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• Cintas is like Waste Management (WM) for business uniforms, facility supplies, and safety services.
• Cintas is like Hertz (HTZ) for professional uniforms, providing them clean and ready-to-use on a recurring basis.
• Cintas is like ADP (ADP) for your business's physical upkeep, managing uniforms, restroom supplies, and safety checks.

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• Uniform Rental and Sales: Cintas rents and sells corporate identity uniforms and other garments, including flame-resistant clothing.
• Facility Services: This category includes renting mats, mops, and shop towels, as well as providing restroom cleaning services and supplies.
• First Aid and Safety Services: Cintas offers various first aid and safety solutions to businesses.
• Fire Protection Products and Services: The company provides products and services designed for fire protection.

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Cintas Corporation (CTAS) primarily sells its products and services to other businesses (B2B).

Cintas serves a highly diverse and broad customer base, ranging from small service and manufacturing companies to major corporations across various industries. The company does not publicly disclose specific names of its "major customers," as no single customer or group of customers accounts for a significant portion of its revenues. Therefore, it is not possible to list specific customer company names and their symbols.

Instead, Cintas's customer base consists of businesses that require corporate identity uniforms, facility services, first aid and safety services, and fire protection products and services. These typically include companies in sectors such as:

• Manufacturing
• Healthcare (e.g., hospitals, clinics)
• Hospitality (e.g., restaurants, hotels)
• Retail
• Automotive services
• Education
• Government and public institutions
• Other service industries

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Todd M. Schneider
President & Chief Executive Officer

Todd M. Schneider joined Cintas in 1989 and has held various management roles within the company, including Vice President of Sales for the Midwest/South Central Region Rental Division and President and Chief Operating Officer of the former Document Management Division. He served as Senior Vice President of Sales for the Rental Division until June 2013, when he was appointed President & Chief Operating Officer of the Rental Division. In July 2018, Mr. Schneider was named Executive Vice President and Chief Operating Officer, overseeing marketing and operations. He was appointed President and Chief Executive Officer and became a member of the Board of Directors in June 2021. Mr. Schneider is a graduate of Miami University.

Scott A. Garula
Executive Vice President & Chief Financial Officer

Scott A. Garula was appointed Executive Vice President and Chief Financial Officer, effective June 1, 2025. He began his career with Cintas in 1996 as an accountant. Throughout his tenure, he has held diverse leadership positions, including President of First Aid & Safety and Fire Protection, and Senior Vice President of the Rental Division's Southern Territory. Prior to his current role, he served as President of Cintas' Rental Division.

James N. Rozakis
Executive Vice President & Chief Operating Officer

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

Scott D. Farmer
Executive Chairman

Scott D. Farmer joined Cintas in 1981. He held positions such as Vice President – National Account Division, Vice President – Marketing and Merchandising, Rental Division Group Vice President, and Chief Operating Officer. He was elected to the Board in 1994 and became Chief Executive Officer in July 2003. In September 2016, Mr. Farmer was appointed Chairman of the Board. He retired as CEO in June 2021 but continues to serve Cintas as Executive Chairman. Under his leadership as CEO, Cintas' total company revenue increased from $2.69 billion in 2003 to over $7 billion. Scott Farmer is a member of the Farmer family, whose patriarch, Richard (Doc) Farmer, founded the company.

D. Brock Denton
Senior Vice President, Secretary & General Counsel

D. Brock Denton holds the position of Senior Vice President, Secretary & General Counsel at Cintas Corporation.

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The key risks to Cintas Corporation (CTAS) primarily revolve around its proposed acquisition of UniFirst and broader market dynamics.

1. Antitrust Litigation and Regulatory Hurdles: The planned acquisition of UniFirst by Cintas, which would combine the largest and third-largest players in the North American industrial services market, poses significant antitrust concerns. The Federal Trade Commission (FTC) and the Department of Justice (DOJ) are expected to scrutinize the deal closely due to potential market concentration. This could lead to the acquisition being blocked or requiring substantial divestitures of local routes or branches, impacting the anticipated synergies and financial benefits for Cintas.

