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Paychex (PAYX) Financials

Paychex logo
$98.94 0.00 (0.00%)
Closing price 10/2/2026 04:00 PM Eastern
Extended Trading
$99.07 +0.13 (+0.14%)
As of 10/2/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 779 826 994 1,071 1,155 1,093 1,207 1,531 1,705 1,749 1,764
Consolidated Net Income / (Loss)		 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657 1,760
Net Income / (Loss) Continuing Operations		 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657 1,760
Total Pre-Tax Income 		1,151 1,259 1,300 1,368 1,437 1,434 1,825 2,048 2,218 2,176 2,311
Total Operating Income		 1,147 1,254 1,292 1,371 1,461 1,461 1,840 2,033 2,174 2,208 2,511
Total Gross Profit		 2,952 3,153 2,360 2,595 2,760 2,786 3,255 3,554 3,799 4,031 4,838
Total Revenue		 2,952 3,153 3,378 3,773 4,041 4,057 4,612 5,007 5,278 5,572 6,512
Operating Revenue		 2,952 3,153 3,378 3,773 4,041 4,057 4,612 5,007 5,278 5,572 6,512
Total Cost of Revenue		 0.00 0.00 1,018 1,178 1,281 1,271 1,356 1,453 1,479 1,540 1,675
Operating Cost of Revenue		 - - 1,018 1,178 1,281 1,271 1,356 1,453 1,479 1,540 1,675
Total Operating Expenses		 1,805 1,899 1,068 1,223 1,299 1,325 1,415 1,521 1,625 1,824 2,327
Selling, General & Admin Expense		 1,805 1,899 1,068 1,223 1,299 1,325 1,415 1,521 1,625 1,824 2,327
Total Other Income / (Expense), net		 4.50 5.20 8.60 -3.30 -23 -27 -15 0.00 44 -32 -200
Interest Expense		 - - - - - - - - 37 105 270
Other Income / (Expense), net		 - - - - - - - - 81 74 70
Income Tax Expense		 394 433 306 334 339 337 432 491 528 519 551
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 -22 - - -36 -56 4.70 186 26 -15 -91 -3.80
Basic Earnings per Share		 $2.10 $2.30 $2.77 $2.88 $3.06 $3.05 $3.86 $4.32 $4.69 $4.60 $4.90
Weighted Average Basic Shares Outstanding		 360.70M 359.80M 359M 359.20M 358.50M 359.90M 360.60M 360.40M 360.30M 360.20M 358.90M
Diluted Earnings per Share		 $2.09 $2.28 $2.75 $2.86 $3.04 $3.03 $3.84 $4.30 $4.67 $4.58 $4.89
Weighted Average Diluted Shares Outstanding		 362.50M 362.60M 361.50M 361.80M 361M 362.10M 363.10M 362.30M 362.10M 362M 360M
Weighted Average Basic & Diluted Shares Outstanding		 - 360M 358.90M 359.20M 358.77M 359.83M 359.91M 360.55M 360.13M 360.24M 355.68M

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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026 8/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 521 380 492 402 522 242 413 403 575 373 398
Consolidated Net Income / (Loss)		 499 380 427 413 519 297 384 395 560 421 430
Net Income / (Loss) Continuing Operations		 499 380 427 413 519 297 384 395 560 421 430
Total Pre-Tax Income 		659 492 557 544 686 389 498 520 739 554 565
Total Operating Income		 650 482 547 538 692 431 542 572 792 605 619
Total Gross Profit		 1,060 920 939 938 1,122 1,033 1,126 1,145 1,378 1,188 1,200
Total Revenue		 1,439 1,295 1,319 1,317 1,509 1,427 1,540 1,558 1,809 1,606 1,631
Operating Revenue		 1,439 1,295 1,319 1,317 1,509 1,427 1,540 1,558 1,809 1,606 1,631
Total Cost of Revenue		 380 375 380 379 387 394 414 412 431 417 430
Operating Cost of Revenue		 380 375 380 379 387 394 414 412 431 417 430
Total Operating Expenses		 410 438 392 400 430 602 584 574 586 584 581
Selling, General & Admin Expense		 410 438 392 400 430 602 584 574 586 584 581
Total Other Income / (Expense), net		 9.40 10 10 5.60 -6.00 -42 -44 -52 -53 -51 -54
Interest Expense		 - - 9.60 9.50 23 - 68 69 68 65 65
Other Income / (Expense), net		 - - 20 15 17 - 24 17 15 14 11
Income Tax Expense		 161 112 130 130 167 92 114 125 179 134 135
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 -22 -0.10 -65 12 -2.30 - -29 -7.40 -15 47 31
Basic Earnings per Share		 $1.39 $1.05 $1.19 $1.15 $1.44 $0.82 $1.07 $1.10 $1.56 $1.17 $1.21
Weighted Average Basic Shares Outstanding		 359.90M 360.30M 360.10M 360M 360.10M 360.20M 360.10M 359.40M 358.70M 358.90M 355.80M
Diluted Earnings per Share		 $1.38 $1.05 $1.18 $1.14 $1.43 $0.83 $1.06 $1.10 $1.56 $1.17 $1.21
Weighted Average Diluted Shares Outstanding		 361.70M 362.10M 361.90M 361.70M 362M 362M 361.90M 360.40M 359.50M 360M 356.60M
Weighted Average Basic & Diluted Shares Outstanding		 359.96M 360.13M 359.90M 360.06M 360.19M 360.24M 359.89M 358.97M 358.29M 355.68M 355.98M

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Net Change in Cash & Equivalents		 -39 -185 1,851 -1,365 725 163 -895 1,207 -238 837 -1,250
Net Cash From Operating Activities		 1,018 960 1,276 1,272 1,441 1,260 1,590 1,706 1,898 1,901 2,557
Net Cash From Continuing Operating Activities		 1,018 960 1,276 1,272 1,441 1,260 1,590 1,706 1,898 1,901 2,557
Net Income / (Loss) Continuing Operations		 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657 1,760
Consolidated Net Income / (Loss)		 757 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657 1,760
Depreciation Expense		 115 127 138 182 210 192 192 177 177 210 443
Amortization Expense		 76 242 240 229 227 227 231 237 225 260 242
Non-Cash Adjustments To Reconcile Net Income		 37 40 48 50 44 59 64 91 116 121 133
Changes in Operating Assets and Liabilities, net		 34 -275 -144 -223 -138 -316 -289 -356 -310 -347 -20
Net Cash From Investing Activities		 -63 -662 999 -1,628 772 -461 -1,505 212 -261 -3,357 -1,152
Net Cash From Continuing Investing Activities		 -63 -662 999 -1,628 772 -461 -1,505 212 -261 -3,357 -1,152
Purchase of Property, Plant & Equipment		 -107 -103 -194 -129 -137 -127 -144 -153 -192 -222 -277
Acquisitions		 -296 0.00 -180 -992 -6.10 -20 -25 -2.70 -208 -2,968 -0.40
Purchase of Investments		 -11,645 -50,462 -50,220 -35,146 -25,218 -6,090 -17,808 -14,585 -6,869 -14,303 -12,226
Sale and/or Maturity of Investments		 11,984 49,903 51,593 34,639 26,133 5,772 16,555 14,943 7,161 14,293 11,518
Other Investing Activities, net		 - - - - - - -84 -6.80 -154 -157 -166
Net Cash From Financing Activities		 -994 -483 -424 -1,009 -1,488 -636 -979 -711 -1,875 2,293 -2,654
Net Cash From Continuing Financing Activities		 -994 -483 -424 -1,009 -1,488 -636 -979 -711 -1,875 2,293 -2,654
Repayment of Debt		 - - - - - - - 0.00 0.00 -48 -400
Repurchase of Common Equity		 -108 -166 -143 -57 -172 -156 -145 0.00 -169 -105 -611
Payment of Dividends		 -607 -662 -740 -827 -889 -909 -1,000 -1,175 -1,315 -1,449 -1,590
Issuance of Debt		 - 0.00 0.00 0.00 5.10 2.30 1.30 2.00 9.00 4,181 -19
Other Financing Activities, net		 -279 346 459 -125 -432 426 164 462 -399 -287 -34

