stockrowWhat it does
Cintas Corporation is a Cincinnati-based business-services company founded in 1968. Todd M. Schneider is its chief executive officer. [record; call_prepared]
Cintas supplies and services the items businesses use to present employees, maintain facilities, and address workplace safety. Its offerings include uniform rental and direct uniform sales; mats, mops and shop towels; restroom supplies and cleaning services; workplace water; first-aid products and safety training; automated external defibrillators and eye-wash stations; and fire extinguishers, sprinkler systems and alarm testing. [item1]
The company’s principal activity is not simply selling products. For much of the business, Cintas supplies items, collects them from customer locations, cleans or processes them, and returns or replaces them through local delivery routes. Uniforms, garments, mats, mops and shop towels are included in this rental and servicing model. [item1; item7]
Cintas serves businesses ranging from small service and manufacturing companies to corporations with thousands of employees. It positions its services around customers’ image, safety, cleanliness and compliance needs. [item1; call_prepared]
Management said on the Q1 2027 earnings call that Cintas continued to see demand for outsourced services across uniform rental and facility services, first aid and safety, fire protection, and uniform direct sales. [call_prepared]
How it makes money
Cintas reports two operating segments: Uniform Rental and Facility Services, and First Aid and Safety Services. Fire Protection Services and Uniform Direct Sale are included in All Other. Uniform Rental and Facility Services was $8.6 billion in FY2026, or 76.5% of revenue. First Aid and Safety Services was $1.4 billion, and Fire Protection Services was $929.1 million. [segment.uniform_rental_and_facility_services.fy2026; segment.uniform_rental_and_facility_services.share.fy2026; segment.first_aid_and_safety_services.fy2026; segment.fire_protection_services.fy2026]
The rental segment earns fees from supplying and servicing corporate-identity uniforms, flame-resistant clothing, mats, mops, shop towels and related products. It also includes restroom cleaning services and supplies, plus catalog sales made to customers on route. The first-aid segment sells and services first-aid and safety products and workplace water services. Fire Protection provides fire-protection products and services, while Uniform Direct Sale sells uniforms and related items without the rental model. [item7]
Over 95% of revenue is derived from fees for route servicing of uniform rental and facility-services, first-aid and safety-services, and fire-protection customers at their locations. The performance period generally corresponds to the monthly invoice period. [item7]
FY2026 total revenue was $11.3 billion; Q1 FY2027 total revenue was $3.01 billion. [item7; call_prepared]
Management said on the Q1 2027 earnings call that pricing was consistent with prior years and that most growth momentum came from volume: new customers, retention and cross-selling. [call_qa]
| Product or service | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Uniform rental and facility services | $8.6 billion | 76.5% | 8.09% |
| Other | $2.6 billion | 23.5% | 11.8% |
Customers and how it sells
Cintas serves more than one million businesses, including small service and manufacturing companies and large corporations. No individual customer accounts for greater than one percent of total revenue. [item1]
Its operations are primarily in the United States, with additional operations in Canada and Latin America. U.S. operations generated over 90% of consolidated revenue in every period presented. [item1]
Uniform Rental and Facility Services customers are served through local delivery routes originating from rental processing plants and branches. First Aid and Safety Services and All Other use a distribution network, local delivery routes and local representatives. At May 31, 2026, Cintas had approximately 12,500 local delivery routes, 484 operational facilities and 12 distribution centers. [item1]
Management said on the Q1 2027 earnings call that its customer base was broad and stable, while individual customers faced differing business conditions. [call_qa]
| Segment | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Uniform rental and facility services | $8.6 billion | 76.5% | 8.09% |
| First Aid and Safety Services | $1.4 billion | 12.4% | 14.3% |
| Fire Protection Services | $929.1 million | 8.25% | 13.7% |
| Uniform Direct Sales | $322.1 million | 2.86% | −1.95% |
Suppliers and costs
Cintas sources finished products from many outside suppliers and requires suppliers to comply with its vendor code of conduct. It also operates five manufacturing facilities for standard uniform needs and purchases fabric from several suppliers. [item1]
The company’s ability to obtain products depends on finding qualified suppliers and accessing goods efficiently. Supplier and sourcing exposure includes raw-material availability, supplier stability, transport availability and cost, currency movements, inflation, tariffs and other trade measures. [item1a]
Uniform rental and facility-services cost consists mainly of production and delivery expenses and amortization of uniforms, mats, shop towels and other in-service rental inventory. Other cost consists mainly of goods sold, delivery expenses and distribution expenses for first-aid, safety, uniform and fire-protection products. [item7]
Management said on the Q1 2027 earnings call that Cintas does not use fuel surcharges and expects to manage fuel and other energy costs through operations and efficiency initiatives. [call_qa]
- Revenue$11.3B
- Cost of revenue−$5.6B
- Selling, general and administrative−$3.1B
- Other operating costs−$15.1M
- Operating income$2.6B
