Exhibit 99
Investor Relations Contact
Shane O'Connor, Executive Vice President & CFO
UniFirst Corporation
978-658-8888
shane_oconnor@unifirst.com
UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2026
Wilmington, MA – July 1, 2026 – UniFirst Corporation (NYSE: UNF) (“UniFirst” or the “Company”) today reported results for its fiscal 2026 third quarter ended May 30, 2026.
Third Quarter 2026 Consolidated Results
- Consolidated revenues increased 3.9% to $634.4 million compared to $610.8 million in the third quarter of fiscal 2025, driven by organic growth in the core Uniform & Facility Service Solutions segment.
- Operating income and Adjusted EBITDA were $23.0 million and $82.6 million, respectively, compared to $48.2 million and $85.8 million, respectively, in the third quarter of fiscal 2025.
- Operating margin was 3.6% compared to 7.9% in the prior year period.
- Net income was $19.9 million compared to $39.7 million in the prior year period and diluted earnings per share was $1.09 compared to $2.13 in the prior year period.
- Adjusted EBITDA margin was 13.0% compared to 14.1% in the prior year period.
- The quarterly tax rate was 18.5% compared to 25.7% in the prior year period.
The Company’s results for the third quarter of fiscal 2026 included approximately $20.7 million of costs associated with the proposed merger with Cintas Corporation (“Cintas”), consisting primarily of legal, advisory and other professional service fees (“Transaction-related Costs”). In addition, the Company’s results for the third quarter of fiscal 2026 and 2025 included approximately $5.2 million and $1.0 million, respectively, of costs related to its enterprise resource planning project (“Key Initiative”). In the third quarter of fiscal 2026 and 2025, these costs decreased:
- Operating income by $26.0 million and $1.0 million, respectively.
- Adjusted EBITDA by $5.2 million and $1.0 million, respectively.
- Net income by $19.6 million and $0.7 million, respectively.
- Diluted earnings per share by $1.08 and $0.04, respectively.
Steven Sintros, UniFirst President and Chief Executive Officer, said, “We delivered solid growth and profitability in the third quarter, reflecting the continued strength of our service-driven business and the disciplined execution of our team. Our focus remains on taking great care of our customers and communities, supporting our Team Partners, and winning new business by demonstrating UniFirst’s compelling value proposition.”
Mr. Sintros continued, “I am grateful to our thousands of Team Partners for their unwavering dedication to serving our customers with excellence and for living our Core Values – Customer Focus, Respect for Others, and Commitment to Quality – every day.”
As previously announced on March 11, 2026, UniFirst and Cintas have entered into a definitive agreement under which Cintas will acquire UniFirst. Under the terms of the agreement, UniFirst shareholders will receive $155.00 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own. On June 11, 2026, UniFirst shareholders approved the proposed merger at a special meeting of shareholders.
On June 11, 2026, UniFirst and Cintas each received a Second Request for additional information from the Federal Trade Commission ("FTC") as part of its review of the proposed merger. The companies are cooperating with the FTC and continue to work through the regulatory review process. The transaction is expected to close in the second half of calendar 2026, subject to satisfaction or waiver of customary closing conditions and receipt of required regulatory approvals.
Segment Reporting Results
Uniform & Facility Service Solutions
- Revenues increased 3.9% to $575.7 million compared to $554.3 million in the prior year period.
- Organic growth, which excludes the effect of acquisitions and fluctuations in the Canadian dollar, was 3.6%.
- New customer account acquisitions were solid during the quarter and customer retention rates continued to improve, building on the year-to-date progress that the Company has seen in these areas.
- Operating margin was 3.4% compared to 7.8% in the prior period and Adjusted EBITDA margin was 13.4% compared to 14.3% in the prior period.
- The Key Initiative and Transaction-related Costs were both recorded to this segment and decreased operating and Adjusted EBITDA margins in the third quarter of fiscal 2026 by 4.5% and 0.9%, respectively. Key Initiative costs in prior year period decreased both operating and Adjusted EBITDA margins by 0.2%.
- The segment's operating and Adjusted EBITDA margin comparison in the third quarter of fiscal 2026 benefited from lower merchandise costs as well as elevated expense in prior year due to advisory costs for a strategic matter and legal costs related to an employee matter. These benefits were offset by higher healthcare claims and fuel costs.
Other
- Revenues for the quarter increased 4.4% to $27.8 million compared to $26.7 million in the prior year period. The segment had strong growth in its European operations which was partially offset by the continued wind-down of a large refurbishment project and fewer reactor outages.
