Cintas Corporation Announces Fiscal 2025 Third Quarter Results
Cintas (CTAS) reported strong fiscal 2025 third quarter results, with revenue reaching $2.61 billion, an 8.4% increase from last year's $2.41 billion. The company achieved a 7.9% organic revenue growth rate, with acquisitions contributing 0.9% and foreign currency exchange rates impacting negatively by 0.4%.
Gross margin improved to $1.32 billion, up 11.1% year-over-year, with margin percentage increasing 120 basis points to 50.6%. Operating income grew 17.1% to $609.9 million, benefiting from a $15.0 million gain on property sale. Net income rose 16.6% to $463.5 million, with diluted EPS increasing 17.7% to $1.13.
The company updated its fiscal 2025 guidance, narrowing revenue expectations to $10.280-$10.305 billion and raising diluted EPS guidance to $4.36-$4.40. Cintas also increased its quarterly dividend by 14.9% to $158.1 million.
Cintas (CTAS) ha riportato risultati solidi per il terzo trimestre fiscale 2025, con ricavi che hanno raggiunto 2,61 miliardi di dollari, un aumento dell'8,4% rispetto ai 2,41 miliardi di dollari dell'anno scorso. L'azienda ha ottenuto un tasso di crescita organica dei ricavi del 7,9%, con le acquisizioni che hanno contribuito per lo 0,9% e i tassi di cambio delle valute estere che hanno avuto un impatto negativo dello 0,4%.
Il margine lordo è migliorato a 1,32 miliardi di dollari, in aumento dell'11,1% rispetto all'anno precedente, con la percentuale di margine che è aumentata di 120 punti base al 50,6%. L'utile operativo è cresciuto del 17,1% fino a 609,9 milioni di dollari, beneficiando di un guadagno di 15,0 milioni di dollari dalla vendita di proprietà. L'utile netto è aumentato del 16,6% fino a 463,5 milioni di dollari, con l'utile per azione diluito che è aumentato del 17,7% a 1,13 dollari.
L'azienda ha aggiornato le sue previsioni fiscali per il 2025, restringendo le aspettative sui ricavi a 10,280-10,305 miliardi di dollari e aumentando le previsioni dell'utile per azione diluito a 4,36-4,40 dollari. Cintas ha anche aumentato il suo dividendo trimestrale del 14,9% a 158,1 milioni di dollari.
Cintas (CTAS) reportó resultados sólidos para el tercer trimestre fiscal de 2025, con ingresos alcanzando 2.61 mil millones de dólares, un aumento del 8.4% en comparación con los 2.41 mil millones de dólares del año pasado. La compañía logró una tasa de crecimiento orgánico de ingresos del 7.9%, con adquisiciones que contribuyeron con un 0.9% y las tasas de cambio de divisas que impactaron negativamente en un 0.4%.
El margen bruto mejoró a 1.32 mil millones de dólares, un aumento del 11.1% interanual, con el porcentaje de margen aumentando 120 puntos base al 50.6%. El ingreso operativo creció un 17.1% hasta 609.9 millones de dólares, beneficiándose de una ganancia de 15.0 millones de dólares por la venta de propiedades. El ingreso neto aumentó un 16.6% hasta 463.5 millones de dólares, con el EPS diluido aumentando un 17.7% a 1.13 dólares.
La compañía actualizó su guía fiscal para 2025, reduciendo las expectativas de ingresos a 10.280-10.305 mil millones de dólares y elevando la guía de EPS diluido a 4.36-4.40 dólares. Cintas también aumentó su dividendo trimestral en un 14.9% a 158.1 millones de dólares.
신타스 (CTAS)는 2025 회계연도 3분기 실적을 발표하며 매출이 26억 1천만 달러에 달해 지난해 24억 1천만 달러에서 8.4% 증가했다고 보고했습니다. 회사는 7.9%의 유기적 매출 성장률을 달성했으며, 인수합병이 0.9% 기여하고 외환 환율이 0.4% 부정적인 영향을 미쳤습니다.
