Free Trial
Tada emoji MarketBeat All Access — Now Just $5.00 for 5 Weeks

Paychex (PAYX) Financials

Paychex logo
$137.30 +2.31 (+1.71%)
As of 02:14 PM Eastern
This is a fair market value price provided by Polygon.io. Learn more.
Compare
Annual Income Statements for Paychex

Annual Income Statements for Paychex

This table shows Paychex's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 661 779 826 994 1,071 1,155 1,093 1,207 1,531 1,690 1,657
Consolidated Net Income / (Loss)		 675 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657
Net Income / (Loss) Continuing Operations		 675 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657
Total Pre-Tax Income 		1,060 1,151 1,259 1,300 1,368 1,437 1,434 1,825 2,048 2,218 2,176
Total Operating Income		 1,054 1,147 1,254 1,292 1,371 1,461 1,461 1,840 2,033 2,174 2,208
Total Gross Profit		 2,740 2,952 3,153 2,360 2,595 2,760 2,786 3,255 3,554 3,799 4,031
Total Revenue		 2,740 2,952 3,153 3,378 3,773 4,041 4,057 4,612 5,007 5,278 5,572
Operating Revenue		 2,740 2,952 3,153 3,378 3,773 4,041 4,057 4,612 5,007 5,278 5,572
Total Cost of Revenue		 0.00 0.00 0.00 1,018 1,178 1,281 1,271 1,356 1,453 1,479 1,540
Operating Cost of Revenue		 - - - 1,018 1,178 1,281 1,271 1,356 1,453 1,479 1,540
Total Operating Expenses		 1,686 1,805 1,899 1,068 1,223 1,299 1,325 1,415 1,521 1,625 1,824
Selling, General & Admin Expense		 1,686 1,805 1,899 1,068 1,223 1,299 1,325 1,415 1,521 1,625 1,824
Total Other Income / (Expense), net		 6.40 4.50 5.20 8.60 -3.30 -23 -27 -15 0.00 44 -32
Interest Expense		 - - - - - - - - - 37 105
Other Income / (Expense), net		 - - - - - - - - - 81 74
Income Tax Expense		 385 394 433 306 334 339 337 432 491 528 519
Basic Earnings per Share		 $1.86 $2.10 $2.30 $2.77 $2.88 $3.06 $3.05 $3.86 $4.32 $4.69 $4.60
Weighted Average Basic Shares Outstanding		 362.90M 360.70M 359.80M 359M 359.20M 358.50M 359.90M 360.60M 360.40M 360.30M 360.20M
Diluted Earnings per Share		 $1.85 $2.09 $2.28 $2.75 $2.86 $3.04 $3.03 $3.84 $4.30 $4.67 $4.58
Weighted Average Diluted Shares Outstanding		 364.60M 362.50M 362.60M 361.50M 361.80M 361M 362.10M 363.10M 362.30M 362.10M 362M
Weighted Average Basic & Diluted Shares Outstanding		 361.21M - 360M 358.90M 359.20M 358.77M 359.83M 359.91M 360.55M 360.13M 360.24M
Cash Dividends to Common per Share		 $1.52 $1.68 $1.84 $2.06 $2.30 $2.48 $2.52 $2.77 $3.26 $3.65 $4.02

Quarterly Income Statements for Paychex

This table shows Paychex's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 333 462 395 396 409 521 380 492 402 522 242
Consolidated Net Income / (Loss)		 360 467 350 419 393 499 380 427 413 519 297
Net Income / (Loss) Continuing Operations		 360 467 350 419 393 499 380 427 413 519 297
Total Pre-Tax Income 		475 617 464 549 518 659 492 557 544 686 389
Total Operating Income		 472 612 453 536 506 650 482 547 538 692 431
Total Gross Profit		 831 1,008 860 926 894 1,060 920 939 938 1,122 1,033
Total Revenue		 1,190 1,381 1,230 1,286 1,258 1,439 1,295 1,319 1,317 1,509 1,427
Operating Revenue		 1,190 1,381 1,230 1,286 1,258 1,439 1,295 1,319 1,317 1,509 1,427
Total Cost of Revenue		 359 373 370 360 364 380 375 380 379 387 394
Operating Cost of Revenue		 359 373 370 360 364 380 375 380 379 387 394
Total Operating Expenses		 359 396 407 390 388 410 438 392 400 430 602
Selling, General & Admin Expense		 359 396 407 390 388 410 438 392 400 430 602
Total Other Income / (Expense), net		 2.90 5.50 10 13 12 9.40 10 10 5.60 -6.00 -42
Income Tax Expense		 115 150 113 130 125 161 112 130 130 167 92
Basic Earnings per Share		 $1.00 $1.30 $0.97 $1.16 $1.09 $1.39 $1.05 $1.19 $1.15 $1.44 $0.82
Weighted Average Basic Shares Outstanding		 360.50M 360.50M 360.40M 360.80M 360.50M 359.90M 360.30M 360.10M 360M 360.10M 360.20M
Diluted Earnings per Share		 $0.99 $1.29 $0.97 $1.16 $1.08 $1.38 $1.05 $1.18 $1.14 $1.43 $0.83
Weighted Average Diluted Shares Outstanding		 362.30M 362.30M 362.30M 362.80M 362.10M 361.70M 362.10M 361.90M 361.70M 362M 362M
Weighted Average Basic & Diluted Shares Outstanding		 360.47M 360.51M 360.55M 361.23M 359.82M 359.96M 360.13M 359.90M 360.06M 360.19M 360.24M

Annual Cash Flow Statements for Paychex

This table details how cash moves in and out of Paychex's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Change in Cash & Equivalents		 18 -39 -185 1,851 -1,365 725 163 -895 1,207 -238 837
Net Cash From Operating Activities		 895 1,018 960 1,276 1,272 1,441 1,260 1,590 1,706 1,898 1,901
Net Cash From Continuing Operating Activities		 895 1,018 960 1,276 1,272 1,441 1,260 1,590 1,706 1,898 1,901
Net Income / (Loss) Continuing Operations		 675 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657
Consolidated Net Income / (Loss)		 675 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657
Depreciation Expense		 107 115 127 138 182 210 192 192 177 177 210
Amortization Expense		 76 76 242 240 229 227 227 231 237 225 260
Non-Cash Adjustments To Reconcile Net Income		 33 37 40 48 50 44 59 64 91 116 121
Changes in Operating Assets and Liabilities, net		 4.80 34 -275 -144 -223 -138 -316 -289 -356 -310 -347
Net Cash From Investing Activities		 -285 -63 -662 999 -1,628 772 -461 -1,505 212 -261 -3,357
Net Cash From Continuing Investing Activities		 -285 -63 -662 999 -1,628 772 -461 -1,505 212 -261 -3,357
Purchase of Property, Plant & Equipment		 -106 -107 -103 -194 -129 -137 -127 -144 -153 -192 -222
Acquisitions		 -27 -296 0.00 -180 -992 -6.10 -20 -25 -2.70 -208 -2,968
Purchase of Investments		 -33,871 -11,645 -50,462 -50,220 -35,146 -25,218 -6,090 -17,808 -14,585 -6,869 -14,303
Sale of Property, Plant & Equipment		 - - - - - - 3.80 1.20 17 0.00 0.00
Sale and/or Maturity of Investments		 33,720 11,984 49,903 51,593 34,639 26,133 5,772 16,555 14,943 7,161 14,293
Other Investing Activities, net		 - - - - - - - -84 -6.80 -154 -157
Net Cash From Financing Activities		 -593 -994 -483 -424 -1,009 -1,488 -636 -979 -711 -1,875 2,293
Net Cash From Continuing Financing Activities		 -593 -994 -483 -424 -1,009 -1,488 -636 -979 -711 -1,875 2,293
Repayment of Debt		 - - - - - - - - 0.00 0.00 -48
Repurchase of Common Equity		 -182 -108 -166 -143 -57 -172 -156 -145 0.00 -169 -105
Payment of Dividends		 -552 -607 -662 -740 -827 -889 -909 -1,000 -1,175 -1,315 -1,449
Issuance of Debt		 - - 0.00 0.00 0.00 5.10 2.30 1.30 2.00 9.00 0.00
Issuance of Common Equity		 - - - - - - - - 0.00 0.00 4,181
Other Financing Activities, net		 142 -279 346 459 -125 -432 426 164 462 -399 -287

