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    Cintas Corporation Announces Fiscal 2025 Fourth Quarter and Full Year Results

    7/17/25 8:30:00 AM ET
    $CTAS
    Apparel
    Consumer Discretionary
    Get the next $CTAS alert in real time by email

    Cintas Corporation (NASDAQ:CTAS) today reported results for its fiscal 2025 fourth quarter ended May 31, 2025. Revenue for the fourth quarter of fiscal 2025 increased to $2.67 billion compared to $2.47 billion in last year's fourth quarter, an increase of 8.0%. The fourth quarter of fiscal 2025 was negatively impacted by one less workday compared to the fourth quarter of fiscal 2024. On a same workday basis, revenue for the fourth quarter of fiscal 2025 was 9.6%. The organic revenue growth rate for the fourth quarter of fiscal 2025, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations and workday differences, was 9.0%.

    Gross margin for the fourth quarter of fiscal 2025 increased to $1.33 billion compared to $1.22 billion in last year's fourth quarter, an increase of 9.1%. Gross margin as a percentage of revenue was 49.7% for the fourth quarter of fiscal 2025 compared to 49.2% in last year's fourth quarter, an increase of 50 basis points.

    Operating income for the fourth quarter of fiscal 2025 increased 9.1% to $597.5 million compared to $547.6 million in last year's fourth quarter. Operating income as a percentage of revenue was 22.4% in the fourth quarter of fiscal 2025 compared to 22.2% in last year's fourth quarter.

    Net income increased to $448.3 million for the fourth quarter of fiscal 2025 compared to $414.3 million in last year's fourth quarter, an increase of 8.2%. The fourth quarter of fiscal 2025 effective tax rate was 22.1% compared to 21.4% in last year's fourth quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. Fourth quarter of fiscal 2025 diluted earnings per share (EPS) was $1.09 compared to $1.00 in last year's fourth quarter, an increase of 9.0%. The diluted EPS in each period is reflective of the impact of the four-for-one split of Cintas' common stock on September 11, 2024 (the Stock Split).

    For the fiscal year ended May 31, 2025, revenue increased to $10.34 billion compared to $9.60 billion for fiscal 2024, an increase of 7.7%. Fiscal 2025 was negatively impacted by two less workdays compared to fiscal 2024. On a same workday basis, revenue for fiscal 2025 increased 8.6%. The organic revenue growth rate for fiscal 2025 was 8.0%. Operating income for fiscal 2025 increased to $2.36 billion compared to $2.07 billion for fiscal 2024, an increase of 14.1%. Operating income as a percent of revenue was 22.8% in fiscal 2025 compared to 21.6% in fiscal 2024. Diluted EPS for fiscal 2025 was $4.40 compared to $3.79 in fiscal 2024, an increase of 16.1%. The diluted EPS in each period is reflective of the impact of the Stock Split.

    Cash flow from operating activities increased to $2.17 billion in fiscal 2025 compared to $2.07 billion in fiscal 2024. Cintas spent $408.9 million on capital expenditures in fiscal 2025, which is 4.0% as a percentage of revenue. Cintas acquired businesses for a total of $232.9 million in fiscal 2025. During fiscal 2025, Cintas paid cash dividends of $611.6 million, an increase of 15.2% over fiscal 2024. During fiscal 2025, under its authorized share buyback program, Cintas purchased 3.8 million shares of Cintas common stock at an average price of $179.07 per share, for a total purchase price of $679.3 million.

    Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, "Our fourth quarter and full year results underscore the enduring strength of the Cintas value proposition. We achieved strong organic revenue growth and set all-time highs in gross margin and operating margin, driven by strategic investments in the business and the unwavering dedication of our employee-partners. By staying focused on operational excellence and making thoughtful investments, we continue to position Cintas for long-term success while returning capital to shareholders."

    Mr. Schneider concluded, "As we enter fiscal 2026, we remain focused on delivering unmatched service to our customers, leveraging our distinctive culture and generating sustainable, long-term results for all our stakeholders."

    For fiscal 2026, revenue is expected to be in the range of $11.00 billion to $11.15 billion, and diluted EPS is expected to be in the range of $4.71 to $4.85. Please note the following regarding guidance:

    • Both fiscal year 2025 and fiscal year 2026 have the same number of workdays for the year and by quarter.
    • Guidance does not assume any future acquisitions.
    • Guidance assumes a constant foreign currency exchange rate.
    • Fiscal year 2026 interest, net is expected to be approximately $98.0 million.
    • Fiscal year 2026 effective tax rate is expected to be 20.0%, which is the same as fiscal year 2025.
    • Our diluted EPS guidance includes no future share buybacks or significant economic disruptions or downturn.

