No Wrinkles Here; CTAS Delivers Impressive 4QF26 Results and Strong Initial F2027 Guide

研报英文原文证据摘录

No Wrinkles Here; CTAS Delivers Impressive 4QF26 Results and Strong Initial F2027 Guide

J P M O R G A N North America Equity Research

15 July 2026

Cintas Not Rated

CTAS, CTAS US

No Wrinkles Here; CTAS Delivers Impressive 4QF26 Price (15 Jul 26):$192.37

Results and Strong Initial F2027 Guide

This morning, Uniform Services provider Cintas (CTAS) reported 4QF26 (May Business & Information Services

2026) adjusted EPS of $1.29, exceeding our $1.24 JPMe on stronger than expected Andrew C. Steinerman AC

organic revenue growth and margin expansion. For the quarter, Cintas reported (1-212) 622-2527

organic, constant currency (o/cc) revenue growth of +8.4% y/y, above our +7.6% andrew.steinerman@jpmorgan.com

JPMe and despite what we viewed as steep year-ago compares. Revenues rose by Alexander E.M. Hess, CFA

+7.9% y/y o/cc in the Uniform Rental & Facility Services segment (76% of 4QF26 (1-212) 622-8331

revenues), the fastest underlying growth rate for the business in more than two alexander.hess@jpmorgan.com

years. Cintas reported consolidated gross margins of 51% (+130bps y/y), adjusted Rohan Kalra

operating margins of 23.6% (+120bps y/y), and an incremental operating margin (1-212) 622-0879

rohan.kalra@jpmorgan.com

of nearly 38% year/year in 4QF26. J.P. Morgan Securities LLC

We are particularly impressed that Cintas was able to simultaneously accelerate

the pace of o/cc revenue growth and gross margin expansion despite what one Quarterly Forecasts (FYE May)

might think would present a challenging fact pattern: very modest U.S. job Adj. EPS ($)

growth, heightened energy costs, as well as tariff- and conflict-driven supply chain 2026A 2027E 2028E

Q1 1.20 1.36 1.49

disruptions. Diving into the underlying drivers, firmwide o/cc revenue growth in Q2 1.21 1.36 1.51