UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended			~~February~~August 2831, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission file number 0-11399

Cintas Corporation

(Exact name of registrant as specified in its charter)


Washington						31-1188630
(State or Other Jurisdiction of Incorporation or Organization)						(IRS Employer Identification Number)


6800 Cintas Boulevard
P.O. Box 625737
Cincinnati,	Ohio	45262-5737
(Address of Principal Executive Offices)		(Zip Code)

Registrant's Telephone Number, Including Area Code: (513) 459-1200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, no par value

CTAS

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

Indicate by checkmark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by checkmark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☑ No ☐

Indicate by checkmark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☑ Accelerated Filer ☐ Non-Accelerated Filer ☐

Smaller Reporting Company ☐ 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. ☐

Indicate by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding ~~March~~September 3130, 2025
Common Stock, no par value						~~403~~401,~~786~~866,~~963~~678

CINTAS CORPORATION

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1.	Financial Statements
	Consolidated Condensed Statements of Income –Three and Nine Months Ended February 28, 2025 and February 29, 2024	3
	Consolidated Condensed Statements of Income –Three Months Ended August 31, 2025 and 2024	3
	Consolidated Condensed Statements of Comprehensive Income –Three and Nine Months Ended February 28, 2025 and February 29, 2024	4
	Consolidated Condensed Statements of Comprehensive Income –Three Months Ended August 31, 2025 and 2024	4
	Consolidated Condensed Balance Sheets –February 28, 2025 and May 31, 2024	5
	Consolidated Condensed Balance Sheets –August 31, 2025 and May 31, 2025	5
	Consolidated Condensed Statements of Shareholders' Equity -Three and Nine Months Ended February 28, 2025 and February 29, 2024	6
	Consolidated Condensed Statements of Shareholders' Equity -Three Months Ended August 31, 2025 and 2024	6
	Consolidated Condensed Statements of Cash Flows –Nine Months Ended February 28, 2025 and February 29, 2024	8
	Consolidated Condensed Statements of Cash Flows –Three Months Ended August 31, 2025 and 2024	7
	Notes to Consolidated Condensed Financial Statements	98
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2217
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3325
Item 4.	Controls and Procedures	3325
Part II. Other Information
Item 1.	Legal Proceedings	3426
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	3426
Item 5.	Other Information	3426
Item 6.	Exhibits	3527
Signatures		3628

Table of Contents

Part I. Financial Information

ITEM 1.

FINANCIAL STATEMENTS

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

(In thousands except per share data)

~~February~~August 2831, 2025

~~February~~August 2931, 2024

~~February 28, 2025~~

~~February 29, 2024~~

Revenue:

Uniform rental and facility services

2,~~021~~091,~~144~~066

1,~~876~~933,~~642~~839

~~5,945,393~~

~~5,554,009~~

Other

~~588~~627,~~015~~056

~~529~~567,~~531~~748

~~1,727,136~~

~~1,571,671~~

Total revenue

2,~~609~~718,~~159~~122

2,~~406~~501,~~173~~587

~~7,672,529~~

~~7,125,680~~

Costs and expenses:

Cost of uniform rental and facility services

1,~~009~~052,~~660~~553

~~960~~981,~~208~~163

~~3,004,875~~

~~2,882,022~~

Cost of other

~~280~~299,~~158~~008

~~258~~268,~~117~~293

~~819,479~~

~~772,691~~

Selling and administrative expenses

~~709~~748,~~488~~702

~~667~~691,~~048~~100

~~2,085,901~~

~~1,949,928~~

Operating income

~~609~~617,~~853~~859

~~520~~561,~~800~~031

~~1,762,274~~

~~1,521,039~~

Interest income

(12,~~349~~209)

(~~930~~1,250)

~~(3,561)~~

~~(2,121)~~

Interest expense

24,~~764~~161

25,~~530~~619

~~77,048~~

~~76,664~~

Income before income taxes

~~586~~595,~~438~~907

~~496~~536,~~200~~662

~~1,688,787~~

~~1,446,496~~

Income taxes

~~122~~104,~~941~~767

9884,~~621~~629

~~324,762~~

~~289,219~~

Net income

~~463~~491,~~497~~140

~~397~~452,~~579~~033

~~1,364,025~~

~~1,157,277~~

Basic earnings per share

1.1421

01.9812

~~3.37~~

~~2.83~~

Diluted earnings per share

1.1320

01.9610

~~3.31~~

~~2.79~~

Dividends declared per share

0.3945

0.~~3375~~39

~~1.17~~

~~1.0125~~

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended				~~Nine Months Ended~~
(In thousands)	~~February~~August 2831, 2025		~~February~~August 2931,2024		~~February 28, 2025~~		~~February 29,2024~~
Net income	$	~~463~~491,~~497~~140	$	~~397~~452,~~579~~033	$	~~1,364,025~~	$	~~1,157,277~~
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(~~15,168~~325)		~~(450)~~3,656		~~(30,003)~~		~~371~~
Change in fair value of interest rate lock agreements, net of tax expense (benefit) of $1,786, $(1,726), $144 and $4,195, respectively	5,216		(5,042)		421		12,256
Change in fair value of interest rate lock agreements, net of tax benefit of $(908) and $(3,408), respectively	(2,652)		(9,956)
Amortization of interest rate lock agreements, net of tax benefit of $(513), $(513), $(1,539) and $(1,503), respectively	(1,523)		(1,524)		(4,569)		(4,461)
Amortization of interest rate lock agreements, net of tax benefit of $(513) and $(513), respectively	(1,523)		(1,523)
Other, net of tax expense of $0, $0, $0 and $130, respectively	—		—		—		379
Other comprehensive loss, net of tax benefit of $(1,421) and $(3,921), respectively	(4,500)		(7,823)
Other comprehensive (loss) income, net of tax expense (benefit) of $1,273, $(2,239), $(1,395) and $2,822, respectively	(11,475)		(7,016)		(34,151)		8,545
Comprehensive income	$	486,640	$	444,210
Comprehensive income	$	452,022	$	390,563	$	1,329,874	$	1,165,822

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)	~~February~~August 2831, 2025		May 31,~~2024~~2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	~~243~~138,~~428~~143	$	~~342~~263,~~015~~973
Accounts receivable, net	1,~~397~~421,~~824~~047		1,~~244~~417,~~182~~381
Inventories, net	~~420~~449,~~826~~739		~~410~~447,~~201~~408
Uniforms and other rental items in service	1,~~100~~172,~~039~~321		1,~~040~~137,~~144~~361
Income taxes, current	663		—
Prepaid expenses and other current assets	194,676		170,046
Prepaid expenses and other current assets	178,648		148,665
Total current assets	3,375,926		3,436,169
Total current assets	3,341,428		3,185,207
Property and equipment, net	1,677,021		1,652,474
Property and equipment, net	1,610,414		1,534,168
Investments	369,503		339,518
Investments	336,892		302,212
Goodwill	3,410,729		3,400,227
Goodwill	3,353,553		3,212,424
Service contracts, net	298,025		309,828
Service contracts, net	315,336		321,902
Operating lease right-of-use assets, net	244,067		224,383
Operating lease right-of-use assets, net	209,399		187,953
Other assets, net	462,419		462,642
Other assets, net	444,114		424,951
	$	9,837,690	$	9,825,241
	$	9,611,136	$	9,168,817
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	~~408~~462,~~461~~315	$	~~339~~485,~~166~~109
Accrued compensation and related liabilities	~~208~~135,~~952~~185		~~214~~229,~~130~~538
Accrued liabilities	~~825~~779,~~032~~672		~~761~~875,~~283~~077
Income taxes, current	—78,956		184,~~618~~034
Operating lease liabilities, current	4851,~~786~~691		4550,~~727~~744
Debt due within one year	449,915		449,595
Total current liabilities	1,507,819		1,644,502
Total current liabilities	1,941,146		1,828,519
Long-term liabilities:
Debt due after one year	2,~~027~~425,~~477~~757		2,~~025~~424,~~934~~999
Deferred income taxes	~~466~~484,~~816~~443		~~475~~471,~~512~~740
Operating lease liabilities	~~165~~197,~~664~~818		~~146~~178,~~824~~738
Accrued liabilities	~~417~~466,~~785~~153		~~375~~420,~~656~~781
Total long-term liabilities	3,~~077~~574,~~742~~171		3,~~023~~496,~~926~~258
Shareholders’ equity:
Preferred stock, no par value:	—		—
100 shares authorized, none outstanding
Common stock, no par value, and paid-in capital:	2,~~525~~694,~~876~~077		2,~~305~~593,~~301~~479
1,700,000 shares authorized
FY 2025: 776,172 shares issued and 403,669 shares outstanding
FY 2026: 778,465 shares issued and 402,950 shares outstanding
FY 2024: 773,097 shares issued and 405,008 shares outstanding
FY 2025: 776,936 shares issued and 402,948 shares outstanding
Retained earnings	1112,~~507~~107,~~826~~250		1011,~~617~~798,~~955~~451
Treasury stock:	(910,~~498~~125,~~504~~516)		(89,~~698~~791,~~085~~838)
FY 2025: 372,503 shares
FY 2026: 375,515 shares
FY 2024: 368,089 shares
FY 2025: 373,988 shares
Accumulated other comprehensive income	5779,~~050~~889		9184,~~201~~389
Total shareholders’ equity	4,~~592~~755,~~248~~700		4,~~316~~684,~~372~~481
	$	9,~~611~~837,~~136~~690	$	9,~~168~~825,~~817~~241

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

	Common Stockand Paid-In Capital			Retained Earnings		AccumulatedOtherComprehensiveIncome			Treasury Stock				TotalShareholders'Equity
(In thousands)	Shares	Amount						Shares		Amount
Balance at June 1, 2024	773,097	$	2,305,301	$	10,617,955	$	91,201		(368,089)		$	(8,698,085)	$	4,316,372
Balance at June 1, 2025	776,936	$	2,593,479	$	11,798,451	$	84,389		(373,988)		$	(9,791,838)	$	4,684,481
Net income	—	—		~~452~~491,~~033~~140		—			—		—		~~452~~491,~~033~~140
Comprehensive loss, net of tax	—	—		—		(74,~~823~~500)			—		—		(74,~~823~~500)
Dividends	—	—		(~~157~~182,~~955~~341)		—			—		—		(~~157~~182,~~955~~341)
Stock-based compensation	—	3330,~~367~~348		—		—			—		—		3330,~~367~~348
Vesting of stock-based compensation awards	~~792~~511	—		—		—			—		—		—
Stock options exercised	1,~~342~~018	7770,~~055~~250		—		—			(~~407~~304)		(7667,~~824~~581)		~~231~~2,669
Repurchase of common stock	—	—		—		—			(31,~~476~~223)		(~~614~~266,~~802~~097)		(~~614~~266,~~802~~097)
Balance at August 31, 2024	775,231	$	2,415,723	$	10,912,033	$	83,378		(371,972)		$	(9,389,711)	$	4,021,423
Balance at August 31, 2025	778,465	$	2,694,077	$	12,107,250	$	79,889		(375,515)		$	(10,125,516)	$	4,755,700
Net income	—	—		448,495		—			—		—		448,495
Comprehensive loss, net of tax	—	—		—		(14,853)			—		—		(14,853)
Dividends	—	—		(158,004)		—			—		—		(158,004)
Stock-based compensation	—	32,417		—		—			—		—		32,417
Vesting of stock-based compensation awards	14	—		—		—			—		—		—
Stock options exercised	519	26,173		—		—			(122)		(25,829)		344
Repurchase of common stock	—	—		—		—			(174)		(36,716)		(36,716)
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


	Common Stock and Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Income			Treasury Stock				Total Shareholders' Equity
(In thousands)	Shares	Amount						Shares		Amount

Balance at June 1, 2024	773,097	$	2,305,301	$	10,617,955	$	91,201		(368,089)		$	(8,698,085)	$	4,316,372
Net income	—	—		452,033		—			—		—		452,033
Comprehensive loss, net of tax	—	—		—		(7,823)			—		—		(7,823)
Dividends	—	—		(157,955)		—			—		—		(157,955)
Stock-based compensation	—	33,367		—		—			—		—		33,367
Vesting of stock-based compensation awards	792	—		—		—			—		—		—
Stock options exercised	1,342	77,055		—		—			(407)		(76,824)		231
Repurchase of common stock	—	—		—		—			(3,476)		(614,802)		(614,802)
Balance at August 31, 2024	775,231	$	2,415,723	$	10,912,033	$	83,378		(371,972)		$	(9,389,711)	$	4,021,423

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF ~~SHAREHOLDERS'~~CASH ~~EQUITY~~FLOWS

(Unaudited)

