Paychex Inc. (PAYX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.31	$1.32	+0.8%	—	—	—
Q4 26	$1.67	$1.71	+2.4%	—	—	—
Q3 26	$1.23	$1.26	+2.4%	—	—	—
Q2 26	$1.2	$1.22	+1.7%	—	—	—
Q1 26	$1.2	$1.19	-0.8%	—	—	—
Q4 25	$1.48	$1.49	+0.7%	—	—	—
Q3 25	$1.12	$1.14	+1.8%	—	—	—
Q2 25	$1.14	$1.16	+1.8%	—	—	—
Q1 25	$1.1	$1.12	+1.8%	—	—	—
Q4 24	$1.37	$1.38	+0.7%	—	—	—
Q3 24	$1.07	$1.08	+0.9%	—	—	—
Q2 24	$1.12	$1.14	+1.8%	—	—	—
Q1 24	$0.97	$0.97	0.0%	—	—	—
Q4 23	$1.24	$1.29	+4.0%	—	—	—
Q3 23	$0.96	$0.99	+3.1%	—	—	—
Q2 23	$0.97	$1.03	+6.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$4.9	—	—	$6.5B	—
FY25	—	$4.6	—	—	$5.6B	—
FY24	—	$4.69	—	—	$5.3B	—
FY23	—	$4.32	—	—	$5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$3.2B	$3.4B	$3.8B	$4B	$4.1B	$4.6B	$5B	$5.3B	$5.6B	$6.5B
YoY change	+6.81%	+7.13%	+11.7%	+7.1%	+0.4%	+13.7%	+8.57%	+5.42%	+5.56%	+16.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	3.2B	3.4B	3.8B	4B	4.1B	4.6B	5B	5.3B	5.6B	6.5B
Cost of revenue	919.4M	1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.5B	1.5B	1.7B
Gross profit	2.2B	2.4B	2.6B	2.8B	2.8B	3.3B	3.6B	3.8B	4B	4.8B
Gross margin	70.8%	69.9%	68.8%	68.3%	68.7%	70.6%	71%	72%	72.4%	74.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	979.7M	1.1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B	1.8B	2.3B
Operating expenses	979.7M	1.1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B	1.8B	2.3B
Operating income	1.3B	1.3B	1.4B	1.5B	1.5B	1.8B	2B	2.2B	2.2B	2.5B
Operating margin	39.8%	38.2%	36.3%	36.1%	36%	39.9%	40.6%	41.2%	39.6%	38.6%
Non-operating income, net	-2.2M	600K	1M	3.1M	7M	18.3M	2.7M	-1.5M	800K	6.5M
Pretax income	1.3B	1.3B	1.4B	1.4B	1.4B	1.8B	2B	2.2B	2.2B	2.3B
Income tax	432.8M	306M	333.6M	339M	336.7M	431.8M	490.9M	527.6M	518.6M	550.8M
Net income	826.3M	994.1M	1B	1.1B	1.1B	1.4B	1.6B	1.7B	1.7B	1.8B
Net margin	26.2%	29.4%	27.4%	27.2%	27.1%	30.2%	31.1%	32%	29.7%	27%
EBITDA	1.4B	1.4B	1.6B	1.7B	1.7B	2.1B	2.3B	2.4B	2.5B	3B
EPS	2.27	2.6	2.88	3.06	3.05	3.86	4.32	4.69	4.6	4.9
Diluted EPS	2.25	2.58	2.86	3.04	3.03	3.84	4.3	4.67	4.58	4.89

