What changed in this filing

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Item 1. Financial Statements

2026-04-07 compared with 2026-01-07 · 154 added, 81 removed, 520 unchanged (31% of the section changed)

2 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

(In thousands except per share data) February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Uniform rental and facility services $ 2,177,453 $ 2,021,144 $ 6,423,919 $ 5,945,393

18 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended Six Months Ended

(In thousands) November 30,

2025 November 30,

2024 November 30,

2025 November 30,

Three Months Ended Nine Months Ended

(In thousands) February 28,

2026 February 28,

2025 February 28,

2026 February 28,

Net income $ 502,496 $ 463,497 $ 1,488,979 $ 1,364,025

Other comprehensive (loss) income, net of tax:

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

7 unchanged sentences

( 1,523 ) ( 1,523 ) ( 4,569 ) ( 4,569 )

Other comprehensive loss, net of tax (benefit)

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

$( 2,668 ), respectively

Other, net of tax expense of $ 194 , $ 0 ,

$ 194 and $ 0 , respectively

Other comprehensive income (loss), net of

tax (benefit) expense of $( 1,125 ), $ 1,273 ,

$( 3,841 ) and $( 1,395 ), respectively

8,427 ( 11,475 ) ( 8,236 ) ( 34,151 )

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands) November 30,

(In thousands) February 28,

Current assets:

69 unchanged sentences

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

Net income — — 502,496 — — — 502,496

Comprehensive income, net of tax — — — 8,427 — — 8,427

Dividends — — ( 180,636 ) — — — ( 180,636 )

Stock-based compensation — 34,249 — — — — 34,249

Vesting of stock-based compensation awards 4 — — — — — —

Stock options exercised 474 29,372 — — ( 153 ) ( 29,312 ) 60

Repurchase of common stock — — — — ( 165 ) ( 31,560 ) ( 31,560 )

Balance at February 28, 2026 779,263 $ 2,807,548 $ 12,743,710 $ 76,153 ( 379,248 ) $ ( 10,839,028 ) $ 4,788,383

CINTAS CORPORATION

23 unchanged sentences

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

Net income — — 463,497 — — — 463,497

Comprehensive loss, net of tax — — — ( 11,475 ) — — ( 11,475 )

Dividends — — ( 158,195 ) — — — ( 158,195 )

Stock-based compensation — 31,802 — — — — 31,802

Vesting of stock-based compensation awards 30 — — — — — —

Stock options exercised 378 19,761 — — ( 101 ) ( 19,637 ) 124

Repurchase of common stock — — — — ( 134 ) ( 26,611 ) ( 26,611 )

Balance at February 28, 2025 776,172 $ 2,525,876 $ 11,507,826 $ 57,050 ( 372,503 ) $ ( 9,498,504 ) $ 4,592,248

See accompanying notes.

1 unchanged sentence

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended

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

Nine Months Ended

(In thousands) February 28, 2026 February 28, 2025

Cash flows from operating activities:

48 unchanged sentences

Inventories, net are comprised of the following at:

(In thousands) November 30,

(In thousands) February 28,

Raw materials $ 18,553 $ 21,763

2 unchanged sentences

Inventories, net $ 450,501 $ 447,408

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.

Inventories are recorded net of reserves for obsolete inventory (excess and slow-moving) of $ 62.1 million and $ 59.9 million at February 28, 2026 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.

7 unchanged sentences

ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 (fiscal 2026).

The Company is currently evaluating the impact of ASU 2023-09 on the consolidated condensed financial statements.

The Company does not believe ASU 2023-09 will have a material impact on the consolidated condensed financial statements upon adoption.

Furthermore, the Company expects to adopt the standard on a prospective basis on May 31, 2026.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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.

Disaggregation of Income Statement Expenses (ASU 2024-03), which requires, among other items, additional disaggregated disclosures in the notes to the consolidated condensed financial statements for certain categories of expenses that are included on the face of the consolidated condensed statement of income.

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.

8 unchanged sentences

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,

Three Months Ended Nine Months Ended

(In thousands) February 28,

2026 February 28,

2025 February 28,

2026 February 28,

Uniform Rental and

24 unchanged sentences

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 February 28, 2026, the current and noncurrent assets related to capitalized commissions totaled $ 96.1 million and $ 296.5 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 $ 26.6 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.

