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, Executive Changes (Aug 27, 2026)

Cintas Corporation (CTAS) has filed an 8-K report announcing the decision of director Melanie W. Barstad not to stand for re-election at the upcoming 2026 annual meeting of shareholders. Ms. Barstad will continue her service as a director until the conclusion of the annual meeting. Importantly, the company has clarified that Ms. Barstad's decision is not due to any disputes or disagreements concerning the company's operations, policies, or procedures, indicating a smooth transition and no underlying issues. This announcement is primarily a governance update for shareholders, informing them of a change in the board composition. Investors should note that this departure appears to be voluntary and amicable, without implications for the company's ongoing business or financial performance. The report is routine and does not contain financial results or material operational changes, but it's crucial for understanding board dynamics and corporate governance.

CINTAS CORP 8-K Report, Executive Changes (Aug 3, 2026)

Cintas Corporation (CTAS) has announced a key executive leadership change through an 8-K filing dated August 3, 2026. Effective August 1, 2026, Jim Rozakis, previously Executive Vice President and Chief Operating Officer (COO), has been appointed President and COO. This move separates the roles of President and Chief Executive Officer, with Todd Schneider continuing as CEO and relinquishing the President title. This change is significant as it realigns executive responsibilities and introduces a new compensation structure for Mr. Rozakis in his expanded role. Investors should note the details of his new compensation package, including base salary, annual cash incentive, and substantial long-term incentive awards, reflecting the increased scope of his responsibilities. The filing also confirms there are no undisclosed arrangements or conflicts of interest related to this appointment.

CINTAS CORP 8-K Report, Financial Results (Jul 15, 2026)

Cintas Corporation (CTAS) has filed an 8-K report on July 15, 2026, to announce its financial results for the fourth quarter ended May 31, 2026. The press release, furnished as Exhibit 99, details the company's operational and financial performance. Investors should review this announcement for key metrics and management commentary regarding the company's recent achievements and future outlook. The filing itself is brief, referencing the press release as the primary source of detailed financial information. Investors are encouraged to access the furnished press release for a comprehensive understanding of Cintas' performance.

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.

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