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Cintas cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$465M in Q1 FY27 · $2.0B over twelve months

Operating cash flow$572M
Capital spending−$108M
Free cash flow+$465M
Cash / net income1.0×
Cash conversion cycle45 days

Analysis

In Q1 FY27, Cintas generated $572M of operating cash flow and spent $108M on capital projects, leaving free cash flow of $465M. That is $152M more than in Q1 FY26 ($313M).

Over the twelve months to Aug 31, 2026, operating cash flow was $2.4B; the largest uses were buybacks ($1.0B), dividends ($724M), capital spending ($401M); besides operations, cash came from shares issued ($1.3M); the cash balance rose by $105M.

Operating cash flow was $572M against net income of $552M — 1.0× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$127M, prepaid and other assets −$109M, income taxes payable +$96.5M.

Its cash conversion cycle was 45 days (receivables 48 + inventory 28 − payables 30).

Free cash flow

Cintas: free cash flow by quarterCintas: free cash flow by quarter$343MQ2 FY25$521MQ3 FY25$526MQ4 FY25$313MQ1 FY26$425MQ2 FY26$531MQ3 FY26$613MQ4 FY26$465MQ1 FY27
Operating cash flow less capital spending.
Cintas: operating cash flow against capital spendingCintas: operating cash flow against capital spendingOperating cash flowCapital spending$445M$101MQ2 FY25$620M$99.9MQ3 FY25$640M$115MQ4 FY25$414M$102MQ1 FY26$531M$106MQ2 FY26$621M$90.9MQ3 FY26$709M$96.0MQ4 FY26$572M$108MQ1 FY27
Latest (Q1 FY27): Operating cash flow $572M, Capital spending $108M.

Capital allocation, year by year

Cintas: where the cash came from (up) and went (down), by fiscal yearCintas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $1.5BFY22: Net borrowing $252MFY22: Shares issued $118MFY22: Asset sales $15.3MFY22: Capital spending −$241MFY22: Acquisitions −$164MFY22: Buybacks −$1.5BFY22: Dividends −$375M$1.9BFY22FY23: Operating cash flow $1.6BFY23: Net borrowing −$311MFY23: Shares issued $3.0MFY23: Capital spending −$331MFY23: Acquisitions −$46.4MFY23: Buybacks −$399MFY23: Dividends −$450M$1.6BFY23FY24: Operating cash flow $2.1BFY24: Net borrowing −$13.4MFY24: Shares issued $1.4MFY24: Capital spending −$409MFY24: Acquisitions −$187MFY24: Buybacks −$700MFY24: Dividends −$531M$2.1BFY24FY25: Operating cash flow $2.2BFY25: Net borrowing −$51.9MFY25: Shares issued $900KFY25: Asset sales $24.0MFY25: Capital spending −$409MFY25: Acquisitions −$233MFY25: Buybacks −$935MFY25: Dividends −$612M$2.2BFY25FY26: Operating cash flow $2.3BFY26: Shares issued $3.8MFY26: Capital spending −$395MFY26: Acquisitions −$165MFY26: Buybacks −$952MFY26: Dividends −$701M$2.3BFY26
Over these 5 years operating cash flow totalled $9.6B; the largest uses were buybacks ($4.5B) and dividends ($2.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$244M
Debt$1.4B
Net debt$1.2B
Due within a year$1.0B

Cintas funds itself: free cash flow was $2.0B over the last twelve months, and $244M of cash and investments stands against $1.4B of debt ($1.0B due within a year, 0.2× covered by cash).

Cintas: debt maturities by year (FY26)Cintas: debt maturities by year (FY26)$1.0BYear 1$400MYear 2
Principal due in each year as disclosed in the annual report, against $244M of cash and investments now.

Where the cash came from and went

Cintas: sources (+) and uses (−) of cash, Q1 FY27Cintas: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$572MBuybacks−$316MDividends−$181MCapital spending−$108MCash drawn (+) / kept (−)$45.4MOther investing−$5.9MOther financing−$3.9MAcquisitions−$3.9MExchange rates−$215KShares issued$159K
Cintas: sources (+) and uses (−) of cash, TTM to Q1 FY27Cintas: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$2.4BBuybacks−$1.0BDividends−$724MCapital spending−$401MAcquisitions−$161MCash drawn (+) / kept (−)−$105MOther financing−$33.4MOther investing−$8.0MShares issued$1.3MExchange rates−$867K

From profit to cash

Cintas: net income to operating cash flow, Q1 FY27Cintas: net income to operating cash flow, Q1 FY27Net income$552MDepreciation & amortization$127MStock-based pay$31.0MReceivables−$32.7MInventory$12.8MPayables$46.5MAccrued liabilities−$49.3MEmployee-related liabilities−$77.8MPrepaid and other assets−$109MIncome taxes payable$96.5MOperating cash flow$572M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2748283045
Q4 FY2649293048
Q3 FY2648293245
Q2 FY2647293245
Q1 FY2648313246
Q4 FY2549303148
Q3 FY2548282947
Q2 FY2547282947

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$572M−$108M−$3.9M−$316M−$181M—$159K$45.4M$465M
Q4 FY26$709M−$96.0M−$61.9M−$18.9M−$181M—$652K−$106M$613M
Q3 FY26$621M−$90.9M−$9.4M−$31.6M−$181M−$321M$60K$17.6M$531M
Q2 FY26$531M−$106M−$85.6M−$636M−$182M$551M$427K−$62.7M$425M
Q1 FY26$414M−$102M−$7.6M−$266M−$158M—$2.7M$126M$313M
Q4 FY25$640M−$115M−$34.1M−$257M−$158M−$450M$197K−$20.5M$526M
Q3 FY25$620M−$99.9M−$43.9M−$26.6M−$158M−$181M$124K−$121M$521M
Q2 FY25$445M−$101M−$145M−$36.7M−$157M$15.0M$344K−$21.0M$343M

Cintas: income statement and cash flow

Cintas, Q1 FY27: revenue $3.0B (+11% year over year), operating margin 23.6%. The chart follows the revenue to costs, profit and cash.

Cintas: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.