CINTAS CORP
For the period ended May 31, 2026. Filed Jul 29, 2026.
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FY2026 · Filed Jul 29, 2026
CTAS$225.28+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| ConsolidatedStatements of Cash Flows | Fiscal Years Ended May 31, | ||
|---|---|---|---|
| (In thousands) | 2026 | 2025 | 2024 |
| Cash flows from operating activities: | |||
| Net income | $1,999,968 | $1,812,281 | $1,571,592 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 318,637 | 303,377 | 280,866 |
| Amortization of intangible assets and capitalized contract costs | 194,209 | 190,806 | 176,004 |
| Stock-based compensation | 128,076 | 128,329 | 116,986 |
| Gain on sale of property and equipment | — | (19,341) | — |
| Deferred income taxes | 58,092 | (5,807) | (28,912) |
| Change in current assets and liabilities, net of acquisitions of businesses: | |||
| Accounts receivable, net | (135,216) | (174,141) | (91,399) |
| Inventories, net | 2,273 | (33,947) | 95,766 |
| Uniforms and other rental items in service | (137,612) | (93,646) | (22,815) |
| Prepaid expenses and other current assets and capitalized contract costs | (174,033) | (180,840) | (143,441) |
| Accounts payable | (24,102) | 143,973 | 36,896 |
| Accrued compensation and related liabilities | 7,185 | 17,769 | (27,013) |
| Accrued liabilities and other | (371) | 92,397 | 97,750 |
| Income taxes, current | 39,174 | (15,305) | 6,220 |
| Net cash provided by operating activities | 2,276,280 | 2,165,905 | 2,068,500 |
| Cash flows from investing activities: | |||
| Capital expenditures | (395,105) | (408,884) | (409,469) |
| Purchases of investments | (8,252) | (7,196) | (7,546) |
| Proceeds from sale of property and equipment | — | 23,972 | — |
| Acquisitions of businesses, net of cash acquired | (164,548) | (232,899) | (186,837) |
| Other, net | (523) | 1,369 | 518 |
| Net cash used in investing activities | (568,428) | (623,638) | (603,334) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt | — | 398,088 | — |
| Debt issuance costs | (7,277) | (1,165) | — |
| Repayment of debt | — | (450,000) | (13,450) |
| Proceeds from exercise of stock-based compensation awards | 3,808 | 896 | 1,370 |
| Dividends paid | (701,485) | (611,627) | (530,909) |
| Repurchase of common stock | (952,104) | (934,800) | (700,033) |
| Other, net | (25,014) | (20,403) | (4,484) |
| Net cash used in financing activities | (1,682,072) | (1,619,011) | (1,247,506) |
| Effect of exchange rate changes on cash and cash equivalents | (735) | (1,298) | 206 |
| Net increase (decrease) in cash and cash equivalents | 25,045 | (78,042) | 217,866 |
| Cash and cash equivalents at beginning of year | 263,973 | 342,015 | 124,149 |
| Cash and cash equivalents at end of year | $289,018 | $263,973 | $342,015 |
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