총 마진은 13억 2천만 달러로 개선되어 전년 대비 11.1% 증가했으며, 마진 비율은 120 베이시스 포인트 상승하여 50.6%에 도달했습니다. 운영 소득은 17.1% 증가하여 6억 9천만 달러에 달했으며, 자산 매각으로 인한 1500만 달러의 이익이 도움이 되었습니다. 순이익은 16.6% 증가하여 4억 6천3백5십만 달러에 달했으며, 희석 EPS는 17.7% 증가하여 1.13달러가 되었습니다.
회사는 2025 회계연도 가이던스를 업데이트하여 매출 기대치를 1028억-1030억 5천만 달러로 좁히고 희석 EPS 가이던스를 4.36-4.40달러로 상향 조정했습니다. 신타스는 또한 분기 배당금을 14.9% 증가시켜 1억 5810만 달러로 늘렸습니다.
Cintas (CTAS) a annoncé de solides résultats pour le troisième trimestre de l'exercice 2025, avec des revenus atteignant 2,61 milliards de dollars, soit une augmentation de 8,4 % par rapport aux 2,41 milliards de dollars de l'année dernière. L'entreprise a réalisé un taux de croissance organique des revenus de 7,9 %, les acquisitions contribuant à hauteur de 0,9 % et les taux de change ayant un impact négatif de 0,4 %.
La marge brute s'est améliorée à 1,32 milliard de dollars, en hausse de 11,1 % d'une année sur l'autre, avec un pourcentage de marge augmentant de 120 points de base à 50,6 %. Le résultat d'exploitation a augmenté de 17,1 % pour atteindre 609,9 millions de dollars, bénéficiant d'un gain de 15,0 millions de dollars lié à la vente de biens. Le bénéfice net a augmenté de 16,6 % pour atteindre 463,5 millions de dollars, avec un BPA dilué en hausse de 17,7 % à 1,13 dollar.
L'entreprise a mis à jour ses prévisions pour l'exercice 2025, en réduisant ses attentes en matière de revenus à 10,280-10,305 milliards de dollars et en augmentant ses prévisions de BPA dilué à 4,36-4,40 dollars. Cintas a également augmenté son dividende trimestriel de 14,9 % pour atteindre 158,1 millions de dollars.
Cintas (CTAS) hat starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 gemeldet, mit einem Umsatz von 2,61 Milliarden Dollar, was einem Anstieg von 8,4% gegenüber den 2,41 Milliarden Dollar des Vorjahres entspricht. Das Unternehmen erzielte eine organische Umsatzwachstumsrate von 7,9%, wobei Akquisitionen 0,9% beitrugen und Wechselkursveränderungen negativ mit 0,4% wirkten.
Die Bruttomarge verbesserte sich auf 1,32 Milliarden Dollar, ein Anstieg von 11,1% im Jahresvergleich, wobei der Margenprozentsatz um 120 Basispunkte auf 50,6% stieg. Das Betriebsergebnis wuchs um 17,1% auf 609,9 Millionen Dollar, unterstützt durch einen Gewinn von 15,0 Millionen Dollar aus dem Verkauf von Immobilien. Der Nettogewinn stieg um 16,6% auf 463,5 Millionen Dollar, wobei das verwässerte EPS um 17,7% auf 1,13 Dollar anstieg.
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2025 aktualisiert und die Umsatzprognose auf 10,280-10,305 Milliarden Dollar eingegrenzt sowie die Prognose für das verwässerte EPS auf 4,36-4,40 Dollar angehoben. Cintas hat auch die vierteljährliche Dividende um 14,9% auf 158,1 Millionen Dollar erhöht.
