Cintas: Routes rolling but degree of 4Q26 upside could be limited, expect inline ’27 guide

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Cintas: Routes rolling but degree of 4Q26 upside could be limited, expect inline ’27 guide

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Cintas

Routes rolling but degree of 4Q26 upside

could be limited, expect inline ’27 guide

Reiterate Rating: NEUTRAL | PO: 200.00 USD | Price: 171.90 USD

29 June 2026

Routes running but degree of 4Q upside could be limited Equity

We expect Cintas to report fiscal 4Q26 on 7/16 BMO. We estimate 4Q total revenue/adj.

EPS of $2.89bn/$1.24, versus the Street at $2.87bn/$1.24mn (see ex. 1) and guide at

the midpoint of $2.87bn/$1.22. We expect investor focus on: 1) incremental commentary Key Changes

on the UniFirst transaction; 2) the degree of margin pressure from higher fuel/inflation (US$) Previous Current

and offsetting mitigation efforts (we think inline relative to guide) and; 3) cross-sell Price Obj. 215.00 200.00

momentum and new customer conversion trends in the context of a more volatile macro

and tougher comparisons in 4Q. Overall, we view the setup into the print as balanced. Curtis Nagle, CFA

Cintas runs one of the most consistent operating models in our coverage with a strong Research Analyst

BofAS

beat and raise track record (see ex. 2). However, for 4Q we think the degree of potential +1 646 855 2939

revenue upside could be limited by the aforementioned factors. We reiterate Neutral but c.nagle@bofa.com

lower our PO to $200 on 37x EPS (from $215 on 40x), inline with the 5yr avg of 36x. Ryan Rivera Research Analyst

Thoughts on FY27 guide: expect inline range w/ Street BofASryan.rivera4@bofa.com

Street ests for FY27 revenue imply 7.4% y/y growth and incremental op. profit margins

of 29%, consistent with the midpoint of Cintas’ LT framework of MSD-HSD revenue

growth and 25-35% incremental margins. We expect FY27 revenue guide to bracket the