Earnings Per Share

9 Months Ended

Feb. 28, 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. 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 (in each case as adjusted to reflect the Stock Split):



	Three Months Ended				Nine Months Ended
Basic Earnings per Share (In thousands except per share data)	February 28, 2025		February 29, 2024		February 28, 2025		February 29, 2024

Net income	$	463,497	$	397,579	$	1,364,025	$	1,157,277
Less: net income allocated to participating securities	1,629		1,543		4,791		4,486
Net income available to common shareholders	$	461,868	$	396,036	$	1,359,234	$	1,152,791
Basic weighted average common shares outstanding	403,769		405,910		403,568		406,723

Basic earnings per share	$	1.14	$	0.98	$	3.37	$	2.83



	Three Months Ended				Nine Months Ended
Diluted Earnings per Share (In thousands except per share data)	February 28, 2025		February 29, 2024		February 28, 2025		February 29, 2024

Net income	$	463,497	$	397,579	$	1,364,025	$	1,157,277
Less: net income allocated to participating securities	1,629		1,543		4,791		4,486
Net income available to common shareholders	$	461,868	$	396,036	$	1,359,234	$	1,152,791
Basic weighted average common shares outstanding	403,769		405,910		403,568		406,723
Effect of dilutive securities – employee stock options	6,538		6,836		6,924		6,666
Diluted weighted average common shares outstanding	410,307		412,746		410,492		413,389

Diluted earnings per share	$	1.13	$	0.96	$	3.31	$	2.79

For the three months ended February 28, 2025 and February 29, 2024, options granted to purchase 1.2 million and 1.9 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2025 and February 29, 2024, options granted to purchase 0.9 million and 1.5 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).

Cintas announced on July 27, 2021, that the Board of Directors (the Board) authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal year 2024. On July 26, 2022 and July 23, 2024, Cintas announced that the Board authorized new share buyback programs 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:
















	Three Months Ended					Nine Months Ended
	February 28, 2025					February 28, 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	—	$	—	$	—	2,732	$	173.40	$	473,617
July 23, 2024	—	—		—		—	—		—
	—	$	—	$	—	2,732	$	173.40	$	473,617

Shares acquired for taxes due (1)	134	$	197.89	$	26,611	1,052	$	194.31	$	204,512

Total repurchase of Cintas common stock				$	26,611				$	678,129

	Three Months Ended					Nine Months Ended
	February 29, 2024					February 29, 2024
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 27, 2021	—	$	—	$	—	2,633	$	121.64	$	320,266
July 26, 2022	—	—		—		—	—		—

	—	$	—	$	—	2,633	$	121.64	$	320,266

Shares acquired for taxes due (1)	298	$	151.13	$	45,018	1,108	$	133.41	$	147,880

Total repurchase of Cintas common stock				$	45,018				$	468,146

(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:








	Three Months Ended					Nine Months Ended
	February 28, 2025					February 28, 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	101	$	196.09	$	19,637	630	$	194.15	$	122,290

	Three Months Ended					Nine Months Ended
	February 29, 2024					February 29, 2024
	Shares	Avg. Price per Share		Non-Cash Value		Shares	Avg. Price per Share		Non-Cash Value

Non-cash transaction activity	232	$	149.70	$	34,723	977	$	132.17	$	129,023

There were no share buybacks in the period subsequent to February 28, 2025, through April 3, 2025. From the inception of the July 26, 2022 share buyback program through April 3, 2025, Cintas has purchased 3.1 million shares of Cintas common stock in the aggregate, at an average price of $172.85 per share, for a total purchase price of $530.7 million. Cintas has made no purchases under the July 23, 2024 share buyback program.