Name: Cintas Corp. (NASDAQ:CTAS) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Cintas Corp., income statement, revenues

US$ in thousands

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Uniform Rental and Facility Services	7,465,199)	6,897,130)	6,226,980)	5,689,632)	5,643,494)	5,552,430)
First Aid and Safety Services	1,067,334)	951,496)	832,458)	784,291)	708,569)	619,470)
Fire Protection Services	728,610)	627,747)	527,517)	446,441)	422,688)	405,467)
Uniform Direct Sale	335,472)	339,396)	267,504)	195,976)	310,369)	314,936)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

Total revenue exhibited a consistent upward trajectory over the six-year period ending May 31, 2024, increasing from $6.89 billion to $9.60 billion. A period of relative stagnation is observed between 2020 and 2021, followed by a significant acceleration in growth from 2022 through 2024.

Core Revenue Driver: Uniform Rental and Facility Services: This segment remains the primary contributor to total revenue, growing from $5.55 billion in 2019 to $7.47 billion in 2024. The growth pattern shows a marked acceleration after May 31, 2021, contributing substantially to the overall expansion of the company's top line.
Expansion of Specialized Services: Both First Aid and Safety Services and Fire Protection Services demonstrated strong and uninterrupted growth throughout the period. First Aid and Safety Services grew from $619.47 million in 2019 to $1.07 billion in 2024, surpassing the $1 billion threshold for the first time. Similarly, Fire Protection Services saw its revenue increase from $405.47 million to $728.61 million, representing an approximate 80% increase over the six-year span.
Volatility in Direct Sales: Uniform Direct Sale revenue exhibited the highest level of volatility among all segments. A significant contraction occurred in 2021, where revenue dropped to $195.98 million from $310.37 million the previous year. While a recovery followed, peaking at $339.40 million in 2023, the segment ended the period at $335.47 million, indicating a less stable growth pattern compared to service-based offerings.
Aggregate Revenue Composition: The analysis reveals a strategic shift toward service-oriented revenue streams. The combined growth of rental, safety, and fire protection services has effectively offset the volatility in direct sales, resulting in a diversified and increasingly stable revenue base.

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