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CINTAS (CTAS)

Cintas Corporation is a company that provides a wide range of products and services designed to enhance customer image and maintain clean and safe facilities, primarily operating in the United States, Canada, and Latin America. Serving over one million businesses, Cintas organizes its business activities into two main reportable operating segments: Uniform Rental and Facility Services, and First Aid and Safety Services. The company offers products such as uniforms, flame-resistant clothing, mats, mops, shop towels, restroom cleaning services, first aid, and safety products .

  1. Uniform Rental and Facility Services - Offers rental and servicing of uniforms and other garments, including flame-resistant clothing, mats, mops, and shop towels, along with restroom cleaning services and supplies.
  2. First Aid and Safety Services - Provides first aid and safety products and services to businesses.
  3. All Other - Includes Fire Protection Services and Uniform Direct Sale operating segments, offering fire protection solutions and direct sales of uniforms.

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NamePositionExternal RolesShort Bio

D. Brock Denton

Executive

Senior Vice President, Secretary, and General Counsel

N/A

Joined Cintas in June 2021. Previously a partner at KMK Law.

J. Michael Hansen

Executive

Executive Vice President and Chief Financial Officer

N/A

Joined Cintas in 1995. Held various financial roles, promoted to EVP and CFO in July 2018.

James N. Rozakis

Executive

Executive Vice President and Chief Operating Officer

N/A

Joined Cintas in 1999. Held various positions, promoted to EVP and COO in June 2023.

Todd M. Schneider

Executive

President & Chief Executive Officer

N/A

The documents do not provide sufficient information to confirm whether Todd M. Schneider is still in the role of President & CEO at Cintas Corporation as of the most recent 8-K filings.

View Report →

Beverly K. Carmichael

Board

Director

Viad Corp, Blue Apron, Cotton Patch Cafe, Inc., ezCater, Inc.

Appointed to the Board in January 2024. Extensive HR and legal experience.

Joseph Scaminace

Board

Lead Director

Board of Trustees of The Cleveland Clinic, Director of Parker Hannifin Corporation

Director since 2010. Former CEO of Vectra Corporation.

Karen L. Carnahan

Board

Director

Touchstone Investments, Boys & Girls Club of West Chester/Liberty

Director since 2019. Former executive at Cintas and Shred-it International.

Martin Mucci

Board

Director

Chairman of Paychex, Inc., Director at NCR Corporation

Appointed to the Board in April 2023. Former CEO of Paychex.

Melanie W. Barstad

Board

Director

N/A

Director since 2011. Former President of Women's Health at Johnson & Johnson.

Robert E. Coletti

Board

Director

The Everglades Foundation, Gilligan Oil Company

Director since 2016. Retired partner at KMK Law.

Ronald W. Tysoe

Board

Director

N/A

Director since 2008. Former Vice Chairman of Federated Department Stores.

Scott D. Farmer

Board

Executive Chairman of the Board

N/A

Joined Cintas in 1981. Served as CEO from 2003 to 2021. Transitioned to Executive Chairman in 2021.

  1. Uniform Direct Sales have experienced organic declines for the past five quarters. Could you elaborate on the factors contributing to this sustained decline and what strategies you have in place to reverse this trend?

  2. Your strong free cash flow in the first quarter appears to be driven by working capital changes. Is this indicative of a timing issue, or should we anticipate a particularly strong cash flow year in fiscal '25?

  3. In light of potential industry consolidation and aggressive competitive activity, how do you plan to maintain your market share and competitive edge, especially considering challenges from both traditional and non-traditional competitors?

  4. Regarding the rollout of RFID and auto sortation technologies, can you provide details on the timeline for full implementation, any challenges you've encountered, and how these technologies are expected to improve operational efficiency?

  5. With your focus on key verticals such as healthcare, hospitality, education, and government, how does the growth and performance in these sectors compare to the broader company, and what specific challenges are you facing in these markets?

Research analysts who have asked questions during CINTAS earnings calls.

Andrew Steinerman

JPMorgan Chase & Co.

