| Earnings per Share |
Earnings per ShareCintas uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards. See Note 12 entitled Stock-Based Compensation for additional information on restricted stock awards. The following tables set forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas' common shares for the fiscal years ended May 31: | | | | | | | | | | | | | | | | | | Basic Earnings per Share (In thousands except per share data) | 2026 | | 2025 | | 2024 | | | | | | | | Net income | $ | 1,999,968 | | | $ | 1,812,281 | | | $ | 1,571,592 | | | Less: net income allocated to participating securities | 6,312 | | | 6,351 | | | 5,928 | | | Net income available to common shareholders | $ | 1,993,656 | | | $ | 1,805,930 | | | $ | 1,565,664 | | Basic weighted average common shares outstanding | 401,267 | | | 403,530 | | | 406,612 | | | | | | | | | Basic earnings per share | $ | 4.97 | | | $ | 4.48 | | | $ | 3.85 | |
| | | | | | | | | | | | | | | | | | Diluted Earnings per Share (In thousands except per share data) | 2026 | | 2025 | | 2024 | | | | | | | | Net income | $ | 1,999,968 | | | $ | 1,812,281 | | | $ | 1,571,592 | | | Less: net income allocated to participating securities | 6,312 | | | 6,351 | | | 5,928 | | | Net income available to common shareholders | $ | 1,993,656 | | | $ | 1,805,930 | | | $ | 1,565,664 | | Basic weighted average common shares outstanding | 401,267 | | | 403,530 | | | 406,612 | | Effect of dilutive securities – employee stock options | 4,930 | | | 6,756 | | | 6,856 | | Diluted weighted average common shares outstanding | 406,197 | | | 410,286 | | | 413,468 | | | | | | | | | Diluted earnings per share | $ | 4.91 | | | $ | 4.40 | | | $ | 3.79 | |
For the fiscal years ended May 31, 2026, 2025 and 2024, options granted to purchase 1.9 million, 1.0 million and 1.6 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. The exercise prices of these options were greater than the average market price of the common shares (anti-dilutive).
Cintas announced on July 27, 2021 that the Board authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024. Cintas announced on July 26, 2022 that the Board authorized a $1.0 billion share buyback program, which was completed during the second quarter of fiscal 2026. On July 23, 2024 and October 28, 2025, Cintas announced that the Board authorized share buyback programs, each for $1.0 billion. Neither of the outstanding share buyback programs have an expiration date.
The following table summarizes the buyback activity by program and fiscal years ended May 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | | 2025 | | | 2024 | Buyback Program (In thousands except per share data) | Shares | | Average
Price per Share | | Purchase
Price | | | Shares | | Average
Price per Share | | Purchase
Price | | | Shares | | Average
Price per Share | | Purchase
Price | | | | | | | | | | | | | | | | | | | | | | July 27, 2021 | — | | | $ | — | | | $ | — | | | | — | | | $ | — | | | $ | — | | | | 3,425 | | | $ | 133.80 | | | $ | 458,284 | | | July 26, 2022 | 1,272 | | | 207.13 | | | 263,564 | | | | 3,794 | | | 179.07 | | | 679,329 | | | | 339 | | | 168.44 | | | 57,104 | | | July 23, 2024 | 2,688 | | | 191.29 | | | 514,221 | | | | — | | | — | | | — | | | | — | | | — | | | — | | | October 28, 2025 | — | | | — | | | — | | | | — | | | — | | | — | | | | — | | | — | | | — | | | 3,960 | | | $ | 196.38 | | | $ | 777,785 | | | | 3,794 | | | $ | 179.07 | | | $ | 679,329 | | | | 3,764 | | | $ | 136.92 | | | $ | 515,388 | | | | | | | | | | | | | | | | | | | | | | Shares acquired for taxes due (1) | 829 | | | $ | 210.50 | | | $ | 174,319 | | | | 1,297 | | | $ | 196.87 | | | $ | 255,471 | | | | 1,325 | | | $ | 139.34 | | | $ | 184,645 | | | | | | | | | | | | | | | | | | | | | | Total repurchase of Cintas
common stock | | | | $ | 952,104 | | | | | | | | $ | 934,800 | | | | | | | | $ | 700,033 | |
(1) Shares of Cintas stock acquired for employee-partner payroll taxes due on options exercised and vested restricted stock awards.
In addition to the share buyback activity presented above, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. The following table summarizes Cintas' non-cash share buyback activity for the fiscal years ended May 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | | 2025 | | | 2024 | Buyback Program (In thousands except per share data) | Shares | | Average
Price per Share | | Non-Cash
Value | | | Shares | | Average
Price per Share | | Non-Cash
Value | | | Shares | | Average
Price per Share | | Non-Cash
Value | | | | | | | | | | | | | | | | | | | | | | Non-cash transaction activity | 613 | | | $ | 205.13 | | | $ | 125,766 | | | | 808 | | | $ | 196.93 | | | $ | 158,953 | | | | 1,133 | | | $ | 137.18 | | | $ | 155,403 | |
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