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F500-2021-410-Cintas

Starting out as the acme Industrial Laundry Company in 1929, the corporation now outfits America's workforce with uniforms and cleaning supplies.

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F500-2020-441-Cintas

Cintas provides uniform rentals, floor care, restroom supplies, first aid and safety products, and fire extinguishers to businesses, primarily in North America.

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Cintas specializes in providing businesses with essential products and services to ensure their operations are clean, safe, and professional. Serving over 1 million customers across the U.S. and Canada, Cintas offers a comprehensive range of solutions, including uniform rental, facility services, first aid and safety products, fire protection services, and compliance training. Its products and services encompass uniforms, mats, mops, restroom supplies, workplace water services, safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems, and alarm services.

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Q2 2025

Cintas (CTAS): Company Profile, Stock Price, News, Rankings

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Cintas

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Good day, everyone, and welcome to the Cintas Corporation Announces Fiscal 2025 Second Quarter Results Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Jared Mattingly, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

Thank you for joining us. With me are Todd Schneider, President and Chief Executive Officer and Mike Hansen, Executive Vice President and Chief Financial Officer. We will discuss our fiscal 2025 Q2 results. After our commentary, we will open the call to questions from analysts. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward looking statements.

This conference call contains forward looking statements that reflect the company's current views as to future events and financial performance. These forward looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those we may discuss. I refer you to the discussion on these points contained in our most recent filings with the Securities and Exchange Commission. I'll now turn the call over to Todd.

Thank you, Jared. We are pleased with our strong second quarter results, which reflect great execution by our employee partners and the comprehensive value proposition we provide to our customers in supporting their image, safety, cleanliness and compliance needs. 2nd quarter total revenue grew 7.8 percent to 2.56 $6,000,000,000 an all time high for revenue in a quarter. The organic growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 7.1%. In the Q2, we continued to experience strong demand for our services, reflecting the complementary nature of our platform and our unmatched product and service offerings for businesses of all types and sizes.

Virtually every business has a need Cintas is ready to meet, whether it's a front door that needs a mat, a bathroom to service, exit lighting, fire extinguishers and sprinkler systems, first aid and safety needs or an apparel solution. Cintas is continually deepening our value propositions, particularly within our 4 focused verticals of healthcare, hospitality, education and state and local government, which continued to perform well. Gross margin for the Q2 grew 11.8% over the prior year to 49.8%, just below our all time high we set in the Q1. Operating income of 23.1% as a percent of revenue was an all time record, an increase of 18.4% over the prior year. Diluted EPS grew robust 21.1 percent to 1.09 dollars Our strong earnings growth reflects our operational excellence via sourcing and supply chain initiatives, route and energy optimization and technology enabled efficiency in our facilities.

Cash flow this year continues to be very strong with free cash flow for the 1st 6 months increasing 34.9% over the prior year. We continue to deploy capital across each of our capital allocation priorities, starting with investing back into our businesses. This strong cash flow generation allows us to focus on making strategic investments in our customers and our employee partners, which positions us to deliver long term value for our shareholders. Our technology investments remain a significant area of reinvestment. We continue to leverage our SAP system to standardize our processes across our operations.

Combined with our focus on operational excellence, we are improving the way our employees work and getting the right products to our customers faster, all of which improves the customer experience and positively impacts our margin profile. At the same time of investing in our customers and employee partners and making strategic acquisitions, returning capital to Cintas' shareholders remains a key priority. Cintas paid a quarterly cash dividend of $0.39 per share last week. And looking ahead, we will continue our opportunistic approach with share buybacks. Before turning the call over to Mike to provide details of our Q2 results, I'll provide our updated financial expectations for our fiscal year, which reflect our strong momentum and confidence in our outlook.

We are updating our annual revenue expectations from a range of $10,220,000,000 to $10,320,000,000 to a range of $10,255,000,000 to $10,320,000,000 a total growth rate of 6.9% to 7.5%. We expect our organic growth rate to be in the range of 7.0% to 7.7%. We are also updating our annual diluted EPS expectations from a range of $4.17 to $4.25 to a range of $4.28 to $4.34 a growth rate of 12.9% to 14.5%. Cintas' differentiated culture, superior products and services and industry best talent position us to deliver meaningful value creation in fiscal 2025 beyond. We remain focused on delivering outstanding customer experiences and making appropriate investments in the business to sustain our growth.

