[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","homz5qnnly0urvn4dt3fmlup1","revision",2,"title","Cintas Q3 2026净利润5.52亿美元，拟收购UniFirst约55亿美元","originalTitle","CINTAS CORP (0000723254) (Filer)","summary","Cintas Corporation 2026年第三季度净利润为5.52亿美元，同比增长12.3%；营收达30.14亿美元，同比增长10.9%。公司正在以约55亿美元收购UniFirst Corporation，交易预计在2026年底前完成，需获得监管批准。","reason","Cintas Corporation Q3 2026营收和净利润均同比增长，同时披露拟收购UniFirst Corporation，交易金额约55亿美元，预计2026年底前完成。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-07T20:17:00.000Z","discoveredAt","2026-10-07T20:24:52.605Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",82,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fjnwpLGskkmI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","71e7c879-d2a5-45bf-a592-7b2737d02263","Cintas收购UniFirst并购交易进展",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿，DC 20549

表格 10-Q


☑	根据《1934年证券交易法》第13条或第15(d)条提交的季度报告
	截至	2026年8月31日

或


☐	根据《1934年证券交易法》第 13条或第15(d) 条提交的过渡报告
	从至

委员会文件编号 0-11399

$\"Cintas$

辛塔斯公司

（在章程中规定的注册人全称）


华盛顿		31-1188630
（注册或组织的州或其他司法管辖区）		（美国国税局雇主识别号码）


6800 Cintas大道
P.O. Box 625737
辛辛那提，	俄亥俄州		45262-5737
（主要执行办公室地址）		（邮政编码）

注册人的电话号码，包括区号： (513) 459-1200

根据《法案》第 12(b)条注册的证券：

每类证券的名称

交易符号

每类证券注册的交易所名称

无面值普通股

CTAS

纳斯达克股票市场有限责任公司

(纳斯达克全球精选市场)

通过复选框表明注册人：(1) 是否已提交根据《1934年证券交易法》第 13条或第15(d) 条在前12个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及(2) 是否在过去90天内受到此类提交要求的约束。是 ☑ 否 ☐

通过复选框表明注册人是否在前12个月内（或注册人需提交此类文件的较短期间）根据S-T条例第405条（本章第232.405条）提交了所有要求提交的交互式数据文件。是 ☑ 否 ☐

通过复选框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速报盘人 ☑ 加速报盘人 ☐ 非加速报盘人 ☐

较小的报告公司 ☐ 新兴成长公司 ☐

如果为新兴成长公司，请通过勾选标记表明注册人是否选择不使用根据《证券交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选标记表明注册人是否为壳公司（根据《证券交易法》第12b-2条定义）。是 ☐ 否 ☑

说明发行人每种普通股类别的股份数量，截至最新可行日期。


类别		截至2026年9月30日的流通股
无面值普通股		397,075,093

CINTAS CORPORATION


			页码
第一部分财务信息

第1项。		财务报表

		合并的简要损益表 – 三个月结束于 8月31日，2026年和2025年	3

		合并的简要综合收益表 – 三个月结束于 8月31日，2026年和2025年	4

		合并的简要资产负债表 – 2026年8月31日和2026年5月31日	5

		合并的简要股东权益表 - 三个月结束于 8月31日，2026年和2025年	6

		合并的简要现金流量表 – 三个月结束于 8月31日，2026年和2025年	7

		合并的简要财务报表附注	8

第2项。		管理层讨论与分析财务状况和经营成果	18

第3项。		关于市场风险的定量和定性披露	27

第4项。		控制和程序	27

第二部分其他信息

第1项。		法律诉讼	28



第2项。		未注册的股权证券销售、资金用途和发行人购买股权证券	28

第5项。		其他信息	28

第6项。		附件	29

签名	30

第一部分。财务信息

项目 1。

财务报表

CINTAS CORPORATION

合并简要利润表

(未经审计)


	三个月结束于
(千美元，除非每股数据)	2026年8月31日		2025年8月31日
收入：
制服租赁和设施服务	$	2,294,736			$	2,091,066
其他	719,245			627,056
总收入	3,013,981			2,718,122

成本和费用：
制服租赁和设施服务成本	1,128,884			1,052,553
其他成本	331,554			299,008
销售和管理费用	827,244			748,702
UniFirst Corporation 交易费用	14,412			—

营业利润	711,887			617,859

利息收入	(2,649)			(2,209)
利息支出	24,706			24,161

税前收入	689,830			595,907
所得税	138,119			104,767


净利润	$	551,711			$	491,140




基本每股收益	$	1.37			$	1.21




稀释每股收益	$	1.36			$	1.20

每股股息	$	0.52			$	0.45

参见附注。

CINTAS CORPORATION

合并简要综合收益表

(未经审计)


	三个月结束于
(千美元)	2026年8月31日		2025年8月31日

净利润	$	551,711			$	491,140

其他综合（损失）收入，税后：
外币折算调整	(787)			(325)
利率锁定协议公允价值变动，税后费用（收益）分别为 2,933 美元和 (908) 美元	8,568			(2,652)
利率锁定协议摊销，税后收益分别为 (513) 美元和 (513) 美元	(1,523)			(1,523)

其他综合收入（损失），税后费用（收益）分别为 2,420 美元和 (1,421) 美元	6,258			(4,500)
综合收益	$	557,969			$	486,640

参见附注。

CINTAS CORPORATION

合并简要资产负债表


(千美元)	2026年8月31日		2026年5月31日
	(未经审计)
资产
流动资产：
现金及现金等价物	$	243,599			$	289,018

应收账款，净额	1,587,573			1,555,190
存货，净额	433,286			446,435
在服务中的制服和其他租赁物品	1,309,995			1,276,174

预付费用和其他流动资产	357,292			286,225
流动资产合计	3,931,745			3,853,042

固定资产，净额	1,768,378			1,740,501

投资	448,875			438,662
商誉	3,548,696			3,544,212
服务合同，净额	272,972			287,869
经营租赁使用权资产，净额	274,590			271,088
其他资产，净额	407,479			393,766
	$	10,652,735			$	10,529,140

负债和股东权益
流动负债：
应付账款	$	506,502			$	461,157
应计薪酬及相关负债	159,159			237,042
应计负债	841,215			889,198
当期所得税	140,129			44,070
经营租赁负债，流动	58,370			56,505
一年内到期的债务	999,291			998,987
流动负债合计	2,704,666			2,686,959

长期负债：
一年后到期的债务	1,429,554			1,429,086
递延所得税	548,906			537,919
经营租赁负债	224,159			221,379
应计负债	540,918			513,910
长期负债合计	2,743,537			2,702,294

股东权益：
优先股，无面值：	—			—
100股已授权，无已发行
普通股，无面值，以及实收资本：	2,931,963			2,851,129
1,700,000股已授权
2027财年：已发行780,726股，已发行在外399,517股
2026财年：已发行779,537股，已发行在外400,147股

留存收益	13,416,890			13,073,999
库藏股：	(11,235,046)			(10,869,708)
2027财年：381,209股
2026财年：379,390股
其他综合收益累计额	90,725			84,467
股东权益总额	5,204,532			5,139,887
	$	10,652,735			$	10,529,140

