A provider of rental uniforms, floor mats, first aid supplies, safety training, fire protection, and workplace water services used by over a million businesses, mostly across the United States. It began in 1929 in Cincinnati as the Acme Industrial Laundry Company, washing and reselling factory rags, before growing into the uniform-rental giant it is today. The name "Cintas" was coined in 1972 when company leaders doodled names on a napkin after an ad agency failed to deliver one.
10-K · Fiscal year ended May 31, 2026 · SEC filing ↗
Cintas gross margin crossed 50% for the first time as it announced a $5.5 billion deal to acquire UniFirst.
Cintas posted its highest-ever annual and announced its largest acquisition. rose 8.9% to $11.3 billion and gross margin widened 60 to 50.6%, as efficiency gains in both segments lifted profitability. The company now faces the integration of a $5.5 billion competitor purchase and $2.8 billion in new debt.
Key takeaways
Total rose 8.9% to $11.3 billion, with of 8.3% driven by higher sales volume, new business, and price increases.
Consolidated reached 50.6%, up 60 , as the Uniform Rental and Facility Services improved to 50.0% on better use and production efficiencies, and First Aid and Safety Services expanded to 57.7% on favorable sales mix and sourcing.
increased 10.9% to $2.6 billion, and the widened 30 to 23.1%, even as selling and administrative expenses rose faster than due to investments in selling resources.
Section summaries
Business
Cintas provides uniform rental, facility services, first aid, safety, and fire protection to over one million businesses, primarily in the U.S.
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The Uniform Rental and Facility Services generated $8.6B in FY2026 , renting and servicing uniforms, mats, mops, and restroom supplies.
First Aid and Safety Services contributed $1.4B, covering first aid products, safety training, AEDs, eye-wash stations, and workplace water services.
All Other, including Fire Protection and Uniform Direct Sale, added $1.3B, bringing total FY2026 to $11.3B.
grew 11.6% to $4.91, outpacing the 10.4% increase in to $1.9 billion, as share repurchases reduced the weighted average share count.
The company announced a pending $5.5 billion acquisition of UniFirst Corporation, approved by UniFirst shareholders in June 2026, and expects to incur approximately $2.8 billion in new debt to fund the deal.
rose 5.1% to $2.28 billion, and the company repurchased $933.2 million in stock during the first nine months, with $550.8 million in outstanding against a $2.0 billion undrawn .
What changed
The First Aid and Safety Services , which was flagged to watch after dipping to 56.8% in Q1 FY2026, recovered to 57.7% in Q2 and finished the full year at 57.7%, up from 57.2% in FY2025, sustaining levels above 57% for a fourth consecutive year.
Uniform Rental and Facility Services held at 7-8% for the year, with up 8.1%, settling the question of whether growth would decelerate as price increases cycled through.
The expanded to 23.1% from 22.8%, even as selling and administrative expenses outpaced growth, showing that cost efficiencies in production and sourcing offset the investment in selling resources.
Share repurchases accelerated sharply, with $933.2 million deployed in the first nine months compared to $700 million for all of FY2024, and the company took on $550.8 million in , a shift from having none outstanding in the prior year.
What to watch
Whether the $5.5 billion UniFirst acquisition closes in the second half of calendar 2026 as expected, and whether integration costs or a failure to close—which would trigger a $350 million termination fee—disrupt the trajectory of .
Whether the $2.8 billion in new debt for the UniFirst deal pressures and limits the pace of share repurchases, or whether the company sustains volumes given its $2.0 billion undrawn .
Whether the First Aid and Safety Services of 57.7% can be maintained for a fifth consecutive year, or whether the Q1 FY2026 dip to 56.8% was an early signal of normalization in the product sales mix.
Whether selling and administrative expenses continue to outpace growth, further pressuring the from its 23.1% level as the company invests in selling resources and integrates UniFirst.
Cintas announced a pending $5.5B acquisition of UniFirst Corporation, approved by UniFirst shareholders in June 2026, expected to close in the second half of calendar 2026.
No single customer accounts for more than 1% of , and the company operates approximately 12,500 local delivery routes and 484 facilities.
Cintas employs about 48,100 people globally and emphasizes safety, with an over 80% reduction in recordable injuries since 2008 and 140 OSHA VPP Star sites.
Cintas faces risks from its pending UniFirst acquisition, macroeconomic pressures, competition, and evolving cybersecurity and AI threats.
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The proposed UniFirst acquisition may not close, and if it does, integration challenges could prevent realizing expected synergies, while a termination could cost a $350 million fee.
Negative global economic factors, including inflation, labor shortages, and new tariffs, could increase costs and reduce demand for Cintas' products and services.
Increased competition on price and service, along with customers insourcing services, could force price reductions and adversely affect .
Cybersecurity attacks are growing more sophisticated, and a significant breach could disrupt operations, compromise data, and cause financial and reputational harm.
The company's increasing use of artificial intelligence exposes it to risks of flawed outputs, regulatory non-compliance, and intellectual property claims.
Cintas expects to incur approximately $2.8 billion in new debt for the UniFirst deal, which could limit financial flexibility and increase vulnerability to adverse conditions.
Cintas operates 496 facilities across 346 cities, mostly leased, supporting uniform rental, first aid, and other segments.
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Cintas occupies 496 facilities in 346 cities, leasing 261 with terms ranging from monthly to 2039.
The principal executive office in Cincinnati, Ohio, handles accounting, finance, IT, and marketing.
Facilities include 210 rental processing plants, 143 rental branches, 72 first aid and safety facilities, 12 distribution centers, and 5 manufacturing plants.
The company owns or leases approximately 24,500 vehicles for route-based services and employee use.
Certain facilities serve multiple operating segments but are counted once under their primary .
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. While the results of any such legal proceedings cannot be…
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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. While the results of any such legal proceedings cannot be predicted with certainty, management believes that 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.
Quantitative and Qualitative Disclosures About Market Risk
Earnings may be affected by changes in short-term interest rates due to investments, if any, in marketable securities and money market accounts and periodic issuances of commercial paper. If short-term rates changed by one-half percent (or 50 basis points), Cintas' income before…
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Earnings may be affected by changes in short-term interest rates due to investments, if any, in marketable securities and money market accounts and periodic issuances of commercial paper. If short-term rates changed by one-half percent (or 50 basis points), Cintas' income before income taxes would change by approximately $0.4 million. This estimated exposure considers the effects on investments. This analysis does not consider the effects of a change in economic activity or a change in Cintas' capital structure.
Through its foreign operations, Cintas is exposed to foreign currency risk. Foreign currency exposures arise from transactions denominated in a currency other than the functional currency and from foreign denominated revenue and profit translated into U.S. dollars. Foreign denominated revenue and operating income represents less than 10% of Cintas' consolidated revenue and operating income.
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