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	1.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.5B	1.4B	1.5B	1.6B	1.8B	1.6B
Cost of revenue	360.2M	364.1M	379.8M	375.2M	380M	379.1M	387.4M	393.9M	413.8M	412.2M	431.2M	417.3M
Gross profit	925.8M	893.8M	1.1B	919.9M	938.5M	937.8M	1.1B	1B	1.1B	1.1B	1.4B	1.2B
Gross margin	72%	71.1%	73.6%	71%	71.2%	71.2%	74.3%	72.4%	73.1%	73.5%	76.2%	74%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	389.5M	387.6M	409.7M	438.1M	391.8M	399.7M	429.8M	602.3M	584.3M	573.5M	585.7M	583.5M
Operating expenses	389.5M	387.6M	409.7M	438.1M	391.8M	399.7M	429.8M	602.3M	584.3M	573.5M	585.7M	583.5M
Operating income	536.3M	506.2M	649.8M	481.8M	546.7M	538.1M	691.8M	431.1M	541.9M	571.9M	792M	604.7M
Operating margin	41.7%	40.2%	45.1%	37.2%	41.5%	40.9%	45.8%	30.2%	35.2%	36.7%	43.8%	37.7%
Non-operating income, net	700K	-100K	—	-2.1M	100K	-700K	—	1.4M	5.1M	300K	-100K	1.2M
Pretax income	549.1M	517.9M	659.2M	491.8M	557.1M	543.7M	685.8M	389.3M	497.5M	520.2M	739M	554.2M
Income tax	129.9M	125.2M	160.6M	111.9M	129.7M	130.3M	166.5M	92.1M	113.7M	124.8M	178.7M	133.6M
Net income	419.2M	392.7M	498.6M	379.9M	427.4M	413.4M	519.3M	297.2M	383.8M	395.4M	560.3M	420.6M
Net margin	32.6%	31.2%	34.6%	29.3%	32.4%	31.4%	34.4%	20.8%	24.9%	25.4%	31%	26.2%
EBITDA	599.7M	571.3M	713.9M	546.9M	605.7M	594.9M	751.5M	538.7M	675M	697.8M	918.1M	732.1M
EPS	1.16	1.09	1.39	1.06	1.19	1.15	1.44	0.82	1.07	1.1	1.56	1.18
Diluted EPS	1.16	1.08	1.38	1.05	1.18	1.14	1.43	0.82	1.06	1.1	1.56	1.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	21.3B	23.5B	30.8B	25.9B	36.4B	44.7B	37.8B	43.3B	56.9B	34.8B	35.3B
Enterprise value	21B	23.1B	30.9B	25.9B	36.3B	44.3B	37.1B	42.7B	60.2B	38.3B	39.8B
Shares outstanding	359.8M	359M	359.2M	358.5M	359.9M	360.6M	360.4M	360.3M	360.2M	358.9M	358.9M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	25.8	23.7	29.8	23.6	33.2	32.1	24.3	25.6	34.3	19.8	20
P/S	6.76	6.97	8.17	6.41	8.97	9.68	7.55	8.2	10.2	5.34	5.42
P/B	10.9	9.99	11.8	9.32	12.3	14.5	10.8	11.4	13.8	9.32	9.58
EV/EBITDA	15.1	16	19.7	15.4	21.8	21.6	16.4	17.5	24.2	12.7	12.9
EV/Sales	6.66	6.84	8.19	6.4	8.94	9.61	7.41	8.08	10.8	5.88	6.02
Earnings yield	3.88%	4.22%	3.36%	4.24%	3.02%	3.12%	4.12%	3.9%	2.91%	5.06%	5.01%
FCF yield	4.06%	4.77%	3.72%	5.07%	3.14%	3.26%	4.13%	4.01%	3%	6.67%	5.34%
PEG	—	—	—	—	—	—	—	—	—	—	0.45