2. Integration Risks Associated with Acquisitions: Merging two large companies like Cintas and UniFirst involves considerable integration risks. Combining distinct corporate cultures, operational processes, and technology systems (such as different ERP systems) is a complex undertaking. There is a risk that the projected synergies, estimated at $375 million in annual operating cost synergies, may not be fully realized or could take longer than expected to achieve, thereby affecting profitability. Additionally, workforce reductions or changes during integration could impact employee morale and service quality.

3. Macroeconomic Headwinds and Intense Competition: Cintas's business performance is highly sensitive to overall economic conditions and, in particular, the employment levels of its customers. A significant economic downturn, characterized by rising unemployment or recessionary conditions, could lead to reduced demand for its uniform rental and facility services. Furthermore, the industrial services market is competitive, with major rivals like Aramark and numerous smaller regional players. This intense competition can exert pressure on pricing and potentially lead to an erosion of Cintas's market share if the company fails to continuously innovate and maintain its operational excellence. Rising operating costs, including labor inflation and fluctuating commodity prices for materials like cotton and synthetic fibers used in uniforms, also pose an ongoing challenge.

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1. Strategic Acquisitions, including UniFirst: A significant driver of future revenue growth is Cintas' definitive agreement to acquire its rival, UniFirst Corporation, for approximately $5.5 billion. This "mega-merger" is anticipated to expand service capabilities and operational scale by integrating route networks, processing facilities, supply chains, and technology platforms. The combined entity is projected to serve about 1.5 million business customers across North America. This acquisition is expected to lead to substantial operating cost synergies and an expanded market reach, contributing to increased revenue.
2. Sustained Organic Growth and High Customer Retention: Cintas has demonstrated robust organic revenue growth, with an 8.6% organic growth rate in the second quarter of fiscal year 2026. This consistent performance is underpinned by record-high customer retention rates, which provide a stable base of recurring revenue and signify strong demand for its products and services.
3. Expansion into Key Verticals and Product/Service Innovation: The company is strategically expanding its presence in critical verticals such as healthcare, education, hospitality, and state and local government, which are growing faster than the company's average. Cintas is also investing in innovative product and service offerings, exemplified by its "SmartRestroom" technology utilizing IoT sensors and a partnership with Microban® for antimicrobial solutions in public restrooms, enhancing its value proposition. The First Aid and Safety segment is also expanding with comprehensive safety training and AED management.
4. Increased Product Penetration and Cross-selling Opportunities: Growth in Cintas's business segments is also fueled by increased product penetration within its existing customer base. The company actively pursues cross-selling opportunities, for instance, by expanding facility services relationships into uniform rentals and culinary department solutions, thereby maximizing revenue from each customer.

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Share Repurchases

• Cintas authorized an additional $1.0 billion share buyback program in October 2025, complementing an existing program with $700 million remaining, resulting in a total authorized repurchase capacity of $1.7 billion.
• In fiscal year 2025, Cintas repurchased approximately $935 million of its shares.
• Cintas purchased $1.0 billion worth of common stock in fiscal year 2024.

Outbound Investments

• Cintas entered into a definitive agreement in March 2026 to acquire UniFirst Corporation for approximately $5.5 billion in a cash and stock transaction.
• In fiscal year 2025, Cintas acquired businesses totaling $232.9 million, marking its most significant year for mergers and acquisitions in nearly two decades, with these investments spanning all three route-based segments.
• Cintas acquired businesses for $186.8 million in fiscal year 2024, including Paris Uniform Services in March 2024 and SITEX in February 2024, to enhance its market presence and service offerings.

Capital Expenditures

• Capital expenditures for Cintas amounted to $409.5 million in fiscal year 2024, which was 4.3% of its revenue.
• In fiscal year 2025, capital expenditures totaled $408.9 million, representing 4.0% of the company's revenue.
• The company's capital expenditures primarily focus on strategic investments in technology, such as the SAP system and SmartTruck platform, along with infrastructure improvements to increase capacity and ongoing environmental compliance for water treatment and waste removal.