UniFirst Corporation (UNF) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has stagnated at 0.20% YoY, with gross margin at 37.0% and operating margin at 3.6% in 2026Q3, reflecting a persistent efficiency gap versus peers.

Annual statement

UNF Income Statement

UniFirst Corporation (UNF) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Aug'25	Aug'24	Aug'23	Aug'22	Aug'21	Aug'20	Aug'19	Aug'18	Aug'17	Aug'16	Aug'15	Aug'14	Aug'13	Aug'12	Aug'11	Aug'10	Aug'09	Aug'08	Aug'07	Aug'06	Aug'05	Aug'04	Aug'03	Aug'02	Aug'01	Aug'00	Aug'99	Aug'98	Aug'97	Aug'96

Sales/Revenue	2.49B	2.43B	2.43B	2.23B	2B	1.83B	1.8B	1.81B	1.7B	1.59B	1.47B	1.46B	1.39B	1.36B	1.26B	1.13B	1.03B	1.01B	1.02B	902.1M	820.97M	763.84M	719.36M	596.94M	578.9M	556.37M	528.73M	487.1M	448.1M	419.1M	391.8M
Revenue Growth %	1.42%	0.2%	8.7%	11.61%	9.56%	1.22%	-0.29%	6.65%	6.63%	8.37%	0.79%	4.42%	2.91%	7.9%	10.77%	10.55%	1.24%	-0.95%	13.42%	9.88%	7.48%	6.18%	20.51%	3.12%	4.05%	5.23%	8.55%	8.7%	6.92%	6.97%	10.37%
Cost of Goods Sold	1.58B	1.68B	1.58B	1.48B	1.31B	1.14B	1.16B	1.14B	1.06B	993.59M	900.43M	884.66M	858.31M	836.17M	797.94M	712.31M	620.73M	609.63M	643.89M	572.22M	524.69M	480.71M	462.61M	370.56M	349.01M	349.45M	336.32M	294.5M	269.7M	256.9M	240.7M
COGS % of Revenue	-	69.18%	65.08%	66.34%	65.3%	62.49%	64.57%	62.96%	62.29%	62.45%	61.34%	60.73%	61.53%	61.69%	63.52%	62.81%	60.5%	60.16%	62.93%	63.43%	63.91%	62.93%	64.31%	62.08%	60.29%	62.81%	63.61%	60.46%	60.19%	61.3%	61.43%
Gross Profit	914.27M	749.6M	847.6M	751.75M	694.37M	684.94M	639.23M	670.18M	639.76M	597.37M	567.62M	571.94M	536.59M	519.34M	458.35M	421.82M	405.21M	403.79M	379.29M	329.88M	296.28M	283.13M	256.74M	226.38M	229.89M	206.92M	192.4M	192.6M	178.4M	162.2M	151.1M
Gross Margin %	36.68%	30.82%	34.92%	33.66%	34.7%	37.51%	35.43%	37.04%	37.71%	37.55%	38.66%	39.27%	38.47%	38.31%	36.48%	37.19%	39.5%	39.84%	37.07%	36.57%	36.09%	37.07%	35.69%	37.92%	39.71%	37.19%	36.39%	39.54%	39.81%	38.7%	38.57%
Gross Profit Growth %	-	-11.56%	12.75%	8.26%	1.38%	7.15%	-4.62%	4.75%	7.1%	5.24%	-0.76%	6.59%	3.32%	13.31%	8.66%	4.1%	0.35%	6.46%	14.98%	11.34%	4.64%	10.28%	13.41%	-1.53%	11.1%	7.55%	-0.1%	7.96%	9.99%	7.35%	13.78%