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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026 8/31/2026
Net Change in Cash & Equivalents		 971 -2,636 -49 -189 734 341 -1,100 239 1,049 -1,438 -829
Net Cash From Operating Activities		 672 222 546 295 716 344 718 445 813 581 414
Net Cash From Continuing Operating Activities		 672 222 546 295 716 344 718 445 813 581 414
Net Income / (Loss) Continuing Operations		 499 380 427 413 519 297 384 395 560 421 430
Consolidated Net Income / (Loss)		 499 380 427 413 519 297 384 395 560 421 430
Depreciation Expense		 45 46 39 42 43 86 109 109 111 113 110
Amortization Expense		 57 56 56 56 70 78 58 59 61 63 64
Non-Cash Adjustments To Reconcile Net Income		 19 56 24 21 4.00 72 35 23 40 36 28
Changes in Operating Assets and Liabilities, net		 53 -316 0.00 -237 80 -189 133 -142 40 -51 -218
Net Cash From Investing Activities		 -8.10 -143 -110 -193 21 -3,075 -1,303 376 1.40 -227 -336
Net Cash From Continuing Investing Activities		 -8.10 -143 -110 -193 21 -3,075 -1,303 376 1.40 -227 -336
Purchase of Property, Plant & Equipment		 -46 -46 -48 -50 -58 -66 -71 -67 -57 -83 -63
Acquisitions		 - - 0.00 - - -2,968 -0.20 -0.10 -0.10 - -18
Purchase of Investments		 -2,704 -861 -1,030 -4,139 -3,305 -5,830 -3,732 -2,796 -4,172 -1,527 -5,072
Sale of Property, Plant & Equipment		 - - 0.00 - - - 0.00 - - - 0.00
Sale and/or Maturity of Investments		 2,739 816 1,013 4,151 3,337 5,792 2,547 3,257 4,250 1,464 4,881
Other Investing Activities, net		 3.00 -52 -45 -155 47 -4.00 -47 -18 -20 -81 -63
Net Cash From Financing Activities		 308 -2,715 -485 -291 -2.70 3,072 -515 -582 235 -1,791 -907
Net Cash From Continuing Financing Activities		 308 -2,715 -485 -291 -2.70 3,072 -515 -582 235 -1,791 -907
Repayment of Debt		 - - 0.00 - - -36 0.00 - - -400 0.00
Repurchase of Common Equity		 - - -104 -0.50 - - -160 -127 -75 -249 0.00
Payment of Dividends		 -320 -353 -353 -353 -353 -389 -389 -388 -388 -425 -424
Issuance of Debt		 5.20 - 0.00 - - - 0.00 - -19 - 0.00
Other Financing Activities, net		 623 -2,362 -28 62 362 -683 34 -68 717 -717 -483

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Total Assets		 6,441 6,834 7,915 8,676 8,551 9,227 9,635 10,546 10,383 16,564 16,175
Total Current Assets		 4,864 5,272 5,894 5,678 5,465 6,170 6,582 7,528 7,252 8,917 8,613
Cash & Equivalents		 132 185 358 674 905 995 370 1,222 1,469 1,629 1,088
Restricted Cash		 3,998 4,302 4,704 3,804 3,480 3,801 3,733 4,169 3,754 4,861 4,885
Short-Term Investments		 221 139 66 39 27 37 854 373 34 - 36
Note & Lease Receivable		 445 543 407 448 410 603 746 898 1,083 1,358 1,544
Accounts Receivable		 - - 118 406 380 451 572 529 542 617 664
Prepaid Expenses		 59 58 224 234 245 249 272 290 322 378 385
Current Deferred & Refundable Income Taxes		 11 45 17 23 17 34 34 48 48 39 11
Plant, Property, & Equipment, net		 353 337 394 409 407 396 401 396 412 512 589
Total Noncurrent Assets		 1,224 1,225 1,628 2,590 2,679 2,662 2,652 2,622 2,720 7,171 6,972
Goodwill		 657 657 814 1,783 1,791 1,821 1,832 1,834 1,883 4,514 4,527
Intangible Assets		 70 58 141 399 445 276 225 249 241 1,947 1,748
Other Noncurrent Operating Assets		 32 31 377 398 432 558 591 535 592 675 697
Total Liabilities & Shareholders' Equity		 6,441 6,834 7,915 8,676 8,551 9,227 9,635 10,546 10,383 16,564 16,175
Total Liabilities		 4,529 4,878 5,559 6,057 5,769 6,279 6,550 7,053 6,582 12,436 12,439
Total Current Liabilities		 4,366 4,725 5,297 4,845 4,427 4,938 5,269 5,805 5,309 6,956 6,841
Accounts Payable		 57 57 74 76 79 89 106 85 104 130 155
Current Deferred Revenue		 26 23 - - 39 38 38 47 50 69 69
Current Deferred & Payable Income Tax Liabilities		 - - - 0.00 51 - - - - 0.00 88
Current Employee Benefit Liabilities		 248 281 298 725 644 796 909 974 797 920 1,007
Other Current Liabilities		 4,035 4,365 4,925 4,044 3,609 4,008 4,208 4,689 4,339 5,419 5,522
Total Noncurrent Liabilities		 163 153 262 1,212 1,342 1,341 1,281 1,248 1,273 5,480 5,599
Long-Term Debt		 - - 0.00 796 797 797 798 798 799 4,548 4,556
Noncurrent Deferred Revenue		 73 46 18 27 34 26 58 83 103 119 141
Noncurrent Deferred & Payable Income Tax Liabilities		 22 34 154 223 241 218 166 112 86 445 543
Other Noncurrent Operating Liabilities		 68 74 89 165 271 300 260 255 286 368 359
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		 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128 3,735
Total Preferred & Common Equity		 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128 3,735
Total Common Equity		 1,912 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128 3,735
Common Stock		 956 1,034 1,130 1,210 1,294 1,450 1,550 1,630 1,733 1,905 1,979
Retained Earnings		 926 902 1,263 1,410 1,431 1,446 1,670 2,023 2,213 2,277 1,806
Accumulated Other Comprehensive Income / (Loss)		 29 20 -36 0.10 57 52 -134 -160 -145 -54 -50

