Here are 1-3 brief analogies for Cintas (CTAS):

• ADP for uniforms and workplace essentials.
• Waste Management, but for uniforms, mats, and essential workplace supplies instead of trash removal.
• IBM, but for managing a company's uniforms, facility supplies, and safety programs rather than IT infrastructure.

• Uniform Rental Services: Provides businesses with rental, cleaning, and delivery of work apparel and uniforms for various industries.
• Facility Services: Offers a range of services including restroom supplies, floor mat rental, cleaning chemicals, and other facility maintenance products and services.
• First Aid & Safety Services: Delivers and restocks first aid supplies, offers safety products, AEDs, and safety training programs to workplaces.
• Fire Protection Services: Provides inspection, maintenance, and repair services for fire extinguishers, sprinkler systems, and other fire suppression equipment.

• Manufacturing and Industrial Businesses: This category includes a wide range of companies involved in production, assembly, and heavy industry. Examples include factories, warehouses, automotive repair shops, and construction companies. These customers typically rely on Cintas for employee uniform programs, facility services (such as mats, mops, and restroom supplies), and safety products and services.
• Healthcare and Hospitality Providers: This segment encompasses hospitals, medical clinics, nursing homes, hotels, resorts, restaurants, and other food service establishments. Cintas provides these clients with specialized healthcare apparel, linens, uniform rental programs for staff, facility services, and fire protection services.
• Service-Oriented Businesses and Public Institutions: This broad category includes various businesses and organizations such as retail stores, corporate offices, educational institutions, government facilities, and transportation companies. They often utilize Cintas for employee uniforms, facility cleaning and maintenance supplies, and first aid and safety solutions.

Todd M. Schneider
President & Chief Executive Officer

Todd M. Schneider joined Cintas in 1989 and has held numerous management positions within the company, including Vice President of Sales of the Midwest/South Central Region Rental Division and President and Chief Operating Officer of the former Document Management Division. He was appointed Senior Vice President of Sales of the Rental Division until June 2013, when he became President & Chief Operating Officer of the Rental Division. In July 2018, Mr. Schneider was appointed Executive Vice President and Chief Operating Officer, responsible for marketing and operations. He assumed the role of President and Chief Executive Officer and joined the Board of Directors in June 2021.

J. Michael Hansen
Executive Vice President & Chief Financial Officer (until May 31, 2025)

J. Michael Hansen joined Cintas in October 1995, after holding positions with Ernst & Young and Rockwell International. During his tenure at Cintas, he served in various capacities including Financial Systems Controller, First Aid Controller, Global Accounts Controller, General Manager of the Cincinnati Fire Location, and Corporate Controller. Mr. Hansen was appointed Vice President and Treasurer in June 2010, then Vice President - Finance and Chief Financial Officer on February 1, 2015. He was promoted to Senior Vice President - Finance and Chief Financial Officer in October 2016 and became Executive Vice President and Chief Financial Officer in July 2018, overseeing finance and accounting, corporate compliance, corporate flight, and corporate facilities. Mr. Hansen also served as Chief Financial Officer and Vice President of Finance at G&K Services, Inc., which Cintas acquired in 2017. He will retire from his CFO role effective May 31, 2025, transitioning to a new role as Assistant to the CEO to support the succession and contribute to strategic initiatives.

Scott Garula
Incoming Executive Vice President & Chief Financial Officer (effective May 31, 2025)

Scott Garula, currently the President of Cintas' Rental Division, will succeed Mike Hansen as Executive Vice President & Chief Financial Officer, effective May 31, 2025. Mr. Garula joined Cintas in 1996 as an accountant and has since held various leadership positions within the company, including key roles within the Finance team. Prior to leading the Rental Division, he served as President of First Aid & Safety and Fire Protection.

James N. Rozakis
Executive Vice President & Chief Operating Officer

James N. Rozakis serves as the Executive Vice President and Chief Operating Officer for Cintas Corporation.

Scott D. Farmer
Executive Chairman

Scott D. Farmer previously served as CEO of Cintas from 2003 to 2021 and has been the Executive Chairman for five years. He is a significant owner of the Major League Soccer team FC Cincinnati.

The key risks to Cintas's business operations include its susceptibility to economic downturns, intense competition within its industry, and rising labor costs.

1. Economic Downturns and Macroeconomic Headwinds: Cintas's financial performance is significantly affected by broader economic conditions. Negative global economic factors, such as inflation, recessionary environments, and higher unemployment rates, can lead to decreased demand for its uniform rental and facility services. This can result in lower sales volumes and reduced profitability for the company.
2. Intense Competition: Cintas operates in a highly competitive market for uniform rental and facility services. The company faces ongoing competition from both large national corporations and smaller regional providers. This competitive landscape can exert pressure on pricing, necessitate continuous investment in service innovation and technology to maintain market share, and potentially impact profit margins.
3. Rising Labor Costs and Availability: Increases in labor-related expenses, including wages, healthcare benefits, and the cost of attracting and retaining skilled employees, pose a significant operational risk for Cintas. Labor shortages and higher material costs for items like fabrics and textiles can further escalate operating expenses, thereby adversely affecting the company's revenue and consolidated financial results.