Quarterly Cash Flow Statements for Paychex

This table details how cash moves in and out of Paychex's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Change in Cash & Equivalents		 -81 738 -228 1,749 -322 971 -2,636 -49 -189 734 341
Net Cash From Operating Activities		 355 569 417 693 311 672 222 546 295 716 344
Net Cash From Continuing Operating Activities		 355 569 417 693 311 672 222 546 295 716 344
Net Income / (Loss) Continuing Operations		 360 467 350 419 393 499 380 427 413 519 297
Consolidated Net Income / (Loss)		 360 467 350 419 393 499 380 427 413 519 297
Depreciation Expense		 44 44 44 41 45 45 46 39 42 43 86
Amortization Expense		 60 60 58 56 56 57 56 56 56 70 78
Non-Cash Adjustments To Reconcile Net Income		 19 21 32 20 20 19 56 24 21 4.00 72
Changes in Operating Assets and Liabilities, net		 -128 -24 -68 157 -203 53 -316 0.00 -237 80 -189
Net Cash From Investing Activities		 -195 -664 -152 -13 -97 -8.10 -143 -110 -193 21 -3,075
Net Cash From Continuing Investing Activities		 -195 -664 -152 -13 -97 -8.10 -143 -110 -193 21 -3,075
Purchase of Property, Plant & Equipment		 -38 -34 -45 -45 -55 -46 -46 -48 -50 -58 -66
Acquisitions		 - -4.30 1.60 -208 -0.30 - - 0.00 - - -2,968
Purchase of Investments		 -2,697 -6,088 -1,993 -1,924 -1,380 -2,704 -861 -1,030 -4,139 -3,305 -5,830
Sale and/or Maturity of Investments		 2,564 5,420 1,892 2,201 1,406 2,739 816 1,013 4,151 3,337 5,792
Other Investing Activities, net		 - 35 -8.10 -37 -68 3.00 -52 -45 -155 47 -4.00
Net Cash From Financing Activities		 -241 833 -493 1,069 -537 308 -2,715 -485 -291 -2.70 3,072
Net Cash From Continuing Financing Activities		 -241 833 -493 1,069 -537 308 -2,715 -485 -291 -2.70 3,072
Repayment of Debt		 - - - - - - - - - - -36
Payment of Dividends		 -285 -285 -321 -322 -320 -320 -353 -353 -353 -353 -389
Other Financing Activities, net		 43 1,117 -172 1,388 -48 623 -2,362 -28 62 362 -683

Annual Balance Sheets for Paychex

This table presents Paychex's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Total Assets		 6,468 6,441 6,834 7,915 8,676 8,551 9,227 9,635 10,546 10,383 16,564
Total Current Assets		 5,088 4,864 5,272 5,894 5,678 5,465 6,170 6,582 7,528 7,252 8,917
Cash & Equivalents		 170 132 185 358 674 905 995 370 1,222 1,469 1,629
Restricted Cash		 4,273 3,998 4,302 4,704 3,804 3,480 3,801 3,733 4,169 3,754 4,861
Short-Term Investments		 367 221 139 66 39 27 37 854 373 34 35
Note & Lease Receivable		 215 445 543 407 448 410 603 746 898 1,083 1,358
Accounts Receivable		 - - - 118 406 380 451 572 529 542 617
Prepaid Expenses		 51 59 58 224 234 245 249 272 290 322 378
Current Deferred & Refundable Income Taxes		 13 11 45 17 23 17 34 34 48 48 39
Plant, Property, & Equipment, net		 354 353 337 394 409 407 396 401 396 412 512
Total Noncurrent Assets		 1,025 1,224 1,225 1,628 2,590 2,679 2,662 2,652 2,622 2,720 7,136
Long-Term Investments		 400 441 454 296 10 10 7.10 5.00 3.80 3.70 0.00
Goodwill		 562 657 657 814 1,783 1,791 1,821 1,832 1,834 1,883 4,514
Intangible Assets		 32 70 58 141 399 445 276 225 249 241 2,011
Other Noncurrent Operating Assets		 32 32 31 377 398 432 558 591 535 592 611
Total Liabilities & Shareholders' Equity		 6,468 6,441 6,834 7,915 8,676 8,551 9,227 9,635 10,546 10,383 16,564
Total Liabilities		 4,682 4,529 4,878 5,559 6,057 5,769 6,279 6,550 7,053 6,582 12,436
Total Current Liabilities		 4,573 4,366 4,725 5,297 4,845 4,427 4,938 5,269 5,805 5,309 6,956
Short-Term Debt		 - - - - 0.00 5.10 7.40 8.70 10 19 418
Accounts Payable		 52 57 57 74 76 79 89 106 85 104 130
Current Deferred Revenue		 11 26 23 - - 39 38 38 47 50 69
Current Employee Benefit Liabilities		 210 248 281 298 725 644 796 909 974 797 920
Other Current Liabilities		 4,300 4,035 4,365 4,925 4,044 3,609 4,008 4,208 4,689 4,339 5,419
Total Noncurrent Liabilities		 109 163 153 262 1,212 1,342 1,341 1,281 1,248 1,273 5,480
Long-Term Debt		 - - - 0.00 796 797 797 798 798 799 4,548
Noncurrent Deferred Revenue		 45 73 46 18 27 34 26 58 83 103 119
Noncurrent Deferred & Payable Income Tax Liabilities		 1.80 22 34 154 223 241 218 166 112 86 445
Other Noncurrent Operating Liabilities		 62 68 74 89 165 271 300 260 255 286 368
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,786 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128
Total Preferred & Common Equity		 1,786 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128
Total Common Equity		 1,786 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128
Common Stock		 884 956 1,034 1,130 1,210 1,294 1,450 1,550 1,630 1,733 1,905
Retained Earnings		 894 926 902 1,263 1,410 1,431 1,446 1,670 2,023 2,213 2,277
Accumulated Other Comprehensive Income / (Loss)		 7.50 29 20 -36 0.10 57 52 -134 -160 -145 -54

