NASDAQ : PAYX
Paychex, Inc. — Financial statements
Technology · Software - Application · United States
Last price 112.12 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 39.91B
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Financial statements
Paychex, Inc. (PAYX) reported revenue of 6.60B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 6.39B | 6.30B | 5.41B | 5.13B | 4.91B | 4.55B |
| Other Revenue | 213.10M | 210.90M | 161.70M | 146.30M | 99.80M | 57.70M |
| Revenue | 6.60B | 6.51B | 5.57B | 5.28B | 5.01B | 4.61B |
| Cost of Revenue | 1.69B | 1.67B | 1.54B | 1.48B | 1.45B | 1.36B |
| Gross Profit | 4.91B | 4.84B | 4.03B | 3.80B | 3.55B | 3.26B |
| Selling, General & Admin | 2.28B | 2.26B | 1.70B | 1.62B | 1.52B | 1.42B |
| Operating Expenses | 2.28B | 2.26B | 1.70B | 1.62B | 1.52B | 1.42B |
| Operating Income | 2.63B | 2.57B | 2.33B | 2.17B | 2.03B | 1.84B |
| Interest Expense | -266.40M | -269.50M | -105.40M | -37.30M | -36.70M | -36.60M |
| Interest & Investment Income | 54.90M | 63.40M | 72.80M | 82.70M | 49.10M | 2.90M |
| Other Non Operating Income (Expenses) | 2.10M | 6.50M | 800.00K | -1.50M | 2.70M | 18.10M |
| EBT Excluding Unusual Items | 2.43B | 2.37B | 2.30B | 2.22B | 2.05B | 1.82B |
| Merger & Restructuring Charges | -47.10M | -62.20M | -121.60M | |||
| Gain (Loss) on Sale of Investments | 200.00K | |||||
| Pretax Income | 2.38B | 2.31B | 2.18B | 2.22B | 2.05B | 1.82B |
| Income Tax Expense | 572.40M | 550.80M | 518.60M | 527.60M | 490.90M | 431.80M |
| Net Income | 1.81B | 1.76B | 1.66B | 1.69B | 1.56B | 1.39B |
| Net Income to Common | 1.81B | 1.76B | 1.66B | 1.69B | 1.56B | 1.39B |
| Shares Outstanding (Basic) | 357.82M | 358.90M | 360.20M | 360.30M | 360.40M | 360.60M |
| Shares Outstanding (Diluted) | 358.68M | 360.00M | 362.00M | 362.10M | 362.30M | 363.10M |
| EPS (Basic) | 5.05 | 4.90 | 4.60 | 4.69 | 4.32 | 3.86 |
| EPS (Diluted) | 5.04 | 4.89 | 4.58 | 4.67 | 4.30 | 3.84 |
| Free Cash Flow | 2.02B | 2.32B | 1.71B | 1.74B | 1.56B | 1.46B |
| Free Cash Flow Per Share | 5.62 | 6.45 | 4.72 | 4.79 | 4.32 | 4.01 |
| Dividend Per Share | 4.54 | 4.43 | 4.02 | 3.65 | 3.26 | 2.77 |
| Gross Margin | 74.39% | 74.29% | 72.35% | 71.97% | 70.98% | 70.59% |
| Operating Margin | 39.91% | 39.51% | 41.81% | 41.19% | 40.60% | 39.90% |
| Profit Margin | 27.35% | 27.03% | 29.74% | 32.02% | 31.10% | 30.20% |
| Free Cash Flow Margin | 30.54% | 35.65% | 30.68% | 32.90% | 31.22% | 31.57% |
| EBITDA | 3.08B | 3.02B | 2.54B | 2.35B | 2.21B | 2.03B |
| EBITDA Margin | 46.62% | 46.30% | 45.57% | 44.53% | 44.13% | 44.06% |
| D&A For EBITDA | 443.10M | 442.60M | 209.50M | 176.50M | 176.60M | 191.80M |
| EBIT | 2.63B | 2.57B | 2.33B | 2.17B | 2.03B | 1.84B |
| EBIT Margin | 39.91% | 39.51% | 41.81% | 41.19% | 40.60% | 39.90% |
| Effective Tax Rate | 24.07% | 23.84% | 23.83% | 23.79% | 23.97% | 23.66% |
| Revenue as Reported | 6.60B | 6.51B | 5.57B | 5.28B | 5.01B | 4.61B |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 600.90M | 1.09B | 1.63B | 1.47B | 1.22B | 370.00M |
| Short-Term Investments | 333.30M | 36.30M | 34.50M | 33.90M | 373.40M | 853.90M |
