Cintas 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. 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 three months ended August 31:




Basic Earnings per Share (In thousands except per share data)	2026		2025


Net income	$	551,711	$	491,140
Less: net income allocated to participating securities	1,571		1,651
Net income available to common shareholders	$	550,140	$	489,489
Basic weighted average common shares outstanding	400,137		403,292

Basic earnings per share	$	1.37	$	1.21




Diluted Earnings per Share (In thousands except per share data)	2026		2025


Net income	$	551,711	$	491,140
Less: net income allocated to participating securities	1,571		1,651
Net income available to common shareholders	$	550,140	$	489,489
Basic weighted average common shares outstanding	400,137		403,292
Effect of dilutive securities – employee stock options	4,153		6,002
Diluted weighted average common shares outstanding	404,290		409,294

Diluted earnings per share	$	1.36	$	1.20

For the three months ended August 31, 2026 and 2025, options granted to purchase 2.3 million and 1.4 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 stock (anti-dilutive).

On July 26, 2022, July 23, 2024 and October 28, 2025, Cintas announced that the Board of Directors (the Board) authorized share buyback programs, each for $1.0 billion. The July 26, 2022 share buyback program was completed during the second quarter of fiscal 2026. Neither of the outstanding share buyback programs have an expiration date.


	2026					2025
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 26, 2022	—	$	—	$	—	703	$	213.40	$	150,014
July 23, 2024	1,180	199.93		235,900		—	—		—
October 28, 2025	—	—		—		—	—		—
	1,180	$	199.93	$	235,900	703	$	213.40	$	150,014

Shares acquired for taxes due (1)	395	$	202.07	$	79,810	520	$	223.04	$	116,083

Total repurchase of Cintas common stock				$	315,710				$	266,097

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 three months ended August 31:


	2026					2025
(In thousands except per share data)	Shares	Avg. Price per Share		Non-Cash Value		Shares	Avg. Price per Share		Non-Cash Value

Non-cash transaction activity	244	$	202.67	$	49,628	304	$	222.31	$	67,581

In the period subsequent to August 31, 2026, through October 7, 2026, Cintas purchased 2.5 million shares of Cintas common stock at an average price of $198.99 per share, for a total purchase price of $494.0 million. The July 23, 2024 share buyback program was completed in the period subsequent to August 31, 2026. From the inception of the July 23, 2024 share buyback program through September 2026, Cintas has purchased 5.1 million shares of Cintas common stock in the aggregate, at an average price of $195.19 per share, for a total purchase price of $1.0 billion. Under the October 28, 2025 share buyback program, Cintas has purchased 1.2 million shares of Cintas common stock at an average price of $198.90 per share, for a total purchase price of $244.1 million in the period subsequent to August 31, 2026, through October 7, 2026.