Operating cash flow has exceeded net income in eight of the last ten quarters, with an average OCF/NI ratio of 1.18, reflecting high earnings quality and robust cash conversion.
Cintas Corporation (CTAS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Cash from Operations | 2.43B | 2.28B | 2.17B | 2.08B | 1.6B | 1.54B | 1.36B | 1.29B | 1.07B | 964.16M | 763.89M | 465.85M | 580.28M | 607.97M | 552.75M | 469.86M | 340.89M | 561.57M | 523.52M | 544.54M | 449.39M | 461.89M | 414.21M | 509.71M | 330.69M | 377.43M | 246.96M | 258.03M | 203.1M | 118.7M | 116.4M |
| Operating CF Margin % | - | 20.21% | 20.95% | 21.67% | 18.12% | 19.58% | 19.12% | 18.23% | 15.49% | 14.89% | 14.35% | 9.5% | 12.96% | 13.36% | 12.81% | 11.45% | 8.95% | 15.83% | 13.87% | 13.83% | 12.12% | 13.57% | 13.5% | 18.11% | 12.31% | 16.62% | 11.43% | 13.57% | 11.6% | 9.91% | 13.86% |
| Operating CF Growth % | 69.88% | 5.1% | 4.14% | 30.16% | 3.91% | 13% | 5.36% | 20.94% | 10.76% | 26.22% | 63.98% | -19.72% | -4.55% | 9.99% | 17.64% | 37.84% | -39.3% | 7.27% | -3.86% | 21.17% | -2.71% | 11.51% | -18.74% | 54.14% | -12.39% | 52.83% | -4.29% | 27.05% | 71.1% | 1.98% | 3.56% |
| Net Income | 2.06B | 2B | 1.81B | 1.57B | 1.35B | 1.24B | 1.11B | 876.04M | 884.98M | 842.59M | 480.71M | 693.52M | 430.62M | 374.44M | 315.44M | 297.64M | 246.99M | 215.62M | 226.36M | 335.4M | 334.54M | 327.18M | 300.52M | 272.2M | 249.25M | 234.25M | 222.45M | 193.39M | 138.9M | 122.9M | 90.8M |
| Depreciation & Amortization | 514.24M | 512.85M | 494.18M | 442.38M | 409.16M | 399.7M | 387.95M | 379.05M | 360.09M | 279.42M | 196.59M | 165.28M | 155.08M | 190.86M | 189.38M | 155.83M | 193.47M | 152.06M | 157.57M | 191.9M | 175.93M | 160.65M | 148.18M | 143.26M | 143.06M | 120.03M | 112.09M | 99.51M | 90.2M | 57.2M | 47.7M |
| Stock-Based Compensation | 128.78M | 128.08M | 128.33M | 116.99M | 103.62M | 109.31M | 112.03M | 115.44M | 139.21M | 112.83M | 88.87M | 79.29M | 47M | 29.88M | 23.31M | 20.31M | 15.2M | 15.35M | 11.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 53.73M | 58.09M | -5.81M | -28.91M | 23.23M | 52.11M | -42.24M | -16.25M | 31.71M | -119.3M | 3.9M | -59.3M | 20.87M | 47.11M | 48.02M | 56.73M | 47.91M | 13.29M | -1.17M | 1.66M | -332K | 257K | 4.19M | 15.84M | 7.65M | 20.63M | 8.46M | 17.38M | -1.4M | 11.9M | 8.3M |
| Other Non-Cash Items | 26.57M | -265.66M | -19.34M | 0 | 0 | -42.28M | -16.92M | 9.22M | -72.57M | -96.4M | 75.11M | -369.86M | -56.46M | -64.24M | 0 | 38.33M | 0 | 41.08M | 91.42M | 0 | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.4M | -100K | 100K |
| Working Capital Changes | -349.72M | -157.04M | -243.74M | -22.27M | -286.21M | -216.97M | -191.06M | -72.01M | -275.56M | -54.98M | -81.3M | -43.09M | -16.83M | 29.92M | -23.4M | -98.98M | -162.68M | 124.17M | 37.39M | 8.12M | -65.24M | -26.2M | -38.67M | 78.41M | -69.28M | 2.53M | -96.04M | -52.25M | -38M | -73.2M | -30.5M |