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026 Q1 2027
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 8/31/2025 11/30/2025 2/28/2026 8/31/2026
Total Assets		 12,200 12,052 13,024 10,383 10,489 10,555 11,222 16,663 16,519 17,511 15,661
Total Current Assets		 9,089 8,924 9,886 7,252 7,361 7,430 8,077 9,040 8,909 9,928 8,094
Cash & Equivalents		 1,646 1,363 1,694 1,469 1,460 1,202 1,564 809 1,486 1,743 601
Restricted Cash		 5,521 5,488 6,121 3,754 3,818 3,872 4,233 4,978 4,926 5,661 4,403
Short-Term Investments		 46 34 37 34 38 38 37 862 38 38 333
Note & Lease Receivable		 1,039 1,106 1,111 1,083 1,149 1,281 1,267 1,393 1,391 1,472 1,655
Accounts Receivable		 535 544 591 542 554 599 598 609 640 599 680
Prepaid Expenses		 302 304 313 322 342 346 359 379 373 378 409
Current Deferred & Refundable Income Taxes		 0.00 84 21 48 0.00 92 18 9.20 57 38 12
Plant, Property, & Equipment, net		 405 418 419 412 417 432 451 525 551 569 615
Total Noncurrent Assets		 2,707 2,711 2,718 2,720 2,710 2,693 2,693 7,098 7,058 7,014 6,953
Goodwill		 1,881 1,882 1,882 1,883 1,885 1,880 1,878 4,524 4,527 4,527 4,534
Intangible Assets		 259 260 264 241 237 226 224 1,951 1,892 1,818 1,702
Other Noncurrent Operating Assets		 565 567 571 592 588 587 592 623 639 670 716
Total Liabilities & Shareholders' Equity		 12,200 12,052 13,024 10,383 10,489 10,555 11,222 16,663 16,519 17,511 15,661
Total Liabilities		 8,612 8,528 9,277 6,582 6,639 6,629 7,105 12,692 12,639 13,498 11,955
Total Current Liabilities		 7,344 7,254 8,001 5,309 5,344 5,329 5,800 7,129 7,041 7,879 6,340
Accounts Payable		 95 92 94 104 81 89 119 121 138 132 141
Current Deferred Revenue		 51 55 52 50 50 51 52 69 71 70 71
Current Deferred & Payable Income Tax Liabilities		 61 - - 0.00 74 0.00 0.00 0.00 44 63 81
Current Employee Benefit Liabilities		 887 970 1,077 797 798 817 905 931 954 1,001 957
Other Current Liabilities		 6,236 6,123 6,759 4,339 4,322 4,354 4,707 5,590 5,416 6,213 5,090
Total Noncurrent Liabilities		 1,269 1,273 1,276 1,273 1,295 1,300 1,305 5,564 5,598 5,619 5,615
Long-Term Debt		 798 798 799 799 799 799 799 4,550 4,552 4,554 4,558
Noncurrent Deferred Revenue		 88 93 99 103 109 113 118 125 131 137 146
Noncurrent Deferred & Payable Income Tax Liabilities		 101 103 95 86 95 95 93 518 532 554 538
Other Noncurrent Operating Liabilities		 281 279 283 286 292 292 295 371 383 375 374
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		 3,588 3,524 3,747 3,801 3,850 3,926 4,117 3,971 3,880 4,014 3,706
Total Preferred & Common Equity		 3,588 3,524 3,747 3,801 3,850 3,926 4,117 3,971 3,880 4,014 3,706
Total Common Equity		 3,588 3,524 3,747 3,801 3,850 3,926 4,117 3,971 3,880 4,014 3,706
Common Stock		 1,670 1,682 1,706 1,733 1,765 1,793 1,818 1,925 1,948 1,969 1,998
Retained Earnings		 2,101 2,009 2,186 2,213 2,165 2,225 2,388 2,070 1,950 2,047 1,788
Accumulated Other Comprehensive Income / (Loss)		 -183 -167 -145 -145 -80 -92 -90 -25 -18 -2.70 -81