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	70.8%	69.9%	68.8%	68.3%	68.7%	70.6%	71%	72%	72.4%	74.3%	74%
Operating margin	39.8%	38.2%	36.3%	36.1%	36%	39.9%	40.6%	41.2%	39.6%	38.6%	38.5%
Net margin	26.2%	29.4%	27.4%	27.2%	27.1%	30.2%	31.1%	32%	29.7%	27%	27.4%
ROE	42.3%	42.2%	39.5%	39.5%	37.2%	45.1%	44.6%	44.5%	40.1%	47.1%	47.1%
ROA	12.1%	12.6%	11.9%	12.8%	11.9%	14.5%	14.8%	16.3%	10%	10.9%	10.2%
ROIC	50.4%	51.1%	38.2%	40.6%	39.7%	51.2%	55.9%	52.4%	22.5%	26.5%	26.5%
Return on tangible assets	15.3%	16.6%	24%	25.5%	21.8%	25.2%	23.9%	27.1%	45.5%	46.9%	46.9%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.12	1.11	1.17	1.23	1.25	1.25	1.3	1.37	1.28	1.26	1.28
Quick ratio	1.12	1.11	1.17	1.23	1.25	1.25	1.3	1.37	1.28	1.26	1.26
Debt / equity	—	—	0.31	0.32	0.3	0.29	0.25	0.23	1.22	1.23	1.25
Debt / assets	—	—	0.09	0.11	0.1	0.09	0.08	0.08	0.3	0.28	0.28
Net debt / EBITDA	—	—	0.06	-0.02	-0.08	-0.17	-0.32	-0.26	1.35	1.15	1.15
Interest coverage	504.6	334.4	78.7	38	41.1	50.9	56.8	60.5	21.6	9.57	9.57
Effective tax rate	34.4%	23.5%	24.4%	23.6%	23.5%	23.7%	24%	23.8%	23.8%	23.8%	23.8%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	8.76	9.41	10.5	11.3	11.3	12.8	13.9	14.6	15.5	18.1	18.5
EPS (basic)	2.27	2.6	2.88	3.06	3.05	3.86	4.32	4.69	4.6	4.9	4.9
EPS (diluted)	2.25	2.58	2.86	3.04	3.03	3.84	4.3	4.67	4.58	4.89	5.04
Book value per share	5.43	6.56	7.29	7.76	8.19	8.56	9.69	10.5	11.5	10.4	10.5
FCF per share	2.41	3.13	3.2	3.66	3.17	4.04	4.34	4.82	4.74	6.47	6.48
Cash per share	0.9	1.18	1.98	2.6	2.87	3.39	4.43	4.17	4.62	3.13	2.62
Capex per share	0.26	0.43	0.34	0.35	0.32	0.37	0.35	0.45	0.53	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.99%	4.56%	3.28%	3.14%	2.82%	2.88%	2.52%	3.06%	3.44%	—	—
Capex / operating cash flow	10.3%	12.9%	10.2%	9.04%	9.29%	8.51%	7.53%	8.61%	10.3%	—	—
Payout ratio	80.2%	74.4%	79.9%	81%	82.8%	71.8%	75.5%	77.8%	87.4%	90.3%	90.1%
Dividend yield	3.11%	3.14%	2.68%	3.43%	2.5%	2.24%	3.11%	3.04%	2.55%	4.57%	4.79%

Yield

4.79%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.19

ex-dividend Jul 28, 2026

Payout ratio

90%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 28, 2026	$1.19
May 13, 2026	$1.19
Jan 28, 2026	$1.08