- Revenue grew 8.4% to $2.61 billion with strong 7.9% organic growth
- Operating income increased 17.1% to $609.9 million
- Gross margin improved 120 basis points to 50.6%
- Net income rose 16.6% to $463.5 million
- Quarterly dividend increased 14.9%
- Raised FY2025 EPS guidance to $4.36-$4.40
- Negative impact of 0.4% from foreign currency exchange rates
- Higher interest expenses expected due to variable rate debt
- Two fewer workdays in fiscal 2025 compared to 2024
Insights
Cintas delivered an exceptional fiscal Q3 2025 performance with revenue up 8.4% to
The standout story is margin expansion - gross margin improved 120 basis points to
While a
Management's confidence is evident in three key actions: (1) narrowing and raising organic growth guidance from
What's particularly impressive is Cintas's ability to navigate growing currency headwinds (expected to impact second-half revenue by
Cintas's Q3 results highlight the resilience and effectiveness of its business model. The
The 120 basis point gross margin improvement reveals significant pricing power and operational efficiency. In today's inflationary environment, this ability to not just protect but substantially expand margins while growing revenue demonstrates exceptional competitive positioning.
The company's strategic focus on being a comprehensive provider for workplace essentials - spanning uniforms, safety, cleanliness and compliance - clearly resonates with businesses looking to consolidate vendors and ensure regulatory adherence. This integrated offering creates both defensive moats and expansion opportunities.
Management's guidance adjustments show disciplined optimism - they're raising EPS expectations while acknowledging currency headwinds, indicating confidence in operational execution regardless of external factors. The
Particularly noteworthy is achieving these results despite having fewer workdays compared to last year, which naturally constrains revenue potential. This suggests deeper wallet share with existing customers and potentially higher-value service mix, reinforcing Cintas's position as an essential partner rather than discretionary vendor.
Gross margin for the third quarter of fiscal 2025 was
Operating income for the third quarter of fiscal 2025 increased
Net income was
On March 14, 2025, Cintas paid an aggregate quarterly dividend of
Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, “Cintas delivered strong revenue growth, operating margins and cash flow generation in the third quarter. Our results are a testament to superb execution by our employee-partners and the differentiated value proposition we offer to our customers in providing for their image, safety, cleanliness and compliance needs.”
Mr. Schneider concluded, "As we close out a strong fiscal 2025, we are updating our annual revenue expectations from a range of
Please keep in mind there are two fewer workdays in fiscal 2025 compared to fiscal 2024. The following table helps illustrate the impact of two fewer workdays:
|
|
|
|
Previous Guidance
|
|
|
Updated Guidance
|
|||||||||||||||||
(in millions) |
Fiscal
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
A |
|
|
B |
E |
|
H |
I |
|
|
L |
M |
|
P |
Q |
|||||||||
Total revenue |
$ |
9,596.6 |
|
|
$ |
10,255.0 |
6.9 |
% |
|
$ |
10,320.0 |
7.5 |
% |
|
|
$ |
10,280.0 |
7.1 |
% |
|
$ |
10,305.0 |
7.4 |
% |
|
|
|
|
|
E=(B-A)/A |
|
|
I=(H-A)/A |
|
|
|
M=(L-A)/A |
|
|
Q=(P-A)/A |
|||||||||
|
C |
|
|
D |
|
|
D |
|
|
|
D |
|
|
D |
|
|||||||||
Workdays in the period |
262 |
|
|
260 |
|
|
260 |
|
|
|
260 |
|
|
260 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
A |
|
|
F |
G |
|
J |
K |
|
|
N |
O |
|
R |
S |
|||||||||
Workday adjusted revenue |
$ |
9,596.6 |
|
|
$ |
10,333.9 |
7.7 |
% |
|
$ |
10,399.4 |
8.4 |
% |
|
|
$ |
10,359.1 |
7.9 |
% |
|
$ |
10,384.3 |
8.2 |
% |
|
|
|
|
F=(B/D)*C |
E=(F-A)/A |
|
F=(H/D)*C |
K=(J-A)/A |
|
|
N=(L/D)*C |
O=(N-A)/A |
|
R=(P/D)*C |
S=(R-A)/A |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquisition/Foreign currency impacts |
|
|
|
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
|
(0.5 |
)% |
|
|
(0.5 |
)% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Organic revenue growth |
|
|
|
7.0 |
% |
|
|
7.7 |
% |
|
|
|
7.4 |
% |
|
|
7.7 |
% |
||||||
Please note the following regarding the total revenue guidance:
- Guidance does not assume any future acquisitions.