| Trading Asset Securities | 19.20M | |||||
| Cash & Short-Term Investments | 934.20M | 1.14B | 1.66B | 1.50B | 1.60B | 1.22B |
| Accounts Receivable | 2.30B | 2.17B | 1.95B | 1.60B | 1.40B | 1.30B |
| Other Receivables | 39.20M | 36.10M | 27.90M | 23.30M | 24.40M | 22.30M |
| Receivables | 2.34B | 2.21B | 1.98B | 1.63B | 1.43B | 1.32B |
| Prepaid Expenses | 170.80M | 132.00M | 164.70M | 321.90M | 289.80M | 83.10M |
| Restricted Cash | 55.00M | 52.80M | 47.90M | 47.80M | 49.80M | 50.30M |
| Other Current Assets | 4.60B | 5.08B | 5.07B | 3.75B | 4.17B | 3.91B |
| Total Current Assets | 8.09B | 8.61B | 8.92B | 7.25B | 7.53B | 6.58B |
| Property, Plant & Equipment | 690.40M | 652.80M | 575.30M | 458.60M | 457.80M | 480.00M |
| Long-Term Investments | 3.70M | 3.80M | 5.00M | |||
| Goodwill | 4.53B | 4.53B | 4.51B | 1.88B | 1.83B | 1.83B |
| Other Intangible Assets | 1.63B | 1.68B | 1.95B | 194.50M | 187.40M | 224.60M |
| Long-Term Deferred Charges | 571.00M | 555.80M | 482.40M | 477.10M | 470.10M | 433.30M |
| Other Long-Term Assets | 145.40M | 141.20M | 128.50M | 115.00M | 65.20M | 79.20M |
| Total Assets | 15.66B | 16.17B | 16.56B | 10.38B | 10.55B | 9.64B |
| Accounts Payable | 141.40M | 154.80M | 129.80M | 104.30M | 84.70M | 105.70M |
| Accrued Expenses | 1.11B | 1.15B | 1.05B | 922.10M | 973.80M | 908.80M |
| Short-Term Debt | 18.60M | 18.70M | 10.20M | 8.70M | ||
| Current Portion of Long-Term Debt | 399.80M | |||||
| Current Portion of Leases | 22.00M | 22.50M | 19.20M | 20.30M | 25.10M | |
| Current Income Taxes Payable | 81.10M | 87.80M | ||||
| Current Unearned Revenue | 70.80M | 69.40M | 69.40M | 50.20M | 47.30M | 38.40M |
| Other Current Liabilities | 4.93B | 5.35B | 5.27B | 4.19B | 4.67B | 4.18B |
| Total Current Liabilities | 6.34B | 6.84B | 6.96B | 5.31B | 5.81B | 5.27B |
| Long-Term Debt | 4.56B | 4.56B | 4.55B | 798.60M | 798.20M | 797.70M |
| Long-Term Leases | 62.90M | 52.20M | 55.50M | 49.00M | 57.30M | 74.80M |
| Long-Term Unearned Revenue | 21.40M | 22.00M | 23.00M | 24.70M | 14.70M | 10.50M |
| Long-Term Deferred Tax Liabilities | 537.60M | 543.30M | 444.70M | 86.00M | 112.10M | 165.50M |
| Other Long-Term Liabilities | 435.30M | 425.20M | 408.20M | 314.70M | 265.50M | 232.30M |
| Total Liabilities | 11.96B | 12.44B | 12.44B | 6.58B | 7.05B | 6.55B |
| Common Stock | 3.60M | 3.60M | 3.60M | 3.60M | 3.60M | 3.60M |
| Additional Paid-In Capital | 1.99B | 1.98B | 1.90B | 1.73B | 1.63B | 1.55B |
| Retained Earnings | 1.79B | 1.81B | 2.28B | 2.21B | 2.02B | 1.67B |
| Comprehensive Income & Other | -81.30M | -49.90M | -53.70M | -145.10M | -159.90M | -133.90M |
| Shareholders' Equity | 3.71B | 3.74B | 4.13B | 3.80B | 3.49B | 3.09B |
| Total Liabilities & Equity | 15.66B | 16.17B | 16.56B | 10.38B | 10.55B | 9.64B |
| Total Debt | 4.62B | 4.63B | 5.04B | 885.50M | 886.00M | 906.30M |
| Net Cash (Debt) | -3.69B | -3.49B | -3.38B | 617.30M | 709.40M | 317.60M |
| Net Cash Per Share | -10.28 | -9.69 | -9.34 | 1.70 | 1.96 | 0.87 |
| Filing Date Shares Outstanding | 355.98M | 355.68M | 360.24M | 360.13M | 360.55M | 359.91M |
