PAYCHEX INC PAYX

Industrials SIC 8700 - Services-Engineering, Accounting, Research, Management NAICS Professional, Scientific, and Technical Services derived Nasdaq

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.

Last close 118.04 2026-10-23
Market cap $41.98B 2026-05-31 share count
52-week range 85.45 - 127.98

Valuation FY2025 figures against the last close

P/S6.7x
P/E24.1x
P/FCF18.1x
EV/EBITDA15.4x
Dividend yield3.8%
Diluted EPS4.89

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 4.904.604.694.323.863.053.062.882.772.30
EPS, diluted 4.894.584.674.303.843.033.042.862.752.28
Shares, diluted (wtd. avg.) 360.0M362.0M362.1M362.3M363.1M362.1M361.0M361.8M361.5M362.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 3.1B Revenue, FY2017: 3.3B Gross profit, FY2017: 2.3B Revenue, FY2018: 3.7B Gross profit, FY2018: 2.5B Revenue, FY2019: 4B Gross profit, FY2019: 2.7B Revenue, FY2020: 4B Gross profit, FY2020: 2.7B Revenue, FY2021: 4.6B Gross profit, FY2021: 3.2B Net income, FY2021: 1.4B Revenue, FY2022: 4.9B Gross profit, FY2022: 3.5B Net income, FY2022: 1.6B Revenue, FY2023: 5.1B Gross profit, FY2023: 3.7B Net income, FY2023: 1.7K Revenue, FY2024: 5.4B Gross profit, FY2024: 3.9B Net income, FY2024: 1.7B Revenue, FY2025: 6.3B Gross profit, FY2025: 4.6B Net income, FY2025: 1.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.10B $3.31B $3.69B $3.95B $4.00B $4.55B $4.91B $5.13B $5.41B $6.30B
Gross profit — $2.30B $2.51B $2.67B $2.73B $3.20B $3.45B $3.65B $3.87B $4.63B
Net income — — — — — $1.39B $1.56B $1.7K $1.66B $1.76B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 8700

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