Operating Expenses	770.34M	565.1M	664.02M	618.15M	560.02M	489.12M	466.5M	438.17M	457.39M	431.29M	366.46M	371.56M	343.32M	333.14M	307.24M	297.84M	274.94M	269.75M	270.65M	245.66M	222.48M	207.12M	192.74M	177.54M	177.91M	159.36M	153.16M	140.8M	124.3M	115.2M	110.2M
OpEx % of Revenue	-	23.23%	27.35%	27.68%	27.99%	26.78%	25.86%	24.22%	26.96%	27.11%	24.96%	25.51%	24.61%	24.58%	24.46%	26.26%	26.8%	26.62%	26.45%	27.23%	27.1%	27.12%	26.79%	29.74%	30.73%	28.64%	28.97%	28.91%	27.74%	27.49%	28.13%
Selling, General & Admin	628.12M	565.1M	522.59M	496.92M	451.24M	383.16M	361.8M	334.84M	360.73M	342.41M	284.85M	294.44M	271.56M	263.53M	240.8M	233.11M	213.46M	211.96M	216.87M	197.15M	177.17M	163.19M	147.85M	137.88M	139.88M	121.79M	118.45M	109.1M	97.6M	91.8M	89.4M
SG&A % of Revenue	-	23.23%	21.53%	22.25%	22.55%	20.98%	20.05%	18.51%	21.26%	21.52%	19.4%	20.21%	19.47%	19.44%	19.17%	20.55%	20.81%	20.92%	21.2%	21.85%	21.58%	21.36%	20.55%	23.1%	24.16%	21.89%	22.4%	22.4%	21.78%	21.9%	22.82%
Research & Development	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
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	0	141.43M	121.23M	108.78M	105.95M	104.7M	103.33M	-673K	571K	81.61M	77.11M	71.75M	69.61M	66.44M	64.73M	61.48M	57.79M	53.78M	48.51M	45.31M	43.93M	44.89M	39.66M	38.03M	37.57M	34.71M	31.7M	26.7M	23.4M	20.8M
Operating Income	143.93M	184.5M	183.58M	133.6M	134.35M	195.82M	172.73M	232.01M	182.38M	110.28M	201.16M	200.38M	193.28M	186.2M	151.11M	123.97M	130.27M	134.04M	108.64M	84.22M	73.8M	76.01M	64M	48.84M	51.98M	47.56M	39.24M	51.8M	54.1M	47M	40.9M
Operating Margin %	5.77%	7.59%	7.56%	5.98%	6.71%	10.72%	9.57%	12.82%	10.75%	6.93%	13.7%	13.76%	13.86%	13.74%	12.03%	10.93%	12.7%	13.23%	10.62%	9.34%	8.99%	9.95%	8.9%	8.18%	8.98%	8.55%	7.42%	10.63%	12.07%	11.21%	10.44%
Operating Income Growth %	-	0.5%	37.41%	-0.56%	-31.39%	13.37%	-25.55%	27.21%	65.37%	-45.18%	0.39%	3.68%	3.8%	23.23%	21.89%	-4.84%	-2.81%	23.38%	28.99%	14.12%	-2.91%	18.76%	31.05%	-6.04%	9.28%	21.2%	-24.24%	-4.25%	15.11%	14.91%	18.55%
EBITDA	288.92M	327.01M	325.01M	256.8M	244.69M	303.21M	278.36M	336.96M	280.67M	200.62M	284.27M	277.5M	265.03M	255.81M	217.55M	188.71M	191.75M	191.82M	162.42M	133.9M	119.81M	120.63M	110.94M	88.5M	90.01M	85.13M	73.95M	83.5M	80.8M	70.4M	61.7M
EBITDA Margin %	11.59%	13.44%	13.39%	11.5%	12.23%	16.6%	15.43%	18.62%	16.54%	12.61%	19.36%	19.05%	19%	18.87%	17.32%	16.64%	18.69%	18.93%	15.87%	14.84%	14.59%	15.79%	15.42%	14.83%	15.55%	15.3%	13.99%	17.14%	18.03%	16.8%	15.75%
