Earnings Per Share

3 Months Ended

Aug. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share 

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)	2025		2024
Net income	$	491,140	$	452,033
Less: net income allocated to participating securities	1,651		1,654
Net income available to common shareholders	$	489,489	$	450,379
Basic weighted average common shares outstanding	403,292		403,382
Basic earnings per share	$	1.21	$	1.12

Diluted Earnings per Share (In thousands except per share data)	2025		2024
Net income	$	491,140	$	452,033
Less: net income allocated to participating securities	1,651		1,654
Net income available to common shareholders	$	489,489	$	450,379
Basic weighted average common shares outstanding	403,292		403,382
Effect of dilutive securities – employee stock options	6,002		7,114
Diluted weighted average common shares outstanding	409,294		410,496
Diluted earnings per share	$	1.20	$	1.10

For the three months ended August 31, 2025 and 2024, options granted to purchase 1.4 million and 0.3 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 and July 23, 2024, Cintas announced that the Board of Directors (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 share buyback activity by program and period for the three months ended August 31:

	2025					2024
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	2,732	$	173.40	$	473,617
July 23, 2024	—	—		—		—	—		—
	703	$	213.40	$	150,014	2,732	$	173.40	$	473,617
Shares acquired for taxes due (1)	520	$	223.04	$	116,083	744	$	189.67	$	141,185
Total repurchase of Cintas common stock				$	266,097				$	614,802

(1) Shares of Cintas common stock acquired for employee 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 three months ended August 31:

	2025					2024
(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	304	$	222.31	$	67,581	407	$	188.68	$	76,824

In the period subsequent to August 31, 2025, through October 8, 2025, we purchased 1.1 million shares of Cintas common stock at an average price of $199.48 per share, for a total purchase price of $221.7 million. This completed the July 26, 2022 share buyback program and included purchases under the July 23, 2024 share buyback program. From the inception of the July 26, 2022 share buyback program through September 2025, Cintas purchased 5.4 million shares of Cintas common stock in the aggregate, at an average price of $185.01 per share, for a total purchase price of $1.0 billion. From the inception of the July 23, 2024 share buyback program through October 8, 2025, Cintas has purchased 0.5 million shares of Cintas common stock in the aggregate, at an average price of $199.58 per share, for a total purchase price of $108.2 million.