3 unchanged sentences
Cintas helps more than one million businesses of all types and sizes, primarily in the U.S., as well as Canada and Latin America, get READY™ to open their doors with confidence every day by providing a wide range of products and services that enhance our customers’ image and help keep their facilities and employees clean, safe and looking their best.
−Removed: With products and services 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 ® .
+Added: With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm services, Cintas helps customers get Ready for the Workday ® .
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, including entrance mats, restroom cleaning services and supplies, first aid and safety services and fire protection products and services.
18 unchanged sentences
In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment.
−Removed: The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services.
+Added: The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services, as well as workplace water services.
The remainder of Cintas’ business, which consists of the Fire Protection Services operating segment and the Uniform Direct Sale operating segment, is included in All Other.
1 unchanged sentence
Cintas evaluates operating segment performance based on revenue and operating income.
−Removed: Revenue and operating income for the reportable operating segments for the fiscal years ended May 31, 2024, 2023 and 2022 are presented in Note 14 entitled Operating Segment Information of "Notes to Consolidated Financial Statements." The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate.
+Added: Revenue and operating income for the reportable operating segments for the fiscal years ended May 31, 2025, 2024 and 2023 are presented in Note 14 entitled Operating Segment Information of "Notes to Consolidated Financial Statements." The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker (CODM) regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate.
The following table sets forth certain consolidated statements of income data as a percent of revenue by reportable operating segment, All Other and in total for the fiscal years ended May 31:
29 unchanged sentences
Organic revenue growth adjusts for the impact of acquisitions, workday differences and foreign currency exchange rate fluctuations.
−Removed: Total revenue was positively impacted by 0.4% due to acquisitions and by 0.5% due to one more workday in fiscal 2024 compared to fiscal 2023.
+Added: Total revenue was positively impacted by 0.8% due to acquisitions, negatively impacted by 0.9% due to two less workdays in fiscal 2025 compared to fiscal 2024 and negatively impacted by 0.2% due to foreign currency exchange rate fluctuations.
Organic revenue growth by quarter for fiscal 2025 is as follows:
7 unchanged sentences
Organic revenue growth for this reportable operating segment was 7.0%.
−Removed: Revenue growth was positively impacted by 0.4% due to acquisitions and 0.4% due to one more workday in fiscal 2024 compared to fiscal 2023.
+Added: Revenue growth was positively impacted by 0.8% due to acquisitions, negatively impacted by 0.9% due to two less workdays in fiscal 2025 compared to fiscal 2024 and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.
Revenue growth was a result of new business, the penetration of additional products and services into existing customers and price increases, partially offset by lost business.
4 unchanged sentences
Revenue increased organically by 11.3%.
−Removed: Revenue growth was positively impacted by 0.5% due to acquisitions and by 0.4% due to one more workday in fiscal 2024 compared to fiscal 2023.
+Added: Revenue growth was positively impacted by 0.6% due to acquisitions, negatively impacted by 0.9% due to two less workdays in fiscal 2025 compared to fiscal 2024 and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.
Cost of uniform rental and facility services increased 4.5% compared to fiscal 2024.
1 unchanged sentence
The change from the prior year was primarily due to higher Uniform Rental and Facility Services reportable operating segment sales volume, as well as an increase in material cost to support increased revenue growth.
−Removed: The cost of uniform rental and facility services as a percent of revenue improved compared to fiscal 2023 from 52.7% to 51.8% primarily due to efficiency gains in energy usage, more efficient use of in-service inventory, and improved leverage of fixed costs.
+Added: The cost of uniform rental and facility services as a percent of revenue improved compared to fiscal 2024 from 51.8% to 50.7% primarily due to efficiency gains in energy usage, more efficient use of in-service inventory and production efficiency gains.
Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other.
Cost of other increased 7.7% in fiscal 2025 compared to fiscal 2024, as a result of higher other revenue, but decreased as a percent of revenue to 47.6%, compared to 49.0% in fiscal 2024.
