Cintas Corporation (CTAS)

Cintas reported first-quarter fiscal 2027 revenue of $3.01 billion on 23 September 2026, up 10.9 percent from $2.72 billion a year earlier 3.

Growth that sets aside acquisitions, currency and workday differences was 8.9 percent, and operating income rose 15.2 percent to $711.9 million 3.

Cintas credits the better margin to more efficient use of uniforms in service, sourcing work, efficiency gains and better use of fixed costs 2.

The open question is the pending purchase of UniFirst, a rival uniform company, which Cintas agreed on 10 March 2026 to buy in a deal of about $5.5 billion 15.

The Federal Trade Commission is still reviewing it, and the companies agreed not to close before 11 December 2026 unless the agency ends its investigation first 4.

Cintas was founded in 1968 by Richard Farmer, who left his family's industrial laundry business to develop uniform programs using an exclusive new fabric 1.

The family roots go back to 1929, when Doc and Amelia Farmer collected shop towels that factories along the Ohio River had thrown away, washed them and sold them back to companies 1.

In the early 1970s Cintas acquired the family laundry, and over the years it added products and services that complemented its core uniform business 1.

That core business is the explanation for steady growth: customers keep uniforms, mats and towels on a service contract, so revenue repeats each week 1.

Revenue rose from $9.6 billion in fiscal 2024 to $10.34 billion in fiscal 2025 and $11.26 billion in fiscal 2026 1.

In fiscal 2026 revenue grew 8.9 percent, and organic growth, which sets aside acquisitions and currency, was 8.3 percent, mainly from higher sales volume 1.

Organic growth ran between 7.8 percent and 8.6 percent in each quarter of that year 1.

In the main uniform segment, revenue rose 8.1 percent to $8.62 billion, which Cintas credits to new business, more products sold to existing customers and price increases, partly offset by lost business 1.

The cost of running the uniform business fell from 50.7 percent of its revenue in fiscal 2025 to 50.0 percent in fiscal 2026, mainly from more efficient use of in-service inventory and production gains 1.

The biggest turn came with UniFirst, when Cintas offered $275 per share in cash on 12 December, after a similar proposal in November 2024, American Laundry News reported 7.

UniFirst's board said it was reviewing the unsolicited, non-binding proposal 7.

The two companies signed a merger agreement on 10 March 2026, and UniFirst shareholders approved the deal on 12 June 2026 1.

Uniform rental and facility services

The core business is renting and servicing uniforms and other garments, including flame resistant clothing, plus mats, mops, shop towels and restroom supplies 1.

In the quarter ended 31 August 2026 the segment brought in $2.29 billion, which was 76.1 percent of revenue 2.

Delivery runs on local routes that start at rental processing plants and branches 1.

Ford, Carhartt and Cintas have partnered on a national uniform program for Ford dealership service technicians, with Cintas managing pickup, cleaning, inspection and repair, American Laundry News reported 8.

First aid and safety, fire protection and direct sales

First Aid and Safety Services sells first aid and safety products and services, plus workplace water services 1.

It made $388.5 million in the quarter ended 31 August 2026, against $334.7 million a year earlier 2.

Fire Protection Services made $252.3 million, up from $221.9 million, and Uniform Direct Sales made $78.4 million, up from $70.5 million 2.

Cintas reports these two lines inside All Other, and the acquisitions it paid for in the quarter, $3.9 million in all, were in Fire Protection Services 2.

Plants and routes

At 31 May 2026 Cintas had about 12,500 local delivery routes 1.

It occupied 496 facilities in 346 cities, leased 261 of them, and ran 210 rental processing plants and five manufacturing facilities 1.

People and rivals

Todd Schneider is the chief executive 3.

At 31 May 2026 Cintas employed about 48,100 employee-partners, about 800 of them represented by labor unions 1.

Cintas competes with national, regional and local providers, and some businesses choose to do the work in-house instead 1.

No single customer accounts for more than one percent of revenue, so losing one account would not change the results in a meaningful way 1.

Problems and regulators

On 11 June 2026 Cintas and UniFirst each received a Second Request, a demand for more documents, from the FTC 2.

The Canadian Competition Bureau sent a Supplementary Information Request on 2 July 2026, and both companies certified their answers on 29 September 2026 4.

Deal costs were $15.7 million in the quarter ended 31 August 2026, mostly legal and professional fees 2.

The umbrella, in words

Cintas names four operating segments: Uniform Rental and Facility Services, First Aid and Safety Services, Fire Protection Services and Uniform Direct Sales 1.

It also runs wholly owned subsidiaries abroad, mainly in Canada, and its U.S. operations produced over 90 percent of revenue in every year shown 1.

Cintas has agreed, but not yet completed, the purchase of UniFirst, with each UniFirst share to receive $155.00 in cash and 0.7720 Cintas shares 1.

Two wholly owned Cintas subsidiaries were set up to carry out the two mergers 1.

Entities tied to the Croatti family, which control about two thirds of UniFirst's voting power, agreed to vote for the deal and plan to keep an ownership position in the combined company 5.

At 31 May 2026 Cintas had about 1,100 shareholders of record, which it believes represents about 1.0 million beneficial owners 1.

Cintas said on 23 September 2026 that it expects the UniFirst deal to close before the end of calendar 2026 3.

The timing agreement bars closing before 11 December 2026 unless the FTC closes its investigation first 4.

On 11 March 2026 Cintas said it expects about $375 million of cost savings within four years of closing and a gain to earnings per share by the end of year two 5.

It also said it expects a net leverage ratio of 1.5x debt to EBITDA at closing, with bridge financing committed by Morgan Stanley, KeyBank and Wells Fargo 5.

Counselor reported that Cintas would owe UniFirst a $350 million reverse termination fee if antitrust laws block the merger 6.

For fiscal 2027 the company raised its revenue range to $12.15 billion to $12.27 billion from $12.10 billion to $12.25 billion, and said the range leaves out the UniFirst deal 3.