详见附注。

CINTAS CORPORATION

合并简要股东权益表

(未经审计)


	普通股及实收资本			留存收益	其他综合收益累计额		库藏股		股东权益总额
(千美元)	股数	金额				股数		金额

2026年6月1日余额	779,537		$	2,851,129				$	13,073,999		$	84,467	(379,390)	$	(10,869,708)	$	5,139,887
净利润	—		—				551,711			—		—	—	551,711
综合收益，税后	—		—				—			6,258		—	—	6,258
股息	—		—				(208,820)			—		—	—	(208,820)
基于股票的补偿	—		31,047				—			—		—	—	31,047
基于股票的补偿奖励行权	524		—				—			—		—	—	—
股票期权行权	665		49,787				—			—		(244)	(49,628)	159
回购普通股	—		—				—			—		(1,575)	(315,710)	(315,710)


2026年8月31日余额	780,726		$	2,931,963				$	13,416,890		$	90,725	(381,209)	$	(11,235,046)	$	5,204,532


	普通股及实收资本			留存收益	其他综合收益累计额		库藏股		股东权益总额
(千美元)	股数	金额				股数		金额

2025年6月1日余额	776,936		$	2,593,479				$	11,798,451		$	84,389	(373,988)	$	(9,791,838)	$	4,684,481
净利润	—		—				491,140			—		—	—	491,140
综合损失，税后	—		—				—			(4,500)		—	—	(4,500)
股息	—		—				(182,341)			—		—	—	(182,341)
基于股票的补偿	—		30,348				—			—		—	—	30,348
基于股票的补偿奖励行权	511		—				—			—		—	—	—
股票期权行权	1,018		70,250				—			—		(304)	(67,581)	2,669
回购普通股	—		—				—			—		(1,223)	(266,097)	(266,097)
2025年8月31日余额	778,465		$	2,694,077				$	12,107,250		$	79,889	(375,515)	$	(10,125,516)	$	4,755,700

详见附注。

CINTAS CORPORATION

合并简要现金流量表

(未经审计)


	三个月结束于
(千美元)	2026年8月31日		2025年8月31日
经营活动产生的现金流量：
净利润	$	551,711			$	491,140
调整项目以将净利润调节为经营活动产生的净现金：
折旧	78,918			77,589
摊销	48,408			48,348

基于股票的补偿	31,047			30,348

递延所得税	9,132			13,496
经营性资产和负债变动，扣除业务收购：
应收账款，净额	(32,734)			(3,635)
存货，净额	12,817			(2,398)
在服务中的制服和其他租赁物品	(33,880)			(34,760)
预付费用和其他流动资产及资本化合同成本	(108,897)			(62,382)
应付账款	46,486			(22,501)
应计薪酬及相关负债	(77,801)			(94,275)
应计负债和其他	(49,338)			(101,114)
当期所得税	96,462			74,625
经营活动产生的净现金	572,331			414,481

投资活动产生的现金流量：
资本支出	(107,532)			(101,957)

投资购买	(7,179)			(6,538)


业务收购，扣除已收购现金	(3,916)			(7,602)
其他，净额	1,260			(130)
投资活动使用的净现金	(117,367)			(116,227)

筹资活动产生的现金流：



行权所得的股票薪酬奖励	159			2,669
支付的股息	(180,700)			(157,766)
回购普通股	(315,710)			(266,097)
其他，净额	(3,917)			(2,807)
筹资活动使用的净现金	(500,168)			(424,001)

汇率变动对现金及现金等价物的影响	(215)			(83)

现金及现金等价物的净减少额	(45,419)			(125,830)
期初现金及现金等价物	289,018			263,973
期末现金及现金等价物	$	243,599			$	138,143

详见附注。

CINTAS CORPORATION

合并简要财务报表附注

(未审计)

第1号注释 - 编制基础

本公司（Cintas，公司，我们，我们或我们的）的合并简要财务报表已由Cintas编制，未经审计，根据证券交易委员会（SEC）的规则和法规。根据这些规则和法规，某些通常包含在按照美国通用会计准则（U.S. GAAP）编制的合并财务报表中的信息和附注披露已被简化或省略。我们认为披露是充分的，但我们建议将这些合并简要财务报表与我们于2026年5月31日止财年（年度报告）提交给SEC的年度报告中的合并财务报表和附注一起阅读。详见该年度报告中题为“合并财务报表附注”的“重要会计政策”的注释1，以了解我们重要会计政策的摘要。Cintas在本财年中没有发生重大会计政策变更。

中期结果可能有波动，不一定代表完整财年的经营成果。根据管理层的意见，为公允列示所列中期期间的合并结果，已作出必要的调整（仅包括正常经常性调整）。

2026年3月10日，公司根据《合并协议和计划》（合并协议）订立协议，公司将收购UniFirst Corporation（UniFirst）的所有已发行股份。Cintas与UniFirst之间的此交易在此文中称为“交易”。UniFirst是一家北美公司，从事制服和工作服计划的供应和服务、设施服务产品，以及急救和安全用品及服务。就该交易而言，根据合并协议的条款，Cintas将以约55亿美元的价格收购UniFirst的所有已发行股份。每份UniFirst普通股将转换为获得155.00美元现金和0.7720股有效发行、完全支付且不可追索的Cintas普通股（无面值）的权利（如有适用，以现金代替零碎股份），且不计利息，并受适用的预提税约束。在该交易期间，截至2026年8月31日的三个月内，我们产生了1570万美元的交易费用，主要与法律服务、专业服务和融资费用有关。其中1440万美元已计入运营收入，130万美元已计入合并的简明损益表中的利息费用。一旦交易完成，这些费用中的一部分将无法在所得税方面扣除。截至2025年8月31日的三个月内未产生交易费用。

该交易的完成取决于某些条件，包括但不限于：根据《1976年哈特-斯科特-罗迪诺反托拉斯改进法案》（经修订）适用的等待期届满或终止，以及获得某些监管批准；不存在禁止该交易的禁令或法律；各方各自陈述和保证的准确性；以及公司和UniFirst遵守其各自的承诺和协议。

存货按成本（先进先出法）或可变现净值的较低者计价。存货净额包括以下内容：


（以千为单位）	2026年8月31日		2026年5月31日

原材料	$	15,515			$	17,302
在制品	40,343			41,918
产成品	377,428			387,215
存货，净额	$	433,286			$	446,435

存货按扣除$60.5百万和$59.6百万的陈旧存货准备金（多余和滞销存货）记录，分别截至2026年8月31日和2026年5月31日。存货陈旧准备金通过具体识别以及基于Cintas历史陈旧率的估计确定。一旦特定存货项目按成本或可变现净值的较低者进行减记，就已建立新的成本基础，该存货项目随后不能再进行调增。

新的会计准则声明

2024年11月，财务会计准则委员会（FASB）发布了会计准则更新（ASU）2024-03，收入表 - 报告综合收益 - 费用分解披露（子主题220-40）：收入表费用的分解（ASU 2024-03），该准则要求，除其他事项外，在合并的中期财务报表附注中对某些费用类别进行额外的分解披露，这些费用类别包含在合并的中期损益表的正文中。ASU 2024-03适用于2026年12月15日之后开始的财年（2028财年），以及2027年12月15日之后开始的财年中的中期期间（2029财年），允许提前采用。公司目前正在评估ASU 2024-03对合并的中期财务报表的影响。

