Selected Financial Data
since 2005
Income Statement
Cintas Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income | Net income |
|---|---|---|---|
| May 31, 2024 | 9,596,615) | 2,068,633) | 1,571,592) |
| May 31, 2023 | 8,815,769) | 1,802,664) | 1,348,010) |
| May 31, 2022 | 7,854,459) | 1,587,370) | 1,235,757) |
| May 31, 2021 | 7,116,340) | 1,385,492) | 1,110,968) |
| May 31, 2020 | 7,085,120) | 1,162,696) | 876,037) |
| May 31, 2019 | 6,892,303) | 1,133,534) | 884,981) |
| May 31, 2018 | 6,476,632) | 949,834) | 842,586) |
| May 31, 2017 | 5,323,381) | 773,691) | 480,708) |
| May 31, 2016 | 4,905,458) | 781,748) | 693,520) |
| May 31, 2015 | 4,476,886) | 696,407) | 430,618) |
| May 31, 2014 | 4,551,812) | 567,010) | 374,442) |
| May 31, 2013 | 4,316,471) | 565,211) | 315,442) |
| May 31, 2012 | 4,102,000) | 539,627) | 297,637) |
| May 31, 2011 | 3,810,384) | 440,343) | 246,989) |
| May 31, 2010 | 3,547,339) | 390,809) | 215,620) |
| May 31, 2009 | 3,774,685) | 409,065) | 226,357) |
| May 31, 2008 | 3,937,900) | 577,455) | 335,405) |
| May 31, 2007 | 3,706,900) | 577,397) | 334,538) |
| May 31, 2006 | 3,403,608) | 546,838) | 327,178) |
| May 31, 2005 | 3,067,283) | 494,527) | 300,518) |
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), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The financial performance from 2005 to 2024 is characterized by substantial long-term growth across all key income statement metrics. Revenue, operating income, and net income have all increased significantly, reflecting a successful expansion of the business scale and improved operational efficiency over the two-decade period.
- Revenue Trajectory
- Revenue grew from approximately 3.07 billion USD in 2005 to 9.60 billion USD in 2024. The growth path remained generally positive, despite a period of stagnation and slight contraction between 2008 and 2011, coinciding with global economic volatility. A secondary period of slower growth occurred around 2015. However, from 2016 onward, revenue exhibited an accelerated upward trend, with particularly strong gains observed between 2021 and 2024.
- Operating Income and Margin Expansion
- Operating income increased from 494.5 million USD in 2005 to 2.07 billion USD in 2024. While operating income mirrored the revenue dip during the 2009-2010 period, the subsequent recovery demonstrated a widening gap between revenue and operating expenses. The operating margin improved from approximately 16.1% in 2005 to 21.5% in 2024, indicating enhanced operational leverage and cost management as the organization scaled.
- Net Income and Profitability Patterns
- Net income rose from 300.5 million USD in 2005 to 1.57 billion USD in 2024. A notable anomaly is observed in 2016, where net income spiked to 693.5 million USD before retreating to 480.7 million USD in 2017, suggesting a non-recurring gain or tax benefit during that fiscal year. Beyond this volatility, the trend from 2017 to 2024 shows consistent and accelerating growth. The net profit margin evolved from 9.8% in 2005 to 16.4% in 2024, confirming that bottom-line profitability grew at a faster rate than top-line revenue.
- Comparative Growth Analysis
- The data indicates a shift in performance phases. The period between 2005 and 2015 was marked by moderate growth and vulnerability to macroeconomic cycles. Conversely, the period from 2016 to 2024 represents a phase of aggressive expansion and margin optimization, where the organization achieved record levels of both absolute profit and percentage profitability.
