What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-01-07 compared with 2025-10-08 · 155 added, 83 removed, 173 unchanged (58% of the section changed)

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Cintas evaluates operating segment performance based on revenue and operating income.

Revenue and operating income for the three months ended August 31, 2025 and 2024, for the two reportable operating segments and All Other are presented in Note 10 entitled Segment Information of “Notes to Consolidated Condensed 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.

Revenue and operating income for the three and six months ended November 30, 2025 and 2024, for the two reportable operating segments and All Other are presented in Note 10 entitled Segment Information of “Notes to Consolidated Condensed 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.

Consolidated Results

Three Months Ended August 31, 2025 Compared to Three Months Ended August 31, 2024

Total revenue increased 8.7% to $2,718.1 million for the three months ended August 31, 2025, compared to $2,501.6 million for the three months ended August 31, 2024.

The organic revenue growth rate, which adjusts for

the impact of acquisitions and foreign currency exchange rate fluctuations, was 7.8%.

Three Months Ended November 30, 2025 Compared to Three Months Ended November 30, 2024

Total revenue increased 9.3% to $2,800.0 million for the three months ended November 30, 2025, compared to $2,561.8 million for the three months ended November 30, 2024.

The organic revenue growth rate, which adjusts

for the impact of acquisitions and foreign currency exchange rate fluctuations, was 8.6%.

Revenue growth was positively impacted by 0.7% due to acquisitions.

Uniform Rental and Facility Services reportable operating segment revenue was $2,091.1 million for the three months ended August 31, 2025, compared to $1,933.8 million for the three months ended August 31, 2024, which was an increase of 8.1%.

Uniform Rental and Facility Services reportable operating segment revenue was $2,155.4 million for the three months ended November 30, 2025, compared to $1,990.4 million for the three months ended November 30, 2024, which was an increase of 8.3%.

The organic revenue growth rate for this reportable operating segment was 7.8%.

Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 0.8% due to acquisitions.

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.

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 10.4% for the three months ended August 31, 2025, compared to the three months ended August 31, 2024, from $567.7 million to $627.1 million.

Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 0.5% primarily due to acquisitions.

Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 12.8% for the three months ended November 30, 2025, compared to the three months ended November 30, 2024, from $571.4 million to $644.6 million.

The organic revenue growth rate for other revenue was 11.6%.

Revenue growth was positively impacted by 0.8% due to acquisitions.

Revenue growth was positively impacted by 1.2% primarily due to acquisitions.

Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items.

Cost of uniform rental and facility services increased $71.4 million, or 7.3%, for the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.7% for the three months ended August 31, 2024, to 50.3% for the three months ended August 31, 2025.

This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory and strategic sourcing initiatives.

Cost of uniform rental and facility services increased $67.2 million, or 6.6%, for the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.9% for the three months ended November 30, 2024, to 50.2% for the three months ended November 30, 2025.

This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

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 $30.7 million, or 11.4%, for the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Cost of other increased as a percent of revenue, increasing from 47.3% for three months ended August 31, 2024, to 47.7% for the three months ended August 31, 2025.

Cost of other increased $35.3 million, or 13.0%, for the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Cost of other increased as a percent of revenue, increasing from 47.4% for three months ended November 30, 2024, to 47.5% for the three months ended November 30, 2025.

The increase in cost of sales as a percent of revenue was primarily due to adding route capacity.

Selling and administrative expenses increased $57.6 million, or 8.3%, in the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Selling and administrative expenses as a percent of revenue were 27.5% for the three months ended August 31, 2025, compared to 27.6% for the three months ended August 31, 2024.

The change as a percent of revenue is primarily due to operating leverage from revenue growth.

Operating income was $617.9 million, or 22.7% of revenue, for the three months ended August 31, 2025, compared to $561.0 million, or 22.4% of revenue, for the three months ended August 31, 2024.

The resulting increase in operating income as a percent of revenue was primarily due to more efficient in-service inventory usage and operating leverage from revenue growth.

Net interest expense (interest expense less interest income) was $22.0 million for the three months ended August 31, 2025, compared to $24.4 million for the three months ended August 31, 2024.

