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AI核心结论
Cintas (CTAS) delivered solid Q3 FY2026 results with revenue of $2.84B (+8.9% YoY) and net income of $502.5M (+8.4% YoY), driven by broad-based organic growth and expanding gross margins, though SG&A cost growth of 11.1% slightly pressured operating margins.
营业收入
$2.84B
同比 ++8.90%
每股收益（基本）
$1.25
同比 ++9.65%
毛利率
51.0%
同比 ++0.41%
营业利润
$659.9M
同比 ++8.21%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Cintas (CTAS) Q3 FY2026 营收 $2.84B，同比增长 8.9%。 净利润 $502.5M，同比增长 8.4%，稀释每股收益 $1.24。 毛利率 51.0%。
Revenue grew 8.9% YoY to $2.84B in Q3 FY2026, up from $2.61B in the prior-year quarter, reflecting continued demand for uniform rental, facility services, and first aid/safety products across Cintas's diversified service offerings.
来源: Source: 10-Q Income Statement
Gross margin improved 41 basis points YoY to 51.0% (from 50.6%), with gross profit rising 9.8% to $1.45B, indicating that revenue growth outpaced cost of revenue growth of 8.0%, demonstrating modest operating leverage in the core business.
来源: Source: 10-Q Income Statement & Key Ratios
SG&A expenses increased 11.1% YoY to $788.6M, outpacing revenue growth of 8.9%, which caused operating margin to compress slightly by approximately 15 basis points to 23.2% from 23.4% in the prior-year period.
来源: Source: 10-Q Income Statement & Key Ratios
Year-to-date share buybacks totaled $933.2M, up 37.6% from $678.1M in the same period last year, contributing to diluted EPS growth of 9.7% YoY to $1.24, outpacing net income growth of 8.4% as the share count declined.
来源: Source: 10-Q Cash Flow Statement
Long-term debt rose 19.7% YoY to $2.43B from $2.03B, likely supporting the company's aggressive share repurchase program and capital investments, while operating cash flow remained robust at $1.57B YTD (+2.7% YoY).
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
SG&A expenses grew 11.1% YoY, significantly faster than revenue growth of 8.9%, compressing operating margins by approximately 15 basis points. If this trend continues, it could meaningfully erode profitability even as the top line expands.
来源: Source: 10-Q Income Statement
Long-term debt surged 19.7% YoY to $2.43B, raising the company's financial leverage. In a rising or sustained high interest rate environment, higher debt servicing costs could pressure free cash flow and limit financial flexibility.
来源: Source: 10-Q Balance Sheet
Cash and equivalents fell 24.7% YoY to $183.2M, a meaningful reduction in liquidity. While operating cash flow remains strong, the lower cash buffer combined with higher debt levels reduces the company's near-term financial cushion.
来源: Source: 10-Q Balance Sheet
Year-to-date share buybacks of $933.2M represent a 37.6% increase over the prior year, consuming a significant portion of operating cash flow of $1.57B. Sustaining this pace while managing debt obligations and capital expenditures could limit strategic flexibility.
来源: Source: 10-Q Cash Flow Statement
As a labor-intensive service business, Cintas is exposed to wage inflation and labor market tightness. Rising SG&A costs may partly reflect higher labor expenses, and continued wage pressure could further compress margins if not offset by pricing power or productivity gains.
来源: Source: 10-Q Income Statement (SG&A trend)
Q3 FY2026 实际 EPS $1.24，分析师一致预期 $1.26，不及预期 -1.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.84B | $2.61B | +8.90% |
营业成本 | $1.39B | $1.29B | +8.00% |
毛利润 | $1.45B | $1.32B | +9.79% |
营业利润 | $659.9M | $609.85M | +8.21% |
净利润 | $502.5M | $463.5M | +8.41% |
每股收益（基本） | $1.25 | $1.14 | +9.65% |
每股收益（稀释） | $1.24 | $1.13 | +9.73% |
销售及管理费用 | $788.55M | $709.49M | +11.14% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $10.23B | $9.61B | +6.48% |
流动资产 | $3.6B | $3.34B | +7.83% |
流动负债 | $1.82B | $1.94B | -6.40% |
股东权益 | $4.79B | $4.59B | +4.27% |
现金及等价物 | $183.2M | $243.43M | -24.74% |
长期债务 | $2.43B | $2.03B | +19.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.57B | $1.53B | +2.73% |
投资活动现金流YTD | $-410.15M | $-474.37M | +13.54% |
筹资活动现金流YTD | $-1.24B | $-1.15B | -8.11% |
股票回购YTD | $933.23M | $678.13M | +37.62% |
折旧及摊销YTD | $382.11M | $367.73M | +3.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 51.0% | 50.6% | +0.41% |
营业利润率 | 23.2% | 23.4% | -0.15% |
净利率 | 17.7% | — | — |
净资产收益率 | 10.5% | — | — |
总资产收益率 | 4.9% | — | — |
流动比率 | $1.983 | — | — |
Cintas delivered strong Q3 FY2026 results with revenue of $2.84B (+8.9% YoY) and net income of $502.5M (+8.4% YoY). Diluted EPS came in at $1.24, up 9.7% from $1.13 in the prior-year quarter, supported by gross margin expansion and share buybacks.
Cintas's 8.9% revenue growth to $2.84B in Q3 FY2026 was driven by continued organic demand across its uniform rental, facility services, and first aid/safety segments. Gross profit grew even faster at 9.8%, suggesting pricing power and operational efficiency contributed to the top-line expansion.
Cintas saw a mixed margin picture in Q3 FY2026: gross margin improved ~41 basis points YoY to 51.0%, but operating margin declined slightly by ~15 basis points to 23.2% because SG&A expenses grew 11.1% YoY, faster than revenue growth of 8.9%.
On a fiscal year-to-date basis through Q3 FY2026, Cintas repurchased $933.2M in shares, a 37.6% increase compared to $678.1M in the same period last year. This aggressive buyback pace helped diluted EPS grow 9.7% YoY, outpacing net income growth of 8.4%.
Cintas's financial health remains solid with a current ratio of 1.98x and year-to-date operating cash flow of $1.57B, though long-term debt rose 19.7% YoY to $2.43B and cash declined 24.7% to $183.2M, reflecting capital deployed toward share repurchases and investments.