What changed in this filing

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Item 1. Financial Statements

2026-01-07 compared with 2025-10-08 · 165 added, 59 removed, 436 unchanged (34% of the section changed)

2 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

Three Months Ended

(In thousands except per share data) August 31, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In thousands except per share data) November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024

Uniform rental and facility services $ 2,155,400 $ 1,990,410 $ 4,246,466 $ 3,924,249

18 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

(In thousands) August 31,

2025 August 31,

Three Months Ended Six Months Ended

(In thousands) November 30,

2025 November 30,

2024 November 30,

2025 November 30,

Net income $ 495,343 $ 448,495 $ 986,483 $ 900,528

2 unchanged sentences

( 8,356 ) ( 18,491 ) ( 8,681 ) ( 14,835 )

Change in fair value of interest rate lock agreements, net of tax benefit

of $( 908 ) and $( 3,408 ), respectively

Change in fair value of interest rate lock

agreements, net of tax (benefit) expense

of $( 782 ), $ 1,766 , $( 1,690 ) and $( 1,642 ),

( 2,284 ) 5,161 ( 4,936 ) ( 4,795 )

2 unchanged sentences

( 1,523 ) ( 1,523 ) ( 3,046 ) ( 3,046 )

Other comprehensive loss, net of tax benefit of $( 1,421 ) and $( 3,921 ), respectively

Other comprehensive loss, net of tax (benefit)

expense of $( 1,295 ), $ 1,253 , $( 2,716 ) and

$( 2,668 ), respectively

( 12,163 ) ( 14,853 ) ( 16,663 ) ( 22,676 )

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands) August 31,

(In thousands) November 30,

Current assets:

19 unchanged sentences

Operating lease liabilities, current 52,726 50,744

Debt due within one year 550,750 —

Total current liabilities 2,075,985 1,644,502

39 unchanged sentences

Balance at August 31, 2025 778,465 $ 2,694,077 $ 12,107,250 $ 79,889 ( 375,515 ) $ ( 10,125,516 ) $ 4,755,700

Net income — — 495,343 — — — 495,343

Comprehensive loss, net of tax — — — ( 12,163 ) — — ( 12,163 )

Dividends — — ( 180,743 ) — — — ( 180,743 )

Stock-based compensation — 32,353 — — — — 32,353

Vesting of stock-based compensation awards 28 — — — — — —

Stock options exercised 292 17,497 — — ( 90 ) ( 17,070 ) 427

Repurchase of common stock — — — — ( 3,325 ) ( 635,570 ) ( 635,570 )

Balance at November 30, 2025 778,785 $ 2,743,927 $ 12,421,850 $ 67,726 ( 378,930 ) $ ( 10,778,156 ) $ 4,455,347

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

and Paid-In Capital Retained

13 unchanged sentences

Balance at August 31, 2024 775,231 $ 2,415,723 $ 10,912,033 $ 83,378 ( 371,972 ) $ ( 9,389,711 ) $ 4,021,423

Net income — — 448,495 — — — 448,495

Comprehensive loss, net of tax — — — ( 14,853 ) — — ( 14,853 )

Dividends — — ( 158,004 ) — — — ( 158,004 )

Stock-based compensation — 32,417 — — — — 32,417

Vesting of stock-based compensation awards 14 — — — — — —

Stock options exercised 519 26,173 — — ( 122 ) ( 25,829 ) 344

Repurchase of common stock — — — — ( 174 ) ( 36,716 ) ( 36,716 )

Balance at November 30, 2024 775,764 $ 2,474,313 $ 11,202,524 $ 68,525 ( 372,268 ) $ ( 9,452,256 ) $ 4,293,106

See accompanying notes.