2025年9月，FASB发布了ASU 2025-06，无形资产 - 商誉和其他 - 内部使用软件（子主题350-40）：对内部使用软件会计的针对性改进（ASU 2025-06），该准则修订了会计准则编纂（ASC）350-40，无形资产 - 商誉和其他 - 内部使用软件中的指导。修订内容现代化了内部使用软件成本的确认和披露框架，取消了以前的“开发阶段”模式，并引入了更依赖判断的方法。ASU 2025-06适用于2027年12月15日之后开始的财年（2029财年）以及这些年度报告期间内的中期期间，允许提前采用。公司目前正在评估ASU 2025-06对合并的中期财务报表的影响。

没有其他最近发布或新生效的会计准则声明对Cintas的合并中期财务报表产生或预计产生重大影响。

注释2 - 收入确认

下表显示了截至2026年8月31日的三个月内Cintas按运营部门分解的总收入：




（以千为单位）	2026			2025

制服租赁和设施服务	$	2,294,736		76.1	%		$	2,091,066		76.9	%
急救和安全服务	388,517		12.9	%		334,657		12.3	%
消防保护服务	252,289		8.4	%		221,900		8.2	%
制服直接销售	78,439		2.6	%		70,499		2.6	%
总收入	$	3,013,981		100.0	%		$	2,718,122		100.0	%

消防保护服务和制服直接销售运营部门包含在所有其他中，如注释10中披露的“部门信息”所示。

收入确认政策

Over 95% of the Company's revenue is derived from fees for route servicing of Uniform Rental and Facility Services, First Aid and Safety Services and Fire Protection Services customers, performed by a Cintas employee-partner, at the customer's location of business. Revenue from our route servicing customer contracts represents a

Table of Contents

single-performance obligation. The Company recognizes revenue over time as services are performed, based on the nature of services provided and contractual rates (output method) or at a point in time when the performance obligation under the terms of the contract with a customer is satisfied, at the customer's location of business. The Company's performance period generally corresponds with the monthly invoice period.

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.

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 August 31, 2026, the current and noncurrent assets related to capitalized commissions totaled $96.6 million and $319.1 million, respectively. As of May 31, 2026, the current and noncurrent assets related to capitalized commissions totaled $96.0 million and $304.7 million, respectively. We recorded amortization expense related to capitalized commissions of $26.3 million and $26.2 million during the three months ended August 31, 2026 and 2025, respectively. These expenses are classified as selling and administrative expenses on the consolidated condensed statements of income.

Note 3 - Leases

Cintas 对某些运营设施、车辆和设备拥有经营租赁，这些租赁提供了使用底层资产的权利，并要求在租赁期限内支付租金。每份新合同都会被评估以确定该安排是否包含租赁，以及该租赁是否符合融资租赁或经营租赁的分类标准。所有确认的租赁都会在合并的资产负债表中记录，同时记录相应的经营租赁使用权资产（净额），代表在租赁期限内使用底层资产的权利，以及经营租赁负债，代表因租赁而产生的支付租金的义务。短期经营租赁，其初始期限为12个月或更短的，不会在合并的资产负债表中记录。

经营租赁的使用权资产（净额）和经营租赁负债在租赁开始日根据租赁期限内租金支付的现值进行确认，并包括在合理确定将行使的情况下延长或终止租赁的选项。租金支付的现值主要根据租赁开始日可获得的信息，使用增量借款利率确定。经营租赁的租金费用在租赁期限内按直线法确认，可变租赁费用在发生时确认。租金费用和可变租赁费用主要记录在公司的合并损益表中的“制服租赁和设施服务及其他成本”中。公司的租赁协议中不包含任何重大残值担保或重大限制性条款。

包括短期租赁费用和可变租赁费用的经营租赁费用，在两个期间均为非重要金额，分别为截至2026年8月31日的三个月内2740万美元和2025年同期的2410万美元。

下表提供了与公司截至2026年8月31日止三个月的合并损益表相关的补充信息：



（以千为单位）	2026		2025

支付的包含在经营租赁负债计量中的金额	$	16,550		$	15,792
通过新租约和续租产生的经营租赁使用权资产	$	15,618		$	33,685

与经营租赁使用权资产（净额）和经营租赁负债相关的其他信息如下：



	2026年8月31日	2026年5月31日

加权平均剩余租赁期限	5.59年	5.68年
加权平均折现率	4.37%	4.34%

截至2026年8月31日，Cintas 经营租赁负债的合同未来最低租金支付按财年如下：


（以千为单位）

2027年（剩余九个月）	$	51,758
2028	66,492
2029	56,964
2030	45,515
2031	34,812
之后	65,738
总支付额	321,279
减去利息	(38,750)
租金支付的总现值	$	282,529

注释4 - 公允价值计量

所有在经常性基础上按公允价值计量的金融工具，均已根据合并资产负债表日确定公允价值所使用的输入值，被归类到公允价值层级中最合适的层级。这些在经常性基础上按公允价值计量的金融工具如下所述：


	截至2026年8月31日			截至2026年5月31日
（以千为单位）	第1层级		第2层级		第3层级		公允价值		第1层级	第2层级		第3层级	公允价值

现金及现金等价物	$	243,599			$	—		$	—		$	243,599			$	289,018		$	—	$	—	$	289,018


预付费用和其他流动资产：
利率锁定协议	—			120,980			—		120,980			—		109,480			—		109,480


按公允价值计量的总资产额	$	243,599			$	120,980		$	—		$	364,579			$	289,018		$	109,480	$	—	$	398,498

Cintas的现金及现金等价物通常被归类到公允价值层级的第1层级。被归类为第1层级的金融工具基于活跃市场中的报价市场价。Cintas归类到第1层级的金融工具类型包括大多数银行存款和货币市场证券。Cintas不会对这些金融工具的报价市场价进行调整。

Cintas的利率锁定协议的公允价值基于类似的交易所交易衍生品（市场法），因此被归类到公允价值层级的第2层级。公允价值是通过将锁定利率与基准国债利率进行比较确定的。预付费用和其他流动资产中没有其他金额按经常性基础记录在公允价值上。

上述方法可能会产生公允价值，该公允价值可能不反映净可实现价值或未来的公允价值。此外，尽管Cintas认为其估值方法是适当且与其他市场参与者一致的，但使用不同的方法或假设来确定某些金融工具的公允价值，可能会导致在合并资产负债表日的公允价值估计值不同。

除了按经常性基础记录在公允价值的资产和负债外，Cintas根据美国通用会计准则的要求，按非经常性基础记录资产和负债的公允价值。按非经常性基础记录公允价值的资产和负债主要与企业在业务收购中获得的资产和负债有关。

注释5 - 每股收益

Cintas由于存在以限制性股票奖励形式的未完成参与性证券，因此使用两层法计算基本每股收益和稀释每股收益。以下表格列示了根据两层法计算的基本每股收益和稀释每股收益的计算过程，适用于截至2026年8月31日的三个月内归属于Cintas普通股的金额：




