Washington, D.C. 20549
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 21, 2023
Cintas Logo - Ready for the Workday.jpg
Cintas Corporation
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification Number)
6800 Cintas Boulevard, P.O. Box 625737,
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: (513) 459-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of
each class
Name of each exchange
on which registered
Common stock, no par valueCTASThe NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 193 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02. Results of Operations and Financial Condition.

On December 21, 2023, Cintas Corporation issued a press release announcing its financial results for the quarter ended November 30, 2023. A copy of the press release is furnished as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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 hereunto duly authorized.
Date: December 21, 2023By:/s/ J. Michael Hansen
J. Michael Hansen
Executive Vice President and Chief Financial Officer

Exhibit 99
December 21, 2023
Cintas Corporation Announces
Fiscal 2024 Second Quarter Results

CINCINNATI, December 21, 2023 -- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2024 second quarter ended November 30, 2023. Revenue for the second quarter of fiscal 2024 was $2.38 billion compared to $2.17 billion in last year’s second quarter, an increase of 9.3%. The organic revenue growth rate for the second quarter of fiscal 2024, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 9.0%.
Gross margin for the second quarter of fiscal 2024 was $1.14 billion compared to $1.02 billion in last year’s second quarter, an increase of 11.6%. Gross margin as a percentage of revenue was 48.0% for the second quarter of fiscal 2024 compared to 47.0% in last year's second quarter, an increase of 100 basis points. Energy expenses comprised of gasoline, natural gas and electricity were 40 basis points lower for the second quarter of fiscal 2024 compared to last year's second quarter.
Selling and administrative expenses increased $64.4 million, or 11.1%, in the second quarter of fiscal 2024 compared to the same period of the prior fiscal year. The increase reflects investments in selling resources, technology and our management trainee program.
Operating income for the second quarter of fiscal 2024 increased 12.3% to $499.7 million compared to $444.9 million in last year's second quarter. Operating income as a percentage of revenue was 21.0% in the second quarter of fiscal 2024 compared to 20.5% in last year's second quarter.
Net income was $374.6 million for the second quarter of fiscal 2024 compared to $324.3 million in last year's second quarter. The second quarter of fiscal 2024 effective tax rate was 20.9% compared to 22.1% in last year's second quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. Second quarter of fiscal 2024 diluted earnings per share (EPS) was $3.61 compared to $3.12 in last year's second quarter, an increase of 15.7%.
On December 15, 2023, Cintas paid an aggregate quarterly cash dividend of $137.5 million to shareholders, an increase of 17.1% from the amount paid last December. In addition, we continue to be opportunistic with our share buyback program. During the second quarter, Cintas purchased 658,202 shares of Cintas common stock at an average price of $486.58 per share, for a total purchase price of $320.3 million.
Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, "We are pleased with our second quarter fiscal 2024 financial results. Each of our operating segments continue to execute at a high level, leading to robust revenue growth of 9.3%, high operating margin of 21.0% and diluted EPS growth of 15.7%. This strong execution is the result of the exceptional dedication of our employee-partners. Whether it's image, safety, cleanliness or compliance, we have innovative products and services to help businesses across North America stay focused on the work that matters most."
Mr. Schneider concluded, "We are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $9.40 billion to $9.52 billion to a range of $9.48 billion to $9.56 billion and our diluted EPS from a range of $14.00 to $14.45 to a range of $14.35 to $14.65." Please note the following regarding guidance:
Fiscal year 2024 interest expense is expected to be approximately $100.0 million compared to $109.5 million in fiscal year 2023, predominately as a result of less variable rate debt. This may change as a result of future share buybacks or acquisition activity.
Fiscal year 2024 effective tax rate is expected to be 21.3% compared to a rate of 20.4% in fiscal year 2023. The higher effective tax rate negatively impacts fiscal 2024 diluted EPS guidance by approximately $0.16 and diluted EPS growth by approximately 120 basis points.
Our diluted EPS guidance includes no future share buybacks.
Guidance includes the impact of having one more workday in fiscal year 2024 compared to fiscal year 2023.


Cintas Corporation helps more than one million businesses of all types and sizes get Ready to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.  

Cintas will host a live webcast to review the fiscal 2024 second quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements.  Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and “will” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; inflationary pressures and fluctuations in costs of materials and labor, including increased medical costs; interest rate volatility; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, tariffs and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our goals relating to environmental, social and governance (ESG) opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls for financial reporting; the effect of new accounting pronouncements; disruptions caused by the inaccessibility of computer systems data, including cybersecurity risks; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics such as the COVID-19 coronavirus; the amount and timing of repurchases of our common stock, if any; changes in federal and state tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2023 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.