- Operating income and Adjusted EBITDA were $4.9 million and $5.8 million, respectively.
- This segment consists of the Company’s nuclear solutions. Given the cyclical and seasonal nature of the nuclear industry, this segment’s results are often affected by seasonality, the timing and duration of power reactor outages and project-based activities.
Balance Sheet and Capital Allocation
- Cash, cash equivalents and short-term investments were $168.9 million, and the Company had no long-term debt outstanding as of May 30, 2026.
- The Company did not repurchase any shares of its Common Stock in the third quarter of fiscal 2026.
- The Company declared a quarterly cash dividend of $0.365 per Common Stock share and $0.292 per Class B Common Stock on April 14, 2026.
As previously announced, due to the pending transaction with Cintas, UniFirst is no longer providing financial guidance or hosting quarterly conference calls regarding its financial results.
About UniFirst Corporation
Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the Company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its five company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 16,000-plus employee Team Partners, the Company outfits more than 2 million workers every day. For more information, contact UniFirst at 888.296.2740 or visit UniFirst.com.
Consolidated Statements of Income
Unaudited
| (In thousands, except per share data) | Thirteen Weeks EndedMay 30, 2026 | Thirteen Weeks EndedMay 31, 2025 | Thirty-Nine Weeks EndedMay 30, 2026 | Thirty-Nine Weeks EndedMay 31, 2025 |
|---|---|---|---|---|
| Revenues | $634,402 | $610,778 | $1,878,225 | $1,817,905 |
| Operating expenses: | ||||
| Cost of revenues (1) | 399,676 | 385,189 | 1,196,391 | 1,160,388 |
| Selling and administrative expenses (1) | 175,925 | 142,690 | 481,144 | 418,119 |
| Depreciation and amortization | 35,771 | 34,722 | 106,338 | 104,476 |
| Total operating expenses | 611,372 | 562,601 | 1,783,873 | 1,682,983 |
| Operating income | 23,030 | 48,177 | 94,352 | 134,922 |
| Other (income) expense: | ||||
| Interest income, net | (1,779) | (2,514) | (5,284) | (7,422) |
| Other expense (income), net | 365 | (2,704) | 874 | (1,620) |
| Total other income, net | (1,414) | (5,218) | (4,410) | (9,042) |
| Income before income taxes | 24,444 | 53,395 | 98,762 | 143,964 |
| Provision for income taxes | 4,528 | 13,715 | 23,999 | 36,720 |
| Net income | $19,916 | $39,680 | $74,763 | $107,244 |
| Income per share – Basic: | ||||
| Common Stock | $1.15 | $2.22 | $4.30 | $6.01 |
| Class B Common Stock | $0.92 | $1.78 | $3.44 | $4.80 |
| Income per share – Diluted: | ||||
| Common Stock | $1.09 | $2.13 | $4.11 | $5.76 |
| Income allocated to – Basic: | ||||
| Common Stock | $16,659 | $33,346 | $62,545 | $90,126 |
| Class B Common Stock | $3,257 | $6,334 | $12,218 | $17,118 |
| Income allocated to – Diluted: | ||||
| Common Stock | $19,916 | $39,680 | $74,763 | $107,244 |
| Weighted average shares outstanding – Basic: | ||||
| Common Stock | $14,532 | $14,990 | $14,549 | $15,007 |
| Class B Common Stock | $3,551 | $3,557 | $3,551 | $3,563 |
| Weighted average shares outstanding – Diluted: | ||||
| Common Stock | $18,216 | $18,607 | $18,175 | $18,633 |
(1) Exclusive of depreciation on the Company's property, plant and equipment and amortization on its intangible assets.