| Change in Receivables | -164.31M | -135.22M | -174.14M | -91.4M | -151.77M | -100.39M | -32.58M | 39.68M | -94.92M | -66.27M | -93.56M | -52.76M | -1.44M | -56.23M | -42.7M | -24.26M | -48.99M | 1.14M | 71.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 17.49M | 2.27M | -33.95M | 95.77M | -35.66M | 16.19M | -75.5M | -74.77M | -60.04M | -3.32M | -668K | -17.92M | 23.79M | -11.06M | 11M | -2.33M | -78.82M | 30.29M | 35.14M | -6.1M | -32.09M | 22.03M | -26.32M | 46.4M | -35.64M | 31.73M | -48.69M | -22.98M | -5.9M | -21.8M | -5.9M |
| Change in Payables | 44.88M | -24.1M | 143.97M | 36.9M | 53.37M | 22.7M | -2.6M | 2.63M | 12.28M | 35.27M | 13.73M | -564K | -33.45M | 30.45M | 25.02M | -12.56M | 29.21M | 8.94M | -24.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -569.57M | -568.43M | -623.64M | -608.63M | -388.67M | -402.63M | -137.22M | -285.4M | -235.64M | -135.7M | -2.31B | 128.38M | 44.99M | -16.54M | -284.18M | -104.29M | -298.59M | -203.5M | -203.22M | -310.98M | -273.71M | -440.05M | -350.73M | -343.8M | -136.22M | -849.35M | -161.41M | -156.94M | -159.5M | -112.1M | -91.6M |
| Capital Expenditures | -400.68M | -395.11M | -408.88M | -409.47M | -331.11M | -240.67M | -143.47M | -230.29M | -276.72M | -271.7M | -273.32M | -275.38M | -217.72M | -145.58M | -196.49M | -160.8M | -182.59M | -111.08M | -160.09M | -190.33M | -180.82M | -156.63M | -140.73M | -112.89M | -115.02M | -107.28M | -147.44M | -161.43M | -186.8M | -110.7M | -67.8M |
| CapEx % of Revenue | 3.47% | 3.51% | 3.95% | 4.27% | 3.76% | 3.06% | 2.02% | 3.25% | 4.01% | 4.2% | 5.13% | 5.61% | 4.86% | 3.2% | 4.55% | 3.92% | 4.79% | 3.13% | 4.24% | 4.83% | 4.88% | 4.6% | 4.59% | 4.01% | 4.28% | 4.72% | 6.82% | 8.49% | 10.66% | 9.24% | 8.07% |
| Acquisitions | -160.86M | -164.55M | -232.9M | -186.84M | -46.36M | -164.23M | -10.04M | -53.72M | -6.61M | 108.49M | -2.07B | 459.6M | 176.21M | 145.92M | -69.37M | -24.86M | -171.55M | -50.44M | -30.91M | -111.53M | -160.71M | -346.36M | -109.08M | -101.65M | -37.17M | -732.23M | -30.54M | -24.98M | 19.9M | 0 | 700K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 867K | -523K | 25.34M | -4.78M | -337.75M | 8.34M | -122.88M | -221.65M | -7.81M | 1.36M | -196K | 4.14M | 120.03M | -5.22M | -1.34M | 2.01M | -5.2M | 4.58M | -251K | -400K | -1.84M | 1.08M | -1.66M | 12.28M | -3.07M | -1.88M | -4.57M | 14.8M | -2.8M | -1.9M | -9.3M |
| Cash from Financing | -1.76B | -1.68B | -1.62B | -1.25B | -1.17B | -1.54B | -879.87M | -955.21M | -873.3M | -864.14M | 1.58B | -866.72M | -712.56M | -429.74M | -256.06M | -460.57M | -20.04M | -76.51M | -254.35M | -202.7M | -179.24M | -26.12M | -107.64M | -110.79M | -202.85M | 438.82M | -64.01M | -64.72M | -41.2M | -10.3M | -19.7M |
| Debt Issued (Net) | 0 | 0 | -53.08M | -13.45M | -50M | 251.71M | 0 | -312.5M | 312.5M | -600.5M | 1.73B | -16K | -518K | -8.19M | 24.36M | -1.32M | 500.07M | -603K | -157.15M | 62.59M | 82.47M | 326.2M | -10.57M | -68.76M | -172.89M | 479.63M | -33.4M | -36.91M | -19.7M | 47.8M | -8.4M |
| Equity Issued (Net) | -1B | -952.1M | -933.9M | -700.03M | -398.87M | -1.53B | -424.16M | -374M | -1.02B | -127.32M | -20.72M | -780.15M | -511.74M | -370.6M | -215.68M | -392.33M | -443.69M | -969K | -25.85M | -191.48M | -188.09M | -309.01M | -48.21M | 5.87M | 5.7M | 3.25M | 5.99M | 3.4M | 2.3M | 1.1M | 2.3M |