1 unchanged sentence

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended

(In thousands) August 31, 2025 August 31, 2024

Six Months Ended

(In thousands) November 30, 2025 November 30, 2024

Cash flows from operating activities:

4 unchanged sentences

Stock-based compensation 62,701 65,784

Gain on sale of property and equipment — ( 4,295 )

Deferred income taxes 25,645 3,753

12 unchanged sentences

Purchases of investments ( 6,506 ) ( 7,092 )

Proceeds from sale of property and equipment — 5,908

Acquisitions of businesses, net of cash acquired ( 93,236 ) ( 154,884 )

26 unchanged sentences

Inventories, net are comprised of the following at:

(In thousands) August 31,

(In thousands) November 30,

Raw materials $ 18,708 $ 21,763

2 unchanged sentences

Inventories, net $ 447,611 $ 447,408

Inventories are recorded net of reserves for obsolete inventory (excess and slow-moving) of $ 60.2 million and $ 59.9 million at August 31, 2025 and May 31, 2025, respectively.

Inventories are recorded net of reserves for obsolete inventory (excess and slow-moving) of $ 60.6 million and $ 59.9 million at November 30, 2025 and May 31, 2025, respectively.

The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on Cintas' historical rates of obsolescence.

13 unchanged sentences

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) which

amends the guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software.

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) which amends the guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software.

The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach.

3 unchanged sentences

Note 2 - Revenue Recognition

The following table presents Cintas' total revenue disaggregated by operating segment for the three months ended August 31:

(In thousands) 2025 2024

Uniform Rental and Facility Services $ 2,091,066 76.9 % $ 1,933,839 77.3 %

First Aid and Safety Services 334,657 12.3 % 292,567 11.7 %

Fire Protection Services 221,900 8.2 % 197,497 7.9 %

The following table presents Cintas' total revenue disaggregated by operating segment:

Three Months Ended Six Months Ended

(In thousands) November 30,

2025 November 30,

2024 November 30,

2025 November 30,

Uniform Rental and

Facility Services $ 2,155,400 77.0 % $ 1,990,410 77.7 % $ 4,246,466 77.0 % $ 3,924,249 77.0 %

First Aid and Safety

Services 342,240 12.2 % 299,367 11.7 % 676,897 12.3 % 591,934 12.3 %

Fire Protection

Services 222,525 7.9 % 193,749 7.5 % 444,425 8.0 % 391,246 8.0 %

Uniform Direct Sales 79,827 2.9 % 78,257 3.1 % 150,326 2.7 % 155,941 2.7 %

16 unchanged sentences

Capitalized commissions are classified as current or noncurrent based on the timing of when we expect to recognize the expense.

The current portion is included in prepaid expenses and other current assets, and the noncurrent portion is included in other assets, net on the Company's consolidated condensed balance sheets.

As of August 31, 2025, the current and noncurrent assets related to capitalized commissions totaled $ 96.5 million and $ 283.1 million, respectively.

The current portion is included in prepaid expenses and other current assets, and the noncurrent portion is included in other assets, net

on the Company's consolidated condensed balance sheets.

As of November 30, 2025, the current and noncurrent assets related to capitalized commissions totaled $ 96.6 million and $ 290.9 million, respectively.

As of May 31, 2025, the current and noncurrent assets related to capitalized commissions totaled $ 96.5 million and $ 275.3 million, respectively.

The Company recorded amortization expense related to capitalized commissions of $ 26.2 million and $ 25.9 million during the three months ended August 31, 2025 and 2024, respectively.

The Company recorded amortization expense related to capitalized commissions of $ 26.6 million and $ 26.7 million during the three months ended November 30, 2025 and 2024, respectively.

During the six months ended November 30, 2025 and 2024, we recorded amortization expense related to capitalized commissions of $ 52.8 million and $ 52.6 million, respectively.

These expenses are classified in selling and administrative expenses on the consolidated condensed statements of income.

9 unchanged sentences

The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease costs, including short-term lease expense and variable lease costs which were immaterial in both periods, were $ 24.1 million and $ 21.8 million for the three months ended August 31, 2025 and 2024, respectively.

The following table provides supplemental information related to the Company's consolidated condensed statements of cash flows for the three months ended August 31:

Operating lease costs, including short-term lease expense and variable lease costs which were immaterial in both periods, were $ 25.4 million and $ 22.8 million for the three months ended November 30, 2025 and 2024, respectively.

For the six months ended November 30, 2025 and 2024, operating lease costs, including short-term lease expense and variable lease costs, which were immaterial in both periods, were $ 49.5 million and $ 44.6 million, respectively.

