Cintas reported accelerated revenue growth of 10.9% in Q1 2027, up from an 8-9% trend, alongside a record gross margin of 51.5%, indicating strong operational leverage.
Cintas Corporation (CTAS) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 11.56B | 11.26B | 10.34B | 9.6B | 8.82B | 7.85B | 7.12B | 7.09B | 6.89B | 6.48B | 5.32B | 4.91B | 4.48B | 4.55B | 4.32B | 4.1B | 3.81B | 3.55B | 3.77B | 3.94B | 3.71B | 3.4B | 3.07B | 2.81B | 2.69B | 2.27B | 2.16B | 1.9B | 1.75B | 1.2B | 839.9M |
| Revenue Growth % | 9.51% | 8.94% | 7.75% | 8.86% | 12.24% | 10.37% | 0.44% | 2.8% | 6.42% | 21.66% | 8.52% | 9.57% | -1.65% | 5.45% | 5.23% | 7.65% | 7.42% | -6.02% | -4.14% | 6.23% | 8.91% | 10.96% | 9% | 4.74% | 18.3% | 5.11% | 13.6% | 8.59% | 46.17% | 42.67% | 15.04% |
| Cost of Goods Sold | 5.67B | 5.57B | 5.17B | 4.91B | 4.64B | 4.22B | 3.8B | 3.85B | 3.76B | 3.57B | 2.94B | 2.78B | 2.56B | 2.64B | 2.53B | 2.36B | 2.2B | 2.05B | 2.22B | 2.26B | 2.13B | 1.95B | 1.76B | 1.63B | 1.57B | 1.31B | 1.26B | 1.02B | 976.5M | 653M | 452.9M |
| COGS % of Revenue | - | 49.46% | 49.96% | 51.17% | 52.66% | 53.76% | 53.42% | 54.36% | 54.61% | 55.09% | 55.29% | 56.58% | 57.08% | 57.94% | 58.6% | 57.62% | 57.77% | 57.78% | 58.91% | 57.3% | 57.34% | 57.26% | 57.46% | 57.84% | 58.34% | 57.84% | 58.52% | 53.78% | 55.75% | 54.49% | 53.92% |
| Gross Profit | 5.89B | 5.69B | 5.17B | 4.69B | 4.17B | 3.63B | 3.31B | 3.23B | 3.13B | 2.91B | 2.38B | 2.13B | 1.92B | 1.91B | 1.79B | 1.74B | 1.61B | 1.5B | 1.55B | 1.68B | 1.58B | 1.45B | 1.3B | 1.19B | 1.12B | 957.37M | 896.27M | 879.07M | 775.1M | 545.3M | 387M |
| Gross Margin % | 50.99% | 50.54% | 50.04% | 48.83% | 47.34% | 46.24% | 46.58% | 45.64% | 45.39% | 44.91% | 44.71% | 43.42% | 42.92% | 42.06% | 41.4% | 42.38% | 42.23% | 42.22% | 41.09% | 42.7% | 42.66% | 42.74% | 42.54% | 42.16% | 41.66% | 42.16% | 41.48% | 46.22% | 44.25% | 45.51% | 46.08% |
| Gross Profit Growth % | - | 10.02% | 10.41% | 12.29% | 14.9% | 9.58% | 2.5% | 3.36% | 7.57% | 22.19% | 11.76% | 10.85% | 0.36% | 7.12% | 2.79% | 8.04% | 7.44% | -3.42% | -7.77% | 6.34% | 8.7% | 11.5% | 9.97% | 6.01% | 16.9% | 6.82% | 1.96% | 13.41% | 42.14% | 40.9% | 15.04% |
| Operating Expenses | 3.19B | 3.09B | 2.81B | 2.62B | 2.37B | 2.04B | 1.93B | 2.07B | 1.98B | 1.92B | 1.53B | 1.35B | 1.22B | 1.3B | 1.22B | 1.2B | 1.17B | 1.11B | 1.08B | 1.1B | 1B | 907.95M | 810.23M | 727.62M | 695.44M | 580.47M | 528.35M | 555.31M | 493.8M | 344.4M | 236.6M |
| OpEx % of Revenue | - | 27.4% | 27.22% | 27.28% | 26.89% | 26.03% | 27.11% | 29.23% | 28.74% | 29.6% | 28.69% | 27.48% | 27.36% | 28.62% | 28.31% | 29.23% | 30.68% | 31.29% | 28.68% | 28.04% | 27.08% | 26.68% | 26.42% | 25.86% | 25.89% | 25.56% | 24.45% | 29.2% | 28.19% | 28.74% | 28.17% |
