Exhibit 99
FOR IMMEDIATE RELEASE
July 17, 2025

Cintas Corporation Announces
Fiscal 2025 Fourth Quarter and Full Year Results

CINCINNATI, July 17, 2025 -- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2025 fourth quarter ended May 31, 2025. Revenue for the fourth quarter of fiscal 2025 increased to $2.67 billion compared to $2.47 billion in last year’s fourth quarter, an increase of 8.0%. The fourth quarter of fiscal 2025 was negatively impacted by one less workday compared to the fourth quarter of fiscal 2024. On a same workday basis, revenue for the fourth quarter of fiscal 2025 was 9.6%. The organic revenue growth rate for the fourth quarter of fiscal 2025, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations and workday differences, was 9.0%.

Gross margin for the fourth quarter of fiscal 2025 increased to $1.33 billion compared to $1.22 billion in last year’s fourth quarter, an increase of 9.1%. Gross margin as a percentage of revenue was 49.7% for the fourth quarter of fiscal 2025 compared to 49.2% in last year's fourth quarter, an increase of 50 basis points.

Operating income for the fourth quarter of fiscal 2025 increased 9.1% to $597.5 million compared to $547.6 million in last year's fourth quarter. Operating income as a percentage of revenue was 22.4% in the fourth quarter of fiscal 2025 compared to 22.2% in last year's fourth quarter.

Net income increased to $448.3 million for the fourth quarter of fiscal 2025 compared to $414.3 million in last year's fourth quarter, an increase of 8.2%. The fourth quarter of fiscal 2025 effective tax rate was 22.1% compared to 21.4% in last year's fourth quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. Fourth quarter of fiscal 2025 diluted earnings per share (EPS) was $1.09 compared to $1.00 in last year's fourth quarter, an increase of 9.0%. The diluted EPS in each period is reflective of the impact of the four-for-one split of Cintas' common stock on September 11, 2024 (the Stock Split).

For the fiscal year ended May 31, 2025, revenue increased to $10.34 billion compared to $9.60 billion for fiscal 2024, an increase of 7.7%. Fiscal 2025 was negatively impacted by two less workdays compared to fiscal 2024. On a same workday basis, revenue for fiscal 2025 increased 8.6%. The organic revenue growth rate for fiscal 2025 was 8.0%. Operating income for fiscal 2025 increased to $2.36 billion compared to $2.07 billion for fiscal 2024, an increase of 14.1%. Operating income as a percent of revenue was 22.8% in fiscal 2025 compared to 21.6% in fiscal 2024. Diluted EPS for fiscal 2025 was $4.40 compared to $3.79 in fiscal 2024, an increase of 16.1%. The diluted EPS in each period is reflective of the impact of the Stock Split.

Cash flow from operating activities increased to $2.17 billion in fiscal 2025 compared to $2.07 billion in fiscal 2024. Cintas spent $408.9 million on capital expenditures in fiscal 2025, which is 4.0% as a percentage of revenue. Cintas acquired businesses for a total of $232.9 million in fiscal 2025. During fiscal 2025, Cintas paid cash dividends of $611.6 million, an increase of 15.2% over fiscal 2024. During fiscal 2025, under its authorized share buyback program, Cintas purchased 3.8 million shares of Cintas common stock at an average price of $179.07 per share, for a total purchase price of $679.3 million.

Todd M. Schneider, Cintas’ President and Chief Executive Officer, stated, “Our fourth quarter and full year results underscore the enduring strength of the Cintas value proposition. We achieved strong organic revenue growth and set all-time highs in gross margin and operating margin, driven by strategic investments in the business and the unwavering dedication of our employee-partners. By staying focused on operational excellence and making thoughtful investments, we continue to position Cintas for long-term success while returning capital to shareholders.

Mr. Schneider concluded, "As we enter fiscal 2026, we remain focused on delivering unmatched service to our customers, leveraging our distinctive culture and generating sustainable, long-term results for all our stakeholders."


For fiscal 2026, revenue is expected to be in the range of $11.00 billion to $11.15 billion, and diluted EPS is expected to be in the range of $4.71 to $4.85. Please note the following regarding guidance:
•Both fiscal year 2025 and fiscal year 2026 have the same number of workdays for the year and by quarter.
•Guidance does not assume any future acquisitions.
•Guidance assumes a constant foreign currency exchange rate.
•Fiscal year 2026 interest, net is expected to be approximately $98.0 million.
•Fiscal year 2026 effective tax rate is expected to be 20.0%, which is the same as fiscal year 2025.
•Our diluted EPS guidance includes no future share buybacks or significant economic disruptions or downturn.



Cintas
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index. 

Cintas will host a live webcast to review the fiscal 2025 fourth quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.


CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Press Release contains forward-looking statements, including statements regarding our future business plans and expectations, and including the company's fiscal 2026 full-year guidance. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and “will” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs, and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and


labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2024 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.