The following table provides supplemental information related to the Company's consolidated condensed statements of cash flows for the six months ended November 30:

(In thousands) 2025 2024

2 unchanged sentences

operating lease liabilities $ 48,768 $ 17,972

Operating lease right-of-use assets acquired in business combinations $ — $ 2,885

Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows:

1 unchanged sentence

Weighted-average discount rate 4.27 % 4.08 %

The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of August 31, 2025:

The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of November 30, 2025:

(In thousands)

2026 (remaining nine months)

2026 (remaining six months)

Thereafter 74,256

5 unchanged sentences

These financial instruments measured at fair value on a recurring basis are summarized below:

As of August 31, 2025 As of May 31, 2025

As of November 30, 2025 As of May 31, 2025

(In thousands) Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value

18 unchanged sentences

Cintas uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards.

The following tables set forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas’ common shares for the three months ended August 31:

The following tables set forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas’ common shares:

Three Months Ended Six Months Ended

Basic Earnings per Share

(In thousands except per share data)

November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024

Net income $ 495,343 $ 448,495 $ 986,483 $ 900,528

4 unchanged sentences

Basic earnings per share $ 1.23 $ 1.11 $ 2.44 $ 2.22

Three Months Ended Six Months Ended

Diluted Earnings per Share

(In thousands except per share data)

November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024

Net income $ 495,343 $ 448,495 $ 986,483 $ 900,528

4 unchanged sentences

Effect of dilutive securities – employee stock options

4,949 7,086 5,483 7,124

Diluted weighted average common shares outstanding

1 unchanged sentence

Diluted earnings per share $ 1.21 $ 1.09 $ 2.41 $ 2.19

For the three months ended August 31, 2025 and 2024, options granted to purchase 1.4 million and 0.3 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share.

For the three months ended November 30, 2025 and 2024, options granted to purchase 2.1 million and 1.2 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share.

For the six months ended November 30, 2025 and 2024, options granted to purchase 1.8 million and 0.7 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share.

The exercise prices of these options were greater than the average market price of the common stock (anti-dilutive).

On July 26, 2022 and July 23, 2024, Cintas announced that the Board of Directors (the Board) authorized share buyback programs, each for $ 1.0 billion.

On July 26, 2022, Cintas announced that the Board of Directors (the Board) authorized a $ 1.0 billion share buyback program, which was completed during the second quarter of fiscal 2026.

From the inception of the July 26, 2022 share buyback program through September 2025, Cintas purchased a total of 5.4 million shares of Cintas common stock at as average price of $ 185.01 per share for a total purchase price of $ 1.0 billion.

On July 23, 2024, Cintas announced that the Board authorized a share buyback program for $ 1.0 billion.

On October 28, 2025, Cintas announced that the Board authorized a new share buyback program, also for $ 1.0 billion.

Neither of the outstanding share buyback programs have an expiration date.

The following table summarizes the share buyback activity by program and period for the three months ended August 31:

The following table summarizes the share buyback activity by program and period:

Three Months Ended Six Months Ended

November 30, 2025 November 30, 2025

Buyback Activity

5 unchanged sentences

July 23, 2024 2,668 189.37 505,209 2,668 189.37 505,209

October 28, 2025 — — — — — —

3,237 $ 191.13 $ 618,759 3,940 $ 195.10 $ 768,773

2 unchanged sentences

Total repurchase of Cintas common stock $ 635,570 $ 901,667

Three Months Ended Six Months Ended

November 30, 2024 November 30, 2024

Buyback Activity

(In thousands except per share data)

per Share Purchase

Price Shares Avg.

per Share Purchase

July 26, 2022 — $ — $ — 2,732 $ 173.40 $ 473,617

July 23, 2024 — — — — — —

— $ — $ — 2,732 $ 173.40 $ 473,617

Shares acquired for taxes due (1)

174 $ 211.44 $ 36,716 918 $ 193.79 $ 177,901

Total repurchase of Cintas common stock $ 36,716 $ 651,518

(1) Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.

In addition to the share buyback activity presented above, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises.