	Common Stockand Paid-In Capital				Retained Earnings		AccumulatedOtherComprehensiveIncome			Treasury Stock				TotalShareholders'Equity
	Three Months Ended
(In thousands)	~~Shares~~August 31, 2025		~~Amount~~August 31, 2024						~~Shares~~		~~Amount~~
Balance at June 1, 2023	768,796		$	2,031,542	$	9,597,315	$	77,778		(361,867)		$	(7,842,649)	$	3,863,986
Cash flows from operating activities:
Net income	—$	491,140	—$	452,033	~~385,085~~		—			—		—		~~385,085~~
Comprehensive income, net of tax	—		—		—		9,391			—		—		9,391
Adjustments to reconcile net income to net cash provided by operating activities:
Dividends	—		—		(138,272)		—			—		—		(138,272)
Depreciation	77,589		73,838
Stock-based compensation	—		30,242		—		—			—		—		30,242
Amortization of intangible assets and capitalized contract costs	48,348		46,554
Vesting of stock-based compensation awards	625		—		—		—			—		—		—
Stock-based compensation	30,348		33,367
Stock options exercised	1,210		59,691		—		—			(472)		(59,212)		479
Deferred income taxes	13,496		1,887
Repurchase of common stock	—		—		—		—			(582)		(73,276)		(73,276)
Change in current assets and liabilities, net of acquisitions of businesses:
Balance at August 31, 2023	770,631		$	2,121,475	$	9,844,128	$	87,169		(362,921)		$	(7,975,137)	$	4,077,635
Accounts receivable, net	(3,635)		(49,129)
Net income	—		—		374,613		—			—		—		374,613
Inventories, net	(2,398)		11,318
Comprehensive income, net of tax	—		—		—		6,170			—		—		6,170
Uniforms and other rental items in service	(34,760)		(20,144)
Dividends	—		—		(137,474)		—			—		—		(137,474)
Prepaid expenses and other current assets and capitalized contract costs	(62,382)		(80,282)
Stock-based compensation	—		22,940		—		—			—		—		22,940
Accounts payable	(22,501)		56,698
Vesting of stock-based compensation awards	14		—		—		—			—		—		—
Accrued compensation and related liabilities	(94,275)		(86,965)
Stock options exercised	800		35,536		—		—			(273)		(35,087)		449
Accrued liabilities and other	(101,114)		(44,268)
Repurchase of common stock	—		—		—		—			(2,861)		(349,852)		(349,852)
Income taxes, current	74,625		65,450
Balance at November 30, 2023	771,445		$	2,179,951	$	10,081,267	$	93,339		(366,055)		$	(8,360,076)	$	3,994,481
Net cash provided by operating activities	414,481		460,357
Net income	—		—		397,579		—			—		—		397,579
Cash flows from investing activities:
Comprehensive loss, net of tax	—		—		—		(7,016)			—		—		(7,016)
Capital expenditures	(101,957)		(92,921)
Dividends	—		—		(137,598)		—			—		—		(137,598)
Purchases of investments	(6,538)		(7,124)
Stock-based compensation	—		31,308		—		—			—		—		31,308
Acquisitions of businesses, net of cash acquired	(7,602)		(9,436)
Vesting of stock-based compensation awards	4		—		—		—			—		—		—
Other, net	(130)		1
Stock options exercised	912		35,070		—		—			(232)		(34,723)		347
Net cash used in investing activities	(116,227)		(109,480)
Repurchase of common stock	—		—		—		—			(298)		(45,018)		(45,018)
Cash flows from financing activities:
Balance at February 29, 2024	772,361		$	2,246,329	$	10,341,248	$	86,323		(366,585)		$	(8,439,817)	$	4,234,083
Issuance of commercial paper, net	—		166,000
Proceeds from exercise of stock-based compensation awards	2,669		231
Dividends paid	(157,766)		(138,237)
Repurchase of common stock	(266,097)		(614,802)
Other, net	(2,807)		(4,461)
Net cash used in financing activities	(424,001)		(591,269)
Effect of exchange rate changes on cash and cash equivalents	(83)		(250)
Net decrease in cash and cash equivalents	(125,830)		(240,642)
Cash and cash equivalents at beginning of period	263,973		342,015
Cash and cash equivalents at end of period	$	138,143	$	101,373

See accompanying notes.

Table of Contents

CINTAS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
(In thousands)	February 28, 2025		February 29, 2024
Cash flows from operating activities:
Net income	$	1,364,025	$	1,157,277
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	225,714		207,637
Amortization of intangible assets and capitalized contract costs	146,580		119,815
Stock-based compensation	97,586		84,490
Gain on sale of property and equipment	(19,341)		—
Deferred income taxes	(7,286)		(21,366)
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(158,761)		(109,040)
Inventories, net	(8,053)		55,834
Uniforms and other rental items in service	(60,502)		(9,060)
Prepaid expenses and other current assets and capitalized contract costs	(146,062)		(104,873)
Accounts payable	72,799		5,771
Accrued compensation and related liabilities	(4,562)		(58,511)
Accrued liabilities and other	47,617		52,945
Income taxes, current	(19,598)		5,822
Net cash provided by operating activities	1,530,156		1,386,741
Cash flows from investing activities:
Capital expenditures	(294,260)		(307,558)
Purchases of investments	(7,064)		(7,592)
Proceeds from sale of property and equipment	23,972		—
Acquisitions of businesses, net of cash acquired	(198,808)		(185,028)
Other, net	1,788		(3,100)
Net cash used in investing activities	(474,372)		(503,278)
Cash flows from financing activities:
Repayment of debt	—		(13,450)
Proceeds from exercise of stock-based compensation awards	699		1,275
Dividends paid	(453,703)		(393,310)
Repurchase of common stock	(678,129)		(468,146)
Other, net	(19,448)		(5,839)
Net cash used in financing activities	(1,150,581)		(879,470)
Effect of exchange rate changes on cash and cash equivalents	(3,790)		341
Net (decrease) increase in cash and cash equivalents	(98,587)		4,334
Cash and cash equivalents at beginning of period	342,015		124,149
Cash and cash equivalents at end of period	$	243,428	$	128,483

See accompanying notes.

Table of Contents

CINTAS CORPORATION

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Basis of Presentation

The consolidated condensed financial statements of Cintas Corporation (Cintas, the Company, we, us or our) included herein have been prepared by Cintas, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. While we believe that the disclosures are adequately presented, we suggest that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended May 31, ~~2024~~2025 (Annual Report) filed with the SEC on July 2528, ~~2024~~2025. See Note 1 entitled Significant Accounting Policies of "Notes to Consolidated Financial Statements" of that Annual Report for a summary of our significant accounting policies. There have been no material changes in the accounting policies followed by Cintas during the current fiscal year.

Interim results are subject to variations and are not necessarily indicative of the results of operations for a full fiscal year. In the opinion of management, adjustments (which include only normal recurring adjustments) necessary for a fair statement of the consolidated results of the interim periods shown have been made.

Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventories, net are comprised of the following at:

(In thousands)	~~February~~August 2831, 2025		May 31,~~2024~~2025
Raw materials	$	20,~~223~~007	$	1621,~~664~~763
Work in process	4539,~~137~~317		4842,~~458~~615
Finished goods	~~355~~390,~~466~~415		~~345~~383,~~079~~030
Inventories, net	$	~~420~~449,~~826~~739	$	~~410~~447,~~201~~408

Inventories are recorded net of reserves for obsolete inventory (excess and slow-moving) of $6260.72 million and $6359.19 million at ~~February~~August 2831, 2025 and May 31, ~~2024~~2025, respectively. The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on Cintas' historical rates of obsolescence. Once a specific inventory item is written down to the lower of cost or net realizable value, a new cost basis has been established, and that inventory item cannot subsequently be marked up.

~~Stock~~Reclassification ~~Split~~of Prior Year Presentation

OnCertain ~~May~~prior 2,year ~~2024,~~amounts ~~the~~have ~~Company~~been ~~announced~~reclassified ~~a four-~~for~~-one~~ ~~split~~consistency ofwith ~~its common stock (~~the ~~Stock~~current ~~Split),~~year ~~in the form of a stock dividend~~presentation. ~~Shareholders~~These ofreclassifications ~~record,~~had asno ofeffect ~~September 4, 2024, received three additional common stock shares for each common share held, which were distributed after market close~~ on ~~September~~the ~~11, 2024. The~~ Company's ~~common~~reported ~~stock~~results shares began trading on a post Stock Split basis after the market opening on September 12, 2024. All references made to common stock shares, equity awards, common stock per share amounts and treasury stock shares in the accompanying consolidated condensed financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of ~~the Stock Split~~operations.

New Accounting Pronouncements

In ~~November~~December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740), Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures (ASU 2023-0709)., ~~ASU~~which ~~2023-07~~expands ~~requires additional~~ disclosures ~~pertaining~~in ~~to significant expenses and other items of~~ an entity’s ~~reportable~~income ~~operating~~tax ~~segments.~~rate ~~ASU~~reconciliation ~~2023-07~~table isand ~~effective~~regarding ~~for~~cash ~~annual~~taxes ~~periods~~paid ~~beginning~~both ~~after~~in ~~December~~the ~~15,~~U.S. ~~2023~~and ~~(fiscal~~foreign ~~2025),~~jurisdictions. ~~and~~ASU ~~for~~2023-09 ~~interim~~will ~~periods~~be ~~within~~effective ~~fiscal~~for ~~years~~annual periods beginning after December 15, 2024 (fiscal 2026). ~~Early adoption is permitted.~~ The Company is currently evaluating the impact of ASU 2023-0709 on the consolidated condensed financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09), which expands disclosures in an entity’s income tax rate reconciliation table and

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

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 condensed 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

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amends the guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 (fiscal 2029), and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on the consolidated condensed financial statements.

There are no other accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on Cintas' consolidated condensed financial statements.

Note 2 - Revenue Recognition

The following table presents Cintas' total revenue disaggregated by operating segment for the three months ended August 31:

	Three Months Ended								Nine Months Ended
(In thousands)	2025				2024
(In thousands)	February 28, 2025				February 29,2024				February 28, 2025				February 29,2024
Uniform Rental and Facility Services	$	2,091,066	76.9	%	$	1,933,839	77.3	%
Uniform Rental and Facility Services	$	2,021,144	77.5	%	$	1,876,642	78.0	%	$	5,945,393	77.5	%	$	5,554,009	78.0	%
First Aid and Safety Services	334,657		12.3	%	292,567		11.7	%
First Aid and Safety Services	301,759		11.6	%	262,602		10.9	%	893,693		11.6	%	789,696		11.1	%
Fire Protection Services	221,900		8.2	%	197,497		7.9	%
Fire Protection Services	203,827		7.8	%	182,410		7.6	%	595,073		7.8	%	530,676		7.4	%
Uniform Direct Sales	70,499		2.6	%	77,684		3.1	%
Uniform Direct Sales	82,429		3.1	%	84,519		3.5	%	238,370		3.1	%	251,299		3.5	%
Total revenue	$	2,718,122	100.0	%	$	2,501,587	100.0	%
Total revenue	$	2,609,159	100.0	%	$	2,406,173	100.0	%	$	7,672,529	100.0	%	$	7,125,680	100.0	%

The Fire Protection Services and Uniform Direct Sales operating segments are included within All Other as disclosed in Note 1110 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 ~~represent~~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 ~~are~~is satisfied, at the customer's location of business. The Company's performance period generally corresponds with the monthly invoice period. The Company's remaining revenue, primarily within the Uniform Direct Sales operating segment, and representing approximately 5% of the Company's total revenue, is recognized when the obligations under the terms of a contract with a customer are satisfied. This generally occurs when the goods are transferred to the customer.

We are exposed to credit losses primarily through our trade receivables. We determine the allowance for credit losses using both an estimate, based on historical rates of collections, and reserves for specific accounts identified as uncollectible. The portion of the allowance for credit losses that is an estimate based on Cintas' historical rates of collections is recorded for overdue amounts, beginning with a nominal percentage when the account is current and increasing substantially as the account ages. The amount provided as the account ages will differ slightly between the Uniform Rental and Facility Services reportable operating segment, the First Aid and Safety Services reportable operating segment and All Other because of differences in customers served and the nature of each business. We update our allowance for credit losses quarterly, considering recent write-offs and collections information and underlying economic expectations.

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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 condensed balance sheets. As of ~~February~~August 2831, 2025, the current and noncurrent assets related to capitalized commissions totaled $9496.85 million and $~~270~~283.1 million, respectively. As of May 31, ~~2024~~2025, the current and noncurrent assets related to capitalized commissions totaled $9496.65 million and $~~262~~275.53 million, respectively. The Company recorded amortization expense related to capitalized commissions of $2726.42 million and $25.69 million during the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively. ~~During the nine months ended February 28, 2025 and February 29, 2024, we recorded amortization expense related to capitalized commissions of $80.0 million and $75.3 million, respectively.~~ These expenses are classified in selling and administrative expenses on the consolidated condensed statements of income.

