Earnings Per Share (Tables)

9 Months Ended

Feb. 28, 2025

Schedule of Computation of Basic and Diluted Earnings Per Share

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

Schedule of Buyback Activity by Program

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.

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