The following table summarizes Cintas' non-cash share buyback activity for the three months ended August 31:

The following table summarizes Cintas' non-cash share buyback activity:

Three Months Ended Six Months Ended

November 30, 2025 November 30, 2025

(In thousands except per share data)

3 unchanged sentences

Non-cash transaction activity 90 $ 190.66 $ 17,070 394 $ 215.11 $ 84,651

In the period subsequent to August 31, 2025, through October 8, 2025, we purchased 1.1 million shares of Cintas common stock at an average price of $ 199.48 per share, for a total purchase price of $ 221.7 million.

This completed the July 26, 2022 share buyback program and included purchases under the July 23, 2024 share buyback program.

From the inception of the July 26, 2022 share buyback program through September 2025, Cintas purchased 5.4 million shares of Cintas common stock in the aggregate, at an average price of $ 185.01 per share, for a total purchase price of $ 1.0 billion.

From the inception of the July 23, 2024 share buyback program through October 8, 2025, Cintas has purchased 0.5 million shares of Cintas common stock in the aggregate, at an average price of $ 199.58 per share, for a total purchase price of $ 108.2 million.

Three Months Ended Six Months Ended

November 30, 2024 November 30, 2024

per Share Non-Cash

Value Shares Avg.

per Share Non-Cash

Non-cash transaction activity 122 $ 210.76 $ 25,829 529 $ 193.79 $ 102,653

In the period subsequent to November 30, 2025, through January 7, 2026, we purchased less than 0.1 million shares of Cintas common stock at an average price of $ 183.00 per share, for a total purchase price of $ 3.7 million.

From the inception of the July 23, 2024 share buyback program through January 7, 2026, Cintas has purchased 2.7 million shares of Cintas common stock in the aggregate, at an average price of $ 189.32 per share, for a total purchase price of $ 508.9 million.

Cintas has made no purchases under the October 28, 2025 share buyback program.

Note 6 - Goodwill, Service Contracts and Other Assets, Net

Changes in the carrying amount of goodwill and service contracts by reportable operating segment and All Other for the three months ended August 31, 2025, are as follows:

Changes in the carrying amount of goodwill and service contracts by reportable operating segment and All Other for the six months ended November 30, 2025, are as follows:

(In thousands)

5 unchanged sentences

Foreign currency translation ( 3,969 ) ( 353 ) ( 14 ) ( 4,336 )

Balance as of August 31, 2025 $ 2,915,594 $ 300,598 $ 194,537 $ 3,410,729

Balance as of November 30, 2025 $ 2,921,114 $ 299,962 $ 262,428 $ 3,483,504

Service Contracts

7 unchanged sentences

Foreign currency translation ( 348 ) ( 7 ) — ( 355 )

Balance as of August 31, 2025 $ 261,923 $ 14,331 $ 21,771 $ 298,025

Balance as of November 30, 2025 $ 251,105 $ 13,842 $ 32,782 $ 297,729

Information regarding Cintas’ service contracts, net and other assets, net is as follows:

As of August 31, 2025 As of May 31, 2025

As of November 30, 2025 As of May 31, 2025

(In thousands) Carrying

10 unchanged sentences

Other assets $ 1,219,932 $ 751,604 $ 468,328 $ 1,159,242 $ 696,600 $ 462,642

(1) The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated condensed balance sheets as of both August 31, 2025 and May 31, 2025, is $ 96.5 million.

Amortization expense for service contracts and other assets was $ 42.2 million and $ 40.7 million for the three months ended August 31, 2025 and 2024, respectively.

(1) The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated condensed balance sheets as of November 30, 2025 and May 31, 2025, is $ 96.6 million and $ 96.5 million, respectively.

Amortization expense for service contracts and other assets was $ 41.3 million and $ 41.8 million for the three months ended November 30, 2025 and 2024, respectively.

For the six months ended November 30, 2025 and 2024, amortization expense for service contracts and other assets was $ 83.5 million and $ 82.5 million, respectively.

These expenses are recorded in selling and administrative expenses on the consolidated condensed statements of income.