The change was primarily due to a decrease in the average amount of outstanding debt during the three months ended August 31, 2025.

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

Selling and administrative expenses increased $71.5 million, or 10.4%, in the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Selling and administrative expenses as a percent of revenue were 27.0% for the three months ended November 30, 2025, compared to 26.8% for the three months ended November 30, 2024.

The change as a percent of revenue was primarily due to investments in selling resources.

Operating income was $655.7 million, or 23.4% of revenue, for the three months ended November 30, 2025, compared to $591.4 million, or 23.1% of revenue, for the three months ended November 30, 2024.

The resulting increase in operating income as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

Net interest expense (interest expense less interest income) was $27.2 million for the three months ended November 30, 2025, compared to $25.7 million for the three months ended November 30, 2024.

The change was primarily due to an increase in the average amount of outstanding commercial paper during the three months ended November 30, 2025.

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

The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.

Net income was $491.1 million for the three months ended August 31, 2025, an increase of 8.7% compared to the three months ended August 31, 2024.

Diluted earnings per share were $1.20 for the three months ended August 31, 2025, which was an increase of 9.1% compared to the three months ended August 31, 2024.

Diluted earnings per share increased primarily due to the increase in net income.

Net income was $495.3 million for the three months ended November 30, 2025, an increase of 10.4% compared to the three months ended November 30, 2024.

Diluted earnings per share were $1.21 for the three months ended November 30, 2025, which was an increase of 11.0% compared to the three months ended November 30, 2024.

Diluted earnings per share increased primarily due to the increase in net income and share repurchases.

Uniform Rental and Facility Services Reportable Operating Segment

Three Months Ended August 31, 2025 Compared to Three Months Ended August 31, 2024

Uniform Rental and Facility Services reportable operating segment revenue increased to $2,091.1 million from $1,933.8 million, or 8.1%, for the three months ended August 31, 2025, over the three months ended August 31, 2024.

Three Months Ended November 30, 2025 Compared to Three Months Ended November 30, 2024

Uniform Rental and Facility Services reportable operating segment revenue increased to $2,155.4 million from $1,990.4 million, or 8.3%, for the three months ended November 30, 2025, over the three months ended November 30, 2024.

The organic revenue growth rate for the reportable operating segment was 7.8%.

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The reportable operating segment’s gross margin was $1,074.2 million.

Gross margin as a percent of revenue was 49.7% for the three months ended August 31, 2025, compared to 49.3% for the three months ended August 31, 2024.

The resulting increase as a percent of revenue was primarily due to more efficient usage of in-service inventory and strategic sourcing initiatives.

Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $32.3 million in the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Selling and administrative expenses as a percent of revenue for the three months ended August 31, 2025 were 25.8%, compared to 26.2% in the three months ended August 31, 2024.

The improvement was primarily due to operating leverage from revenue growth and a decrease in employee-partner related expenses as a percent of revenue.

Income before income taxes increased $53.5 million, or 12.0%, for the Uniform Rental and Facility Services reportable operating segment for the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Income before income taxes was 23.9% of the reportable operating segment's revenue compared to the three months ended August 31, 2024 of 23.1% of revenue.

The improvement in income before income taxes was a result of the expansion in gross margin in addition to the improvement in selling and administrative expenses as a percent of revenue noted above.

Gross margin as a percent of revenue was 49.8% for the three months ended November 30, 2025, compared to 49.1% for the three months ended November 30, 2024.

The resulting increase as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $44.5 million in the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Selling and administrative expenses as a percent of revenue for the three months ended November 30, 2025 were 25.4%, compared to 25.3% in the three months ended November 30, 2024.

The change as a percent to revenue was primarily due to investments in selling resources.

Income before income taxes increased $53.4 million, or 11.3%, for the Uniform Rental and Facility Services reportable operating segment for the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Income before income taxes was 24.4% of the reportable operating segment's revenue compared to the three months ended November 30, 2024 of 23.7% of revenue.

The improvement in income before income taxes was primarily a result of the expansion in gross margin.