基本每股收益（除每股数据外，以千为单位）	2026		2025


净利润	$	551,711			$	491,140
减：分配给参与性证券的净利润	1,571			1,651
归属于普通股股东的净利润	$	550,140			$	489,489
基本加权平均普通股股数	400,137			403,292

基本每股收益	$	1.37			$	1.21




稀释每股收益（除每股数据外，以千为单位）	2026		2025


净利润	$	551,711			$	491,140
较少：分配给参与性证券的净收入	1,571			1,651
普通股股东可获得的净收入	$	550,140			$	489,489
基本加权平均流通股数	400,137			403,292
稀释性证券的影响 - 员工股票期权	4,153			6,002
稀释性加权平均流通股数	404,290			409,294

稀释性每股收益	$	1.36			$	1.20

截至2026年8月31日和2025年8月31日的三个月内，分别授予了购买230万和140万股Cintas普通股的期权，这些期权未计入稀释性每股收益的计算。这些期权的行权价高于普通股的平均市场价格（反稀释）。

2022年7月26日、2024年7月23日和2025年10月28日，Cintas宣布董事会（董事会）授权了每股10亿美元的股票回购计划。2022年7月26日的股票回购计划在2026财年第二季度完成。目前尚未到期的股票回购计划均无到期日。

下表总结了截至2026年8月31日三个月内按计划和期间的股票回购活动：


	2026		2025
回购活动（除每股数据外，单位为千）	股数	每股平均价格		购买价格		股数		每股平均价格		购买价格

2022年7月26日	—		$	—		$	—				703		$	213.40	$	150,014
2024年7月23日	1,180		199.93		235,900				—			—		—
2025年10月28日	—		—		—				—			—		—
	1,180		$	199.93		$	235,900				703		$	213.40	$	150,014

为应付税款而收购的股份 (1)	395		$	202.07		$	79,810				520		$	223.04	$	116,083

Cintas普通股的总回购			$	315,710							$	266,097

(1) 为应付期权行权和已归属限制性股票奖励的员工工资税而收购的Cintas普通股。

除上述股票回购活动外，Cintas还通过非现金交易方式收购了Cintas普通股，以进行期权行权的净股结算。下表总结了截至2026年8月31日三个月内的Cintas非现金股票回购活动：


	2026		2025
（除每股数据外，单位为千）	股数	每股平均价格		非现金价值	股数		每股平均价格	非现金价值

非现金交易活动	244		$	202.67	$	49,628			304	$	222.31	$	67,581

在2026年8月31日之后，截至2026年10月7日，Cintas以每股198.99美元的平均价格购买了250万股Cintas普通股，总购买价格为4.94亿美元。2024年7月23日的股票回购计划在2026年8月31日之后的期间内完成。从2024年7月23日股票回购计划启动至2026年9月，Cintas累计以每股195.19美元的平均价格购买了510万股Cintas普通股，总购买价格为10亿美元。根据2025年10月28日的股票回购计划，截至2026年8月31日之后的期间，到2026年10月7日，Cintas以每股198.90美元的平均价格购买了120万股Cintas普通股，总购买价格为2.441亿美元。

注6 - 商誉和其他无形资产

截至2026年8月31日的三个月内，按报告经营部门和所有其他部门划分的好运价值账面金额的变化如下：


商誉（以千为单位）	统一租赁和设施服务		急救和安全服务		所有其他		总计

2026年6月1日的余额	$	2,964,710			$	303,456		$	276,046	$	3,544,212
收购的商誉	1,095			—			4,682		5,777
外币折算	(1,198)			(91)			(4)		(1,293)
2026年8月31日的余额	$	2,964,607			$	303,365		$	280,724	$	3,548,696

有关Cintas的无形资产（净额）的信息如下：


	截至2026年8月31日			截至2026年5月31日
（以千为单位）	账面金额		累计摊销		净额			账面金额		累计摊销		净额

服务合同	$	1,110,639			$	837,667			$	272,972			$	1,111,966		$	824,097	$	287,869
其他无形资产	87,466			77,500			9,966				87,272		76,493		10,779
	$	1,198,105			$	915,167			$	282,938			$	1,199,238		$	900,590	$	298,648

截至2026年8月31日的三个月内，服务合同和其他无形资产的摊销费用分别为1490万美元和1530万美元。这些费用记录在合并的简明损益表的销售和管理费用中。

第7号注释 - 债务、衍生品和对冲活动

Cintas的未偿债务如下所示：


（以千为单位）	利率		财政年度发行		财政年度到期		截至2026年8月31日		截至2026年5月31日

一年内到期的债务

高级票据	3.70	%		2017		2027		$	1,000,000			$	1,000,000

债务发行费用							(709)			(1,013)
一年内到期的总债务							$	999,291			$	998,987

一年后到期的债务



高级票据	4.20	%		2025		2028		$	400,000			$	400,000
高级票据	4.00	%		2022		2032		800,000			800,000
高级票据	6.15	%		2007		2037		236,550			236,550

债务发行费用							(6,996)			(7,464)
一年后到期的总债务							$	1,429,554			$	1,429,086

Cintas的高级票据按成本记录，扣除债务发行费用。长期债务的公允价值根据可观测的市场价格使用第2级输入进行估算。截至2026年8月31日，Cintas债务的账面价值和公允价值分别为24.366亿美元和24.023亿美元，截至2026年5月31日分别为24.366亿美元和24.252亿美元。

支持我们商业票据计划的信贷协议在循环信贷设施下有20亿美元的额度，并包含最高3亿美元的信用证子设施和最高1.5亿美元的快速贷款子设施。该信贷协议具有扩展功能，使Cintas能够在循环信贷设施下请求增加借款承诺，总计最多10亿美元，但需满足常规条件。循环信贷设施的到期日为2031年3月27日。截至2026年8月31日和2026年5月31日，我们没有未偿还的商业票据，也没有在循环信贷设施中借款。

如果有的话，商业票据的公允价值（近似账面价值）根据一般市场价格和利率使用第2级输入进行估算。

Cintas 使用利率锁定来管理其总体利息支出，因为利率锁定可以有效改变特定债务发行的利率。利率锁定用于防范与预测的债务发行相关的基准国债利率的不利变动。Cintas 在 2007 财年、2017 财年和 2022 财年发行高级票据时，使用了代表现金流量对冲的利率锁定。利率锁定的摊销导致截至 2026 年 8 月 31 日和 2025 年的三个月内其他综合收益减少了 150 万美元。

在 2022 财年和 2020 财年，Cintas 为预测的债务发行签订了利率锁定协议。截至 2026 年 8 月 31 日和 2026 年 5 月 31 日，未到期现金流量对冲的名义总额均为 5 亿美元。预测债务发行的未到期利率锁定的公允价值如下所示：


发行财年（以千为单位）		2026 年 8 月 31 日			2026 年 5 月 31 日
	预付及其他流动资产			预付及其他流动资产

2022		$	70,676			$	65,017
2020		$	50,304			$	44,463

利率锁定公允价值的变动记录在其他综合收益（损失）中，扣除税项后。这些利率锁定对截至 2026 年 8 月 31 日和 2025 年的三个月内的净利润或现金流量没有影响。