For additional information, contact:
Scott A. Garula, Executive Vice President & Chief Financial Officer - 513-972-3867
Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195


Cintas Corporation
Consolidated Condensed Statements of Income
(Unaudited)
(In thousands except per share data)

Three Months Ended
 May 31,
2025		May 31,
2024		% 
Change
Revenue:   
Uniform rental and facility services$2,030,680 $1,911,190 6.3%
Other636,972 559,745 13.8%
Total revenue2,667,652 2,470,935 8.0%
Costs and expenses:  
Cost of uniform rental and facility services1,036,013 983,049 5.4%
Cost of other305,650 272,437 12.2%
Selling and administrative expenses728,537 667,855 9.1%
Operating income597,452 547,594 9.1%
Interest income(2,023)(3,621)(44.1)%
Interest expense24,060 24,076 (0.1)%
Income before income taxes575,415 527,139 9.2%
Income taxes127,159 112,824 12.7%
Net income$448,256 $414,315 8.2%
Basic earnings per share$1.11 $1.02 8.8%
Diluted earnings per share$1.09 $1.00 9.0%
Basic weighted average common shares outstanding403,412 406,179 
Diluted weighted average common shares outstanding409,685 413,328  







Cintas Corporation
Consolidated Condensed Statements of Income
(In thousands except per share data)

Twelve Months Ended
 May 31,
2025		May 31,
2024		% 
Change
Revenue:   
Uniform rental and facility services$7,976,073 $7,465,199 6.8%
Other2,364,108 2,131,416 10.9%
Total revenue10,340,181 9,596,615 7.7%
Costs and expenses:  
Cost of uniform rental and facility services4,040,888 3,865,071 4.5%
Cost of other1,125,129 1,045,128 7.7%
Selling and administrative expenses2,814,438 2,617,783 7.5%
Operating income2,359,726 2,068,633 14.1%
Interest income(5,584)(5,742)(2.8)%
Interest expense101,108 100,740 0.4%
Income before income taxes2,264,202 1,973,635 14.7%
Income taxes451,921 402,043 12.4%
Net income$1,812,281 $1,571,592 15.3%
Basic earnings per share$4.48 $3.85 16.4%
Diluted earnings per share$4.40 $3.79 16.1%
Basic weighted average common shares outstanding403,530 406,612 
Diluted weighted average common shares outstanding410,286 413,468  




CINTAS CORPORATION SUPPLEMENTAL DATA

Gross Margin and Net Income Margin Results

 Three Months EndedTwelve Months Ended
 May 31,
2025		May 31,
2024		May 31,
2025		May 31,
2024
Uniform rental and facility services
   gross margin		49.0%48.6%49.3%48.2%
Other gross margin52.0%51.3%52.4%51.0%
Total gross margin49.7%49.2%50.0%48.8%
Net income margin16.8%16.8%17.5%16.4%


Reconciliation of Non-GAAP Financial Measures

The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the U.S. Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides these additional non-GAAP financial measures of free cash flow and organic revenue growth. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the differences between these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are shown in the tables below.

Computation of Free Cash Flow

 Twelve Months Ended
(In thousands)May 31,
2025		May 31,
2024
Net cash provided by operations$2,165,905 $2,068,500 
Capital expenditures(408,884)(409,469)
Free cash flow$1,757,021 $1,659,031 

Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.



Computation of Organic Revenue Growth

 Three Months EndedTwelve Months Ended
 May 31,
2025		May 31,
2024		Growth
%		May 31,
2025		May 31,
2024		Growth
%
ABGIJO
Revenue$2,667,652 $2,470,935 8.0%$10,340,181 $9,596,615 7.7%
G=(A-B)/BO=(I-J)/J
CDKL
Workdays in the
   period		6566260262
EFHMNP
Workday adjusted
   revenue		$2,708,693 $2,470,935 9.6%$10,419,721 $9,596,615 8.6%
E=(A/C)*DF=(B/D)*DH=(E-F)/FM=(I/K)*LN=(J/L)*LP=(M-N)/N
Acquisition and foreign currency
   exchange impact, net		(0.6)%(0.6)%
Organic revenue growth9.0%8.0%

Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions and foreign currency exchange rate fluctuations.



