NASDAQ · Financial Statements

Paychex, Inc. (PAYX) Financial Statements

$118.04 NASDAQ: PAYX Market Cap $42.02B

Paychex, Inc. most recently reported annual revenue of $6.5B, net profit of $1.8B. Revenue grew at an average annual rate of 9.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Paychex, Inc.: Revenue rose from $3.2B in 2017 to $6.5B in 2026, a change of +106.7% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 39.3% to 38.5%, a shift of -0.8 percentage points; the most recent year shows net profit of $1.8B.

Income Statement — 10 Years (USD millions)

Metric2017201820192020202120222023202420252026
Revenue$3.2B$3.4B$3.8B$4.0B$4.1B$4.6B$5.0B$5.3B$5.6B$6.5B
Operating Expenses$1.9B$2.1B$2.4B$2.6B$2.6B$2.8B$3.0B$3.1B$3.4B$4.0B
Operating Profit$1.2B$1.3B$1.4B$1.5B$1.5B$1.8B$2.0B$2.2B$2.2B$2.5B
Operating Margin39.3%38.1%36.4%36.1%36.0%39.9%40.6%41.2%39.6%38.5%
Other Income$-9.0M$9.0M$-3.0M$-23.0M$-26.0M$-15.0M$15.0M$44.0M$-32.0M$-200.0M
Interest$3.0M$4.0M$18.0M$39.0M$36.0M$37.0M$37.0M$37.0M$105.0M$270.0M
Depreciation$127.0M$138.0M$182.0M$210.0M$192.0M$192.0M$177.0M$177.0M$210.0M$443.0M
Profit Before Tax$1.2B$1.3B$1.4B$1.4B$1.4B$1.8B$2.0B$2.2B$2.2B$2.3B
Tax$34.3M$28.0M$24.4M$23.6M$23.5M$23.7M$24.0M$23.8M$23.8M$23.8M
Net Profit$817.0M$934.0M$1.0B$1.1B$1.1B$1.4B$1.6B$1.7B$1.7B$1.8B
EPS$2.25$2.58$2.86$3.04$3.03$3.84$4.30$4.67$4.58$4.89
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.3B$1.3B$1.4B$1.3B$1.3B$1.3B$1.5B$1.4B$1.5B$1.6B$1.8B$1.6B
Operating Expenses$750.0M$752.0M$790.0M$813.0M$772.0M$779.0M$817.0M$996.0M$998.0M$986.0M$1.0B$1.0B
Operating Profit$536.0M$506.0M$650.0M$482.0M$547.0M$538.0M$692.0M$431.0M$542.0M$572.0M$792.0M$605.0M
Operating Margin41.7%40.2%45.1%37.2%41.5%40.9%45.8%30.2%35.2%36.7%43.8%37.7%
Interest$9.0M$9.0M$10.0M$10.0M$10.0M$10.0M$23.0M$64.0M$68.0M$69.0M$68.0M$65.0M
Profit Before Tax$549.0M$518.0M$659.0M$492.0M$557.0M$544.0M$686.0M$389.0M$498.0M$520.0M$739.0M$554.0M
Tax$23.7M$24.2M$24.4M$22.8M$23.3M$24.0M$24.3M$23.7M$22.9M$24.0M$24.2M$24.1M
Net Profit$419.0M$393.0M$499.0M$380.0M$427.0M$413.0M$519.0M$297.0M$384.0M$395.0M$560.0M$421.0M
EPS$1.16$1.08$1.38$1.05$1.18$1.14$1.43$0.82$1.06$1.10$1.55$1.17

Over the 10 years reported for Paychex, Inc., cash stood at $1.1B in the latest year, shareholders' equity was $4.0M, current assets covered current liabilities 1.26 times.

Balance Sheet — 10 Years (USD millions)

Metric2017201820192020202120222023202420252026
Total Assets$6.8B$7.5B$8.7B$8.6B$9.2B$9.6B$10.5B$10.4B$16.6B$16.2B
Current Assets$5.3B$5.8B$5.7B$5.5B$6.2B$6.6B$7.5B$7.3B$8.9B$8.6B
Cash$185.0M$358.0M$674.0M$905.0M$995.0M$370.0M$1.2B$1.5B$1.6B$1.1B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$543.0M$525.0M$854.0M$790.0M$1.1B$1.3B$1.4B$1.6B$2.0B$2.2B
Fixed Assets$337.0M$394.0M$409.0M$522.0M$499.0M$480.0M$458.0M$459.0M$575.0M$653.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$593.0M$362.0M$57.0M$37.0M$44.0M$859.0M$377.0M$38.0M$35.0M$36.0M
Other Assets$657.0M$814.0M$1.8B$1.8B$1.8B$1.8B$1.8B$1.9B$4.5B$4.5B
Total Liabilities$4.9B$5.6B$6.1B$5.8B$6.3B$6.5B$7.1B$6.6B$12.4B$12.4B
Current Liabilities$4.7B$5.3B$4.8B$4.4B$4.9B$5.3B$5.8B$5.3B$7.0B$6.8B
Borrowings$0$0$809.0M$899.0M$926.0M$881.0M$866.0M$866.0M$5.0B$4.6B
Other Liabilities$4.9B$5.6B$5.3B$4.9B$5.4B$5.7B$6.2B$5.7B$7.4B$7.8B
Equity$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M
Reserves$2.0B$2.0B$2.6B$2.8B$2.9B$3.1B$3.5B$3.8B$4.1B$3.7B

For Paychex, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $2.3B; free cash flow was positive in 10 of 10 years; financing activities used $593.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2017201820192020202120222023202420252026
Operating Cash Flow$960.0M$1.3B$1.3B$1.4B$1.3B$1.5B$1.7B$1.9B$2.0B$2.6B
Investing Cash Flow$-519.0M$-833.0M$-1.8B$645.0M$-575.0M$-1.6B$76.0M$-422.0M$-3.9B$-1.4B
Financing Cash Flow$180.0M$316.0M$-978.0M$-604.0M$270.0M$19.0M$472.0M$-568.0M$-125.0M$-593.0M
Net Cash Flow$53.0M$174.0M$-1.4B$725.0M$163.0M$-895.0M$1.2B$-238.0M$837.0M$-1.2B
Free Cash Flow$866.0M$1.1B$1.2B$1.3B$1.1B$1.4B$1.6B$1.7B$1.8B$2.3B

Valuation & Return Ratios

MetricValue
PEG Ratio1.53
EV / EBITDA12.71
FCF Yield5.76%
Quick Ratio1.28
Interest Coverage9.71
Return 1Y-1.39%
Return 3Y11.41%
Return 5Y6.11%

Paychex, Inc. (PAYX) financials — frequently asked questions

What is Paychex, Inc.'s annual revenue?

Paychex, Inc. (PAYX) reported annual revenue of $6.5B in its most recent fiscal year.

What is Paychex, Inc.'s net profit?

Paychex, Inc. (PAYX) reported net profit of $1.8B in its most recent fiscal year.

What is PAYX EV/EBITDA?

Paychex, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.71.

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