Cintas Corp. Q3 FY2024 results: revenue $2.4 billion, up 9.9% on the year

Cintas Corp. (CTAS) reported revenue of $2.4 billion for Q3 FY2024, the quarter ended 29 February 2024, up 9.9% on the same quarter a year earlier. Net income was $398 million, up 22.0% on the year, and diluted earnings per share $3.84. The figures are the company's own, from the 10-Q it filed with the SEC on 5 April 2024.

Revenue$2.4 billionup 9.9%

Net income$398 millionup 22.0%

Diluted EPS$3.84

QuarterQ3 FY2024ended 29 February 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	2,406	2,377	n/a	n/a
Selling, general and administrative	667	642	n/a	n/a
Operating income	521	500	n/a	n/a
Operating margin	21.6%	21.0%	n/a
Interest expense	25.5	26.6	n/a	n/a
Pre-tax income	496	474	n/a	n/a
Income tax	98.6	99.2	n/a	n/a
Effective tax rate	19.9%	20.9%	n/a
Net income	398	375	n/a	n/a
Net margin	16.5%	15.8%	n/a
Diluted EPS	$3.84	$3.61	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	657	393	n/a	n/a
Capital expenditure	107	93.8	n/a	n/a
Free cash flow	550	299	n/a	n/a
Free cash flow margin	22.9%	12.6%	n/a
Depreciation and amortisation	111	109	n/a	n/a
Share-based compensation	31.3	22.9	n/a	n/a
Buybacks	45.0	350	n/a	n/a
Dividends paid	137	138	n/a	n/a
Dividend per share	$1.35	$1.35	n/a	n/a
Diluted shares, weighted	103m	103m	n/a	n/a
Shares outstanding at period end	101m	101m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	8,979	8,814	n/a	n/a
Cash and equivalents	128	85.6	n/a	n/a
Receivables	1,262	1,274	n/a	n/a
Inventory	451	475	n/a	n/a
Goodwill	3,212	3,121	n/a	n/a
Total debt, as filed	2,487	2,487	n/a	n/a
Long-term debt	2,475	2,474	n/a	n/a
Operating lease liabilities	146	139	n/a	n/a
Shareholders' equity	4,234	3,994	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	2,342	2,377	2,406	2,471	2,502	2,562	2,609	2,668	2,718	2,800	2,841	2,905
Cost of revenue	n/a	n/a	n/a	n/a	1,249	1,285	1,290	1,342	1,352	1,388	1,393	1,425
Gross profit	n/a	n/a	n/a	n/a	1,252	1,277	1,319	1,326	1,367	1,412	1,448	1,480
Gross margin	n/a	n/a	n/a	n/a	50%	50%	51%	50%	50%	50%	51%	51%
SG&A	641	642	667	668	691	685	709	729	749	757	789	792
Operating income	501	500	521	548	561	591	610	597	618	656	660	673
Operating margin	21%	21%	22%	22%	22%	23%	23%	22%	23%	23%	23%	23%
Interest expense	24.5	26.6	25.5	24.1	25.6	26.7	24.8	24.1	24.2	28.1	28.2	25.8
Pre-tax income	476	474	496	527	537	566	586	575	596	629	632	648
Tax rate	19%	21%	20%	21%	16%	21%	21%	22%	18%	21%	21%	21%
Net income	385	375	398	414	452	448	463	448	491	495	502	511
Net margin	16%	16%	17%	17%	18%	18%	18%	17%	18%	18%	18%	18%
Diluted EPS	$3.70	$3.61	$3.84	$4.00	$1.10	$1.09	$1.13	$1.08	$1.20	$1.21	$1.24	$1.26
Operating cash flow	337	393	657	693	467	441	622	636	414	531	621	709
Capital expenditure	107	93.8	107	102	92.9	101	99.9	115	102	106	90.9	96.0
Free cash flow	230	299	550	591	374	340	522	521	313	425	531	613
Buybacks	73.3	350	45.0	232	615	36.7	26.6	257	266	636	31.6	18.9
Dividends paid	118	138	137	138	138	157	158	158	158	182	181	181
Shares outstanding	102m	101m	101m	101m	403m	403m	404m	403m	403m	400m	400m	400m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

Source

10-Q for the period ended 29 February 2024, filed 5 April 2024, accession 0000723254-24-000018: the filing on EDGAR. All of Cintas Corp.'s filings: EDGAR company page.

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