| Selling, General & Admin | 3.17B | 3.09B | 2.81B | 2.62B | 2.37B | 2.04B | 1.93B | 2.07B | 1.98B | 1.92B | 1.53B | 1.35B | 1.22B | 1.3B | 1.22B | 1.2B | 1.17B | 1.11B | 1.08B | 1.1B | 1B | 907.95M | 810.23M | 727.62M | 695.44M | 580.47M | 528.35M | 455.79M | 403.6M | 287.2M | 188.9M |
| SG&A % of Revenue | - | 27.4% | 27.22% | 27.28% | 26.89% | 26.03% | 27.11% | 29.23% | 28.74% | 29.6% | 28.69% | 27.48% | 27.36% | 28.62% | 28.31% | 29.23% | 30.68% | 31.29% | 28.68% | 28.04% | 27.08% | 26.68% | 26.42% | 25.86% | 25.89% | 25.56% | 24.45% | 23.96% | 23.04% | 23.97% | 22.49% |
| Research & Development | 0 | 0 | 30.8M | 26.6M | 24.5M | 23.5M | 22.3M | 0 | 21.6M | 22.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.3% | 0.28% | 0.28% | 0.3% | 0.31% | - | 0.31% | 0.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | -30.8M | -26.6M | -24.5M | -23.5M | -22.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.51M | 90.2M | 57.2M | 47.7M |
| Operating Income | 2.7B | 2.61B | 2.36B | 2.07B | 1.8B | 1.59B | 1.39B | 1.16B | 1.13B | 949.83M | 773.69M | 781.75M | 696.41M | 567.01M | 565.21M | 539.63M | 440.34M | 390.81M | 409.06M | 577.46M | 577.4M | 546.84M | 494.53M | 458.87M | 423.77M | 376.9M | 367.2M | 323.76M | 281.3M | 200.9M | 150.4M |
| Operating Margin % | 23.36% | 23.14% | 22.82% | 21.56% | 20.45% | 20.21% | 19.47% | 16.41% | 16.45% | 14.67% | 14.53% | 15.94% | 15.56% | 12.46% | 13.09% | 13.16% | 11.56% | 11.02% | 10.84% | 14.66% | 15.58% | 16.07% | 16.12% | 16.31% | 15.77% | 16.6% | 16.99% | 17.02% | 16.06% | 16.77% | 17.91% |
| Operating Income Growth % | - | 10.46% | 14.07% | 14.75% | 13.56% | 14.57% | 19.16% | 2.57% | 19.34% | 22.77% | -1.03% | 12.25% | 22.82% | 0.32% | 4.74% | 22.55% | 12.67% | -4.46% | -29.16% | 0.01% | 5.59% | 10.58% | 7.77% | 8.28% | 12.44% | 2.64% | 13.42% | 15.09% | 40.02% | 33.58% | 16.77% |
| EBITDA | 3.21B | 3.12B | 2.85B | 2.51B | 2.21B | 1.99B | 1.77B | 1.54B | 1.49B | 1.23B | 970.29M | 945.64M | 851.49M | 757.87M | 754.59M | 695.46M | 633.81M | 542.87M | 566.64M | 769.36M | 753.32M | 707.49M | 642.7M | 602.13M | 566.83M | 496.93M | 479.29M | 423.27M | 371.5M | 258.1M | 198.1M |
| EBITDA Margin % | 27.81% | 27.69% | 27.6% | 26.17% | 25.09% | 25.3% | 24.92% | 21.76% | 21.67% | 18.98% | 18.23% | 19.28% | 19.02% | 16.65% | 17.48% | 16.95% | 16.63% | 15.3% | 15.01% | 19.54% | 20.32% | 20.79% | 20.95% | 21.4% | 21.1% | 21.88% | 22.18% | 22.25% | 21.21% | 21.54% | 23.59% |
| EBITDA Growth % | 10.35% | 9.3% | 13.66% | 13.53% | 11.31% | 12.05% | 15.03% | 3.22% | 21.51% | 26.69% | 2.61% | 11.06% | 12.35% | 0.44% | 8.5% | 9.73% | 16.75% | -4.19% | -26.35% | 2.13% | 6.48% | 10.08% | 6.74% | 6.23% | 14.07% | 3.68% | 13.24% | 13.94% | 43.94% | 30.29% | 15.24% |
