Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Cintas Corp., consolidated income statement
US$ in thousands
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).
The financial data from the fiscal years ending in May 2019 through May 2024 reveal notable trends in revenue, costs, profitability, and expenses across the periods.
- Revenue Trends
- There has been a consistent upward trajectory in total revenue, increasing from approximately $6.89 billion in 2019 to nearly $9.60 billion in 2024. Both main segments—uniform rental and facility services, and other revenues—have experienced growth, with uniform rental showing an increase from roughly $5.55 billion to $7.47 billion and other revenues rising from about $1.34 billion to $2.13 billion.
- Cost of Revenue and Gross Margin
- Costs associated with both major revenue streams have risen over the period. Cost of uniform rental and facility services increased from about $3.03 billion in 2019 to $3.87 billion in 2024, while cost of other revenues climbed from approximately $736 million to $1.05 billion. Total cost of revenue rose accordingly, yet gross margin improved, expanding from approximately $3.13 billion to $4.69 billion. This suggests effective cost control or improved pricing power, supporting higher profitability.
- Operating Expenses and Income
- Selling and administrative expenses also increased, from about $1.98 billion in 2019 to nearly $2.62 billion in 2024, indicating investments or inflationary pressures in operating expenses. Despite this, operating income showed a strong upward trend, growing from $1.13 billion to $2.07 billion, reflecting enhanced operational efficiency or scaling benefits.
- Other Income and Expenses
- Incidental items such as gains from sale of investments and integration expenses were minimal or non-recurring, thus not materially impacting overall trends. Interest income remained low but rose in the last two years, while interest expense fluctuated slightly but generally stayed around $100 million annually.
- Income Before Taxes and Net Income
- Income before income taxes increased steadily from approximately $1.10 billion to nearly $2.00 billion. Income taxes also rose but at a proportionally lower rate, leading to continued growth in income from continuing operations—from about $883 million to $1.57 billion. The consistency between income from continuing operations and net income in recent years indicates no significant gains or losses from discontinued operations.
- Summary of Observations
- The data indicates strong and steady revenue growth accompanied by rising costs, yet improving gross margins and operating income suggest effective cost management. Increasing administrative expenses have not hindered operating profitability, which more than doubled over the period. The bottom line shows robust growth, supported by stable tax management and limited non-operational volatility. Overall, the financial performance reflects sustained expansion and improving profitability metrics across the assessed timeframe.