5 questions for CTAS

Also covers: ARMK, BFAM, DNB +15 more

Jason Haas

Wells Fargo

5 questions for CTAS

Also covers: ASGN, ECL, EFX +11 more

Jasper Bibb

Truist Securities

5 questions for CTAS

Also covers: ABM, AMN, APEI +13 more

Scott Schneeberger

Oppenheimer & Co. Inc.

5 questions for CTAS

Also covers: CSV, CTOS, ECL +11 more

Shlomo Rosenbaum

Stifel, Nicolaus & Company, Incorporated

5 questions for CTAS

Also covers: ARMK, CCCS, CLVT +13 more

Ashish Sabadra

RBC Capital Markets

3 questions for CTAS

Also covers: ADP, CBOE, CLVT +18 more

George Tong

Goldman Sachs

3 questions for CTAS

Also covers: ADT, BCO, BFAM +22 more

Andrew J. Wittmann

Robert W. Baird & Co.

2 questions for CTAS

Also covers: ABM, ACM, APG +17 more

Benjamin Luke McFadden

William Blair & Company L.L.C.

2 questions for CTAS

Also covers: BV, ECL, NVEE

Faiza Alwy

Deutsche Bank

2 questions for CTAS

Also covers: ABM, ADV, ARMK +16 more

John Ronan Kennedy

Barclays

2 questions for CTAS

Also covers: ADT, ECL, KLC +2 more

Josh Chan

UBS Group AG

2 questions for CTAS

Also covers: ABM, APG, ARMK +12 more

Joshua Chan

UBS Group AG

2 questions for CTAS

Also covers: ABM, APG, ARMK +15 more

Kartik Mehta

Northcoast Research

2 questions for CTAS

Also covers: ADP, DLX, HRB +12 more

Keen Fai Tong

Goldman Sachs Group Inc.

2 questions for CTAS

Also covers: ADT, BCO, BFAM +21 more

Ronan Kennedy

Barclays

2 questions for CTAS

Also covers: ADT, FA, KLC +5 more

Stephanie Moore

Jefferies

2 questions for CTAS

Also covers: APG, ARCB, BFAM +25 more

Tim Mulrooney

William Blair & Company

2 questions for CTAS

Also covers: ABM, APG, BCO +8 more

Toni Kaplan

Morgan Stanley

2 questions for CTAS

Also covers: ADT, ARMK, BFAM +17 more

Yehuda Silverman

Morgan Stanley

2 questions for CTAS

Also covers: ADT, GBTG

David Paige

RBC Capital Markets

1 question for CTAS

Also covers: ADP, APG, FICO +3 more

David Paige Papadogonas

RBC Capital Markets

1 question for CTAS

Also covers: ADP, ADT, APG +5 more

Harold Antor

Jefferies Financial Group Inc.

1 question for CTAS

Also covers: ARMK, BFAM, BV +7 more

Harold Lance

Jefferies

1 question for CTAS

Justin Hauke

Robert W. Baird & Co.

