CTAS
Updated: 24/09/2026, 18:05:16
Cintas Corporation specializes in supplying professional uniforms and a range of essential business services primarily across the United States, Canada, and Latin America. The company's operations are divided into three main divisions: Uniform Rental and Facility Services, First Aid and Safety Services, and an 'All Other' segment. Within its Uniform Rental and Facility Services division, Cintas offers rental and maintenance for various workwear, including flame-resistant apparel, alongside floor mats, mops, and industrial towels. This segment also manages restroom sanitation solutions, providing both cleaning services and supplies, and directly sells new uniforms. Additionally, its First Aid and Safety Services segment delivers comprehensive first aid programs, safety solutions, and fire suppression products and services. Cintas reaches its diverse clientele, ranging from small service and manufacturing businesses to large corporate entities, through an extensive distribution network, dedicated local delivery routes, and direct representatives. Established in 1968, Cintas Corporation maintains its headquarters in Cincinnati, Ohio.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$11.3B
FY 2026 · Reported
Net income
$2.0B
FY 2026 · Reported
Gross margin
50.7%
FY 2026 · Calculated
Free cash flow
$1.9B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2026 · Reported
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Uniform rental and facility services provider serving over one million businesses, primarily US, Canada, Latin America; founded 1968
“Cintas Corporation (Cintas, Company, we, us or our), a Washington corporation, helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America”
Reportable operating segments
Two reportable segments: Uniform Rental and Facility Services; First Aid and Safety Services; All Other includes Fire Protection Services and Uniform Direct Sale
“Cintas’ reportable operating segments are the Uniform Rental and Facility Services operating segment and the First Aid and Safety Services operating segment.”
Uniform Rental and Facility Services operating segment
Uniform Rental and Facility Services is the largest disclosed segment at 76.5% of fiscal 2026 revenue
“The following table presents Cintas' total revenue disaggregated by operating segment for the fiscal years ended May 31”
US revenue over 90%
U.S. operations generated over 90% of consolidated revenue in all periods presented; foreign operations primarily in Canada
“In addition to Cintas’ U.S. operations, which generated over 90% of its consolidated revenue in all periods presented, Cintas also operates its business through wholly owned subsidiaries in foreign jurisdictions, primarily in Canada.”
Revenue by segment FY2026-2024
FY2026 total revenue $11,264,761K; Uniform Rental and Facility Services $8,621,624K; First Aid and Safety Services $1,391,853K; All Other $1,251,284K (FY2026/2025/2024 disclosed)
“Uniform Rental and Facility Services$8,621,624 $7,976,073 $7,465,199 ... Total Revenue $11,264,761 $10,340,181 $9,596,615”
Revenue disaggregated by operating segment (fiscal 2026, 2025, 2024)
Uniform Rental and Facility Services: FY2026 $8,621,624 thousand (76.5%); FY2025 $7,976,073 thousand (77.0%); FY2024 partially disclosed; other segment rows truncated in excerpt
“Uniform Rental and Facility Services$8,621,624 76.5 %$7,976,073 77.”
Sourcing and in-house manufacturing
Sources finished products from outside suppliers; operates five manufacturing facilities; purchases fabric from several suppliers
“Cintas sources finished products from many outside suppliers. ... Cintas operates five manufacturing facilities that provide for standard uniform needs. Cintas purchases fabric, used in the manufacturing of its products, from several suppliers.”
Pending UniFirst acquisition
Pending ~$5.5B acquisition of UniFirst: $155.00 cash + 0.7720 Cintas shares per share; expected close 2H calendar 2026
“Cintas will acquire all the outstanding shares of UniFirst common stock in a transaction valued at approximately $5.5 billion”
UniFirst transaction expenses
$16.1M UniFirst transaction expenses in FY2026 ($15.1M in S&A, $1.0M in interest expense)
“the Company incurred $16.1 million in transaction expenses in fiscal 2026 which relate primarily to legal and professional services, regulatory fees and financing fees”
FY2026 revenue growth drivers
FY2026 total revenue +8.9%; organic +8.3%; acquisitions +0.6%; quarterly organic 7.8%/8.6%/8.2%/8.4%
“Fiscal 2026 total revenue was $11.3 billion, an increase of 8.9% over the prior fiscal year. Revenue increased organically by 8.3% primarily as a result of increased sales volume.”
North America leading provider
North America's leading provider of corporate identity uniforms; significant provider of mats, restroom cleaning, first aid/safety, fire protection services
“We are North America's leading provider of corporate identity uniforms through rental and sales programs, as well as a significant provider of related business services”
Business strategy
Strategy: penetrate existing customers, broaden customer base, geographic expansion, and strategic acquisitions
“This strategy is to achieve revenue growth for all our products and services by increasing our penetration at existing customers and by broadening our customer base to include market segments to which we have not historically served.”