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Note 3 - 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 cost of uniform rental and facility services and other on the Company's consolidated condensed statements of income. 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 $2224.91 million and $21.08 million for the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively. For the nine months ended February 28, 2025 and February 29, 2024, operating lease costs, including short-term lease expense and variable lease costs which were immaterial in both periods, were $67.5 million and $61.5 million, respectively.

The following table provides supplemental information related to the Company's consolidated condensed statements of cash flows for the ~~nine~~three months ended August 31:

(In thousands)	~~February 28,~~ 2025		~~February 29,~~ 2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	4115,~~724~~792	$	3813,~~577~~328
Operating lease right-of-use assets obtained in exchange for new and renewed operating lease liabilities	$	5633,~~151~~685	$	4113,~~506~~973
Operating lease right-of-use assets acquired in business combinations	$	2,885	$	334

Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows:

	February 28, 2025	May 31,2024
	August 31, 2025	May 31,2025
Weighted-average remaining lease term	5.5583 years	5.1566 years
Weighted-average discount rate	34.9321%	34.4808%

11The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of August 31, 2025:


(In thousands)

2026 (remaining nine months)	$	45,520
2027	54,996
2028	48,961
2029	40,294
2030	30,301
Thereafter	62,935
Total payments	283,007
Less interest	(33,498)
Total present value of lease payments	$	249,509

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The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of February 28, 2025:

(In thousands)
2025 (remaining three months)	$	14,222
2026	54,431
2027	44,982
2028	38,659
2029	30,034
Thereafter	58,649
Total payments	240,977
Less interest	(26,527)
Total present value of lease payments	$	214,450

Note 4 - 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, 2025

As of May 31, 2024

As of August 31, 2025

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

~~243~~138,~~428~~143

—

~~243~~138,~~428~~143

~~342~~263,~~015~~973

—

~~342~~263,~~015~~973

Other assets, net:

Interest rate lock agreements

—

9598,~~395~~990

—

9598,~~395~~990

—

94102,~~829~~550

—

94102,~~829~~550

Total assets at fair value

~~243~~138,~~428~~143

9598,~~395~~990

—

~~338~~237,~~823~~133

~~342~~263,~~015~~973

94102,~~829~~550

—

~~436~~366,~~844~~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, net, are recorded at fair value on a recurring basis.

The methods described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while Cintas believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the consolidated condensed balance sheet dates.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, Cintas records assets and liabilities at fair value on a nonrecurring basis as required under U.S. GAAP. 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.~~

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Note 5 - Earnings Per Share

Cintas uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards. 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 ~~(in~~for ~~each~~the ~~case~~three asmonths ~~adjusted~~ended toAugust ~~reflect the Stock Split)~~31:

	Three Months Ended				Nine Months Ended
Basic Earnings per Share(In thousands except per share data)	2025		2024
Basic Earnings per Share(In thousands except per share data)	February 28, 2025		February 29, 2024		February 28, 2025		February 29, 2024
Net income	$	491,140	$	452,033
Net income	$	463,497	$	397,579	$	1,364,025	$	1,157,277
Less: net income allocated to participating securities	1,651		1,654
Less: net income allocated to participating securities	1,629		1,543		4,791		4,486
Net income available to common shareholders	$	489,489	$	450,379
Net income available to common shareholders	$	461,868	$	396,036	$	1,359,234	$	1,152,791
Basic weighted average common shares outstanding	403,292		403,382
Basic weighted average common shares outstanding	403,769		405,910		403,568		406,723
Basic earnings per share	$	1.21	$	1.12
Basic earnings per share	$	1.14	$	0.98	$	3.37	$	2.83

	Three Months Ended				Nine Months Ended
Diluted Earnings per Share(In thousands except per share data)	February 28, 2025		February 29, 2024		February 28, 2025		February 29, 2024
Net income	$	463,497	$	397,579	$	1,364,025	$	1,157,277
Less: net income allocated to participating securities	1,629		1,543		4,791		4,486
Net income available to common shareholders	$	461,868	$	396,036	$	1,359,234	$	1,152,791
Basic weighted average common shares outstanding	403,769		405,910		403,568		406,723
Effect of dilutive securities – employee stock options	6,538		6,836		6,924		6,666
Diluted weighted average common shares outstanding	410,307		412,746		410,492		413,389
Diluted earnings per share	$	1.13	$	0.96	$	3.31	$	2.79

For the three months ended February 28, 2025 and February 29, 2024, options granted to purchase 1.2 million and 1.9 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2025 and February 29, 2024, options granted to purchase 0.9 million and 1.5 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).

Cintas announced on July 27, 2021, that the Board of Directors (the Board) authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal year 2024. On July 26, 2022 and July 23, 2024, Cintas announced that the Board authorized new share buyback programs for $1.0 billion. Neither of the outstanding share buyback programs have an expiration date.

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


Diluted Earnings per Share (In thousands except per share data)	2025		2024



Net income	$	491,140	$	452,033
Less: net income allocated to participating securities	1,651		1,654
Net income available to common shareholders	$	489,489	$	450,379
Basic weighted average common shares outstanding	403,292		403,382
Effect of dilutive securities – employee stock options	6,002		7,114
Diluted weighted average common shares outstanding	409,294		410,496

Diluted earnings per share	$	1.20	$	1.10

	Three Months Ended					Nine Months Ended
	February 28, 2025					February 28, 2025
Buyback Activity(In thousands except per share data)	Shares	Avg. Priceper Share		PurchasePrice		Shares	Avg. Priceper Share		PurchasePrice
July 26, 2022	—	$	—	$	—	2,732	$	173.40	$	473,617
July 23, 2024	—	—		—		—	—		—
	—	$	—	$	—	2,732	$	173.40	$	473,617
Shares acquired for taxes due (1)	134	$	197.89	$	26,611	1,052	$	194.31	$	204,512
Total repurchase of Cintas common stock				$	26,611				$	678,129
	Three Months Ended					Nine Months Ended
	February 29, 2024					February 29, 2024
Buyback Activity(In thousands except per share data)	Shares	Avg. Priceper Share		PurchasePrice		Shares	Avg. Priceper Share		PurchasePrice
July 27, 2021	—	$	—	$	—	2,633	$	121.64	$	320,266
July 26, 2022	—	—		—		—	—		—
	—	$	—	$	—	2,633	$	121.64	$	320,266
Shares acquired for taxes due (1)	298	$	151.13	$	45,018	1,108	$	133.41	$	147,880
Total repurchase of Cintas common stock				$	45,018				$	468,146

For the three months ended August 31, 2025 and 2024, options granted to purchase 1.4 million and 0.3 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).

On July 26, 2022 and July 23, 2024, Cintas announced that the Board of Directors (the Board) authorized share buyback programs, each for $1.0 billion. Neither of the outstanding share buyback programs have an expiration date. The following table summarizes the share buyback activity by program and period for the three months ended August 31:




	2025					2024
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 26, 2022	703	$	213.40	$	150,014	2,732	$	173.40	$	473,617
July 23, 2024	—	—		—		—	—		—
	703	$	213.40	$	150,014	2,732	$	173.40	$	473,617

Shares acquired for taxes due (1)	520	$	223.04	$	116,083	744	$	189.67	$	141,185

Total repurchase of Cintas common stock				$	266,097				$	614,802

(1) Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.

In addition to the share buyback activity presented above, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. The following table summarizes Cintas' non-cash share buyback activity for the three months ended August 31:

Three Months Ended

Nine Months Ended

2025

2024

February 28, 2025

(In thousands except per share data)

Avg. Priceper Share

Non-CashValue

Avg. Priceper Share

Non-CashValue

Non-cash transaction activity

~~101~~304

~~196~~222.0931

1967,~~637~~581

~~630~~407

~~194~~188.1568

~~122~~76,~~290~~824

Three Months Ended

Nine Months Ended

February 29, 2024

Avg. Priceper Share

Non-CashValue

Avg. Priceper Share

Non-CashValue

Non-cash transaction activity

232

149.70

34,723

977

132.17

129,023

~~There~~In ~~were no share buybacks in~~ the period subsequent to ~~February~~August 2831, 2025, through ~~April~~October 38, 2025, we purchased 1.1 million shares of Cintas common stock at an average price of $199.48 per share, for a total purchase price of $221.7 million. This completed the July 26, 2022 share buyback program and included purchases under the July 23, 2024 share buyback program. From the inception of the July 26, 2022 share buyback program through ~~April 3,~~September 2025, Cintas ~~has~~ purchased 35.14 million shares of Cintas common stock in the aggregate, at an average price of $~~172~~185.8501 per share, for a total purchase price of $~~530~~1.70 ~~million~~billion. ~~Cintas~~From ~~has~~the ~~made~~inception noof ~~purchases under~~ the July 23, 2024 share buyback program through October 8, 2025, Cintas has purchased 0.5 million shares of Cintas common stock in the aggregate, at an average price of $199.58 per share, for a total purchase price of $108.2 million.

1412

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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 ~~nine~~three months ended ~~February~~August 2831, 2025, are as follows:

Goodwill(In thousands)	Uniform Rental and Facility Services		First Aid and Safety Services		AllOther		Total
Balance as of June 1, 2024	$	2,773,565	$	293,747	$	145,112	$	3,212,424
Balance as of June 1, 2025	$	2,913,991	$	298,145	$	188,091	$	3,400,227
Goodwill acquired	~~132~~1,~~452~~667		2,~~878~~459		206,~~033~~446		~~155~~10,~~363~~572
Foreign currency translation	(~~12,983~~64)		(~~1,204~~6)		~~(47)~~—		(~~14,234~~70)
Balance as of February 28, 2025	$	2,893,034	$	295,421	$	165,098	$	3,353,553
Balance as of August 31, 2025	$	2,915,594	$	300,598	$	194,537	$	3,410,729

Service Contracts(In thousands)	Uniform Rental and Facility Services		First Aid and Safety Services		AllOther		Total
Balance as of June 1, 2024	$	290,498	$	16,203	$	15,201	$	321,902
Balance as of June 1, 2025	$	273,847	$	14,138	$	21,843	$	309,828
Service contracts acquired	~~29,907~~282		1,~~622~~313		~~6,633~~949		382,~~162~~544
Service contracts amortization	(3512,~~968~~156)		(31,~~971~~118)		(31,~~111~~021)		(4314,~~050~~295)
Foreign currency translation	(~~1,629~~50)		(492)		—		(~~1,678~~52)
Balance as of February 28, 2025	$	282,808	$	13,805	$	18,723	$	315,336
Balance as of August 31, 2025	$	261,923	$	14,331	$	21,771	$	298,025

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

As of February 28, 2025

As of May 31, 2024

As of August 31, 2025

As of May 31, 2025

(In thousands)

CarryingAmount

AccumulatedAmortization

Net

CarryingAmount

AccumulatedAmortization

Net

Service contracts

1,~~065~~080,~~675~~820

~~750~~782,~~339~~795

~~315~~298,~~336~~025

1,~~033~~078,~~762~~305

~~711~~768,~~860~~477

~~321~~309,~~902~~828

Capitalized contract costs (1)

~~865~~930,~~080~~639

~~595~~647,~~008~~531

~~270~~283,~~072~~108

~~777~~896,~~535~~632

~~515~~621,~~041~~351

~~262~~275,~~494~~281

Noncompete and consulting agreements and other

~~247~~255,~~842~~731

7376,~~800~~420

~~174~~179,~~042~~311

~~233~~262,~~334~~610

7075,~~877~~249

~~162~~187,~~457~~361

Other assets

1,~~112~~186,~~922~~370

~~668~~723,~~808~~951

~~444~~462,~~114~~419

1,~~010~~159,~~869~~242

~~585~~696,~~918~~600

~~424~~462,~~951~~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 ~~February~~both 28August 31, 2025 and May 31, ~~2024~~2025, is $9496.85 million ~~and $94~~.~~6 million, respectively.~~

Amortization expense for service contracts and other assets was $4342.2 million and $40.07 million for the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively. ~~For the nine months ended February 28, 2025 and February 29, 2024, amortization expense for service contracts and other assets was $125.7 million and $117.9 million, respectively.~~ These expenses are recorded in selling and administrative expenses on the consolidated condensed statements of income. As of ~~February~~August 2831, 2025, 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)
2025 (remaining three months)	$	39,536
2026 (remaining nine months)	$	117,671
2026	149,722
2027	136,681
2027	126,934
2028	108,662
2028	97,663
2029	91,760
2029	83,431
2030	75,521
Thereafter	~~195~~158,~~163~~754
Total future amortization expense	$	~~692~~689,~~449~~049

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Note 7 - Debt, Derivatives and Hedging Activities

Cintas' outstanding debt is summarized as follows:

(In thousands)	Interest Rate		Fiscal YearIssued	Fiscal YearMaturity	~~February~~August 2831, 2025		May 31,~~2024~~2025
Debt due within one year
Senior notes (1)	3.11	%	2015	2025	$	50,042	$	50,294
Senior notes	3.45	%	2022	2025	400,000		400,000
Debt issuance costs					(127)		(699)
Total debt due within one year					$	449,915	$	449,595
Debt due after one year
Senior notes	3.70	%	2017	2027	$	1,000,000	$	1,000,000
Senior notes	4.20	%	2025	2028	400,000		400,000
Senior notes	4.00	%	2022	2032	800,000		800,000
Senior notes	6.15	%	2007	2037	236,550		236,550
Debt issuance costs					(910,~~073~~793)		(1011,~~616~~551)
Total debt due after one year					$	2,~~027~~425,~~477~~757	$	2,~~025~~424,~~934~~999

~~(1)~~Cintas' ~~assumed these~~ senior notes ~~with~~are ~~the~~recorded ~~acquisition~~at cost, net of ~~G&K~~debt ~~Services,~~issuance ~~Inc~~costs. ~~(G&K)~~The infair value of the ~~fourth~~long-term ~~quarter~~debt is estimated using Level 2 inputs based on observable market prices. The carrying value and fair value of ~~fiscal~~Cintas' ~~2017~~debt as of August 31, 2025 were $2,436.6 million and ~~they~~$2,432.4 ~~were~~million, ~~recorded~~respectively, atand ~~fair~~as ~~value~~of May 31, 2025 were $2,436.6 ~~The~~million ~~interest~~and ~~rate~~$2,404.7 ~~shown~~million, ~~above~~respectively. isDuring the ~~effective~~three ~~interest~~months ~~rate~~ended ~~until~~August ~~repayment~~31, in2024, ~~fiscal~~Cintas ~~2025~~issued $166.0 million, net of commercial paper.