    Cintas

    Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers' facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor's 500 Index and Nasdaq-100 Index.

    Cintas will host a live webcast to review the fiscal 2025 fourth quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.

    CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

    This Press Release contains forward-looking statements, including statements regarding our future business plans and expectations, and including the company's fiscal 2026 full-year guidance. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as "estimates," "anticipates," "predicts," "projects," "plans," "expects," "intends," "target," "forecast," "believes," "seeks," "could," "should," "may" and "will" or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; changes in global trade policies, tariffs, and other measures that could restrict international trade; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to sustainability opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls over financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2024 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.

    Cintas Corporation

    Consolidated Condensed Statements of Income

    (Unaudited)

    (In thousands except per share data)

     

     

    Three Months Ended

     

    May 31,

    2025

     

    May 31,

    2024

     

    %

    Change

    Revenue:

     

     

     

     

     

    Uniform rental and facility services

    $

    2,030,680

     

     

    $

    1,911,190

     

     

    6.3%

    Other

     

    636,972

     

     

     

    559,745

     

     

    13.8%

    Total revenue

     

    2,667,652

     

     

     

    2,470,935

     

     

    8.0%

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

    Cost of uniform rental and facility services

     

    1,036,013

     

     

     

    983,049

     

     

    5.4%

    Cost of other

     

    305,650

     

     

     

    272,437

     

     

    12.2%

    Selling and administrative expenses

     

    728,537

     

     

     

    667,855

     

     

    9.1%

     

     

     

     

     

     

    Operating income

     

    597,452

     

     

     

    547,594

     

     

    9.1%

     

     

     

     

     

     

    Interest income

     

    (2,023

    )

     

     

    (3,621

    )

     

    (44.1)%

    Interest expense

     

    24,060

     

     

     

    24,076

     

     

    (0.1)%

     

     

     

     

     

     

    Income before income taxes

     

    575,415

     

     

     

    527,139

     

     

    9.2%

    Income taxes

     

    127,159

     

     

     

    112,824

     

     

    12.7%

    Net income

    $

    448,256

     

     

    $

    414,315

     

     

    8.2%

     

     

     

     

     

     

    Basic earnings per share

    $

    1.11

     

     

    $

    1.02

     

     

    8.8%

     

     

     

     

     

     

    Diluted earnings per share

    $

    1.09

     

     

    $

    1.00

     

     

    9.0%

     

     

     

     

     

     

    Basic weighted average common shares outstanding

     

    403,412

     

     

     

    406,179

     

     

     

    Diluted weighted average common shares outstanding

     

    409,685

     

     

     

    413,328

     

     

     

    Cintas Corporation

    Consolidated Condensed Statements of Income

    (In thousands except per share data)

     

     

    Twelve Months Ended

     

    May 31,

    2025

     

    May 31,

    2024

     

    %

    Change

    Revenue:

     

     

     

     

     

    Uniform rental and facility services

    $

    7,976,073

     

     

    $

    7,465,199

     

     

    6.8%

    Other

     

    2,364,108

     

     

     

    2,131,416

     

     

    10.9%

    Total revenue

     

    10,340,181

     

     

     

    9,596,615

     

     

    7.7%

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

    Cost of uniform rental and facility services

     

    4,040,888

     

     

     

    3,865,071

     

     

    4.5%

    Cost of other

     

    1,125,129

     

     

     

    1,045,128

     

     

    7.7%

    Selling and administrative expenses

     

    2,814,438

     

     

     

    2,617,783

     

     

    7.5%

     

     

     

     

     

     

    Operating income

     

    2,359,726

     

     

     

    2,068,633

     

     

    14.1%

     

     

     

     

     

     

    Interest income

     

    (5,584

    )

     

     

    (5,742

    )

     

    (2.8)%

    Interest expense

     

    101,108

     

     

     

    100,740

     

     

    0.4%

     

     

     

     

     

     

    Income before income taxes

     

    2,264,202

     

     

     

    1,973,635

     

     

    14.7%

    Income taxes

     

    451,921

     

     

     

    402,043

     

     

    12.4%

    Net income

    $

    1,812,281

     

     