| D&A (Non-Cash Add-back) | 514.24M | 512.85M | 494.18M | 442.38M | 409.16M | 399.7M | 387.95M | 379.05M | 360.09M | 279.42M | 196.59M | 163.89M | 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 |
| EBIT | 2.7B | 2.61B | 2.37B | 2.08B | 1.8B | 1.59B | 1.39B | 1.16B | 1.2B | 951.18M | 773.93M | 769.84M | 723.44M | 602.95M | 565.62M | 541.57M | 442.37M | 392.5M | 411.83M | 583.53M | 577.4M | 543.04M | 486.56M | 458.87M | 423.77M | 376.9M | 367.91M | 323.76M | 281.3M | 224.9M | 194.1M |
| Net Interest Income | -101.28M | -101.18M | -95.52M | -95M | -109.52M | -88.6M | -97.74M | -104.41M | -100.51M | -108.83M | -86.29M | -63.63M | -64.82M | -65.59M | -65.3M | -68.68M | -47.67M | -46.92M | -47.47M | -46.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.55M | 5.11M | 5.58M | 5.74M | 1.72M | 242K | 467K | 988K | 1.23M | 1.34M | 237K | 896K | 339K | 229K | 409K | 1.94M | 2.03M | 1.7M | 2.76M | 6.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 106.83M | 106.28M | 101.11M | 100.74M | 111.23M | 88.84M | 98.21M | 105.39M | 101.74M | 110.17M | 86.52M | 64.52M | 65.16M | 65.82M | 65.71M | 70.63M | 49.7M | 48.61M | 50.24M | 52.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -101.28M | -101.18M | -95.52M | -95M | -109.52M | -88.6M | -97.74M | -104.41M | -31.14M | -108.83M | -86.29M | -63.63M | -38.13M | 5.14M | -66.07M | -68.68M | -47.67M | -46.92M | -47.47M | -46.75M | -43.84M | -25.02M | -17.53M | -26.79M | -28.01M | -5.32M | -10.75M | -12M | -57.3M | -4M | 31.7M |
| Pretax Income | 2.6B | 2.51B | 2.26B | 1.97B | 1.69B | 1.5B | 1.29B | 1.06B | 1.1B | 841M | 687.4M | 718.12M | 658.28M | 607.86M | 499.91M | 470.94M | 392.67M | 343.89M | 361.59M | 530.7M | 533.55M | 521.82M | 476.99M | 432.08M | 395.76M | 371.58M | 356.45M | 311.76M | 224M | 179.5M | 146.6M |
| Pretax Margin % | 22.48% | 22.24% | 21.9% | 20.57% | 19.21% | 19.08% | 18.1% | 14.94% | 15.99% | 12.99% | 12.91% | 14.64% | 14.7% | 13.35% | 11.58% | 11.48% | 10.31% | 9.69% | 9.58% | 13.48% | 14.39% | 15.33% | 15.55% | 15.35% | 14.73% | 16.36% | 16.5% | 16.39% | 12.79% | 14.98% | 17.45% |
| Income Tax | 538.72M | 505.37M | 451.92M | 402.04M | 345.14M | 263.01M | 176.78M | 181.93M | 219.76M | 57.07M | 230.12M | 261.18M | 244.66M | 233.42M | 184.47M | 173.31M | 145.68M | 128.27M | 135.24M | 195.3M | 199.01M | 194.64M | 176.47M | 159.88M | 146.51M | 137.33M | 134M | 118.37M | 85.1M | 56.6M | 55.8M |
| Effective Tax Rate % | 20.73% | 20.17% | 19.96% | 20.37% | 20.38% | 17.55% | 13.73% | 17.19% | 19.94% | 6.79% | 33.48% | 36.37% | 37.17% | 38.4% | 36.9% | 36.8% | 37.1% | 37.3% | 37.4% | 36.8% | 37.3% | 37.3% | 37% | 37% | 37.02% | 36.96% | 37.59% | 37.97% | 37.99% | 31.53% | 38.06% |
