PAYCHEX INC PAYX
Unless we state otherwise or the context otherwise requires, the terms "Paychex," the "Company," "we," "our," and "us" refer to Paychex, Inc., a Delaware corporation, and its consolidated subsidiaries.
We are an industry-leading human capital management ("HCM") company providing comprehensive technology and advisory solutions in human resources ("HR"), payroll processing, employee benefits, and insurance. As of May 31, 2026, we served approximately 840,000 total customers across the U.S. and parts of Europe, of which approximately 800,000 are payroll clients. Paychex was incorporated in Delaware in 1979, maintains dual corporate headquarters in Rochester, New York and Cincinnati, Ohio, and has a fiscal year that ends on May 31st.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.30B | $5.41B | $5.13B | $4.91B | $4.55B | $4.00B | $3.95B | $3.69B | $3.31B | $3.10B |
| Cost of revenue | $1.67B | $1.54B | $1.48B | $1.45B | $1.36B | $1.27B | $1.28B | $1.18B | $1.02B | — |
| Gross profit | $4.63B | $3.87B | $3.65B | $3.45B | $3.20B | $2.73B | $2.67B | $2.51B | $2.30B | — |
| SG&A | $2.33B | $1.82B | $1.62B | $1.52B | $1.42B | $1.32B | $1.30B | $1.22B | $1.07B | $979.7M |
| Total operating expenses | $4.00B | $3.36B | $3.10B | $2.97B | $2.77B | $2.60B | $2.58B | $2.40B | $2.09B | $1.90B |
| Operating income | $2.51B | $2.21B | $2.17B | $2.03B | $1.84B | $1.46B | $1.46B | $1.37B | $1.29B | $1.25B |
| Interest expense | $269.5M | $105.4M | $37.3M | $36.7M | $36.6M | $35.8M | $38.8M | $17.6M | $3.9M | $2.5M |
| Pre-tax income | $2.31B | $2.18B | $2.22B | $2.05B | $1.82B | $1.43B | $1.44B | $1.37B | $1.30B | $1.26B |
| Income tax | $550.8M | $518.6M | $527.6M | $490.9M | $431.8M | $336.7M | $339.0M | $333.6M | $306.0M | $432.8M |
| Net income | $1.76B | $1.66B | $1.7K | $1.56B | $1.39B | — | — | — | — | — |
| EPS, basic | 4.90 | 4.60 | 4.69 | 4.32 | 3.86 | 3.05 | 3.06 | 2.88 | 2.77 | 2.30 |
| EPS, diluted | 4.89 | 4.58 | 4.67 | 4.30 | 3.84 | 3.03 | 3.04 | 2.86 | 2.75 | 2.28 |
| Shares, diluted (wtd. avg.) | $360.0M | $362.0M | $362.1M | $362.3M | $363.1M | $362.1M | $361.0M | $361.8M | $361.5M | $362.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.09B | $1.63B | $1.47B | $2.13B | $928.4M | $1.82B | $1.66B | $935.2M | $2.30B | $449.4M |
| Short-term investments | $36.3M | $34.5M | $33.9M | $373.4M | $853.9M | $36.7M | $27.2M | $39.0M | $66.0M | $138.8M |
| Total current assets | $8.61B | $8.92B | $7.25B | $7.53B | $6.58B | $6.17B | $5.46B | $5.68B | $5.89B | $5.27B |
| Property, plant and equipment | $588.9M | $511.5M | $411.7M | $396.3M | $401.3M | $395.8M | $407.4M | $408.7M | $393.5M | $337.2M |
| Goodwill | $4.53B | $4.51B | $1.88B | $1.83B | $1.83B | $1.82B | $1.79B | $1.78B | $814.0M | $657.1M |
| Other intangibles | $1.68B | $1.95B | $194.5M | $187.4M | $224.6M | $275.8M | $330.6M | $399.1M | $141.4M | $57.6M |
| Total assets | $16.17B | $16.56B | $10.38B | $10.55B | $9.64B | $9.23B | $8.55B | $8.68B | $7.92B | $6.83B |
| Accounts payable | $154.8M | $129.8M | $104.3M | $84.7M | $105.7M | $89.0M | $79.4M | $75.9M | $73.7M | $57.2M |
| Short-term debt | $0 | $399.8M | $0 | $10.2M | $8.7M | $7.4M | $5.1M | — | $0 | — |
| Total current liabilities | $6.84B | $6.96B | $5.31B | $5.81B | $5.27B | $4.94B | $4.43B | $4.84B | $5.30B | $4.73B |
| Long-term debt | $4.56B | $4.55B | $798.6M | $798.2M | $797.7M | $797.3M | $796.8M | $796.4M | — | — |
| Total liabilities | $12.44B | $12.44B | $6.58B | $7.05B | $6.55B | $6.28B | $5.77B | $6.06B | $5.56B | $4.88B |
| Retained earnings | $1.81B | $2.28B | $2.21B | $2.02B | $1.67B | $1.45B | $1.43B | $1.41B | $1.26B | $901.7M |
| Total equity | $3.74B | $4.13B | $3.80B | $3.49B | $3.09B | $2.95B | $2.78B | $2.62B | $2.36B | $2.23B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.56B | $1.90B | $1.90B | $1.71B | $1.59B | $1.26B | $1.44B | $1.27B | $1.28B | $960.4M |
| Depreciation and amortisation | $442.6M | $209.5M | $176.5M | $176.6M | $191.8M | $192.0M | $209.7M | $181.5M | $138.0M | $126.9M |
| Stock-based compensation | $96.1M | $111.8M | $61.1M | $62.6M | $52.8M | $52.5M | $47.4M | $46.2M | $44.6M | $35.4M |
| Capital expenditure | $234.9M | $191.8M | $161.4M | $143.0M | $133.8M | $118.4M | $127.0M | $123.8M | $154.0M | $94.3M |
| Investing cash flow | -$1.15B | -$3.36B | -$260.9M | $211.7M | -$1.51B | -$460.6M | $771.9M | -$1.63B | $998.5M | -$662.2M |
| Financing cash flow | -$2.65B | $2.29B | -$1.87B | -$711.4M | -$979.3M | -$636.4M | -$1.49B | -$1.01B | -$423.8M | -$482.7M |
| Dividends paid | $1.59B | $1.45B | $1.32B | $1.18B | $999.6M | $908.7M | $889.4M | $826.8M | $739.7M | $662.3M |
| Buybacks | $611.0M | $104.5M | $169.2M | $0 | $145.2M | $155.7M | $171.9M | $56.9M | $143.1M | $166.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-382805.
Others in SIC 8700
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FORR | FORRESTER RESEARCH, INC. | $240.8M | — | -8.2% |
| GLXG | Galaxy Payroll Group Ltd | — | — | -9.4% |