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$1.3B	$1.3B	$1.4B	$1.3B	$1.3B	$1.3B	$1.5B	$1.4B	$1.5B	$1.6B	$1.8B	$1.6B
YoY change	+6.62%	+5.68%	+4.22%	+5.33%	+2.53%	+4.69%	+4.84%	+10.2%	+16.8%	+18.3%	+19.9%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	323.4M	424.2M	712.6M	932.4M	1B	1.2B	1.6B	1.5B	1.7B	1.1B
Receivables	507.5M	374.6M	420.5M	384.1M	578.3M	723.8M	873.3M	1.1B	1.3B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	5.3B	5.9B	5.7B	5.5B	6.2B	6.6B	7.5B	7.3B	8.9B	8.6B
Property, plant & equipment	233.7M	267.1M	245.8M	355.7M	340.5M	322.9M	327.3M	327.2M	423M	501.3M
Goodwill & intangibles	1.4B	1.9B	4.4B	4.2B	4.2B	4.1B	4B	4.2B	12.9B	12.4B
Total assets	6.8B	7.9B	8.7B	8.6B	9.2B	9.6B	10.5B	10.4B	16.6B	16.2B
Accounts payable	57.2M	73.7M	75.9M	79.4M	89M	105.7M	84.7M	104.3M	129.8M	154.8M
Short-term debt	—	—	—	5.1M	7.4M	8.7M	10.2M	18.7M	418.4M	—
Total current liabilities	4.7B	5.3B	4.8B	4.4B	4.9B	5.3B	5.8B	5.3B	7B	6.8B
Long-term debt	—	—	809.4M	893.7M	889.7M	872.5M	855.5M	847.6M	4.6B	4.6B
Total liabilities	4.9B	5.6B	6.1B	5.8B	6.3B	6.5B	7.1B	6.6B	12.4B	12.4B
Shareholders' equity	2B	2.4B	2.6B	2.8B	2.9B	3.1B	3.5B	3.8B	4.1B	3.7B
Total debt	—	—	809.4M	898.8M	897.1M	881.2M	865.7M	866.3M	5B	4.6B
Net debt	—	—	135.8M	-6.4M	-98.1M	511.2M	-356.3M	-602.6M	3.4B	3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	1.7B	1.4B	1.7B	1.5B	1.5B	1.2B	1.6B	1.7B	1.7B	1.5B	1.8B	1.1B
Receivables	1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.2B	1.3B	1.4B	1.4B	1.4B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	9.1B	8.9B	9.9B	7.3B	7.4B	7.4B	8.1B	8.9B	9B	8.9B	9.9B	8.6B
Property, plant & equipment	466.1M	477M	478M	327.2M	466.9M	478.4M	499.4M	423M	589.6M	631.3M	639M	501.3M
Goodwill & intangibles	4.2B	4.2B	4.2B	4.2B	4.1B	4.1B	4.1B	12.9B	12.8B	12.7B	12.5B	12.4B
Total assets	12.2B	12.1B	13B	10.4B	10.5B	10.6B	11.2B	16.6B	16.7B	16.5B	17.5B	16.2B
Accounts payable	95.3M	92.3M	94M	104.3M	80.9M	89.2M	118.7M	129.8M	120.6M	137.6M	132.4M	154.8M
Short-term debt	13.7M	13.6M	18.8M	18.7M	18.9M	18.2M	17.6M	418.4M	418.4M	418.1M	400M	—
Total current liabilities	7.3B	7.3B	8B	5.3B	5.3B	5.3B	5.8B	7B	7.1B	7B	7.9B	6.8B
Long-term debt	853.4M	851.9M	850M	847.6M	848.1M	844.6M	846.1M	4.6B	4.6B	4.6B	4.6B	4.6B
Total liabilities	8.6B	8.5B	9.3B	6.6B	6.6B	6.6B	7.1B	12.4B	12.7B	12.6B	13.5B	12.4B
Shareholders' equity	3.6B	3.5B	3.7B	3.8B	3.9B	3.9B	4.1B	4.1B	4B	3.9B	4B	3.7B
Total debt	867.1M	865.5M	868.8M	866.3M	867M	862.8M	863.7M	5B	5B	5B	5B	4.6B
