Cintas dividend
Cintas paid $1.80 per share in 2026, up from $0.95 in 2022. Fiscal 2026 free cash flow of $1,881.175 million exceeded dividends of $701.485 million, while dividends and buybacks returned 87.9% of free cash flow.
How much does Cintas pay in dividends?
Dividends remain supportive. The base case moves from $2.08 per share in October 2027 to $2.33 in October 2028 and $2.61 in October 2029. The bear case applies 5% growth; the bull applies 15%. Cintas has raised DPS from $0.95 in 2022 to $1.80 in 2026, while fiscal 2026 free cash flow of $1,881.175 million exceeded dividends of $701.485 million.
| May 2026 | May 2025 | May 2024 | May 2023 | May 2022 | |
|---|---|---|---|---|---|
| EPS, diluted | 4.91 | 4.40 | 3.79 | 3.25 | 2.91 |
| Free cash flow per share | 4.63 | 4.28 | 4.01 | 3.04 | 3.07 |
| − Dividends paid, per share | 1.73 | 1.49 | 1.28 | 1.09 | 0.89 |
| − Share buybacks, per share | 2.34 | 2.28 | 1.69 | 0.96 | 3.62 |
| = FCF not paid out, per share | 0.56 | 0.51 | 1.04 | 0.98 |
What this means. The company’s own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; we subtract it because those shares reduce each existing investor’s share.
Does Cintas's dividend come from free cash flow?
From May 2022 to May 2026, free cash flow rose from 1,296,953 to 1,881,175 in US$ thousands. In fiscal 2026, dividends and buybacks returned 1,653,589, or 87.9% of free cash flow, leaving cash for acquisitions and investments. The table shows how those uses and financing sources fit together across five years.
Net income was $1,999,968 thousand in fiscal 2026. Operating cash flow was $2,276,280 thousand. After $395,105 thousand of capital spending, free cash flow was $1,881,175 thousand. That is strong conversion, although free-cash-flow growth lagged earnings.
| May 2026 | May 2025 | May 2024 | May 2023 | May 2022 | |
|---|---|---|---|---|---|
| Free cash flow | 1,881,175 | 1,757,021 | 1,659,031 | 1,255,119 | 1,296,953 |
| − Dividends paid | 701,485 | 611,627 | 530,909 | 449,917 | 375,119 |
| − Share buybacks | 952,104 | 934,800 | 700,033 | 398,865 | 1,525,873 |
| = Free cash flow not paid out | 227,586 | 210,594 | 428,089 | 406,337 | |
| Paid to shareholders | 1,653,589 | 1,546,427 | 1,230,942 | 848,782 | 1,900,992 |
| Paid out, % of free cash flow | 87.9% | 88.0% | 74.2% | 67.6% | 146.6% |
What this means. In May 2022, the company paid shareholders more cash than it generated, so it had to use savings or borrow money.
What could change Cintas's dividend?
The base case gains credibility if fiscal 2027 revenue and adjusted EPS remain within management’s raised guidance range. It moves toward the bull case if UniFirst closes and savings build toward the targeted programme without service disruption.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 2,350 (2,250 / 2,420) | 2,580 (2,300 / 2,780) | 2,820 (2,350 / 3,200) |
| Shares (millions) | 394 (397 / 394) | 406 (397 / 404) | 403 (396 / 400) |
| Dividends per share | 2.08 (2.08 / 2.08) | 2.33 (2.18 / 2.40) | 2.61 (2.29 / 2.77) |
| Price to earnings | 36.00 (30.00 / 42.00) | 34.00 (27.00 / 41.00) | 32.00 (25.00 / 40.00) |
What this means. The price to earnings number shows how many dollars investors pay for each dollar of the company's yearly profit.