Cintas 的债务协议包含某些契约。这些契约限制 Cintas 产生某些抵押品、进行售后回租交易以及合并、合并或出售其全部或几乎全部资产的能力。这些契约还要求 Cintas 维持一定的债务与合并前利息、税项、折旧和摊销（EBITDA）的比率。某些债务工具之间存在交叉违约条款。如果发生重大契约违约，违约可能导致债务到期加速，影响流动性并限制未来筹集资本的能力。Cintas 在所有披露期间均遵守了所有债务契约。

注 8 - 所得税

在正常业务过程中，Cintas 会为不确定的税务事项及其相关利息计提，并相应调整其未确认的税务收益和应计利息。截至 2026 年 8 月 31 日和 2026 年 5 月 31 日，已记录的未确认税务收益分别为 5630 万美元和 5280 万美元，并包含在合并的资产负债表中的长期应计负债中。

Cintas 的大部分业务都在北美。Cintas 需要提交美国联邦所得税申报表，以及大多数国内州和某些加拿大省的州所得税申报表。有时，Cintas 在这些司法管辖区会受到审计。由于审计本质上有时很复杂，可能需要几年时间才能解决。任何此类税务审计的最终解决都可能导致 Cintas 的应计负债减少或所得税支出增加，这可能会影响任何特定期间的合并经营成果。

所有美国联邦所得税申报表在2022财年之前均关闭审计。 Cintas目前正在某些外国司法管辖区和某些国内州接受审计。外国和国内州审计的财年追溯至2020财年。根据各种审计的现状和解决情况以及其他潜在的监管发展，预计截至2027年5月31日的财年未确认税务优惠余额不会发生重大变化。

Cintas截至2026年8月31日和2025年8月31日三个月的有效税率分别为20.0%和17.6%。所有期间的有效税率均受到某些特殊项目的影响，主要是基于股票的薪酬的税务会计影响。

第9号注释 - 累计其他综合收益（损失）

以下表格总结了累计其他综合收益（损失）各组成部分的累计余额变化，税后：


（以千为单位）	外币汇率		利率锁定的未实现收益（利息）		其他		总计

2026年6月1日余额	$	(28,359)			$	107,624		$	5,202	$	84,467
其他综合（损失）收入在重新分类前	(787)			8,568			—		7,781
Amounts reclassified from accumulated other 综合收入（损失）	—			(1,523)			—		(1,523)
本期其他综合（损失）收入净额	(787)			7,045			—		6,258
2026年8月31日余额	$	(29,146)			$	114,669		$	5,202	$	90,725


（以千为单位）	外币汇率		利率锁定的未实现收益（利息）		其他		总计

2025年6月1日余额	$	(25,733)			$	108,553		$	1,569	$	84,389
重新分类前的其他综合损失	(325)			(2,652)			—		(2,977)
Amounts reclassified from accumulated other 综合收入（损失）	—			(1,523)			—		(1,523)
本期其他综合损失净额	(325)			(4,175)			—		(4,500)
2025年8月31日余额	$	(26,058)			$	104,378		$	1,569	$	79,889

以下表格总结了截至2026年8月31日三个月的累计其他综合收益（损失）的重新分类情况：


累计其他综合收益（损失）组成部分的详细信息	从累计其他综合收益（损失）中重新分类的金额	影响合并资产负债表中的相关项目
（以千为单位）	2026		2025




利率锁定的摊销	$	2,036			$	2,036		利息支出
税务费用	(513)			(513)			所得税
净税后利率锁定的摊销	$	1,523			$	1,523

第10号注释 - 分部信息

Cintas的可报告运营分部包括制服租赁和设施服务以及急救与安全服务。制服租赁和设施服务可报告运营分部包括制服和其他服装（包括阻燃服装）的租赁和维护，地垫、拖把和车间毛巾以及其他辅助物品。除了这些租赁物品外，卫生间清洁服务和用品，以及我们在送货途中向客户销售目录中的物品也包含在该可报告运营分部中。急救与安全服务可报告运营分部包括急救和安全产品及服务，以及工作场所的用水服务。Cintas其余的运营分部，包括消防保护服务运营分部和制服直销运营分部，均包含在“其他所有”中。

我们的首席运营决策者（CODM）是首席执行官。CODM 负责制定公司的战略方向，管理整体运营，并是董事会与组织内部关键运营人员之间的主要沟通渠道。CODM 主要根据收入和运营收入来评估每个运营部门的业绩，利用这些信息来指导战略决策并在公司内分配资源。运营部门的会计政策与注释1 中所述的呈现基础相同。

有关 Cintas 报告运营部门和所有其他部门的运营信息如下：


（以千为单位）	制服租赁和设施服务		急救和安全服务		所有其他		公司 (1)	总计















截至 2026 年 8 月 31 日的三个月
收入	$	2,294,736			$	388,517		$	330,728	$	—	$	3,013,981
销售成本	1,128,884			164,700			166,854		—	1,460,438
毛利	1,165,852			223,817			163,874		—	1,553,543
销售和管理费用	590,764			124,275			112,205		—	827,244
UniFirst 交易费用	—			—			—		14,412	14,412
运营收入（亏损）	$	575,088			$	99,542		$	51,669	$	(14,412)	$	711,887
折旧和摊销	$	104,132			$	15,926		$	7,268	$	—	$	127,326
资本支出	$	88,841			$	11,823		$	6,868	$	—	$	107,532
总资产	$	8,427,921			$	996,578		$	984,637	$	243,599	$	10,652,735

截至 2025 年 8 月 31 日的三个月
收入	$	2,091,066			$	334,657		$	292,399	$	—	$	2,718,122
销售成本	1,052,553			144,489			154,519		—	1,351,561
毛利	1,038,513			190,168			137,880		—	1,366,561
销售和管理费用	538,576			109,841			100,285		—	748,702
运营收入	$	499,937			$	80,327		$	37,595	$	—	$	617,859
折旧和摊销	$	100,047			$	19,749		$	6,141	$	—	$	125,937
资本支出	$	70,475			$	16,474		$	15,008	$	—	$	101,957
总资产	$	8,100,857			$	825,053		$	773,637	$	138,143	$	9,837,690

(1) 公司运营亏损与 UniFirst 交易费用有关。公司资产包括现金及现金等价物和有价证券（如适用），在所有期间均包括在内。

下表总结了截至 2026 年 8 月 31 日三个月内总部门运营收入与合并净利润之间的调节情况：


（以千为单位）	2026		2025

总部门运营收入	$	711,887			$	617,859
利息收入	(2,649)			(2,209)
利息支出	24,706			24,161
税前收入	689,830			595,907
所得税	138,119			104,767
净利润	$	551,711			$	491,140

项目 2.