Condensed Consolidated Balance Sheets
Unaudited
| (In thousands) | May 30, 2026 | August 30, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $163,225 | $203,501 |
| Short-term investments | 5,651 | 5,672 |
| Receivables, net | 295,580 | 285,297 |
| Inventories | 148,495 | 145,197 |
| Rental merchandise in service | 237,344 | 227,720 |
| Prepaid taxes | 6,074 | 7,708 |
| Prepaid expenses and other current assets | 63,571 | 49,508 |
| Total current assets | 919,940 | 924,603 |
| Property, plant and equipment, net | 846,697 | 829,622 |
| Goodwill | 669,925 | 657,748 |
| Customer contracts and other intangible assets, net | 92,593 | 105,829 |
| Deferred income taxes | 854 | 977 |
| Operating lease right-of-use assets, net | 82,825 | 70,110 |
| Other assets | 207,860 | 189,266 |
| Total assets | $2,820,694 | $2,778,155 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $89,560 | $94,980 |
| Accrued liabilities | 185,312 | 176,903 |
| Accrued taxes | — | 674 |
| Operating lease liabilities, current | 20,822 | 17,846 |
| Total current liabilities | 295,694 | 290,403 |
| Long-term liabilities: | ||
| Accrued liabilities | 129,572 | 128,554 |
| Accrued and deferred income taxes | 133,157 | 135,648 |
| Operating lease liabilities | 64,226 | 54,593 |
| Total liabilities | 622,649 | 609,198 |
| Shareholders’ equity: | ||
| Common Stock | 1,453 | 1,468 |
| Class B Common Stock | 355 | 355 |
| Capital surplus | 112,621 | 109,107 |
| Retained earnings | 2,105,352 | 2,079,812 |
| Accumulated other comprehensive loss | (21,736) | (21,785) |
| Total shareholders’ equity | 2,198,045 | 2,168,957 |
| Total liabilities and shareholders’ equity | $2,820,694 | $2,778,155 |
Detail of Operating Results
(Unaudited)
| (In thousands, except percentages) | Thirteen Weeks Ended May 30, 2026Uniform & Facility Service Solutions | Thirteen Weeks Ended May 30, 2026First Aid & Safety Solutions | Thirteen Weeks Ended May 30, 2026Other | Thirteen Weeks Ended May 30, 2026Total | Thirteen Weeks Ended May 31, 2025Uniform & Facility Service Solutions | Thirteen Weeks Ended May 31, 2025First Aid & Safety Solutions | Thirteen Weeks Ended May 31, 2025Other | Thirteen Weeks Ended May 31, 2025Total |
|---|---|---|---|---|---|---|---|---|
| Revenues | $575,747 | $30,809 | $27,846 | $634,402 | $554,331 | $29,787 | $26,660 | $610,778 |
| Revenue Growth % | 3.9% | 3.4% | 4.4% | 3.9% | ||||
| Operating Income (1), (2) | $19,665 | $(1,548) | $4,913 | $23,030 | $43,243 | $525 | $4,409 | $48,177 |
| Operating Margin | 3.4% | -5.0% | 17.6% | 3.6% | 7.8% | 1.8% | 16.5% | 7.9% |
| Adjusted EBITDA (1), (2) | $77,073 | $(258) | $5,772 | $82,587 | $79,003 | $1,530 | $5,293 | $85,826 |
| Adjusted EBITDA Margin | 13.4% | -0.8% | 20.7% | 13.0% | 14.3% | 5.1% | 19.9% | 14.1% |
(1) The Company's financial results for the third quarter of fiscal 2026 included approximately $26.0 million of costs related to its Key Initiative and Transaction-related Costs, compared to approximately $1.0 million of Key Initiative costs in the third quarter of fiscal 2025.
(2) The Key Initiative and Transaction-related Costs decreased Uniform & Facility Service Solutions' segment operating margin for the third quarters of fiscal 2026 and 2025 by 4.5% and 0.2%, respectively. The Key Initiative costs decreased both Uniform & Facility Service Solutions' segment Adjusted EBITDA margin for the third quarters of fiscal 2026 and 2025 by 0.9% and 0.2%, respectively.
| (In thousands, except percentages) | Thirty-Nine Weeks Ended May 30, 2026Uniform & Facility Service Solutions | Thirty-Nine Weeks Ended May 30, 2026First Aid & Safety Solutions | Thirty-Nine Weeks Ended May 30, 2026Other | Thirty-Nine Weeks Ended May 30, 2026Total | Thirty-Nine Weeks Ended May 31, 2025Uniform & Facility Service Solutions | Thirty-Nine Weeks Ended May 31, 2025First Aid & Safety Solutions | Thirty-Nine Weeks Ended May 31, 2025Other | Thirty-Nine Weeks Ended May 31, 2025Total |
|---|---|---|---|---|---|---|---|---|
| Revenues | $1,710,447 | $91,846 | $75,932 | $1,878,225 | $1,658,490 | $83,463 | $75,952 | $1,817,905 |
| Revenue Growth % | 3.1% | 10.0% | — | 3.3% | ||||
| Operating Income (3), (4) | $86,377 | $(3,056) | $11,031 | $94,352 | $121,935 | $380 | $12,607 | $134,922 |
| Operating Margin | 5.0% | -3.3% | 14.5% | 5.0% | 7.4% | 0.5% | 16.6% | 7.4% |
| Adjusted EBITDA (3), (4) | $217,534 | $856 | $13,822 | $232,212 | $230,100 | $3,273 | $15,331 | $248,704 |
| Adjusted EBITDA Margin | 12.7% | 0.9% | 18.2% | 12.4% | 13.9% | 3.9% | 20.2% | 13.7% |
(3) The Company's financial results for the first nine months of fiscal 2026 and 2025 included approximately $33.2 million of costs related to its Key Initiative and Transaction-related Costs, compared to approximately $5.4 million of Key Initiative of costs in the first nine months of fiscal 2025.
