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
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Revenue Trends
- The overall revenue displays an upward trajectory from August 2018 through November 2024, increasing from approximately $1.70 billion to over $2.56 billion. Although a dip is noticeable around the May 2020 period, likely coinciding with broader economic disruptions, the recovery that follows is steady and consistent.
- Segment Revenue
- Uniform rental and facility services constitute the majority of revenue, showing a generally rising trend from about $1.37 billion in August 2018 to roughly $1.99 billion by November 2024. Other revenue categories also grow, albeit at a slower rate, increasing from $323 million to $571 million over the same timeframe. The growth in the 'Other' category is relatively smoother with fewer fluctuations.
- Cost of Revenue and Gross Margin
- Costs associated with uniform rental and facility services and other categories exhibit increases in line with revenue trends, suggesting escalating operational costs. The total cost of revenue climbs from approximately $923 million to around $1.29 billion. Gross margin improves correspondingly, rising from $775 million to nearly $1.28 billion, suggesting proficient management of cost relative to revenue especially after mid-2020.
- Operating Income and Expenses
- Operating income, despite a marked decline in May 2020 likely due to external factors, shows recovery and growth thereafter from around $265 million initially to approximately $591 million by November 2024. Selling and administrative expenses remain fairly stable with slight upward movement over the period, generally occupying a consistent proportion of revenue, which implies ongoing investment in operational support and sales capacity.
- Income Before Taxes and Net Income
- Income before taxes exhibits an increasing trend, though with some volatility in early periods, rising from about $241 million in August 2018 to $566 million in November 2024. Income taxes fluctuate significantly, reflecting variable tax burdens. Net income follows a similar pattern to operating income and income before taxes, recovering well after the 2020 trough and reaching new highs by late 2024, rising from $212 million to $448 million.
- Interest and Other Income
- Interest income remains relatively low and variable, but there is a slight upward trend over time. Interest expense is generally stable with minor fluctuations, maintaining a consistent cost level. A notable one-time gain in November 2018 positively impacted that period’s income before taxes but does not reoccur in subsequent quarters.
- Special Items and Integration Expenses
- Integration expenses related to G&K Services, Inc. appear only during late 2018 and early 2019, with no impact in later periods, indicating a completed integration process early in the data range.
- Impact of External Events
- The May 2020 quarter shows a marked decrease in revenue, gross margin, and operating income, likely reflecting external disruptions affecting demand and operations. The data indicates a resilient recovery starting in the subsequent quarter, with continued growth through 2024.
- Profitability and Operational Efficiency
- Profitability metrics such as gross margin and operating income improve over time after 2020, indicating both revenue growth and better cost control. Selling and administrative expenses do not increase proportionally with revenue, pointing toward gains in operational efficiency.