Latest news with #operatingincome
Zawya
10 hours ago
- Business
- Zawya
KIB Group reports net profit of KD 14.8mln for H1 of 2025
Kuwait: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB), announced the Group's financial results for the first half (H1) ended 30 June 2025. KIB Group achieved net profit attributable to shareholders amounting to KD 14.8 million, compared to KD 12 million in H1 2024, reflecting a growth of 23%. Earnings per share (EPS) stood at 7.11 fils, compared to 5.70 fils for the same period last year. Total operating income was almost KD 46.3 million, registering a growth of 10% compared to the first half of 2024. Commenting on the latest financial results, Al-Jarrah emphasized that this outstanding performance marks a starting point towards achieving the Bank's ambitious goals under its new five-year strategy, which aims to strengthen its position in the banking sector through continued innovation in services and products, expansion of the operational base, and a focus on delivering added value to both shareholders and customers. Al-Jarrah also affirmed that KIB is focused on developing digital banking solutions to provide customers with a seamless and innovative banking experience. This goes hand in hand with expanding the customer base and targeting new segments, while placing emphasis on sustainability and social responsibility as integral components of the Bank's comprehensive growth strategy, ensuring strong and sustainable long-term returns. Regarding the Bank's financial statements for the first half of 2025, Al-Jarrah stated that KIB's total assets grew by 20% to reach KD 4.19 billion, compared to KD 3.50 billion as of 30 June 2024. This growth was driven by an increase in the financing portfolio, which rose by 23% or KD 572 million as of end of June 2025 to reach KD 3.09 billion, compared to KD 2.52 billion for the same period of 2024. Meanwhile, its investment and high-quality Sukuk portfolio grew by KD 117 million, reaching almost KD 522 million as of end of June 2025, compared to KD 405 million as of 30 June 2024. Moreover, Al-Jarrah stated that the Bank places strong emphasis on human capital by attracting and developing talent and grooming future leaders, in parallel with its firm commitment to social responsibility. On his part, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, expressed his pride in KIB's performance during the first half of 2025, noting that the bank have strong capital base, and improvement in assets quality and profitability along with balanced growth in financing and deposits, reflecting successful implementation of the strategy and improvement in sustainable performance indicators. He added that KIB is making strides in strengthening its institutional foundation and developing a more flexible business model that can adapt to market dynamics, ensuring an effective response to customer needs and ongoing developments in the banking sector. He emphasized that KIB places customer experience at the core of its priorities and plays an active role in delivering value by adopting a customer-centric approach and striving for operational excellence. He also noted that the Bank is intensifying its efforts to support the local and national economy, as well as the wider community, through strategic social responsibility initiatives grounded in inclusion and sustainability. Bukhamseen provided a detailed overview of the key financial results for the first half of 2025 compared to the same period of last year, where fees and commission income, reaching KD 9.3 million compared to KD 7.8 million in the previous period, reflecting a growth rate of 20%. The Bank also recorded an increase in investment income, reaching KD 2.9 million compared to KD 1.9 million in the previous period, reflecting a growth rate of 51%. This contributed to a rise in total operating income, which reached almost KD 46.3 million, marking a growth of 10%. Regarding the Bank's financial position, Bukhamseen said that KIB's customers' deposits grew by 34% to reach KD 2.84 billion as of 30 June 2025 compared to KD 2.12 billion as of 30 June 2024. In addition, the total shareholders equity grew 6% to reach KD 358 million as of 30 June 2025 compared to KD 336 million for the same period of last year. He noted that KIB continues to maintain high levels of total capital adequacy ratio, in accordance with Basel III instructions, of 21.96% at of 30 June 2025. In a related context, Bukhamseen emphasized KIB's strong commitment to its social role, reaffirming its continued support for the 'Let's Be Aware' (Diraya) banking awareness campaign for the fifth consecutive year. This commitment to the initiative, launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and local banks, is an integral part of the Bank's strategy to foster a more financially aware and educated society, thereby contributing to economic stability and supporting comprehensive development efforts in Kuwait. In their concluding remarks, Al-Jarrah and Bukhamseen expressed their appreciation to the Central Bank of Kuwait for its exceptional regulatory and supervisory roles, as well as its consistent support. They also expressed their gratitude to the Capital Markets Authority for its supportive role in fostering an attractive and competitive investment environment in Kuwait. In addition, they praised the tireless efforts of all KIB teams, highlighting their contributions to achieving these results. They also expressed their profound appreciation to the Board of Directors and Executive Management for their ongoing support and wise guidance, which have been crucial in enhancing KIB's financial standing and meeting all environmental, social, and corporate governance (ESG) requirements. About KIB Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari'ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: 'Bank for Life'. Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities. Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.