-
Guidance incorporates the impact of foreign currency exchange rate fluctuations. While the first half of fiscal 2025 revenue was negatively impacted by only
0.1% or$5 million 0.4% or$16 million
- Guidance assumes no significant economic disruption or downturn.
For fiscal 2025, we are raising our diluted EPS expectations from a range of
|
|
|
|
Previous Guidance
|
|
|
Updated Guidance
|
|||||||||||||||||
|
Fiscal
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted EPS |
$ |
3.79 |
|
|
$ |
4.28 |
12.9 |
% |
|
$ |
4.34 |
14.5 |
% |
|
|
$ |
4.36 |
15.0 |
% |
|
$ |
4.40 |
16.1 |
% |
(1) |
All references made to common stock shares, common stock per share amounts and treasury stock shares in this table, in the accompanying consolidated condensed financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split. |
Please note the following regarding diluted EPS guidance:
-
Fiscal year 2025 interest, net is expected to be approximately
$100.0 million $95.0 million
-
Fiscal year 2025 effective tax rate is expected to be
20.2% .
- Our diluted EPS guidance includes no future share buybacks or significant economic disruptions or downturn.
Cintas
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training, Cintas helps customers get Ready for the Workday®. Headquartered in
Cintas will host a live webcast to review the fiscal 2025 third quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Press Release contains forward-looking statements, including statements regarding our future business plans and expectations, and including the company's fiscal 2025 full-year guidance. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and “will” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs, and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2024 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.
Cintas Corporation |
|||||||||||
Consolidated Condensed Statements of Income |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands except per share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
February 28,
|
|
February 29,
|
|
%
|
||||||
Revenue: |
|
|
|
|
|
||||||
Uniform rental and facility services |
$ |
2,021,144 |
|
|
$ |
1,876,642 |
|
|
7.7 |
% |
|
Other |
|
588,015 |
|
|
|
529,531 |
|
|
11.0 |
% |
|
Total revenue |
|
2,609,159 |
|
|
|
2,406,173 |
|
|
8.4 |
% |
|
|
|
|
|
|
|
||||||
Costs and expenses: |
|
|
|
|
|
||||||
Cost of uniform rental and facility services |
|
1,009,660 |
|
|
|
960,208 |
|
|
5.2 |
% |
|
Cost of other |
|
280,158 |
|
|
|
258,117 |
|
|
8.5 |
% |
|
Selling and administrative expenses |
|
709,488 |
|
|
|
667,048 |
|
|
6.4 |
% |
|
|
|
|
|
|
|
||||||
Operating income |
|
609,853 |
|
|
|
520,800 |
|
|
17.1 |
% |
|
|
|
|
|
|
|
||||||
Interest income |
|
(1,349 |
) |
|
|
(930 |
) |
|
45.1 |
% |
|
Interest expense |
|
24,764 |
|
|
|
25,530 |
|
|
(3.0 |
)% |
|
|
|
|
|
|
|
||||||
Income before income taxes |
|
586,438 |
|
|
|
496,200 |
|
|
18.2 |
% |
|
Income taxes |
|
122,941 |
|
|
|
98,621 |
|
|
24.7 |
% |
|
Net income |
$ |
463,497 |
|
|
$ |
397,579 |
|
|
16.6 |
% |
|
