Financial Analysis

Acquisitions The purchase price paid for each acquisition has been allocated to the fair value of the assets acquired and liabilities assumed. Cintas acquired the following number of individually immaterial businesses by reportable operating segment and All Other during the fiscal years ended May 31: 2026 2025 Uniform Rental and Facility Services 5 7 First Aid and Safety Services 4 4 All Other 21 17 The following summarizes the aggregate purchase price and fair value allocations for all businesses acquired during the fiscal years ended May 31: (In thousands) 2026 2025 Fair value of tangible assets acquired $ 17,855 $ 25,649 Fair value of service contracts acquired 34,050 45,749 Fair value of other intangibles acquired 3,283 9,309 Net goodwill recognized 144,918 189,511 Total fair value of assets acquired 200,106 270,218 Total fair value of liabilities assumed (7,496) (3,541) Total fair value of net assets acquired, net of cash acquired 192,610 266,677 Deferred purchase price consideration (28,062) (33,778) Total cash consideration for acquisitions, net of cash acquired $ 164,548 $ 232,899 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. None of the goodwill is deductible for income tax purposes. The factors contributing to the recognition of goodwill were based on stra …

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The following table presents Cintas' total revenue disaggregated by operating segment for the fiscal years ended May 31: (In thousands) 2026 2025 2024 Uniform Rental and Facility Services $ 8,621,624 76.5 % $ 7,976,073 77.1 % $ 7,465,199 77.8 % First Aid and Safety Services 1,391,853 12.4 % 1,218,090 11.8 % 1,067,334 11.1 % Fire Protection Services 929,142 8.2 % 817,463 7.9 % 728,610 7.6 % Uniform Direct Sales 322,142 2.9 % 328,555 3.2 % 335,472 3.5 % Total revenue $ 11,264,761 100.0 % $ 10,340,181 100.0 % $ 9,596,615 100.0 %

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Stock-Based Compensation On July 23, 2024, the Board approved and adopted the Cintas Corporation 2016 Amended and Restated Equity and Incentive Compensation Plan (the Amended 2016 Plan) to replace the existing 2016 Equity Compensation Plan (the 2016 Plan). The Amended 2016 Plan was approved by Cintas shareholders at its Annual Meeting on October 29, 2024, at which time the Amended 2016 Plan became effective. Under the Amended 2016 Plan, Cintas may grant officers and key employee-partners equity compensation in the form of stock options, stock appreciation rights, restricted and unrestricted stock awards, performance awards and other stock unit awards representing up to an aggregate of 50,000,000 shares of Cintas' common stock, inclusive of shares represented by grants previously made under the 2016 Plan. At May 31, 2026, 17,978,505 shares of common stock were reserved for future issuance under the Amended 2016 Plan. Total compensation cost for stock-based awards was $128.1 million, $128.3 million and $117.0 million for the fiscal years ended May 31, 2026, 2025 and 2024, respectively. Cintas accounts for forfeitures of stock-based awards as they occur. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was $30.1 million, $32.7 million and $29.8 million for the fiscal years ended May 31, 2026, 2025 and 2024, respectively. Stock Options Stock options are granted at the fair market value of the underlying com …

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Fair Value Disclosures All financial instruments that are measured at fair value on a recurring basis (at least annually) have been classified within the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the consolidated balance sheet dates. These financial instruments measured at fair value on a recurring basis are summarized below as of May 31: 2026 2025 (In thousands) Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Cash and cash equivalents $ 289,018 $ $ $ 289,018 $ 263,973 $ $ $ 263,973 Prepaid expenses and other current assets: Interest rate lock agreements 109,480 109,480 Other assets, net: Interest rate lock agreements 102,550 102,550 Total assets at fair value $ 289,018 $ 109,480 $ $ 398,498 $ 263,973 $ 102,550 $ $ 366,523 Cintas' cash and cash equivalents are generally classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments Cintas classifies within Level 1 include most bank deposits and money market securities. Cintas does not adjust the quoted market price for such financial instruments. The fair values of Cintas' interest rate lock agreements are based on similar exchange traded derivatives (market approach) and are, therefore, included within Level 2 of the fair value hierarchy. The fair value was determined by comparing the locked rates against the benc …

