Common-Size Income Statement
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Cintas Corp., common-size consolidated income statement
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).
- Revenue Composition
- Over the analyzed periods, the proportion of revenue attributed to uniform rental and facility services showed a gradual decline from 80.56% in 2019 to 77.79% in 2024. Conversely, the contribution from other sources increased steadily from 19.44% to 22.21%, indicating a diversification in revenue streams.
- Cost Structure
- The cost of uniform rental and facility services as a percentage of revenue decreased consistently from -43.93% in 2019 to -40.28% in 2024, suggesting enhanced cost efficiency or better cost management in this segment. The cost associated with other revenues fluctuated slightly but exhibited a minor overall reduction from -10.68% to -10.89%. The aggregate cost of revenue followed a declining trend from -54.61% to -51.17%, supporting a positive impact on profitability.
- Gross Margin
- Gross margin as a percentage of revenue improved steadily, rising from 45.39% in 2019 to 48.83% in 2024. This trend aligns with the observed decrease in total cost of revenue, representing an enhancement in the company’s ability to retain earnings from sales after direct costs.
- Operating Expenses and Income
- Selling and administrative expenses as a percentage of revenue showed slight variability, initially increasing from -28.74% in 2019 to -29.23% in 2020, then declining to a low of -26.03% in 2022 before edging back up to -27.28% in 2024. The fluctuation suggests ongoing adjustments in operational spending. Operating income demonstrated a positive trajectory, rising from 16.45% to 21.56%, reflecting improved operational profitability over the periods.
- Other Income and Expenses
- Interest income remained negligible with minor fluctuations, while interest expense decreased from -1.48% to -1.05%, indicating improved financing costs or debt management. The gain on sale of investment was recorded only in 2019 and did not recur in subsequent years.
- Income Before Taxes and Taxation
- Income before income taxes increased steadily from 15.99% in 2019 to 20.57% in 2024, reflecting strengthened pre-tax profitability. Income taxes as a percentage of revenue rose from -3.19% to -4.19%, possibly due to changes in tax rates or taxable income composition over time.
- Net Income and Profitability
- Income from continuing operations and net income exhibited similar patterns, both rising from approximately 12.8% to 16.4%. This improvement demonstrates enhanced overall profitability, with discontinued operations having no significant continuing effect after 2019.