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
1.14 |
|
|
$ |
0.98 |
|
|
16.3 |
% |
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
$ |
1.13 |
|
|
$ |
0.96 |
|
|
17.7 |
% |
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding |
|
403,769 |
|
|
|
405,910 |
|
|
|
||
Diluted weighted average common shares outstanding |
|
410,307 |
|
|
|
412,746 |
|
|
|
||
Cintas Corporation |
|||||||||||
Consolidated Condensed Statements of Income |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands except per share data) |
|||||||||||
|
Nine Months Ended |
||||||||||
|
February 28, 2025 |
|
February 29, 2024 |
|
% Change |
||||||
Revenue: |
|
|
|
|
|
||||||
Uniform rental and facility services |
$ |
5,945,393 |
|
|
$ |
5,554,009 |
|
|
7.0 |
% |
|
Other |
|
1,727,136 |
|
|
|
1,571,671 |
|
|
9.9 |
% |
|
Total revenue |
|
7,672,529 |
|
|
|
7,125,680 |
|
|
7.7 |
% |
|
|
|
|
|
|
|
||||||
Costs and expenses: |
|
|
|
|
|
||||||
Cost of uniform rental and facility services |
|
3,004,875 |
|
|
|
2,882,022 |
|
|
4.3 |
% |
|
Cost of other |
|
819,479 |
|
|
|
772,691 |
|
|
6.1 |
% |
|
Selling and administrative expenses |
|
2,085,901 |
|
|
|
1,949,928 |
|
|
7.0 |
% |
|
|
|
|
|
|
|
||||||
Operating income |
|
1,762,274 |
|
|
|
1,521,039 |
|
|
15.9 |
% |
|
|
|
|
|
|
|
||||||
Interest income |
|
(3,561 |
) |
|
|
(2,121 |
) |
|
67.9 |
% |
|
Interest expense |
|
77,048 |
|
|
|
76,664 |
|
|
0.5 |
% |
|
|
|
|
|
|
|
||||||
Income before income taxes |
|
1,688,787 |
|
|
|
1,446,496 |
|
|
16.8 |
% |
|
Income taxes |
|
324,762 |
|
|
|
289,219 |
|
|
12.3 |
% |
|
Net income |
$ |
1,364,025 |
|
|
$ |
1,157,277 |
|
|
17.9 |
% |
|
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
3.37 |
|
|
$ |
2.83 |
|
|
19.1 |
% |
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
$ |
3.31 |
|
|
$ |
2.79 |
|
|
18.6 |
% |
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding |
|
403,568 |
|
|
|
406,723 |
|
|
|
||
Diluted weighted average common shares outstanding |
|
410,492 |
|
|
|
413,389 |
|
|
|
||
CINTAS CORPORATION SUPPLEMENTAL DATA
Gross Margin and Net Income Margin Results |
||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
February 28, 2025 |
|
February 29, 2024 |
|
February 28, 2025 |
|
February 29, 2024 |
|||||
|
|
|
|
|
|
|
|
|||||
Uniform rental and facility services gross margin |
50.0 |
% |
|
48.8 |
% |
|
49.5 |
% |
|
48.1 |
% |
|
Other gross margin |
52.4 |
% |
|
51.3 |
% |
|
52.6 |
% |
|
50.8 |
% |
|
Total gross margin |
50.6 |
% |
|
49.4 |
% |
|
50.2 |
% |
|
48.7 |
% |
|
Net income margin |
17.8 |
% |
|
16.5 |
% |
|
17.8 |
% |
|
16.2 |
% |
|
Reconciliation of Non-GAAP Financial Measures
The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the
Computation of Free Cash Flow |
||||||||
|
Nine Months Ended |
|||||||
(In thousands) |
February 28, 2025 |
|
February 29, 2024 |
|||||
|
|
|
|
|||||
Net cash provided by operations |
$ |
1,530,156 |
|
|
$ |
1,386,741 |
|
|
Capital expenditures |
|
(294,260 |
) |
|
|
(307,558 |
) |
|
Free cash flow |
$ |
1,235,896 |
|
|
$ |
1,079,183 |
|
|
Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.