Annual Metrics And Ratios for Paychex

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 358,290,881.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 358,290,881.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.92
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.75% 6.81% 7.13% 11.69% 7.10% 0.40% 13.68% 8.57% 5.42% 5.56% 16.88%
EBITDA Growth		 8.17% 21.33% 2.89% 6.73% 6.46% -0.91% 20.37% 8.14% 5.24% 3.55% 18.68%
EBIT Growth		 8.83% 9.36% 3.00% 6.18% 6.50% 0.01% 25.97% 10.49% 6.94% 1.15% 13.11%
NOPAT Growth		 12.38% 9.16% 20.01% 5.00% 7.63% 0.16% 25.66% 10.06% 7.19% 1.48% 13.71%
Net Income Growth		 12.14% 9.18% 20.31% 4.05% 6.16% -0.05% 26.91% 11.81% 8.55% -1.96% 6.20%
EPS Growth		 12.97% 9.09% 20.61% 4.00% 6.29% -0.33% 26.73% 11.98% 8.60% -1.93% 6.77%
Operating Cash Flow Growth		 13.74% -5.68% 32.90% -0.38% 13.32% -12.53% 26.14% 7.33% 11.22% 0.17% 34.50%
Free Cash Flow Firm Growth		 -71.69% 412.07% -12.89% -198.80% 191.92% 61.65% 1.59% 39.93% -57.10% -283.83% 243.74%
Invested Capital Growth		 15.92% -8.51% 1.83% 63.78% 24.41% -29.54% 1.57% -36.96% 56.20% 500.26% -11.24%
Revenue Q/Q Growth		 2.13% 1.49% 1.36% 3.70% -1.59% 2.89% 2.56% 1.73% 1.26% 2.43% 2.81%
EBITDA Q/Q Growth		 2.01% 14.99% -7.69% 1.63% -0.91% 2.71% 1.96% 2.27% 1.08% 3.20% 5.76%
EBIT Q/Q Growth		 2.20% 3.03% -0.85% 0.91% -1.01% 3.85% 2.23% 3.00% 1.33% 1.01% 6.87%
NOPAT Q/Q Growth		 2.49% 3.14% 1.29% 1.73% -0.59% 3.93% 2.28% 2.81% 1.82% -2.51% 7.28%
Net Income Q/Q Growth		 2.28% 3.27% 1.37% 1.24% -0.88% 4.01% 2.46% 3.59% 1.78% -4.75% 7.54%
EPS Q/Q Growth		 1.95% 3.17% 1.85% 1.06% -0.98% 3.77% 2.67% 3.61% 1.74% -4.58% 7.47%
Operating Cash Flow Q/Q Growth		 2.48% -3.60% 8.17% -2.96% 10.72% 0.12% 2.03% -0.23% -9.35% 6.86% 10.22%
Free Cash Flow Firm Q/Q Growth		 141.91% 21.96% 2,871.57% -186.95% 2,847.89% 43.88% -8.34% 27.50% -74.53% -131.17% 441.28%
Invested Capital Q/Q Growth		 20.00% 15.03% -14.94% 58.95% 47.92% 26.80% 34.17% 10.89% 80.47% 385.36% 49.48%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 69.86% 68.78% 68.30% 68.67% 70.59% 70.98% 71.97% 72.35% 74.29%
EBITDA Margin		 45.31% 51.47% 49.43% 47.24% 46.95% 46.34% 49.07% 48.87% 48.79% 49.37% 50.13%
Operating Margin		 38.84% 39.77% 38.24% 36.35% 36.15% 36.01% 39.90% 40.60% 41.19% 39.62% 38.55%
EBIT Margin		 38.84% 39.77% 38.24% 36.35% 36.15% 36.01% 39.90% 40.60% 41.19% 40.94% 39.63%
Profit (Net Income) Margin		 25.64% 26.21% 29.43% 27.42% 27.18% 27.05% 30.20% 31.10% 32.03% 29.75% 27.03%
Tax Burden Percent		 65.75% 65.63% 76.46% 75.61% 76.41% 76.52% 76.33% 76.03% 76.21% 76.17% 76.17%
Interest Burden Percent		 100.39% 100.41% 100.67% 99.76% 98.40% 98.19% 99.16% 100.74% 102.02% 95.38% 89.56%
Effective Tax Rate		 34.25% 34.37% 23.54% 24.39% 23.59% 23.48% 23.67% 23.97% 23.79% 23.83% 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% 174.40% 78.81%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 175.21% 88.91%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -132.60% -34.05%
Return on Equity (ROE)		 40.94% 42.74% 46.11% 41.57% 40.66% 38.31% 46.17% 47.35% 46.35% 41.80% 44.77%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -59.57% 90.72%
Operating Return on Assets (OROA)		 17.77% 18.89% 17.51% 16.53% 16.96% 16.43% 19.51% 20.15% 20.78% 16.93% 15.76%
Return on Assets (ROA)		 11.73% 12.45% 13.48% 12.47% 12.75% 12.35% 14.77% 15.43% 16.15% 12.30% 10.75%
Return on Common Equity (ROCE)		 40.94% 42.74% 46.11% 41.57% 40.66% 38.31% 46.17% 47.35% 46.35% 41.80% 44.77%
Return on Equity Simple (ROE_SIMPLE)		 39.59% 42.26% 42.18% 39.49% 39.48% 37.23% 45.14% 44.58% 44.47% 40.15% 0.00%
Net Operating Profit after Tax (NOPAT)		 754 823 988 1,037 1,116 1,118 1,405 1,546 1,657 1,682 1,912
NOPAT Margin		 25.54% 26.10% 29.24% 27.49% 27.62% 27.55% 30.46% 30.87% 31.39% 30.18% 29.36%
Net Nonoperating Expense Percent (NNEP)		 0.06% 0.07% 0.13% -0.05% -0.49% -0.53% -0.29% 0.25% 0.71% -0.81% -10.10%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 18.49% 23.06%
Cost of Revenue to Revenue		 0.00% 0.00% 30.14% 31.22% 31.70% 31.34% 29.41% 29.02% 28.03% 27.65% 25.71%
SG&A Expenses to Revenue		 61.16% 60.23% 31.62% 32.43% 32.15% 32.66% 30.69% 30.38% 30.78% 32.73% 35.73%
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		 61.16% 60.23% 31.62% 32.43% 32.15% 32.66% 30.69% 30.38% 30.78% 32.73% 35.73%
Earnings before Interest and Taxes (EBIT)		 1,147 1,254 1,292 1,371 1,461 1,461 1,840 2,033 2,174 2,281 2,580
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,337 1,623 1,670 1,782 1,897 1,880 2,263 2,447 2,575 2,751 3,265
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.97 8.77 8.32 10.12 8.27 11.30 13.56 10.42 11.29 13.78 9.30
Price to Tangible Book Value (P/TBV)		 12.86 13.82 13.99 60.53 42.21 39.12 40.65 25.81 25.59 0.00 0.00
Price to Revenue (P/Rev)		 5.16 5.44 5.81 7.02 5.69 8.21 9.07 7.27 8.13 10.21 5.34
Price to Earnings (P/E)		 19.58 20.75 19.72 24.75 19.92 30.48 34.66 23.77 25.16 34.32 19.70
Dividend Yield		 3.97% 3.86% 3.77% 3.12% 3.87% 2.73% 2.39% 3.23% 3.06% 2.55% 4.57%
Earnings Yield		 5.11% 4.82% 5.07% 4.04% 5.02% 3.28% 2.89% 4.21% 3.97% 2.91% 5.08%
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 21.52 14.59
Enterprise Value to Revenue (EV/Rev)		 3.54 3.83 4.20 6.04 4.80 7.22 8.17 6.28 7.29 9.93 5.11
Enterprise Value to EBITDA (EV/EBITDA)		 7.82 7.43 8.50 12.78 10.22 15.57 16.65 12.85 14.94 20.11 10.20
Enterprise Value to EBIT (EV/EBIT)		 9.12 9.62 10.98 16.60 13.27 20.04 20.48 15.47 17.69 24.25 12.90
Enterprise Value to NOPAT (EV/NOPAT)		 13.87 14.66 14.36 21.96 17.37 26.19 26.83 20.34 23.22 32.90 17.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.27 12.56 11.11 17.91 13.45 23.23 23.70 18.43 20.27 29.10 13.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 50.13 11.30 15.25 0.00 22.94 21.43 27.16 16.20 46.18 0.00 15.13
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.30 0.29 0.27 0.26 0.23 0.22 1.20 1.22
Long-Term Debt to Equity		 0.00 0.00 0.00 0.30 0.29 0.27 0.26 0.23 0.21 1.10 1.22