~~Cintas'~~The ~~senior~~credit ~~notes,~~agreement ~~excluding~~that ~~the~~supports ~~G&K~~our ~~senior~~commercial ~~notes~~paper ~~assumed~~program ~~with~~has ~~the~~capacity ~~acquisition~~under ofthe ~~G&K~~revolving incredit ~~fiscal~~facility ~~2017, are recorded at cost, net~~ of ~~debt issuance costs~~$2.0 billion. The ~~fair~~credit ~~value~~agreement ofhas ~~the~~an ~~long-term~~accordion ~~debt~~feature isthat ~~estimated~~provides ~~using~~Cintas ~~Level~~the 2ability ~~inputs~~to ~~based~~request onincreases ~~observable~~to ~~market~~the ~~prices.~~borrowing ~~The~~commitments ~~carrying~~under ~~value~~the ~~and~~revolving ~~fair~~credit ~~value~~facility of ~~Cintas'~~up ~~debt~~to as$500.0 ofmillion ~~February~~in ~~28,~~the ~~2025 were $2~~aggregate,~~486.6~~ ~~million~~subject ~~and~~to ~~$2,455~~customary conditions.2 ~~million,~~The ~~respectively,~~maturity ~~and~~date as of ~~May 31,~~the ~~2024~~revolving ~~were~~credit ~~$2,486.6~~facility ~~million~~is ~~and~~March $223,~~392.8~~ ~~million, respectively~~2027. ~~During~~As ~~the~~of ~~nine~~August ~~months~~31, ~~ended~~2025 ~~February~~and 29May 31, ~~2024~~2025, ~~Cintas~~there ~~repurchased,~~was ~~and~~no ~~subsequently~~commercial ~~retired~~paper ~~$13.5 million~~outstanding ofand ~~its~~no ~~6.15%,~~borrowings ~~30-year~~on ~~senior~~our ~~notes.~~revolving Incredit ~~conjunction~~facility. ~~with~~The ~~these~~fair ~~transactions,~~value ~~during~~of the ~~nine~~commercial ~~months~~paper, ~~ended~~if ~~February 29~~any, ~~2024,~~which ~~Cintas~~approximates ~~recognized~~carrying ~~a loss of $0.9 million~~value, ~~which~~ is ~~recorded~~estimated inusing ~~interest~~level ~~expense~~2 inputs based on ~~the~~general ~~consolidated~~market ~~condensed~~prices ~~statements~~and ofinterest ~~income~~rates.

~~The~~Cintas ~~credit~~uses ~~agreement~~interest ~~that~~rate ~~supports~~locks ~~our~~to ~~commercial~~manage ~~paper~~its ~~program~~overall ~~has~~interest ~~capacity~~expense ~~under~~as ~~the~~interest ~~revolving~~rate ~~credit~~locks ~~facility~~effectively ofchange ~~$2.0 billion.~~the ~~The~~interest ~~credit~~rate ~~agreement~~of ~~has~~specific andebt ~~accordion~~issuances. ~~feature~~The ~~that~~interest ~~provides~~rate ~~Cintas~~locks ~~the~~are ~~ability~~entered tointo ~~request increases~~ to ~~the~~protect ~~borrowing~~against ~~commitments~~unfavorable ~~under~~movements in the ~~revolving~~benchmark ~~credit~~treasury ~~facility~~rate ofrelated up to ~~$500~~forecasted debt issuances.0 ~~million~~Cintas inused ~~the~~interest ~~aggregate~~rate locks, ~~subject~~which torepresent ~~customary~~cash ~~conditions.~~flow ~~The~~hedges, ~~maturity~~to ~~date~~hedge ofagainst ~~the~~movements ~~revolving~~in ~~credit~~the ~~facility~~treasury isrates ~~March~~at ~~23,~~the ~~2027.~~time AsCintas ofissued ~~February~~its ~~28,~~senior ~~2025~~notes ~~and~~in ~~May~~fiscal 312007, ~~2024,~~fiscal ~~there~~2017 ~~was no commercial paper outstanding~~ and nofiscal ~~borrowings~~2022. onThe ~~our~~amortization ~~revolving~~of ~~credit~~the ~~facility.~~interest ~~The~~rate ~~fair~~locks ~~value~~resulted ofin ~~the~~a ~~commercial~~decrease ~~paper,~~to ~~which~~other ~~approximates~~comprehensive ~~carrying~~income ~~value,~~of is$1.5 ~~estimated~~million ~~using~~for ~~level~~both 2the ~~inputs~~three ~~based~~months onended ~~observable~~August ~~market~~31, ~~prices~~2025 and ~~interest rates~~2024.

~~Cintas~~During ~~uses~~fiscal ~~interest~~2022 ~~rate~~and ~~locks~~fiscal to2020, ~~manage~~Cintas ~~its~~entered ~~overall~~into interest ~~expense as interest~~ rate ~~locks~~lock ~~effectively~~agreements ~~change~~for ~~the~~forecasted ~~interest rate of specific~~ debt issuances. The ~~interest~~aggregate ~~rate~~notional ~~locks~~value ~~are~~of ~~entered~~outstanding ~~into to protect against unfavorable movements in the benchmark treasury rate related to forecasted debt issuances. Cintas used interest rate locks, which represent~~ cash flow hedges, towas 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 $1500.5 0 million ~~for~~at both ~~the~~August ~~three months ended February 28~~31, 2025 and ~~February 29~~May 31, ~~2024~~2025. ~~For~~The ~~the~~fair ~~nine~~values ~~months ended February 28, 2025 and February 29, 2024, the amortization~~ of the outstanding interest rate locks, ~~resulted~~for inforecasted adebt ~~decrease~~issuances, toare ~~other~~summarized ~~comprehensive~~as ~~income of $4.6 million and $4.5 million, respectively.~~ follows:


Fiscal Year of Issuance (In thousands)	August 31, 2025		May 31, 2025
	Other assets, net		Other assets, net

2022	$	59,708	$	61,230
2020	$	39,282	$	41,320

~~Table~~The changes in fair value of ~~Contents~~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 months ended August 31, 2025 or 2024.

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 February 28, 2025 and May 31, 2024. The fair values of the outstanding interest rate locks, for forecasted debt issuances, are summarized as follows:

Fiscal Year of Issuance(In thousands)	February 28, 2025		May 31,2024
	Other Assets, net		Other Assets, net
2022	$	57,577	$	56,717
2020	$	37,817	$	38,112

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 nine months ended February 28, 2025 or February 29, 2024.

Cintas has certain covenants related to debt agreements. These covenants limit Cintas' ability to incur certain liens, to engage in sale-leaseback transactions and to merge, consolidate or sell all or substantially all of Cintas' assets. These covenants also require Cintas to maintain certain debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) and interest coverage ratios. Cross-default provisions exist between certain debt instruments. If a default of a significant covenant were to occur, the default could result in an acceleration of the maturity of the indebtedness, impair liquidity and limit the ability to raise future capital. Cintas was in compliance with all of the debt covenants for all periods presented.

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Note 8 - 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~~August 2831, 2025 and May 31, ~~2024~~2025, recorded unrecognized tax benefits were $4050.97 million and $3247.78 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 ~~2020~~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 ~~2018~~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 fiscal year ending May 31, ~~2025~~2026.

Cintas’ effective tax rate was 2117.06% and 1915.98% for the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively. ~~For the nine months ended February 28, 2025 and February 29, 2024, Cintas' effective tax rate was 19.2% and 20.0%, respectively.~~ The effective tax rate for all periods was impacted by certain discrete items (primarily the tax accounting impact for stock-based compensation).

17Note 9 - Accumulated Other Comprehensive Income (Loss)

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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 28,2025	February 29,2024
Uniform Rental and Facility Services	6	7
First Aid and Safety Services	3	1
All Other	11	8

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

(In thousands)	February 28,2025		February 29,2024
Fair value of tangible assets acquired	$	25,640	$	14,350
Fair value of service contracts acquired	38,162		28,860
Fair value of other intangibles acquired	6,868		5,278
Net goodwill recognized	155,363		155,653
Total fair value of assets acquired	226,033		204,141
Total fair value of liabilities assumed	(2,419)		—
Total fair value of net assets acquired, net of cash acquired	223,614		204,141
Deferred purchase price consideration	(24,806)		(19,113)
Total cash consideration for acquisitions, net of cash acquired	$	198,808	$	185,028

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. None of the goodwill 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.

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Note 10 - Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss), net of tax:

(In thousands)	ForeignCurrency		Unrealized Income on Interest Rate Locks		Other		Total
Balance at June 1, 2024	$	(18,292)	$	108,893	$	600	$	91,201
Balance at June 1, 2025	$	(25,733)	$	108,553	$	1,569	$	84,389
Other comprehensive income (loss) before reclassifications	3,656		(9,956)		—		(6,300)
Other comprehensive loss before reclassifications	(325)		(2,652)		—		(2,977)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1,523)		—		(1,523)
Net current period other comprehensive income (loss)	3,656		(11,479)		—		(7,823)
Net current period other comprehensive loss	(325)		(4,175)		—		(4,500)
Balance at August 31, 2024	(14,636)		97,414		600		83,378
Balance at August 31, 2025	$	(26,058)	$	104,378	$	1,569	$	79,889
Other comprehensive (loss) income before reclassifications	(18,491)		5,161		—		(13,330)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1,523)		—		(1,523)
Net current period other comprehensive (loss) income	(18,491)		3,638		—		(14,853)
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

(In thousands)	ForeignCurrency		Unrealized Incomeon Interest Rate Locks		Other		Total
Balance at June 1, 2023	$	(17,001)	$	96,714	$	(1,935)	$	77,778
Balance at June 1, 2024	$	(18,292)	$	108,893	$	600	$	91,201
Other comprehensive income before reclassifications	2,634		8,199		—		10,833
Other comprehensive income (loss) before reclassifications	3,656		(9,956)		—		(6,300)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1,~~442~~523)		—		(1,~~442~~523)
Net current period other comprehensive income	2,634		6,757		—		9,391
Net current period other comprehensive income (loss)	3,656		(11,479)		—		(7,823)
Balance at August 31, 2023	(14,367)		103,471		(1,935)		87,169
Balance at August 31, 2024	$	(14,636)	$	97,414	$	600	$	83,378
Other comprehensive (loss) income before reclassifications	(1,813)		9,099		379		7,665
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1,495)		—		(1,495)
Net current period other comprehensive (loss) income	(1,813)		7,604		379		6,170
Balance at November 30, 2023	(16,180)		111,075		(1,556)		93,339
Other comprehensive loss before reclassifications	(450)		(5,042)		—		(5,492)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1,524)		—		(1,524)
Net current period other comprehensive loss	(450)		(6,566)		—		(7,016)
Balance at February 29, 2024	$	(16,630)	$	104,509	$	(1,556)	$	86,323

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The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for the three months ended August 31:

Details about AccumulatedOther Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Affected Line in theConsolidated CondensedStatements of Income					~~Affected Line in theConsolidated CondensedStatements of Income~~
	Three Months Ended					Nine Months Ended
(In thousands)	2025		2024
(In thousands)	February 28, 2025		February 29,2024			February 28, 2025		February 29,2024
Amortization of interest rate locks	$	2,036	$	2,036						Interest expense
Amortization of interest rate locks	$	2,036	$	2,037		$	6,108	$	5,964	Interest expense
Tax expense	(513)		(513)							Income taxes
Tax expense	(513)		(513)			(1,539)		(1,503)		Income taxes
Amortization of interest rate locks, net of tax	$	1,523	$	1,523
Amortization of interest rate locks, net of tax	$	1,523	$	1,524		$	4,569	$	4,461

Note 1110 - 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.