EBITDA Growth %	-12.83%	0.61%	26.56%	4.95%	-19.3%	8.93%	-17.39%	20.06%	39.9%	-29.43%	2.44%	4.71%	3.6%	17.59%	15.28%	-1.59%	-0.04%	18.1%	21.31%	11.76%	-0.69%	8.73%	25.37%	-1.68%	5.73%	15.12%	-11.43%	3.34%	14.77%	14.1%	14.9%
D&A (Non-Cash Add-back)	144.99M	142.51M	141.43M	123.19M	110.34M	107.39M	105.63M	104.95M	98.29M	90.33M	83.11M	77.11M	71.75M	69.61M	66.44M	64.73M	61.48M	57.79M	53.78M	49.67M	46M	44.62M	46.94M	39.66M	38.03M	37.57M	34.71M	31.7M	26.7M	23.4M	20.8M
EBIT	148.76M	195.38M	189.38M	138.84M	134.32M	196.87M	172.73M	237.92M	187.25M	115.12M	204.3M	202.14M	196.12M	189.26M	152.87M	127.31M	131.63M	135.78M	108.64M	86.14M	75.38M	77.92M	67.12M	48.84M	51.98M	47.56M	39.24M	51.8M	54.1M	47M	40.9M
Net Interest Income	7.63M	9.77M	7.24M	6.74M	2.85M	2.57M	6.38M	9.08M	5.54M	4.27M	2.54M	2.44M	2.36M	1.55M	606K	-4.19M	-6.67M	-7.32M	-9.78M	-10.76M	-9.54M	0	0	0	0	0	0	0	0	0	0
Interest Income	7.63M	9.77M	7.24M	6.74M	2.85M	2.57M	6.38M	9.08M	5.54M	4.27M	3.47M	3.31M	3.13M	3.2M	2.74M	2.55M	2.1M	1.99M	328K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	927K	873K	772K	1.65M	2.13M	6.74M	8.78M	9.31M	10.1M	10.76M	9.54M	0	0	2.22M	9.92M	12.35M	7.2M	4.9M	1.9M	1.9M	2.1M
Other Income/Expense	6.25M	10.88M	5.8M	5.23M	-26K	1.05M	5.16M	5.92M	4.87M	4.84M	2.21M	884K	2.08M	1.41M	-374K	-3.4M	-7.42M	-7.57M	-9.94M	-10.76M	-9.54M	-6.84M	-9.41M	-1.27M	-8.66M	-10.11M	-7.2M	-4.9M	-2.2M	-2.1M	-2.3M
Pretax Income	150.17M	195.38M	189.38M	138.84M	134.32M	196.87M	177.89M	237.92M	187.25M	115.12M	203.37M	201.27M	195.35M	187.61M	150.73M	120.57M	122.85M	126.47M	98.7M	73.46M	64.26M	69.17M	54.6M	47.57M	43.32M	37.46M	32.04M	46.9M	51.9M	44.9M	38.6M
Pretax Margin %	6.02%	8.03%	7.8%	6.22%	6.71%	10.78%	9.86%	13.15%	11.04%	7.24%	13.85%	13.82%	14%	13.84%	12%	10.63%	11.97%	12.48%	9.65%	8.14%	7.83%	9.06%	7.59%	7.97%	7.48%	6.73%	6.06%	9.63%	11.58%	10.71%	9.85%
Income Tax	34.38M	47.1M	43.91M	35.16M	30.92M	45.76M	42.12M	58.79M	23.35M	44.93M	78.34M	76.97M	75.43M	70.92M	55.74M	44.09M	46.44M	50.61M	37.72M	28.27M	25.05M	25.82M	21.02M	18.31M	16.46M	14.23M	12.18M	22.8M	18.7M	16.2M	13.9M
Effective Tax Rate %	22.9%	24.11%	23.18%	25.33%	23.02%	23.24%	23.68%	24.71%	12.47%	39.03%	38.52%	38.24%	38.61%	37.8%	36.98%	36.56%	37.8%	40.02%	38.22%	38.48%	38.98%	37.33%	38.5%	38.49%	38%	38%	38%	48.61%	36.03%	36.08%	36.01%