(4) The Key Initiative and Transaction-related Costs decreased Uniform & Facility Service Solutions' segment operating margin for the first nine months of fiscal 2026 and 2025 by 1.9% and 0.3%, respectively. The Key Initiative costs decreased Uniform & Facility Service Solutions' segment Adjusted EBITDA margin for the first nine months of fiscal 2026 and 2025 by 0.6% and 0.3%, respectively.
Consolidated Statements of Cash Flows
Unaudited
| (In thousands) | May 30, 2026 | May 31, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | $74,763 | $107,244 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization (1) | 106,338 | 104,476 |
| Share-based compensation | 9,666 | 9,049 |
| Accretion on environmental contingencies | 1,053 | 960 |
| Accretion on asset retirement obligations | 804 | 602 |
| Deferred income taxes | (5,728) | 3,514 |
| Loss (gain) on sale of property and equipment | 210 | (2,690) |
| Other | 221 | 336 |
| Changes in assets and liabilities, net of acquisitions: | ||
| Receivables, less reserves | (10,191) | (3,174) |
| Inventories | (2,618) | 8,338 |
| Rental merchandise in service | (9,657) | 10,018 |
| Prepaid expenses and other current assets and Other assets | (15,710) | (16,729) |
| Accounts payable | (5,864) | (16,668) |
| Accrued liabilities | (8,233) | (12,190) |
| Prepaid and accrued income taxes | 4,296 | 3,395 |
| Net cash provided by operating activities | 139,350 | 196,481 |
| Cash flows from investing activities: | ||
| Acquisition of businesses, net of cash acquired | (15,754) | (5,374) |
| Capital expenditures, including capitalization of software costs | (106,965) | (109,823) |
| Purchases of investments | (5,664) | (14,734) |
| Maturities of investments | 5,762 | 28,356 |
| Proceeds from sale of assets | 576 | 3,115 |
| Net cash used in investing activities | (122,045) | (98,460) |
| Cash flows from financing activities: | ||
| Payment of contingent consideration | (1,670) | — |
| Proceeds from exercise of share-based awards | 4 | 4 |
| Taxes withheld and paid related to net share settlement of equity awards | (4,709) | (4,357) |
| Repurchase of Common Stock | (32,736) | (25,593) |
| Payment of cash dividends | (18,810) | (18,402) |
| Net cash used in financing activities | (57,921) | (48,348) |
| Effect of exchange rate changes | 340 | 666 |
| Net (decrease) increase in cash and cash equivalents | (40,276) | 50,339 |
| Cash and cash equivalents at beginning of period | 203,501 | 161,571 |
| Cash and cash equivalents at end of period | $163,225 | $211,910 |
(1) Depreciation and amortization for the first nine months of fiscal 2026 and 2025 included approximately $11.8 million and $12.7 million, respectively, of non-cash amortization expense recognized on acquisition-related intangible assets.
Reconciliation of GAAP to Non-GAAP Financial Measures
The Company reports its consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). To supplement the Company’s consolidated financial results in this press release, the Company also presents Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. The Company defines Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, further adjusted for share-based compensation expense and other items impacting the comparability of the Company’s underlying operating performance between periods. Adjusted EBITDA margin is defined as Adjusted EBITDA for a period divided by revenue for the same period.
The Company believes these non-GAAP financial measures provide useful supplemental information regarding the performance of the Company and its segments to both management and investors. In addition, by excluding certain items, these non-GAAP financial measures enable management and investors to further evaluate the underlying operating performance of the Company.
Supplemental reconciliations of the Company’s consolidated net income on a GAAP basis to Adjusted EBITDA and Adjusted EBITDA margin are presented in the following table. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures, which are provided below. Adjusted EBITDA and Adjusted EBITDA margin should be considered in addition to, and not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
The Company does not allocate its provision for income taxes to its business segments and as a result, presents it in a separate column in the following tables.