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Balance Sheet: Assets
Cintas Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| May 31, 2024 | 3,185,207) | 9,168,817) |
| May 31, 2023 | 2,938,459) | 8,546,356) |
| May 31, 2022 | 2,631,983) | 8,147,256) |
| May 31, 2021 | 2,843,309) | 8,236,823) |
| May 31, 2020 | 2,309,699) | 7,669,885) |
| May 31, 2019 | 2,236,280) | 7,436,662) |
| May 31, 2018 | 1,977,932) | 6,958,214) |
| May 31, 2017 | 1,954,478) | 6,844,057) |
| May 31, 2016 | 1,590,035) | 4,104,393) |
| May 31, 2015 | 1,735,807) | 4,192,460) |
| May 31, 2014 | 1,805,681) | 4,462,452) |
| May 31, 2013 | 1,624,826) | 4,345,632) |
| May 31, 2012 | 1,541,568) | 4,160,906) |
| May 31, 2011 | 1,700,777) | 4,351,940) |
| May 31, 2010 | 1,524,944) | 3,969,736) |
| May 31, 2009 | 1,270,273) | 3,720,951) |
| May 31, 2008 | 1,282,336) | 3,808,601) |
| May 31, 2007 | 1,156,736) | 3,570,480) |
| May 31, 2006 | 1,178,008) | 3,425,237) |
| May 31, 2005 | 1,166,544) | 3,059,744) |
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), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Over the period from 2005 to 2024, both current assets and total assets exhibited generally increasing trends, though with notable fluctuations and a significant acceleration in growth during the latter half of the period. Initial observations reveal a period of moderate growth followed by a substantial increase beginning around 2015.
- Current Assets Trend
- Current assets demonstrated a relatively stable pattern between 2005 and 2008, fluctuating around the $1.15 to $1.28 billion range. A slight decrease was observed in 2007. From 2009 through 2014, current assets increased, reaching $1.806 billion in 2014. A dip occurred in 2015 and 2016, before a strong upward trend commenced. Between 2016 and 2024, current assets more than doubled, culminating in a value of $3.185 billion. The most significant increases occurred between 2020 and 2023.
- Total Assets Trend
- Total assets mirrored the trend observed in current assets. From 2005 to 2008, total assets increased from $3.060 billion to $3.809 billion. A slight decline occurred in 2009, followed by a period of growth through 2014, reaching $4.462 billion. A notable decrease was seen in 2015, followed by a period of rapid expansion. Between 2015 and 2024, total assets increased dramatically, more than tripling to $9.169 billion. The period from 2019 to 2024 saw the most substantial growth, indicating a significant expansion of the company’s asset base.
- Relationship Between Current and Total Assets
- Throughout the observed period, current assets consistently represented a substantial portion of total assets, generally ranging between 30% and 40%. This suggests a strong reliance on liquid assets. The proportion appears to have increased slightly in the later years, potentially indicating a shift in asset allocation or increased short-term liquidity needs. The correlation between the trends of both asset categories is strong, suggesting that changes in current assets are a primary driver of changes in total assets.
The observed growth in both current and total assets, particularly after 2015, warrants further investigation to understand the underlying factors driving this expansion. Potential areas of inquiry include acquisitions, increased profitability leading to retained earnings, and changes in working capital management.
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Balance Sheet: Liabilities and Stockholders’ Equity
Cintas Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| May 31, 2024 | 1,828,519) | 4,852,445) | 2,475,529) | 4,316,372) |
| May 31, 2023 | 1,230,062) | 4,682,370) | 2,486,405) | 3,863,986) |
| May 31, 2022 | 1,432,890) | 4,839,060) | 2,795,506) | 3,308,196) |
| May 31, 2021 | 1,934,085) | 4,548,976) | 2,541,903) | 3,687,847) |
| May 31, 2020 | 885,195) | 4,434,683) | 2,539,705) | 3,235,202) |
| May 31, 2019 | 1,127,733) | 4,433,941) | 2,849,771) | 3,002,721) |
| May 31, 2018 | 775,857) | 3,941,688) | 2,535,309) | 3,016,526) |
| May 31, 2017 | 1,130,852) | 4,541,264) | 3,133,524) | 2,302,793) |
| May 31, 2016 | 815,555) | 2,261,734) | 1,300,000) | 1,842,659) |
| May 31, 2015 | 621,058) | 2,260,005) | 1,300,000) | 1,932,455) |
| May 31, 2014 | 630,131) | 2,269,594) | 1,300,980) | 2,192,858) |
| May 31, 2013 | 556,256) | 2,144,140) | 1,309,166) | 2,201,492) |
| May 31, 2012 | 670,891) | 2,021,771) | 1,284,802) | 2,139,135) |
| May 31, 2011 | 434,139) | 2,049,291) | 1,286,125) | 2,302,649) |
| May 31, 2010 | 383,682) | 1,435,707) | 786,053) | 2,534,029) |
| May 31, 2009 | 317,465) | 1,353,542) | 786,656) | 2,367,409) |
| May 31, 2008 | 367,242) | 1,554,470) | 943,806) | 2,254,131) |
| May 31, 2007 | 403,038) | 1,402,742) | 881,215) | 2,167,738) |
| May 31, 2006 | 411,828) | 1,337,274) | 798,742) | 2,087,963) |
| May 31, 2005 | 356,481) | 955,609) | 472,591) | 2,104,135) |
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), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The long-term financial trajectory from 2005 to 2024 is characterized by a substantial expansion of the balance sheet, marked by significant increases in both total liabilities and shareholders' equity. While the company maintained a relatively stable capital structure for the first decade, a pivot occurred around 2017, leading to a higher leverage profile that has since been balanced by steady equity growth.