Net Income	115.79M	148.27M	145.47M	103.67M	103.4M	151.11M	135.77M	179.13M	163.9M	70.2M	125.03M	124.3M	119.92M	116.69M	94.99M	76.49M	76.41M	75.85M	60.98M	45.2M	39.21M	43.35M	33.58M	27.02M	26.86M	23.22M	19.87M	24.1M	33.2M	28.7M	24.7M
Net Margin %	4.65%	6.1%	5.99%	4.64%	5.17%	8.27%	7.53%	9.9%	9.66%	4.41%	8.52%	8.53%	8.6%	8.61%	7.56%	6.74%	7.45%	7.48%	5.96%	5.01%	4.78%	5.67%	4.67%	4.53%	4.64%	4.17%	3.76%	4.95%	7.41%	6.85%	6.3%
Net Income Growth %	-23.76%	1.92%	40.32%	0.26%	-31.57%	11.3%	-24.21%	9.3%	133.48%	-43.85%	0.58%	3.65%	2.78%	22.84%	24.19%	0.1%	0.73%	24.39%	34.92%	15.27%	-9.55%	29.1%	24.27%	0.6%	15.65%	16.89%	-17.56%	-27.41%	15.68%	16.19%	19.9%
Net Income (Continuing)	115.79M	148.27M	145.47M	103.67M	103.4M	151.11M	135.77M	179.13M	163.9M	70.2M	125.03M	124.3M	119.92M	116.69M	94.99M	76.49M	76.41M	75.85M	60.98M	45.2M	39.21M	43.35M	33.58M	29.26M	26.86M	23.22M	19.87M	24.1M	33.2M	28.7M	24.7M
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)	6.36	7.98	7.77	5.53	5.46	7.94	7.13	9.33	8.21	3.44	6.17	6.15	5.95	5.81	4.76	3.85	3.92	3.92	3.15	2.34	2.03	2.24	1.74	1.40	1.39	1.20	1.01	1.18	1.62	1.40	1.20
EPS Growth %	-22.11%	2.7%	40.51%	1.28%	-31.23%	11.36%	-23.58%	13.64%	138.66%	-44.25%	0.33%	3.36%	2.41%	22.06%	23.64%	-1.79%	0%	24.44%	34.62%	15.27%	-9.38%	28.74%	24.29%	0.72%	15.83%	18.81%	-14.41%	-27.16%	15.71%	16.67%	18.81%
EPS (Basic)	-	8.33	8.11	5.77	5.71	8.32	7.46	9.77	8.27	3.63	6.51	6.50	6.29	6.14	5.02	3.93	3.94	4.13	3.33	2.47	2.04	2.26	1.74	1.58	1.40	1.20	1.01	1.18	1.62	1.40	1.20
Diluted Shares Outstanding	18.22M	18.58M	18.72M	18.76M	18.93M	19.04M	19.04M	19.2M	19.96M	20.28M	20.15M	20.08M	19.94M	19.79M	19.62M	19.53M	19.46M	19.37M	19.35M	19.34M	19.31M	19.31M	19.26M	19.3M	19.28M	19.38M	19.67M	20.42M	20.49M	20.5M	20.56M
Basic Shares Outstanding	14.53M	17.81M	18.66M	17.97M	18.1M	18.15M	18.19M	18.34M	19.81M	20.17M	20.06M	19.95M	19.79M	19.64M	19.52M	19.45M	19.39M	14.39M	19.3M	19.26M	19.24M	19.22M	19.19M	17.1M	19.22M	19.36M	19.67M	20.42M	20.49M	20.5M	20.51M
Dividend Payout Ratio	-	16.61%	16.05%	21.32%	20.11%	12.01%	11.56%	4.61%	2.57%	4.13%	2.3%	2.31%	2.38%	2.44%	2.99%	3.7%	3.63%	3.63%	4.51%	6.07%	6.73%	5.98%	7.68%	9.52%	9.59%	11.14%	13.3%	10.79%	6.63%	7.67%	8.1%