−Removed: The improvement in cost of sales as a percent to revenue was primarily due to favorable changes in the sales mix and sourcing and productivity initiatives in the First Aid and Safety Services reportable operating segment as well as i mproved leverage of fixed costs for both the First Aid and Safety Services reportable operating segment and All Other.
+Added: The improvement in cost of sales as a percent to revenue was primarily due to favorable changes in the sales mix and sourcing and productivity initiatives in the First Aid and Safety Services reportable operating segment.
Selling and administrative expenses increased $196.7 million, to 27.2% as a percent of revenue, compared to 27.3% in fiscal 2024.
−Removed: The change as a percent of revenue was primarily due to investing in additional selling resources, investing in our management trainee program, expanding our talent acquisition efforts for future growth, as well as costs associated with a tentative legal settlement discussed in Note 15 entitled Litigation and Other Contingencies of "Notes to Consolidated Financial Statements."
+Added: In fiscal 2025 we recorded a $15 million gain on a sale of property, and in fiscal 2024 we recorded $15 million associated with a legal settlement, both of which impacted all segments by the same percent of revenue.
+Added: Excluding those items, selling and administrative expenses as a percent of revenue increased from fiscal 2024 to fiscal 2025.
+Added: The resulting increase as a percent of revenue was primarily due to investments in technology and additional selling resources.
Net interest expense (interest expense less interest income) was $95.5 million in fiscal 2025 compared to $95.0 million in fiscal 2024.
−Removed: The change was primarily due to a decrease in the average amount of outstanding debt during fiscal 2024.
+Added: Net interest expense was the same as a percent of revenue.
Income before income taxes was $2,264.2 million, an increase of $290.6 million, or 14.7%, compared to fiscal 2024.
−Removed: The increase in income before income taxes was primarily due to revenue growth, as well as the improvements in gross margin previously mentioned, which were partially offset by the change in selling and administrative expenses.
−Removed: Cintas' effective tax rate for both fiscal 2024 and fiscal 2023 was 20.4%.
+Added: The increase in income before income taxes was primarily due to revenue growth, as well as the improvements in gross margin previously mentioned.
+Added: Cintas' effective tax rate for fiscal 2025 and fiscal 2024 was 20.0% and 20.4%, respectively.
The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.
5 unchanged sentences
The reportable operating segment's fiscal 2025 gross margin was 49.3% of revenue compared to 48.2% in fiscal 2024.
−Removed: The improvement in gross margin was primarily the result of efficiency gains in energy usage, more efficient use of in-service inventory, and improved leverage of fixed costs.
+Added: The improvement in gross margin was primarily due to efficiency gains in energy usage, more efficient use of in-service inventory and production efficiency gains.
Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $121.2 million in fiscal 2025 compared to fiscal 2024 in order to support revenue growth as well as invest in technology and selling resources.
Selling and administrative expense as a percent of revenue for fiscal 2025 was 25.8% compared to 26.0% in fiscal 2024.
−Removed: As a percent of revenue, selling and administrative expenses were largely consistent as compared to the prior fiscal year.
+Added: Excluding the items noted previously, selling and administrative expenses as a percent of revenue were largely consistent as compared to the prior fiscal year.
Income before income taxes for the Uniform Rental and Facility Services reportable operating segment increased $213.9 million, or 12.9%, for fiscal 2025 compared to fiscal 2024.
5 unchanged sentences
Organic revenue growth for this reportable operating segment was 15.0%.
−Removed: Revenue growth was positively impacted by 0.2% due to acquisitions, positively impacted by 0.5% due to one more workday in fiscal 2024 compared to fiscal 2023 and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.
+Added: Revenue growth was positively impacted by 0.1% due to acquisitions, negatively impacted by 0.9% due to two less workdays in fiscal 2025 compared to fiscal 2024 and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.
The increase in revenue was driven by many factors including increases in new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.
3 unchanged sentences
The improvement in gross margin as a percent of revenue was primarily driven by favorable changes in the sales mix, sourcing and productivity initiatives, as well as i mproved leverage of fixed costs and a reduction in energy expense as a percent of revenue.