Quarterly Balance Sheets for Paychex

This table presents Paychex's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Total Assets		 9,126 9,214 10,604 10,546 12,200 12,052 13,024 10,383 10,489 10,555 11,222
Total Current Assets		 6,085 6,198 7,595 7,528 9,089 8,924 9,886 7,252 7,361 7,430 8,077
Cash & Equivalents		 1,184 1,097 1,317 1,222 1,646 1,363 1,694 1,469 1,460 1,202 1,564
Restricted Cash		 3,196 3,191 4,294 4,169 5,521 5,488 6,121 3,754 3,818 3,872 4,233
Short-Term Investments		 46 166 240 373 46 34 37 34 38 38 37
Note & Lease Receivable		 897 897 827 898 1,039 1,106 1,111 1,083 1,149 1,281 1,267
Accounts Receivable		 476 495 588 529 535 544 591 542 554 599 598
Prepaid Expenses		 286 287 292 290 302 304 313 322 342 346 359
Current Deferred & Refundable Income Taxes		 0.00 67 37 48 0.00 84 21 48 0.00 92 18
Plant, Property, & Equipment, net		 398 393 385 396 405 418 419 412 417 432 451
Total Noncurrent Assets		 2,642 2,623 2,623 2,622 2,707 2,711 2,718 2,720 2,710 2,693 2,693
Long-Term Investments		 3.90 3.90 3.80 3.80 1.60 1.60 1.60 3.70 0.00 0.00 0.00
Goodwill		 1,825 1,830 1,834 1,834 1,881 1,882 1,882 1,883 1,885 1,880 1,878
Intangible Assets		 287 275 264 249 259 260 264 241 237 226 224
Other Noncurrent Operating Assets		 526 515 522 535 565 567 571 592 588 587 592
Total Liabilities & Shareholders' Equity		 9,126 9,214 10,604 10,546 12,200 12,052 13,024 10,383 10,489 10,555 11,222
Total Liabilities		 5,989 6,009 7,203 7,053 8,612 8,528 9,277 6,582 6,639 6,629 7,105
Total Current Liabilities		 4,702 4,754 5,958 5,805 7,344 7,254 8,001 5,309 5,344 5,329 5,800
Short-Term Debt		 10 10 10 10 14 14 19 19 19 18 18
Accounts Payable		 85 87 123 85 95 92 94 104 81 89 119
Current Deferred Revenue		 41 45 44 47 51 55 52 50 50 51 52
Current Deferred & Payable Income Tax Liabilities		 40 0.00 0.00 - 61 - - 0.00 74 0.00 0.00
Current Employee Benefit Liabilities		 854 916 943 974 887 970 1,077 797 798 817 905
Other Current Liabilities		 3,673 3,697 4,839 4,689 6,236 6,123 6,759 4,339 4,322 4,354 4,707
Total Noncurrent Liabilities		 1,286 1,255 1,244 1,248 1,269 1,273 1,276 1,273 1,295 1,300 1,305
Long-Term Debt		 798 798 798 798 798 798 799 799 799 799 799
Noncurrent Deferred Revenue		 62 66 70 83 88 93 99 103 109 113 118
Noncurrent Deferred & Payable Income Tax Liabilities		 157 130 117 112 101 103 95 86 95 95 93
Other Noncurrent Operating Liabilities		 270 262 260 255 281 279 283 286 292 292 295
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,137 3,205 3,401 3,493 3,588 3,524 3,747 3,801 3,850 3,926 4,117
Total Preferred & Common Equity		 3,137 3,205 3,401 3,493 3,588 3,524 3,747 3,801 3,850 3,926 4,117
Total Common Equity		 3,137 3,205 3,401 3,493 3,588 3,524 3,747 3,801 3,850 3,926 4,117
Common Stock		 1,573 1,592 1,612 1,630 1,670 1,682 1,706 1,733 1,765 1,793 1,818
Retained Earnings		 1,736 1,811 1,994 2,023 2,101 2,009 2,186 2,213 2,165 2,225 2,388
Accumulated Other Comprehensive Income / (Loss)		 -171 -198 -204 -160 -183 -167 -145 -145 -80 -92 -90