| Dividends Paid | -724.42M | -701.49M | -611.63M | -530.91M | -449.92M | -375.12M | -451.33M | -267.96M | -220.76M | -175.59M | -142.43M | -115.27M | -201.89M | -93.32M | -79.74M | -70.82M | -71.81M | -73.96M | -72.21M | -70.83M | -62M | -58.82M | -54.97M | -49.63M | -46M | -42.45M | -37.17M | -31.25M | -24.9M | -17.6M | -14.5M |
| Share Repurchases | -1B | -952.1M | -934.8M | -700.03M | -398.87M | -1.53B | -554.12M | -464.52M | -1.02B | -127.32M | -20.72M | -780.15M | -551.97M | -370.6M | -215.68M | -392.33M | -443.69M | -969K | -25.85M | -191.48M | -198.95M | -323.41M | -58.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -33.4M | -28.48M | -20.4M | -9.1M | -274.05M | 111.34M | -4.38M | -752K | 51.26M | 39.27M | 8.93M | 28.72M | 1.59M | 42.37M | 15M | 3.9M | -4.61M | -977K | 855K | -2.98M | -11.63M | 16.37M | 6.43M | 1.74M | 10.34M | -1.61M | 578K | 47K | 1.1M | -7.9M | -16.6M |
| Net Change in Cash | 105.46M | 25.05M | -78.04M | 217.87M | 33.68M | -403.17M | 348.24M | 48.76M | -42.08M | -30.54M | 29.91M | -277.72M | -96.22M | 161.01M | 12.45M | -98.28M | 26.82M | 281.54M | 63.52M | 30.86M | -3.55M | -4.28M | -44.16M | 55.12M | -8.39M | -33.1M | 21.54M | 36.38M | 2.4M | -3.7M | 5.1M |
| Free Cash Flow | 2.03B | 1.88B | 1.76B | 1.67B | 1.27B | 1.3B | 1.22B | 1.06B | 791.14M | 692.46M | 490.57M | 190.46M | 362.56M | 462.39M | 356.26M | 309.06M | 158.29M | 450.49M | 363.43M | 354.21M | 268.57M | 305.25M | 273.49M | 396.82M | 215.67M | 270.15M | 99.51M | 96.6M | 16.3M | 8M | 48.6M |
| FCF Margin % | 17.59% | 16.7% | 16.99% | 17.41% | 14.37% | 16.51% | 17.11% | 14.98% | 11.48% | 10.69% | 9.22% | 3.88% | 8.1% | 10.16% | 8.25% | 7.53% | 4.15% | 12.7% | 9.63% | 8.99% | 7.25% | 8.97% | 8.92% | 14.1% | 8.03% | 11.9% | 4.61% | 5.08% | 0.93% | 0.67% | 5.79% |
| FCF Growth % | 19.92% | 7.07% | 5.19% | 31.86% | -2.33% | 6.55% | 14.71% | 34.13% | 14.25% | 41.15% | 157.57% | -47.47% | -21.59% | 29.79% | 15.27% | 95.24% | -64.86% | 23.96% | 2.6% | 31.89% | -12.02% | 11.62% | -31.08% | 84% | -20.17% | 171.47% | 3.02% | 492.64% | 103.75% | -83.54% | -12.59% |
| FCF per Share | 5.03 | 4.63 | 4.28 | 4.04 | 3.06 | 3.07 | 2.83 | 2.48 | 1.81 | 1.58 | 1.14 | 0.43 | 0.77 | 0.95 | 0.72 | 0.59 | 0.27 | 0.74 | 0.59 | 0.57 | 0.42 | 0.45 | 0.39 | 0.56 | 0.31 | 0.39 | 0.15 | 0.14 | 0.02 | 0.01 | 0.07 |
| FCF Conversion (FCF/Net Income) | 0.99x | 1.14x | 1.20x | 1.32x | 1.19x | 1.24x | 1.22x | 1.47x | 1.21x | 1.14x | 1.59x | 0.67x | 1.35x | 1.62x | 1.75x | 1.58x | 1.38x | 2.60x | 2.31x | 1.62x | 1.34x | 1.41x | 1.38x | 1.87x | 1.33x | 1.61x | 1.11x | 1.33x | 1.46x | 0.97x | 1.28x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CTAS stock.
Cintas Corporation (CTAS) generated $2.28B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Cintas Corporation (CTAS) generated $1.88B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cintas Corporation (CTAS) spent $395.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Cintas Corporation (CTAS) returned $701.5M to shareholders via cash dividends and spent $952.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Labor Cost Inflation