| 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 |
| Net Margin % | 17.82% | 17.75% | 17.53% | 16.38% | 15.29% | 15.73% | 15.61% | 12.36% | 12.84% | 13.01% | 9.03% | 14.14% | 9.62% | 8.23% | 7.31% | 7.26% | 6.48% | 6.08% | 6% | 8.52% | 9.02% | 9.61% | 9.8% | 9.67% | 9.28% | 10.31% | 10.3% | 10.17% | 7.93% | 10.26% | 10.81% |
| Net Income Growth % | 11.3% | 10.36% | 15.32% | 16.59% | 9.08% | 11.23% | 26.82% | -1.01% | 5.03% | 75.28% | -30.69% | 61.05% | 15% | 18.7% | 5.98% | 20.51% | 14.55% | -4.74% | -32.51% | 0.26% | 2.25% | 8.87% | 10.4% | 9.21% | 6.4% | 5.3% | 15.03% | 39.23% | 13.02% | 35.35% | 20.74% |
| Net Income (Continuing) | 2.06B | 2B | 1.81B | 1.57B | 1.35B | 1.24B | 1.11B | 876.36M | 882.63M | 783.93M | 457.29M | 448.61M | 413.62M | 374.44M | 316.59M | 297.64M | 246.99M | 215.62M | 226.36M | 335.4M | 334.54M | 323.38M | 292.55M | 272.2M | 249.25M | 234.25M | 222.45M | 193.39M | 138.9M | 133.7M | 118.6M |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | 5.10 | 4.91 | 4.40 | 3.79 | 3.25 | 2.91 | 2.56 | 2.03 | 2.02 | 1.92 | 1.10 | 1.55 | 0.91 | 0.76 | 0.63 | 0.57 | 0.42 | 0.35 | 0.37 | 0.54 | 0.52 | 0.48 | 0.42 | 0.39 | 0.36 | 0.34 | 0.33 | 0.28 | 0.21 | 0.21 | 0.18 |
| EPS Growth % | 12.42% | 11.59% | 16.1% | 16.62% | 11.68% | 13.67% | 26.11% | 0.5% | 5.21% | 74.55% | -29.03% | 70.33% | 19.74% | 20.63% | 10.53% | 35.71% | 20% | -5.41% | -31.48% | 3.85% | 8.33% | 14.29% | 7.69% | 8.33% | 5.88% | 3.03% | 17.86% | 33.33% | 0% | 16.67% | 20% |
| EPS (Basic) | - | 4.97 | 4.48 | 3.85 | 3.30 | 2.98 | 2.63 | 2.09 | 2.09 | 1.98 | 1.12 | 1.58 | 0.92 | 0.77 | 0.63 | 0.57 | 0.42 | 0.35 | 0.37 | 0.54 | 0.52 | 0.48 | 0.43 | 0.39 | 0.37 | 0.35 | 0.33 | 0.29 | 0.21 | 0.21 | 0.18 |
| Diluted Shares Outstanding | 404.29M | 406.2M | 410.29M | 413.47M | 413.51M | 422.09M | 430.83M | 428.05M | 437.98M | 439.24M | 431.13M | 439.82M | 470.17M | 486.56M | 498.12M | 520.13M | 586.34M | 611.44M | 613.46M | 623.72M | 640.26M | 673.71M | 692.42M | 707.03M | 687.59M | 688.97M | 684.46M | 678.55M | 677.56M | 652.2M | 677.71M |
| Basic Shares Outstanding | 400.14M | 401.27M | 403.53M | 406.61M | 406.58M | 412.69M | 419.5M | 415.26M | 424.32M | 426.37M | 419.86M | 432.88M | 463.6M | 481.51M | 495.82M | 519.56M | 586.34M | 611.44M | 611.77M | 622.71M | 640.26M | 670.22M | 688.35M | 702.46M | 682.88M | 678.99M | 674.09M | 666.85M | 661.43M | 641.76M | 668.17M |
| Dividend Payout Ratio | - | 35.07% | 33.75% | 33.78% | 33.38% | 30.36% | 40.62% | 30.59% | 24.95% | 20.84% | 29.63% | 16.62% | 46.88% | 24.92% | 25.28% | 23.79% | 29.07% | 34.3% | 31.9% | 21.12% | 18.53% | 17.98% | 18.29% | 18.23% | 18.46% | 18.12% | 16.71% | 16.16% | 17.93% | 25.63% | 15.97% |
Quick answers to the most common questions about buying CTAS stock.
