Cintas Corporation (CTAS) Cash Flow Statement
Where CTAS’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $2.28B +5.1% vs FY2025
- Capital expenditures
- $395.1M 3.5% of revenue
- Free cash flow
- $1.88B 16.7% margin
- Returned to shareholders
- $1.65B 88% of free cash flow
- Change in cash
- $25.0M cash at year-end $289.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CTAS operating cash flow, capex and free cash flow
CTAS cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $763.9MFY2017 | $2.28BFY2026 | +12.9%/yr | |
| Capital expenditures | $273.3MFY2017 | $395.1MFY2026 | +4.2%/yr | |
| Free cash flow | $490.6MFY2017 | $1.88BFY2026 | +16.1%/yr | |
| Free cash flow margin | 9.2%FY2017 | 16.7%FY2026 | +7.5 pts | |
| Operating cash flow / net income | 1.59FY2017 | 1.14FY2026 | −0.45 | |
| Stock-based compensation | $88.9MFY2017 | $128.1MFY2026 | +4.1%/yr | |
| Dividends paid | $142.4MFY2017 | $701.5MFY2026 | +19.4%/yr | |
| Share buybacks (net) | $20.7MFY2017 | $952.1MFY2026 | +53.0%/yr | |
| Capex / revenue | 5.1%FY2017 | 3.5%FY2026 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CTAS cash flow by activity
CTAS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CTAS cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.00B | $1.81B | $1.57B | $1.35B | $1.24B | $1.11B | $876.0M | $885.0M | $842.6M | $480.7M |
| Depreciation & amortization | $512.8M | $494.2M | $442.4M | $409.2M | $399.7M | $388.0M | $379.1M | $360.1M | $279.4M | $196.6M |
| Stock-based compensation | $128.1M | $128.3M | $117.0M | $103.6M | $109.3M | $112.0M | $115.4M | $139.2M | $112.8M | $88.9M |
| Change in working capital | −$157.0M | −$243.7M | −$22.3M | −$286.2M | −$217.0M | −$191.1M | −$72.0M | −$275.6M | −$55.0M | −$81.3M |
| Other non-cash items | −$207.6M | −$25.1M | −$28.9M | $23.2M | $9.8M | −$59.2M | −$7.0M | −$40.9M | −$215.7M | $79.0M |
| Cash from operating activities | $2.28B | $2.17B | $2.08B | $1.60B | $1.54B | $1.36B | $1.29B | $1.07B | $964.2M | $763.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$395.1M | −$408.9M | −$409.5M | −$331.1M | −$240.7M | −$143.5M | −$230.3M | −$276.7M | −$271.7M | −$273.3M |
| Investments (net) | −$8.3M | −$623.6M | −$608.6M | −$388.7M | −$6.1M | −$4.3M | −$10.0M | $55.5M | $26.1M | $37.3M |
| Acquisitions & other investing | −$165.1M | $408.9M | $409.5M | $331.1M | −$155.9M | $10.6M | −$45.1M | −$14.4M | $109.9M | −$2.07B |
| Cash from investing activities | −$568.4M | −$623.6M | −$608.6M | −$388.7M | −$402.6M | −$137.2M | −$285.4M | −$235.6M | −$135.7M | −$2.31B |
| Financing activities | ||||||||||
| Dividends paid | −$701.5M | −$611.6M | −$530.9M | −$449.9M | −$375.1M | −$451.3M | −$268.0M | −$220.8M | −$175.6M | −$142.4M |
| Share repurchases & issuance (net) | −$952.1M | −$934.8M | −$700.0M | −$398.9M | −$1.53B | −$554.1M | −$464.5M | −$1.02B | −$127.3M | −$20.7M |
| Net borrowing (repayment) | $0 | −$51.9M | −$13.4M | −$311.2M | $251.7M | $251.7M | −$312.5M | $312.5M | −$600.5M | $1.72B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$28.5M | −$20.7M | −$9.1M | −$12.9M | $111.3M | −$126.1M | $89.8M | $51.3M | $39.3M | $26.0M |
| Cash from financing activities | −$1.68B | −$1.62B | −$1.25B | −$1.17B | −$1.54B | −$879.9M | −$955.2M | −$873.3M | −$864.1M | $1.58B |
| Summary | ||||||||||
| Net change in cash | $25.0M | −$78.0M | $217.9M | $33.7M | −$403.2M | $348.2M | $48.8M | −$42.1M | −$30.5M | $29.9M |
| Cash at end of period | $289.0M | $264.0M | $342.0M | $124.1M | $90.5M | $493.6M | $145.4M | $96.6M | $138.7M | $169.3M |
| Free cash flow | $1.88B | $1.76B | $1.67B | $1.27B | $1.30B | $1.22B | $1.06B | $791.1M | $692.5M | $490.6M |
| Free cash flow margin | 16.7% | 17.0% | 17.4% | 14.4% | 16.5% | 17.1% | 15.0% | 11.5% | 10.7% | 9.2% |
| Capex / revenue | 3.5% | 4.0% | 4.3% | 3.8% | 3.1% | 2.0% | 3.3% | 4.0% | 4.2% | 5.1% |
| Operating cash flow / net income | 1.14 | 1.20 | 1.32 | 1.19 | 1.24 | 1.22 | 1.47 | 1.21 | 1.14 | 1.59 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $551.7M | $511.0M | $502.5M | $495.3M | $491.1M | $448.3M | $463.5M | $448.5M | $452.0M | $412.9M | $396.0M | $374.6M |
| Depreciation & amortization | $127.3M | $130.7M | $128.7M | $127.5M | $125.9M | $121.9M | $127.0M | $121.8M | $115.2M | $114.9M | $111.4M | $109.2M |
