Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Cintas Corp., consolidated statement of comprehensive income
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).
- Net Income
- The net income demonstrates a consistent upward trajectory over the analyzed periods, starting from approximately $885 million in May 2019 and increasing to about $1.57 billion by May 2024. This steady growth indicates improved profitability and operational efficiency over the years.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments show considerable volatility with negative values in most years except for May 2021, where a positive adjustment of nearly $68 million is recorded. The fluctuations suggest that exchange rate movements have intermittently had both adverse and favorable impacts on the company’s financial results, though the recent value in May 2024 is close to neutral.
- Change in Fair Value of Interest Rate Lock Agreements, Net of Tax
- This item exhibits significant swings across the periods, moving from negative figures in the first two years to large positive values in 2021 and 2022, followed by smaller positive amounts in the subsequent years. Such volatility suggests that hedging activities related to interest rate risk have had varying impacts on earnings, reflecting changes in interest rate environments and the valuation of these financial instruments.
- Amortization of Interest Rate Lock Agreements, Net of Tax
- Amortization expenses have generally increased over time, rising from approximately $1.2 million in 2019 to around $6 million in 2024, indicating a growing cost associated with these financial instruments, potentially due to increased locking activities or changes in amortization schedules.
- Other, Net of Tax
- The "Other" comprehensive income/loss category shows mixed results, with negative values in the early years, a marked positive swing in 2021, and a moderate positive figure again in 2024. This variability may be driven by miscellaneous items not classified elsewhere, contributing unpredictably to the comprehensive income.
- Other Comprehensive Income (Loss), Net of Tax
- Overall other comprehensive income, excluding net income, reflects considerable fluctuation. Negative losses dominate 2019, 2020, 2023, and to a lesser extent 2022 and 2024, with an especially large positive spike in 2021. This pattern highlights inconsistent gains and losses from non-operational or non-core components, affecting total comprehensive income variability.
- Comprehensive Income
- Comprehensive income follows a generally increasing trend, climbing from about $829 million in 2019 to roughly $1.58 billion in 2024, mirroring the net income path. However, the growth is somewhat smoother, indicating that fluctuations in other comprehensive income components moderately impact the bottom line but do not overshadow the overall earnings improvement.