Metrics are mathematically derived from official filings.
Earnings Quality Reflected in Cash Conversion
Based on Cintas's quarterly data, operating cash flow has exceeded net income in eight of the last ten quarters, with an average OCF/NI ratio of 1.18, which according to reported financials suggests superior earnings quality.
The consistent premium of cash flow over accounting earnings implies effective management of accruals and minimal non-cash charges. However, the volatility in this ratio, dipping below 1.0 in two quarters, warrants monitoring for potential earnings management or timing differences.
FCF Margins Remain Elevated and Stable
Based on the reported figures, Cintas's free cash flow margin has demonstrated remarkable consistency, averaging 17.3% over the last ten quarters with a high of 23.9%, which according to financial data suggests robust and sustainable cash generation.
The high FCF margin, significantly above the industry average, reflects the company's asset-light model after initial capital investment. The stability of this metric suggests that growth in net income is translating directly into free cash flow generation.
Working Capital Swings Impact Quarterly Cash Flows
As reported in the cash flow statements, working capital adjustments have swung significantly, from a cash outflow of $246.4 million to an inflow of $138.8 million per quarter, which according to financial reports introduces noise into the underlying cash flow trend.
This volatility is likely driven by seasonal patterns in receivables and inventory, as well as timing of payables. Investors should note that such swings can distort short-term cash flow trends but are normal for a business with large contractual receivables.
Capital Deployment Prioritizes Buybacks and Dividends
Based on the reported cash flows, Cintas has allocated approximately $1.2 billion to share repurchases over the past five quarters, with dividends also rising steadily, which according to financial statements reflects a shareholder-friendly capital allocation strategy.
The aggressive buyback program, funded by robust free cash flow, suggests management confidence in the company's valuation. However, the pace of repurchases should be evaluated against the opportunity cost of funding growth through acquisitions.
Accounting Adjustments May Understate True Costs
As highlighted in analyst notes, non-cash items like the depreciation of rented uniforms and adjustments to self-insurance liabilities, while minimal in SBC, may distort the true economic cost structure, requiring careful adjustment for accurate assessment.
These non-cash adjustments, particularly the treatment of uniform assets, impact reported depreciation and earnings quality. Analysts should adjust for these items to assess the underlying cash generation capability accurately.