Yahoo
a day ago
- Business
- Yahoo
W. R. Berkley net income jumps 8% to $401.28m in Q2
W. R. Berkley Corporation has posted net income to common stockholders of $401.28m for the second quarter of 2025 (Q2 2025), up nearly 8% compared with $371.91m a year ago. Total revenues for the quarter stood at $3.67bn versus $3.31bn in the same period a year ago. Operating income for the quarter was $420.48m, a 2.5% rise from the prior year's figures. For the quarter ending 30 June 2025, the company's net premiums written amounted to $3.35bn, reflecting growth of 7.2%. Shareholders saw a return of capital totalling $223.8m for the quarter, divided into $189.7m in special dividends and $34.1m in ordinary dividends. The company stated: 'Our focus on business with the highest margin potential resulted in record quarterly net premiums written of $3.4bn. Net investment income rose both year-over-year and sequentially to a quarterly record, fuelled by higher yields on our expanding domestic fixed-maturity portfolio. It added: 'We continue to carefully manage the underwriting cycle in each market served by our specialised businesses. This disciplined approach has supported superior long-term, risk-adjusted returns and consistently lower volatility over decades. 'We remain confident in our ability to deliver exceptional value to shareholders throughout the remainder of 2025 and well into the future.' For the first half of 2025, the company's net income to common stockholders was $818.86m, a marginal increase from $814.38m the previous year. Operating income for the period rose by 2.2% to $840.44m, while net premiums written grew by 8.5% to $6.4bn. "W. R. Berkley net income jumps 8% to $401.28m in Q2 " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
a day ago
- Automotive
- Wall Street Journal
GM Stock Drops After Automaker's Earnings Show Tariff Hit
Shares in General Motors fell after the largest U.S. automaker said tariffs cost it $1.1 billion of operating income last quarter. It warned that import taxes would have an even larger effect in the current three-month period. GM (GM) stock recently stood about 4% lower. 🔎 Go deeper:
National Post
6 days ago
- Business
- National Post
Cintas Corporation Announces Fiscal 2025 Fourth Quarter and Full Year Results
Article content CINCINNATI — 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%. Article content 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. Article content 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. Article content 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). Article content 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. Article content 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. Article content 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.' Article content 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.' Article content 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: Article content 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. Article content Cintas Article content 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. Article content 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 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. Article content CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Article content 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. Article content Reconciliation of Non-GAAP Financial Measures Article content 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. Article content 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. Article content 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. Article content 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, net 1,417,381 1,244,182 Inventories, net 447,408 410,201 Uniforms and other rental items in service 1,137,361 1,040,144 Prepaid expenses and other current assets 170,046 148,665 Total current assets 3,436,169 3,185,207 Property and equipment, net 1,652,474 1,534,168 Investments 339,518 302,212 Goodwill 3,400,227 3,212,424 Service contracts, net 309,828 321,902 Operating lease right-of-use assets, net 224,383 187,953 Other assets, net 462,642 424,951 $ 9,825,241 $ 9,168,817 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 485,109 $ 339,166 Accrued compensation and related liabilities 229,538 214,130 Accrued liabilities 875,077 761,283 Income taxes, current 4,034 18,618 Operating lease liabilities, current 50,744 45,727 Debt due within one year — 449,595 Total current liabilities 1,644,502 1,828,519 Long-term liabilities: Debt due after one year 2,424,999 2,025,934 Deferred income taxes 471,740 475,512 Operating lease liabilities 178,738 146,824 Accrued liabilities 420,781 375,656 Total long-term liabilities 3,496,258 3,023,926 Shareholders' equity: Preferred stock, no par value: — — 100 shares authorized, none outstanding Common stock, no par value, and paid-in capital: 2,593,479 2,305,301 1,700,000 shares authorized FY 2025: 776,936 issued and 402,948 outstanding FY 2024: 773,097 issued and 405,008 outstanding Retained earnings 11,798,451 10,617,955 Treasury stock: FY 2025: 373,988 shares Article content Article content Article content Article content Article content Contacts Article content For additional information, contact: Article content Article content Article content Article content
Yahoo
6 days ago
- Business
- Yahoo
Cintas Corporation Announces Fiscal 2025 Fourth Quarter and Full Year Results