Annual Metrics And Ratios for Paychex

This table displays calculated financial ratios and metrics derived from Paychex's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.76% 7.75% 6.81% 7.13% 11.69% 7.10% 0.40% 13.68% 8.57% 5.42% 5.56%
EBITDA Growth		 6.77% 8.17% 21.33% 2.89% 6.73% 6.46% -0.91% 20.37% 8.14% 5.24% 3.55%
EBIT Growth		 7.21% 8.83% 9.36% 3.00% 6.18% 6.50% 0.01% 25.97% 10.49% 6.94% 1.15%
NOPAT Growth		 7.49% 12.38% 9.16% 20.01% 5.00% 7.63% 0.16% 25.66% 10.06% 7.19% 1.48%
Net Income Growth		 7.55% 12.14% 9.18% 20.31% 4.05% 6.16% -0.05% 26.91% 11.81% 8.55% -1.96%
EPS Growth		 8.19% 12.97% 9.09% 20.61% 4.00% 6.29% -0.33% 26.73% 11.98% 8.60% -1.93%
Operating Cash Flow Growth		 1.62% 13.74% -5.68% 32.90% -0.38% 13.32% -12.53% 26.14% 7.33% 11.22% 0.17%
Free Cash Flow Firm Growth		 -8.94% -71.69% 412.07% -12.89% -198.80% 191.92% 61.65% 1.59% 39.93% -57.10% -283.83%
Invested Capital Growth		 -1.96% 15.92% -8.51% 1.83% 63.78% 24.41% -29.54% 1.57% -36.96% 56.20% 500.26%
Revenue Q/Q Growth		 1.98% 2.13% 1.49% 1.36% 3.70% -1.59% 2.89% 2.56% 1.73% 1.26% 2.43%
EBITDA Q/Q Growth		 1.96% 2.01% 14.99% -7.69% 1.63% -0.91% 2.71% 1.96% 2.27% 1.08% 3.20%
EBIT Q/Q Growth		 2.26% 2.20% 3.03% -0.85% 0.91% -1.01% 3.85% 2.23% 3.00% 1.33% 1.01%
NOPAT Q/Q Growth		 2.27% 2.49% 3.14% 1.29% 1.73% -0.59% 3.93% 2.28% 2.81% 1.82% -2.51%
Net Income Q/Q Growth		 2.32% 2.28% 3.27% 1.37% 1.24% -0.88% 4.01% 2.46% 3.59% 1.78% -4.75%
EPS Q/Q Growth		 2.78% 1.95% 3.17% 1.85% 1.06% -0.98% 3.77% 2.67% 3.61% 1.74% -4.58%
Operating Cash Flow Q/Q Growth		 3.15% 2.48% -3.60% 8.17% -2.96% 10.72% 0.12% 2.03% -0.23% -9.35% 6.86%
Free Cash Flow Firm Q/Q Growth		 -9.27% 141.91% 21.96% 2,871.57% -186.95% 2,847.89% 43.88% -8.34% 27.50% -74.53% -131.17%
Invested Capital Q/Q Growth		 19.39% 20.00% 15.03% -14.94% 58.95% 47.92% 26.80% 34.17% 10.89% 80.47% 385.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 69.86% 68.78% 68.30% 68.67% 70.59% 70.98% 71.97% 72.35%
EBITDA Margin		 45.13% 45.31% 51.47% 49.43% 47.24% 46.95% 46.34% 49.07% 48.87% 48.79% 49.37%
Operating Margin		 38.46% 38.84% 39.77% 38.24% 36.35% 36.15% 36.01% 39.90% 40.60% 41.19% 39.62%
EBIT Margin		 38.46% 38.84% 39.77% 38.24% 36.35% 36.15% 36.01% 39.90% 40.60% 41.19% 40.94%
Profit (Net Income) Margin		 24.64% 25.64% 26.21% 29.43% 27.42% 27.18% 27.05% 30.20% 31.10% 32.03% 29.75%
Tax Burden Percent		 63.67% 65.75% 65.63% 76.46% 75.61% 76.41% 76.52% 76.33% 76.03% 76.21% 76.17%
Interest Burden Percent		 100.61% 100.39% 100.41% 100.67% 99.76% 98.40% 98.19% 99.16% 100.74% 102.02% 95.38%
Effective Tax Rate		 36.33% 34.25% 34.37% 23.54% 24.39% 23.59% 23.48% 23.67% 23.97% 23.79% 23.83%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 174.40%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 175.21%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -132.60%
Return on Equity (ROE)		 37.89% 40.94% 42.74% 46.11% 41.57% 40.66% 38.31% 46.17% 47.35% 46.35% 41.80%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -59.57%
Operating Return on Assets (OROA)		 16.41% 17.77% 18.89% 17.51% 16.53% 16.96% 16.43% 19.51% 20.15% 20.78% 16.93%
Return on Assets (ROA)		 10.51% 11.73% 12.45% 13.48% 12.47% 12.75% 12.35% 14.77% 15.43% 16.15% 12.30%
Return on Common Equity (ROCE)		 37.89% 40.94% 42.74% 46.11% 41.57% 40.66% 38.31% 46.17% 47.35% 46.35% 41.80%
Return on Equity Simple (ROE_SIMPLE)		 37.80% 39.59% 42.26% 42.18% 39.49% 39.48% 37.23% 45.14% 44.58% 44.47% 40.15%
Net Operating Profit after Tax (NOPAT)		 671 754 823 988 1,037 1,116 1,118 1,405 1,546 1,657 1,682
NOPAT Margin		 24.49% 25.54% 26.10% 29.24% 27.49% 27.62% 27.55% 30.46% 30.87% 31.39% 30.18%
Net Nonoperating Expense Percent (NNEP)		 0.08% 0.06% 0.07% 0.13% -0.05% -0.49% -0.53% -0.29% 0.25% 0.71% -0.81%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 18.49%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 30.14% 31.22% 31.70% 31.34% 29.41% 29.02% 28.03% 27.65%
SG&A Expenses to Revenue		 61.54% 61.16% 60.23% 31.62% 32.43% 32.15% 32.66% 30.69% 30.38% 30.78% 32.73%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 61.54% 61.16% 60.23% 31.62% 32.43% 32.15% 32.66% 30.69% 30.38% 30.78% 32.73%
Earnings before Interest and Taxes (EBIT)		 1,054 1,147 1,254 1,292 1,371 1,461 1,461 1,840 2,033 2,174 2,281
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,236 1,337 1,623 1,670 1,782 1,897 1,880 2,263 2,447 2,575 2,751
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.58 7.97 8.77 8.32 10.12 8.27 11.30 13.56 10.42 11.29 13.78
Price to Tangible Book Value (P/TBV)		 11.36 12.86 13.82 13.99 60.53 42.21 39.12 40.65 25.81 25.59 0.00
Price to Revenue (P/Rev)		 4.94 5.16 5.44 5.81 7.02 5.69 8.21 9.07 7.27 8.13 10.21
Price to Earnings (P/E)		 20.49 19.58 20.75 19.72 24.75 19.92 30.48 34.66 23.77 25.16 34.32
Dividend Yield		 4.08% 3.97% 3.86% 3.77% 3.12% 3.87% 2.73% 2.39% 3.23% 3.06% 2.55%
Earnings Yield		 4.88% 5.11% 4.82% 5.07% 4.04% 5.02% 3.28% 2.89% 4.21% 3.97% 2.91%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.52
Enterprise Value to Revenue (EV/Rev)		 3.04 3.54 3.83 4.20 6.04 4.80 7.22 8.17 6.28 7.29 9.93
Enterprise Value to EBITDA (EV/EBITDA)		 6.74 7.82 7.43 8.50 12.78 10.22 15.57 16.65 12.85 14.94 20.11
Enterprise Value to EBIT (EV/EBIT)		 7.91 9.12 9.62 10.98 16.60 13.27 20.04 20.48 15.47 17.69 24.25
Enterprise Value to NOPAT (EV/NOPAT)		 12.42 13.87 14.66 14.36 21.96 17.37 26.19 26.83 20.34 23.22 32.90
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.31 10.27 12.56 11.11 17.91 13.45 23.23 23.70 18.43 20.27 29.10
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.31 50.13 11.30 15.25 0.00 22.94 21.43 27.16 16.20 46.18 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.30 0.29 0.27 0.26 0.23 0.22 1.20
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.30 0.29 0.27 0.26 0.23 0.21 1.10
Financial Leverage		 -2.90 -2.70 -2.55 -2.44 -1.84 -1.36 -1.34 -1.36 -1.39 -1.29 -0.76