Competitive position
Cintas operates in local, highly fragmented markets. It competes with national, regional and local providers; large national retailers; small local retailers; and businesses with a significant online presence. Customers may also perform certain services in-house rather than outsource them. Product design, price, quality, service and convenience are competitive factors. [item1; item1a]
UniFirst competes in North American uniform and workwear programs, facility-service products, and first-aid and safety supplies and services. Cintas has an agreement to acquire UniFirst, subject to regulatory clearances and other closing conditions. [item1; call_prepared]
Management said on the Q1 2027 earnings call that Cintas operates in an incredibly competitive market, that customers have choices, and that it had not seen changes in the sales cycle. [call_qa; fact_67e6ab9a; fact_6d8394eb]
Our reading: Cintas’s local-route system, processing facilities and regular customer service are a medium moat source because they support repeated service delivery and customer contact, while local markets remain fragmented and customers can self-provide services. [item1; item7]
Our reading: Cross-selling is a medium moat source because Cintas uses recurring visits and customer relationships to introduce additional products and services; price, service and convenience remain competitive variables. [item7; item1]
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| UniFirst | North American uniforms, facility services, first aid and safety | High |
Growth opportunities
Cintas seeks revenue growth by increasing its penetration of existing customers, broadening its customer base, adding products and services, expanding geographically and evaluating acquisitions. Its national sales organization introduces its products and services to prospects across market segments. [item7]
Management said on the Q1 2027 earnings call that new business is its most important growth driver and that more than two-thirds of new business comes from customers that were not previously using a managed service provider. It also said that retention and cross-selling had improved. [call_qa; fact_7f748989]
The company sizes its North American business market at 16,000,000 to 20,000,000 businesses and serves 1,000,000 customers. It also estimates that more than 100,000,000 North American workers are in industry codes it serves. [fact_ab81c398.value; fact_ab81c398.high; fact_502f21d9.value; fact_27d2f585.value]
In FY2026, Uniform Rental and Facility Services revenue grew 8.09% to $8.6 billion. First Aid and Safety Services revenue grew 14.3% to $1.4 billion, while Fire Protection Services revenue grew 13.7% to $929.1 million. [segment.uniform_rental_and_facility_services.yoy.fy2026; segment.uniform_rental_and_facility_services.fy2026; segment.first_aid_and_safety_services.yoy.fy2026; segment.first_aid_and_safety_services.fy2026; segment.fire_protection_services.yoy.fy2026; segment.fire_protection_services.fy2026]
Cintas expects the UniFirst transaction to close by the end of calendar 2026, subject to regulatory clearances and other closing conditions. [call_prepared]
- $7.9BFY2022
- $8.8BFY2023
- $9.6BFY2024
- $10.3BFY2025
- $11.3BFY2026
- $12.2BFY2027 guidance
Structural risks
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Economic and cost pressure. Unemployment, inflation, recessionary conditions and other economic factors can reduce demand. Labor, healthcare, materials, insurance, interest rates, fuel, transportation and tax costs can increase operating expenses. [item1a]
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Competition and self-provision. National, regional and local providers compete on price, product, design, quality, service and convenience. Customers and prospects may elect to perform services in-house. [item1a; item1]
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UniFirst transaction. The proposed acquisition may not close, may require regulatory conditions, may cost more than expected, and may divert management attention. If completed, integration may disrupt operations or fail to achieve expected benefits, synergies or efficiencies. [item1a]
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Sourcing and trade exposure. Supplier reliability, raw-material availability, transport constraints, currency changes, tariffs, import restrictions and geopolitical disruption can raise costs, delay products or disrupt sourcing arrangements. [item1a]
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Technology and cybersecurity. Disruptions to internal or third-party systems can impair customer service and operations. Cyberattacks or privacy incidents can cause downtime, data compromise, costs, liability and reputational damage. [item1a]
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Expansion capacity and regulation. Expansion requires suitable operating-facility locations, utilities, water sources and regulatory compliance. Environmental, employment, health and safety, privacy and data-security requirements can require additional processes, personnel, technology and capital. [item1a; item1]
Bottom line
Our reading
Our reading: Cintas is a route-based outsourced-services business whose largest activity is the recurring rental and servicing of uniforms and facility products, supplemented by safety and fire-protection services. [item1; item7]
Our reading: Its operating model depends on local delivery routes, processing capacity, customer retention and cross-selling across a broad customer base, while its markets remain fragmented and competitive. [item1; item7]
Our reading: The pending UniFirst acquisition is a material operating and integration variable alongside labor, input-cost, sourcing, technology and regulatory exposure. [item1a; call_prepared]