Earnings per Share

12 Months Ended

May 31, 2025

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. 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)	2025		2024		2023

Net income	$	1,812,281	$	1,571,592	$	1,348,010
Less: net income allocated to participating securities	6,351		5,928		5,463
Net income available to common shareholders	$	1,805,930	$	1,565,664	$	1,342,547
Basic weighted average common shares outstanding	403,530		406,612		406,580

Basic earnings per share	$	4.48	$	3.85	$	3.30


Diluted Earnings per Share (In thousands except per share data)	2025		2024		2023

Net income	$	1,812,281	$	1,571,592	$	1,348,010
Less: net income allocated to participating securities	6,351		5,928		5,463
Net income available to common shareholders	$	1,805,930	$	1,565,664	$	1,342,547
Basic weighted average common shares outstanding	403,530		406,612		406,580
Effect of dilutive securities – employee stock options	6,756		6,856		6,928
Diluted weighted average common shares outstanding	410,286		413,468		413,508

Diluted earnings per share	$	4.40	$	3.79	$	3.25

For the fiscal years ended May 31, 2025, 2024 and 2023, options granted to purchase 1.0 million, 1.6 million and 4.0 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 $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024. On July 26, 2022 and July 23, 2024, Cintas announced that the Board authorized new 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:


	2025					2024					2023
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	2,201	$	99.17	$	218,288
July 26, 2022	3,794	179.07		679,329		339	168.44		57,104		—	—		—
July 23, 2024	—	—		—		—	—		—		—	—		—
	3,794	$	179.07	$	679,329	3,764	$	136.92	$	515,388	2,201	$	99.17	$	218,288

Shares acquired for taxes due (1)	1,297	$	196.87	$	255,471	1,325	$	139.34	$	184,645	1,719	$	105.05	$	180,577

Total repurchase of Cintas common stock				$	934,800				$	700,033				$	398,865

(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:


	2025					2024					2023
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	808	$	196.93	$	158,953	1,133	$	137.18	$	155,403	1,440	$	106.21	$	152,983

There were no share buybacks in the period subsequent to May 31, 2025, through July 28, 2025. From the inception of the July 26, 2022 share buyback program through July 28, 2025, Cintas has purchased 4.1 million shares of Cintas common stock in the aggregate, at an average price of $178.20 per share, for a total purchase price of $736.4 million. Cintas has made no purchases under the July 23, 2024 share buyback program.