~~Cintas~~Our ~~evaluates~~chief operating decision maker (CODM) is the ~~performance~~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 ~~several~~revenue ~~factors~~and ofoperating ~~which~~income, ~~the~~using ~~primary~~this ~~financial~~information ~~measures~~to ~~are~~guide ~~revenue~~strategic decisions and ~~operating~~allocate ~~income~~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 operations of Cintas’ reportable operating segments and All Other is set forth below:

(In thousands)	Uniform Rentaland Facility Services		First Aid and Safety Services		All Other		Corporate (1)		Total
For the three months ended February 28, 2025
As of and for the three months ended August 31, 2025
Revenue	$	2,~~021~~091,~~144~~066	$	~~301~~334,~~759~~657	$	~~286~~292,~~256~~399	$	—	$	2,~~609~~718,~~159~~122
Operating income	$	489,483	$	71,533	$	48,837	$	—	$	609,853
Cost of sales	1,052,553		144,489		154,519		—		1,351,561
For the three months ended February 29, 2024
Gross margin	1,038,513		190,168		137,880		—		1,366,561
Revenue	$	1,876,642	$	262,602	$	266,929	$	—	$	2,406,173
Selling and administrative expenses	538,576		109,841		100,285		—		748,702
Operating income	$	~~420~~499,~~407~~937	$	5780,~~717~~327	$	4237,~~676~~595	$	—	$	~~520~~617,~~800~~859
As of and for the nine months ended February 28, 2025
Depreciation and amortization	$	100,047	$	19,749	$	6,141	$	—	$	125,937
Revenue	$	5,945,393	$	893,693	$	833,443	$	—	$	7,672,529
Capital expenditures	$	70,475	$	16,474	$	15,008	$	—	$	101,957
Operating income	$	1,408,280	$	218,044	$	135,950	$	—	$	1,762,274
Total assets	$	8,100,857	$	825,053	$	773,637	$	138,143	$	9,837,690
Total assets	$	7,879,273	$	790,137	$	698,298	$	243,428	$	9,611,136
As of and for the three months ended August 31, 2024
As of and for the nine months ended February 29, 2024
Revenue	$	1,933,839	$	292,567	$	275,181	$	—	$	2,501,587
Revenue	$	5,554,009	$	789,696	$	781,975	$	—	$	7,125,680
Cost of sales	981,163		123,764		144,529		—		1,249,456
Operating income	$	1,226,547	$	175,828	$	118,664	$	—	$	1,521,039
Gross margin	952,676		168,803		130,652		—		1,252,131
Total assets	$	7,503,038	$	745,633	$	602,096	$	128,108	$	8,978,875
Selling and administrative expenses	506,238		97,515		87,347		—		691,100
Operating income	$	446,438	$	71,288	$	43,305	$	—	$	561,031
Depreciation and amortization	$	92,690	$	22,305	$	5,397	$	—	$	120,392
Capital expenditures	$	67,687	$	10,555	$	14,679	$	—	$	92,921
Total assets	$	7,588,895	$	756,833	$	621,606	$	101,373	$	9,068,707

(1) Corporate assets include cash and cash equivalents and marketable securities, if applicable, in all periods.

2016

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Note 12 - Litigation and Other Contingencies

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. Cintas is party to additional litigation not considered in the ordinary course of business, including the litigation discussed below.

The Company is a defendant in a purported class action lawsuit, City of Laurel, Mississippi v. Cintas Corporation No. 2, filed on March 12, 2021. This is a contract dispute whereby plaintiffs allege that Cintas breached its contracts with participating public agencies and seek, among other things, contract-based damages. In March 2024, an agreement in principle was reached with the plaintiff which would require a one-time monetary payment related to the contract dispute of $45.0 million, which was accrued for and included in accrued liabilities on the consolidated condensed balance sheet at February 28, 2025 and May 31, 2024. The amount reserved for this matter did not have a material impact on the consolidated condensed statements of income for any period presented. The Company will also make certain future investments such as people and technology. These future investments are not expected to be material to the Company. The tentative settlement remains subject to approval of the U.S. District Court for the District of Nevada; however, we do not anticipate any material changes in the amounts reflected in the consolidated condensed financial statements.

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business Strategy

Cintas 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, eye-wash stations, safety training, fire extinguishers, ~~and~~sprinkler ~~testing,~~systems and ~~safety~~alarm ~~training~~testing, Cintas helps customers get Ready for the Workday®.

We are North America’s leading provider of corporate identity uniforms through rental and sales programs, as well as a significant provider of related business services, including entrance mats, restroom cleaning services and supplies, first aid and safety services, and fire protection products and services.

Cintas’ principal objective is “to exceed customers’ expectations in order to maximize the long-term value of Cintas for shareholders and working partners,” and it provides the framework and focus for Cintas’ business strategy. This strategy is to achieve revenue growth for all our products and services by increasing our penetration at existing customers and by broadening our customer base to include market segments to which we have not historically served. We will also continue to identify additional product and service opportunities for our current and future customers.

To pursue the strategy of increasing penetration, we have a highly talented and diverse team of service professionals visiting our customers on a regular basis. This frequent contact with our customers enables us to develop close personal relationships. The combination of our distribution system and these strong customer relationships provides a platform from which we launch additional products and services.

We pursue the strategy of broadening our customer base in several ways. Cintas has a national sales organization introducing all its products and services to prospects in all market segments. Our broad range of products and services allows our sales organization to consider any type of business a prospect. We also broaden our customer base through geographic expansion. Finally, we evaluate strategic acquisitions as opportunities arise.

Results of Operations

Cintas classifies its business into two reportable operating segments and places the remainder of its operating segments in an All Other category. Cintas’ two 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, as well as workplace water services. The remainder of Cintas’ business, which consists of the Fire Protection Services operating segment and the Uniform Direct Sales operating segment, is included in All Other. These operating segments consist of fire protection products and services and the direct sale of uniforms and related items. Cintas evaluates operating segment performance based on revenue and operating income. Revenue and operating income for the ~~nine~~three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, for the two reportable operating segments and All Other are presented in Note 1110 entitled Segment Information of “Notes to Consolidated Condensed Financial Statements.” The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker (CODM) regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate.

All references made to common stock shares, equity awards, common stock per share amounts or treasury share amounts throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations have been retroactively adjusted to reflect the effects of a four-for-one split of the Company's common stock on September 11, 2024 (the Stock Split). See Note 1 entitled Basis of Presentation of "Notes to Consolidated Condensed Financial Statements" for additional information on the Stock Split.

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Consolidated Results

Three Months Ended ~~February~~August 2831, 2025 Compared to Three Months Ended ~~February~~August 2931, 2024

Total revenue increased 8.47% to $2,~~609~~718.21 million for the three months ended ~~February~~August 2831, 2025, compared to $2,~~406~~501.26 million for the three months ended ~~February~~August 2931, 2024. The organic revenue growth rate, which adjusts for the impact of acquisitions and foreign currency exchange rate fluctuations, was 7.9%. Revenue growth was positively impacted by 0.9% due to acquisitions and negatively impacted by 0.4% due to foreign currency exchange rate fluctuations.

Uniform Rental and Facility Services reportable operating segment revenue was $2,021.1 million for the three months ended February 28, 2025, compared to $1,876.6 million for the three months ended February 29, 2024, which was an increase of 7.7%. The organic revenue growth rate for this reportable operating segment was 7.0%. Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 1.1% due to acquisitions and negatively impacted by 0.4% due to foreign currency exchange rate fluctuations. Revenue growth was a result of new business, the penetration of additional products and services into existing customers and price increases, partially offset by lost business. 17

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 11.0% for the three months ended February 28, 2025, compared to the three months ended February 29, 2024, from $529.5 million to $588.0 million. The organic revenue growth rate for other revenue was 10.7%. Revenue growth was positively impacted by 0.4% due to acquisitions and negatively impacted by 0.1% due to foreign exchange rate fluctuations.

Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $49.5 million, or 5.2%, for the three months ended February 28, 2025, compared to the three months ended February 29, 2024. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 51.2% for the three months ended February 29, 2024, to 50.0% for the three months ended February 28, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory and more efficient routing due to our SmartTruck initiative.

Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $22.0 million, or 8.5%, for the three months ended February 28, 2025, compared to the three months ended February 29, 2024. Cost of other improved as a percent of revenue, decreasing from 48.7% for three months ended February 29, 2024, to 47.6% for the three months ended February 28, 2025. The improvement in cost of sales as a percent of revenue was primarily due to a favorable sales mix and sourcing and productivity initiatives in the First Aid and Safety Services reportable operating segment.

Selling and administrative expenses increased $42.4 million, or 6.4%, in the three months ended February 28, 2025, compared to the three months ended February 29, 2024. Selling and administrative expenses as a percent of revenue were 27.2% for the three months ended February 28, 2025, compared to 27.7% for the three months ended February 29, 2024. We recorded a gain of $15.0 million on a sale of property and equipment in the three months ended February 28, 2025, and we recorded $15.0 million in costs associated with a tentative legal settlement in the three months ended February 29, 2024, both of which impacted all segments by the same percent of revenue. Excluding those items, selling and administrative expenses as a percent of revenue increased for the three months ended February 28, 2025, compared to the three months ended February 29, 2024. The resulting increase as a percent of revenue was due in part to investments in technology and an increase in legal and professional expenses as a percent of revenue.

Operating income was $609.9 million, or 23.4% of revenue, for the three months ended February 28, 2025, compared to $520.8 million, or 21.6% of revenue, for the three months ended February 29, 2024. The improvement in operating income as a percent of revenue was primarily due to operating leverage from revenue growth, sourcing and productivity initiatives, in-service inventory usage, and the changes in selling and administrative expenses noted above.

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~~Net~~the ~~interest~~impact ~~expense~~of ~~(interest~~acquisitions ~~expense~~and ~~less~~foreign ~~interest~~currency ~~income)~~exchange ~~was~~rate ~~$23.4 million for the three months ended February 28~~fluctuations, ~~2025,~~was ~~compared to $24~~7.68%. ~~million~~Revenue ~~for~~growth ~~the~~was ~~three~~positively ~~months~~impacted ~~ended~~by ~~February 29, 2024~~0.9% ~~The change was primarily~~ due to ~~a decrease in the average amount of outstanding debt during the three months ended February 29, 2025~~acquisitions.

~~Cintas’~~Uniform ~~effective~~Rental ~~tax~~and ~~rate~~Facility ~~was~~Services ~~21.0%~~reportable ~~and~~operating 19segment revenue was $2,091.9%1 million for the three months ended ~~February~~August 2831, 2025, ~~and~~compared ~~February~~to 29$1,933.8 million for the three months ended August 31, 2024, ~~respectively~~which was an increase of 8.1%. The ~~effective~~organic ~~tax~~revenue growth rate for this reportable operating segment was 7.3%. Revenue growth in ~~both~~the ~~periods~~Uniform Rental and Facility Services reportable operating segment was positively impacted by ~~certain~~0.8% ~~discrete~~due ~~items,~~to ~~primarily~~acquisitions. Revenue growth was a result of new business, the ~~tax~~penetration ~~accounting~~of ~~impact~~additional ~~for~~products ~~stock-based~~and ~~compensation~~services into existing customers and price increases, partially offset by lost business.

~~Net~~Other ~~income~~revenue, ~~was~~consisting ~~$463.5~~of ~~million~~revenue ~~for~~from the ~~three~~First ~~months~~Aid ~~ended~~and ~~February~~Safety ~~28,~~Services ~~2025,~~reportable anoperating ~~increase~~segment ofand 16All Other, increased 10.64% ~~compared~~for to the three months ended ~~February~~August 2931, ~~2024.~~2025, ~~Diluted~~compared ~~earnings~~to ~~per share were $1.13 for~~ the three months ended ~~February~~August 2831, ~~2025~~2024, ~~which~~from ~~was~~$567.7 anmillion ~~increase~~to of$627.1 17million.7% ~~compared~~The toorganic ~~the~~revenue ~~three~~growth ~~months~~rate ~~ended~~for ~~February~~other ~~29,~~revenue ~~2024~~was 9.6%. ~~Diluted~~Revenue ~~earnings~~growth ~~per~~was ~~share~~positively ~~increased~~impacted ~~primarily~~by 0.8% due to ~~the increase in net income~~acquisitions.

