01—Abstract
Summary
Summary of the 10-K filed July 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Cintas Corporation reported strong revenue growth of 7.7% for the fiscal year ended May 31, 2025, reaching $10.3 billiona.
This growth was primarily driven by increased sales volume across its Uniform Rental and Facility Services and First Aid and Safety Services segments. The company successfully navigated inflationary pressures and increased operating costs through pricing strategies and efficiency gains, leading to an improvement in gross margins and a 14.7%b increase in income before income taxes. Financially, Cintas demonstrated robust operating cash flow generation, with a 4.7% increase year-over-year, supporting investments in capital expenditures and acquisitions.
The company also returned significant value to shareholders through dividends and share repurchases. Cintas maintains a strong liquidity position with access to a substantial revolving credit facility and has affirmed effective internal controls over financial reporting. Key risks highlighted include economic downturns, increased competition, supply chain constraints, and cybersecurity threats, though the company has demonstrated resilience in its operations and financial management.
02—Key points
Key Highlights
- Total revenue increased by 7.7% to $10.3 billion for the fiscal year ended May 31, 2025, driven by broad-based growth.
- Uniform Rental and Facility Services segment revenue grew 6.8%, and First Aid and Safety Services segment revenue increased 14.1%, indicating strong performance in core business areas.
- Gross margin improved to 50.0% from 48.8% in the prior year, demonstrating effective cost management and pricing strategies.
- Net income rose by 15.3% to $1.81 billion, with diluted earnings per share increasing by 16.1% to $4.40.
- Operating cash flow increased by 4.7% to $2.17 billion, underscoring the company's operational efficiency and cash generation capabilities.
- The company repurchased $934.8 million of its common stock and paid $611.6 million in dividends, reflecting a commitment to shareholder returns.
- Cintas reported effective internal controls over financial reporting and a stable credit rating, indicating sound financial governance.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Cintas Corp kept $0.18.
- Revenue$10.34B100.0%
- Cost of revenue−$5.17B50.0%
- Gross profit$5.17B50.0%
- Operating costs−$2.81B27.2%
- Operating income$2.36B22.8%
- Interest, other & tax−$547.4M5.3%
- Net income$1.81B17.5%
Where FY2025 revenue went
$10.34B- Cost of revenue: $5.17B, 50% of revenue
- SG&A: $2.81B, 27% of revenue
- Net income: $1.81B, 18% of revenue
- Interest, other & tax: $547.4M, 5.3% of revenue
Kept 18% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed July 28, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $10.34B$9.60B | +7.7% |
| Cost of Revenue | $5.17B$4.91B | +5.2% |
| Gross Profit | $5.17B$4.69B | +10.4% |
| SG&A Expenses | $2.81B$2.62B | +7.5% |
| Operating Income | $2.36B$2.07B | +14.1% |
| Net Income | $1.81B$1.57B | +15.3% |
| EPS (Basic) | $4.48$3.85 | +16.4% |
| EPS (Diluted) | $4.40$3.79 | +16.1% |
| Shares Outstanding (Basic) | 403.53M406.61M | −0.8% |
| Shares Outstanding (Diluted) | 410.29M413.47M | −0.8% |
05—Questions
Frequently Asked Questions
What were the key drivers of Cintas' revenue growth in fiscal year 2025?
Cintas experienced revenue growth driven by increased sales volume, the penetration of additional products and services into existing customers, and strategic price increases. The expansion of its sales force and improved sales representative productivity also contributed significantly to revenue gains across both its Uniform Rental and Facility Services and First Aid and Safety Services segments.
How did Cintas manage inflationary pressures and increased operating costs?
Cintas effectively managed inflationary pressures and rising operating costs through a combination of pricing strategies and various efficiency initiatives. These included achieving efficiency gains in energy usage, more efficient use of in-service inventory, production efficiencies, and favorable changes in sales mix and sourcing within its segments. These efforts led to an improvement in gross margin as a percentage of revenue.
What is Cintas' approach to capital allocation and shareholder returns?
Cintas demonstrates a strong commitment to shareholder returns through a combination of regular dividend payments and significant share repurchases. For fiscal year 2025, the company paid $611.6 million in dividends and repurchased $934.8 million of its common stock. Cintas also strategically deploys capital for investments in technology, selling resources, and acquisitions to drive future growth.
What are the primary risks Cintas identified for its business?
Cintas identified several key risks, including negative global economic factors such as unemployment and inflation, increased competition, challenges in opening new cost-effective facilities, and risks associated with its acquisition strategy. Additionally, the company highlighted risks related to supply chain constraints, cybersecurity threats, reliance on IT systems, and fluctuations in fuel and energy costs.
06—Continue