- Total Liabilities and Long-term Debt
- Total liabilities exhibited a steady increase from 955.6 million in 2005 to 2.05 billion by 2011. A sharp escalation is observed in 2017, where total liabilities jumped from 2.26 billion in 2016 to 4.54 billion. This spike was primarily driven by total debt, which rose from 1.3 billion to 3.13 billion in the same period. Following this expansion, total debt remained relatively range-bound between 2.4 billion and 3.1 billion through 2024, indicating a period of debt stabilization after a major financing event.
- Current Liabilities and Short-term Obligations
- Current liabilities followed a general upward trend, rising from 356.5 million in 2005 to 1.83 billion in 2024. Notable volatility is observed in the latter years, specifically a peak of 1.93 billion in 2021 followed by a contraction and a subsequent rise. The increase in current liabilities suggests a growth in operational scale and a corresponding increase in short-term obligations.
- Shareholders' Equity Growth
- Shareholders' equity demonstrated consistent long-term growth, increasing from 2.10 billion in 2005 to 4.32 billion in 2024. Although equity remained relatively flat between 2005 and 2015, a period of accelerated accumulation began after 2016. The steady increase in equity from 2.30 billion in 2017 to 4.32 billion in 2024 indicates strong retained earnings and an improvement in the company's intrinsic value.
- Leverage and Solvency Trends
- The relationship between debt and equity shifted markedly over the two-decade period. In the early years, shareholders' equity significantly exceeded total debt. However, the 2017 surge in debt caused a temporary inversion where total debt exceeded equity. In the subsequent years, the company successfully deleveraged relative to its equity base, with shareholders' equity growing more rapidly than debt, resulting in a more conservative solvency position by 2024.
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Cash Flow Statement
Cintas Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| May 31, 2024 | 2,079,781) | (608,631) | (1,253,490) |
| May 31, 2023 | 1,597,814) | (388,672) | (1,172,836) |
| May 31, 2022 | 1,537,625) | (402,635) | (1,537,943) |
| May 31, 2021 | 1,360,740) | (137,215) | (879,868) |
| May 31, 2020 | 1,291,483) | (285,398) | (955,207) |
| May 31, 2019 | 1,067,862) | (235,638) | (873,305) |
| May 31, 2018 | 964,160) | (135,698) | (864,140) |
| May 31, 2017 | 763,887) | (2,310,349) | 1,578,502) |
| May 31, 2016 | 465,845) | 128,381) | (866,724) |
| May 31, 2015 | 580,276) | 44,987) | (712,560) |
| May 31, 2014 | 607,969) | (16,543) | (429,735) |
| May 31, 2013 | 552,748) | (284,181) | (256,058) |
| May 31, 2012 | 469,862) | (104,294) | (460,575) |
| May 31, 2011 | 340,886) | (298,593) | (20,038) |
| May 31, 2010 | 561,572) | (203,500) | (76,509) |
| May 31, 2009 | 523,522) | (203,221) | (254,348) |
| May 31, 2008 | 544,543) | (310,975) | (202,704) |
| May 31, 2007 | 449,391) | (273,708) | (179,237) |
| May 31, 2006 | 461,886) | (440,046) | (26,122) |
| May 31, 2005 | 414,213) | (350,734) | (107,640) |
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), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
An analysis of the cash flow trajectory from 2005 to 2024 reveals a consistent and significant expansion in the company's ability to generate liquidity from its core business operations, complemented by a strategic shift in investment and financing activities over the two-decade period.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a strong long-term upward trajectory. From 2005 to 2010, cash flow grew steadily from 414 million to 561 million. After a temporary contraction in 2011 to 340 million, a period of accelerated growth commenced. Between 2016 and 2024, operating cash flows increased from 465 million to 2.079 billion, representing a substantial scaling of operational efficiency and cash generation capabilities.