SUPPLEMENTAL SEGMENT DATA

(In thousands)Uniform Rental
and Facility Services		First Aid
 and Safety Services		All
Other		Total
For the three months ended May 31, 2025
Revenue$2,030,680 $324,397 $312,575 $2,667,652 
Cost of sales1,036,013 140,208 165,442 1,341,663 
Gross margin994,667 184,189 147,133 1,325,989 
Selling and administrative expenses529,558 107,505 91,474 728,537 
Operating income$465,109 $76,684 $55,659 $597,452 
For the three months ended May 31, 2024
Revenue$1,911,190 $277,638 $282,107 $2,470,935 
Cost of sales983,049 123,806 148,631 1,255,486 
Gross margin928,141 153,832 133,476 1,215,449 
Selling and administrative expenses495,187 90,507 82,161 667,855 
Operating income$432,954 $63,325 $51,315 $547,594 
For the twelve months ended May 31, 2025
Revenue$7,976,073 $1,218,090 $1,146,018 $10,340,181 
Cost of sales4,040,888 521,480 603,649 5,166,017 
Gross margin3,935,185 696,610 542,369 5,174,164 
Selling and administrative expenses2,061,795 401,882 350,761 2,814,438 
Operating income$1,873,390 $294,728 $191,608 $2,359,726 
For the twelve months ended May 31, 2024
Revenue$7,465,199 $1,067,334 $1,064,082 $9,596,615 
Cost of sales3,865,071 474,678 570,450 4,910,199 
Gross margin3,600,128 592,656 493,632 4,686,416 
Selling and administrative expenses1,940,627 353,503 323,653 2,617,783 
Operating income$1,659,501 $239,153 $169,979 $2,068,633 


Cintas Corporation
Consolidated Condensed Balance Sheets
(In thousands)

 May 31,
2025		May 31,
2024
ASSETS 
Current assets:  
Cash and cash equivalents$263,973 $342,015 
Accounts receivable, net1,417,381 1,244,182 
Inventories, net447,408 410,201 
Uniforms and other rental items in service1,137,361 1,040,144 
Prepaid expenses and other current assets170,046 148,665 
Total current assets3,436,169 3,185,207 
Property and equipment, net1,652,474 1,534,168 
Investments339,518 302,212 
Goodwill3,400,227 3,212,424 
Service contracts, net309,828 321,902 
Operating lease right-of-use assets, net224,383 187,953 
Other assets, net462,642 424,951 
 $9,825,241 $9,168,817 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$485,109 $339,166 
Accrued compensation and related liabilities229,538 214,130 
Accrued liabilities875,077 761,283 
Income taxes, current4,034 18,618 
Operating lease liabilities, current50,744 45,727 
Debt due within one year— 449,595 
Total current liabilities1,644,502 1,828,519 
Long-term liabilities:  
Debt due after one year2,424,999 2,025,934 
Deferred income taxes471,740 475,512 
Operating lease liabilities178,738 146,824 
Accrued liabilities420,781 375,656 
Total long-term liabilities3,496,258 3,023,926 
Shareholders’ equity:  
Preferred stock, no par value:
        100 shares authorized, none outstanding
— — 
Common stock, no par value, and paid-in capital:
        1,700,000 shares authorized
        FY 2025: 776,936 issued and 402,948 outstanding
        FY 2024: 773,097 issued and 405,008 outstanding
2,593,479 2,305,301 
Retained earnings11,798,451 10,617,955 
Treasury stock:
FY 2025: 373,988 shares
FY 2024: 368,089 shares
(9,791,838)(8,698,085)
Accumulated other comprehensive income84,389 91,201 
Total shareholders’ equity4,684,481 4,316,372 
 $9,825,241 $9,168,817 


Cintas Corporation
Consolidated Condensed Statements of Cash Flows
(In thousands)
 Twelve Months Ended
 May 31,
2025		May 31,
2024
Cash flows from operating activities:  
Net income$1,812,281 $1,571,592 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation303,377 280,866 
Amortization of intangible assets and capitalized contract costs190,806 176,004 
Stock-based compensation128,329 116,986 
Gain on sale of property and equipment(19,341)— 
Deferred income taxes(5,807)(28,912)
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net(174,141)(91,399)
Inventories, net(33,947)95,766 
Uniforms and other rental items in service(93,646)(22,815)
Prepaid expenses and other current assets and capitalized contract costs(180,840)(143,441)
Accounts payable143,973 36,896 
Accrued compensation and related liabilities17,769 (27,013)
Accrued liabilities and other92,397 97,750 
Income taxes, current(15,305)6,220 
Net cash provided by operating activities2,165,905 2,068,500 
Cash flows from investing activities:  
Capital expenditures(408,884)(409,469)
Purchases of investments(7,196)(7,546)
Proceeds from sale of property and equipment23,972 — 
Acquisitions of businesses, net of cash acquired(232,899)(186,837)
Other, net1,369 518 
Net cash used in investing activities(623,638)(603,334)
Cash flows from financing activities: 
Proceeds from issuance of debt, net398,088 — 
Debt issuance costs(1,165)— 
Repayment of debt(450,000)(13,450)
Proceeds from exercise of stock-based compensation awards896 1,370 
Dividends paid(611,627)(530,909)
Repurchase of common stock(934,800)(700,033)
Other, net(20,403)(4,484)
Net cash used in financing activities(1,619,011)(1,247,506)
Effect of exchange rate changes on cash and cash equivalents(1,298)206 
Net (decrease) increase in cash and cash equivalents(78,042)217,866 
Cash and cash equivalents at beginning of year342,015 124,149 
Cash and cash equivalents at end of year$263,973 $342,015