First Aid and Safety Services Reportable Operating Segment

Three Months Ended August 31, 2025 Compared to Three Months Ended August 31, 2024

First Aid and Safety Services reportable operating segment revenue increased from $292.6 million to $334.7 million, or 14.4%, for the three months ended August 31, 2025, over the three months ended August 31, 2024.

Three Months Ended November 30, 2025 Compared to Three Months Ended November 30, 2024

First Aid and Safety Services reportable operating segment revenue increased to $342.2 million from $299.4 million, or 14.3%, for the three months ended November 30, 2025, over the three months ended November 30, 2024.

The organic revenue growth rate for the reportable operating segment was 14.1%.

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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.

Cost of first aid and safety services for the three months ended August 31, 2025, increased $20.7 million, or 16.7%, compared to the three months ended August 31, 2024.

The gross margin as a percent of revenue was 56.8% for the three months ended August 31, 2025, compared to the gross margin as a percent of revenue of 57.7% in the three months ended August 31, 2024.

The reduction in gross margin as a percent of revenue was primarily due to adding route capacity.

Selling and administrative expenses increased $12.3 million in the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Selling and administrative expenses as a percent of revenue for the three months ended August 31, 2025 were 32.8%, compared to 33.3% for the three months ended August 31, 2024.

The improvement was primarily due to operating leverage from revenue growth and a decrease in employee-partner related expenses as a percent of revenue.

Income before income taxes for the First Aid and Safety Services reportable operating segment increased $9.0 million to $80.3 million for the three months ended August 31, 2025, compared to the three months ended August 31, 2024.

Income before income taxes was 24.0% of the reportable operating segment’s revenue compared to the three months ended August 31, 2024 of 24.4%.

The change in income before income taxes as a percent to revenue was primarily due to the previously discussed change in gross margin, partially offset by the improvement in selling and administrative expenses as a percent of revenue noted above.

Cost of first aid and safety services for the three months ended November 30, 2025, increased $16.8 million, or 13.1%, compared to the three months ended November 30, 2024.

The gross margin as a percent of revenue was 57.7% for the three months ended November 30, 2025, compared to the gross margin as a percent of revenue of 57.3% in the three months ended November 30, 2024.

The improvement in gross margin as a percent of revenue was primarily due to a favorable sales mix and strategic sourcing initiatives.

Selling and administrative expenses increased $14.3 million in the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Selling and administrative expenses as a percent of revenue for the three months ended November 30, 2025 were 32.3%, compared to 32.2% for the three months ended November 30, 2024.

The change as a percent of revenue was primarily due to investments in selling resources.

Income before income taxes for the First Aid and Safety Services reportable operating segment increased $11.8 million to $87.0 million for the three months ended November 30, 2025, compared to the three months ended November 30, 2024.

Income before income taxes was 25.4% of the reportable operating segment’s revenue compared to the three months ended November 30, 2024 of 25.1%.

The improvement in income before income taxes as a percent to revenue was primarily due to the previously discussed change in gross margin, partially offset by the change in selling and administrative expenses as a percent of revenue noted above.

Consolidated Results

Six Months Ended November 30, 2025 Compared to Six Months Ended November 30, 2024

Total revenue increased 9.0% to $5,518.1 million for the six months ended November 30, 2025, compared to $5,063.4 million for the six months ended November 30, 2024.

Total organic revenue growth was 8.2%.

Organic growth adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations.

Revenue growth was positively impacted by 0.8% due to acquisitions.

Uniform Rental and Facility Services reportable operating segment revenue was $4,246.5 million for the six months ended November 30, 2025, compared to $3,924.2 million for the six months ended November 30, 2024, which was an increase of 8.2%.

Organic revenue growth for this reportable operating segment was 7.5%.

Uniform Rental and Facility Services reportable operating segment revenue was positively impacted by 0.7% due to acquisitions.

Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, was $1,271.6 million for the six months ended November 30, 2025, compared to $1,139.1 million for the six months ended November 30, 2024, which was an increase of 11.6%.

Organic growth for other revenue was 10.6%.

Revenue growth was positively impacted by 1.0% due to acquisitions.

Cost of uniform rental and facility services increased $138.6 million, or 6.9%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024.

Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.8% for the six months ended November 30, 2024, to 50.2% for the six months ended November 30, 2025.

This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

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 $66.0 million, or 12.2%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024.

Cost of other as a percent of revenue was 47.6% for the six months ended November 30, 2025, compared to 47.3% for six months ended November 30, 2024.

The increase in cost of sales as a percent of revenue was primarily due to adding route capacity and unfavorable changes in the revenue mix.

Selling and administrative expenses increased $129.1 million, or 9.4%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024.

Selling and administrative expenses as a percent of revenue were 27.3% for the six months ended November 30, 2025, compared to 27.2% for the six months ended November 30, 2024.

The change as a percent of revenue was primarily due to investments in selling resources.

Operating income was $1,273.6 million, or 23.1% of revenue, for the six months ended November 30, 2025, compared to $1,152.4 million, or 22.8% of revenue, for the six months ended November 30, 2024.

The improvement in operating income as a percent of revenue was primarily due to the previously mentioned improvements in gross margin partially offset by the change in selling and administrative expenses as a percent of revenue noted above.

Net interest expense (interest expense less interest income) was $49.2 million for the six months ended November 30, 2025, compared to $50.1 million for the six months ended November 30, 2024.

The reduction was primarily due to additional interest income earned in the six months ended November 30, 2025.

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

The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.

Net income for the six months ended November 30, 2025, increased $86.0 million, or 9.5%, compared to the six months ended November 30, 2024.

Diluted earnings per share was $2.41 for the six months ended November 30, 2025, which was an increase of 10.0% compared to the six months ended November 30, 2024.

Diluted earnings per share increased primarily due to the increase in net income and share repurchases.

Uniform Rental and Facility Services Reportable Operating Segment

Six Months Ended November 30, 2025 Compared to Six Months Ended November 30, 2024

Uniform Rental and Facility Services reportable operating segment revenue increased 8.2% to $4,246.5 million for the six months ended November 30, 2025, compared to $3,924.2 million for the six months ended November 30, 2024.

Organic revenue growth for this reportable operating segment was 7.5%.

Revenue growth was a result of new business, the penetration of additional products and services into existing customers, price increases, and strong customer retention.

Cost of uniform rental and facility services increased $138.6 million, or 6.9%, for the six months ended November 30, 2025 over the six months ended November 30, 2024.

The reportable operating segment’s gross margin was $2,112.7 million, or 49.8% of revenue, for the six months ended November 30, 2025, compared to the gross margin of 49.2% for the six months ended November 30, 2024.

This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $76.8 million but decreased as a percent of revenue for the six months ended November 30, 2025 to 25.6%, compared to 25.7% for the six months ended November 30, 2024.

The improvement as a percent of revenue was primarily due to operating leverage from revenue growth, partially offset by investments in selling resources.

Income before income taxes increased $106.9 million, or 11.6%, for the Uniform Rental and Facility Services reportable operating segment for the six months ended November 30, 2025, compared to the six months ended November 30, 2024.

Income before income taxes was 24.2% of the reportable operating segment’s revenue, compared to 23.4% for the six months ended November 30, 2024.

The improvement as a percent of revenue was primarily a result of the improvement in gross margin.

First Aid and Safety Services Reportable Operating Segment

Six Months Ended November 30, 2025 Compared to Six Months Ended November 30, 2024

First Aid and Safety Services reportable operating segment revenue increased from $591.9 million to $676.9 million, or 14.4%, for the six months ended November 30, 2025, over the six months ended November 30, 2024.

Organic revenue growth for this reportable operating segment was 14.1%.

First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.3% due to acquisitions.

This increase in revenue was driven by many factors including new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.

Cost of first aid and safety services increased $37.5 million, or 14.9%, for the six months ended November 30, 2025, compared to the six months ended November 30, 2024, due to higher sales volume.

The gross margin as a percent of revenue was 57.3% for the six months ended November 30, 2025, compared to 57.5% in the six months ended November 30, 2024.

The reduction in gross margin as a percent of revenue was primarily due to adding route capacity in the first three months of the year as well as unfavorable changes in revenue mix.