~~Uniform~~Cost ~~Rental~~of uniform rental and ~~Facility~~facility ~~Services~~services ~~Reportable~~consists ~~Operating~~primarily ~~Segment~~of production expenses, delivery expenses and the amortization of in-service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $71.4 million, or 7.3%, for the three months ended August 31, 2025, compared to the three months ended August 31, 2024. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.7% for the three months ended August 31, 2024, to 50.3% for the three months ended August 31, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory and strategic sourcing initiatives.

~~Three~~Cost ~~Months~~of ~~Ended~~other ~~February~~consists 28primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $30.7 million, or 11.4%, for the three months ended August 31, 2025, ~~Compared~~compared to ~~Three~~the ~~Months~~three ~~Ended~~months ~~February~~ended 29August 31, 2024. Cost of other increased as a percent of revenue, increasing from 47.3% for three months ended August 31, 2024, to 47.7% for the three months ended August 31, 2025. The increase in cost of sales as a percent of revenue was primarily due to adding route capacity.

~~Uniform~~Selling ~~Rental~~ and ~~Facility~~administrative ~~Services~~expenses ~~reportable~~increased ~~operating segment revenue was~~ $~~2,021~~57.16 million, ~~for~~or 8.3%, in the three months ended ~~February~~August 2831, 2025, compared to ~~$1,876.6 million for~~ the three months ended ~~February~~August 2931, 2024. ~~The~~Selling ~~organic revenue growth rate for the reportable operating segment was 7.0%. The cost of uniform rental~~ and ~~facility~~administrative ~~services~~expenses ~~increased $49.5 million, or 5.2%. The reportable operating segment’s gross margin was $1,011.5 million. Gross margin~~ as a percent of revenue ~~was~~were 5027.05% for the three months ended ~~February~~August 2831, 2025, compared to 4827.86% for the three months ended ~~February~~August 2931, 2024. The ~~improvement~~change inas ~~gross~~a ~~margin~~percent ~~was primarily the result~~ of ~~more~~revenue ~~efficient~~is ~~usage~~primarily ~~of in-service inventory and more efficient routing~~ due to ~~our~~operating ~~SmartTruck~~leverage ~~initiative.~~from revenue growth.

~~Selling~~Operating ~~and~~income ~~administrative~~was ~~expenses for the Uniform Rental and Facility Services reportable operating segment increased~~ $26617.09 million ~~in the three months ended February 28~~, ~~2025,~~or ~~compared to the three months ended February 29, 2024~~22.7% ~~Selling and administrative expenses as a percent~~ of revenue, for the three months ended ~~February~~August 2831, 2025 ~~were 25.8%~~, compared to 26$561.4%0 ~~in the three months ended February 29~~million, ~~2024~~or 22.4% ~~Excluding the items noted previously, selling and administrative expenses as a percent~~ of revenue, ~~increased~~ for the three months ended ~~February~~August 2831, ~~2025, compared to the three months ended February 29,~~ 2024. The resulting increase in operating income as a percent of revenue was primarily due to ~~investments~~more inefficient ~~technology and an increase~~ in-service ~~legal~~inventory usage and ~~professional~~operating ~~expenses~~leverage asfrom ~~a percent of~~ revenue growth.

~~Income~~Net ~~before~~interest ~~income~~expense ~~taxes~~(interest ~~increased~~expense ~~$69.1~~less ~~million,~~interest orincome) 16was $22.~~4%,~~0 ~~for~~million ~~the Uniform Rental and Facility Services reportable operating segment~~ for the three months ended ~~February~~August 2831, 2025, compared to ~~the three months ended February 29, 2024. Income before income taxes was~~ $24.2%4 ofmillion ~~the~~for ~~reportable operating segment's revenue compared to~~ the three months ended ~~February~~August 2931, 2024 ~~of 22~~.4% ~~of revenue.~~ The ~~improvement~~change inwas ~~income~~primarily ~~before~~due ~~income~~to ~~taxes was~~ a ~~result~~decrease ofin the ~~expansion~~average inamount ~~gross~~of ~~margin~~outstanding indebt ~~addition~~during to the ~~improvement~~three inmonths ~~selling~~ended ~~and~~August ~~administrative~~31, ~~expenses as a percent of revenue noted above~~2025.

~~First~~Cintas’ ~~Aid~~effective tax rate was 17.6% and ~~Safety~~15.8% ~~Services~~for ~~Reportable~~the ~~Operating~~three ~~Segment~~months ended August 31, 2025 and 2024, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.

~~Three~~Net ~~Months~~income ~~Ended~~was ~~February~~$491.1 28million for the three months ended August 31, 2025, ~~Compared~~an increase of 8.7% compared to ~~Three~~the ~~Months~~three ~~Ended~~months ~~February~~ended 29August 31, 2024. Diluted earnings per share were $1.20 for the three months ended August 31, 2025, which was an increase of 9.1% compared to the three months ended August 31, 2024. Diluted earnings per share increased primarily due to the increase in net income.

First Aid and Safety Services reportable operating segment revenue increased from $262.6 million to $301.8 million, or 14.9%, for the three months ended February 28, 2025, over the three months ended February 29, 2024. The organic revenue growth rate for the reportable operating segment was 15.0%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.1% due to acquisitions and negatively impacted by 0.2% due to foreign currency exchange rate fluctuations. The increase in revenue was driven by many factors including increases in new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention. 18

Cost of first aid and safety services for the three months ended February 28, 2025, increased $14.8 million, or 12.8%, compared to the three months ended February 29, 2024. The gross margin as a percent of revenue was 57.0% for the three months ended February 28, 2025, compared to the gross margin as a percent of revenue of 56.3% in the three months ended February 29, 2024. The improvement in gross margin as a percent of revenue was primarily driven by a favorable sales mix and sourcing and productivity initiatives.

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Selling and administrative expenses increased $10.6 million in the three months ended February 28, 2025, compared to the three months ended February 29, 2024. Selling and administrative expenses as a percent of revenue for the three months ended February 28, 2025 were 33.3%, compared to 34.3% for the three months ended February 29, 2024. Excluding the items noted previously, selling and administrative expenses as a percent of revenue increased for the three months ended February 28, 2025, compared to the three months ended February 29, 2024. The resulting increase as a percent of revenue was primarily due to investments in selling resources.

Income before income taxes for the First Aid and Safety Services reportable operating segment increased $13.8 million to $71.5 million for the three months ended February 28, 2025, compared to the three months ended February 29, 2024. Income before income taxes was 23.7% of the reportable operating segment’s revenue compared to the three months ended February 29, 2024 of 22.0%. The increase in income before income taxes was primarily due to the previously discussed improvements in gross margin, in addition to the change in selling and administrative expenses as a percent of revenue noted above.

Consolidated Results

Nine Months Ended February 28, 2025 Compared to Nine Months Ended February 29, 2024

Total revenue increased 7.7% to $7,672.5 million for the nine months ended February 28, 2025, compared to $7,125.7 million for the nine months ended February 29, 2024. Total organic revenue growth was also 7.7%. Organic growth adjusts for the impact of acquisitions, workday differences and foreign currency exchange rate fluctuations. Revenue growth was positively impacted by 0.7% due to acquisitions, negatively impacted by 0.5% due to one less workday in the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024, and negatively impacted by 0.2% due to foreign currency exchange rate fluctuations.

Uniform Rental and Facility Services reportable operating segment revenue was $5,945.4 million for the nine months ended February 28, 2025, compared to $5,554.0 million in the nine months ended February 29, 2024, which was an increase of 7.0%. Organic revenue growth for this reportable operating segment was also 7.0%. Uniform Rental and Facility Services reportable operating segment revenue was positively impacted by 0.8% due to acquisitions, negatively impacted by 0.6% due to one less workday in the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024, and negatively impacted by 0.2% due to foreign currency exchange rate fluctuations. Revenue growth was a result of new business, the penetration of additional products and services into existing customers and price increases, partially offset by lost business.

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, was $1,727.1 million for the nine months ended February 28, 2025, compared to $1,571.7 million for the nine months ended February 29, 2024, which was an increase of 9.9%. Organic growth for other revenue was 10.1%. Revenue growth was positively impacted by 0.5% due to acquisitions and negatively impacted by 0.6% due to one less workday in the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024, and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.

Cost of uniform rental and facility services consists primarily of production expenses, delivery expenses and the amortization of in service inventory, including uniforms, mats, shop towels and other ancillary items. Cost of uniform rental and facility services increased $122.9 million, or 4.3%, for the nine months ended February 28, 2025, compared to the nine months ended February 29, 2024. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 51.9% for the nine months ended February 29, 2024, to 50.5% for the nine months ended February 28, 2025. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory and more efficient routing due to our SmartTruck initiative.

Cost of other consists primarily of cost of goods sold (predominantly first aid and safety products, personal protective equipment, uniforms, and fire protection products), delivery expenses and distribution expenses in the First Aid and Safety Services reportable operating segment and All Other. Cost of other increased $46.8 million, or 6.1%, for the nine months ended February 28, 2025, compared to the nine months ended February 29, 2024. Cost of other improved as a percent of revenue, decreasing from 49.2% for nine months ended February 29, 2024, to 47.4% for the nine months ended February 28, 2025. The improvement in cost of sales as a percent of revenue was primarily due to a favorable sales mix and sourcing and productivity initiatives in the First Aid and Safety Services reportable operating segment.

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Selling and administrative expenses increased $136.0 million, or 7.0%, for the nine months ended February 28, 2025, compared to the nine months ended February 29, 2024, but improved as a percent of revenue from 27.4% for the nine months ended February 29, 2024, to 27.2% for the nine months ended February 28, 2025. In the nine months ended February 28, 2025, we recorded a gain on a sale of property and equipment and in the nine months ended February 29, 2024, we recorded costs associated with a tentative legal settlement, both of which impacted all segments by the same percent of revenue. Excluding those items, selling and administrative expenses as a percent of revenue increased for the nine months ended February 28, 2025, compared to the nine months ended February 29, 2024. The resulting increase as a percent of revenue was primarily due to investments in technology.

Operating income was $1,762.3 million, or 23.0% of revenue, for the nine months ended February 28, 2025, compared to $1,521.0 million, or 21.3% of revenue, for the nine months ended February 29, 2024. The improvement in operating income as a percent of revenue was primarily due to the previously mentioned improvements in gross margin, in addition to the change in selling and administrative expenses as a percent of revenue noted above.

Net interest expense (interest expense less interest income) was $73.5 million for the nine months ended February 28, 2025, compared to $74.5 million for the nine months ended February 29, 2024. The reduction was primarily due to a decrease in the average amount of outstanding debt during the nine months ended February 29, 2025.

Cintas’ effective tax rate was 19.2% and 20.0% for the nine months ended February 28, 2025 and February 29, 2024, respectively. The effective tax rate in both periods was impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation.

Net income for the nine months ended February 28, 2025, increased $206.7 million, or 17.9%, compared to the nine months ended February 29, 2024. Diluted earnings per share was $3.31 for the nine months ended February 28, 2025, which was an increase of 18.6% compared to the nine months ended February 29, 2024. Diluted earnings per share increased primarily due to the increase in net income.

Uniform Rental and Facility Services Reportable Operating Segment

~~Nine~~Three Months Ended ~~February~~August 2831, 2025 Compared to ~~Nine~~Three Months Ended ~~February~~August 2931, 2024

Uniform Rental and Facility Services reportable operating segment revenue increased 7to $2,091.0%1 tomillion from $51,~~945~~933.48 million, or 8.1%, for the ~~nine~~three months ended ~~February~~August 2831, 2025, ~~compared~~over ~~to $5,554.0 million for~~ the ~~nine~~three months ended ~~February~~August 2931, 2024. ~~Organic~~The organic revenue growth rate for ~~this~~the reportable operating segment was ~~also~~7.3%. The cost of uniform rental and facility services increased $71.4 million, or 7.03%. ~~This~~The ~~increase~~reportable inoperating segment’s gross margin was $1,038.5 million. Gross margin as a percent of revenue was ~~driven~~49.7% byfor ~~many~~the ~~factors~~three ~~including~~months ~~new~~ended ~~business~~August ~~sold~~31, by2025, ~~sales~~compared ~~representatives~~to 49.3% for the three months ended August 31, ~~penetration~~2024. The resulting increase as a percent of ~~additional~~revenue ~~products~~was ~~and~~primarily ~~services~~due ~~into~~to ~~existing~~more ~~customers,~~efficient ~~price~~usage ~~increases~~of in-service inventory and ~~strong~~strategic ~~customer~~sourcing ~~retention~~initiatives.