I thank all of Cintas' employee partners whose outstanding work and dedication to our customers remains the key to our success. With that, I'll turn it over to Mike to discuss the details of our Q2 results.

Thanks Todd and good morning. Our fiscal 2025 Q2 revenue was $2,560,000,000 compared to $2,380,000,000 last year. The organic revenue growth rate adjusted for acquisitions and foreign currency exchange rate fluctuations was 7.1%. Organic growth by business was 6.9% for Uniform Rental and Facility Services, 12.3% for First Aid and Safety Services, 10% for Fire Protection Services and Uniform Direct sale was down 9.2%. Gross margin for the Q2 of fiscal 2025 was $1,280,000,000 compared to $1,140,000,000 last year, an increase of 11.8%.

As Todd mentioned, gross margin as a percent of revenue was 49.8% for the Q2 compared to 48% last year, an increase of 180 basis points. Robust volume growth, operating leverage and continued operational efficiencies helped generate this strong gross margin. Gross margin percentage by business was 49.1% for Uniform Rental and Facility Services, 57.3% for First Aid and Safety Services, 49.9% for Fire Protection Services and 41.2% for Uniform Direct Sale. Gross margin for the Uniform Rental and Facility Services segment increased 170 basis points from last year. Our progress year over year reflects our focus on operational excellence initiatives combined with leverage from strong revenue growth.

We continue to realize benefits from our technology investments and extracting inefficiencies from the business through our 6 Sigma and engineering teams. Gross margin for the First Aid and Safety Services segment increased 2 80 basis points from last year with strong revenue growth continuing to create leverage. Our sales mix remains favorable with more profitable first day products and increases in our recurring revenue products like AED rentals, eyewash stations and water break. Our technology investment in smart truck provides route optimization and improved efficiencies. And we continue to see sourcing benefits from our 1st day dedicated distribution center that have allowed us to lower product costs.

All of these contribute to improved margins. Selling and administrative expenses as a percent of revenue was 26.8 percent, which was relatively consistent with last year. 2nd quarter operating income was $591,400,000 compared to $499,700,000 last year. Operating income as a percent of revenue was 23.1% in the Q2 of fiscal 2025 compared to 21% in last year's Q2, an increase of 2 10 basis points. Our effective tax rate for the 2nd quarter was 20.7% compared to 20.9% last year.

The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock based compensation. Net income for the 2nd quarter was $448,500,000 compared to $374,600,000 last year. This year's Q2 diluted EPS of $1.09 compared to $0.90 last year, an increase of 21.1%. As Todd mentioned earlier, we continue to generate strong cash flow. Through the 1st 6 months, our free cash flow increased 34.9% over the prior year.

This great cash flow over the 1st 6 months has allowed us to deploy a total of $1,300,000,000 of capital across each of our capital allocation priorities of capital expenditures, M and A, dividends and share buybacks. Todd provides our annual financial guidance. Related to the guidance, please note the following: Fiscal 2025 net interest expense is expected to be approximately $101,000,000 compared to $95,000,000 in fiscal 2024 predominantly as a result of higher variable rate debt. Our fiscal 2025 effective tax rate is expected to be 20.2% and guidance does not include any future share buybacks or significant economic disruptions or downturns. I'll now turn it back over to Jared.

Thanks, Mike. That concludes our prepared remarks. Now we are happy to answer questions from the analysts. Please ask just one question and a single follow-up if needed. Thank

And our first question comes from Tim Mulrooney from William Blair. Please go ahead, Tim.

Yes. Hi. Thanks for taking my questions. I wanted to ask about your guide on organic growth. It looks like it came down slightly at the high end from 8.1% to 7.7 percent.

Just curious what the reason for that was, if 2nd quarter sales came in below your expectations or if it's the outlook for the second half of the fiscal year shifted slightly? I know it's a small number, but just curious if

Well, good morning, Tim. Thanks for the question. First, we're pleased with our organic growth rate of 7.1%. It's very good and it's right where we'd like to be. And our second half guide implies a continuation of that good growth mid to high single digits.