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Income Taxes Income before income taxes consists of the following components for the fiscal years ended May 31: (In thousands) 2026 2025 2024 U.S. operations $ 2,336,940 $ 2,117,251 $ 1,860,859 Foreign operations 168,394 146,951 112,776 $ 2,505,334 $ 2,264,202 $ 1,973,635 Income tax expense consists of the following components for the fiscal years ended May 31: (In thousands) 2026 2025 2024 Current: Federal $ 334,423 $ 352,652 $ 327,616 State and local 81,235 96,808 79,583 Foreign 30,118 10,580 25,344 445,776 460,040 432,543 Deferred 59,590 (8,119) (30,500) $ 505,366 $ 451,921 $ 402,043 Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows for the fiscal year ended May 31, 2026: (In thousands) Income taxes at the U.S. federal statutory rate $ 526,120 21.0% State and local income taxes, net of federal benefit (1) 63,394 2.5% Foreign tax effects (4,835) (0.2)% Effect of cross-border tax laws (3,219) (0.1)% Tax credits (13,325) (0.5)% Nontaxable or nondeductible items: Stock-based compensation (52,953) (2.1)% Other nontaxable and nondeductible items, net (15,857) (0.6)% Changes in unrecognized tax benefits 5,719 0.2% Other 322 0.0% $ 505,366 20.2% (1) State taxes in California, Illinois, New York, New Jersey and Wisconsin make up the majority (greater than 50%) of the tax effect in the state and local income tax category. Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows f …

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Leases Cintas has operating leases for certain operating facilities, vehicles and equipment, which provide the right to use the underlying asset and require lease payments over the term of the lease. Each new contract is evaluated to determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. All identified leases are recorded on the consolidated balance sheets with a corresponding operating lease right-of-use asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the consolidated balance sheets. Operating lease right-of-use assets, net and operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. Lease expense for operating leases is recorded on a straight-line basis over the lease term and variable lease costs are recorded as incurred. Both lease expense and variable lease costs are primarily recorded in cost of uniform rent …

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In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09), which expands disclosures in an entitys income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 became effective for annual periods beginning after December 15, 2024 (fiscal 2026). The Company adopted the standard on a prospective basis for the year ended May 31, 2026. Refer to Note 8 entitled Income Taxes for further details. 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. 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. The Company is currently evaluating the impact of ASU 2024-03 on the consolidated financial statements. 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 ame …

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Employee Benefit Plans Pension Plans In conjunction with the acquisition of G&K in fiscal 2017, Cintas assumed the Pension Plan that covers substantially all legacy G&K employees who were employed as of July 1, 2005, except certain employees who were covered by union-administered plans. Benefits are based on the number of years of service and each employees compensation near retirement. We will make annual contributions to the Pension Plan consistent with federal funding requirements. The Pension Plan was frozen by G&K effective December 31, 2006. Future growth in benefits will not occur beyond this date. Applicable accounting standards require that the consolidated balance sheets reflect the funded status of the Pension Plan. The funded status of the Pension Plan is measured as the difference between the plan assets at fair value and the PBO. As of May 31, 2026 and 2025, the fair value of the plan assets was $39.0 million and $52.5 million, respectively. As of May 31, 2026 and 2025 the PBO was $44.0 million and $63.7 million, respectively. The net pension liability of $5.0 million and $11.2 million was included in long-term accrued liabilities on the consolidated balance sheets as of May 31, 2026 and 2025, respectively. Pension Plan assets are held in trust for the benefit of the plan participants and are invested in a diversified portfolio of equity investments, fixed income investments and cash. Information on the Pension Plan assets, using the fair value hiera …