~~Cost~~Selling ofand ~~uniform~~administrative ~~rental~~expenses for the Uniform Rental and ~~facility~~Facility ~~services~~Services ~~increased~~reportable ~~$122.9~~operating ~~million,~~segment orincreased 4$32.3%, ~~for~~million in the ~~nine~~three months ended ~~February~~August 2831, 2025, ~~over~~compared to the ~~nine~~three months ended ~~February~~August 2931, 2024. ~~The~~Selling ~~reportable~~and ~~operating~~administrative ~~segment’s~~expenses ~~gross~~as ~~margin~~a ~~was~~percent ~~$2,940.5 million, or 49.5%~~ of revenue, for the ~~nine~~three months ended ~~February~~August 2831, 2025 were 25.8%, compared to ~~the gross margin of 48~~26.12% ~~for~~in the ~~nine~~three months ended ~~February~~August 2931, 2024. ~~This~~The improvement ~~as a percent of revenue~~ was primarily due to ~~more~~operating ~~efficient~~leverage ~~usage~~from ofrevenue ~~in-service~~growth ~~inventory~~ and ~~more~~a ~~efficient~~decrease ~~routing~~in ~~due~~employee-partner torelated ~~our~~expenses ~~SmartTruck~~as ~~initiative~~a percent of revenue.

~~Selling~~Income ~~and~~before ~~administrative~~income ~~expenses~~taxes increased $53.5 million, or 12.0%, for the Uniform Rental and Facility Services reportable operating segment ~~increased~~for ~~$86.8~~the ~~million~~three ~~but~~months ~~decreased~~ended asAugust a31, ~~percent~~2025, ofcompared ~~revenue~~to ~~for~~ the ~~nine~~three months ended ~~February~~August 2831, ~~2025~~2024. toIncome ~~25.8%,~~before ~~compared~~income totaxes 26was 23.09% ~~for~~of the ~~nine~~reportable operating segment's revenue compared to the three months ended ~~February~~August 2931, 2024 of 23.1% ~~Excluding~~of ~~the~~revenue. ~~items~~The ~~noted~~improvement ~~previously,~~in ~~selling~~income ~~and~~before ~~administrative~~income ~~expenses~~taxes aswas a ~~percent~~result of ~~revenue increased for~~ the ~~nine~~expansion ~~months~~in ~~ended~~gross ~~February~~margin ~~28,~~in ~~2025,~~addition ~~compared~~ to the ~~nine~~improvement ~~months~~in ~~ended~~selling ~~February~~and ~~29,~~administrative ~~2024.~~expenses ~~The resulting increase~~ as a percent of revenue ~~was~~noted ~~primarily due to investments in technology~~above.

Income before income taxes increased $181.7 million, or 14.8%, for the Uniform Rental and Facility Services reportable operating segment for the nine months ended February 28, 2025, compared to the nine months ended February 29, 2024. Income before income taxes was 23.7% of the reportable operating segment’s revenue, compared to 22.1% for the nine months ended February 29, 2024. The improvement as a percent of revenue was primarily a result of the improvement in gross margin.

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First Aid and Safety Services Reportable Operating Segment

~~Nine~~Three Months Ended ~~February~~August 2831, 2025 Compared to ~~Nine~~Three Months Ended ~~February~~August 2931, 2024

First Aid and Safety Services reportable operating segment revenue increased from $~~789~~292.76 million to $~~893~~334.7 million, or 1314.24%, for the ~~nine~~three months ended ~~February~~August 2831, 2025, over the ~~nine~~three months ended ~~February~~August 2931, 2024. The ~~Organic~~organic revenue growth rate for ~~this~~the reportable operating segment was 1314.81%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.13% due to acquisitions~~, negatively impacted by 0~~.5% ~~due~~The to one less workday in the nine months ended February 28, 2025 compared to the nine months ended February 29, 2024, and negatively impacted by 0.2% due to foreign currency exchange rate fluctuations. This increase in revenue was driven by many factors including increases in new business sold by sales representatives, penetration of additional products and services into existing customers, price increases and strong customer retention.

Cost of first aid and safety services ~~increased $30.4 million, or 8.7%,~~ for the ~~nine~~three months ended ~~February~~August 2831, 2025, increased $20.7 million, or 16.7%, compared to the ~~nine~~three months ended ~~February~~August 2931, 2024~~, due to higher sales volume~~. The gross margin as a percent of revenue was 5756.38% for the ~~nine~~three months ended ~~February~~August 2831, 2025, compared to the gross margin as a percent of revenue of 5557.67% in the ~~nine~~three months ended ~~February~~August 2931, 2024. The ~~improvement~~reduction in gross margin as a percent of revenue was primarily ~~driven~~due byto aadding ~~favorable~~route ~~sales mix and sourcing and productivity initiatives~~capacity.

Selling and administrative expenses increased $3112.43 million ~~but~~in ~~decreased as a percent of revenue to 32.9%, for~~ the ~~nine~~three months ended ~~February~~August 2831, 2025, compared to ~~33.3% for~~ the ~~nine~~three months ended ~~February~~August 2931, 2024. ~~Excluding~~Selling ~~the items noted previously, selling~~ and administrative expenses as a percent of revenue for the ~~nine~~three months ended ~~February~~August 2831, 2025 ~~was~~were 32.8%, compared to 33.3% for the ~~same~~three asmonths ~~selling~~ended ~~and~~August ~~administrative~~31, ~~expenses~~2024. asThe aimprovement ~~percent~~was ofprimarily due to operating leverage from revenue ~~for~~growth ~~the~~and ~~nine~~a ~~months~~decrease ~~ended~~in ~~February~~employee-partner ~~29,~~related ~~2024~~expenses as a percent of revenue.

Income before income taxes for the First Aid and Safety Services reportable operating segment ~~was~~increased $~~218~~9.0 million to $80.3 million for the ~~nine~~three months ended ~~February~~August 2831, 2025, compared to ~~$175.8 million for~~ the ~~nine~~three months ended ~~February~~August 2931, 2024. Income before income taxes, atwas 24.40% of the reportable operating segment’s revenue, ~~increased 210 basis points~~ compared to the ~~nine~~three months ended ~~February~~August 2931, 2024 of 24.4%. The change in income before income taxes as a percent to revenue was primarily due to the ~~improvements~~previously discussed change in gross margin, inpartially ~~addition~~offset toby the ~~change~~improvement in selling and administrative expenses as a percent of revenue noted above.

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Liquidity and Capital Resources

The following is a summary of our cash flows and cash and cash equivalents as of and for the ~~nine~~three months ended August 31:

(In thousands)	~~February 28,~~ 2025		~~February 29,~~ 2024
Net cash provided by operating activities	$	1414,~~530,156~~481	$	1460,~~386,741~~357
Net cash used in investing activities	$	(~~474~~116,~~372~~227)	$	(~~503~~109,~~278~~480)
Net cash used in financing activities	$	(1424,~~150,581~~001)	$	(~~879~~591,~~470~~269)
Cash and cash equivalents at the end of the period	$	~~243~~138,~~428~~143	$	~~128~~101,~~483~~373

Cash and cash equivalents as of ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, include $3466.27 million and $5251.40 million, respectively, that is located outside of the U.S.

Cash flows provided by operating activities have historically supplied us with a significant source of liquidity. We generally use these cash flows to fund most, if not all, of our operations and expansion activities and dividends on our common stock. We may also use cash flows provided by operating activities, as well as proceeds from long-term debt and short-term borrowings to fund growth and expansion opportunities, as well as other cash requirements such as the repurchase of our common stock and payment of long-term debt.

We expect our cash flows from operating activities to remain sufficient to provide us with adequate levels of liquidity. In addition, we have access to $2.0 billion of debt capacity from our amended and restated revolving credit facility. We believe the Company has sufficient liquidity to operate in the current business environment for at least the next 12 months and the foreseeable future thereafter. Acquisitions, repurchases of our common stock and dividends remain strategic objectives, but they will be dependent on the economic outlook and liquidity of the Company.

27Net cash provided by operating activities was $414.5 million for the three months ended August 31, 2025, compared to $460.4 million for the three months ended August 31, 2024. The change from the prior fiscal year was primarily due to unfavorable changes in working capital, specifically, accounts payable and accrued liabilities. These changes were partially offset by an increase in net income and favorable changes in working capital, specifically accounts receivable, net and prepaid expenses.

Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses. Capital expenditures were $102.0 million and $92.9 million for the three months ended August 31, 2025 and 2024, respectively. Capital expenditures in the three months ended August 31, 2025, included $70.5 million for the Uniform Rental and Facility Services reportable operating segment and $16.5 million for the First Aid and Safety Services reportable operating segment. Cash paid for acquisitions of businesses was $7.6 million and $9.4 million for the three months ended August 31, 2025 and 2024, respectively. The acquisitions during both the three months ended August 31, 2025 and 2024, occurred in our Uniform Rental and Facility Services reportable operating segment, our First Aid and Safety Services reportable operating segment and our Fire Protection Services operating segment, which is included in All Other. Net cash used in investing activities also includes $6.5 million and $7.1 million of purchases of investments during the three months ended August 31, 2025 and 2024, respectively.

Net cash used in financing activities was $424.0 million and $591.3 million for the three months ended August 31, 2025 and 2024, respectively. The improvement in cash used in financing activities was due to a decrease in share buyback activity, which was partially offset by a decrease in proceeds from the net issuance of commercial paper and an increase in dividends paid in the three months ended August 31, 2025.

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~~Net~~On ~~cash~~July ~~provided~~26, by2022 ~~operating~~and ~~activities~~July ~~was~~23, $12024,~~530.2~~ ~~million~~Cintas ~~for~~announced that the ~~nine~~Board ~~months~~of ~~ended~~Directors ~~February~~(the ~~28,~~Board) ~~2025,~~authorized ~~compared~~share tobuyback $1programs,~~386.7~~ ~~million~~each for ~~the nine months ended February 29, 2024~~$1.0 billion. ~~The~~Neither ~~increase~~of ~~from~~ the ~~prior~~outstanding ~~fiscal~~share ~~year~~buyback ~~was~~programs ~~primarily~~have ~~due to~~ an ~~increase~~expiration indate. ~~net~~The ~~income~~following ~~and~~table ~~favorable~~summarizes ~~changes~~the inshare ~~working~~buyback ~~capital,~~activity ~~specifically accounts payable and accrued compensation and related liabilities. These improvements were partially offset~~ by ~~unfavorable~~program ~~changes~~for inthe ~~working~~three ~~capital,~~months ~~specifically,~~ended ~~inventories,~~August ~~net, uniforms and other rental items in service, and accounts receivable, net.~~ 31:

Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses. Capital expenditures were $294.3 million and $307.6 million for the nine months ended February 28, 2025 and February 29, 2024, respectively. Capital expenditures in the nine months ended February 28, 2025, included $219.3 million for the Uniform Rental and Facility Services reportable operating segment and $37.7 million for the First Aid and Safety Services reportable operating segment. Cash paid for acquisitions of businesses was $198.8 million and $185.0 million for the nine months ended February 28, 2025 and February 29, 2024, respectively. The acquisitions during both the nine months ended February 28, 2025 and February 29, 2024, occurred in our Uniform Rental and Facility Services reportable operating segment, our First Aid and Safety Services reportable operating segment and our Fire Protection Services operating segment, which is included in All Other. In addition, during the nine months ended February 28, 2025, Cintas received cash proceeds of $24.0 million related to the sale of property and equipment. Net cash used in investing activities also includes $7.1 million and $7.6 million of purchases of investments during the nine months ended February 28, 2025 and February 29, 2024, respectively.



	2025					2024
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 26, 2022	703	$	213.40	$	150,014	2,732	$	173.40	$	473,617
July 23, 2024	—	—		—		—	—		—
	703	$	213.40	$	150,014	2,732	$	173.40	$	473,617

Shares acquired for taxes due (1)	520	$	223.04	$	116,083	744	$	189.67	$	141,185

Total repurchase of Cintas common stock				$	266,097				$	614,802

Net cash used in financing activities was $1,150.6 million and $879.5 million for the nine months ended February 28, 2025 and February 29, 2024, respectively. The increase in cash used in financing activities was due to the increase in share buyback activity and an increase in dividends paid. This increase in cash used in financing activities was partially offset by a decrease in payments of debt in the nine months ended February 28, 2025.

	February 28, 2025					February 29, 2024
Buyback Activity(In thousands except per share data)	Shares	Avg. Priceper Share		PurchasePrice		Shares	Avg. Priceper Share		PurchasePrice
July 27, 2021	—	$	—	$	—	2,633	$	121.64	$	320,266
July 26, 2022	2,732	173.40		473,617		—	—		—
July 23, 2024	—	—		—		—	—		—
	—	$	173.40	$	473,617	2,633	$	121.64	$	320,266
Shares acquired for taxes due (1)	1,052	$	194.31	$	204,512	1,108	$	133.41	$	147,880
Total repurchase of Cintas common stock				$	678,129				$	468,146

(1)Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.