| Stock-based compensation | $31.0M | $31.1M | $34.2M | $32.4M | $30.3M | $30.7M | $31.8M | $32.4M | $33.4M | $32.5M | $31.3M | $22.9M |
| Change in working capital | −$173.5M | $16.1M | −$56.2M | −$136.1M | −$246.4M | $33.4M | $25.8M | −$167.1M | −$135.8M | $138.8M | $131.1M | −$108.4M |
| Other non-cash items | $35.7M | $20.2M | $12.3M | $12.1M | $13.5M | $1.5M | −$26.1M | $5.8M | $1.9M | −$6.1M | −$12.7M | −$5.7M |
| Cash from operating activities | $572.3M | $709.1M | $621.5M | $531.2M | $414.5M | $635.7M | $622.0M | $441.4M | $466.7M | $693.0M | $657.1M | $392.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$107.5M | −$96.0M | −$90.9M | −$106.3M | −$102.0M | −$114.6M | −$99.9M | −$101.4M | −$92.9M | −$101.9M | −$107.0M | −$93.8M |
| Investments (net) | — | $19,000 | −$1.8M | $32,000 | −$116.2M | −$149.3M | −$125.4M | −$234.7M | −$114.3M | −$105.4M | −$221.1M | −$112.4M |
| Acquisitions & other investing | −$9.8M | −$62.3M | −$8.4M | −$86.6M | $102.0M | $114.6M | $99.9M | $101.4M | $92.9M | $101.9M | $107.0M | $93.8M |
| Cash from investing activities | −$117.4M | −$158.3M | −$101.1M | −$192.9M | −$116.2M | −$149.3M | −$125.4M | −$234.7M | −$114.3M | −$105.4M | −$221.1M | −$112.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$180.7M | −$180.6M | −$180.7M | −$182.3M | −$157.8M | −$157.9M | −$158.1M | −$157.3M | −$138.2M | −$137.6M | −$137.5M | −$138.3M |
| Share repurchases & issuance (net) | −$315.7M | −$18.9M | −$31.6M | −$635.6M | −$266.1M | −$256.7M | −$26.6M | −$36.7M | −$614.8M | −$231.9M | −$45.0M | −$349.9M |
| Net borrowing (repayment) | — | −$229.5M | −$321.3M | $550.8M | $0 | −$51.9M | −$181.0M | $15.0M | $166.0M | — | — | $206.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.8M | −$14.1M | −$6.4M | −$7.8M | −$138,000 | −$1.9M | −$7.9M | −$5.1M | −$5.8M | −$4.5M | −$211.2M | −$1.9M |
| Cash from financing activities | −$500.2M | −$443.1M | −$540.0M | −$275.0M | −$424.0M | −$468.4M | −$373.6M | −$184.2M | −$592.8M | −$374.0M | −$393.7M | −$283.4M |
| Summary | ||||||||||||
| Net change in cash | −$45.4M | $105.8M | −$17.6M | $62.7M | −$125.8M | $20.5M | $121.0M | $21.0M | −$240.6M | $213.5M | $42.9M | −$2.6M |
| Cash at end of period | $243.6M | $289.0M | $183.2M | $200.8M | $138.1M | $264.0M | $243.4M | $122.4M | $101.4M | $342.0M | $128.5M | $85.6M |
| Free cash flow | $464.8M | $613.1M | $530.6M | $425.0M | $312.5M | $521.1M | $522.1M | $340.0M | $373.8M | $591.1M | $550.1M | $298.9M |
| Free cash flow margin | 15.4% | 21.1% | 18.7% | 15.2% | 11.5% | 19.5% | 20.0% | 13.3% | 14.9% | 23.9% | 22.9% | 12.6% |
| Capex / revenue | 3.6% | 3.3% | 3.2% | 3.8% | 3.8% | 4.3% | 3.8% | 4.0% | 3.7% | 4.1% | 4.4% | 3.9% |
| Operating cash flow / net income | 1.04 | 1.39 | 1.24 | 1.07 | 0.84 | 1.42 | 1.34 | 0.98 | 1.03 | 1.68 | 1.66 | 1.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CTAS cash generation
In fiscal 2026 (ended May 31, 2026), Cintas generated $2.3 billion of cash from operations (up 5.1%) and spent $395.1 million on capital expenditures, leaving free cash flow of $1.9 billion, 16.7% of revenue. It returned $1.7 billion to shareholders through dividends ($701.5 million) and net share buybacks ($952.1 million). Cash and equivalents rose by $25.0 million over the year.
Related: CTAS income statement, CTAS balance sheet, CTAS dividend history. See the CTAS stock overview for the latest quote and news.
CTAS cash flow FAQ
What is Cintas's free cash flow?
Cintas's free cash flow was $1.9 billion in fiscal 2026: $2.3 billion of operating cash flow minus $395.1 million of capital expenditures It was $1.8 billion a year earlier..
How much cash does Cintas generate from operations?
Cintas generated $2.3 billion of cash from operating activities in fiscal 2026, 1.14 times its net income of $2.0 billion.
How much does Cintas spend on capital expenditures?
Cintas spent $395.1 million on capital expenditures in fiscal 2026, 3.5% of revenue, compared with $408.9 million the year before.
How much stock does Cintas buy back?
Cintas spent $952.1 million on net share repurchases in fiscal 2026.
How much does Cintas pay in dividends?
Cintas paid $701.5 million in dividends in fiscal 2026, 37.3% of free cash flow.