Union organizing and energy/fuel cost risk
Costs and possible effects of union organizing activities and greater than anticipated operating costs including energy and fuel costs
“costs and possible effects of union organizing activities”
UniFirst closing timing
UniFirst Transaction expected to close in the second half of calendar 2026, subject to regulatory approvals including HSR Act
“The Transaction has not closed as of the date of the filing of this Form 10-K. We expect the Transaction to close in the second half of calendar 2026.”
Four-for-one stock split
Four-for-one stock split announced May 2, 2024; distributed September 11, 2024; trading post-split from September 12, 2024; prior periods retroactively adjusted
“On May 2, 2024, the Company announced a four-for-one split of its common stock (the Stock Split), in the form of a stock dividend.”
Pending merger with UniFirst
Cintas has a definitive merger agreement with UniFirst (the 'Transaction') subject to regulatory approvals and integration risk
“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”
Share buyback programs and activity
Two $1.0B buyback programs outstanding (July 23, 2024 and October 28, 2025, no expiration); FY2026 program purchases 3,960K shares at avg $196.38 ($777.8M)
“On July 23, 2024 and October 28, 2025, Cintas announced that the Board authorized share buyback programs, each for $1.0 billion. Neither of the outstanding share buyback programs have an expiration date.”
Post-fiscal-year-end buyback through July 29, 2026
Subsequent to FY2026 through July 29, 2026: 0.2M shares at $199.70 avg ($48.4M); July 2024 program cumulative 2.9M shares at $191.99 avg ($562.7M)
“From the inception of the July 23, 2024 share buyback program through July 29, 2026, Cintas has purchased 2.9 million shares of Cintas common stock in the aggregate, at an average price of $191.99 per share, for a total purchase price of $562.7 million.”
New accounting pronouncements (ASU 2023-09 adopted; 2024-03 and 2025-06 pending)
Adopted ASU 2023-09 (income tax disclosures) in fiscal 2026; evaluating ASU 2024-03 (expense disaggregation, fiscal 2028) and ASU 2025-06 (internal-use software, fiscal 2029)
“The Company adopted the standard on a prospective basis for the year ended May 31, 2026.”
Federal/state regulatory compliance costs
Subject to complex state/federal regulations including USDOT and OSHA; compliance costs and penalties are material risks
“we are subject to the regulations promulgated by the U.S. Department of Transportation (USDOT) and under the Occupational Safety and Health Act of 1970, as amended (OSHA Act)”
Environmental regulation and spending
Subject to Clean Air Act, Clean Water Act, RCRA, SARA; environmental water treatment/waste spending ~$30.0M FY2026; hazardous substance capex ~$5.8M FY2026
“The primary federal statutes that apply to our activities in the U.S. are the Clean Air Act, the Clean Water Act and the Resource Conservation and Recovery Act.”
Tariff and trade policy exposure
Changes in U.S. and foreign trade policies including tariffs could raise sourcing costs and reduce product availability; pass-through may be limited
“competitive conditions or contractual arrangements may limit our ability to pass increased costs on to customers in a timely manner, or at all”
Macroeconomic and labor cost risk
Negative economic conditions and rising labor/material costs (fabrics, textiles, healthcare, minimum wage) could raise costs of rental uniforms and facility services
“higher material costs for items such as fabrics, textiles and other products used in our operations”
Competition risk
Highly competitive industries with national, regional and local providers; price competition and in-sourcing could pressure revenue
“We operate in highly competitive industries and compete with national, regional and local providers. Product, design, price, quality, service and convenience to the customer are the competitive elements”
Geopolitical and shipping route disruption risk
Geopolitical tensions including Middle East developments may disrupt global trade routes, shipping channels, and energy supplies
“Disruptions affecting key maritime shipping routes, ports or other critical infrastructure could adversely affect the availability, timing and cost of materials and products used in our business”
Acquisition integration risk
Growth historically includes acquisitions; integration failures or debt-funded deals could hurt liquidity, margins, and stockholders
“Historically, a portion of our growth has come from acquisitions. We continue to evaluate opportunities for acquiring businesses that may supplement our internal growth”
Credit market and ratings risk
Liquidity depends on operating cash flows plus credit market access; ratings downgrades (loss of investment grade) could raise borrowing costs
“in the event that the ratings of our commercial paper or our outstanding long-term debt issues were substantially lowered or withdrawn for any reason... our ability to access the debt markets may be adversely affected”
Expansion depends on new operating facilities
Opening new cost-effective operating facilities is necessary for market expansion; site identification, utilities and water access are gating factors
“The opening of new operating facilities is necessary to gain the capacity required for this expansion”
Cybersecurity threat risk
Cybersecurity threats including computer system data inaccessibility identified as a forward-looking risk factor
“risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management”
Pension asset market value volatility risk
Due to inherent investment market volatility, there is at least a reasonable possibility Pension Plan investment values may change materially in the near term
“due to the inherent volatility in the investment market, there is at least a reasonable possibility that recorded investment values may change by a material amount in the near term”
Uniform Rental and Facility Services is the dominant segment at 76.5% of FY2026 revenue ($8.62B), driving overall results.
