Cintas (CTAS) FY2019 results: revenue $6.9 billion, up 6.4% on the year
Cintas Corp. (CTAS) reported revenue of $6.9 billion for fiscal 2019, the year ended 31 May 2019, up 6.4% on the year before. Net income was $885 million, up 5.0%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 26 July 2019.
Revenue
$6.9 billion
+6.4% on the year
FY2012FY2019
Operating margin
16.4%
14.7% a year earlier
FY2012FY2019
Net income
$885 million
+5.0% on the year
FY2012FY2019
Diluted EPS
$2.00
+5.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,892
6,477
5,323
+6.4%
Gross profit
3,129
2,909
2,380
+7.6%
Gross margin
45.4%
44.9%
44.7%
Selling, general and administrative
1,981
1,917
1,527
+3.3%
Operating income
1,134
950
774
+19.3%
Operating margin
16.4%
14.7%
14.5%
Interest expense
102
110
86.5
-7.7%
Pre-tax income
1,102
841
687
+31.1%
Income tax
220
57.1
230
+285.1%
Effective tax rate
19.9%
6.8%
33.5%
Net income
885
843
481
+5.0%
Net margin
12.8%
13.0%
9.0%
Diluted EPS
$2.00
$1.89
$1.09
+5.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,068
964
764
+10.8%
Capital expenditure
277
272
273
+1.8%
Free cash flow
791
692
491
+14.3%
Free cash flow margin
11.5%
10.7%
9.2%
Cash from investing
-236
-136
-2,310
Cash from financing
-873
-864
1,579
Depreciation and amortisation
360
279
197
+28.9%
Share-based compensation
139
113
88.9
+23.4%
Buybacks
1,016
127
20.7
+698.2%
Dividends paid
221
176
142
+25.7%
Dividend per share
$0.51
$0.41
$0.33
+26.5%
Diluted shares, weighted
438m
439m
431m
-0.3%
Shares outstanding at period end
413m
425m
417m
-2.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,003
3,017
2,303
-0.5%
Short-term borrowings
n/a
0.0
n/a
Debt
2,866
2,535
3,134
+13.1%
Other liabilities
1,568
1,406
1,408
+11.5%
Total liabilities and equity
7,437
6,958
6,844
+6.9%
Fixed assets
1,431
1,383
1,324
+3.5%
Goodwill
2,842
2,847
2,782
-0.2%
Intangible assets
495
546
587
-9.4%
Investments
n/a
0.0
22.2
Cash and equivalents
96.6
139
169
-30.3%
Receivables
910
805
736
+13.1%
Inventory
335
280
278
+19.3%
Other assets
1,328
959
946
+38.4%
Total assets
7,437
6,958
6,844
+6.9%
10-K for the year ended 31 May 2019, filed 26 July 2019: the filing.