The Company recorded amortization expense related to capitalized commissions of $ 26.6 million and $ 27.4 million during the three months ended February 28, 2026 and 2025, respectively.

During the nine months ended February 28, 2026 and 2025, we recorded amortization expense related to capitalized commissions of $ 79.3 million and $ 80.0 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 $ 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:

Operating lease costs, including short-term lease expense and variable lease costs which were immaterial in both periods, were $ 26.5 million and $ 22.9 million for the three months ended February 28, 2026 and 2025, respectively.

For the nine months ended February 28, 2026 and 2025, operating lease costs, including short-term lease expense and variable lease costs, which were immaterial in both periods, were $ 76.0 million and $ 67.5 million, respectively.

The following table provides supplemental information related to the Company's consolidated condensed statements of cash flows for the nine months ended February 28:

(In thousands) 2026 2025

6 unchanged sentences

Weighted-average discount rate 4.30 % 4.08 %

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

The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of February 28, 2026:

(In thousands)

2026 (remaining six months)

2026 (remaining three months)

Thereafter 79,297

5 unchanged sentences

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

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

As of February 28, 2026 As of May 31, 2025

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

16 unchanged sentences

The assets and liabilities measured at fair value on a nonrecurring basis primarily relate to assets and liabilities acquired in a business acquisition.

See Note 9 entitled Acquisitions.

Note 5 - Earnings Per Share

1 unchanged sentence

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

Three Months Ended Nine Months Ended

Basic Earnings per Share

(In thousands except per share data)

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

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Net income $ 502,496 $ 463,497 $ 1,488,979 $ 1,364,025

4 unchanged sentences

Basic earnings per share $ 1.25 $ 1.14 $ 3.70 $ 3.37

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

Diluted Earnings per Share

(In thousands except per share data)

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

February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025

Net income $ 502,496 $ 463,497 $ 1,488,979 $ 1,364,025

8 unchanged sentences

Diluted earnings per share $ 1.24 $ 1.13 $ 3.65 $ 3.31

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.

For the three months ended February 28, 2026 and 2025, 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 nine months ended February 28, 2026 and 2025, options granted to purchase 1.9 million and 0.9 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).

5 unchanged sentences

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

Three Months Ended Six Months Ended

November 30, 2025 November 30, 2025

Three Months Ended Nine Months Ended

February 28, 2026 February 28, 2026

Buyback Activity

10 unchanged sentences

Total repurchase of Cintas common stock $ 31,560 $ 933,227

Three Months Ended Six Months Ended

November 30, 2024 November 30, 2024

Three Months Ended Nine Months Ended

February 28, 2025 February 28, 2025

Buyback Activity

12 unchanged sentences

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

Three Months Ended Six Months Ended

November 30, 2025 November 30, 2025

Three Months Ended Nine Months Ended

February 28, 2026 February 28, 2026

(In thousands except per share data)

3 unchanged sentences

Non-cash transaction activity 153 $ 191.45 $ 29,312 547 $ 208.48 $ 113,963

Three Months Ended Six Months Ended

November 30, 2024 November 30, 2024

Three Months Ended Nine Months Ended

February 28, 2025 February 28, 2025

per Share Non-Cash

2 unchanged sentences

Non-cash transaction activity 101 $ 196.09 $ 19,637 630 $ 194.15 $ 122,290

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.

There were no share buybacks in the period subsequent to February 28, 2026, through April 7, 2026.

From the inception of the July 23, 2024 share buyback program through April 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 six months ended November 30, 2025, are as follows:

Changes in the carrying amount of goodwill and service contracts by reportable operating segment and All Other for the nine months ended February 28, 2026, are as follows:

(In thousands)

5 unchanged sentences

Foreign currency translation 1,791 148 6 1,945

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

Balance as of February 28, 2026 $ 2,926,900 $ 300,463 $ 271,665 $ 3,499,028

Service Contracts

7 unchanged sentences

Foreign currency translation 325 15 — 340

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

Balance as of February 28, 2026 $ 239,953 $ 13,295 $ 33,498 $ 286,746

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

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

As of February 28, 2026 As of May 31, 2025

(In thousands) Carrying

10 unchanged sentences

Other assets $ 1,245,225 $ 779,504 $ 465,721 $ 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 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.

