CINTAS CORPCTAS

CINTAS CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Cintas recently committed $5.5 billion to acquire rival UniFirst in Q3 2026, an aggressive consolidation play that highlights the intense scale economics of the facility services industry. This strategic move reinforces a central investment thesis: Cintas systematically extracts operational leverage from route density, turning incremental service stops into consistent margin expansion.

The company’s top line has steadily compounded, with total revenue growing from $7.1 billion in FY2021 to $10.3 billion in FY2025. This expansion is driven by both the core Uniform Rental division and the high-growth First Aid and Safety Services segment, which posted a 14.1% revenue increase in FY2025. Volume growth and optimized routing pushed overall gross margins to 50.0% in FY2025, up from 48.8% the prior year. The momentum continued into the first nine months of FY2026, generating $8.4 billion in revenue and expanding operating income by 9.8%.

Cash generation provides substantial capital flexibility, with operating cash flows hitting $2.17 billion in FY2025 to easily fund dividend payouts and robust share repurchases. The market clearly recognized this operational execution. At the close of FY2025, Cintas achieved a $91.3 billion market cap, with the stock trading at $226.50 and commanding a premium 51.5x earnings multiple.

Recent Developments (Q2 and Q3 2026)

Cintas is navigating an extended antitrust review for its pending UniFirst merger, having received a "Second Request" from the FTC. To support the transaction, the company secured $2.85 billion in debt financing and established a new $2.0 billion revolving credit facility. Standalone operations continue to scale, with Q2 2026 revenue reaching $2.80 billion, a 9.3% year-over-year increase. Through Q3 2026, diluted earnings per share expanded by 10.3% to $3.65, driven by core volume growth and $901.7 million in first-half share repurchases.

Bulls argue that consistent double-digit EPS expansion proves Cintas can internally compound value regardless of merger delays. Bears warn that trading at 38.7x earnings as of April 7, 2026, the stock prices in seamless regulatory approval, leaving substantial downside risk if the transaction is blocked.

What to watch: FTC antitrust review timeline; leverage ratio compliance under the new credit facility

Rev

$10.34B

+7.7% YoY

FY2025

NI

$1.81B

+15.3% YoY

FY2025

EPS

$4.48

+16.4% YoY

FY2025

OCF

$2.17B

+4.7% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All CTAS Financial Metrics(58)

Recent SEC Filings

CINTAS CORP 8-K Report, Corporate Update (Jun 12, 2026)

Cintas Corporation (CTAS) has filed an 8-K report on June 12, 2026, to provide an update on its pending acquisition of UniFirst Corporation. The key development is that both Cintas and UniFirst have received a "Second Request" from the U.S. Federal Trade Commission (FTC) as part of their ongoing review of the merger. This "Second Request" extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) until 30 days after both companies substantially comply with the FTC's information demands, unless terminated earlier or extended voluntarily. Despite this regulatory hurdle, Cintas reiterated its expectation that the merger will close in the second half of calendar year 2026, contingent upon customary closing conditions and regulatory approvals. This filing also confirms that UniFirst shareholders have voted to approve the acquisition. The "Second Request" indicates a more thorough regulatory review is underway, which could potentially impact the deal timeline. While Cintas and UniFirst are cooperating with the FTC, investors should monitor further developments regarding this regulatory review and its potential implications on the closing date and deal terms. The successful shareholder vote by UniFirst is a positive step, but the HSR Act review remains a critical factor for the completion of the transaction. The company continues to emphasize its forward-looking statements regarding the benefits and completion of the merger, while also outlining numerous risks and uncertainties that could affect the actual outcome.

CINTAS CORP 8-K Report, Material Agreement (Mar 31, 2026)

Cintas Corporation (CTAS) has announced the entry into a new $2.0 billion revolving credit facility through its subsidiary, Cintas Corporation No. 2. This facility, secured by the parent corporation and certain domestic subsidiaries, replaces an existing credit agreement and extends maturity to March 27, 2031. The new facility includes sub-facilities for letters of credit ($300.0 million) and swing loans ($150.0 million), and allows for potential increases in commitments or new term loans up to an additional $1.0 billion. This refinancing is a strategic move to ensure continued financial flexibility and operational capacity. The agreement introduces a financial covenant requiring Cintas to maintain a leverage ratio of consolidated indebtedness to consolidated EBITDA not exceeding 3.50 to 1.00, with a temporary increase to 4.00 to 1.00 permissible for certain acquisitions. The replacement of the old facility with a new, larger one demonstrates Cintas's commitment to robust liquidity management.

CINTAS CORP 8-K Report, Financial Results (Mar 25, 2026)

Cintas Corporation (CTAS) has filed a Form 8-K on March 25, 2026, primarily to announce its financial results for the third quarter of fiscal year 2026, ending February 28, 2026. The key information regarding these results is contained within the press release furnished as Exhibit 99 to this filing. Investors should refer to this press release for detailed operational and financial performance metrics. While this 8-K itself is procedural in nature, its purpose is to officially disseminate the quarterly financial performance. The press release likely contains information on revenue, earnings per share, profitability margins, and guidance for the upcoming periods, which are critical for assessing the company's current health and future prospects.

CINTAS CORP 8-K Report, Material Agreement (Mar 11, 2026)

Cintas Corporation (CTAS) has announced a significant strategic move with the entry into a definitive Merger Agreement to acquire UniFirst Corporation. This transaction will be executed as a two-step merger, with UniFirst becoming a wholly-owned subsidiary of Cintas. The deal offers UniFirst shareholders a combination of cash and Cintas common stock, valuing each UniFirst share at $155 in cash plus 0.7720 shares of Cintas common stock. This acquisition is expected to enhance Cintas' market position and broaden its service offerings. The merger is subject to customary closing conditions, including UniFirst shareholder approval and regulatory clearances, such as HSR approval. Cintas has secured debt financing for the transaction and has entered into a voting agreement with certain UniFirst shareholders representing approximately two-thirds of the voting power to support the deal. The closing is anticipated by January 10, 2027, with provisions for extensions. This filing provides a comprehensive overview of the merger terms, consideration, equity award treatment, and conditions, signaling a major step in Cintas' growth strategy.

CINTAS CORP 8-K Report, Corporate Update (Dec 22, 2025)

Cintas Corporation (CTAS) has announced a significant development in its strategic growth initiatives by submitting a proposal to acquire UniFirst Corporation for $275.00 per share in cash. This all-cash offer aims to acquire all outstanding common and class B shares of UniFirst, signaling a potentially transformative move for Cintas in the uniform rental and facility services industry. While the proposal is a strong indication of Cintas' intent, investors should note that this is an initial offer and the transaction is subject to various conditions and risks. The company has included a forward-looking statements section highlighting potential challenges such as the possibility of the transaction not being consummated, integration risks, and the impact on Cintas' earnings per share. Investors are advised to monitor future filings for updates and to consider the potential synergies and integration costs associated with such a significant acquisition.

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