管理层讨论与分析

财务状况和经营成果

业务战略

Cintas 帮助超过一百万种不同类型和规模的企业，主要在美国（U.S.）以及加拿大和拉丁美洲，每天通过提供一系列产品和服务，使他们能够自信地开门营业，提升客户的形象，并帮助保持其设施和员工的清洁、安全和最佳状态。产品和服务包括制服、地垫、拖把、车间毛巾、卫生间用品、工作场所用水服务、急救和安全产品、洗眼站、安全培训、灭火器、喷淋系统和报警测试，Cintas 帮助客户做好准备迎接工作日®。

我们是北美通过租赁和销售计划提供企业形象制服的领先供应商，同时也是提供相关业务服务的重要供应商，包括入口地垫、卫生间清洁服务和用品、急救和安全服务，以及消防保护产品和服务。

Cintas 的主要目标是“通过超越客户的期望来最大化 Cintas 对股东和工作伙伴的长期价值”，它为 Cintas 的业务战略提供了框架和重点。该战略是通过增加现有客户的渗透率以及扩大客户群，涵盖我们过去未曾服务过的市场细分，从而实现我们所有产品和服务的收入增长。我们还将继续为当前和未来的客户寻找更多的产品和服务机会。

为了实现提高渗透率的战略，我们拥有一支才华横溢且多元化的服务专业团队，定期拜访我们的客户。与客户的频繁接触使我们能够建立紧密的个人关系。我们分销系统与这些牢固的客户关系相结合，为我们推出额外的产品和服务提供了平台。

我们通过多种方式来实现扩大客户群的战略。Cintas 有一个全国性的销售团队，向所有市场细分中的潜在客户介绍其所有产品和服务。我们产品和服务的广泛范围使我们的销售团队可以考虑任何类型的潜在业务。我们还通过地理扩张来扩大客户群。最后，我们会根据机会评估战略收购。

经营成果

Cintas将其业务分为两个可报告运营部门，并将其余运营部门归类为其他所有类别。Cintas的两个可报告运营部门是制服租赁和设施服务，以及急救与安全服务。制服租赁和设施服务可报告运营部门包括制服和其他服装（包括阻燃服装）的租赁和维护，以及地垫、拖把和车间毛巾等其他辅助物品。除了这些租赁物品外，还包括卫生间清洁服务和用品，以及我们沿路向客户销售目录中的物品。急救与安全服务可报告运营部门包括急救和安全产品及服务，以及工作场所的用水服务。Cintas其余的业务，包括消防保护服务运营部门和制服直销运营部门，归入其他所有类别。这些运营部门包括消防保护产品和服务以及制服及相关物品的直销。Cintas根据收入和营业利润来评估各运营部门的业绩。截至2026年8月31日和2025年8月31日的三个月内，两个可报告运营部门和其他所有类别的收入和营业利润列示在第10号附注中，标题为“合并中期财务报表附注”。公司根据其首席运营决策者（CODM）定期审查的信息，定期审查其运营部门的报告情况，以分配资源和评估业绩，并在适当的时候进行调整。

On March 10, 2026, the Company entered into an Agreement and Plan of Merger (Merger Agreement) pursuant to which the Company will acquire all outstanding shares of UniFirst Corporation (UniFirst) common stock. This transaction between Cintas and UniFirst is referred to herein as the \"Transaction.\" UniFirst is a North American company in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Under the terms of the Merger Agreement, subject to the satisfaction (or, to the extent permitted by applicable law in accordance with the Merger Agreement, waiver) of certain conditions, Cintas

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will acquire all the outstanding shares of UniFirst common stock in a transaction valued at approximately $5.5 billion. Each share of UniFirst common stock will be converted into the right to receive $155.00 in cash and 0.7720 shares of validly issued, fully paid and non-assessable Cintas common stock, with no par value (with, if applicable, cash in lieu of fractional shares), in each case without interest and subject to any applicable withholding taxes. The completion of the Transaction is subject to certain conditions, including, without limitation: the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and the obtaining of certain regulatory approvals; the absence of an injunction or law prohibiting the Transaction; the accuracy of the parties' respective representations and warranties; and the compliance by the Company and UniFirst with their respective covenants and agreements. The Transaction has not closed as of the date of the filing of this Form 10-Q. On June 11, 2026, each of Cintas and UniFirst received a request for additional information and documentary material (the Second Request) from the U.S. Federal Trade Commission (the FTC) in connection with the FTC’s review of the transactions contemplated by the Merger Agreement. On October 2, 2026, each of Cintas and UniFirst certified to the FTC that it has substantially complied with the Second Request. On October 2, 2026, Cintas and UniFirst entered into a timing agreement with the FTC pursuant to which Cintas and UniFirst agreed, among other things, not to consummate the Transaction prior to December 11, 2026 unless they have received written notice from the FTC prior to such date that the FTC has closed its investigation of the Transaction. Cintas expects that the Transaction will close prior to the end of calendar year 2026, subject to the satisfaction or waiver of customary closing conditions.

Consolidated Results

Three Months Ended August 31, 2026 Compared to Three Months Ended August 31, 2025

Total revenue increased 10.9% to $3,014.0 million for the three months ended August 31, 2026, compared to $2,718.1 million for the three months ended August 31, 2025. The organic revenue growth rate, which adjusts for the impact of acquisitions, workday differences and foreign currency exchange rate fluctuations, was 8.9%. Revenue growth was positively impacted by 0.4% due to acquisitions, positively impacted by 1.7% due to one more workday in the three months ended August 31, 2026 compared to the three months ended August 31, 2025, and negatively impacted by 0.1% due to foreign currency exchange rate fluctuations.

Uniform Rental and Facility Services reportable operating segment revenue was $2,294.7 million for the three months ended August 31, 2026, compared to $2,091.1 million for the three months ended August 31, 2025, which was an increase of 9.7%. The organic revenue growth rate for this reportable operating segment was 8.0%. Revenue growth in the Uniform Rental and Facility Services reportable operating segment was positively impacted by 0.2% due to acquisitions, positively impacted by 1.7% due to one more workday in the three months ended August 31, 2026 compared to the three months ended August 31, 2025, 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, price increases, and strong customer retention.

Other revenue, consisting of revenue from the First Aid and Safety Services reportable operating segment and All Other, increased 14.7% for the three months ended August 31, 2026, compared to the three months ended August 31, 2025, from $627.1 million to $719.2 million. The organic revenue growth rate for other revenue was 11.9%. Revenue growth was positively impacted by 1.1% due to acquisitions and positively impacted by 1.7% due to one more workday in the three months ended August 31, 2026 compared to the three months ended August 31, 2025.

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 $76.3 million, or 7.3%, for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 50.3% for the three months ended August 31, 2025, to 49.2% for the three months ended August 31, 2026. This improvement as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

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 $32.5 million, or 10.9%, for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Cost of other improved as a percent of revenue, decreasing from 47.7% for three months ended August 31, 2025, to 46.1% for the three months ended August 31, 2026. The improvement in cost of sales as a percent of revenue was primarily due to sourcing and productivity initiatives and a favorable sales mix.

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Selling and administrative expenses increased $78.5 million, or 10.5%, in the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Selling and administrative expenses as a percent of revenue were 27.4% for the three months ended August 31, 2026, compared to 27.5% for the three months ended August 31, 2025.