Financial Leverage		 -2.70 -2.55 -2.44 -1.84 -1.36 -1.34 -1.36 -1.39 -1.29 -0.76 -0.38
Leverage Ratio		 3.49 3.43 3.42 3.33 3.19 3.10 3.13 3.07 2.87 3.40 4.16
Compound Leverage Factor		 3.51 3.45 3.44 3.33 3.14 3.05 3.10 3.09 2.93 3.24 3.73
Debt to Total Capital		 0.00% 0.00% 0.00% 23.31% 22.38% 21.44% 20.72% 18.79% 17.70% 54.61% 54.95%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.14% 0.20% 0.22% 0.24% 0.40% 4.60% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 23.31% 22.24% 21.25% 20.50% 18.56% 17.29% 50.01% 54.95%
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% 76.69% 77.62% 78.56% 79.28% 81.21% 82.30% 45.39% 45.05%
Debt to EBITDA		 0.00 0.00 0.00 0.45 0.42 0.43 0.36 0.33 0.32 1.81 1.40
Net Debt to EBITDA		 0.00 0.00 0.00 -2.09 -1.91 -2.15 -1.84 -2.03 -1.73 -0.57 -0.45
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.45 0.42 0.42 0.35 0.33 0.31 1.65 1.40
Debt to NOPAT		 0.00 0.00 0.00 0.77 0.72 0.72 0.57 0.52 0.49 2.95 2.38
Net Debt to NOPAT		 0.00 0.00 0.00 -3.60 -3.24 -3.61 -2.96 -3.21 -2.68 -0.93 -0.76
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.77 0.71 0.71 0.57 0.52 0.48 2.70 2.38
Altman Z-Score		 3.36 3.46 3.40 3.92 3.81 4.52 5.35 4.67 5.63 3.87 2.89
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 1.12 1.11 1.17 1.23 1.25 1.25 1.30 1.37 1.28 1.26
Quick Ratio		 0.18 0.18 0.18 0.32 0.39 0.42 0.48 0.52 0.59 0.52 0.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 209 1,068 930 -919 845 1,366 1,387 1,942 833 -1,531 2,201
Operating Cash Flow to CapEx		 954.26% 933.33% 658.62% 984.90% 1,053.29% 1,022.14% 1,110.13% 1,248.13% 990.97% 857.81% 922.00%
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 -14.53 8.17
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.04 9.49
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 15.93 8.46
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.46 0.48 0.46 0.45 0.47 0.46 0.49 0.50 0.50 0.41 0.40
Accounts Receivable Turnover		 0.00 0.00 0.00 14.40 10.28 9.76 9.02 9.10 9.86 9.61 10.17
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		 8.35 9.14 9.25 9.41 9.90 10.10 11.57 12.56 13.07 12.07 11.84
Accounts Payable Turnover		 0.00 0.00 15.56 15.75 16.49 15.10 13.93 15.26 15.65 13.16 11.77
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 25.35 35.52 37.38 40.48 40.11 37.03 37.96 35.89
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 23.46 23.18 22.13 24.18 26.20 23.91 23.32 27.74 31.02
Cash Conversion Cycle (CCC)		 0.00 0.00 -23.46 2.17 13.39 13.20 14.29 16.20 13.71 10.23 4.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -2,879 -3,124 -3,067 -1,111 -840 -1,088 -1,071 -1,466 -642 2,571 2,282
Invested Capital Turnover		 -0.94 -1.05 -1.09 -1.81 -4.14 -4.21 -4.27 -3.95 -5.01 5.78 2.68
Increase / (Decrease) in Invested Capital		 545 -245 57 1,956 271 -248 17 -396 824 3,213 -289
Enterprise Value (EV)		 10,454 12,064 14,185 22,769 19,381 29,274 37,681 31,447 38,466 55,320 33,294
Market Capitalization		 15,245 17,143 19,609 26,499 23,002 33,309 41,837 36,406 42,909 56,878 34,747
Book Value per Share		 $5.31 $5.44 $6.56 $7.29 $7.75 $8.18 $8.55 $9.69 $10.56 $11.46 $10.42
Tangible Book Value per Share		 $3.29 $3.45 $3.90 $1.22 $1.52 $2.36 $2.85 $3.91 $4.66 ($6.66) ($7.09)
Total Capital		 1,912 1,955 2,357 3,416 3,583 3,753 3,892 4,302 4,618 9,095 8,291
Total Debt		 0.00 0.00 0.00 796 802 805 806 808 817 4,967 4,556
Total Long-Term Debt		 0.00 0.00 0.00 796 797 797 798 798 799 4,548 4,556
Net Debt		 -4,791 -5,079 -5,424 -3,730 -3,621 -4,036 -4,156 -4,959 -4,443 -1,558 -1,453
Capital Expenditures (CapEx)		 107 103 194 129 137 123 143 137 192 222 277
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3,852 -4,078 -4,531 -3,684 -3,370 -3,595 -3,636 -4,031 -3,296 -4,146 -4,237
Debt-free Net Working Capital (DFNWC)		 498 547 597 833 1,043 1,239 1,321 1,733 1,961 2,379 1,773
Net Working Capital (NWC)		 498 547 597 833 1,038 1,231 1,312 1,723 1,942 1,960 1,773
Net Nonoperating Expense (NNE)		 -2.96 -3.41 -6.58 2.50 18 20 12 -11 -33 24 152
Net Nonoperating Obligations (NNO)		 -4,791 -5,079 -5,424 -3,730 -3,621 -4,036 -4,156 -4,959 -4,443 -1,558 -1,453
Total Depreciation and Amortization (D&A)		 191 369 378 411 437 419 423 414 401 469 684
Debt-free, Cash-free Net Working Capital to Revenue		 -130.49% -129.35% -134.15% -97.65% -83.40% -88.60% -78.84% -80.51% -62.44% -74.41% -65.06%
Debt-free Net Working Capital to Revenue		 16.86% 17.35% 17.67% 22.07% 25.81% 30.53% 28.65% 34.61% 37.15% 42.69% 27.22%
Net Working Capital to Revenue		 16.86% 17.35% 17.67% 22.07% 25.68% 30.35% 28.46% 34.41% 36.80% 35.18% 27.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $2.88 $3.06 $3.05 $3.86 $4.32 $4.69 $4.60 $4.90
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 359.20M 358.50M 359.90M 360.60M 360.40M 360.30M 360.20M 358.90M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.86 $3.04 $3.03 $3.84 $4.30 $4.67 $4.58 $4.89
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 361.80M 361M 362.10M 363.10M 362.30M 362.10M 362M 360M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 359.35M 358.77M 359.83M 359.91M 360.55M 360.13M 360.24M 355.68M
Normalized Net Operating Profit after Tax (NOPAT)		 754 823 988 1,037 1,116 1,118 1,405 1,546 1,657 1,682 1,912
Normalized NOPAT Margin		 25.54% 26.10% 29.24% 27.49% 27.62% 27.55% 30.46% 30.87% 31.39% 30.18% 29.36%
Pre Tax Income Margin		 39.00% 39.93% 38.49% 36.26% 35.57% 35.35% 39.56% 40.91% 42.02% 39.05% 35.49%
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 21.64 9.57
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.95 7.10
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19.54 8.55
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.85 6.07
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 80.14% 80.15% 74.41% 79.93% 80.99% 82.80% 71.77% 75.45% 77.81% 87.40% 90.31%
Augmented Payout Ratio		 94.40% 100.27% 88.80% 85.43% 96.65% 96.98% 82.19% 75.45% 87.82% 93.71% 125.03%