Leverage Ratio		 3.60 3.49 3.43 3.42 3.33 3.19 3.10 3.13 3.07 2.87 3.40
Compound Leverage Factor		 3.63 3.51 3.45 3.44 3.33 3.14 3.05 3.10 3.09 2.93 3.24
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 23.31% 22.38% 21.44% 20.72% 18.79% 17.70% 54.61%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.14% 0.20% 0.22% 0.24% 0.40% 4.60%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 23.31% 22.24% 21.25% 20.50% 18.56% 17.29% 50.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 76.69% 77.62% 78.56% 79.28% 81.21% 82.30% 45.39%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.45 0.42 0.43 0.36 0.33 0.32 1.81
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 -2.09 -1.91 -2.15 -1.84 -2.03 -1.73 -0.57
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.45 0.42 0.42 0.35 0.33 0.31 1.65
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.77 0.72 0.72 0.57 0.52 0.49 2.95
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 -3.60 -3.24 -3.61 -2.96 -3.21 -2.68 -0.93
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.77 0.71 0.71 0.57 0.52 0.48 2.70
Altman Z-Score		 2.99 3.36 3.46 3.40 3.92 3.81 4.52 5.35 4.67 5.63 3.87
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.11 1.11 1.12 1.11 1.17 1.23 1.25 1.25 1.30 1.37 1.28
Quick Ratio		 0.16 0.18 0.18 0.18 0.32 0.39 0.42 0.48 0.52 0.59 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 737 209 1,068 930 -919 845 1,366 1,387 1,942 833 -1,531
Operating Cash Flow to CapEx		 843.73% 954.26% 933.33% 658.62% 984.90% 1,053.29% 1,022.14% 1,110.13% 1,248.13% 990.97% 857.81%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -14.53
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.04
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.93
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.46 0.48 0.46 0.45 0.47 0.46 0.49 0.50 0.50 0.41
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 14.40 10.28 9.76 9.02 9.10 9.86 9.61
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.87 8.35 9.14 9.25 9.41 9.90 10.10 11.57 12.56 13.07 12.07
Accounts Payable Turnover		 0.00 0.00 0.00 15.56 15.75 16.49 15.10 13.93 15.26 15.65 13.16
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 25.35 35.52 37.38 40.48 40.11 37.03 37.96
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 23.46 23.18 22.13 24.18 26.20 23.91 23.32 27.74
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 -23.46 2.17 13.39 13.20 14.29 16.20 13.71 10.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -3,424 -2,879 -3,124 -3,067 -1,111 -840 -1,088 -1,071 -1,466 -642 2,571
Invested Capital Turnover		 -0.81 -0.94 -1.05 -1.09 -1.81 -4.14 -4.21 -4.27 -3.95 -5.01 5.78
Increase / (Decrease) in Invested Capital		 -66 545 -245 57 1,956 271 -248 17 -396 824 3,213
Enterprise Value (EV)		 8,332 10,454 12,064 14,185 22,769 19,381 29,274 37,681 31,447 38,466 55,320
Market Capitalization		 13,542 15,245 17,143 19,609 26,499 23,002 33,309 41,837 36,406 42,909 56,878
Book Value per Share		 $4.92 $5.31 $5.44 $6.56 $7.29 $7.75 $8.18 $8.55 $9.69 $10.56 $11.46
Tangible Book Value per Share		 $3.28 $3.29 $3.45 $3.90 $1.22 $1.52 $2.36 $2.85 $3.91 $4.66 ($6.66)
Total Capital		 1,786 1,912 1,955 2,357 3,416 3,583 3,753 3,892 4,302 4,618 9,095
Total Debt		 0.00 0.00 0.00 0.00 796 802 805 806 808 817 4,967
Total Long-Term Debt		 0.00 0.00 0.00 0.00 796 797 797 798 798 799 4,548
Net Debt		 -5,210 -4,791 -5,079 -5,424 -3,730 -3,621 -4,036 -4,156 -4,959 -4,443 -1,558
Capital Expenditures (CapEx)		 106 107 103 194 129 137 123 143 137 192 222
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4,295 -3,852 -4,078 -4,531 -3,684 -3,370 -3,595 -3,636 -4,031 -3,296 -4,146
Debt-free Net Working Capital (DFNWC)		 515 498 547 597 833 1,043 1,239 1,321 1,733 1,961 2,379
Net Working Capital (NWC)		 515 498 547 597 833 1,038 1,231 1,312 1,723 1,942 1,960
Net Nonoperating Expense (NNE)		 -4.07 -2.96 -3.41 -6.58 2.50 18 20 12 -11 -33 24
Net Nonoperating Obligations (NNO)		 -5,210 -4,791 -5,079 -5,424 -3,730 -3,621 -4,036 -4,156 -4,959 -4,443 -1,558
Total Depreciation and Amortization (D&A)		 183 191 369 378 411 437 419 423 414 401 469
Debt-free, Cash-free Net Working Capital to Revenue		 -156.77% -130.49% -129.35% -134.15% -97.65% -83.40% -88.60% -78.84% -80.51% -62.44% -74.41%
Debt-free Net Working Capital to Revenue		 18.81% 16.86% 17.35% 17.67% 22.07% 25.81% 30.53% 28.65% 34.61% 37.15% 42.69%
Net Working Capital to Revenue		 18.81% 16.86% 17.35% 17.67% 22.07% 25.68% 30.35% 28.46% 34.41% 36.80% 35.18%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $2.88 $3.06 $3.05 $3.86 $4.32 $4.69 $4.60
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 359.20M 358.50M 359.90M 360.60M 360.40M 360.30M 360.20M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $2.86 $3.04 $3.03 $3.84 $4.30 $4.67 $4.58
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 361.80M 361M 362.10M 363.10M 362.30M 362.10M 362M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $2.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 359.35M 358.77M 359.83M 359.91M 360.55M 360.13M 360.24M
Normalized Net Operating Profit after Tax (NOPAT)		 671 754 823 988 1,037 1,116 1,118 1,405 1,546 1,657 1,682
Normalized NOPAT Margin		 24.49% 25.54% 26.10% 29.24% 27.49% 27.62% 27.55% 30.46% 30.87% 31.39% 30.18%
Pre Tax Income Margin		 38.69% 39.00% 39.93% 38.49% 36.26% 35.57% 35.35% 39.56% 40.91% 42.02% 39.05%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.64
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.95
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19.54
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.85
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 81.76% 80.14% 80.15% 74.41% 79.93% 80.99% 82.80% 71.77% 75.45% 77.81% 87.40%
Augmented Payout Ratio		 108.79% 94.40% 100.27% 88.80% 85.43% 96.65% 96.98% 82.19% 75.45% 87.82% 93.71%

