions during both the six months ended November 30, 2025 and 2024, occurred in our Uniform Rental and Facility Services reportable operating segment, our First Aid and Safety Services reportable operating segment and our Fire Protection Services operating segment, which is included in All Other. Net cash used in investing activities also includes $6.5 million and $7.1 million of purchases of investments during the six months ended November 30, 2025 and 2024, respectively.
Current wording
Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses. Capital expenditures were $299.1 million and $294.3 million for the nine months ended February 28, 2026 and 2025, respectively. Capital expenditures in the nine months ended February 28, 2026, included $206.5 million for the Uniform Rental and Facility Services reportable operating segment and $48.7 million for the First Aid and Safety Services reportable operating segment. Cash paid for acquisitions of businesses was $102.7 million and $198.8 million for the nine months ended February 28, 2026 and 2025, respectively. The acquisitions during both the nine months ended February 28, 2026 and 2025, occurred in our Uniform Rental and Facility Services reportable operating segment, our First Aid and Safety Services reportable operating segment and our Fire Protection Services operating segment, which is included in All Other. In addition, during the nine months ended February 28, 2025, Cintas received cash proceeds of $24.0 million related to the sale of property and equipment. Net cash used in investing activities also includes $8.3 million and $7.1 million of purchases of investments during the nine months ended February 28, 2026 and 2025, respectively.
Previous wording
Net cash used in financing activities was $699.0 million and $773.9 million for the six months ended November 30, 2025 and 2024, respectively. The improvement in cash used in financing activities was due to an increase in proceeds from the net issuance of commercial paper, which was partially offset by an increase in repurchases of common stock and an increase in dividends paid in the six months ended November 30, 2025.
Current wording
Net cash used in financing activities was $1,239.0 million and $1,146.0 million for the nine months ended February 28, 2026 and 2025, respectively. The increase in cash used in financing activities was due to an increase in repurchases of common stock and an increase in dividends paid. This increase in cash used in financing activity was partially offset by an increase in the net issuance of commercial paper in the nine months ended February 28, 2026.
Previous wording
The following table summarizes the share buyback activity by program for the six months ended November 30:
Current wording
The following table summarizes the share buyback activity by program for the nine months ended February 28:
Previous wording
In the period subsequent to November 30, 2025, through January 7, 2026, we purchased less than 0.1 million shares of Cintas common stock at an average price of $183.00 per share, for a total purchase price of $3.7 million. From the inception of the July 23, 2024 share buyback program through January 7, 2026, Cintas has purchased 2.7 million shares of Cintas common stock in the aggregate, at an average price of $189.32 per share, for a total purchase price of $508.9 million. Cintas has made no purchases under the October 28, 2025 share buyback program.
Current wording
There were no share buybacks in the period subsequent to February 28, 2026, through April 7, 2026. From the inception of the July 23, 2024 share buyback program through April 7, 2026, Cintas has purchased 2.7 million shares of Cintas common stock in the aggregate, at an average price of $189.32 per share, for a total purchase price of $508.9 million. Cintas has made no purchases under the October 28, 2025 share buyback program.
Previous wording
During the six months ended November 30, 2025 and 2024, Cintas issued $550.8 million and $181.0 million, net of commercial paper, respectively.
Current wording
During the nine months ended February 28, 2026, Cintas issued $229.5 million, net of commercial paper.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
February 28, 2026, which was an increase of 9.7% compared to the three months ended February 28, 2025. Diluted earnings per share increased primarily due to the increase in net income and share repurchases.
Current report — wording carried from elsewhere
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;
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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, 2025 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.