Monitor FTC review progress on the Cintas merger; the earnings miss is largely one-time and does not affect the deal value, but regulatory risk remains the primary catalyst. The stock should trade near the deal spread until closing.
Price Chart
Executive Summary
UniFirst reported Q3 FY2026 revenue of $634.4M (+3.9% YoY), but diluted EPS of $1.09 missed the $1.93 consensus by 43.5% due to $20.7M in Cintas merger-related costs and $5.2M in ERP project costs. Operating income fell to $23.0M from $48.2M, though adjusted EBITDA only declined modestly to $82.6M. The pending acquisition by Cintas at a fixed price ($155 cash + 0.7720 Cintas shares per UNF share) limits downside, but the FTC second request introduces regulatory uncertainty.
Key Financial Metrics
Key Facts
- Revenue $634.4M vs $610.8M YoY, +3.9%
- Diluted EPS $1.09 vs $2.13 YoY, -48.8%
- Operating income $23.0M vs $48.2M YoY, -52.2%
- Adjusted EBITDA $82.6M vs $85.8M YoY, -3.7%
- Included $20.7M transaction-related costs and $5.2M Key Initiative costs
- Shareholders approved Cintas merger on June 11, 2026; FTC second request received
- No guidance provided due to pending merger
- Cash and short-term investments $168.9M, no long-term debt
Financial Impact
EPS miss of $0.84 vs consensus, driven by $26M in one-time costs; revenue beat consensus by ~$6.7M
Risk Factors
- FTC second request may delay or block the Cintas merger
- Further deterioration in core business could affect the value of Cintas stock component of consideration
- One-time costs may persist if merger closes later than expected
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-046349 |
| Document: unf-20260701.htm | 0001628280-26-046349 |
| Document: 0001628280-26-046349-index-headers.html | 0001628280-26-046349 |
| Document: 0001628280-26-046349-index.html | 0001628280-26-046349 |
| Document: 0001628280-26-046349.txt | 0001628280-26-046349 |
| 8-K Data (Synthetic) | 0001628280-26-046349 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 5w ago | 8-K | $281.88 $259.44 | ▼ −7.96% | ▼ −8.22% | $251.78 (−10.68%) |
Jul 1, 2026 13w ago | 8-K | $266.54 $301.19 | ▲ +13.00% | ▲ +15.19% | $251.78 (−5.54%) |
Jul 1, 2026 13w ago | Press Release | $266.54 $301.19 | ▲ +13.00% | ▲ +15.19% | $251.78 (−5.54%) |
Jun 12, 2026 16w ago | 8-K | $264.83 $271.78 | ▲ +2.62% | ▲ +0.84% | $251.78 (−4.93%) |
Jun 12, 2026 16w ago | Press Release | $264.83 $271.78 | ▲ +2.62% | ▲ +0.84% | $251.78 (−4.93%) |
Jun 11, 2026 16w ago | Institutional Cluster | $275.65 $270.87 | ▼ −1.73% | ▼ −3.62% | $251.78 (−8.66%) |
May 11, 2026 20w ago | DEFM14A | $252.35 $270.48 | ▲ +7.18% | ▲ +7.49% | $251.78 (−0.23%) |
Apr 7, 2026 25w ago | 10-Q/A | $254.73 $249.74 | ▲ +1.96% | ▲ +11.74% | $251.78 (+1.16%) |
Apr 1, 2026 26w ago | 8-K | $254.59 $255.79 | ▼ −0.47% | ▲ +9.25% | $251.78 (+1.10%) |
Apr 1, 2026 26w ago | Press Release | $254.59 $255.79 | ▲ +0.47% | ▼ −9.25% | $251.78 (−1.10%) |
US Market Status
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