2Q Uniform Rental Sentiment Survey points to healthy revenue growth outlook

研报英文原文证据摘录

2Q Uniform Rental Sentiment Survey points to healthy revenue growth outlook

Equity Research

30 June 2026 | 12:57AM PDT

AMERICAS BUSINESS & INFORMATION SERVICES

2Q Uniform Rental Sentiment Survey points to healthy revenue growth

outlook

Our 2Q Uniform Rental Sentiment Survey, which provides a rolling six-month George K. Tong, CFA

+1(415)249-7421 | george.tong@gs.com

forward-looking view on multiple dimensions of the industry, points to a stronger Goldman Sachs & Co. LLC

revenue growth outlook compared to our prior survey. In this quarter’s survey, Anna Wu

respondents anticipated on average 4.7% y/y revenue growth over the next six +1(415)249-7235Goldman Sachs & Co.| anna.wu@gs.comLLC

months, up from 4.4% growth expectations in 1Q’s survey. Respondents cited Sami Nasir, CFA

favorable trends with new customer wins, cross-sell/upsell and no-programmer +1(415)834-7967Goldman Sachs & Co.| sami.nasir@gs.comLLC

market penetration, mitigated by weaker expectations for pricing increases. Fuel Alex Lakritz

cost growth expectations came down sharply over the past quarter, accompanied by +1(415)249-7072 | alex.lakritz@gs.com Goldman Sachs & Co. LLC

higher labor cost growth expectations. We continue to expect Buy-rated Cintas to

outperform the broader uniform rentals industry due to its strong route density,

market share gains and effective ability to penetrate the no-programmer market,

and expect organic revenue growth to average 7-8% y/y over the next six months.

We remain cautious on Sell-rated Vestis given service quality issues, low price

realization and muted sales force productivity resulting in y/y revenue declines over

the next several quarters.

Uniform Rental Sentiment Survey Overview

Overview of our Uniform Rental Sentiment Survey. Our quarterly Uniform Rental