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Revenue Recognition The following table presents Cintas' total revenue disaggregated by operating segment for the fiscal years ended May 31: (In thousands) 2026 2025 2024 Uniform Rental and Facility Services $ 8,621,624 76.5 % $ 7,976,073 77.1 % $ 7,465,199 77.8 % First Aid and Safety Services 1,391,853 12.4 % 1,218,090 11.8 % 1,067,334 11.1 % Fire Protection Services 929,142 8.2 % 817,463 7.9 % 728,610 7.6 % Uniform Direct Sales 322,142 2.9 % 328,555 3.2 % 335,472 3.5 % Total revenue $ 11,264,761 100.0 % $ 10,340,181 100.0 % $ 9,596,615 100.0 % The Fire Protection Services and Uniform Direct Sales operating segments are included within All Other as disclosed in Note 14 entitled Operating Segment Information. Costs to Obtain a Contract The Company capitalizes commission expenses paid to our employee-partners when the commissions are deemed to be incremental for obtaining the route servicing customer contract. 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 balance sheets. As of May 31, 2026, the current and noncurrent assets related to capitalized commissions totaled $96.0 million and $304.7 million, respectively. As of May 31, 2025, the current and noncurrent assets related to capitalized commissions totaled $96.5 million and $275. …

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Operating Segment Information Cintas reportable operating segments are Uniform Rental and Facility Services and First Aid and Safety Services. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies, and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services. The remainder of Cintas operating segments, which consists of the Fire Protection Services operating segment and the Uniform Direct Sale operating segment, is included in All Other. Our CODM is the chief executive officer. The CODM is responsible for setting the Company's strategic direction, managing overall operations and is the main point of communications between the Board and key operational personnel within the organization. The CODM evaluates each operating segment's performance primarily based on revenue and operating income, using this information to guide strategic decisions and allocate resources across the Company. The accounting policies of the operating segments are the same as those described in Note 1 entitled Significant Accounting Policies. Information related to the operations of Cin …

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"Significant Accounting Policies Business description. Cintas Corporation (collectively, with its majority-owned subsidiaries and any entities over which it has control, Cintas, Company, we, us or our) helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America, get READY to open their doors with confidence every day by providing a wide range of products and services that enhance our customers image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, automated external defibrillators (AEDs), eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm services, Cintas helps customers get Ready for the Workday . 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). This transaction between Cintas and UniFirst is referred to herein as the ""Transaction."" UniFirst is a North American company in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. In connection with the Transaction, under the terms of the Merger Agreement, Cintas will acquire all the outstanding shares of UniFirs …

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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: 2026 2025 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 …

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The following table presents Cintas' total revenue disaggregated by operating segment: Three Months Ended Nine Months Ended (In thousands) February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025 Uniform Rental and Facility Services $ 2,177,453 76.6 % $ 2,021,144 77.4 % $ 6,423,919 76.9 % $ 5,945,393 77.5 % First Aid and Safety Services 346,823 12.2 % 301,759 11.6 % 1,023,720 12.2 % 893,693 11.6 % Fire Protection Services 232,057 8.2 % 203,827 7.8 % 676,482 8.1 % 595,073 7.8 % Uniform Direct Sales 85,111 3.0 % 82,429 3.2 % 235,437 2.8 % 238,370 3.1 % Total revenue $ 2,841,444 100.0 % $ 2,609,159 100.0 % $ 8,359,558 100.0 % $ 7,672,529 100.0 %

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Fair Value Measurements All financial instruments that are measured at fair value on a recurring basis have been classified within the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the consolidated condensed balance sheet dates. These financial instruments measured at fair value on a recurring basis are summarized below: 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 Cash and cash equivalents $ 183,204 $ $ $ 183,204 $ 263,973 $ $ $ 263,973 Other assets, net: Interest rate lock agreements 92,762 92,762 102,550 102,550 Total assets at fair value $ 183,204 $ 92,762 $ $ 275,966 $ 263,973 $ 102,550 $ $ 366,523 Cintas cash and cash equivalents are generally classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments Cintas classifies within Level 1 include most bank deposits and money market securities. Cintas does not adjust the quoted market price for such financial instruments. The fair values of Cintas' interest rate lock agreements are based on similar exchange traded derivatives (market approach) and are, therefore, included within Level 2 of the fair value hierarchy. The fair value was determined by comparing the locked rates against the benchmarked treasury rate. No other amounts included in other assets, …