Quarterly Metrics And Ratios for Paychex

This table displays calculated financial ratios and metrics derived from Paychex's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.38% 8.23% 7.45% 6.62% 5.68% 4.22% 5.33% 2.53% 4.69% 4.84% 10.21%
EBITDA Growth		 5.49% 7.02% 10.81% 5.80% 5.41% 4.86% 4.97% 1.28% 4.66% 7.16% 1.99%
EBIT Growth		 7.27% 8.72% 15.05% 8.21% 7.18% 6.19% 6.29% 1.94% 6.30% 6.46% -10.52%
NOPAT Growth		 7.17% 5.93% 14.07% 7.19% 7.18% 6.10% 8.63% 2.44% 6.60% 6.58% -11.57%
Net Income Growth		 8.49% 8.52% 18.22% 10.55% 8.99% 6.68% 8.42% 1.96% 5.27% 4.15% -21.77%
EPS Growth		 8.79% 8.40% 18.29% 10.48% 9.09% 6.98% 8.25% 1.72% 5.56% 3.62% -20.95%
Operating Cash Flow Growth		 109.31% -7.15% -0.95% 90.23% -12.41% 18.03% -46.89% -21.20% -5.24% 6.60% 55.07%
Free Cash Flow Firm Growth		 -130.51% -16.51% 160.65% 1,133.89% 1,238.46% 342.34% -161.20% -163.76% -171.12% -187.31% -538.21%
Invested Capital Growth		 56.55% -1.18% -36.96% -481.02% -475.43% -99.82% 56.20% 76.97% 85.51% 72.60% 500.26%
Revenue Q/Q Growth		 -1.32% 16.02% -10.96% 4.59% -2.19% 14.42% -10.02% 1.81% -0.12% 14.59% -5.41%
EBITDA Q/Q Growth		 -3.73% 24.29% -22.41% 13.94% -4.07% 23.64% -22.33% 9.94% -0.87% 26.60% -26.08%
EBIT Q/Q Growth		 -4.70% 29.56% -25.92% 18.31% -5.61% 28.37% -25.85% 13.47% -1.57% 28.56% -37.68%
NOPAT Q/Q Growth		 -6.25% 29.36% -26.04% 19.50% -6.25% 28.05% -24.28% 12.69% -2.45% 28.03% -37.17%
Net Income Q/Q Growth		 -4.98% 29.73% -25.03% 19.63% -6.32% 26.97% -23.81% 12.50% -3.28% 25.62% -42.77%
EPS Q/Q Growth		 -5.71% 30.30% -24.81% 19.59% -6.90% 27.78% -23.91% 12.38% -3.39% 25.44% -41.96%
Operating Cash Flow Q/Q Growth		 -2.44% 60.13% -26.66% 66.03% -55.08% 92.74% -66.99% 146.32% -45.98% 142.71% -51.98%
Free Cash Flow Firm Q/Q Growth		 17.41% 320.49% 53.04% 270.98% -9.06% -14.33% -121.17% -286.52% -1.45% -5.17% -54.76%
Invested Capital Q/Q Growth		 8.49% -271.25% 10.89% -91.92% 9.37% -28.92% 80.47% -0.92% 42.99% -143.79% 385.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 69.81% 73.00% 69.93% 71.99% 71.05% 73.61% 71.03% 71.18% 71.21% 74.33% 72.40%
EBITDA Margin		 48.42% 51.87% 45.20% 49.25% 48.29% 52.19% 45.05% 48.65% 48.28% 53.34% 41.69%
Operating Margin		 39.68% 44.31% 36.87% 41.70% 40.24% 45.15% 37.20% 41.46% 40.86% 45.84% 30.20%
EBIT Margin		 39.68% 44.31% 36.87% 41.70% 40.24% 45.15% 37.20% 41.46% 40.86% 45.84% 30.20%
Profit (Net Income) Margin		 30.27% 33.85% 28.50% 32.60% 31.22% 34.64% 29.33% 32.42% 31.39% 34.41% 20.82%
Tax Burden Percent		 75.82% 75.70% 75.58% 76.34% 75.83% 75.64% 77.25% 76.72% 76.03% 75.72% 76.34%
Interest Burden Percent		 100.61% 100.90% 102.27% 102.39% 102.31% 101.45% 102.08% 101.90% 101.04% 99.13% 90.30%
Effective Tax Rate		 24.18% 24.30% 24.42% 23.66% 24.17% 24.36% 22.75% 23.28% 23.97% 24.28% 23.66%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 133.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 134.31%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -101.65%
Return on Equity (ROE)		 46.37% 44.96% 47.35% 47.50% 48.43% 46.47% 46.35% 45.67% 46.16% 44.25% 31.60%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -59.57%
Operating Return on Assets (OROA)		 20.22% 20.88% 18.29% 19.89% 19.51% 19.92% 18.76% 19.41% 19.41% 20.57% 12.49%
Return on Assets (ROA)		 15.43% 15.95% 14.14% 15.55% 15.13% 15.29% 14.80% 15.17% 14.91% 15.44% 8.61%
Return on Common Equity (ROCE)		 46.37% 44.96% 47.35% 47.50% 48.43% 46.47% 46.35% 45.67% 46.16% 44.25% 31.60%
Return on Equity Simple (ROE_SIMPLE)		 45.76% 44.20% 0.00% 44.52% 46.24% 44.32% 0.00% 44.11% 43.80% 42.27% 0.00%
Net Operating Profit after Tax (NOPAT)		 358 463 343 409 384 491 372 419 409 524 329
NOPAT Margin		 30.09% 33.54% 27.86% 31.84% 30.51% 34.15% 28.74% 31.81% 31.07% 34.71% 23.06%
Net Nonoperating Expense Percent (NNEP)		 0.06% 0.08% 0.17% 0.20% 0.18% 0.12% 0.16% 0.15% 0.08% -0.08% -1.06%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 8.85% - - - 8.63% 10.62% 3.62%
Cost of Revenue to Revenue		 30.19% 27.00% 30.07% 28.01% 28.95% 26.39% 28.97% 28.82% 28.79% 25.67% 27.60%
SG&A Expenses to Revenue		 30.14% 28.69% 33.06% 30.29% 30.81% 28.47% 33.83% 29.72% 30.35% 28.48% 42.20%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 30.14% 28.69% 33.06% 30.29% 30.81% 28.47% 33.83% 29.72% 30.35% 28.48% 42.20%
Earnings before Interest and Taxes (EBIT)		 472 612 453 536 506 650 482 547 538 692 431
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 576 716 556 633 608 751 583 641 636 805 595
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 13.22 11.17 10.42 11.91 12.13 11.59 11.29 12.27 13.41 13.27 13.78
Price to Tangible Book Value (P/TBV)		 38.50 29.13 25.81 29.52 30.95 27.12 25.59 27.34 28.93 27.10 0.00
Price to Revenue (P/Rev)		 8.80 7.72 7.27 8.40 8.30 8.33 8.13 8.90 9.80 10.04 10.21
Price to Earnings (P/E)		 33.51 28.22 23.77 26.94 25.75 25.24 25.16 26.23 29.33 30.41 34.32
Dividend Yield		 2.58% 3.00% 3.23% 2.84% 2.92% 2.95% 3.06% 2.85% 2.62% 2.58% 2.55%
Earnings Yield		 2.98% 3.54% 4.21% 3.71% 3.88% 3.96% 3.97% 3.81% 3.41% 3.29% 2.91%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.52
Enterprise Value to Revenue (EV/Rev)		 8.04 6.69 6.28 7.14 7.12 6.98 7.29 8.05 9.00 9.12 9.93
Enterprise Value to EBITDA (EV/EBITDA)		 16.51 13.76 12.85 14.63 14.60 14.28 14.94 16.55 18.51 18.61 20.11
Enterprise Value to EBIT (EV/EBIT)		 20.12 16.69 15.47 17.51 17.40 16.96 17.69 19.57 21.81 21.96 24.25
Enterprise Value to NOPAT (EV/NOPAT)		 26.21 21.90 20.34 23.08 22.94 22.36 23.22 25.65 28.57 28.75 32.90
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.08 19.26 18.43 17.85 18.43 17.38 20.27 24.42 27.87 27.88 29.10
Enterprise Value to Free Cash Flow (EV/FCFF)		 43.00 21.63 16.20 9.31 9.90 11.13 46.18 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.25 0.24 0.23 0.23 0.23 0.22 0.22 0.21 0.21 0.20 1.20
