Cintas (CTAS) FY2020 results: revenue $7.1 billion, up 2.8% on the year
Cintas Corp. (CTAS) reported revenue of $7.1 billion for fiscal 2020, the year ended 31 May 2020, up 2.8% on the year before. Net income was $876 million, down 1.0%, and diluted earnings per share $2.03. The figures are the company's own, from the 10-K it filed with the SEC on 29 July 2020.
Revenue
$7.1 billion
+2.8% on the year
FY2013FY2020
Operating margin
16.4%
16.4% a year earlier
FY2013FY2020
Net income
$876 million
-1.0% on the year
FY2013FY2020
Diluted EPS
$2.03
+1.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,085
6,892
6,477
+2.8%
Gross profit
3,234
3,129
2,909
+3.4%
Gross margin
45.6%
45.4%
44.9%
Selling, general and administrative
2,071
1,981
1,917
+4.6%
Operating income
1,163
1,134
950
+2.6%
Operating margin
16.4%
16.4%
14.7%
Interest expense
105
102
110
+3.6%
Pre-tax income
1,058
1,102
841
-4.0%
Income tax
182
220
57.1
-17.2%
Effective tax rate
17.2%
19.9%
6.8%
Net income
876
885
843
-1.0%
Net margin
12.4%
12.8%
13.0%
Diluted EPS
$2.03
$2.00
$1.89
+1.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,291
1,068
964
+20.9%
Capital expenditure
230
277
272
-16.8%
Free cash flow
1,061
791
692
+34.1%
Free cash flow margin
15.0%
11.5%
10.7%
Cash from investing
-285
-236
-136
Cash from financing
-955
-873
-864
Depreciation and amortisation
379
360
279
+5.3%
Share-based compensation
115
139
113
-17.1%
Buybacks
465
1,016
127
-54.3%
Dividends paid
268
221
176
+21.4%
Dividend per share
$0.64
$0.51
$0.41
+24.4%
Diluted shares, weighted
428m
438m
439m
-2.3%
Shares outstanding at period end
414m
413m
425m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,235
3,003
3,017
+7.7%
Short-term borrowings
n/a
n/a
0.0
Debt
2,550
2,866
2,535
-11.0%
Operating lease liabilities
123
n/a
n/a
Other liabilities
1,762
1,568
1,406
+12.4%
Total liabilities and equity
7,670
7,437
6,958
+3.1%
Fixed assets
1,403
1,431
1,383
-1.9%
Goodwill
2,870
2,842
2,847
+1.0%
Intangible assets
761
495
546
+53.8%
Investments
n/a
n/a
0.0
Cash and equivalents
145
96.6
139
+50.4%
Receivables
870
910
805
-4.4%
Inventory
409
335
280
+22.2%
Other assets
1,212
1,328
959
-8.7%
Total assets
7,670
7,437
6,958
+3.1%
10-K for the year ended 31 May 2020, filed 29 July 2020: the filing.