Computation of Organic Revenue Growth |
||||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||
|
February 28,
|
|
February 29,
|
|
Growth
|
|
|
February 28,
|
|
February 29,
|
|
Growth
|
||||||
|
A |
|
B |
|
G |
|
|
I |
|
J |
|
O |
||||||
Revenue |
$ |
2,609,159 |
|
$ |
2,406,173 |
|
8.4 |
% |
|
|
$ |
7,672,529 |
|
$ |
7,125,680 |
|
7.7 |
% |
|
|
|
|
|
G=(A-B)/B |
|
|
|
|
|
|
O=(I-J)/J |
||||||
|
C |
|
D |
|
|
|
|
K |
|
L |
|
|
||||||
Workdays in the period |
65 |
|
65 |
|
|
|
|
195 |
|
196 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
E |
|
F |
|
H |
|
|
M |
|
N |
|
P |
||||||
Workday adjusted revenue |
$ |
2,609,159 |
|
$ |
2,406,173 |
|
8.4 |
% |
|
|
$ |
7,711,875 |
|
$ |
7,125,680 |
|
8.2 |
% |
|
E=(A/C)*D |
|
F=(B/D)*D |
|
H=(E-F)/F |
|
|
M=(I/K)*L |
|
N=(J/L)*L |
|
P=(M-N)/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition and foreign currency exchange impact, net |
|
|
|
|
(0.5 |
)% |
|
|
|
|
|
|
(0.5 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Organic revenue growth |
|
|
|
|
7.9 |
% |
|
|
|
|
|
|
7.7 |
% |
||||
Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions and foreign currency exchange rate fluctuations.
SUPPLEMENTAL SEGMENT DATA
(In thousands) |
Uniform Rental
|
|
First Aid
|
|
All
|
|
Total |
||||
For the three months ended February 28, 2025 |
|
|
|
|
|
|
|||||
Revenue |
$ |
2,021,144 |
|
$ |
301,759 |
|
$ |
286,256 |
|
$ |
2,609,159 |
Gross margin |
$ |
1,011,484 |
|
$ |
172,133 |
|
$ |
135,724 |
|
$ |
1,319,341 |
Selling and administrative expenses |
$ |
522,001 |
|
$ |
100,600 |
|
$ |
86,887 |
|
$ |
709,488 |
Operating income |
$ |
489,483 |
|
$ |
71,533 |
|
$ |
48,837 |
|
$ |
609,853 |
|
|
|
|
|
|
|
|
||||
For the three months ended February 29, 2024 |
|
|
|
|
|
|
|||||
Revenue |
$ |
1,876,642 |
|
$ |
262,602 |
|
$ |
266,929 |
|
$ |
2,406,173 |
Gross margin |
$ |
916,434 |
|
$ |
147,732 |
|
$ |
123,682 |
|
$ |
1,187,848 |
Selling and administrative expenses |
$ |
496,027 |
|
$ |
90,015 |
|
$ |
81,006 |
|
$ |
667,048 |
Operating income |
$ |
420,407 |
|
$ |
57,717 |
|
$ |
42,676 |
|
$ |
520,800 |
|
|
|
|
|
|
|
|
||||
For the nine months ended February 28, 2025 |
|
|
|
|
|
|
|||||
Revenue |
$ |
5,945,393 |
|
$ |
893,693 |
|
$ |
833,443 |
|
$ |
7,672,529 |
Gross margin |
$ |
2,940,518 |
|
$ |
512,421 |
|
$ |
395,236 |
|
$ |
3,848,175 |
Selling and administrative expenses |
$ |
1,532,238 |
|
$ |
294,377 |
|
$ |
259,286 |
|
$ |
2,085,901 |
Operating income |
$ |
1,408,280 |
|
$ |
218,044 |
|
$ |
135,950 |
|
$ |
1,762,274 |
|
|
|
|
|
|
|
|
||||
For the nine months ended February 29, 2024 |
|
|
|
|
|
|
|||||
Revenue |
$ |
5,554,009 |
|
$ |
789,696 |
|
$ |
781,975 |
|
$ |
7,125,680 |
Gross margin |
$ |
2,671,987 |
|
$ |
438,824 |
|
$ |
360,156 |
|
$ |
3,470,967 |
Selling and administrative expenses |
$ |
1,445,440 |
|
$ |
262,996 |
|
$ |
241,492 |
|
$ |
1,949,928 |
Operating income |
$ |