As a result of the pending Transaction with UniFirst, the Company incurred $15.7 million in transaction expenses during the three months ended August 31, 2026, which relate primarily to legal services, professional services and financing fees. Of the $15.7 million, $14.4 million was recorded in operating income, and $1.3 million was recorded in interest expense on the consolidated condensed statements of income. No transaction expenses were incurred during the three months ended August 31, 2025.

Operating income was $711.9 million, or 23.6% of revenue, for the three months ended August 31, 2026, compared to $617.9 million, or 22.7% of revenue, for the three months ended August 31, 2025. The resulting increase in operating income as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

Net interest expense (interest expense less interest income) was $22.1 million for the three months ended August 31, 2026, compared to $22.0 million for the three months ended August 31, 2025.

Cintas’ effective tax rate was 20.0% and 17.6% for the three months ended August 31, 2026 and 2025, 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 was $551.7 million for the three months ended August 31, 2026, an increase of 12.3% compared to the three months ended August 31, 2025. Diluted earnings per share were $1.36 for the three months ended August 31, 2026, which was an increase of 13.3% compared to the three months ended August 31, 2025. Diluted earnings per share increased primarily due to the increase in net income.

Uniform Rental and Facility Services Reportable Operating Segment

Three Months Ended August 31, 2026 Compared to Three Months Ended August 31, 2025

Uniform Rental and Facility Services reportable operating segment revenue increased to $2,294.7 million from $2,091.1 million, or 9.7%, for the three months ended August 31, 2026, over the three months ended August 31, 2025. The organic revenue growth rate for the reportable operating segment was 8.0%. The cost of uniform rental and facility services increased $76.3 million, or 7.3%. The reportable operating segment’s gross margin was $1,165.9 million. Gross margin as a percent of revenue was 50.8% for the three months ended August 31, 2026, compared to 49.7% for the three months ended August 31, 2025. The resulting increase as a percent of revenue was primarily due to more efficient usage of in-service inventory, strategic sourcing initiatives, efficiency gains and improved leverage of fixed costs.

Selling and administrative expenses for the Uniform Rental and Facility Services reportable operating segment increased $52.2 million in the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Selling and administrative expenses as a percent of revenue for the three months ended August 31, 2026 were 25.7%, compared to 25.8% in the three months ended August 31, 2025.

Operating income increased $75.2 million, or 15.0%, for the Uniform Rental and Facility Services reportable operating segment for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Operating income was 25.1% of the reportable operating segment's revenue compared to the three months ended August 31, 2025 of 23.9% of revenue. The improvement in operating income was primarily a result of the expansion in gross margin.

First Aid and Safety Services Reportable Operating Segment

Three Months Ended August 31, 2026 Compared to Three Months Ended August 31, 2025

First Aid and Safety Services reportable operating segment revenue increased to $388.5 million from $334.7 million, or 16.1%, for the three months ended August 31, 2026, over the three months ended August 31, 2025. The organic revenue growth rate for the reportable operating segment was 14.2%. First Aid and Safety Services reportable operating segment revenue was positively impacted by 0.2% due to acquisitions and by 1.7% due to one more

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workday in the three months ended August 31, 2026 compared to the three months ended August 31, 2025. 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.

Cost of first aid and safety services for the three months ended August 31, 2026, increased $20.2 million, or 14.0%, compared to the three months ended August 31, 2025. The gross margin as a percent of revenue was 57.6% for the three months ended August 31, 2026, compared to 56.8% in the three months ended August 31, 2025. The improvement in gross margin as a percent of revenue was primarily due to a favorable sales mix, efficiency gains and strategic sourcing initiatives.

Selling and administrative expenses increased $14.4 million in the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Selling and administrative expenses as a percent of revenue for the three months ended August 31, 2026 were 32.0%, compared to 32.8% for the three months ended August 31, 2025. The improvement as a percent of revenue was primarily due to operating leverage from revenue growth.

Operating income for the First Aid and Safety Services reportable operating segment increased $19.2 million to $99.5 million for the three months ended August 31, 2026, compared to the three months ended August 31, 2025. Operating income was 25.6% of the reportable operating segment’s revenue compared to the three months ended August 31, 2025 of 24.0%. The improvement in operating income as a percent of revenue was primarily due to the previously discussed changes in gross margin and selling and administrative expenses noted above.

Liquidity and Capital Resources

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



(In thousands)	2026		2025

Net cash provided by operating activities	$	572,331		$	414,481
Net cash used in investing activities	$	(117,367)		$	(116,227)
Net cash used in financing activities	$	(500,168)		$	(424,001)

Cash and cash equivalents at the end of the period	$	243,599		$	138,143

Cash and cash equivalents as of August 31, 2026 and 2025, include $79.8 million and $66.7 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 revolving credit facility under our credit agreement. 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.

Net cash provided by operating activities was $572.3 million for the three months ended August 31, 2026, compared to $414.5 million for the three months ended August 31, 2025. The change from the prior fiscal year was primarily due to an increase in net income and favorable changes in working capital, specifically, accounts payable, accrued liabilities and income taxes. These changes were partially offset by unfavorable changes in working capital, specifically prepaid expenses and other current assets and accounts receivable, net.

Net cash used in investing activities includes capital expenditures, purchases of investments and cash paid for acquisitions of businesses. Capital expenditures were $107.5 million and $102.0 million for the three months ended

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August 31, 2026 and 2025, respectively. Capital expenditures in the three months ended August 31, 2026, included $88.8 million for the Uniform Rental and Facility Services reportable operating segment and $11.8 million for the First Aid and Safety Services reportable operating segment. Cash paid for acquisitions of businesses was $3.9 million and $7.6 million for the three months ended August 31, 2026 and 2025, respectively. The acquisitions during the three months ended August 31, 2026 occurred in our Fire Protection Services operating segment, which is included in All Other. During the three months ended August 31, 2025, acquisitions 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 $7.2 million and $6.5 million of purchases of investments during the three months ended August 31, 2026 and 2025, respectively.

Net cash used in financing activities was $500.2 million and $424.0 million for the three months ended August 31, 2026 and 2025, respectively. The increase in cash used in financing activities was due to an increase in repurchases of common stock and an increase in dividends paid.

On July 26, 2022, July 23, 2024 and October 28, 2025, Cintas announced that the Board of Directors (the Board) authorized share buyback programs, each for $1.0 billion. The July 26, 2022 share buyback program was completed during the second quarter of fiscal 2026. Neither of the outstanding share buyback programs have an expiration date. The following table summarizes the share buyback activity by program for the three months ended August 31:



	2026		2025
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
July 23, 2024	1,180		199.93		235,900				—			—		—
October 28, 2025	—		—		—				—			—		—
	1,180		$	199.93		$	235,900				703		$	213.40	$	150,014

Shares acquired for taxes due (1)	395		$	202.07		$	79,810				520		$	223.04	$	116,083

Total repurchase of Cintas common stock			$	315,710							$	266,097

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

In the period subsequent to August 31, 2026, through October 7, 2026, Cintas purchased 2.5 million shares of Cintas common stock at an average price of $198.99 per share, for a total purchase price of $494.0 million. The July 23, 2024 share buyback program was completed in the period subsequent to August 31, 2026. From the inception of the July 23, 2024 share buyback program through September 2026, Cintas has purchased 5.1 million shares of Cintas common stock in the aggregate, at an average price of $195.19 per share, for a total purchase price of $1.0 billion. Under the October 28, 2025 share buyback program, Cintas has purchased 1.2 million shares of Cintas common stock at an average price of $198.90 per share, for a total purchase price of $244.1 million in the period subsequent to August 31, 2026, through October 7, 2026.