Quarterly Metrics And Ratios for Paychex

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

Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026 8/31/2026
DEI Shares Outstanding		 - - - - - - - - 358,290,881.00 358,290,881.00 355,980,473.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 358,290,881.00 358,290,881.00 355,980,473.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 1.61 1.04 1.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.22% 5.33% 2.53% 4.69% 4.84% 10.21% 16.80% 18.28% - 12.49% 5.88%
EBITDA Growth		 4.86% 4.97% 1.28% 4.66% 7.16% 1.99% 10.87% 16.33% - 28.84% 9.60%
EBIT Growth		 6.19% 6.29% 1.94% 6.30% 6.46% -10.52% -0.18% 6.42% - 36.62% 11.38%
NOPAT Growth		 6.10% 8.63% 2.44% 6.60% 6.58% -11.57% -0.33% 6.25% - 39.44% 12.65%
Net Income Growth		 6.68% 8.42% 1.96% 5.27% 4.15% -21.77% -10.20% -4.35% - 41.52% 11.96%
EPS Growth		 6.98% 8.25% 1.72% 5.56% 3.62% -20.95% -10.17% -3.51% - 40.96% 14.15%
Operating Cash Flow Growth		 18.03% -46.89% -21.20% -5.24% 6.60% 55.07% 31.55% 50.81% - 68.96% -42.44%
Free Cash Flow Firm Growth		 342.34% -161.20% -163.76% -171.12% -187.31% -538.21% -44.34% -31.83% - 125.93% 93.48%
Invested Capital Growth		 -99.82% 56.20% 76.97% 85.51% 72.60% 500.26% 453.43% 749.74% - -11.24% 27.74%
Revenue Q/Q Growth		 14.42% -10.02% 1.81% -0.12% 14.59% -5.41% 7.90% 1.14% - -11.24% 1.56%
EBITDA Q/Q Growth		 23.64% -22.33% 9.94% -0.87% 26.60% -26.08% 23.24% 3.26% - -18.84% 1.12%
EBIT Q/Q Growth		 28.37% -25.85% 13.47% -1.57% 28.56% -37.68% 31.22% 4.07% - -23.32% 1.81%
NOPAT Q/Q Growth		 28.05% -24.28% 12.69% -2.45% 28.03% -37.17% 27.02% 3.98% - -23.57% 2.61%
Net Income Q/Q Growth		 26.97% -23.81% 12.50% -3.28% 25.62% -42.77% 29.14% 3.02% - -24.93% 2.16%
EPS Q/Q Growth		 27.78% -23.91% 12.38% -3.39% 25.44% -41.96% 27.71% 3.77% - -25.00% 3.42%
Operating Cash Flow Q/Q Growth		 92.74% -66.99% 146.32% -45.98% 142.71% -51.98% 108.96% -38.07% - -28.50% -28.82%
Free Cash Flow Firm Q/Q Growth		 -14.33% -121.17% -286.52% -1.45% -5.17% -54.76% 12.59% 7.34% - 140.93% -121.98%
Invested Capital Q/Q Growth		 -28.92% 80.47% -0.92% 42.99% -143.79% 385.36% -10.89% 4.81% - 49.48% 28.23%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 73.61% 71.03% 71.18% 71.21% 74.33% 72.40% 73.13% 73.54% - 74.01% 73.62%
EBITDA Margin		 52.19% 45.05% 48.65% 48.28% 53.34% 41.69% 47.62% 48.61% - 49.50% 49.29%
Operating Margin		 45.15% 37.20% 41.46% 40.86% 45.84% 30.20% 35.19% 36.72% - 37.66% 37.98%
EBIT Margin		 45.15% 37.20% 41.46% 40.86% 45.84% 30.20% 36.73% 37.80% - 38.55% 38.64%
Profit (Net Income) Margin		 34.64% 29.33% 32.42% 31.39% 34.41% 20.82% 24.92% 25.39% - 26.20% 26.35%
Tax Burden Percent		 75.64% 77.25% 76.72% 76.03% 75.72% 76.34% 77.15% 76.01% - 75.89% 76.05%
Interest Burden Percent		 101.45% 102.08% 101.90% 101.04% 99.13% 90.30% 87.94% 88.36% - 89.55% 89.67%
Effective Tax Rate		 24.36% 22.75% 23.28% 23.97% 24.28% 23.66% 22.85% 23.99% - 24.11% 23.95%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 133.25% 191.49% 165.80% - 76.73% 73.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 134.31% 192.60% 167.16% - 79.27% 76.46%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% -101.65% -152.15% -123.66% - -30.35% -24.50%
Return on Equity (ROE)		 46.47% 46.35% 45.67% 46.16% 44.25% 31.60% 39.34% 42.14% - 46.37% 48.61%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -59.57% -54.96% -44.36% - 90.72% 50.98%
Operating Return on Assets (OROA)		 19.92% 18.76% 19.41% 19.41% 20.57% 12.49% 15.68% 16.85% - 15.34% 15.79%
Return on Assets (ROA)		 15.29% 14.80% 15.17% 14.91% 15.44% 8.61% 10.63% 11.32% - 10.42% 10.77%
Return on Common Equity (ROCE)		 46.47% 46.35% 45.67% 46.16% 44.25% 31.60% 39.34% 42.14% - 46.37% 48.61%
Return on Equity Simple (ROE_SIMPLE)		 44.32% 0.00% 44.11% 43.80% 42.27% 0.00% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 491 372 419 409 524 329 418 435 600 459 471
NOPAT Margin		 34.15% 28.74% 31.81% 31.07% 34.71% 23.06% 27.15% 27.91% - 28.58% 28.88%
Net Nonoperating Expense Percent (NNEP)		 0.12% 0.16% 0.15% 0.08% -0.08% -1.06% -1.11% -1.36% - -2.55% -3.35%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 8.63% 10.62% 3.62% 4.68% 4.91% 6.70% 5.54% 5.70%
Cost of Revenue to Revenue		 26.39% 28.97% 28.82% 28.79% 25.67% 27.60% 26.87% 26.46% - 25.99% 26.38%
SG&A Expenses to Revenue		 28.47% 33.83% 29.72% 30.35% 28.48% 42.20% 37.94% 36.82% - 36.34% 35.65%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 28.47% 33.83% 29.72% 30.35% 28.48% 42.20% 37.94% 36.82% - 36.34% 35.65%
Earnings before Interest and Taxes (EBIT)		 650 482 547 538 692 431 566 589 807 619 630
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 751 583 641 636 805 595 733 757 979 795 804
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 11.59 11.29 12.27 13.41 13.27 13.78 12.65 10.36 - 9.30 12.22
Price to Tangible Book Value (P/TBV)		 27.12 25.59 27.34 28.93 27.10 0.00 0.00 0.00 - 0.00 0.00
Price to Revenue (P/Rev)		 8.33 8.13 8.90 9.80 10.04 10.21 8.67 6.66 - 5.34 6.86
Price to Earnings (P/E)		 25.24 25.16 26.23 29.33 30.41 34.32 31.84 25.46 - 19.70 25.89
Dividend Yield		 2.95% 3.06% 2.85% 2.62% 2.58% 2.55% 3.66% 3.78% - 4.57% 3.57%
Earnings Yield		 3.96% 3.97% 3.81% 3.41% 3.29% 2.91% 3.14% 3.93% - 5.08% 3.86%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 21.52 21.20 16.13 - 14.59 15.21
Enterprise Value to Revenue (EV/Rev)		 6.98 7.29 8.05 9.00 9.12 9.93 8.38 6.42 - 5.11 6.74
Enterprise Value to EBITDA (EV/EBITDA)		 14.28 14.94 16.55 18.51 18.61 20.11 17.20 13.22 - 10.20 13.35
Enterprise Value to EBIT (EV/EBIT)		 16.96 17.69 19.57 21.81 21.96 24.25 21.29 16.72 - 12.90 16.83
Enterprise Value to NOPAT (EV/NOPAT)		 22.36 23.22 25.65 28.57 28.75 32.90 28.91 22.70 - 17.41 22.65
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.38 20.27 24.42 27.87 27.88 29.10 23.42 17.42 - 13.02 19.77
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.13 46.18 0.00 0.00 0.00 0.00 0.00 0.00 - 15.13 33.48
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.22 0.21 0.21 0.20 1.20 1.25 1.28 - 1.22 1.23
Long-Term Debt to Equity		 0.21 0.21 0.21 0.20 0.19 1.10 1.15 1.17 - 1.22 1.23