- Investing Activity Patterns
- Investing activities were characterized by consistent net outflows for most of the period, typical of ongoing capital expenditures. A notable deviation occurred between 2014 and 2016, where the company recorded positive cash flows from investing activities. The most significant event occurred in 2017, with a substantial net outflow of 2.31 billion, indicating a major capital deployment or acquisition. Following this peak, outflows stabilized but showed a recent increase, reaching 608 million by 2024, suggesting a renewed phase of investment in growth assets.
- Financing Activity Dynamics
- Financing activities remained predominantly negative, reflecting a consistent return of capital to shareholders or the repayment of debt. A sharp reversal occurred in 2017, with a net inflow of 1.578 billion, which appears to have partially funded the massive investing outflow recorded in the same fiscal year. From 2018 onward, financing outflows intensified, peaking at 1.537 billion in 2022, indicating an aggressive strategy of debt reduction or shareholder distributions funded by the rising operational cash flows.
- Integrated Cash Flow Analysis
- The synergy between the three cash flow components indicates a transition toward a high-cash-generating maturity phase. The company has evolved from requiring moderate financing to possessing the operational strength to fund both significant strategic investments and large-scale financing outflows simultaneously. The stability and growth of the operating cash flow since 2018 have provided a robust cushion for the increasing outflows seen in both investing and financing activities.
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Per Share Data
Cintas Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| May 31, 2024 | 3.85 | 3.79 | 1.35 |
| May 31, 2023 | 3.30 | 3.25 | 1.15 |
| May 31, 2022 | 2.98 | 2.91 | 0.95 |
| May 31, 2021 | 2.63 | 2.56 | 1.25 |
| May 31, 2020 | 2.09 | 2.03 | 0.64 |
| May 31, 2019 | 2.06 | 2.00 | 0.51 |
| May 31, 2018 | 1.95 | 1.89 | 0.41 |
| May 31, 2017 | 1.12 | 1.10 | 0.33 |
| May 31, 2016 | 1.58 | 1.55 | 0.26 |
| May 31, 2015 | 0.92 | 0.91 | 0.43 |
| May 31, 2014 | 0.77 | 0.76 | 0.19 |
| May 31, 2013 | 0.63 | 0.63 | 0.16 |
| May 31, 2012 | 0.57 | 0.57 | 0.14 |
| May 31, 2011 | 0.42 | 0.42 | 0.12 |
| May 31, 2010 | 0.35 | 0.35 | 0.12 |
| May 31, 2009 | 0.37 | 0.37 | 0.12 |
| May 31, 2008 | 0.54 | 0.54 | 0.12 |
| May 31, 2007 | 0.52 | 0.52 | 0.10 |
| May 31, 2006 | 0.49 | 0.49 | 0.09 |
| May 31, 2005 | 0.44 | 0.44 | 0.08 |
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), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial trajectory from 2005 to 2024 is characterized by a long-term expansion in profitability and a corresponding increase in shareholder distributions, despite periods of short-term volatility.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a consistent long-term upward trend, growing from 0.44 USD in 2005 to 3.85 USD and 3.79 USD respectively by 2024. A period of contraction is observed between 2008 and 2010, where basic EPS declined from 0.54 USD to a low of 0.35 USD. Following this trough, a recovery phase began, marked by an accelerated growth trajectory starting in 2016, where basic EPS jumped from 0.92 USD in 2015 to 1.58 USD. Aside from a moderate correction in 2017, earnings grew aggressively through 2024.
- Dividend Distribution Trends
- Dividends per share followed a general growth pattern, increasing from 0.08 USD in 2005 to 1.35 USD in 2024. The growth was gradual between 2005 and 2014, followed by a significant spike to 0.43 USD in 2015. A subsequent reduction to 0.26 USD occurred in 2016, after which a steady upward climb resumed. A notable volatility event is observed between 2021 and 2022, where the dividend decreased from 1.25 USD to 0.95 USD before recovering to 1.35 USD by 2024.
- Earnings and Dividend Correlation
- There is a strong positive correlation between the growth of earnings and the increase in dividends over the twenty-year period. The minimal variance between basic and diluted EPS suggests a stable capital structure with limited dilution. The acceleration in dividend payments since 2018 mirrors the substantial increase in EPS, indicating a policy of returning a larger portion of the increased profitability to shareholders.
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