The convergence of advanced sensor technology (Internet of Things or IoT), artificial intelligence (AI) for predictive analytics, and autonomous robotics in facility services and safety management. These technologies can enable self-monitoring of supply levels (e.g., soap, paper towels, first aid kits), uniform usage, mat cleanliness, and critical safety equipment (e.g., fire extinguishers, AEDs, sprinkler systems). AI can then predict maintenance needs or optimal replenishment schedules, reducing the need for frequent physical inspections and manual inventory checks by human service representatives. Autonomous robotic cleaners are also becoming more sophisticated for floor and surface cleaning. This shift could fundamentally challenge Cintas's high-frequency, human-intensive, recurring service model by enabling more intermittent, data-driven, or automated service, potentially allowing new, tech-focused entrants or existing customers to fulfill these needs with reduced reliance on comprehensive service providers.

Uniform Rental and Facility Services:

• The U.S. uniform rental, sales, and related ancillary services industry is estimated to be a $20 billion market.
• The United States facility management market is projected to be between approximately $300.46 billion and $373.35 billion in 2025. It is expected to grow to between $403.42 billion and $442.89 billion by 2030.

First Aid and Safety Services:

• The U.S. first aid market is estimated to reach approximately $2.43 billion by 2030. Another estimate shows the U.S. market growing from $1.59 billion in 2023 to $2.33 billion by 2032.

Fire Protection Services:

• The U.S. fire protection system market size is valued at approximately $22.1 billion in 2025. Other estimates for the U.S. market indicate a value of about $25.94 billion in 2024, growing to $27.00 billion in 2025, and projected to reach $32.26 billion by 2030. Another source reported the market size at $21.52 billion in 2023, expected to grow to $30.38 billion by 2033.

1. Strong Organic Growth in Core Business Segments: Cintas anticipates continued robust organic growth across its primary business segments, including Uniform Rental and Facility Services, First Aid and Safety Services, and Fire Protection Services. For example, in Q1 fiscal year 2026, Uniform Rental and Facility Services grew by 7.3%, First Aid and Safety Services by 14.1%, and Fire Protection Services by 10.3% organically. This growth is driven by securing new contracts and maintaining high customer retention.
2. New Customer Acquisition and Market Expansion: Cintas focuses on expanding its market by acquiring new customers, with approximately 60% of new business coming from companies not currently in a rental program. The company sees a significant opportunity to increase its market share, as it currently serves about 1 million of the 16 million businesses in North America.
3. Penetration of Existing Customer Base with Additional Products and Services (Cross-Selling): Cintas aims to deepen its relationships with existing customers by penetrating their base with more products and services. The opportunity for this is significant, with penetration rates generally below 20%. This strategy leverages their broad customer base and recurring revenue model.
4. Strategic Investments in Technology and Operational Efficiency: Cintas continues to invest in technology, infrastructure, and its workforce to support sustained growth and enhance operational efficiency. These investments include technology to streamline employee tasks, strategic sourcing, and process improvement initiatives like the use of SmartTruck technology and Black Belt teams. These efficiencies contribute to margin expansion, which can enable competitive pricing and support revenue growth.
5. Strategic Acquisitions: Cintas engages in strategic acquisitions to gain new customers and expand its capacity. For instance, the company spent $186.8 million on acquisitions in fiscal year 2024, the most since fiscal year 2017, noting that these acquisitions provide new customers and attractive synergies.

Share Repurchases

• In October 2025, Cintas's Board of Directors authorized a new $1.0 billion share buyback program, adding to an existing program with $0.7 billion remaining, for a total potential repurchase authorization of $1.7 billion.
• Cintas repurchased approximately $935 million of shares during fiscal year 2025.
• For the first quarter of fiscal 2026 (ended August 31, 2025), Cintas repurchased $347.4 million of its shares.

Outbound Investments

• Cintas acquired businesses totaling $232.9 million in fiscal year 2025, which was its largest year of M&A activity in almost two decades, with acquisitions spanning across all three route-based segments.
• In March 2024, Cintas acquired Paris Uniform Services, expanding its presence in Pennsylvania, New York, Maryland, and West Virginia.
• In February 2024, the company acquired SITEX, which strengthened its market position in the central Midwest region of the United States.

Capital Expenditures

• Cintas spent $408.9 million on capital expenditures in fiscal year 2025, representing 4.0% of its revenue.
• For the first quarter of fiscal 2026, capital expenditures were $102.0 million.
• Capital expenditures are primarily focused on strategic investments in technology, such as the SAP system and SmartTruck platform, infrastructure to increase capacity, and ongoing environmental compliance for water treatment and waste removal.