Cintas (CTAS) FY2026 10-K Annual Report
Filed: Jul 29, 2026
Consumer Discretionary
Men's & Boys' Furnishgs, Work Clothg, & Allied GarmentsSEC EDGAR Cintas (CTAS) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 29, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cintas FY2026 10-K Analysis
Business Overview
- • Core business: Provision of uniform rental, facility services, first aid, safety products, and related services to over one million businesses primarily in North America
- • New emphasis: Pending $5.5 billion acquisition of UniFirst, expanding footprint in uniform/workwear and facility service products
- • Strategic shift: Enhanced scale and market position via merger anticipated to close in H2 2026
- • Notable metric: Fiscal 2026 revenue $11.3B, up 9% from $10.3B in 2025, with 484 operational facilities and ~12,500 local delivery routes
- • Unique fact: UniFirst shareholders approved the merger, combining two leading competitors in uniform and safety service markets
Management Discussion & Analysis
- • Revenue $11.3B, up 8.9% YoY; Uniform Rental $8.62B (+8.1%), Other segments $2.64B (+11.8%)
- • Operating margin 23.1% vs 22.8%; Uniform Rental margin 24.1% vs 23.5%, First Aid margin 25.4% vs 24.2%
- • Best performing: First Aid and Safety segment operating income +19.9% to $353.4M; Worst: All Other segment margin down to 15.3% from 16.7%
- • Operating cash flow $2.28B (+5.1%); CapEx $395M; Share repurchases $952M; Dividends paid $701.5M (+15%)
- • UniFirst acquisition pending ($5.5B deal); management expects sufficient liquidity, notes inflation mitigated by pricing and efficiencies
Risk Factors
- • Regulatory/legal risk: Hart-Scott-Rodino Antitrust Improvements Act, pending regulatory approval for $5.5B UniFirst acquisition announced Mar 10, 2026
- • Geopolitical/macroeconomic threat: Foreign currency exposures <10% of revenue and operating income, with modest impact on consolidated results
- • Operational/supply chain risk: Rising cost of material and labor in Uniform Rental segment increased cost of sales by 6.7% year-over-year
- • Competitive/market disruption risk: UniFirst merger could shift competitive dynamics with overlap in uniform, facility, first aid markets; integration risks noted
- • Financial/structural risk: $2.4B senior notes maturing 2027; $2B revolving credit facility with covenants requiring maintenance of debt to EBITDA ratio
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