Long-Term Debt to Equity		 0.25 0.23 0.23 0.22 0.23 0.21 0.21 0.21 0.20 0.19 1.10
Financial Leverage		 -1.23 -1.49 -1.39 -1.49 -1.44 -1.69 -1.29 -1.47 -1.39 -1.53 -0.76
Leverage Ratio		 2.99 3.12 3.07 3.17 3.16 3.31 2.87 3.05 3.03 3.08 3.40
Compound Leverage Factor		 3.01 3.15 3.14 3.25 3.23 3.35 2.93 3.11 3.07 3.06 3.07
Debt to Total Capital		 20.13% 19.20% 18.79% 18.46% 18.73% 17.91% 17.70% 17.52% 17.23% 16.55% 54.61%
Short-Term Debt to Total Capital		 0.25% 0.24% 0.24% 0.31% 0.31% 0.41% 0.40% 0.40% 0.38% 0.36% 4.60%
Long-Term Debt to Total Capital		 19.88% 18.96% 18.56% 18.14% 18.41% 17.49% 17.29% 17.11% 16.84% 16.20% 50.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 79.87% 80.80% 81.21% 81.54% 81.27% 82.09% 82.30% 82.49% 82.77% 83.45% 45.39%
Debt to EBITDA		 0.34 0.34 0.33 0.33 0.32 0.32 0.32 0.32 0.31 0.31 1.81
Net Debt to EBITDA		 -1.56 -2.11 -2.03 -2.58 -2.42 -2.76 -1.73 -1.74 -1.64 -1.88 -0.57
Long-Term Debt to EBITDA		 0.34 0.33 0.33 0.32 0.32 0.31 0.31 0.31 0.31 0.30 1.65
Debt to NOPAT		 0.55 0.54 0.52 0.52 0.51 0.50 0.49 0.49 0.48 0.47 2.95
Net Debt to NOPAT		 -2.47 -3.36 -3.21 -4.07 -3.80 -4.32 -2.68 -2.70 -2.54 -2.91 -0.93
Long-Term Debt to NOPAT		 0.54 0.53 0.52 0.51 0.50 0.49 0.48 0.48 0.47 0.46 2.70
Altman Z-Score		 5.39 4.27 4.18 3.95 3.97 3.78 5.10 5.47 5.98 5.84 3.50
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.30 1.27 1.30 1.24 1.23 1.24 1.37 1.38 1.39 1.39 1.28
Quick Ratio		 0.56 0.50 0.52 0.44 0.42 0.43 0.59 0.60 0.59 0.60 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -219 482 738 2,739 2,491 2,134 -452 -1,746 -1,772 -1,863 -2,884
Operating Cash Flow to CapEx		 1,242.66% 2,100.00% 931.70% 1,533.19% 569.10% 1,460.22% 486.18% 1,132.99% 595.96% 1,236.61% 520.91%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.51 0.47 0.50 0.48 0.48 0.44 0.50 0.47 0.48 0.45 0.41
Accounts Receivable Turnover		 9.38 9.36 9.10 10.06 9.92 8.84 9.86 9.75 9.39 9.15 9.61
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 12.17 12.55 12.56 12.68 12.72 12.97 13.07 12.92 12.64 12.50 12.07
Accounts Payable Turnover		 16.48 12.34 15.26 16.25 16.39 13.62 15.65 17.02 16.68 14.31 13.16
Days Sales Outstanding (DSO)		 38.90 38.99 40.11 36.30 36.79 41.27 37.03 37.43 38.86 39.88 37.96
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 22.14 29.58 23.91 22.47 22.27 26.81 23.32 21.45 21.88 25.51 27.74
Cash Conversion Cycle (CCC)		 16.75 9.42 16.20 13.83 14.53 14.47 13.71 15.98 16.98 14.37 10.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -443 -1,645 -1,466 -2,814 -2,550 -3,288 -642 -648 -370 -901 2,571
Invested Capital Turnover		 -6.58 -3.01 -3.95 -3.08 -3.44 -2.11 -5.01 -3.07 -3.68 -2.60 5.78
Increase / (Decrease) in Invested Capital		 577 -19 -396 -2,330 -2,107 -1,643 824 2,166 2,181 2,387 3,213
Enterprise Value (EV)		 38,729 32,935 31,447 36,318 36,683 36,381 38,466 42,750 48,347 49,593 55,320
Market Capitalization		 42,377 37,982 36,406 42,720 42,758 43,416 42,909 47,249 52,642 54,611 56,878
Book Value per Share		 $8.89 $9.44 $9.69 $9.95 $9.76 $10.41 $10.56 $10.69 $10.91 $11.43 $11.46
Tangible Book Value per Share		 $3.05 $3.62 $3.91 $4.01 $3.83 $4.45 $4.66 $4.80 $5.06 $5.60 ($6.66)
Total Capital		 4,013 4,209 4,302 4,400 4,336 4,564 4,618 4,668 4,743 4,933 9,095
Total Debt		 808 808 808 812 812 817 817 818 817 817 4,967
Total Long-Term Debt		 798 798 798 798 798 799 799 799 799 799 4,548
Net Debt		 -3,649 -5,047 -4,959 -6,402 -6,075 -7,035 -4,443 -4,499 -4,295 -5,017 -1,558
Capital Expenditures (CapEx)		 29 27 45 45 55 46 46 48 50 58 66
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,998 -4,204 -4,031 -5,453 -5,202 -5,946 -3,296 -3,280 -2,994 -3,539 -4,146
Debt-free Net Working Capital (DFNWC)		 1,454 1,647 1,733 1,759 1,683 1,904 1,961 2,036 2,119 2,295 2,379
Net Working Capital (NWC)		 1,444 1,637 1,723 1,745 1,669 1,886 1,942 2,018 2,100 2,277 1,960
Net Nonoperating Expense (NNE)		 -2.20 -4.16 -7.78 -9.77 -8.87 -7.11 -7.72 -7.98 -4.26 4.54 32
Net Nonoperating Obligations (NNO)		 -3,649 -5,047 -4,959 -6,402 -6,075 -7,035 -4,443 -4,499 -4,295 -5,017 -1,558
Total Depreciation and Amortization (D&A)		 104 104 103 97 101 101 102 95 98 113 164
Debt-free, Cash-free Net Working Capital to Revenue		 -62.24% -85.41% -80.51% -107.20% -100.93% -114.07% -62.44% -61.76% -55.75% -65.06% -74.41%
Debt-free Net Working Capital to Revenue		 30.19% 33.47% 34.61% 34.57% 32.65% 36.53% 37.15% 38.34% 39.45% 42.19% 42.69%
Net Working Capital to Revenue		 29.98% 33.26% 34.41% 34.30% 32.39% 36.17% 36.80% 37.99% 39.12% 41.87% 35.18%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.00 $1.30 $0.97 $1.16 $1.09 $1.39 $1.05 $1.19 $1.15 $1.44 $0.82
Adjusted Weighted Average Basic Shares Outstanding		 360.50M 360.50M 360.40M 360.80M 360.50M 359.90M 360.30M 360.10M 360M 360.10M 360.20M
Adjusted Diluted Earnings per Share		 $0.99 $1.29 $0.97 $1.16 $1.08 $1.38 $1.05 $1.18 $1.14 $1.43 $0.83
Adjusted Weighted Average Diluted Shares Outstanding		 362.30M 362.30M 362.30M 362.80M 362.10M 361.70M 362.10M 361.90M 361.70M 362M 362M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 360.47M 360.51M 360.55M 361.23M 359.82M 359.96M 360.13M 359.90M 360.06M 360.19M 360.24M
Normalized Net Operating Profit after Tax (NOPAT)		 358 463 343 409 384 491 372 419 409 524 329
Normalized NOPAT Margin		 30.09% 33.54% 27.86% 31.84% 30.51% 34.15% 28.74% 31.81% 31.07% 34.71% 23.06%
Pre Tax Income Margin		 39.92% 44.71% 37.70% 42.70% 41.17% 45.80% 37.97% 42.25% 41.29% 45.45% 27.28%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 74.49% 75.75% 75.45% 75.90% 76.57% 77.27% 77.81% 79.29% 80.23% 81.15% 87.40%
Augmented Payout Ratio		 84.39% 85.41% 75.45% 75.90% 86.95% 87.46% 87.82% 95.37% 86.31% 87.16% 93.71%