As of August 31, 2025, the estimated future amortization expense for service contracts and other assets, excluding any future acquisitions and commissions to be earned, is as follows:

As of November 30, 2025, the estimated future amortization expense for service contracts and other assets, excluding any future acquisitions and commissions to be earned, is as follows:

Fiscal Year (In thousands)

2026 (remaining nine months) $ 117,671

2026 (remaining six months) $ 80,654

Thereafter 181,419

5 unchanged sentences

Issued Fiscal Year

Maturity August 31,

Maturity November 30,

Debt due within one year

Commercial paper 4.09 % (1)

2026 2026 $ 550,750 $ —

Total debt due within one year $ 550,750 $ —

Debt due after one year

5 unchanged sentences

Total debt due after one year $ 2,426,529 $ 2,424,999

(1) Variable rate debt instrument.

The rate presented is the weighted average variable borrowing rate at November 30, 2025.

Cintas' senior notes are recorded at cost, net of debt issuance costs.

The fair value of the long-term debt is estimated using Level 2 inputs based on observable market prices.

The carrying value and fair value of Cintas' debt as of August 31, 2025 were $ 2,436.6 million and $ 2,432.4 million, respectively, and as of May 31, 2025 were $ 2,436.6 million and $ 2,404.7 million, respectively.

During the three months ended August 31, 2024, Cintas issued $ 166.0 million, net of commercial paper.

The carrying value and fair value of Cintas' debt as of November 30, 2025 were $ 2,436.6 million and $ 2,445.4 million, respectively, and as of May 31, 2025 were $ 2,436.6 million and $ 2,404.7 million, respectively.

During the six months ended November 30, 2025 and 2024, Cintas issued $ 550.8 million and $ 181.0 million, net of commercial paper, respectively.

The credit agreement that supports our commercial paper program has capacity under the revolving credit facility of $ 2.0 billion.

1 unchanged sentence

The maturity date of the revolving credit facility is March 23, 2027.

As of August 31, 2025 and May 31, 2025, there was no commercial paper outstanding and no borrowings on our revolving credit facility.

As of November 30, 2025 there was $ 550.8 million of commercial paper outstanding with a weighted average interest rate of 4.09 % and no borrowings on our revolving credit facility.

As of May 31, 2025, there was no commercial paper outstanding and no borrowings on our revolving credit facility.

The fair value of the commercial paper, if any, which approximates carrying value, is estimated using level 2 inputs based on general market prices and interest rates.

2 unchanged sentences

Cintas used interest rate locks, which represent cash flow hedges, to hedge against movements in the treasury rates at the time Cintas issued its senior notes in fiscal 2007, fiscal 2017 and fiscal 2022.

The amortization of the interest rate locks resulted in a decrease to other comprehensive income of $ 1.5 million for both the three months ended August 31, 2025 and 2024.

The amortization of the interest rate locks resulted in a decrease to other comprehensive income of $ 1.5 million for both the three months ended November 30, 2025 and 2024.

For both the six months ended November 30, 2025 and 2024, the amortization of the interest rate locks resulted in a decrease to other comprehensive income of $ 3.0 million.

During fiscal 2022 and fiscal 2020, Cintas entered into interest rate lock agreements for forecasted debt issuances.

The aggregate notional value of outstanding cash flow hedges was $ 500.0 million at both August 31, 2025 and May 31, 2025.

The aggregate notional value of outstanding cash flow hedges was $ 500.0 million at both November 30, 2025 and May 31, 2025.

The fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:

5 unchanged sentences

The changes in fair value of the interest rate locks are recorded in other comprehensive income (loss), net of tax.

These interest rate locks had no impact on net income or cash flows for the three months ended August 31, 2025 or 2024.

These interest rate locks had no impact on net income or cash flows for the three and six months ended November 30, 2025 or 2024.

Cintas has certain covenants related to debt agreements.

6 unchanged sentences

In the normal course of business, Cintas provides for uncertain tax positions and the related interest and adjusts its unrecognized tax benefits and accrued interest accordingly.

As of August 31, 2025 and May 31, 2025, recorded unrecognized tax benefits were $ 50.7 million and $ 47.8 million, respectively, and are included in long-term accrued liabilities on the consolidated condensed balance sheets.

As of November 30, 2025 and May 31, 2025, recorded unrecognized tax benefits were $ 49.4 million and $ 47.8 million, respectively, and are included in long-term accrued liabilities on the consolidated condensed balance sheets.

The majority of Cintas' operations are in North America.