−Removed: Selling and administrative expenses for the First Aid and Safety Services reportable operating segment increased by $52.1 million, or 17.3%, in fiscal 2024 compared to fiscal 2023, and increased as a percent of revenue to 33.1% in fiscal 2024 compared to 31.7% in fiscal 2023.
−Removed: The change as a percent of revenue was primarily due to increases in labor and other employee-partner related expenses, including investing in additional selling resources for future growth.
+Added: Selling and administrative expenses for the First Aid and Safety Services reportable operating segment increased by $48.4 million, or 13.7%, in fiscal 2025 compared to fiscal 2024, but decreased as a percent of revenue to 33.0% in fiscal 2025 compared to 33.1% in fiscal 2024.
+Added: Excluding the items noted previously, selling and administrative expenses as a percent of revenue were largely consistent as compared to the prior fiscal year.
Income before income taxes for the First Aid and Safety Services reportable operating segment was $294.7 million in fiscal 2025, an increase of $55.6 million, or 23.2%, compared to fiscal 2024.
−Removed: Income before income taxes as a percent of revenue at 22.4%, increased from 19.0% in fiscal 2023 due to the previously discussed growth in revenue and improvements in gross margin, partially offset by the change in selling and administrative expenses.
+Added: Income before income taxes as a percent of revenue at 24.2%, increased from 22.4% in fiscal 2024 due to the previously discussed growth in revenue and improvements in gross margin.
Liquidity and Capital Resources
14 unchanged sentences
Net cash provided by operating activities was $2,165.9 million for fiscal 2025, which was an increase of $97.4 million, or 4.7%, compared to fiscal 2024.
−Removed: The increase was primarily the result of an increase in net income and favorable changes in working capital, specifically inventories, net and uniforms and other rental items in service and accounts receivable, net.
−Removed: These improvements were partially offset by unfavorable changes in working capital, primarily current liabilities and deferred income taxes.
+Added: The increase was primarily the result of an increase in net income and favorable changes in working capital, primarily accounts payable and accrued compensation and related liabilities.
+Added: These improvements were partially offset by unfavorable changes in working capital, specifically inventories, net, accounts receivable, net and uniforms and other rental items in service.
Net cash used in investing activities was $623.6 million in fiscal 2025, compared to $603.3 million in fiscal 2024.
Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses.
+Added: These outflows were partially offset by proceeds from the sale of property.
Capital expenditures were $408.9 million and $409.5 million for fiscal 2025 and fiscal 2024, respectively.
Capital expenditures for fiscal 2025 included $301.6 million for the Uniform Rental and Facility Services reportable operating segment and $55.4 million for the First Aid and Safety Services reportable operating segment.
−Removed: The increase in capital expenditures from fiscal 2023 to fiscal 2024 was due to investments in the reportable operating segments to support continued revenue growth, an increase in equipment purchases, primarily trucks, due to vendors clearing backlogged orders, and spending associated with the SAP implementation in the Fire Protection Services operating segment, which is included in All Other.
Cash paid for acquisitions of businesses, net of cash acquired, was $232.9 million and $186.8 million for fiscal 2025 and fiscal 2024, respectively.
The acquisitions in both fiscal 2025 and 2024 occurred in our Uniform Rental and Facility Services reportable operating segment, our First Aid and Safety Services reportable operating segment and our Fire Protection operating segment, which is included in All Other.
+Added: In addition, during fiscal 2025, Cintas received cash proceeds of $24.0 million related to the sale of property and equipment.
Net cash used in investing activities also included $7.2 million and $7.5 million of purchases of investments during fiscal 2025 and fiscal 2024, respectively.
Net cash used in financing activities was $1,619.0 million for fiscal 2025, compared to $1,247.5 million in fiscal 2024.
−Removed: The increase in cash used in financing activities was due to the increase in share buyback activity and dividends paid.
−Removed: These increases were partially offset by a decrease in payments of debt and commercial paper in fiscal 2024 compared to fiscal 2023.
