Name: Cintas Corp. (NASDAQ:CTAS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Uniform rental and facility services	1,990,410)	1,933,839)	1,911,190)	1,876,642)	1,850,542)	1,826,825)	1,773,206)	1,716,165)	1,709,987)	1,697,772)	1,630,213)	1,553,320)	1,535,271)	1,508,176)	1,466,868)	1,417,865)	1,410,488)	1,394,411)	1,270,970)	1,448,021)	1,469,976)	1,454,527)	1,428,392)	1,358,322)	1,390,778)	1,374,938)
Other	571,373)	567,748)	559,745)	529,531)	526,635)	515,505)	511,265)	473,821)	464,871)	468,682)	444,473)	407,222)	387,010)	388,774)	368,793)	359,191)	346,560)	352,164)	348,614)	362,627)	373,773)	356,612)	365,338)	324,008)	327,490)	323,037)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Cost of uniform rental and facility services	(1,014,052)	(981,163)	(983,049)	(960,208)	(974,231)	(947,583)	(926,689)	(907,993)	(906,727)	(890,766)	(885,789)	(834,082)	(817,261)	(779,301)	(766,441)	(761,850)	(739,811)	(715,412)	(716,602)	(784,930)	(784,937)	(768,676)	(771,056)	(748,971)	(761,119)	(746,453)
Cost of other	(271,028)	(268,293)	(272,437)	(258,117)	(261,398)	(253,176)	(269,004)	(247,962)	(245,684)	(247,576)	(242,702)	(228,306)	(219,879)	(214,893)	(210,170)	(205,690)	(197,353)	(204,962)	(195,162)	(201,323)	(206,421)	(193,321)	(199,109)	(178,206)	(181,991)	(176,810)
Cost of revenue	(1,285,080)	(1,249,456)	(1,255,486)	(1,218,325)	(1,235,629)	(1,200,759)	(1,195,693)	(1,155,955)	(1,152,411)	(1,138,342)	(1,128,491)	(1,062,388)	(1,037,140)	(994,194)	(976,611)	(967,540)	(937,164)	(920,374)	(911,764)	(986,253)	(991,358)	(961,997)	(970,165)	(927,177)	(943,110)	(923,263)
Gross margin	1,276,703)	1,252,131)	1,215,449)	1,187,848)	1,141,548)	1,141,571)	1,088,778)	1,034,031)	1,022,447)	1,028,112)	946,195)	898,154)	885,141)	902,756)	859,050)	809,516)	819,884)	826,201)	707,820)	824,395)	852,391)	849,142)	823,565)	755,153)	775,158)	774,712)
Selling and administrative expenses	(685,313)	(691,100)	(667,855)	(667,048)	(641,865)	(641,015)	(617,980)	(587,219)	(577,513)	(587,992)	(541,759)	(490,549)	(503,913)	(508,655)	(502,604)	(483,048)	(467,012)	(476,495)	(500,386)	(509,743)	(517,927)	(542,996)	(508,240)	(476,099)	(491,671)	(504,634)
G&K Services, Inc. integration expenses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(914)	(799)	(7,847)	(4,850)
Operating income	591,390)	561,031)	547,594)	520,800)	499,683)	500,556)	470,798)	446,812)	444,934)	440,120)	404,436)	407,605)	381,228)	394,101)	356,446)	326,468)	352,872)	349,706)	207,434)	314,652)	334,464)	306,146)	314,411)	278,255)	275,640)	265,228)
Gain on sale of a cost method investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	69,373)	—)
Interest income	962)	1,250)	3,621)	930)	769)	422)	844)	373)	344)	155)	74)	56)	56)	56)	98)	87)	218)	64)	196)	347)	283)	162)	271)	70)	391)	496)
Interest expense	(26,665)	(25,619)	(24,076)	(25,530)	(26,590)	(24,544)	(25,773)	(28,819)	(28,920)	(27,720)	(23,058)	(22,030)	(21,902)	(21,854)	(24,551)	(24,552)	(24,557)	(24,550)	(25,952)	(25,943)	(26,177)	(27,321)	(25,782)	(26,770)	(24,880)	(24,304)
Income before income taxes	565,687)	536,662)	527,139)	496,200)	473,862)	476,434)	445,869)	418,366)	416,358)	412,555)	381,452)	385,631)	359,382)	372,303)	331,993)	302,003)	328,533)	325,220)	181,678)	289,056)	308,570)	278,987)	288,900)	251,555)	320,524)	241,420)
Income taxes	(117,192)	(84,629)	(112,824)	(98,621)	(99,249)	(91,349)	(99,668)	(92,539)	(92,065)	(60,866)	(86,991)	(70,183)	(64,713)	(41,124)	(64,271)	(43,619)	(43,676)	(25,215)	(37,093)	(54,536)	(62,127)	(28,175)	(62,729)	(50,632)	(77,530)	(28,873)
Income from continuing operations	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,443)	250,812)	226,171)	200,923)	242,994)	212,547)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(323)	—)	(52)	2,411)	19)	(32)
Net income	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,120)	250,812)	226,119)	203,334)	243,013)	212,515)

An analysis of the quarterly income statements from August 2018 through November 2024 reveals a consistent long-term expansion in both top-line revenue and bottom-line profitability, characterized by strong recovery following a temporary contraction in mid-2020.

Revenue Trajectory and Composition: Total revenue grew from 1.698 billion USD in August 2018 to 2.562 billion USD by November 2024. The primary driver of this growth is the Uniform rental and facility services segment, which increased from 1.375 billion USD to 1.990 billion USD over the period. A significant short-term decline occurred in May 2020, where revenue dropped to 1.620 billion USD, representing the lowest point in the observed timeframe. Following this dip, revenue exhibited a steady quarterly ascent, demonstrating resilience and an accelerated growth phase beginning in 2022.
Gross Margin and Cost Management: Gross margin expanded from 774.7 million USD in August 2018 to 1.277 billion USD in November 2024. The growth in gross margin has outpaced the growth in cost of revenue, indicating an improvement in gross profit margins. While cost of revenue rose from 923.3 million USD to 1.285 billion USD, the percentage of revenue retained as gross profit increased, suggesting enhanced pricing power or operational efficiencies in service delivery.
Operating Performance and Leverage: Operating income demonstrated substantial growth, rising from 265.2 million USD in August 2018 to 591.4 million USD in November 2024. This growth is attributed to operating leverage, as selling and administrative expenses increased at a slower rate than gross margin. Selling and administrative expenses rose from 504.6 million USD to 685.3 million USD, but the impact of G&K Services integration expenses, which were present in 2018 and early 2019, was eliminated after May 2019, further contributing to the expansion of operating margins.
Net Income and Financial Obligations: Net income followed the general upward trend of operating income, increasing from 212.5 million USD in August 2018 to 448.5 million USD in November 2024. The bottom line was impacted by a notable dip in May 2020, coinciding with the revenue contraction. Interest expenses remained relatively stable, fluctuating between 21.8 million USD and 28.9 million USD throughout the period, indicating that the growth in operations was not primarily fueled by a significant increase in interest-bearing debt. Interest income showed a sharp, isolated increase in May 2024 to 3.6 million USD before normalizing.

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Cintas Corp. (NASDAQ:CTAS)

Income StatementQuarterly Data

Income Statement
Quarterly Data