    $

    1,571,592

     

     

    15.3%

     

     

     

     

     

     

    Basic earnings per share

    $

    4.48

     

     

    $

    3.85

     

     

    16.4%

     

     

     

     

     

     

    Diluted earnings per share

    $

    4.40

     

     

    $

    3.79

     

     

    16.1%

     

     

     

     

     

     

    Basic weighted average common shares outstanding

     

    403,530

     

     

     

    406,612

     

     

     

    Diluted weighted average common shares outstanding

     

    410,286

     

     

     

    413,468

     

     

     

    CINTAS CORPORATION SUPPLEMENTAL DATA

    Gross Margin and Net Income Margin Results

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    May 31,

    2025

     

    May 31,

    2024

     

    May 31,

    2025

     

    May 31,

    2024

     

     

     

     

     

     

     

     

    Uniform rental and facility services gross margin

    49.0%

     

    48.6%

     

    49.3%

     

    48.2%

    Other gross margin

    52.0%

     

    51.3%

     

    52.4%

     

    51.0%

    Total gross margin

    49.7%

     

    49.2%

     

    50.0%

     

    48.8%

    Net income margin

    16.8%

     

    16.8%

     

    17.5%

     

    16.4%

    Reconciliation of Non-GAAP Financial Measures

    The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the U.S. Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides these additional non-GAAP financial measures of free cash flow and organic revenue growth. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the differences between these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are shown in the tables below.

    Computation of Free Cash Flow

     

     

    Twelve Months Ended

    (In thousands)

    May 31,

    2025

     

    May 31,

    2024

     

     

     

     

    Net cash provided by operations

    $

    2,165,905

     

     

    $

    2,068,500

     

    Capital expenditures

     

    (408,884

    )

     

     

    (409,469

    )

    Free cash flow

    $

    1,757,021

     

     

    $

    1,659,031

     

    Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.

    Computation of Organic Revenue Growth

     

     

    Three Months Ended

     

     

    Twelve Months Ended

     

    May 31,

    2025

     

    May 31,

    2024

     

    Growth

    %

     

     

    May 31,

    2025

     

    May 31,

    2024

     

    Growth

    %

     

    A

     

    B

     

    G

     

     

    I

     

    J

     

    O

    Revenue

    $

    2,667,652

     

    $

    2,470,935

     

    8.0%

     

     

    $

    10,340,181

     

    $

    9,596,615

     

    7.7%

     

     

     

     

     

    G=(A-B)/B

     

     

     

     

     

     

    O=(I-J)/J

     

    C

     

    D

     

     

     

     

    K

     

    L

     

     

    Workdays in the period

    65

     

    66

     

     

     

     

    260

     

    262

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    E

     

    F

     

    H

     

     

    M

     

    N

     

    P

    Workday adjusted revenue

    $

    2,708,693

     

    $

    2,470,935

     

    9.6%

     

     

    $

    10,419,721

     

    $

    9,596,615

     

    8.6%

     

    E=(A/C)*D

     

    F=(B/D)*D

     

    H=(E-F)/F

     

     

    M=(I/K)*L

     

    N=(J/L)*L

     

    P=(M-N)/N

     

     

     

     

     

     

     

     

     

     

     

     

     

    Acquisition and foreign currency exchange impact, net

     

     

     

    (0.6)%

     

     

     

     

     

     

    (0.6)%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Organic revenue growth

     

     

     

    9.0%

     

     

     

     

     

     

    8.0%

    Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions and foreign currency exchange rate fluctuations.

    SUPPLEMENTAL SEGMENT DATA

    (In thousands)

    Uniform Rental

    and Facility Services

     

    First Aid

    and Safety Services

     

    All

    Other

     

    Total

    For the three months ended May 31, 2025

     

     

     

     

     

     

    Revenue

    $

    2,030,680

     

    $

    324,397

     

    $

    312,575

     

    $

    2,667,652

    Cost of sales

     

    1,036,013

     

     

     

    140,208

     

     

     

    165,442

     

     

     

    1,341,663

     

    Gross margin

     

    994,667

     

     

     

    184,189

     

     

     

    147,133

     

     

     

    1,325,989

     

    Selling and administrative expenses

     

    529,558

     

     

     

    107,505

     

     

     

    91,474

     

     

     

    728,537

     

    Operating income

    $

    465,109

     

     

    $

    76,684

     

     

    $

    55,659

     

     

    $

    597,452

     

     

     

     