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Margin compression and EPS miss

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Stagnant Top-Line Growth

UniFirst's revenue growth has decelerated to a mere 0.20% year-over-year, with the latest quarter showing only 3.9% growth, indicating a period of stagnation in new account acquisition and pricing power.

The reported revenue growth of 0.20% YoY is a stark contrast to the double-digit growth seen in 2024Q4, suggesting that the company is struggling to expand its customer base or increase pricing. The recent quarters show a consistent pattern of low single-digit growth, which may indicate a mature market or increased competition. Investors should monitor whether the CRM and ERP investments can drive organic growth or if the company will need to rely on acquisitions to accelerate revenue.

Structural Margin Gap Persists

Gross margin at 37.0% in 2026Q3 remains well below Cintas's 50.5%, and operating margin of 3.6% is a fraction of the peer's 23.1%, highlighting a persistent efficiency gap.

The gross margin has improved from the 26.9% in 2024Q2 to 37.0% in 2026Q3, but it still lags the industry leader by over 13 percentage points. This suggests that UniFirst's route density and cost structure are not as optimized as Cintas's, possibly due to slower adoption of technology. The operating margin compression in the latest quarter, down to 3.6% from 8.1% in 2025Q4, indicates that SG&A costs are consuming a larger share of gross profit, which may be a result of the ERP implementation or other one-off costs.

Operating Leverage Fading

Operating income has not scaled with revenue; despite a 3.9% revenue increase in 2026Q3, operating income fell to $23.0M from $49.6M in 2025Q4, indicating negative operating leverage.

The company's operating leverage appears to be working against it, as SG&A expenses have grown faster than gross profit. In 2026Q3, SG&A was $175.9M, up from $147.0M in 2025Q4, while gross profit only increased slightly. This suggests that the company is not efficiently controlling overhead costs, possibly due to the technology transformation. If this trend continues, it could signal a structural issue in cost management.

EPS Miss Raises Quality Concerns

The latest quarter's EPS of $1.09 fell 43% short of the $1.91 estimate, with net income down 48.8% YoY, raising questions about the quality and sustainability of reported earnings.

The significant EPS miss suggests that there may be one-off costs or a deterioration in core profitability that is not yet fully explained. The negative stock-based compensation in 2026Q2 and 2025Q2 is unusual and may indicate adjustments or reversals. Investors should scrutinize the earnings call for details on the drivers of the miss, as the CEO's positive commentary contrasts sharply with the financial results.

SG&A Inflation Pressures

SG&A expenses have risen to 27.7% of revenue in 2026Q3, up from 21.8% in 2025Q1, indicating that administrative and distribution costs are growing faster than revenue.

The increase in SG&A as a percentage of revenue suggests that the company is facing cost pressures, possibly from labor inflation or investments in technology. The ERP and CRM implementation may be causing temporary inefficiencies, but if these costs persist, they could erode margins further. Management's expense discipline will be critical to restoring profitability.

2024Q4 Margin Inflection

In 2024Q4, gross margin jumped to 30.2% from 26.9% in 2024Q2, a significant inflection that was followed by a decline to 37.0% in 2026Q3, suggesting a temporary improvement.

The margin improvement in 2024Q4 was likely driven by cost controls or pricing actions, but it has not been sustained. The subsequent quarters show a volatile margin pattern, with a peak of 37.8% in 2025Q4 and a drop to 35.2% in 2026Q2. This volatility may indicate that the company is struggling to maintain consistent profitability, possibly due to input cost fluctuations or operational challenges.

UNF — Frequently Asked Questions

Quick answers to the most common questions about buying UNF stock.

What was UniFirst Corporation's (UNF) revenue in 2025?

For fiscal year 2025, UniFirst Corporation (UNF) reported total revenue of $2.43B. This represents a 520.8% increase compared to $391.8M in 1996.

Is UniFirst Corporation (UNF) profitable?

UniFirst Corporation (UNF) is profitable, generating $148.3M in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.

What is UniFirst Corporation's operating profit margin?

UniFirst Corporation (UNF) reported an operating income of $184.5M, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is UniFirst Corporation's gross profit and gross margin?

UniFirst Corporation (UNF) generated $749.6M in gross profit for the year, representing a gross profit margin of 30.8%. This demonstrates the company's core pricing power and production efficiency.