1 question for CTAS

Also covers: ABM, BBCP, BWMN +9 more

Leo Carrington

Citi

1 question for CTAS

Also covers: ARMK, IHG

Manav Patnaik

Barclays

1 question for CTAS

Also covers: BFAM, CLVT, ECL +16 more

Stephanie Benjamin Moore

Jefferies

1 question for CTAS

Also covers: APG, ARCB, ARMK +22 more

Timothy Mulrooney

William Blair & Company

1 question for CTAS

Also covers: ABM, APG, BBCP +10 more
Program DetailsProgram 1Program 2
Approval DateJuly 26, 2022 July 23, 2024
End Date/DurationNo expiration date No expiration date
Total additional amount$1.0 billion $1.0 billion
Remaining authorization amount$469.3 million $1.0 billion
DetailsPurchased 3.1 million shares for $530.7 million No purchases made as of October 4, 2024
YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
20250.181Commercial Paper4.706.8% = (0.181 / 2.658) * 100
20250.050Senior Notes (3.11%)3.111.9% = (0.050 / 2.658) * 100
20250.400Senior Notes (3.45%)3.4515.1% = (0.400 / 2.658) * 100
20271.000Senior Notes (3.70%)3.7037.6% = (1.000 / 2.658) * 100
20320.800Senior Notes (4.00%)4.0030.1% = (0.800 / 2.658) * 100
20370.237Senior Notes (6.15%)6.158.9% = (0.237 / 2.658) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1968 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Multiple Businesses across segments (Uniform Rental and Facility Services, First Aid and Safety Services, All Other)

2024

Cintas acquired 16 businesses (7 in Uniform Rental and Facility Services, 1 in First Aid and Safety Services, and 8 in All Other) with a total net cash consideration of $186.8 million; key allocations included $14.35M in tangible assets, $28.86M in service contracts, and $5.28M in other intangibles, supporting growth by increasing customer penetration and expanding service offerings.

Multiple Businesses across segments (Uniform Rental and Facility Services, First Aid and Safety Services, Fire Protection)

2023

Acquisitions were completed in Uniform Rental and Facility Services, First Aid and Safety Services, and Fire Protection segments with a total net cash outlay of $46.4 million, aiming to enhance market penetration and drive revenue growth.

Multiple Businesses and Equity Investment

2022

Includes the December 10, 2021 transaction to acquire the remaining interest in an equity method investment in Uniform Rental and Facility Services for $48.0 million (net of $1.7 million in cash acquired) along with additional acquisitions (3 in Uniform Rental and Facility Services, 10 in First Aid and Safety Services, and 7 in All Other); the aggregated deal, with a total consideration of $207.7 million, involved detailed purchase price allocations and was aimed at achieving vertical integration and realizing synergistic benefits.

Recent press releases and 8-K filings for CTAS.