Financial Leverage		 -1.69 -1.29 -1.47 -1.39 -1.53 -0.76 -0.79 -0.74 - -0.38 -0.32
Leverage Ratio		 3.31 2.87 3.05 3.03 3.08 3.40 3.47 3.47 - 4.16 4.21
Compound Leverage Factor		 3.35 2.93 3.11 3.07 3.06 3.07 3.05 3.06 - 3.73 3.78
Debt to Total Capital		 17.91% 17.70% 17.52% 17.23% 16.55% 54.61% 55.58% 56.16% - 54.95% 55.16%
Short-Term Debt to Total Capital		 0.41% 0.40% 0.40% 0.38% 0.36% 4.60% 4.68% 4.72% - 0.00% 0.00%
Long-Term Debt to Total Capital		 17.49% 17.29% 17.11% 16.84% 16.20% 50.01% 50.90% 51.44% - 54.95% 55.16%
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%
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%
Common Equity to Total Capital		 82.09% 82.30% 82.49% 82.77% 83.45% 45.39% 44.42% 43.84% - 45.05% 44.84%
Debt to EBITDA		 0.32 0.32 0.32 0.31 0.31 1.81 1.76 1.70 - 1.40 1.37
Net Debt to EBITDA		 -2.76 -1.73 -1.74 -1.64 -1.88 -0.57 -0.60 -0.51 - -0.45 -0.23
Long-Term Debt to EBITDA		 0.31 0.31 0.31 0.31 0.30 1.65 1.61 1.55 - 1.40 1.37
Debt to NOPAT		 0.50 0.49 0.49 0.48 0.47 2.95 2.96 2.91 - 2.38 2.32
Net Debt to NOPAT		 -4.32 -2.68 -2.70 -2.54 -2.91 -0.93 -1.00 -0.87 - -0.76 -0.40
Long-Term Debt to NOPAT		 0.49 0.48 0.48 0.47 0.46 2.70 2.71 2.67 - 2.38 2.32
Altman Z-Score		 3.78 5.10 5.47 5.98 5.84 3.50 3.15 2.69 - 2.49 3.12
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.24 1.37 1.38 1.39 1.39 1.28 1.27 1.27 - 1.26 1.28
Quick Ratio		 0.43 0.59 0.60 0.59 0.60 0.52 0.52 0.50 - 0.49 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,134 -452 -1,746 -1,772 -1,863 -2,884 -2,521 -2,336 -1,827 748 -164
Operating Cash Flow to CapEx		 1,460.22% 486.18% 1,132.99% 595.96% 1,236.61% 520.91% 1,013.26% 668.02% - 697.36% 656.35%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -36.96 -34.10 - 11.56 -2.53
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 10.53 6.49 - 8.98 6.35
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 9.49 5.52 - 7.69 5.38
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.44 0.50 0.47 0.48 0.45 0.41 0.43 0.45 - 0.40 0.41
Accounts Receivable Turnover		 8.84 9.86 9.75 9.39 9.15 9.61 9.96 9.74 - 10.17 10.24
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover		 12.97 13.07 12.92 12.64 12.50 12.07 12.29 12.27 - 11.84 11.58
Accounts Payable Turnover		 13.62 15.65 17.02 16.68 14.31 13.16 15.62 14.17 - 11.77 12.91
Days Sales Outstanding (DSO)		 41.27 37.03 37.43 38.86 39.88 37.96 36.64 37.47 - 35.89 35.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Days Payable Outstanding (DPO)		 26.81 23.32 21.45 21.88 25.51 27.74 23.36 25.75 - 31.02 28.28
Cash Conversion Cycle (CCC)		 14.47 13.71 15.98 16.98 14.37 10.23 13.28 11.72 - 4.88 7.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -3,288 -642 -648 -370 -901 2,571 2,291 2,401 1,526 2,282 2,926
Invested Capital Turnover		 -2.11 -5.01 -3.07 -3.68 -2.60 5.78 7.05 5.94 - 2.68 2.53
Increase / (Decrease) in Invested Capital		 -1,643 824 2,166 2,181 2,387 3,213 2,939 2,770 2,427 -289 635
Enterprise Value (EV)		 36,381 38,466 42,750 48,347 49,593 55,320 48,558 38,717 - 33,294 44,513
Market Capitalization		 43,416 42,909 47,249 52,642 54,611 56,878 50,238 40,197 - 34,747 45,293
Book Value per Share		 $10.41 $10.56 $10.69 $10.91 $11.43 $11.46 $11.02 $10.78 $11.18 $10.42 $10.42
Tangible Book Value per Share		 $4.45 $4.66 $4.80 $5.06 $5.60 ($6.66) ($6.95) ($7.06) ($6.49) ($7.09) ($7.11)
Total Capital		 4,564 4,618 4,668 4,743 4,933 9,095 8,939 8,850 8,968 8,291 8,264
Total Debt		 817 817 818 817 817 4,967 4,969 4,970 4,954 4,556 4,558
Total Long-Term Debt		 799 799 799 799 799 4,548 4,550 4,552 4,554 4,556 4,558
Net Debt		 -7,035 -4,443 -4,499 -4,295 -5,017 -1,558 -1,680 -1,479 -2,487 -1,453 -780
Capital Expenditures (CapEx)		 46 46 48 50 58 66 71 67 57 83 63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5,946 -3,296 -3,280 -2,994 -3,539 -4,146 -4,319 -4,163 -4,992 -4,237 -3,584
Debt-free Net Working Capital (DFNWC)		 1,904 1,961 2,036 2,119 2,295 2,379 2,330 2,286 2,449 1,773 1,754
Net Working Capital (NWC)		 1,886 1,942 2,018 2,100 2,277 1,960 1,911 1,868 2,049 1,773 1,754
Net Nonoperating Expense (NNE)		 -7.11 -7.72 -7.98 -4.26 4.54 32 34 39 40 38 41
Net Nonoperating Obligations (NNO)		 -7,035 -4,443 -4,499 -4,295 -5,017 -1,558 -1,680 -1,479 -2,487 -1,453 -780
Total Depreciation and Amortization (D&A)		 101 102 95 98 113 164 168 169 172 176 174
Debt-free, Cash-free Net Working Capital to Revenue		 -114.07% -62.44% -61.76% -55.75% -65.06% -74.41% -74.55% -69.00% - -65.06% -54.28%
Debt-free Net Working Capital to Revenue		 36.53% 37.15% 38.34% 39.45% 42.19% 42.69% 40.21% 37.89% - 27.22% 26.56%
Net Working Capital to Revenue		 36.17% 36.80% 37.99% 39.12% 41.87% 35.18% 32.99% 30.96% - 27.22% 26.56%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.39 $1.05 $1.19 $1.15 $1.44 $0.82 $1.07 $1.10 $1.56 $1.17 $1.21
Adjusted Weighted Average Basic Shares Outstanding		 359.90M 360.30M 360.10M 360M 360.10M 360.20M 360.10M 359.40M 358.70M 358.90M 355.80M
Adjusted Diluted Earnings per Share		 $1.38 $1.05 $1.18 $1.14 $1.43 $0.83 $1.06 $1.10 $1.56 $1.17 $1.21
Adjusted Weighted Average Diluted Shares Outstanding		 361.70M 362.10M 361.90M 361.70M 362M 362M 361.90M 360.40M 359.50M 360M 356.60M
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		 359.96M 360.13M 359.90M 360.06M 360.19M 360.24M 359.89M 358.97M 358.29M 355.68M 355.98M
Normalized Net Operating Profit after Tax (NOPAT)		 491 372 419 409 524 329 418 435 600 459 471
Normalized NOPAT Margin		 34.15% 28.74% 31.81% 31.07% 34.71% 23.06% 27.15% 27.91% - 28.58% 28.88%
Pre Tax Income Margin		 45.80% 37.97% 42.25% 41.29% 45.45% 27.28% 32.31% 33.40% - 34.52% 34.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 8.29 8.59 - 9.57 9.68
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 6.13 6.35 - 7.09 7.23
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 7.26 7.62 - 8.28 8.71
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 5.09 5.37 - 5.81 6.27
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 77.27% 77.81% 79.29% 80.23% 81.15% 87.40% 91.98% 95.21% - 90.31% 89.96%
Augmented Payout Ratio		 87.46% 87.82% 95.37% 86.31% 87.16% 93.71% 101.93% 113.17% - 125.03% 114.92%