1,226,547 |
|
$ |
175,828 |
|
$ |
118,664 |
|
$ |
1,521,039 |
Cintas Corporation |
||||||||
Consolidated Condensed Balance Sheets |
||||||||
(In thousands) |
||||||||
|
February 28,
|
|
May 31,
|
|||||
|
(Unaudited) |
|
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
243,428 |
|
|
$ |
342,015 |
|
|
Accounts receivable, net |
|
1,397,824 |
|
|
|
1,244,182 |
|
|
Inventories, net |
|
420,826 |
|
|
|
410,201 |
|
|
Uniforms and other rental items in service |
|
1,100,039 |
|
|
|
1,040,144 |
|
|
Income taxes, current |
|
663 |
|
|
|
— |
|
|
Prepaid expenses and other current assets |
|
178,648 |
|
|
|
148,665 |
|
|
Total current assets |
|
3,341,428 |
|
|
|
3,185,207 |
|
|
|
|
|
|
|||||
Property and equipment, net |
|
1,610,414 |
|
|
|
1,534,168 |
|
|
|
|
|
|
|||||
Investments |
|
336,892 |
|
|
|
302,212 |
|
|
Goodwill |
|
3,353,553 |
|
|
|
3,212,424 |
|
|
Service contracts, net |
|
315,336 |
|
|
|
321,902 |
|
|
Operating lease right-of-use assets, net |
|
209,399 |
|
|
|
187,953 |
|
|
Other assets, net |
|
444,114 |
|
|
|
424,951 |
|
|
|
$ |
9,611,136 |
|
|
$ |
9,168,817 |
|
|
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
408,461 |
|
|
$ |
339,166 |
|
|
Accrued compensation and related liabilities |
|
208,952 |
|
|
|
214,130 |
|
|
Accrued liabilities |
|
825,032 |
|
|
|
761,283 |
|
|
Income taxes, current |
|
— |
|
|
|
18,618 |
|
|
Operating lease liabilities, current |
|
48,786 |
|
|
|
45,727 |
|
|
Debt due within one year |
|
449,915 |
|
|
|
449,595 |
|
|
Total current liabilities |
|
1,941,146 |
|
|
|
1,828,519 |
|
|
|
|
|
|
|||||
Long-term liabilities: |
|
|
|
|||||
Debt due after one year |
|
2,027,477 |
|
|
|
2,025,934 |
|
|
Deferred income taxes |
|
466,816 |
|
|
|
475,512 |
|
|
Operating lease liabilities |
|
165,664 |
|
|
|
146,824 |
|
|
Accrued liabilities |
|
417,785 |
|
|
|
375,656 |
|
|
Total long-term liabilities |
|
3,077,742 |
|
|
|
3,023,926 |
|
|
|
|
|
|
|||||
Shareholders’ equity: |
|
|
|
|||||
Preferred stock, no par value: |
— |
|
— |
|||||
100 shares authorized, none outstanding |
|
|
|
|
||||
Common stock, no par value, and paid-in capital: |
2,525,876 |
|
2,305,301 |
|||||
1,700,000 shares authorized |
||||||||
FY 2025: 776,172 issued and 403,669 outstanding |
||||||||
FY 2024: 773,097 issued and 405,008 outstanding |
|
|
|
|
||||
Retained earnings |
|
11,507,826 |
|
|
|
10,617,955 |
|
|
Treasury stock: |
(9,498,504 |
) |
|
(8,698,085 |
) |
|||
FY 2025: 372,503 shares |
||||||||
FY 2024: 368,089 shares |
|
|
||||||
Accumulated other comprehensive income |
|
57,050 |
|
|
|
91,201 |
|
|
Total shareholders’ equity |
|
4,592,248 |
|
|
|
4,316,372 |
|
|
|
$ |
9,611,136 |
|
|
$ |
9,168,817 |
|
|
Cintas Corporation |
||||||||
Consolidated Condensed Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
Nine Months Ended |
|||||||
|
February 28,
|
|
February 29,
|
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