Net debt	-778.8M	-497.6M	-824.8M	-602.6M	-592.6M	-339.3M	-700.1M	3.4B	4.2B	3.6B	3.3B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	826.3M	994.1M	1B	1.1B	1.1B	1.4B	1.6B	1.7B	1.7B	1.8B
Depreciation & amortization	126.9M	138M	181.5M	209.7M	192M	191.8M	176.6M	176.5M	209.5M	442.6M
Stock-based compensation	35.4M	44.6M	46.2M	47.4M	52.5M	52.8M	62.6M	61.1M	111.8M	96.1M
Change in working capital	-265.4M	-124.7M	-228.8M	-132.1M	-278.9M	-284M	-294.6M	-255.2M	-318.9M	-164.1M
Operating cash flow	915.3M	1.2B	1.2B	1.4B	1.2B	1.6B	1.7B	1.9B	1.9B	2.6B
Capital expenditure	-94.3M	-154M	-123.8M	-127M	-114.6M	-132.6M	-126.3M	-161.4M	-191.8M	—
Investing cash flow	-662.2M	998.5M	-1.6B	771.9M	-460.6M	-1.5B	211.7M	-260.9M	-3.4B	-917.5M
Dividends paid	-662.3M	-739.7M	-826.8M	-889.4M	-908.7M	-999.6M	-1.2B	-1.3B	-1.4B	-1.6B
Share repurchases	-166.2M	-143.1M	-56.9M	-171.9M	-155.7M	-145.2M	0	-169.2M	-104.5M	-611M
Financing cash flow	-511.2M	-420.4M	-1B	-1.5B	-722.1M	-1B	-701M	-1.9B	2.3B	-2.6B
Net change in cash	-258.1M	1.8B	-1.4B	667.6M	50.8M	-949.2M	1.2B	-287M	793.8M	-981.4M
Free cash flow	866.1M	1.1B	1.1B	1.3B	1.1B	1.5B	1.6B	1.7B	1.7B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	419.2M	392.7M	498.6M	379.9M	427.4M	413.4M	519.3M	297.2M	383.8M	395.4M	560.3M	420.6M
Depreciation & amortization	41.2M	44.9M	44.8M	45.6M	39M	41.7M	43.1M	85.7M	109.3M	109.1M	111M	113.2M
Stock-based compensation	16M	14.7M	14.4M	16M	16.5M	16.4M	17.6M	61.3M	26.8M	25.5M	23.1M	20.7M
Change in working capital	121.6M	-115.5M	11.5M	-272.8M	-15.3M	-143.7M	15M	-174.9M	37M	-115.8M	-1.8M	-83.5M
Operating cash flow	652M	391.5M	613.1M	218.1M	515.1M	388.1M	628.5M	329.5M	718.4M	444.9M	812.5M	580.9M
Capital expenditure	-38.7M	-40.7M	-40.7M	-41.3M	-35.6M	-47M	-48.7M	-60.5M	—	—	—	—
Investing cash flow	-13.2M	-96.5M	-8.1M	-143.1M	-110M	-192.7M	21M	-3.1B	-1.2B	438.4M	52.4M	-161.5M
Dividends paid	-321.9M	-320.2M	-320.4M	-352.8M	-353.4M	-352.8M	-353M	-389.3M	-389.1M	-387.9M	-388M	-424.6M
Share repurchases	0	-169.2M	0	0	-104M	-500K	0	0	-160.1M	-126.5M	-75M	-249.4M
Financing cash flow	1.1B	-540.1M	299.4M	-2.7B	-482.5M	-301.9M	-7.6M	-1.1B	-467.8M	-578.1M	255.9M	-1.4B
Net change in cash	1.7B	-245.1M	904.4M	-2.7B	-77.4M	-106.5M	641.9M	-3.8B	-996.2M	305.2M	1.1B	-973.6M
Free cash flow	654.3M	270.6M	631M	180.4M	510.5M	248M	667.3M	283.3M	662.5M	382.8M	761.5M	515M

Date	Ratio
May 23, 2000	3:2
May 24, 1999	3:2
May 26, 1998	3:2
May 30, 1997	3:2
May 24, 1996	3:2
May 26, 1995	3:2
Aug 27, 1993	3:2
May 21, 1992	3:2
Nov 16, 1987	3:2
Jun 13, 1986	3:2

Paychex Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history