Thirteen Weeks Ended May 30, 2026
| (In thousands, except percentages) | Uniform & Facility Service Solutions | First Aid & Safety Solutions | Other | Unallocated Adjustments | Total |
|---|---|---|---|---|---|
| Revenue | $575,747 | $30,809 | $27,846 | — | $634,402 |
| Net income | $21,079 | $(1,548) | $4,913 | $(4,528) | $19,916 |
| Provision for income taxes | — | — | — | 4,528 | 4,528 |
| Interest income, net | (1,779) | — | — | — | (1,779) |
| Depreciation and amortization | 33,812 | 1,257 | 702 | — | 35,771 |
| Share-based compensation expense | 3,215 | 33 | 157 | — | 3,405 |
| Non-operating adjustments (1) | 20,746 | — | — | — | 20,746 |
| Adjusted EBITDA | $77,073 | $(258) | $5,772 | — | $82,587 |
| Adjusted EBITDA Margin | 13.4% | (0.8%) | 20.7% | 13.0% |
(1) Represents Transaction-related Costs in connection with the proposed merger with Cintas.
Thirteen Weeks Ended May 31, 2025
| (In thousands, except percentages) | Uniform & Facility Service Solutions | First Aid & Safety Solutions | Other | Unallocated Adjustments | Total |
|---|---|---|---|---|---|
| Revenue | $554,331 | $29,787 | $26,660 | — | $610,778 |
| Net income | $48,461 | $525 | $4,409 | $(13,715) | $39,680 |
| Provision for income taxes | — | — | — | 13,715 | 13,715 |
| Interest income, net | (2,514) | — | — | — | (2,514) |
| Depreciation and amortization | 32,990 | 975 | 757 | — | 34,722 |
| Share-based compensation expense | 2,858 | 30 | 127 | — | 3,015 |
| Gain on sale of a non-operating property | (2,792) | — | — | — | (2,792) |
| Adjusted EBITDA | $79,003 | $1,530 | $5,293 | — | $85,826 |
| Adjusted EBITDA Margin | 14.3% | 5.1% | 19.9% | 14.1% |
Thirty-Nine Weeks Ended May 30, 2026
| (In thousands, except percentages) | Uniform & Facility Service Solutions | First Aid & Safety Solutions | Other | Unallocated Adjustments | Total |
|---|---|---|---|---|---|
| Revenue | $1,710,447 | $91,846 | $75,932 | — | $1,878,225 |
| Net income | $90,787 | $(3,056) | $11,031 | $(23,999) | $74,763 |
| Provision for income taxes | — | — | — | 23,999 | 23,999 |
| Interest income, net | (5,284) | — | — | — | (5,284) |
| Depreciation and amortization | 100,209 | 3,815 | 2,314 | — | 106,338 |
| Share-based compensation expense | 9,092 | 97 | 477 | — | 9,666 |
| Non-operating adjustments (2) | 22,730 | — | — | — | 22,730 |
| Adjusted EBITDA | $217,534 | $856 | $13,822 | — | $232,212 |
| Adjusted EBITDA Margin | 12.7% | 0.9% | 18.2% | 12.4% |
(2) Primarily represents costs related to shareholder engagement and proxy-related matters in connection with the Company’s 2026 annual meeting of shareholders and Transaction-related Costs in connection with the proposed merger with Cintas.
Thirty-Nine Weeks Ended May 31, 2025
| (In thousands, except percentages) | Uniform & Facility Service Solutions | First Aid & Safety Solutions | Other | Unallocated Adjustments | Total |
|---|---|---|---|---|---|
| Revenue | $1,658,490 | $83,463 | $75,952 | — | $1,817,905 |
| Net income | $130,977 | $380 | $12,607 | $(36,720) | $107,244 |
| Provision for income taxes | — | — | — | 36,720 | 36,720 |
| Interest income, net | (7,422) | — | — | — | (7,422) |
| Depreciation and amortization | 99,334 | 2,807 | 2,335 | — | 104,476 |
| Share-based compensation expense | 8,574 | 86 | 389 | — | 9,049 |
| Gain on sale of a non-operating property | (2,792) | — | — | — | (2,792) |
| Executive transaction costs (3) | 1,429 | — | — | — | 1,429 |
| Adjusted EBITDA | $230,100 | $3,273 | $15,331 | — | $248,704 |
| Adjusted EBITDA Margin | 13.9% | 3.9% | 20.2% | 13.7% |
(3) Primarily represent one-time costs incurred related to the hiring and on-boarding of the Company's new Chief Operating Officer, Kelly Rooney, and for the transition of Michael Croatti from his role as Executive Vice President, Operations.