Key Financial Trends

Paychex Inc. (NASDAQ: PAYX) has demonstrated steady financial performance over the past four years, with notable developments in revenue growth, profitability, cash flows, and balance sheet strength.

Positive trends identified:

  • Operating revenue increased from approximately $1.15 billion in Q4 2022 to about $1.43 billion in Q4 2025, reflecting consistent top-line growth over the period.
  • Net income attributable to common shareholders rose significantly from $209.5 million in Q4 2022 to $241.7 million in Q4 2025, indicating improved profitability.
  • Diluted earnings per share increased from $0.82 in Q4 2022 to $0.83 in Q4 2025, showing modest growth in shareholder value despite share count stability.
  • Cash and equivalents grew steadily, with fluctuations, from $370 million in Q4 2022 to $1.56 billion in Q3 2025, bolstering liquidity.
  • Total equity increased from $3.09 billion in Q4 2022 to over $4.11 billion in Q3 2025, indicating a strengthening capital base.
  • Paychex consistently generated positive net cash from operating activities, demonstrating strong cash-generating ability, reaching $343.8 million in Q4 2025 and higher in prior quarters.
  • The dividend per share increased over time, reaching $0.98 per quarter consistently in 2024–2025 from $0.79 in early 2022, supporting shareholder returns.

Neutral observations:

  • Operating costs of revenue and selling, general & administrative expenses increased in absolute terms but remained in proportion to revenue growth.
  • Investments in property, plant & equipment remained stable around $40–$60 million per quarter, consistent with maintaining operational capacity.
  • Restricted cash fluctuated notably, ranging between $3.7 billion and $6.1 billion over the years, which may relate to specific operational or regulatory requirements but does not currently indicate financial strain.

Potential concerns or negative trends:

  • Significant acquisitions and investments outflows were observed, e.g., purchase of investments and acquisitions totaling several billion dollars in late 2024 and 2025, resulting in large negative cash flows from investing activities (-$3.1 billion in Q4 2025), which could pressure liquidity if not well managed.
  • Net cash flow from financing activities showed large positive inflows recently but was negative in earlier periods; this variability might reflect debt issuance or repayments and stock repurchases, requiring monitoring for financial leverage and capital allocation efficiency.
  • While net income grew overall, it experienced volatility quarter to quarter, with Q4 2025 showing a drop in net income compared to prior quarters in 2025, signaling possible margin pressure or one-time items to watch.

Summary: Paychex has generally maintained solid revenue growth, profitability, and cash flow generation through 2022 to 2025, while increasing dividends and sustaining a strong equity base. The major cash outflows due to acquisitions and investments suggest a strategic expansion phase, which carries some financial risk if returns on these investments do not materialize as expected. Investors should watch for stabilization of net income margins and the impact of financing activities on leverage and liquidity going forward.

08/13/25 01:14 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Paychex's Financials

When does Paychex's financial year end?

According to the most recent income statement we have on file, Paychex's fiscal year ends in May. Their fiscal year 2025 ended on May 31, 2025.

How has Paychex's net income changed over the last 10 years?

Paychex's net income appears to be on an upward trend, with a most recent value of $1.66 billion in 2025, rising from $674.90 million in 2015. The previous period was $1.69 billion in 2024. Find out what analysts predict for Paychex in the coming months.

What is Paychex's operating income?
Paychex's total operating income in 2025 was $2.21 billion, based on the following breakdown:
  • Total Gross Profit: $4.03 billion
  • Total Operating Expenses: $1.82 billion
How has Paychex's revenue changed over the last 10 years?

Over the last 10 years, Paychex's total revenue changed from $2.74 billion in 2015 to $5.57 billion in 2025, a change of 103.4%.

How much debt does Paychex have?

Paychex's total liabilities were at $12.44 billion at the end of 2025, a 88.9% increase from 2024, and a 165.6% increase since 2015.

How much cash does Paychex have?

In the past 10 years, Paychex's cash and equivalents has ranged from $131.50 million in 2016 to $1.63 billion in 2025, and is currently $1.63 billion as of their latest financial filing in 2025.

How has Paychex's book value per share changed over the last 10 years?

Over the last 10 years, Paychex's book value per share changed from 4.92 in 2015 to 11.46 in 2025, a change of 133.1%.


Related Companies

This page (NASDAQ:PAYX) was last updated on 8/13/2025 by MarketBeat.com Staff
From Our Partners
Trump’s national nightmare is here
Porter Stansberry and Jeff Brown say a new U.S. national emergency is already underway — and it could trigger ...
Porter & Company | Sponsored
The Robotics Revolution has arrived … and one $7 stock could take off as a result.
Something big is brewing in Washington. According to my research, an executive order from President Trump c...
Weiss Ratings | Sponsored
Man Who Called Nvidia at $1.10 Says Buy This Now...
In 2004, one man called Nvidia before just about anyone knew it existed. Now, this same guy says a new comp...
The Oxford Club | Sponsored
Trump set to Boost Social Security Checks by 400%?
If you're collecting or planning to collect social security... You should see this presentation about Presi...
InvestorPlace | Sponsored
Elon’s Secret Social Security Bombshell
To All Americans Born Before April 16th, 1963: Did Trump Just Give The Green Light To Radically RE-DO Social S...
Banyan Hill Publishing | Sponsored
INVESTOR ALERT: Tiny “$3 AI Wonder Stock” on the Verge of Blasting Off
Right now, we’re witnessing a monumental shift in the world.
Traders Agency | Sponsored
GENIUS Act: Cancel Your Money?
A new law called the GENIUS Act could quietly trigger the most radical shift in American finance in decades. B...
Priority Gold | Sponsored
The End of Elon Musk…?
The End of Elon Musk? Don't make him laugh. Jeff Brown has been hearing this same tired story for years, an...
Brownstone Research | Sponsored