     

     

     

     

     

    For the three months ended May 31, 2024

     

     

     

     

     

     

    Revenue

    $

    1,911,190

     

     

    $

    277,638

     

     

    $

    282,107

     

     

    $

    2,470,935

     

    Cost of sales

     

    983,049

     

     

     

    123,806

     

     

     

    148,631

     

     

     

    1,255,486

     

    Gross margin

     

    928,141

     

     

     

    153,832

     

     

     

    133,476

     

     

     

    1,215,449

     

    Selling and administrative expenses

     

    495,187

     

     

     

    90,507

     

     

     

    82,161

     

     

     

    667,855

     

    Operating income

    $

    432,954

     

     

    $

    63,325

     

     

    $

    51,315

     

     

    $

    547,594

     

     

     

     

     

     

     

     

     

    For the twelve months ended May 31, 2025

     

     

     

     

     

     

    Revenue

    $

    7,976,073

     

     

    $

    1,218,090

     

     

    $

    1,146,018

     

     

    $

    10,340,181

     

    Cost of sales

     

    4,040,888

     

     

     

    521,480

     

     

     

    603,649

     

     

     

    5,166,017

     

    Gross margin

     

    3,935,185

     

     

     

    696,610

     

     

     

    542,369

     

     

     

    5,174,164

     

    Selling and administrative expenses

     

    2,061,795

     

     

     

    401,882

     

     

     

    350,761

     

     

     

    2,814,438

     

    Operating income

    $

    1,873,390

     

     

    $

    294,728

     

     

    $

    191,608

     

     

    $

    2,359,726

     

     

     

     

     

     

     

     

     

    For the twelve months ended May 31, 2024

     

     

     

     

     

     

    Revenue

    $

    7,465,199

     

     

    $

    1,067,334

     

     

    $

    1,064,082

     

     

    $

    9,596,615

     

    Cost of sales

     

    3,865,071

     

     

     

    474,678

     

     

     

    570,450

     

     

     

    4,910,199

     

    Gross margin

     

    3,600,128

     

     

     

    592,656

     

     

     

    493,632

     

     

     

    4,686,416

     

    Selling and administrative expenses

     

    1,940,627

     

     

     

    353,503

     

     

     

    323,653

     

     

     

    2,617,783

     

    Operating income

    $

    1,659,501

     

     

    $

    239,153

     

     

    $

    169,979

     

     

    $

    2,068,633

     

    Cintas Corporation

    Consolidated Condensed Balance Sheets

    (In thousands)

     

     

    May 31,

    2025

     

    May 31,

    2024

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    263,973

     

     

    $

    342,015

     

    Accounts receivable, net

     

    1,417,381

     

     

     

    1,244,182

     

    Inventories, net

     

    447,408

     

     

     

    410,201

     

    Uniforms and other rental items in service

     

    1,137,361

     

     

     

    1,040,144

     

    Prepaid expenses and other current assets

     

    170,046

     

     

     

    148,665

     

    Total current assets

     

    3,436,169

     

     

     

    3,185,207

     

     

     

     

     

    Property and equipment, net

     

    1,652,474

     

     

     

    1,534,168

     

     

     

     

     

    Investments

     

    339,518

     

     

     

    302,212

     

    Goodwill

     

    3,400,227

     

     

     

    3,212,424

     

    Service contracts, net

     

    309,828

     

     

     

    321,902

     

    Operating lease right-of-use assets, net

     

    224,383

     

     

     

    187,953

     

    Other assets, net

     

    462,642

     

     

     

    424,951

     

     

    $

    9,825,241

     

     

    $

    9,168,817

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    485,109

     

     

    $

    339,166

     

    Accrued compensation and related liabilities

     

    229,538

     

     

     

    214,130

     

    Accrued liabilities

     

    875,077

     

     

     

    761,283

     

    Income taxes, current

     

    4,034

     

     

     

    18,618

     

    Operating lease liabilities, current

     

    50,744

     

     

     

    45,727

     

    Debt due within one year

     

    —

     

     

     

    449,595

     

    Total current liabilities

     

    1,644,502

     

     

     

    1,828,519

     

     

     

     

     

    Long-term liabilities:

     

     

     

    Debt due after one year

     

    2,424,999

     

     

     

    2,025,934

     

    Deferred income taxes

     

    471,740

     

     

     

    475,512

     

    Operating lease liabilities

     

    178,738

     

     

     

    146,824

     