“Uniform Rental and Facility Services76.5%77.1%”
Over 90% of consolidated revenue is generated by U.S. operations, making Cintas highly dependent on the U.S. economy and business formation.
“In addition to Cintas’ U.S. operations, which generated over 90% of its consolidated revenue in all periods presented”
Pending ~$5.5B acquisition of UniFirst (uniform/workwear programs, facility services, first aid and safety) would expand scale; closing expected 2H calendar 2026 subject to HSR and regulatory approvals.
“Cintas will acquire all the outstanding shares of UniFirst common stock in a transaction valued at approximately $5.5 billion”
New or increased tariffs could raise cost of raw materials, finished goods and equipment sourced directly or through suppliers, with limited pass-through ability
“changes in U.S. and foreign trade policies, including the imposition of new tariffs, increases in existing tariffs, retaliatory trade measures... could increase the cost of raw materials, finished goods, equipment and other products”
Higher material costs for fabrics and textiles used in operations increase costs of rental uniforms and facility services
“higher material costs for items such as fabrics, textiles and other products used in our operations”
Over one million business customers of all types, from small service and manufacturing companies to major corporations, with no customer exceeding 1% of revenue, minimizing single-account loss risk.
“We provide our products and services to over one million businesses of all types, from small service and manufacturing companies to major corporations”
Increases in labor costs, healthcare benefits, minimum wages and labor shortages could increase cost of rental uniforms, facility services and selling/administrative expenses
“Increases in labor costs, including the cost to provide employee-partner related healthcare benefits, minimum wages, labor shortages or shortages of skilled labor”
Negative economic conditions and customers performing services in-house instead of outsourcing could reduce demand for Cintas products and services
“our customers and prospects may decide to perform certain services in-house instead of outsourcing these services to us”
Middle East tensions, conflicts and sanctions may disrupt trade routes, shipping channels and energy supplies, raising freight and distribution costs
“geopolitical tensions, armed conflicts, acts of terrorism, military actions and related sanctions... including developments in the Middle East and other strategically important regions, may disrupt global trade routes”
First Aid and Safety Services (12.4% of FY2026 revenue) grew 14.2% to $1.39B with the highest segment gross margin at 57.7%, a key growth and margin contributor.
“First Aid and Safety Services12.4%11.8%”
OSHA Act and USDOT regulations require ongoing capital and operating expenditures; non-compliance could bring fines or revocation of authority
“We have incurred, and will continue to incur, capital and operating expenditures and other costs in the ordinary course of our business in complying with the USDOT regulations, the OSHA Act and other laws”
Environmental clean-up obligations, fines, and third-party claims could impose significant costs; reserves may not cover all liabilities
“We could incur significant costs, including clean-up costs, fines and sanctions and claims by third parties for property damage and personal injury”
Cintas competes in highly fragmented local markets against national, regional and local providers, large retailers, online players, and in-house alternatives; competition is based on product, design, price, quality, service and convenience.
“The primary markets served by each of the Cintas operating segments are local in nature and highly fragmented.”
Cintas purchases fabric from several suppliers for its five manufacturing facilities; sourcing is subject to ongoing market risks and higher material costs were cited in FY2026.
“Cintas purchases fabric, used in the manufacturing of its products, from several suppliers.”
IRA corporate alternative minimum tax, stock repurchase excise tax and Pillar Two global minimum tax may increase effective tax rate and tax expense
“the Inflation Reduction Act (IRA), which includes a corporate alternative minimum tax on certain large corporations and other non-income tax provisions, including an excise tax on the repurchase of corporate stock”
Uniform rental laundering operations are subject to Clean Air Act, Clean Water Act, RCRA and SARA; regular capex for water treatment and waste removal (~$30.0M FY2026) is required, though compliance is not a material cost component.
“Cintas is subject to various environmental laws and regulations, as are other companies in the uniform rental industry.”
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