| Total Common Shares Outstanding | 355.98M | 355.60M | 360.50M | 360.10M | 360.50M | 359.90M |
| Working Capital | 1.75B | 1.77B | 1.96B | 1.94B | 1.72B | 1.31B |
| Book Value Per Share | 10.41 | 10.50 | 11.45 | 10.56 | 9.69 | 8.57 |
| Tangible Book Value | -2.45B | -2.48B | -2.33B | 1.72B | 1.47B | 1.03B |
| Tangible Book Value Per Share | -6.90 | -6.96 | -6.47 | 4.79 | 4.08 | 2.86 |
| Land | 10.90M | 13.00M | 9.00M | 9.00M | 10.30M | |
| Buildings | 151.50M | 152.30M | 131.40M | 130.50M | 157.10M | |
| Machinery | 325.80M | 312.60M | 285.20M | 291.70M | 315.10M | |
| Construction In Progress | 45.50M | 67.50M | 60.70M | 51.70M | 50.70M | |
| Leasehold Improvements | 59.60M | 51.60M | 47.60M | 67.30M | 91.70M |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.81B | 1.76B | 1.66B | 1.69B | 1.56B | 1.39B |
| Depreciation & Amortization | 459.10M | 458.60M | 223.50M | 202.30M | 194.20M | 191.80M |
| Other Amortization | 254.80M | 249.20M | 236.50M | 231.70M | 219.10M | 202.10M |
| Loss (Gain) From Sale of Assets | 6.20M | 6.20M | 3.70M | 32.80M | 1.30M | 400.00K |
| Loss (Gain) From Sale of Investments | -15.30M | -15.20M | 23.80M | -4.40M | 28.00M | 28.70M |
| Stock-Based Compensation | 88.60M | 96.10M | 111.80M | 61.10M | 62.60M | 52.80M |
| Provision & Write-off of Bad Debts | 39.00M | 38.10M | 24.20M | 19.80M | 17.70M | 10.50M |
| Other Operating Activities | 31.00M | 87.70M | -49.00M | -55.60M | -61.60M | 2.30M |
| Change in Accounts Receivable | -160.20M | -105.80M | -130.70M | 113.00M | -135.70M | -154.10M |
| Change in Accounts Payable | 109.80M | 291.40M | 42.30M | -127.00M | 86.30M | 113.10M |
| Change in Other Net Operating Assets | -367.20M | -309.70M | -242.50M | -266.40M | -263.00M | -250.70M |
| Operating Cash Flow | 2.25B | 2.56B | 1.90B | 1.90B | 1.71B | 1.59B |
| Capital Expenditures | -235.10M | -234.90M | -191.80M | -161.40M | -143.00M | -133.80M |
| Sale of Property, Plant & Equipment | 16.70M | 1.20M | ||||
| Cash Acquisitions | -18.30M | -400.00K | -2.97B | -208.30M | -2.70M | -24.90M |
| Investment in Securities | 284.50M | -708.60M | -10.40M | 292.70M | 357.90M | -1.25B |
| Other Investing Activities | -216.60M | -208.50M | -187.10M | -183.90M | -17.20M | -94.80M |
| Investing Cash Flow | -185.50M | -1.15B | -3.36B | -260.90M | 211.70M | -1.51B |
| Short-Term Debt Issued | 9.00M | 2.00M | 1.30M | |||
| Long-Term Debt Issued | 4.18B | |||||
| Total Debt Issued | 4.18B | 9.00M | 2.00M | 1.30M | ||
| Short-Term Debt Repaid | -18.80M | |||||
| Long-Term Debt Repaid | -400.00M | |||||
| Total Debt Repaid | -418.80M | -418.80M | ||||
| Net Debt Issued (Repaid) | -418.80M | -418.80M | 4.18B | 9.00M | 2.00M | 1.30M |
| Issuance of Common Stock | 3.80M | 26.10M | 22.60M | |||
| Repurchase of Common Stock | -450.90M | -611.00M | -104.50M | -169.20M | -145.20M | |
| Common Dividends Paid | -1.62B | -1.59B | -1.45B | -1.32B | -1.18B | -999.60M |
| Other Financing Activities | -550.70M | -34.40M | -338.50M | -425.30M | 461.60M | 141.60M |
| Financing Cash Flow | -3.04B | -2.65B | 2.29B | -1.87B | -711.40M | -979.30M |