(1) The current portion of capitalized contract costs, included in prepaid expenses and other current assets on the consolidated condensed balance sheets as of February 28, 2026 and May 31, 2025, is $ 96.1 million and $ 96.5 million, respectively.

Amortization expense for service contracts and other assets was $ 41.5 million and $ 43.2 million for the three months ended February 28, 2026 and 2025, respectively.

For the nine months ended February 28, 2026 and 2025, amortization expense for service contracts and other assets was $ 125.0 million and $ 125.7 million, respectively.

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

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:

As of February 28, 2026, 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 six months) $ 80,654

2026 (remaining three months) $ 41,233

Thereafter 196,970

5 unchanged sentences

Issued Fiscal Year

Maturity November 30,

Maturity February 28,

Debt due within one year

10 unchanged sentences

(1) Variable rate debt instrument.

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

The rate presented is the weighted average variable borrowing rate at February 28, 2026.

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 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.

The credit agreement has an accordion feature that provides Cintas the ability to request increases to the borrowing commitments under the revolving credit facility of up to $ 500.0 million in the aggregate, subject to customary conditions.

The carrying value and fair value of Cintas' debt as of February 28, 2026 were $ 2,436.6 million and $ 2,459.4 million, respectively, and as of May 31, 2025 were $ 2,436.6 million and $ 2,404.7 million, respectively.

During the nine months ended February 28, 2026, Cintas issued $ 229.5 million, net of commercial paper.

Cintas Corporation No.

2) entered into a credit agreement which supports our commercial paper program on March 27, 2026 (the Credit Agreement).

The Credit Agreement has capacity under the revolving credit facility of $ 2.0 billion and contains a letter of credit sub-facility of up to $ 300.0 million and a swing line sub-facility of up to $ 150.0 million.

The Credit Agreement has an accordion feature that provides Cintas with the ability to request increases to the borrowing commitments under the revolving credit facility up to $ 1.0 billion in the aggregate, subject to customary conditions.

The maturity date of the revolving credit facility is March 27, 2031.

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.

In connection with the entry into the Credit Agreement, on March 27, 2026, Corp.

2 terminated all commitments and repaid all obligations under its existing Third Amended and Restated Credit Agreement, dated as of March 23, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to such date, the “Existing Credit Agreement”).

Upon the termination of the Existing Credit Agreement, all of the obligations under the Existing Credit Agreement were terminated.

As of February 28, 2026 there was $ 229.5 million of commercial paper outstanding with a weighted average interest rate of 3.81 % and no borrowings on our Existing Credit Agreement.

As of May 31, 2025, there was no commercial paper outstanding and no borrowings on our Existing Credit Agreement.

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 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.

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 February 28, 2026 and 2025.

For both the nine months ended February 28, 2026 and 2025, the amortization of the interest rate locks resulted in a decrease to other comprehensive income of $ 4.6 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 November 30, 2025 and May 31, 2025.

The aggregate notional value of outstanding cash flow hedges was $ 500.0 million at both February 28, 2026 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 and six months ended November 30, 2025 or 2024.

These interest rate locks had no impact on net income or cash flows for the three and nine months ended February 28, 2026 or 2025.

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 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.

As of February 28, 2026 and May 31, 2025, recorded unrecognized tax benefits were $ 50.8 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 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.

Cintas’ effective tax rate was 20.6 % and 21.0 % for the three months ended February 28, 2026 and 2025, respectively.

For the nine months ended February 28, 2026 and 2025, Cintas' effective tax rate was 19.8 % and 19.2 %, respectively.

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

Note 9 - Acquisitions

The purchase price paid for each acquisition has been allocated to the fair value of the assets acquired and liabilities assumed.

The fair value summarized in the table below is reflective of the accumulated fair value, as of the date of each acquisition.

Cintas acquired the following number of individually immaterial businesses by reportable operating segment and All Other during the nine months ended February 28:

Uniform Rental and Facility Services 3 6

First Aid and Safety Services 2 3

All Other 16 11

The following summarizes the aggregate purchase price and fair value allocations for all businesses acquired during the nine months ended February 28:

(In thousands) 2026 2025

Fair value of tangible assets acquired $ 2,610 $ 25,640

Fair value of service contracts acquired 18,825 38,162

Fair value of other intangibles acquired 2,463 6,868

Net goodwill recognized 96,856 155,363

Total fair value of assets acquired 120,754 226,033

Total fair value of liabilities assumed ( 409 ) ( 2,419 )

Total fair value of net assets acquired, net of cash acquired 120,345 223,614

Deferred purchase price consideration ( 17,660 ) ( 24,806 )

Total cash consideration for acquisitions, net of cash acquired $ 102,685 $ 198,808

Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.