−Removed: On July 27, 2021, we announced the Board authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024.
−Removed: From the inception of the July 27, 2021 share buyback program through May 2024, Cintas purchased a total of 3.6 million shares of Cintas common stock at an average price of $421.77 per share for a total purchase price of $1.5 billion.
−Removed: On July 26, 2022, Cintas announced that the Board authorized a
−Removed: new $1.0 billion share buyback program, which does not have an expiration date.
−Removed: The following table summarizes the buyback activity by program and fiscal years ended May 31:
+Added: The increase in cash used in financing activities was due to the increase in repayment of debt, share buyback activity and an increase in dividends paid.
+Added: These increases were partially offset by an increase in proceeds from the issuance of debt in fiscal 2025 compared to fiscal 2024.
+Added: Cintas announced on July 27, 2021, that the Board authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024.
+Added: On July 26, 2022 and July 23, 2024, Cintas announced that the Board authorized new share buyback programs, each for $1.0 billion.
+Added: Neither of the outstanding share buyback programs have an expiration date.
+Added: The following table summarizes the share buyback activity by program and fiscal years ended May 31:
Buyback Program
6 unchanged sentences
July 26, 2022 3,794 179.07 679,329 339 168.44 57,104
+Added: July 23, 2024 — — — — — —
3,794 $ 179.07 $ 679,329 3,764 $ 136.92 $ 515,388
3 unchanged sentences
(1) Shares of Cintas stock acquired for employee-partner payroll taxes due on options exercised and vested restricted stock awards.
−Removed: In the period subsequent to May 31, 2024, through July 25, 2024, under the July 26, 2022 share buyback plan, we purchased 0.7 million shares of Cintas common stock at an average price of $693.58 for a total purchase price of $473.6 million.
+Added: There were no share buybacks in the period subsequent to May 31, 2025, through July 28, 2025.
From the inception of the July 26, 2022 share buyback program through July 28, 2025, Cintas has purchased 4.1 million shares of Cintas common stock in the aggregate, at an average price of $178.20 per share, for a total purchase price of $736.4 million.
+Added: Cintas has made no purchases under the July 23, 2024 share buyback program.
Our Board of Directors declared the following dividends:
25 unchanged sentences
Any future dividend declarations, including the amount of any dividends, are at the discretion of the Board and dependent upon then-existing conditions, including the Company's consolidated results of operations and consolidated financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board may deem relevant.
+Added: On April 15, 2025, in accordance with the terms of the senior notes, Cintas paid the $50.0 million aggregate principal amount outstanding of its 3.11%, private placement, 10-year senior notes that matured on that date with cash on hand.
+Added: On May 1, 2025, in accordance with the terms of the senior notes, Cintas paid the $400.0 million aggregate principal outstanding of its 3.45%, 3-year senior notes that matured on that date with cash on hand.
+Added: On May 2, 2025, Cintas issued $400.0 million aggregate principal amount of senior notes that bear an interest rate of 4.20% and mature on May 1, 2028.
During the fiscal year ended May 31, 2024, Cintas repurchased and subsequently retired, $13.5 million of its 6.15%, 30-year senior notes.
−Removed: During the fiscal year ended May 31, 2023, Cintas paid $261.2 million, net of commercial paper.
−Removed: On April 17, 2023, in accordance with the terms of the notes, Cintas paid the $50.0 million aggregate principal amount outstanding of its 3.73%, private placement, 10-year senior notes that matured on that date with proceeds from short-term commercial paper issuance.
+Added: In conjunction with these transactions, Cintas recognized a loss of $0.9 million, which is recorded in interest expense on the consolidated statement of income for the fiscal year ended May 31, 2024.
