Cintas Corp: Form 10-Q for the period ended Feb 28, 2026
Filed with the SEC on Apr 7, 2026 and accepted by EDGAR at Apr 7, 2026, 16:33 ET.
Management's discussion and analysis
As filed, 5,037 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
UNREGISTERED SALES OF EQUITY SECURITIES,
USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES
| Period (In millions, except share and per share data) | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the publicly announced plan (1) | Maximum approximate dollar value of shares that may yet be purchased under the plan (1) |
|---|---|---|---|---|
| December 1 - 31, 2025 (2) | 62,851 | $187.14 | 20,300 | $1,491.1 |
| January 1 - 31, 2025 (3) | 46,808 | $190.97 | — | $1,491.1 |
| February 1 - 28, 2026 (4) | 54,953 | $197.61 | — | $1,491.1 |
| Total | 164,612 | $191.72 | 20,300 | $1,491.1 |
(1) On July 23, 2024, Cintas announced that the Board authorized a $1.0 billion share buyback program which does not have an expiration date. From the inception of the July 23, 2024 share buyback program through February 28, 2026, Cintas has purchased a total of 2.7 million shares of Cintas common stock at an average price of $189.32 per share for a total purchase price of $508.9 million. On October 28, 2025, Cintas announced that the Board authorized a new $1.0 billion share buyback program, which does not have an expiration date. There were no share buybacks under the October 28, 2025 share buyback program through February 28, 2026.
(2) During December 2025, Cintas acquired 42,551 shares of Cintas common stock in trade for employee payroll taxes due on options exercised and restricted stock awards that vested during the fiscal year. These shares were acquired at an average price of $189.11 per share for a total purchase price of $8.0 million.
(3) During January 2026, Cintas acquired 46,808 shares of Cintas common stock in trade for employee payroll taxes due on options exercised and restricted stock awards that vested during the fiscal year. These shares were acquired at an average price of $190.97 per share for a total purchase price of $8.9 million.
(4) During February 2026, Cintas acquired 54,953 shares of Cintas common stock in trade for employee payroll taxes due on options exercised and restricted stock awards that vested during the fiscal year. These shares were acquired at an average price of $197.61 per share for a total purchase price of $10.9 million.
OTHER INFORMATION
During the quarter ended February 28, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).
EXHIBITS
| 2.1* | Agreement and Plan of Merger, among Cintas Corporation, UniFirst Corporation, Bruin Merger Sub I, Inc., and Bruin Merger Sub II, LLC, dated March 10, 2026 (Incorporated by reference to Cintas' Current Report on Form 8-K dated March 11, 2026.) |
| 10.1 | Credit Agreement, dated as of March 27, 2026, among Cintas Corporation No.2, the Lenders party thereto and KeyBank National Association, as Administrative Agent. (Incorporated by reference to Cintas’ Current Report on Form 8-K dated March 31, 2026) |
| 22 | Subsidiary Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize Securities of the Registrant (Incorporated by reference to Exhibit 22 to Cintas' Annual Report on Form 10-K for the year ended May 31, 2025) |
| 31.1 | Certification of Principal Executive Officer required by Rule 13a-14(a) |
| 31.2 | Certification of Principal Financial Officer required by Rule 13a-14(a) |
| 32.1 | Section 1350 Certification of Chief Executive Officer |
| 32.2 | Section 1350 Certification of Chief Financial Officer |
| 101 | The following financial statements from Cintas' Quarterly Report on Form 10-Q for the period ended February 28, 2026, formatted in Inline XBRL: (i) Consolidated Condensed Statements of Income (unaudited), (ii) Consolidated Condensed Statements of Comprehensive Income (unaudited), (iii) Consolidated Condensed Balance Sheets (unaudited), (iv) Consolidated Condensed Statements of Shareholders' Equity (unaudited), (v) Consolidated Condensed Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Condensed Financial Statements, tagged as blocks of text and including detailed tags |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Cintas hereby agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon its request.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| CINTAS CORPORATION | |||
| (Registrant) | |||
| Date: | April 7, 2026 | /s/ | Scott A. Garula |
| Scott A. Garula | |||
| Executive Vice President and Chief Financial Officer | |||
| (Principal Financial and Accounting Officer) |
Controls and procedures
As filed, 2,207 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
With the participation of Cintas’ management, including Cintas’ President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, Cintas has evaluated the effectiveness of the disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act)) as of February 28, 2026. Based on such evaluation, Cintas’ management, including Cintas’ President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, have concluded that Cintas’ disclosure controls and procedures were effective as of February 28, 2026, in ensuring (i) information required to be disclosed by Cintas in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and (ii) information required to be disclosed by Cintas in the reports that it files or submits under the Exchange Act is accumulated and communicated to Cintas’ management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Internal Control over Financial Reporting
There were no changes in Cintas’ internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended February 28, 2026, that have materially affected, or are reasonably likely to materially affect, Cintas' internal control over financial reporting.
Part II. Other Information
LEGAL PROCEEDINGS
Cintas is subject to legal proceedings, insurance receipts, legal settlements and claims arising from the ordinary course of its business, including personal injury, customer contract, environmental and employment claims. In the opinion of management, the aggregate liability, if any, with respect to such ordinary course of business actions will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows of Cintas.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2026-02-28. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2025-12-01 to 2026-02-28 | $2.84bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2025-06-01 to 2026-02-28 | $8.36bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months2025-12-01 to 2026-02-28 | $1.39bn | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months2025-06-01 to 2026-02-28 | $4.13bn | us-gaap:CostOfRevenue |
| Gross profit | 3 months2025-12-01 to 2026-02-28 | $1.45bn | us-gaap:GrossProfit |
| Gross profit | 9 months2025-06-01 to 2026-02-28 | $4.23bn | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months2025-12-01 to 2026-02-28 | $788.6m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months2025-06-01 to 2026-02-28 | $2.29bn | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months2025-12-01 to 2026-02-28 | $659.9m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months2025-06-01 to 2026-02-28 | $1.93bn | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months2025-12-01 to 2026-02-28 | $28.2m | us-gaap:InterestExpenseNonoperating |
| Interest expense | 9 months2025-06-01 to 2026-02-28 | $80.4m | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months2025-12-01 to 2026-02-28 | $130.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2025-06-01 to 2026-02-28 | $367.9m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2025-12-01 to 2026-02-28 | $502.5m | us-gaap:NetIncomeLoss |
| Net income | 9 months2025-06-01 to 2026-02-28 | $1.49bn | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2025-12-01 to 2026-02-28 | $1.24 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2025-06-01 to 2026-02-28 | $3.65 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2025-12-01 to 2026-02-28 | $1.25 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2025-06-01 to 2026-02-28 | $3.70 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2025-12-01 to 2026-02-28 | 404,717,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2025-06-01 to 2026-02-28 | 406,836,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2025-06-01 to 2026-02-28 | $1.57bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2025-06-01 to 2026-02-28 | $299.1m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months2025-06-01 to 2026-02-28 | $520.9m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2025-06-01 to 2026-02-28 | $933.2m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2026-02-28 | $183.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2026-02-28 | $3.60bn | us-gaap:AssetsCurrent |
| Total assets | At period end2026-02-28 | $10.23bn | us-gaap:Assets |
| Current liabilities | At period end2026-02-28 | $1.82bn | us-gaap:LiabilitiesCurrent |
| Long-term debt | At period end2026-02-28 | $2.43bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | At period end2026-02-28 | $229.5m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | At period end2026-02-28 | $4.79bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000723254-26-000012. Last ingested by Listed: Oct 30, 2026, 09:30 ET. Listed shows no prices and gives no investment advice.