For additional information, contact:
J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079
Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195

Cintas Corporation
Consolidated Condensed Statements of Income
(In thousands except per share data)

Three Months Ended
 November 30,
November 30,

Uniform rental and facility services$1,850,542 $1,709,987 8.2%
Other526,635 464,871 13.3%
Total revenue2,377,177 2,174,858 9.3%
Costs and expenses:  
Cost of uniform rental and facility services974,231 906,727 7.4%
Cost of other261,398 245,684 6.4%
Selling and administrative expenses641,865 577,513 11.1%
Operating income499,683 444,934 12.3%
Interest income(769)(344)123.5%
Interest expense26,590 28,920 (8.1)%
Income before income taxes473,862 416,358 13.8%
Income taxes99,249 92,065 7.8%
Net income$374,613 $324,293 15.5%
Basic earnings per share$3.67 $3.18 15.4%
Diluted earnings per share$3.61 $3.12 15.7%
Basic weighted average common shares outstanding101,667 101,637 
Diluted weighted average common shares outstanding103,266 103,356  

Cintas Corporation
Consolidated Condensed Statements of Income
(In thousands except per share data)

Six Months Ended
 November 30,
November 30,

Uniform rental and facility services$3,677,367 $3,407,759 7.9%
Other1,042,140 933,553 11.6%
Total revenue4,719,507 4,341,312 8.7%
Costs and expenses:  
Cost of uniform rental and facility services1,921,814 1,797,493 6.9%
Cost of other514,574 493,260 4.3%
Selling and administrative expenses1,282,880 1,165,505 10.1%
Operating income1,000,239 885,054 13.0%
Interest income(1,191)(499)138.7%
Interest expense51,134 56,640 (9.7)%
Income before income taxes950,296 828,913 14.6%
Income taxes190,598 152,931 24.6%
Net income$759,698 $675,982 12.4%
Basic earnings per share$7.43 $6.63 12.1%
Diluted earnings per share$7.32 $6.51 12.4%
Basic weighted average common shares outstanding101,781 101,530 
Diluted weighted average common shares outstanding103,418 103,343  


Gross Margin and Net Income Margin Results

 Three Months EndedSix Months Ended
 November 30,
November 30,
November 30,
November 30,
Uniform rental and facility services
   gross margin
Other gross margin50.4%47.2%50.6%47.2%
Total gross margin48.0%47.0%48.4%47.2%
Net income margin15.8%14.9%16.1%15.6%

Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure

The press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides the additional non-GAAP financial measure of cash flow. The Company believes that this non-GAAP financial measure is appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the difference between this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is shown in the table below.

Computation of Free Cash Flow

 Six Months Ended
(In thousands)November 30,
November 30,
Net cash provided by operations$729,631 $619,149 
Capital expenditures(200,527)(146,404)
Free cash flow$529,104 $472,745 

Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.


(In thousands)Uniform Rental
and Facility Services
First Aid
 and Safety Services
For the three months ended November 30, 2023
Revenue$1,850,542 $266,401 $260,234 $— $2,377,177 
Gross margin$876,311 $145,316 $119,921 $— $1,141,548 
Selling and administrative expenses$476,700 $86,785 $78,380 $— $641,865 
Interest income$— $— $— $(769)$(769)
Interest expense$— $— $— $26,590 $26,590 
Income (loss) before income taxes$399,611 $58,531 $41,541 $(25,821)$473,862 
For the three months ended November 30, 2022
Revenue$1,709,987 $235,974 $228,897 $— $2,174,858 
Gross margin$803,260 $119,153 $100,034 $— $1,022,447 
Selling and administrative expenses$434,165 $73,658 $69,690 $— $577,513 
Interest income$— $— $— $(344)$(344)
Interest expense$— $— $— $28,920 $28,920 
Income (loss) before income taxes$369,095 $45,495 $30,344 $(28,576)$416,358 
For the six months ended November 30, 2023
Revenue$3,677,367 $527,094 $515,046 $— $4,719,507 
Gross margin$1,755,553 $291,092 $236,474 $— $2,283,119 
Selling and administrative expenses$949,414 $172,980 $160,486 $— $1,282,880 
Interest income$— $— $— $(1,191)$(1,191)
Interest expense$— $— $— $51,134 $51,134 
Income (loss) before income taxes$806,139 $118,112 $75,988 $(49,943)$950,296 
For the six months ended November 30, 2022
Revenue$3,407,759 $470,135 $463,418 $— $4,341,312 
Gross margin$1,610,266 $235,290 $205,003 $— $2,050,559 
Selling and administrative expenses$876,400 $148,949 $140,156 $— $1,165,505 
Interest income$— $— $— $(499)$(499)
Interest expense$— $— $— $56,640 $56,640 
Income (loss) before income taxes$733,866 $86,341 $64,847 $(56,141)$828,913 