The following table summarizes Cintas' outstanding debt at May 31:
11 unchanged sentences
Senior notes 3.70% 2017 2027 $ 1,000,000 $ 1,000,000
−Removed: 3.11% 2015 2025 $ — $ 50,630
Senior notes 4.20% 2025 2028 400,000 —
1 unchanged sentence
Senior notes 6.15% 2007 2037 236,550 236,550
−Removed: Senior notes 6.15% 2007 2037 236,550 250,000
Debt issuance costs (11,551) (10,616)
22 unchanged sentences
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, or if the ratings assigned to any new issue of long-term debt securities were significantly lower than those noted above, particularly if we no longer had investment grade ratings, our ability to access the debt markets may be adversely affected.
−Removed: In addition, in such a case, our cost of funds for new issues of
−Removed: commercial paper and long-term debt would be higher than our cost of funds would have been had the ratings of those new issues been at or above the level of the ratings noted above.
+Added: In addition, in such a case, our cost of funds for new issues of commercial paper and long-term debt would be higher than our cost of funds would have been had the ratings of those new issues been at or above the level of the ratings noted above.
The rating agency ratings are not recommendations to buy, sell or hold our commercial paper or debt securities.
10 unchanged sentences
Basis of Preparation of the Summarized Financial Information
−Removed: The following tables include summarized financial information of Cintas Corporation (Issuer), Corp.
−Removed: 2 and subsidiary guarantors (together, the Obligor Group).
+Added: The following tables include summarized financial information of Cintas Corporation, Corp.
+Added: 2 (issuer) and subsidiary guarantors (together, the Obligor Group).
Investments in and equity in the earnings of non-guarantors, which are not members of the Obligor Group, have been excluded.
60 unchanged sentences
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (ASU 2023-07).
−Removed: ASU 2023-07 requires additional disclosures pertaining to significant expenses and other items of an entity’s reportable operating segments.
−Removed: ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (fiscal 2025).
−Removed: Early adoption is permitted.
−Removed: The Company is currently evaluating the impact of ASU 2023-07 on the consolidated financial statements.
+Added: ASU 2023-07 requires additional disclosures pertaining to significant expenses that are regularly provided to the CODM and other items of an entity’s reportable operating segments.
+Added: This standard was adopted by Cintas on May 31, 2025 and did not have a material impact on the Company's consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S.
2 unchanged sentences
The Company is currently evaluating the impact of ASU 2023-09 on the consolidated financial statements.
+Added: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses (ASU 2024-03), which requires, among other items, additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the statement of income.
+Added: ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 (fiscal 2028), and for interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029), with early adoption permitted.
+Added: The Company is currently evaluating the impact of ASU 2024-03 on the consolidated financial statements.
There are no other accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on Cintas' consolidated financial statements.
24 unchanged sentences
These factors are critical to determining the amount of in service inventory and related cost of uniforms and facility services that are presented in the consolidated financial statements.
−Removed: Goodwill, obtained through acquisitions of businesses, is valued at cost less any impairment.
−Removed: Cintas completes an annual impairment test that includes an assessment of qualitative factors, and quantitative, if necessary, including, but not limited to, macroeconomic conditions, industry and market conditions and entity specific factors such as strategies and financial performance.
−Removed: We test for goodwill impairment at the reporting unit level.
−Removed: Cintas has identified four reporting units for purposes of evaluating goodwill impairment:
−Removed: Uniform Rental and Facility Services, First Aid and Safety Services and two reporting units within All Other.
−Removed: Based on the results of the annual impairment tests, Cintas was not required to recognize an impairment of goodwill for the fiscal years ended May 31, 2024, 2023 or 2022.
−Removed: Cintas will continue to perform impairment tests as of March 1 in future years and when indicators of impairment exist.
Insurance reserve.
1 unchanged sentence
Our incurred but not reported reserves are estimated through actuarial procedures, with the assistance of third-party actuarial specialists, of the insurance industry and by using industry assumptions, adjusted for specific expectations based on our claims history.
−Removed: Cintas records an increase or decrease in selling and administrative expenses related to development of prior claims, higher claims activity and other environmental factors in the period in which it becomes known.
+Added: Cintas records an increase or decrease in selling and administrative expenses related to development of prior claims, higher claims activity and other industry factors in the period in which it becomes known.
These changes in estimates may be material to the consolidated financial statements.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.