The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisitions.

The majority of goodwill recognized is expected to be deductible for income tax purposes.

Cintas is required to provide additional disclosures about fair value measurements as part of the consolidated condensed financial statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including business combinations).

The working capital assets and liabilities, as well as the property and equipment acquired, were valued using Level 2 inputs which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach).

Goodwill and separately identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach).

The results of operations of the acquisition are included in Cintas' consolidated statements of income subsequent to the date of acquisition and are not material to the consolidated condensed financial statements.

On March 10, 2026, the Company entered into an Agreement and Plan of Merger (Merger Agreement) pursuant to which the Company will acquire all outstanding shares of UniFirst Corporation (UniFirst).

UniFirst is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services.

Under the terms of the Merger Agreement, Cintas will acquire all of the outstanding shares of UniFirst in a transaction valued at approximately $ 5.5 billion.

Each share of UniFirst common stock will be converted into the right to receive $ 155.00 in cash and 0.7720 shares of fully paid and nonassessable Cintas common stock, with no par value.

The completion of the merger (Merger) is subject to certain conditions, including, without limitation:

the adoption of the Merger Agreement by UniFirst shareholders;

the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and the obtaining of certain regulatory approvals;

the absence of an injunction or law prohibiting the Merger;

the accuracy of the parties' respective representations and warranties;

and the compliance by the Company and UniFirst with their respective covenants and agreements.

The Merger has not closed as of the date of the filing of this Form 10-Q.

Note 10 - Accumulated Other Comprehensive Income (Loss)

14 unchanged sentences

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

Other comprehensive income (loss) before

reclassifications 11,739 ( 2,355 ) — 9,384

Amounts reclassified from accumulated other comprehensive income (loss)

— ( 1,523 ) 566 ( 957 )

Net current period other comprehensive income (loss) 11,739 ( 3,878 ) 566 8,427

Balance at February 28, 2026 $ ( 22,675 ) $ 96,693 $ 2,135 $ 76,153

(In thousands) Foreign

14 unchanged sentences

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

Other comprehensive (loss) income before

reclassifications ( 15,168 ) 5,216 — ( 9,952 )

Amounts reclassified from accumulated other comprehensive income (loss)

— ( 1,523 ) — ( 1,523 )

Net current period other comprehensive (loss) income ( 15,168 ) 3,693 — ( 11,475 )

Balance at February 28, 2025 $ ( 48,295 ) $ 104,745 $ 600 $ 57,050

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

6 unchanged sentences

Statements of Income

Three Months Ended Six Months Ended

(In thousands) November 30,

2025 November 30,

2024 November 30,

2025 November 30,

Three Months Ended Nine Months Ended

(In thousands) February 28,

2026 February 28,

2025 February 28,

2026 February 28,

Amortization of interest

17 unchanged sentences

Other Corporate (1)

For the three months ended November 30, 2025

For the three months ended February 28, 2026

Revenue $ 2,177,453 $ 346,823 $ 317,168 $ — $ 2,841,444

3 unchanged sentences

Operating income $ 521,025 $ 87,341 $ 51,538 $ — $ 659,904

For the three months ended November 30, 2024

For the three months ended February 28, 2025

Revenue $ 2,021,144 $ 301,759 $ 286,256 $ — $ 2,609,159

3 unchanged sentences

Operating income $ 489,483 $ 71,533 $ 48,837 $ — $ 609,853

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

As of and for the nine months ended February 28, 2026

Revenue $ 6,423,919 $ 1,023,720 $ 911,919 $ — $ 8,359,558

6 unchanged sentences

Total assets $ 8,212,142 $ 899,853 $ 938,522 $ 183,204 $ 10,233,721

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

As of and for the nine months ended February 28, 2025

Revenue $ 5,945,393 $ 893,693 $ 833,443 $ — $ 7,672,529

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