The rental division is right in line where we like it to be. And the 1st Aid and Fire Divisions both grew double digits. So they continue to perform well and the value proposition continues to resonate. So we like where we are and we think that our guide reflects attractive growth on for the year and the back half of the year as well.

And Tim, I might offer a couple of things on the guide as well. The Workday adjusted revenue for the year is now 7.7% to 8.4%. So a really nice range for us. And as you said, the organic revenue growth of 7% to 7.7% is a really good year for us and not much of a change, but maybe I'll give you a little a bit of thoughts on the implied growth as well. So if you think about that guide that we just gave, it implies an organic growth rate range of 6.6% to 7.9% for the back half of the year and that's the same implied growth rate that we had in the guide last quarter for the final three quarters.

So in other words, that implied guide hasn't really changed. And so we again, as Todd said, we had a nice quarter and the outlook for the second half of the year really hasn't changed all that much. Still a really good year, both changed all that much. Still a really good year both in total growth and in organic growth.

Okay. That's good color. It sounds like just some fine tuning around the edges and continuation of what you've been doing. So that's very helpful context. Thank you.

My second question is, I just wanted to touch on the incremental EBITDA margins, 60% I think in the quarter, obviously very impressive, well above Street expectations. Just putting my analyst head on and trying to pick this apart a little bit, curious if there's any one offs or discrete factors that we should be considering that were either favorable to this year or unfavorable to last year that might help explain some of the strong outperformance because 60% is obviously just really, really high? Thank you.

Well, Tim, no one offs to speak of. We're getting good leverage from our revenue growth. So the revenue growth is really helping us to get leverage. We've spoken in the past about we've got programs, initiatives to extract out inefficiencies in our business and that continues to go well. Our 6 Sigma Black Belt team, our global supply chain, our engineering teams are all functioning at high levels and allowing us to extract out improvements throughout our organization.

So no one offs to speak of and we're trying to get great leverage on the revenue and then extract out inefficiencies and that plan is working.

And our next question comes from Andrew Steinerman from JPMorgan Securities. Please go ahead, Andrew.

Hi. When talking about the organic revenue growth of 7.1% in the quarter, could you just give us a sense if price realization has kind of now returned to the long term average increase? And then also did ad stop change much when looking at the November quarter year over year versus the August quarter year over year?

Well, good morning, Andrew. Obtaining price increases is more challenging than it was in the past compared to earlier portion of the calendar year and the Q1, but we're still able to obtain price increases. They are right at about our historical levels now, which makes sense since we continue to see price increases coming down as inflation has come down. And in spite of this, I'm really proud of the organization being able to increase margins while expecting out those inefficiencies I spoke about earlier. And as was mentioned with Tim previously, incremental margins are really strong.

As far as why don't I just speak a little bit about customer behavior in general. I mentioned price increases. New business is quite strong. Our retention rates are still at very attractive levels. Ad stops, I would say no significant changes there.

Catalog spending was down a little bit. But overall, the business is functioning at a high level. And the macro data seems to be pretty stable. And the second half guide, I think, reflects that we're going to have a we plan to have a very good year. And not only the first half, but the second half reflects that.

And our next question comes from Jasper Bibb from Truist Securities. Please go ahead, Jasper.

Hey, good morning, guys. I want to ask about the proposed tariffs from the new administration and potential impact on your material costs if those proposals come through. I think you previously talked about a bit of inflation on hangar costs from tariffs on China during the last Trump administration. Is there more sourcing coming through Mexico, Canada or China that could potentially be impacted?

Good morning, Jasper. Certainly, we're watching all those items very closely with tariffs. It's still way too early to tell exactly what's going to occur there. But I know this, we have a world class global supply chain, and they're positioned to pivot as necessary. We're already in a position where we dual source over 90% of our products.

So those multiple sources include also geographic diversity. So I think we're in a good spot to because when those types of challenges are that we may face in the future or the world will face, our global supply chain will have a chance to shine. And I'm confident that that's exactly what they'll do and we'll pivot as appropriate, but we're in a good spot.

Jasper, I might just as a reminder, speak to our rental material costs. So in the rental business, you might keep in mind that we amortize the costs of our garments, our mats and other products over some period of time. And that allows us time to have our global supply chain adapt to the current situation, maybe make some changes, but also it allows us to recognize those costs over a longer period of time. In other words, we don't recognize that cost in our P and L right away. And that allows us to do other things like not just sourcing changes, but also how to think about our initiatives that we've got going on in the business and how to think of future price increases and so on.

So just as a reminder, our ability to amortize a good chunk of our materials can really be a benefit in a time when uncertainty like this related to these tariffs.

Thanks for that. And then maybe to follow-up on Tim's earlier question. Is there anything you think might make incremental operating margins moderate in the second half versus the first half? I mean on my math adjusting for working days, incremental operating margin was well north of 40% in the first half and it seems like guidance implied pretty material step down in the incremental for the second half.

Is there anything specific driving that first half, second half split?

Nothing specific, Jasper. Certainly, running a business isn't linear. But when you look at our guide for the year, we think we're in a really good spot to grow our operating margin, our EPS, so attractive margins for the year. And we think we're in a good spot to deliver that.

You might remember Jasper that our we want to be in an incremental of 25% to 35%. And while we are above that in the first half of the year, our expectation is longer term we're going to be sort of in that range and that's what we have guided for the back half of the year. We will likely be closer to that range. It's hard to think that we would be in a 40% to 50% incremental longer term. But as Todd said, we've got a lot of initiatives that are really working for us.

Got it. Thank you for taking the questions. And our next question comes from Manav Patnaik from Barclays. Please go ahead, Manav.

Yes. Thank you. If I can just follow-up on that, the top line guide that you lowered by 40 basis points, it sounds like you said everything all your expectations have kind of remained the same, but you still lowered it. So just curious, is that can you just help us with why you lowered it by 40 bps, maybe if the catalog sales that were down, is that what it was? Just any color there would be helpful.

Manav, it's a little bit of math, right? The guide the implied guide is about the same today as it was for the second half of the year as it was after the Q1. But we've got a quarter another quarter in the books. Our Q2 at 7.1 comes right in the middle of that range. And so that's really is that's the math of seeing it go from 8.1 to 7.7.

But the implication of that guide for the rest of the year is still the same as what we called out after our Q1. Does that make sense?

I mean, I guess, are you saying that maybe this quarter perhaps didn't come in better than maybe what you would have thought?

Well, it's this quarter is sort of in the middle

that organic revenue guide that we've given.

Okay, fine. And then if I can just follow-up sorry, go ahead if you were saying something.

I was just going to say the M and A in the quarter, can you just it seems like you were pretty active. So just curious in which areas and anything to call out there?

Manav, I'll speak to that. Good morning. M and A is hard to predict. We've been pursuing businesses in all of our route based businesses as long as I can remember. And we did have a good quarter with M and A.

We bought some businesses in each of our areas. And those we get some we're after really good quality businesses that can position us to obtain synergies in certain cases and then help us with an offering, broader offering to that customer base. So yes, we like the businesses we're buying. They're very complementary and they're quality businesses and we think that's going to be a good long term investment for our organization.

And our next question comes from Josh Chan from UBS. Please go ahead, Josh.

Hi, good morning, Tom, Mike, Jared. I guess on the guidance question, maybe I can ask it this way. I guess as compared to the scenario where you would have held your top line guidance, the top end of your top line guidance, like what did not happen, I guess? What did you not see to allow you to kind of hold that? I guess maybe that helps to ask that question a little bit.

Well, Josh, as I described earlier, the pricing environment is obtaining price increases is more challenging than it was. And as now we're still able to obtain price increases, but it's more challenging. It's back to historical levels. So we're having to grow off of over and above that. So just tightening that up a little bit, but when you look at as Mike spoke of, when you look at the back half of the year, organic of implied organic of 6.6% to 7.9% and Workday adjusted growth of 7.3% to 8.6%.

It's right where we want to be. And we like that, and we think we're well positioned to achieve those results.

Certainly. Yes, that's still very good growth. And then maybe my follow-up on fire. Obviously, it grew 10% this quarter. That's really strong.

But I guess in prior quarters, it had been above that. So was there any abnormality in fire this quarter or do you think it's just normal fluctuation?

Yes. Josh, no abnormality to speak of. They were coming off a pretty attractive growth rate last year. So but we think we're really well positioned there to continue to grow that business at those at the levels at double digit levels. And the team is organized around that and positioned it.

And that's what we certainly expect in the future.

Great. Thanks for your time and good luck in the second half.

And our next question comes from George Tong from Goldman Sachs. Please go ahead, George.

Hi, thanks. Good morning. You mentioned new business and retention rates were strong in the quarter. Can you talk more about what you're seeing with customer sentiment and customer purchasing behaviors and how they've evolved over the course of the quarter?

Good morning, George. Besides what I mentioned with customer behavior, not much has changed there. The sales cycle is I wouldn't it's not elongated. It's pretty similar to what it has been in the past. We're still selling about 2 thirds of all of our new accounts are no programmers.

And that's exciting to us because the pie is massive out there because as we talked about, we serviced a little over 1,000,000 customer business customers and there are 16,000,000 businesses in North America. So that's it makes it really attractive. Now that being said, those businesses that we're selling, it's not always new money. They're wearing clothes, garments, they've got items to help keep their facilities clean and maintain. We can do it better, faster, smarter, cheaper in certain ways, certain times that allows for those customers to accomplish their objectives more in a better fashion.

So no changes there. We're still selling a significant amount of node programmers and the future looks bright there because there's just such a massive quantity out there of no programmers.

George, do you have a follow-up question?

Yes. Sorry, I was on mute. So on the margin side, you're seeing good benefits from sourcing and supply chain and routing. Can you talk a little bit more about where you are in your journey in terms of unlocking additional efficiencies from what you've already achieved? In other words, are you would you say you're still in the very early innings of what you hope to achieve with efficiencies?

Or are you towards the middle or towards the later stages of what you hope to accomplish?

Thank you, George. Part of our culture here is a culture of positive discontent. We are constantly looking for ways to improve. And so you're going to continue to see improvements in those areas. We there's a long list of initiatives that we are constantly focused on and we're excited about because and the team has done one heck of a job in that area, whether I mentioned sourcing, engineering, 6 Sigma, it's been impressive performance and they still have a big to do list.

And our next question comes from Shlomo Rosenbaum from Stifel. Please go ahead, Shlomo.

Hi. Thank you for taking my questions. Just to talk a little bit about the guidance a little more on the top end, but I'd like to ask

It looks like you did about $145,000,000 in acquisitions in the quarter. Could you talk about how much those acquisitions are expected to add to revenue in this fiscal year? And if there where exactly would they be falling out mostly? Would it be mostly in the laundry and the uniforms? Or was there something else that you made that was sizable excuse me that didn't hit the news?

Shlomo, we did make some nice acquisitions in the rental space. We've also made some in the fire and first aid and safety space. But the rental space, we did have some nice acquisitions. We don't typically get into exactly the amount of those. They are sort of local market to maybe a little bit of regional, but really nice players in the market and we're excited about it.

Okay. The reason I was asking is because there's a huge focus on kind of that tweaking of the guidance on the top and it's the commentary about the pricing being a little bit tougher just to dimensionalize it would be helpful to know how much we should be expecting in terms of incremental M and A. So that's where that question is

coming from. But the second question, a follow-up I have, could you just give a

little bit more color on the growth of the targeted verticals? Specifically in the quarter, did some do better than others? Maybe just give us a little bit more detail in terms of how much of the growth is being driven by those verticals, some of them accelerating versus decelerating, just so we get a sense as to how the efforts are progressing there?

Shlomo, our 4 focus verticals are performing well. They have been and continue to perform well. They perform at above our normal operating levels of growth. So and we expect them to because they're focused verticals. And I think it's important to understand, it's not just a sales focus in those areas.

We organize around those. We have teams of leaders and partners that are focused on understanding those businesses, understanding products and services that are important to them. And so they're in that world and they're delivering great results and helping customers accomplish their objectives better. And we expect that to continue. But that's been in baked into our business for the past few years and we suspect that that will continue to occur.

And our next question comes from Ashish Sabadra from RBC. Please go ahead, Ashish.

Hi, good morning. This is David Page on for Ashish.

we could if you could just give us some sense on how the Uniform Direct sales performed in the quarter? Was it in line with your expectations? And then not to go back to it, but how is that playing Uniform Direct specifically playing into your organic revenue growth guide for 2025? Thank you.

Cintas (CTAS) Q2 2025 Earnings Call Transcript

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