CINCINNATI, July 17, 2025--(BUSINESS WIRE)--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 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. 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% Other 636,972 559,745 13.8% Total revenue 2,667,652 2,470,935 8.0% Costs and expenses: Cost of uniform rental and facility services 1,036,013 983,049 5.4% Cost of other 305,650 272,437 12.2% Selling and administrative expenses 728,537 667,855 9.1% Operating income 597,452 547,594 9.1% Interest income (2,023 ) (3,621 ) (44.1)% Interest expense 24,060 24,076 (0.1)% Income before income taxes 575,415 527,139 9.2% Income taxes 127,159 112,824 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 outstanding 403,412 406,179 Diluted weighted average common shares outstanding 409,685 413,328 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% Other 2,364,108 2,131,416 10.9% Total revenue 10,340,181 9,596,615 7.7% Costs and expenses: Cost of uniform rental and facility services 4,040,888 3,865,071 4.5% Cost of other 1,125,129 1,045,128 7.7% Selling and administrative expenses 2,814,438 2,617,783 7.5% Operating income 2,359,726 2,068,633 14.1% Interest income (5,584 ) (5,742 ) (2.8)% Interest expense 101,108 100,740 0.4% Income before income taxes 2,264,202 1,973,635 14.7% Income taxes 451,921 402,043 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 outstanding 403,530 406,612 Diluted weighted average common shares outstanding 410,286 413,468 CINTAS CORPORATION SUPPLEMENTAL DATA Gross Margin and Net Income Margin Results Three Months Ended Twelve 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 margin 52.0% 51.3% 52.4% 51.0% Total gross margin 49.7% 49.2% 50.0% 48.8% Net income margin 16.8% 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 Ended Twelve Months Ended May 31, 2025 May 31,2024 Growth % May 31, 2025 May 31,2024 Growth % A B G I J O Revenue $ 2,667,652 $ 2,470,935 8.0% $ 10,340,181 $ 9,596,615 7.7% G=(A-B)/B O=(I-J)/J C D K L Workdays in the period 65 66 260 262 E F H M N P Workday adjusted revenue $ 2,708,693 $ 2,470,935 9.6% $ 10,419,721 $ 9,596,615 8.6% E=(A/C)*D F=(B/D)*D H=(E-F)/F M=(I/K)*L N=(J/L)*L P=(M-N)/N Acquisition and foreign currency exchange impact, net (0.6)% (0.6)% Organic revenue growth 9.0% 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 sales 1,036,013 140,208 165,442 1,341,663 Gross margin 994,667 184,189 147,133 1,325,989 Selling and administrative expenses 529,558 107,505 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 sales 983,049 123,806 148,631 1,255,486 Gross margin 928,141 153,832 133,476 1,215,449 Selling and administrative expenses 495,187 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 sales 4,040,888 521,480 603,649 5,166,017 Gross margin 3,935,185 696,610 542,369 5,174,164 Selling and administrative expenses 2,061,795 401,882 350,761 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 sales 3,865,071 474,678 570,450 4,910,199 Gross margin 3,600,128 592,656 493,632 4,686,416 Selling and administrative expenses 1,940,627 353,503 323,653 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, net 1,417,381 1,244,182 Inventories, net 447,408 410,201 Uniforms and other rental items in service 1,137,361 1,040,144 Prepaid expenses and other current assets 170,046 148,665 Total current assets 3,436,169 3,185,207 Property and equipment, net 1,652,474 1,534,168 Investments 339,518 302,212 Goodwill 3,400,227 3,212,424 Service contracts, net 309,828 321,902 Operating lease right-of-use assets, net 224,383 187,953 Other assets, net 462,642 424,951 $ 9,825,241 $ 9,168,817 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 485,109 $ 339,166 Accrued compensation and related liabilities 229,538 214,130 Accrued liabilities 875,077 761,283 Income taxes, current 4,034 18,618 Operating lease liabilities, current 50,744 45,727 Debt due within one year — 449,595 Total current liabilities 1,644,502 1,828,519 Long-term liabilities: Debt due after one year 2,424,999 2,025,934 Deferred income taxes 471,740 475,512 Operating lease liabilities 178,738 146,824 Accrued liabilities 420,781 375,656 Total long-term liabilities 3,496,258 3,023,926 Shareholders' equity: Preferred stock, no par value: — — 100 shares authorized, none outstanding Common stock, no par value, and paid-in capital: 2,593,479 2,305,301 1,700,000 shares authorized FY 2025: 776,936 issued and 402,948 outstanding FY 2024: 773,097 issued and 405,008 outstanding Retained earnings 11,798,451 10,617,955 Treasury stock: FY 2025: 373,988 shares FY 2024: 368,089 shares (9,791,838 ) (8,698,085 ) Accumulated other comprehensive income 84,389 91,201 Total shareholders' equity 4,684,481 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: Depreciation 303,377 280,866 Amortization of intangible assets and capitalized contract costs 190,806 176,004 Stock-based compensation 128,329 116,986 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 payable 143,973 36,896 Accrued compensation and related liabilities 17,769 (27,013 ) Accrued liabilities and other 92,397 97,750 Income taxes, current (15,305 ) 6,220 Net cash provided by operating activities 2,165,905 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 equipment 23,972 — Acquisitions of businesses, net of cash acquired (232,899 ) (186,837 ) Other, net 1,369 518 Net cash used in investing activities (623,638 ) (603,334 ) Cash flows from financing activities: Proceeds from issuance of debt, net 398,088 — Debt issuance costs (1,165 ) — Repayment of debt (450,000 ) (13,450 ) Proceeds from exercise of stock-based compensation awards 896 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 year 342,015 124,149 Cash and cash equivalents at end of year $ 263,973 $ 342,015 View source version on Contacts For additional information, contact: Scott A. Garula, Executive Vice President & Chief Financial Officer - 513-972-3867Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