    Accrued liabilities

     

    420,781

     

     

     

    375,656

     

    Total long-term liabilities

     

    3,496,258

     

     

     

    3,023,926

     

     

     

     

     

    Shareholders' equity:

     

     

     

    Preferred stock, no par value:

    —

     

    —

    100 shares authorized, none outstanding

     

     

     

     

    Common stock, no par value, and paid-in capital:

    2,593,479

     

    2,305,301

    1,700,000 shares authorized

    FY 2025: 776,936 issued and 402,948 outstanding

    FY 2024: 773,097 issued and 405,008 outstanding

     

     

     

     

     

     

    Retained earnings

     

    11,798,451

     

     

     

    10,617,955

     

    Treasury stock:

     

    FY 2025: 373,988 shares

    FY 2024: 368,089 shares

     

    (9,791,838

    )

     

    (8,698,085

    )

    Accumulated other comprehensive income

     

    84,389

     

     

     

    91,201

     

    Total shareholders' equity

     

    4,684,481

     

     

     

    4,316,372

     

     

    $

    9,825,241

     

     

    $

    9,168,817

     

    Cintas Corporation

    Consolidated Condensed Statements of Cash Flows

    (In thousands)

     

     

    Twelve Months Ended

     

    May 31,

    2025

     

    May 31,

    2024

    Cash flows from operating activities:

     

     

     

    Net income

    $

    1,812,281

     

     

    $

    1,571,592

     

     

     

     

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation

     

    303,377

     

     

     

    280,866

     

    Amortization of intangible assets and capitalized contract costs

     

    190,806

     

     

     

    176,004

     

    Stock-based compensation

     

    128,329

     

     

     

    116,986

     

    Gain on sale of property and equipment

     

    (19,341

    )

     

     

    —

     

    Deferred income taxes

     

    (5,807

    )

     

     

    (28,912

    )

    Change in current assets and liabilities, net of acquisitions of businesses:

     

     

     

    Accounts receivable, net

     

    (174,141

    )

     

     

    (91,399

    )

    Inventories, net

     

    (33,947

    )

     

     

    95,766

     

    Uniforms and other rental items in service

     

    (93,646

    )

     

     

    (22,815

    )

    Prepaid expenses and other current assets and capitalized contract costs

     

    (180,840

    )

     

     

    (143,441

    )

    Accounts payable

     

    143,973

     

     

     

    36,896

     

    Accrued compensation and related liabilities

     

    17,769

     

     

     

    (27,013

    )

    Accrued liabilities and other

     

    92,397

     

     

     

    97,750

     

    Income taxes, current

     

    (15,305

    )

     

     

    6,220

     

    Net cash provided by operating activities

     

    2,165,905

     

     

     

    2,068,500

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (408,884

    )

     

     

    (409,469

    )

    Purchases of investments

     

    (7,196

    )

     

     

    (7,546

    )

    Proceeds from sale of property and equipment

     

    23,972

     

     

     

    —

     

    Acquisitions of businesses, net of cash acquired

     

    (232,899

    )

     

     

    (186,837

    )

    Other, net

     

    1,369

     

     

     

    518

     

    Net cash used in investing activities

     

    (623,638

    )

     

     

    (603,334

    )

     

     

     

     

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of debt, net

     

    398,088

     

     

     

    —

     

    Debt issuance costs

     

    (1,165

    )

     

     

    —

     

    Repayment of debt

     

    (450,000

    )

     

     

    (13,450

    )

    Proceeds from exercise of stock-based compensation awards

     

    896

     

     

     

    1,370

     

    Dividends paid

     

    (611,627

    )

     

     

    (530,909

    )

    Repurchase of common stock

     

    (934,800

    )

     

     

    (700,033

    )

    Other, net

     

    (20,403

    )

     

     

    (4,484

    )

    Net cash used in financing activities

     

    (1,619,011

    )

     

     

    (1,247,506

    )

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

    (1,298

    )

     

     

    206

     

     

     

     

     

    Net (decrease) increase in cash and cash equivalents

     

    (78,042

    )

     

     

    217,866

     

    Cash and cash equivalents at beginning of year

     

    342,015

     

     

     

    124,149

     

    Cash and cash equivalents at end of year

    $

    263,973

     

     

    $

    342,015

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250717597466/en/

    For additional information, contact:

    Scott A. Garula, Executive Vice President & Chief Financial Officer - 513-972-3867

    Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195

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