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Income Taxes 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 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. Cintas is required to file U.S. federal income tax returns, as well as state income tax returns in a majority of the domestic states and also in certain Canadian provinces. At times, Cintas is subject to audits in these jurisdictions. The audits, by nature, are sometimes complex and can require several years to resolve. The final resolution of any such tax audit could result in either a reduction in Cintas' accruals or an increase in its income tax provision, either of which could have an impact on the consolidated results of operations in any given period. All U.S. federal income tax returns are closed to audit through fiscal 2021. Cintas is currently in various audits in certain foreign jurisdictions and certain domestic states. The years under foreign and domestic state audits cover fiscal years back to 2020. 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 fisc …

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Leases Cintas has operating leases for certain operating facilities, vehicles and equipment, which provide the right to use the underlying asset and require lease payments over the term of the lease. Each new contract is evaluated to determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. All identified leases are recorded on the consolidated condensed balance sheets with a corresponding operating lease right-of-use asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the consolidated condensed balance sheets. Operating lease right-of-use assets, net and operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at lease commencement date. Lease expense for operating leases is recorded on a straight-line basis over the lease term and variable lease costs are recorded as incurred. Both lease expense and variable lease costs are primarily recorded in …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09), which expands disclosures in an entitys income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 (fiscal 2026). 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 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. The Company is currently evaluating the impact of ASU 2024-03 on the consolidated condensed financial statements. In September 2025, the FASB issu …

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Revenue Recognition The following table presents Cintas' total revenue disaggregated by operating segment: Three Months Ended Nine Months Ended (In thousands) February 28, 2026 February 28, 2025 February 28, 2026 February 28, 2025 Uniform Rental and Facility Services $ 2,177,453 76.6 % $ 2,021,144 77.4 % $ 6,423,919 76.9 % $ 5,945,393 77.5 % First Aid and Safety Services 346,823 12.2 % 301,759 11.6 % 1,023,720 12.2 % 893,693 11.6 % Fire Protection Services 232,057 8.2 % 203,827 7.8 % 676,482 8.1 % 595,073 7.8 % Uniform Direct Sales 85,111 3.0 % 82,429 3.2 % 235,437 2.8 % 238,370 3.1 % Total revenue $ 2,841,444 100.0 % $ 2,609,159 100.0 % $ 8,359,558 100.0 % $ 7,672,529 100.0 % The Fire Protection Services and Uniform Direct Sales operating segments are included within All Other as disclosed in Note 11 entitled Segment Information. Revenue Recognition Policy Approximately 95% of the Company's revenue is derived from fees for route servicing of Uniform Rental and Facility Services, First Aid and Safety Services and Fire Protection Services customers, performed by a Cintas employee-partner, at the customer's location of business. Revenue from our route servicing customer contracts represents a single-performance obligation. The Company recognizes revenue over time as services are performed, based on the nature of services provided and contractual rates (output method) or at a point in time when the performance obligation under the terms of the contract with a customer is satisfi …

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Segment Information Cintas reportable operating segments are Uniform Rental and Facility Services and First Aid and Safety Services. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies, and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services. The remainder of Cintas operating segments, which consists of the Fire Protection Services operating segment and the Uniform Direct Sales operating segment, is included in All Other. Our chief operating decision maker (CODM) is the chief executive officer. The CODM is responsible for setting the Company's strategic direction, managing overall operations, and is the main point of communications between the Board and key operational personnel within the organization. The CODM evaluates each operating segment's performance primarily based on revenue and operating income, using this information to guide strategic decisions and allocate resources across the Company. The accounting policies of the operating segments are the same as those described in Note 1 entitled Basis of Presentation. Information related to the op …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing