CINTAS CORPCTAS
CINTAS CORP Earnings Per Share Disclosure
Earnings per Share
There were no share buybacks in the period subsequent to May 31, 2025, through July 28, 2025. From the inception of the July 26, 2022 share buyback program through July 28, 2025, Cintas has purchased 4.1 million shares of Cintas common stock in the aggregate, at an average price of $178.20 per share, for a total purchase price of $736.4 million. Cintas has made no purchases under the July 23, 2024 share buyback program.
Cintas uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards. See Note 12 entitled Stock-Based Compensation for additional information on restricted stock awards. 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 for the fiscal years ended May 31:
Basic Earnings per Share (In thousands except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 1,812,281 | $ | 1,571,592 | $ | 1,348,010 | |||||||||||
| Less: net income allocated to participating securities | 6,351 | 5,928 | 5,463 | ||||||||||||||
| Net income available to common shareholders | $ | 1,805,930 | $ | 1,565,664 | $ | 1,342,547 | |||||||||||
Basic weighted average common shares outstanding | 403,530 | 406,612 | 406,580 | ||||||||||||||
| Basic earnings per share | $ | 4.48 | $ | 3.85 | $ | 3.30 | |||||||||||
Diluted Earnings per Share (In thousands except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 1,812,281 | $ | 1,571,592 | $ | 1,348,010 | |||||||||||
| Less: net income allocated to participating securities | 6,351 | 5,928 | 5,463 | ||||||||||||||
| Net income available to common shareholders | $ | 1,805,930 | $ | 1,565,664 | $ | 1,342,547 | |||||||||||
Basic weighted average common shares outstanding | 403,530 | 406,612 | 406,580 | ||||||||||||||
Effect of dilutive securities – employee stock options | 6,756 | 6,856 | 6,928 | ||||||||||||||
Diluted weighted average common shares outstanding | 410,286 | 413,468 | 413,508 | ||||||||||||||
| Diluted earnings per share | $ | 4.40 | $ | 3.79 | $ | 3.25 | |||||||||||
For the fiscal years ended May 31, 2025, 2024 and 2023, options granted to purchase 1.0 million, 1.6 million and 4.0 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. The exercise prices of these options were greater than the average market price of the common shares (anti-dilutive).
Cintas announced on July 27, 2021, that the Board authorized $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024. On July 26, 2022 and July 23, 2024, Cintas announced that the Board authorized new share buyback programs, each for $1.0 billion. Neither of the outstanding share buyback programs have an expiration date.
The following table summarizes the buyback activity by program and fiscal years ended May 31:
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Buyback Program (In thousands except per share data) | Shares | Average Price per Share | Purchase Price | Shares | Average Price per Share | Purchase Price | Shares | Average Price per Share | Purchase Price | ||||||||||||||||||||||||||||||||||||||||||||
| July 27, 2021 | — | $ | — | $ | — | 3,425 | $ | 133.80 | $ | 458,284 | 2,201 | $ | 99.17 | $ | 218,288 | ||||||||||||||||||||||||||||||||||||||
| July 26, 2022 | 3,794 | 179.07 | 679,329 | 339 | 168.44 | 57,104 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| July 23, 2024 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| 3,794 | $ | 179.07 | $ | 679,329 | 3,764 | $ | 136.92 | $ | 515,388 | 2,201 | $ | 99.17 | $ | 218,288 | |||||||||||||||||||||||||||||||||||||||
Shares acquired for taxes due (1) | 1,297 | $ | 196.87 | $ | 255,471 | 1,325 | $ | 139.34 | $ | 184,645 | 1,719 | $ | 105.05 | $ | 180,577 | ||||||||||||||||||||||||||||||||||||||
| Total repurchase of Cintas common stock | $ | 934,800 | $ | 700,033 | $ | 398,865 | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Shares of Cintas stock acquired for employee-partner payroll taxes due on options exercised and vested restricted stock awards.
In addition to the share buyback activity presented above, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. The following table summarizes Cintas' non-cash share buyback activity for the fiscal years ended May 31:
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Buyback Program (In thousands except per share data) | Shares | Average Price per Share | Non-Cash Value | Shares | Average Price per Share | Non-Cash Value | Shares | Average Price per Share | Non-Cash Value | ||||||||||||||||||||||||||||||||||||||||||||
| Non-cash transaction activity | 808 | $ | 196.93 | $ | 158,953 | 1,133 | $ | 137.18 | $ | 155,403 | 1,440 | $ | 106.21 | $ | 152,983 | ||||||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 28, 2025 | Showing above |
| 2024 | Jul 25, 2024 | |
| 2023 | Jul 27, 2023 | |
| 2022 | Jul 27, 2022 | |
| 2021 | Jul 28, 2021 | |
| 2020 | Jul 29, 2020 | |
| 2019 | Jul 26, 2019 | |
| 2018 | Jul 27, 2018 | |
| 2017 | Jul 31, 2017 | |
| 2016 | Jul 29, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.