1,364,025 |
|
|
$ |
1,157,277 |
|
|
|
|
|
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation |
|
225,714 |
|
|
|
207,637 |
|
|
Amortization of intangible assets and capitalized contract costs |
|
146,580 |
|
|
|
119,815 |
|
|
Stock-based compensation |
|
97,586 |
|
|
|
84,490 |
|
|
Gain on sale of property and equipment |
|
(19,341 |
) |
|
|
— |
|
|
Deferred income taxes |
|
(7,286 |
) |
|
|
(21,366 |
) |
|
Change in current assets and liabilities, net of acquisitions of businesses: |
|
|
|
|||||
Accounts receivable, net |
|
(158,761 |
) |
|
|
(109,040 |
) |
|
Inventories, net |
|
(8,053 |
) |
|
|
55,834 |
|
|
Uniforms and other rental items in service |
|
(60,502 |
) |
|
|
(9,060 |
) |
|
Prepaid expenses and other current assets and capitalized contract costs |
|
(146,062 |
) |
|
|
(104,873 |
) |
|
Accounts payable |
|
72,799 |
|
|
|
5,771 |
|
|
Accrued compensation and related liabilities |
|
(4,562 |
) |
|
|
(58,511 |
) |
|
Accrued liabilities and other |
|
47,617 |
|
|
|
52,945 |
|
|
Income taxes, current |
|
(19,598 |
) |
|
|
5,822 |
|
|
Net cash provided by operating activities |
|
1,530,156 |
|
|
|
1,386,741 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(294,260 |
) |
|
|
(307,558 |
) |
|
Purchases of investments |
|
(7,064 |
) |
|
|
(7,592 |
) |
|
Proceeds from sale of property and equipment |
|
23,972 |
|
|
|
— |
|
|
Acquisitions of businesses, net of cash acquired |
|
(198,808 |
) |
|
|
(185,028 |
) |
|
Other, net |
|
1,788 |
|
|
|
(3,100 |
) |
|
Net cash used in investing activities |
|
(474,372 |
) |
|
|
(503,278 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Repayment of debt |
|
— |
|
|
|
(13,450 |
) |
|
Proceeds from exercise of stock-based compensation awards |
|
699 |
|
|
|
1,275 |
|
|
Dividends paid |
|
(453,703 |
) |
|
|
(393,310 |
) |
|
Repurchase of common stock |
|
(678,129 |
) |
|
|
(468,146 |
) |
|
Other, net |
|
(19,448 |
) |
|
|
(5,839 |
) |
|
Net cash used in financing activities |
|
(1,150,581 |
) |
|
|
(879,470 |
) |
|
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
|
(3,790 |
) |
|
|
341 |
|
|
|
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents |
|
(98,587 |
) |
|
|
4,334 |
|
|
Cash and cash equivalents at beginning of period |
|
342,015 |
|
|
|
124,149 |
|
|
Cash and cash equivalents at end of period |
$ |
243,428 |
|
|
$ |
128,483 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250326432928/en/
For additional information, contact:
J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079
Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195
Source: Cintas Corporation
FAQ
What was Cintas (CTAS) revenue growth in Q3 2025?
How much did Cintas (CTAS) earnings per share increase in Q3 2025?
What is Cintas (CTAS) updated revenue guidance for fiscal 2025?
How much did Cintas (CTAS) increase its dividend payment in March 2025?
What was Cintas (CTAS) operating margin in Q3 2025?