Cintas outlines Sims Lifecycle Services growth and Q1 2026 results
·$CTAS
Earnings
  • Sims Lifecycle Services (SLS), a wholly owned Sims Limited subsidiary based in Irvine, CA, offers end-to-end lifecycle management for AI data centers, leveraging a 4-year decommissioning cycle and full-service integration with clients' IT systems to enhance switching costs.
  • Operationally, SLS built a hyperscaler-grade site in 5 months, reprogrammed 1 million DIMMs within a year, and maintains 50–60 % excess capacity in the U.S. to meet rapid AI infrastructure refreshes.
  • Financially, from 2023 to 2025 underlying EBIT rose 78 % to $32 million, revenue increased from $325 million to $427 million, and hyperscaler revenue doubled to $200 million, representing 47 % of total revenue.
  • SLS remains capital-light (CapEx of $13 million in the last year vs. $4 million prior), with a focus on automation, geographic expansion, and diversified revenue streams (resale, service fees, commodity) to sustain growth.
Sep 24, 2025, 2:00 PM
Cintas reports Q1 2026 earnings
·$CTAS
Earnings
Guidance Update
Share Buyback
  • Cintas reported Q1 revenue of $2.72 B, up 8.7% year-over-year (organic growth 7.8%) with 50.3% gross margin, a 20 bp increase.
  • Operating income rose 10.1% to $617.9 M; net income was $491.1 M and EPS grew 9.1% to $1.20.
  • Generated $414.5 M of operating cash flow, invested $102 M in capex, repurchased $347.4 M of shares, and increased the dividend by 15.4%—the 42nd consecutive annual raise.
  • Raised fiscal 2026 guidance to $11.06–$11.18 B in revenue (+7%–8.1%) and $4.74–$4.86 EPS (+7.7%–10.5%).
Sep 24, 2025, 2:00 PM
Cintas reports strong Q1 revenue, raises FY26 forecast
·$CTAS
Earnings
Guidance Update
  • Q1 EPS of $1.20 met expectations, with revenue of $2.72 billion, up 8.8% year-over-year
  • Raised FY26 revenue forecast to $11.06 billion–$11.18 billion and modestly increased EPS guidance
  • Maintains solid liquidity (current ratio 2.09) and manageable leverage (debt-to-equity 0.57)
  • Market capitalization near $80 billion, underpinned by strategic investments in technology and talent
Sep 24, 2025, 1:23 PM
Cintas reports fiscal 2026 Q1 results and raises guidance
·$CTAS
Earnings
Guidance Update
Share Buyback
  • Revenue for Q1 fiscal 2026 rose 8.7% to $2.72 billion (organic growth 7.8%)
  • Operating income increased 10.1% to $617.9 million, representing 22.7% of revenue
  • Diluted EPS was $1.20, up 9.1% year-over-year
  • Raised full-year guidance: revenue to $11.06–11.18 billion and diluted EPS to $4.74–4.86
  • Year-to-date share repurchases totaled $347.4 million, and the quarterly dividend increased 15.4% to $182.3 million
Sep 24, 2025, 12:34 PM
Cintas Corp Announces $400M Senior Notes Offering
·$CTAS
Debt Issuance
  • Cintas Corporation is issuing $400,000,000 4.200% Senior Notes due 2028, supported by multiple guarantors, as detailed in the filing documents.
  • The filing includes key legal opinions, underwriting agreements, and registration statements effective as of May 2, 2025.
  • A pricing term sheet outlines important terms including initial pricing, redemption features, and settlement details (expected May 2, 2025).
May 2, 2025, 12:00 AM
Cintas Corporation Announces Executive Transition
·$CTAS
CFO Change
Management Change
  • Mike Hansen will retire as CFO and transition to Assistant to the CEO effective May 31, 2025, continuing to support strategic initiatives.
  • Scott Garula, currently President of the Rental Division, has been appointed as the new CFO, effective June 1, 2025.
  • The announcement was made via a press release on April 4, 2025, confirming the leadership change in the company.
Apr 4, 2025, 12:00 AM
Cintas Reports Q3 2025 Earnings Results
·$CTAS
Earnings
Guidance Update
M&A
  • Revenue of $2.61B in Q3 2025, representing an 8.4% increase year-over-year with organic growth of 7.9%, driven by strong performance across key segments.
  • Achieved an all-time high gross margin of 50.6% and an operating income margin of 23.4%, with diluted EPS rising 17.7% to $1.13.
  • Updated fiscal 2025 guidance narrowed revenue expectations and raised annual diluted EPS targets to a range of $4.36–$4.40, reflecting confidence in ongoing operational strength.
  • Terminated discussions for the proposed UniFirst acquisition at $275 per share, underscoring a focus on strategic investments, efficient capital allocation, and shareholder returns through dividends and opportunistic buybacks.
Mar 26, 2025, 2:01 PM
Cintas Reports Q3 2025 Financial Results
·$CTAS
Earnings
Guidance Update
Dividends
  • Revenue reached $2.61 billion in Q3 2025, reflecting an 8.4% increase compared to Q3 2024, with gross margin improving to 50.6% and operating income rising to $609.9 million.
  • The company reported a 16.6% increase in net income to $463.5 million and paid an aggregate quarterly dividend of $158.1 million, up 14.9% from the prior year.
  • Updated fiscal 2025 guidance now reflects a revised revenue range of $10.280 to $10.305 billion and an increased diluted EPS guidance of $4.36 to $4.40, following adjustments for foreign currency impacts.
Mar 26, 2025, 12:00 AM
Cintas Terminates UniFirst Acquisition Discussions
·$CTAS
M&A
  • Cintas Corporation has terminated discussions with UniFirst Corporation regarding its proposed acquisition of all outstanding common and class B shares of UniFirst.
  • The proposal offered a cash price of $275.00 per share, representing a 46% premium over UniFirst’s ninety-day average closing price as of January 6, 2025.
  • CEO Todd Schneider highlighted that, despite the potential value of the transaction, inadequate substantive engagement on key terms led to the decision to cease further discussions.
Mar 24, 2025, 12:00 AM