8 unchanged sentences

Based on the status and resolution of the various audits and other potential regulatory developments, it is expected that the balance of unrecognized tax benefits will not materially change for the fiscal year ending May 31, 2026.

Cintas’ effective tax rate was 17.6 % and 15.8 % for the three months ended August 31, 2025 and 2024, respectively.

Cintas’ effective tax rate was 21.2 % and 20.7 % for the three months ended November 30, 2025 and 2024, respectively.

For the six months ended November 30, 2025 and 2024, Cintas' effective tax rate was 19.4 % and 18.3 %, respectively.

The effective tax rate for all periods was impacted by certain discrete items (primarily the tax accounting impact for stock-based compensation).

10 unchanged sentences

Balance at August 31, 2025 ( 26,058 ) 104,378 1,569 79,889

Other comprehensive loss before reclassifications ( 8,356 ) ( 2,284 ) — ( 10,640 )

Amounts reclassified from accumulated other comprehensive income (loss)

— ( 1,523 ) — ( 1,523 )

Net current period other comprehensive loss ( 8,356 ) ( 3,807 ) — ( 12,163 )

Balance at November 30, 2025 $ ( 34,414 ) $ 100,571 $ 1,569 $ 67,726

(In thousands) Foreign

8 unchanged sentences

Balance at August 31, 2024 ( 14,636 ) 97,414 600 83,378

The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for the three months ended August 31:

Other comprehensive (loss) income before

reclassifications ( 18,491 ) 5,161 — ( 13,330 )

Amounts reclassified from accumulated other comprehensive income (loss)

— ( 1,523 ) — ( 1,523 )

Net current period other comprehensive (loss) income ( 18,491 ) 3,638 — ( 14,853 )

Balance at November 30, 2024 $ ( 33,127 ) $ 101,052 $ 600 $ 68,525

The following table summarizes the reclassifications out of accumulated other comprehensive income (loss):

Details about Accumulated

5 unchanged sentences

Statements of Income

(In thousands) 2025 2024

Amortization of interest rate locks $ 2,036 $ 2,036 Interest expense

Three Months Ended Six Months Ended

(In thousands) November 30,

2025 November 30,

2024 November 30,

2025 November 30,

Amortization of interest

rate locks $ 2,036 $ 2,036 $ 4,072 $ 4,072 Interest expense

Tax expense ( 513 ) ( 513 ) ( 1,026 ) ( 1,026 ) Income taxes

15 unchanged sentences

Other Corporate (1)

As of and for the three months ended August 31, 2025

For the three months ended November 30, 2025

Revenue $ 2,155,400 $ 342,240 $ 302,352 $ — $ 2,799,992

3 unchanged sentences

Operating income $ 525,731 $ 87,004 $ 42,979 $ — $ 655,714

For the three months ended November 30, 2024

Revenue $ 1,990,410 $ 299,367 $ 272,006 $ — $ 2,561,783

Cost of sales 1,014,052 127,882 143,146 — 1,285,080

Gross margin 976,358 171,485 128,860 — 1,276,703

Selling and administrative expenses 503,999 96,262 85,052 — 685,313

Operating income $ 472,359 $ 75,223 $ 43,808 $ — $ 591,390

As of and for the six months ended November 30, 2025

Revenue $ 4,246,466 $ 676,897 $ 594,751 $ — $ 5,518,114

Cost of sales 2,133,771 289,127 316,170 — 2,739,068

Gross margin 2,112,695 387,770 278,581 — 2,779,046

Selling and administrative expenses 1,087,027 220,439 198,007 — 1,505,473

Operating income $ 1,025,668 $ 167,331 $ 80,574 $ — $ 1,273,573

Depreciation and amortization $ 202,161 $ 38,373 $ 12,904 $ — $ 253,438

1 unchanged sentence

Total assets $ 8,190,558 $ 855,543 $ 885,938 $ 200,842 $ 10,132,881

As of and for the three months ended August 31, 2024

As of and for the six months ended November 30, 2024

Revenue $ 3,924,249 $ 591,934 $ 547,187 $ — $ 5,063,370

8 unchanged sentences

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.

What changed 10-Q

Item 1. Financial Statements