| Net Cash Flow | -978.70M | -1.25B | 837.30M | -237.90M | 1.21B | -894.70M |
| Free Cash Flow | 2.02B | 2.32B | 1.71B | 1.74B | 1.56B | 1.46B |
| Free Cash Flow Margin | 30.54% | 35.65% | 30.68% | 32.90% | 31.22% | 31.57% |
| Free Cash Flow Per Share | 5.62 | 6.45 | 4.72 | 4.79 | 4.32 | 4.01 |
| Levered Free Cash Flow | 1.89B | 2.10B | 1.51B | 1.35B | 1.55B | 1.55B |
| Unlevered Free Cash Flow | 2.05B | 2.26B | 1.58B | 1.37B | 1.57B | 1.58B |
| Cash Interest Paid | 267.60M | 267.60M | 37.50M | 36.20M | 35.70M | 35.50M |
| Cash Income Tax Paid | 310.30M | 310.30M | 512.40M | 539.50M | 525.80M | 397.70M |
| Change in Working Capital | -417.60M | -124.10M | -330.90M | -280.40M | -312.40M | -291.70M |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 41.15B | 34.75B | 56.88B | 43.25B | 37.82B | 44.70B |
| Enterprise Value | 44.84B | 37.98B | 56.14B | 42.39B | 37.14B | 44.24B |
| Last Close Price | 112.12 | 95.01 | 148.60 | 109.92 | 93.12 | 106.86 |
| PE Ratio | 22.93 | 19.74 | 34.32 | 25.59 | 24.29 | 32.10 |
| Forward PE | 19.12 | 16.83 | 30.00 | 24.55 | 23.25 | 31.21 |
| PS Ratio | 6.17 | 5.34 | 10.21 | 8.20 | 7.55 | 9.69 |
| PB Ratio | 10.77 | 9.30 | 13.78 | 11.38 | 10.83 | 14.49 |
| P/TBV Ratio | 25.09 | 25.70 | 43.44 | |||
| P/FCF Ratio | 20.20 | 14.97 | 33.28 | 24.91 | 24.20 | 30.71 |
| P/OCF Ratio | 18.09 | 13.59 | 29.92 | 22.79 | 22.17 | 28.12 |
| PEG Ratio | 2.35 | 2.49 | 3.59 | 3.56 | 2.87 | 3.07 |
| EV/Sales Ratio | 6.73 | 5.83 | 10.08 | 8.03 | 7.42 | 9.59 |
| EV/EBITDA Ratio | 14.44 | 12.60 | 22.11 | 18.03 | 16.81 | 21.77 |
| EV/EBIT Ratio | 16.86 | 14.76 | 24.10 | 19.50 | 18.27 | 24.04 |
| EV/FCF Ratio | 22.03 | 16.36 | 32.85 | 24.41 | 23.76 | 30.39 |
| Debt / Equity Ratio | 1.25 | 1.24 | 1.22 | 0.23 | 0.25 | 0.29 |
| Debt / EBITDA Ratio | 1.49 | 1.52 | 1.96 | 0.37 | 0.40 | 0.44 |
| Debt / FCF Ratio | 2.29 | 1.99 | 2.95 | 0.51 | 0.57 | 0.62 |
| Net Debt / Equity Ratio | 0.99 | 0.93 | 0.82 | -0.16 | -0.20 | -0.10 |
| Net Debt / EBITDA Ratio | 1.20 | 1.16 | 1.33 | -0.26 | -0.32 | -0.16 |
| Net Debt / FCF Ratio | 1.83 | 1.50 | 1.98 | -0.36 | -0.45 | -0.22 |
| Asset Turnover | 0.41 | 0.40 | 0.41 | 0.50 | 0.50 | 0.49 |
| Quick Ratio | 0.52 | 0.49 | 0.52 | 0.59 | 0.52 | 0.48 |
| Current Ratio | 1.28 | 1.26 | 1.28 | 1.37 | 1.30 | 1.25 |
| Return on Equity (ROE) | 47.05% | 44.77% | 41.80% | 46.35% | 47.35% | 46.17% |
| Return on Assets (ROA) | 10.19% | 9.82% | 10.80% | 12.98% | 12.59% | 12.19% |
| Return on Invested Capital (ROIC) | 27.38% | 26.60% | 33.18% | 55.53% | 55.69% | 50.08% |
| Return on Capital Employed (ROCE) | 28.30% | 27.60% | 24.20% | 42.80% | 42.90% | 42.10% |
| Earnings Yield | 4.36% | 5.07% | 2.91% | 3.91% | 4.12% | 3.12% |
| FCF Yield | 4.95% | 6.68% | 3.00% | 4.01% | 4.13% | 3.26% |
| Dividend Yield | 4.12% | 4.53% | 2.55% | 3.04% | 3.11% | 2.23% |
| Payout Ratio | 94.42% | 90.31% | 87.40% | 77.81% | 75.45% | 71.77% |
| Buyback Yield / Dilution | 0.92% | 0.55% | 0.03% | 0.06% | 0.22% | -0.28% |
| Total Shareholder Return | 5.07% | 5.09% | 2.58% | 3.09% | 3.33% | 1.95% |