Financials Breakdown Chart

Key Financial Trends

Paychex has continued to deliver steady revenue growth and strong profitability, but its recent quarters also show some pressure on cash balances and a heavier capital allocation burden from dividends, buybacks, and debt management.

  • Revenue trend remains healthy: Operating revenue rose from $1.43 billion in Q4 2025 to $1.61 billion in Q4 2026, with Q3 2026 revenue at $1.81 billion versus $1.51 billion a year earlier. That points to solid top-line momentum.
  • Margins improved year over year: In Q3 2026, operating income reached $792 million on $1.81 billion of revenue, up sharply from $691.8 million on $1.51 billion in Q3 2025. SG&A expense also stayed well controlled relative to revenue.
  • Earnings growth has been durable: Q3 2026 diluted EPS was $1.56, up from $1.43 in the prior-year quarter. Q4 2026 EPS of $1.17 was also above the $1.05 level from Q4 2025.
  • Operating cash flow is strong: Paychex generated $580.9 million in operating cash flow in Q4 2026 and $812.5 million in Q3 2026, which supports dividends, buybacks, and ongoing investment.
  • Share count has remained fairly stable: Weighted average diluted shares were 360.0 million in Q4 2026 versus 359.5 million in Q3 2026, suggesting no major dilution problem.
  • Balance sheet equity has grown over the past year: Total common equity increased to $4.01 billion in Q3 2026 from $3.88 billion in Q2 2026, reflecting ongoing retained earnings growth.
  • Paychex continues to return capital to shareholders: The company paid dividends every quarter and also repurchased shares, signaling a shareholder-friendly capital allocation policy.
  • Large investment activity affects quarter-to-quarter cash flow: Cash flow swings were heavily influenced by purchases and maturities of investments, which makes quarterly net change in cash look volatile.
  • Cash fell sharply in Q4 2026: Net change in cash and equivalents was down $1.44 billion, largely because financing outflows were $1.79 billion and investing outflows were $227 million.
  • Debt and liability levels remain significant: As of Q3 2026, total liabilities were $13.50 billion versus total equity of $4.01 billion, and long-term debt stood at $4.55 billion. That is manageable for now, but it is still a meaningful leverage load.

Bottom line: Paychex looks like a stable, cash-generative business with good revenue growth and solid earnings power. The main things investors should watch are the company’s large liability base, ongoing capital returns, and the volatility in reported cash levels caused by its investment portfolio and financing activity.

10/05/26 03:08 AM ETAI Generated. May Contain Errors.

Paychex Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Paychex's financial year ends in May. Their financial year 2026 ended on May 31, 2026.

Paychex's net income appears to be on an upward trend, with a most recent value of $1.76 billion in 2026, rising from $756.80 million in 2016. The previous period was $1.66 billion in 2025. Find out what analysts predict for Paychex in the coming months.

Paychex's total operating income in 2026 was $2.51 billion, based on the following breakdown:
  • Total Gross Profit: $4.84 billion
  • Total Operating Expenses: $2.33 billion

Over the last 10 years, Paychex's total revenue changed from $2.95 billion in 2016 to $6.51 billion in 2026, a change of 120.6%.

In the past 12 quarters, Paychex's cash and equivalents has ranged from $600.90 million in Q1 2027 to $1.74 billion in Q3 2026, and is currently $600.90 million as of their latest financial filing in Q1 2027.

Paychex had total debt of $4.56 billion at the end of 2026, a 8.3% decrease from 2025, and none in 2016.

Over the last 10 years, Paychex's book value per share changed from 5.31 in 2016 to 10.42 in 2026, a change of 96.4%.


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Financial statements for NASDAQ:PAYX last updated on 9/25/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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