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The Board declared the following dividends:


Paid Dividends
Declaration Date (In millions except per share data)	Record Date	Payment Date	Dividend Per Share		Total Amount

Three months ended August 31, 2026
April 14, 2026	May 15, 2026	June 15, 2026	$	0.45		$	180.7





Three months ended August 31, 2025
April 8, 2025	May 15, 2025	June 13, 2025	$	0.39		$	157.8





Accrued Dividends

As of August 31, 2026
July 28, 2026 (1)	August 14, 2026	September 15, 2026	$	0.52		$	208.8

As of August 31, 2025
July 29, 2025 (1)	August 15, 2025	September 15, 2025	$	0.45		$	182.3

(1)The dividends declared during the three months ended August 31, 2026 and 2025 were included in current accrued liabilities on the consolidated condensed balance sheet at August 31, 2026 and 2025.

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 results of operations and consolidated financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board may deem relevant.

The following table summarizes Cintas' outstanding debt:


(In thousands)	Interest Rate		Fiscal Year Issued		Fiscal Year Maturity		August 31, 2026		May 31, 2026

Debt due within one year

Senior notes	3.70	%		2017		2027		$	1,000,000			$	1,000,000

Debt issuance costs							(709)			(1,013)
Total debt due within one year							$	999,291			$	998,987

Debt due after one year



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							(6,996)			(7,464)
Total debt due after one year							$	1,429,554			$	1,429,086

The credit agreement which supports our commercial paper program has capacity under a revolving credit facility of $2.0 billion and contains a letter of credit sub-facility of up to $300.0 million and a swing line sub-facility of up to $150.0 million. The credit agreement has an accordion feature that provides Cintas with the ability to request increases to the borrowing commitments under the revolving credit facility up to $1.0 billion in the aggregate, subject to customary conditions. The maturity date of the revolving credit facility is March 27, 2031. As of August 31, 2026 and May 31, 2026, there was no commercial paper outstanding and no borrowings on our revolving credit facility.

Cintas' debt agreements contain certain covenants. 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 a certain debt to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio. 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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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 we expect to access such markets from time to time in the future to fund our 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 August 31, 2026, 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.

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 Corporation. Corp. 2 is the issuer of the $2,436.6 million aggregate principal amount of senior notes outstanding as of August 31, 2026, 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, Corp. 2 (issuer) 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:


	Three Months Ended
Summarized Consolidated Condensed Statements of Income (In thousands)	August 31, 2026		August 31, 2025

Net sales to unrelated parties	$	2,863,610		$	2,582,505
Net sales to non-guarantors	$	2,939		$	3,590
Operating income	$	663,288		$	576,748
Net income	$	506,872		$	456,366

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Summarized Consolidated Condensed Balance Sheets (In thousands)	August 31, 2026		May 31, 2026

ASSETS
Receivables due from non-obligor subsidiaries	$	96,308		$	93,386
Total other current assets	$	3,657,150		$	3,583,716
Total other noncurrent assets	$	6,243,099		$	6,192,423

LIABILITIES
Amounts due to non-obligor subsidiaries	$	158,545		$	122,931
Current liabilities	$	2,579,665		$	2,580,416
Noncurrent liabilities	$	2,669,805		$	2,626,542

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.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, 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, terms or expressions such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “targets,” “forecasts,” “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. Forward-looking statements in this Quarterly Report include, but are not limited to, statements about the completion and the benefits of the transaction between Cintas and UniFirst (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. 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.

The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Cintas and UniFirst; the outcome of any legal proceedings that may be instituted against Cintas or UniFirst; the possibility that the Transaction does not close when expected or at all because required regulatory, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Cintas and UniFirst operate; any failure to promptly and effectively integrate the businesses of Cintas and UniFirst; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Cintas’ or UniFirst’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by Cintas’ issuance of additional shares of its capital stock in connection with the Transaction; changes in the trading price of Cintas’ or UniFirst’s

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capital stock; and the diversion of management’s attention and time to the Transaction from ongoing business operations and opportunities.

Additional important factors relating to Cintas that could cause actual results to differ from those in forward-looking statements 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; Cintas' ability to meet its 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 Cintas' common stock, if any; changes in global tax and labor laws; the reactions of competitors in terms of price and service and the other risks and contingencies detailed in Cintas’ most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission.

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, 2026, 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, 2026.

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’ Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, Cintas has evaluated the effectiveness of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act)) as of August 31, 2026. Based on such evaluation, Cintas’ management, including Cintas’ Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, have concluded that Cintas’ disclosure controls and procedures were effective as of August 31, 2026, in ensuring (i) information required to be disclosed by Cintas in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's (SEC) 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 August 31, 2026, 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

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 number of shares purchased	Average price paid per share		Total number of shares purchased as part of the publicly announced plan (1)	Maximum approximate dollar value of shares that may yet be purchased under the plan (1)

June 1 - 30, 2026 (2)	14,803		$	176.31		—	$	1,485.8
July 1 - 31, 2026 (3)	360,663		$	201.11		242,511	$	1,437.4
August 1 - 31, 2026 (4)	1,199,419		$	200.57		937,418	$	1,249.9
Total	1,574,885		$	200.47		1,179,929	$	1,249.9

(1)On July 23, 2024, Cintas announced that the Board authorized a $1.0 billion share buyback program which does not have an expiration date. From the inception of the July 23, 2024 share buyback program through August 31, 2026, Cintas has purchased a total of 3.9 million shares of Cintas common stock at an average price of $193.93 per share for a total purchase price of $750.1 million. On October 28, 2025, Cintas announced that the Board authorized a new $1.0 billion share buyback program, which does not have an expiration date. There were no share buybacks under the October 28, 2025 share buyback program through August 31, 2026.

(2)During June 2026, Cintas acquired 14,803 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 $176.31 per share for a total purchase price of $2.6 million.

(3)During July 2026, Cintas acquired 118,152 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 $203.99 per share for a total purchase price of $24.1 million.

(4)During August 2026, Cintas acquired 262,001 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 $202.66 per share for a total purchase price of $53.1 million.

ITEM 5.

OTHER INFORMATION

During the quarter ended August 31, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

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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, 2026)
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 August 31, 2026, formatted in Inline XBRL: (i) Consolidated Condensed Statements of Income (unaudited), (ii) Consolidated Condensed Statements of Comprehensive Income (unaudited), (iii) Consolidated Condensed Balance Sheets (unaudited), (iv) Consolidated Condensed Statements of Shareholders' Equity (unaudited), (v) Consolidated Condensed Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Condensed Financial Statements, tagged as blocks of text and including detailed tags
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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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:

October 7, 2026

/s/

Scott A. Garula

Executive Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

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