For fiscal year 2026, Cintas Corporation (CTAS) reported total revenue of $11.26B. This represents a 1241.2% increase compared to $839.9M in 1997.
Cintas Corporation (CTAS) is profitable, generating $2.00B in net income for the fiscal year ending 2026 with a net profit margin of 17.8%.
Cintas Corporation (CTAS) reported an operating income of $2.61B, resulting in an operating profit margin of 23.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cintas Corporation (CTAS) generated $5.69B in gross profit for the year, representing a gross profit margin of 50.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor cost inflation and forward guidance omission
Metrics are mathematically derived from official filings.
Steady Growth Reaches a 10.9% Peak
Based on Cintas's latest reported figures, Q1 2027 revenue growth of 10.9% represents a clear acceleration from the stable 8-9% trend observed over the preceding nine quarters, suggesting potential gains in market share or enhanced cross-selling.
The acceleration appears to be driven by both volume and pricing, as the company's operational footprint expands through its tuck-in acquisition strategy while its scale likely provides pricing power. This level of growth, sustained over multiple quarters, indicates the business is outperforming its historical GDP-plus trajectory and may be gaining a larger share of the addressable compliance and facility services market.
Structural Gross Margin Expansion Persists
According to the provided income statement, Cintas has achieved a record gross margin of 51.5% in Q1 2027, a 400 basis point expansion from the 47.5% reported in Q4 2024, indicating significant improvements in pricing power and operational efficiency.
This expansion is particularly notable given the company's high fixed-cost laundry infrastructure and labor-intensive model. It suggests management has successfully offset inflationary pressures in fuel and labor through a combination of strategic price increases and the operational leverage from digital route optimization, resulting in a structurally higher margin profile than the pre-2025 period.
Operating Leverage Amplifies Revenue Growth
As reported in the financial data, operating income grew by approximately 30% from Q4 2024 to Q1 2027, outpacing the 20% revenue growth over the same period, which demonstrates significant operating leverage from a well-optimized cost structure.
The leverage is primarily driven by the expansion in gross margin, as SG&A as a percentage of revenue has remained relatively stable near the high-20% range. This indicates that incremental revenue flows to the bottom line at a higher rate, confirming the effectiveness of the company's investments in scale and efficiency, such as its proprietary laundry automation and route density.
High-Quality Earnings with Minimal Dilution
Based on Cintas's reported figures, stock-based compensation represented only 1.0% of revenue in Q1 2027 and has remained stable at this low level, suggesting that the robust 13.3% year-over-year EPS growth is driven by operational performance rather than share count manipulation.
The quality of earnings is further supported by the consistent and healthy relationship between operating income and net income across all periods, implying a stable effective tax rate and minimal non-operating distortions. This consistency provides investors with greater confidence in the predictability of reported net income and its suitability as a valuation metric.
Valuation Premium Faces Margin Ceiling Risk
The strongest challenge to the narrative is that Cintas's record 51.5% gross margin may represent a cyclical peak, as historical data shows margins of 47-50% are more typical, and any sustained labor or energy inflation could trigger a sharp compression.
While management has demonstrated cost discipline, the business model's reliance on route labor and energy inputs leaves it vulnerable to macroeconomic pressures that could outpace its pricing ability. A reversion to the historical average gross margin would materially erode operating income and challenge the premium valuation implied by the market's expectation of continued margin expansion.