Cintas Corporation
Consolidated Condensed Balance Sheets
(In thousands except per share data)

 November 30,
May 31,
Current assets:  
Cash and cash equivalents$85,556 $124,149 
Accounts receivable, net1,273,974 1,152,993 
Inventories, net474,840 506,604 
Uniforms and other rental items in service1,035,717 1,011,918 
Prepaid expenses and other current assets166,652 142,795 
Total current assets3,036,739 2,938,459 
Property and equipment, net1,463,826 1,396,476 
Investments270,006 247,191 
Goodwill3,120,506 3,056,201 
Service contracts, net329,511 346,574 
Operating lease right-of-use assets, net179,154 178,464 
Other assets, net414,127 382,991 
 $8,813,869 $8,546,356 
Current liabilities:  
Accounts payable$316,697 $302,292 
Accrued compensation and related liabilities154,452 239,086 
Accrued liabilities619,288 632,504 
Income taxes, current13,102 12,470 
Operating lease liabilities, current44,063 43,710 
Debt due within one year210,000 — 
Total current liabilities1,357,602 1,230,062 
Long-term liabilities:  
Debt due after one year2,474,287 2,486,405 
Deferred income taxes497,198 498,356 
Operating lease liabilities138,936 138,278 
Accrued liabilities351,365 329,269 
Total long-term liabilities3,461,786 3,452,308 
Shareholders’ equity:  
Preferred stock, no par value:
        100,000 shares authorized, none outstanding
— — 
Common stock, no par value, and paid-in capital:
        425,000,000 shares authorized
        FY 2024: 192,861,307 issued and 101,347,603 outstanding
        FY 2023: 192,198,938 issued and 101,732,148 outstanding
2,179,951 2,031,542 
Retained earnings10,081,267 9,597,315 
Treasury stock:
FY 2024: 91,513,704 shares
FY 2023: 90,466,790 shares
Accumulated other comprehensive income93,339 77,778 
Total shareholders’ equity3,994,481 3,863,986 
 $8,813,869 $8,546,356 

Cintas Corporation
Consolidated Condensed Statements of Cash Flows
(In thousands)
 Six Months Ended
 November 30,
November 30,
Cash flows from operating activities:  
Net income$759,698 $675,982 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation136,803 126,561 
Amortization of intangible assets and capitalized contract costs79,235 74,693 
Stock-based compensation53,182 51,537 
Deferred income taxes(7,105)18,565 
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net(120,881)(133,897)
Inventories, net32,093 (43,266)
Uniforms and other rental items in service(21,649)(73,475)
Prepaid expenses and other current assets and capitalized contract costs(80,056)(85,532)
Accounts payable14,981 61,421 
Accrued compensation and related liabilities(86,725)(28,212)
Accrued liabilities and other(30,453)(33,352)
Income taxes, current508 8,124 
Net cash provided by operating activities729,631 619,149 
Cash flows from investing activities:  
Capital expenditures(200,527)(146,404)
Purchases of investments(7,475)(5,182)
Acquisitions of businesses, net of cash acquired(73,997)(15,457)
Other, net(196)(4,381)
Net cash used in investing activities(282,195)(171,424)
Cash flows from financing activities: 
Issuance of commercial paper, net210,000 124,046 
Repayment of debt(13,450)— 
Proceeds from exercise of stock-based compensation awards929 2,125 
Dividends paid(255,839)(215,017)
Repurchase of common stock(423,128)(348,682)
Other, net(4,322)(8,840)
Net cash used in financing activities(485,810)(446,368)
Effect of exchange rate changes on cash and cash equivalents(219)(2,029)
Net decrease in cash and cash equivalents(38,593)(672)
Cash and cash equivalents at beginning of period124,149 90,471 
Cash and cash equivalents at end of period$85,556 $89,799 

Dec. 21, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 21, 2023
Entity Registrant Name Cintas Corp
Entity Central Index Key 0000723254
Entity Incorporation, State or Country Code WA
Entity File Number 0-11399
Entity Tax Identification Number 31-1188630
Entity Address, Address Line One 6800 Cintas Boulevard, P.O. Box 625737,
Entity Address, City or Town Cincinnati,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 45262-5737
City Area Code 513
Local Phone Number 459-1200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, no par value
Trading Symbol CTAS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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