Selling and administrative expenses increased $26.7 million but decreased as a percent of revenue to 32.6%, for the six months ended November 30, 2025, compared to 32.7% for the six months ended November 30, 2024.

The improvement as a percent of revenue was primarily due to operating leverage from revenue growth, partially offset by investments in selling resources.

Income before income taxes for the First Aid and Safety Services reportable operating segment was $167.3 million for the six months ended November 30, 2025, compared to $146.5 million for the six months ended November 30, 2024.

Income before income taxes, at 24.7% of the reportable operating segment’s revenue, decreased 10 basis points compared to the six months ended November 30, 2024 primarily due to the decrease in gross margin.

Liquidity and Capital Resources

The following is a summary of our cash flows and cash and cash equivalents as of and for the three months ended August 31:

The following is a summary of our cash flows and cash and cash equivalents as of and for the six months ended November 30:

(In thousands) 2025 2024

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Cash and cash equivalents at the end of the period $ 200,842 $ 122,395

Cash and cash equivalents as of August 31, 2025 and 2024, include $66.7 million and $51.0 million, respectively, that is located outside of the U.S.

Cash and cash equivalents as of November 30, 2025 and 2024, include $88.3 million and $63.7 million, respectively, that is located outside of the U.S.

Cash flows provided by operating activities have historically supplied us with a significant source of liquidity.

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Acquisitions, repurchases of our common stock and dividends remain strategic objectives, but they will be dependent on the economic outlook and liquidity of the Company.

Net cash provided by operating activities was $414.5 million for the three months ended August 31, 2025, compared to $460.4 million for the three months ended August 31, 2024.

The change from the prior fiscal year was primarily due to unfavorable changes in working capital, specifically, accounts payable and accrued liabilities.

These changes were partially offset by an increase in net income and favorable changes in working capital, specifically accounts receivable, net and prepaid expenses.

Net cash provided by operating activities was $945.7 million for the six months ended November 30, 2025, compared to $905.1 million for the six months ended November 30, 2024.

The change from the prior fiscal year was primarily due to an increase in net income, favorable changes in working capital, specifically, accounts receivable, net and income taxes.

These changes were partially offset by unfavorable changes in working capital, specifically accrued liabilities and accounts payable.

Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses.

Capital expenditures were $102.0 million and $92.9 million for the three months ended August 31, 2025 and 2024, respectively.

Capital expenditures in the three months ended August 31, 2025, included $70.5 million for the Uniform Rental and Facility Services reportable operating segment and $16.5 million for the First Aid and Safety Services reportable operating segment.

Cash paid for acquisitions of businesses was $7.6 million and $9.4 million for the three months ended August 31, 2025 and 2024, respectively.

The acquisitions during both the three months ended August 31, 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 Services operating segment, which is included in All Other.

Net cash used in investing activities also includes $6.5 million and $7.1 million of purchases of investments during the three months ended August 31, 2025 and 2024, respectively.

Net cash used in financing activities was $424.0 million and $591.3 million for the three months ended August 31, 2025 and 2024, respectively.

The improvement in cash used in financing activities was due to a decrease in share buyback activity, which was partially offset by a decrease in proceeds from the net issuance of commercial paper and an increase in dividends paid in the three months ended August 31, 2025.

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.

Capital expenditures were $208.2 million and $194.3 million for the six months ended November 30, 2025 and 2024, respectively.

Capital expenditures in the six months ended November 30, 2025, included $143.3 million for the Uniform Rental and Facility Services reportable operating segment and $33.7 million for the First Aid and Safety Services reportable operating segment.

Cash paid for acquisitions of businesses was $93.2 million and $154.9 million for the six months ended November 30, 2025 and 2024, respectively.

The acquisitions during both the six months ended November 30, 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 Services operating segment, which is included in All Other.

Net cash used in investing activities also includes $6.5 million and $7.1 million of purchases of investments during the six months ended November 30, 2025 and 2024, respectively.

Net cash used in financing activities was $699.0 million and $773.9 million for the six months ended November 30, 2025 and 2024, respectively.

The improvement in cash used in financing activities was due to an increase in proceeds from the net issuance of commercial paper, which was partially offset by an increase in repurchases of common stock and an increase in dividends paid in the six months ended November 30, 2025.

On July 26, 2022, July 23, 2024 and October 28, 2025, Cintas announced that the Board of Directors (the Board) authorized share buyback programs, each for $1.0 billion.

The July 26, 2022 share buyback plan was completed during the second quarter of fiscal 2026.

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

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

The following table summarizes the share buyback activity by program for the six months ended November 30:

Buyback Activity

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

October 28, 2025 — — — — — —

3,940 $ 195.10 $ 768,773 2,732 $ 173.40 $ 473,617

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

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.

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.

The Board declared the following dividends:

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Per Share Total

Three months ended August 31, 2025

Six months ended November 30, 2025

April 8, 2025 May 15, 2025 June 13, 2025 $ 0.39 $ 157.8

Three months ended August 31, 2024

July 29, 2025 August 15, 2025 September 15, 2025 0.45 182.3

$ 0.84 $ 340.1

Six months ended November 30, 2024

April 9, 2024 May 15, 2024 June 14, 2024 $ 0.3375 $ 137.6

July 23, 2024 August 15, 2024 September 3, 2024 0.3900 158.0

$ 0.7275 $ 295.6

Accrued Dividends

As of August 31, 2025

July 29, 2025 (1)

August 15, 2025 September 15, 2025 $ 0.45 $ 182.3

As of August 31, 2024

July 23, 2024 (1)

August 15, 2024 September 3, 2024 $ 0.39 $ 157.3

(1) The dividends declared during the three months ended August 31, 2025 and 2024 were included in current accrued liabilities on the consolidated condensed balance sheet at August 31, 2025 and 2024.

As of November 30, 2025

October 28, 2025 (1)

November 14, 2025 December 15, 2025 $ 0.45 $ 180.7

As of November 30, 2024

October 29, 2024 (1)

November 15, 2024 December 13, 2024 $ 0.39 $ 158.0

(1) The dividends declared during the three months ended November 30, 2025 and 2024 were included in current accrued liabilities on the consolidated condensed balance sheet at November 30, 2025 and 2024.

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.

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

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 following table summarizes Cintas' outstanding debt:

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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

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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.

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

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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.

Cintas has certain covenants related to debt agreements.

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Our access to the commercial paper and long-term debt markets has historically provided us with sources of liquidity.

We do not anticipate having difficulty in obtaining financing from those markets in the future based on our favorable experiences in the debt markets in the recent past and Cintas expects to access such markets from time to time in the future to fund its cash requirements, including the repayment of short-term and/or long-term obligations.

We do not anticipate having difficulty in obtaining financing from those markets in the future based on our favorable experiences in the debt markets in the recent past and we expect to access such markets from time to time in the future to fund our cash requirements, including the repayment of short-term and/or long-term obligations.

Our ability to continue to access the commercial paper and long-term debt markets on favorable interest rate and other terms will depend, to a significant degree, on the ratings assigned by the credit rating agencies to our indebtedness.

As of August 31, 2025, our ratings were as follows:

As of November 30, 2025, our ratings were as follows:

Rating Agency Outlook Commercial

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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.

The rating agency ratings are not

recommendations to buy, sell or hold our commercial paper or debt securities.

Each rating may be subject to revision or withdrawal at any time by the assigning rating organization and should be evaluated independently of any other rating.

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2) is the indirectly, wholly owned principal operating subsidiary of Cintas.

2 is the issuer of the $2,436.6 million aggregate principal amount of senior notes outstanding as of August 31, 2025, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly owned, direct and indirect domestic subsidiaries.

2 is the issuer of the $2,436.6 million aggregate principal amount of senior notes outstanding as of November 30, 2025, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly owned, direct and indirect domestic subsidiaries.

Basis of Preparation of the Summarized Financial Information

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Summarized financial information of the Obligor Group is as follows:

Three Months Ended

Six Months Ended

Summarized Consolidated Condensed Statements of Income

(In thousands)

2025 August 31,

2025 November 30,

Net sales to unrelated parties $ 5,238,743 $ 4,800,309

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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 2. Management’s Discussion and Analysis