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The Board declared the following dividends:

Paid Dividends
Declaration Date(In millions except per share data)	Record Date	Payment Date	DividendPer Share		TotalAmount
Nine months ended February 28, 2025
Three months ended August 31, 2025
April 8, 2025	May 15, 2025	June 13, 2025	$	0.39	$	157.8
Three months ended August 31, 2024
April 9, 2024	May 15, 2024	June 14, 2024	$	0.3375	$	138.2
July 23, 2024	August 15, 2024	September 3, 2024	0.39		157.4
October 29, 2024	November 15, 2024	December 13, 2024	0.39		158.1
			$	1.1175	$	453.7
Nine months ended February 29, 2024
April 11, 2023	May 15, 2023	June 15, 2023	$	0.2875	$	117.6
July 25, 2023	August 15, 2023	September 15, 2023	0.3375		138.2
October 24, 2023	November 15, 2023	December 15, 2023	0.3375		137.5
			$	0.9625	$	393.3
Accrued Dividends
As of February 28, 2025
As of August 31, 2025
January 14, 2025 (1)	February 14, 2025	March 14, 2025	$	0.39	$	158.1
July 29, 2025 (1)	August 15, 2025	September 15, 2025	$	0.45	$	182.3
As of February 29, 2024
As of August 31, 2024
January 16, 2024 (1)	February 15, 2024	March 15, 2024	$	0.3375	$	137.6
July 23, 2024 (1)	August 15, 2024	September 3, 2024	$	0.39	$	157.3

(1)The dividends declared during the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024 were included in current accrued liabilities on the consolidated condensed balance sheet at ~~February~~August 2831, 2025 and ~~February 29,~~ 2024.

Any future dividend declarations, including the amount of any dividends, are at the discretion of the Board and dependent upon then-existing conditions, including the Company's consolidated ~~operating~~ results of operations and consolidated financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board may deem relevant.

During the nine months ended February 29, 2024, Cintas repurchased, and subsequently retired, $13.5 million of its 6.15%, 30-year senior notes. The following table summarizes Cintas' outstanding debt: 21

(In thousands)	Interest Rate		Fiscal YearIssued	Fiscal Year Maturity	February 28, 2025		May 31,2024
Debt due within one year
Senior notes (1)	3.11	%	2015	2025	$	50,042	$	50,294
Senior notes	3.45	%	2022	2025	400,000		400,000
Debt issuance costs					(127)		(699)
Total debt due within one year					$	449,915	$	449,595
Debt due after one year
Senior notes	3.70	%	2017	2027	$	1,000,000	$	1,000,000
Senior notes	4.00	%	2022	2032	800,000		800,000
Senior notes	6.15	%	2007	2037	236,550		236,550
Debt issuance costs					(9,073)		(10,616)
Total debt due after one year					$	2,027,477	$	2,025,934

(1)Cintas assumed these senior notes with the acquisition of G&K Services, Inc. (G&K) in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate until repayment in fiscal 2025.

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~~The~~During ~~credit~~the ~~agreement~~three ~~that~~months ~~supports~~ended ~~our~~August ~~commercial~~31, ~~paper~~2024, ~~program~~Cintas ~~has~~issued a ~~revolving~~net ~~credit facility with a capacity of~~ $2166.0 ~~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 maturity date~~ of ~~the revolving credit facility is March 23, 2027. As of February 28, 2025 and May 31, 2024, there was no~~ commercial paper ~~outstanding and no borrowings on our revolving credit facility~~.

The following table summarizes Cintas' outstanding debt:


(In thousands)	Interest Rate		Fiscal Year Issued	Fiscal Year Maturity	August 31, 2025		May 31, 2025








Debt due after one year


Senior notes	3.70	%	2017	2027	$	1,000,000	$	1,000,000
Senior notes	4.20	%	2025	2028	400,000		400,000
Senior notes	4.00	%	2022	2032	800,000		800,000
Senior notes	6.15	%	2007	2037	236,550		236,550

Debt issuance costs					(10,793)		(11,551)
Total debt due after one year					$	2,425,757	$	2,424,999

The credit agreement that supports our commercial paper program has a revolving credit facility with a capacity 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 maturity date of the revolving credit facility is March 23, 2027. As of August 31, 2025 and May 31, 2025, there was no commercial paper outstanding and no borrowings on our revolving credit facility.

Cintas has certain covenants related to debt agreements. These covenants limit our ability to incur certain liens, to engage in sale-leaseback transactions and to merge, consolidate or sell all or substantially all of Cintas' assets. These covenants also require Cintas to maintain certain debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) and interest coverage ratios. Cross-default provisions exist between certain debt instruments. If a default of a significant covenant were to occur, the default could result in an acceleration of the maturity of the indebtedness, impair liquidity and limit the ability to raise future capital. Cintas was in compliance with all of the debt covenants for all periods presented.

Our access to the commercial paper and long-term debt markets has historically provided us with sources of liquidity. We do not anticipate having difficulty in obtaining financing from those markets in the future based on our favorable experiences in the debt markets in the recent past and Cintas expects to access such markets from time to time in the future to fund its cash requirements, including the repayment of short-term and/or long-term obligations. Our ability to continue to access the commercial paper and long-term debt markets on favorable interest rate and other terms will depend, to a significant degree, on the ratings assigned by the credit rating agencies to our indebtedness. As of ~~February~~August 2831, 2025, our ratings were as follows:

Rating Agency

Outlook

Commercial
Paper

Long-term
Debt

Standard & Poor’s

Stable

A-2

A-

Moody’s Investors Service

Stable

P-2

In the event that the ratings of our commercial paper or our outstanding long-term debt issues were substantially lowered or withdrawn for any reason, or if the ratings assigned to any new issue of long-term debt securities were significantly lower than those noted above, particularly if we no longer had investment grade ratings, our ability to access the debt markets may be adversely affected. In addition, in such a case, our cost of funds for new issues of commercial paper and long-term debt would be higher than our cost of funds would have been had the ratings of those new issues been at or above the level of the ratings noted above. The rating agency ratings are not recommendations to buy, sell or hold our commercial paper or debt securities. Each rating may be subject to revision or withdrawal at any time by the assigning rating organization and should be evaluated independently of any other rating. Moreover, each credit rating is specific to the security to which it applies.

To monitor our credit rating and our capacity for long-term financing, we consider various qualitative and quantitative factors. One such factor is the ratio of our total debt to EBITDA. For the purpose of this calculation, debt is defined as the sum of short-term borrowings, long-term debt due within one year, long-term debt and standby letters of credit.

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Financial and Nonfinancial Disclosure About Issuers and Guarantors of Cintas’ Senior Notes

Cintas Corporation No. 2 (Corp. 2) is the indirectly, wholly owned principal operating subsidiary of Cintas. Corp. 2 is the issuer of the $2,~~486~~436.6 million aggregate principal amount of senior notes outstanding as of ~~February~~August 2831, 2025, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly owned, direct and indirect domestic subsidiaries.

Basis of Preparation of the Summarized Financial Information

The following tables include summarized financial information of Cintas Corporation (Issuer), Corp. 2 and subsidiary guarantors (together, the Obligor Group). Investments in and equity in the earnings of non-guarantors, which are not members of the Obligor Group, have been excluded. Non-guarantor subsidiaries are located outside the U.S., and therefore, excluded from the Obligor Group.

The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with non-guarantors have been presented in separate line items, if they are material. Summarized financial information of the Obligor Group is as follows:

Nine Months Ended

Three Months Ended

Summarized Consolidated Condensed Statements of Income(In thousands)

~~February~~August 2831, 2025

~~February~~August 2931,2024

Net sales to unrelated parties

72,~~278~~582,~~585~~505

62,~~740~~372,~~255~~606

Net sales to non-guarantors

123,~~988~~590

102,~~800~~986

Operating income

1576,~~636,362~~748

1513,~~434,570~~113

Net income

1456,~~243,526~~366

1412,~~100,008~~980

Summarized Consolidated Condensed Balance Sheets(In thousands)

~~February~~August 2831, 2025

May 31,~~2024~~2025

ASSETS

Receivables due from non-obligor subsidiaries

3885,~~988~~814

1259,~~729~~346

Total other current assets

3,~~141~~133,~~954~~253

23,~~973~~203,~~225~~986

Total other noncurrent assets

56,~~877~~044,~~613~~390

5,~~585~~972,~~493~~476

LIABILITIES

Amounts due to non-obligor subsidiaries

~~107~~136,~~656~~738

6093,~~132~~926

Current liabilities

1,~~830~~412,~~076~~522

1,~~725~~560,~~734~~058

Noncurrent liabilities

3,~~017~~508,~~349~~938

23,~~966~~429,~~795~~841

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Litigation and Other Contingencies

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. Cintas is also party to additional litigation not considered in the ordinary course of business. See Note 12 entitled Litigation and Other Contingencies of “Notes to Consolidated Condensed Financial Statements” for a detailed discussion of such additional litigation.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, including statements regarding our future business plans and expectations. 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 Quarterly Report. 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; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs, and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; 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, 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 aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; 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; the amount and timing of repurchases of our common stock, if any; changes in global 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, ~~2024~~2025 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.

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ITEM 3.

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

In our normal operations, Cintas has market risk exposure to interest rates. There has been no material change to this market risk exposure to interest rates from that which was previously disclosed in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our Annual Report on Form 10-K for the fiscal year ended May 31, ~~2024~~2025.

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 currency denominated revenue and profit translated into U.S. dollars. The primary foreign currency to which Cintas is exposed is the Canadian dollar.

ITEM 4.

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~~August 2831, 2025. 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~~August 2831, 2025, 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~~August 2831, 2025, that have materially affected, or are reasonably likely to materially affect, Cintas' internal control over financial reporting.

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Part II. Other Information

ITEM 1.

LEGAL PROCEEDINGS

WeCintas ~~discuss~~is ~~material~~subject to legal proceedings, ~~(other~~insurance ~~than~~receipts, ~~ordinary~~legal ~~routine~~settlements ~~litigation~~and ~~incidental~~claims toarising ~~our~~from ~~business)~~the ~~pending~~ordinary ~~against~~course usof inits ~~“Part I~~business, ~~Item~~including 1.personal ~~Financial Statements~~injury,” incustomer ~~Note~~contract, 12environmental ~~entitled~~and ~~Litigation~~employment ~~and~~claims. ~~Other~~In ~~Contingencies~~the opinion of ~~“Notes~~management, tothe ~~Consolidated~~aggregate ~~Condensed~~liability, ~~Financial~~if ~~Statements.”~~any, Wewith ~~refer~~respect ~~you~~ to ~~and~~such ~~incorporate~~ordinary bycourse ~~reference~~of ~~into~~business ~~this~~actions ~~Part~~will ~~II,~~not ~~Item~~have 1a ~~that~~material ~~discussion~~adverse ~~for~~effect ~~important~~on ~~information~~the ~~concerning~~consolidated ~~those~~financial ~~legal proceedings~~position, ~~including~~consolidated ~~the~~results ~~basis~~of ~~for~~operations ~~such~~or ~~actions~~consolidated ~~and,~~cash ~~where~~flows ~~known,~~of ~~the relief sought~~Cintas.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES,

USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

Period(In millions, except share and per share data)	Total numberof sharespurchased	Averageprice paidper share		Total number ofshares purchasedas part of thepublicly announcedplan (1)	Maximumapproximate dollarvalue of sharesthat may yet bepurchased underthe plan (1)
December 1 - 31, 2024 (2)	36,128	$	201.94	—	$	1,469.3
June 1 - 30, 2025 (2)	22,407	$	223.94	—	$	1,263.6
January 1 - 31, 2025 (3)	66,887	$	192.52	—	$	1,469.3
July 1 - 31, 2025 (3)	383,054	$	222.90	—	$	1,263.6
February 1 - 28, 2025 (4)	31,460	$	204.65	—	$	1,469.3
August 1 - 31, 2025 (4)	817,976	$	214.79	702,981	$	1,113.6
Total	~~134~~1,~~475~~223,437	$	~~197~~217.8950	—702,981	$	1,~~469~~113.36

(1)On July 26, 2022, 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 26, 2022 share buyback program through ~~February~~August 2831, 2025, Cintas has purchased a total of 34.18 million shares of Cintas common stock at an average price of $~~172~~183.8532 per share for a total purchase price of $~~530~~886.74 million. On July 23, 2024, 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 July 23, 2024 share buyback program through ~~February~~August 2831, 2025.

(2)During ~~December~~June ~~2024~~2025, Cintas acquired 3622,~~128~~407 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 $~~201~~223.94 per share for a total purchase price of $75.30 million.

(3)During ~~January~~July 2025, Cintas acquired 66383,~~887~~054 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 $~~192~~222.5290 per share for a total purchase price of $1285.94 million.

(4)During ~~February~~August 2025, Cintas acquired 31114,~~460~~995 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 $~~204~~223.6534 per share for a total purchase price of $625.47 million.

ITEM 5.

OTHER INFORMATION

During the quarter ended ~~February~~August 2831, 2025, 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).

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ITEM 6.

EXHIBITS

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, ~~2024~~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~~August 2831, 2025, 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)

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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~~October 38, 2025

/s/

JScott A. ~~Michael Hansen~~Garula

J. Michael Hansen

Scott A. Garula

Executive Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

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