Cintas

The balance sheet is conservatively managed: investment‑grade ratings (S&P A‑, Moody’s A3); $2.0B undrawn revolver; no commercial paper outstanding at FY2025 year‑end; and staggered senior notes with a recent $400M issuance due 2028 at 4.20%.

Net interest expense was about $95.5M in FY2025 versus operating income of $2.36B, implying ample coverage. Cash from operations was $2.17B with capex $409M (≈4% of revenue), driving robust free cash flow. Q1 FY2026 cash from operations was $414M and capex ~$102M, consistent with strong internal funding capacity even as working capital moved.

Liquidity and leverage support resilience in downturn scenarios.