Paycom Software, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Paycom Software, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	329	433	566	738	841	1,056	1,375	1,694	1,883	2,052
Cost of revenue	54.1	72	90.8	110	124	162	213	276	335	345
Gross profit	275	361	476	628	718	894	1,163	1,417	1,549	1,706
Research and development	21	30.4	46.2	73.1	90.2	118	148	199	243	283
Selling, general and administrative	173	231	302	402	532	640	784	966	914	1,139
General and administrative	59.2	80.2	96.6	128	178	210	239	288
Operating income	102	130	174	226	186	254	379	451	634	567
Interest expense	1.04	0.91	0.77	0.94	0.02	1.4	2.5	1.9	3.4	3.4
Other non-operating income	0.31	-1.07	1.76	0.8	-0.17	2.4	13.4	23	18.1	55.6
Pre-tax income	101	128	175	226	186	256	390	472	649	619
Income tax	30.6	4.25	37.6	45.5	42.5	60	108	132	147	166
Net income	70.4	123	137	181	143	196	281	341	502	453
EBITDA	115	149	203	268	239	321	471	565	780	744
EPS, basic	1.21	2.13	2.37	3.14	2.49	3.39	4.86	5.91	8.93	8.13
EPS, diluted	1.19	2.10	2.34	3.09	2.46	3.37	4.84	5.88	8.92	8.08
Shares, basic (weighted)	57.6	57.8	57.7	57.6	57.6	57.9	57.9	57.7	56.2	55.8
Shares, diluted (weighted)	59	58.8	58.6	58.4	58.3	58.2	58.2	58	56.3	56.1
Dividend per share								0.38	0.38	0.38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	60.2	46.1	45.7	134	152	278	401	294	402	370
Receivables	1.34	1.58	3.41	9.3	9.13	9.49	22.8	16.4	39.2	44.9
Inventory	0.68	0.98	0.8	1.16	1.15	1.13	1.61	1.4	1.4	1.7
Other current assets	4.48	4.98	7.66	13.6	17.9	23.7	34.1	37.6	44.4	47.5
Total current assets	926	1,176	1,065	1,871	1,865	2,252	2,764	2,813	4,305	5,839
Property, plant and equipment	96.8	148	177	238	285	349	402	498
Lease right-of-use assets				27.1	26.5	29.8	39.8	73.8	80.6	89.4
Goodwill	51.9	51.9	51.9	51.9	51.9	51.9	51.9	51.9	51.9	51.9
Intangible assets	1.87	0.96	0.75	0.53	0.32	58	54	50.1	46.2	37.4
Other non-current assets			2.99	33.3	34.5	42.4	62	29.8	31.4	36.5
Total assets	1,079	1,550	1,522	2,487	2,608	3,215	3,903	4,198	5,860	7,599
Accounts payable	3.74	6.49	6.29	5.05	6.79	5.77	16.1	13.9	23.9	6.6
Accrued liabilities	4.77	7.02	10.7
Deferred revenue	5.23	6.98	8.98	11.1	13.6	16.3	19.8	22.8	30	28.3
Short-term debt	1.11	0.89	1.78	1.78	1.78	1.78	0
Total current liabilities	899	1,140	1,029	1,754	1,718	1,990	2,377	2,535	3,907	5,368
Long-term debt	28.7	34.4	32.6	30.9	29.1	27.4	29
Lease liabilities				18.4				56.7	63	61.9
Other non-current liabilities				19.6	19.3	73	75.2	51.7	49.9	10.6
Total liabilities	962	1,269	1,187	1,960	1,952	2,321	2,720	2,895	4,284	5,867
Total debt	29.8	35.3	34.4	32.6	30.9	29.2	29
Paid-in capital	95.5	162	204	258	358	466	577	724	725	878
Retained earnings	70.4	259	396	576	720	916	1,197	1,470	1,888	2,256
Treasury stock	-50	-140	-265	-308	-423	-488	-588	-891	-1,036	-1,403
Other comprehensive income							-3.7	-1	-0.6	0.3
Shareholders' equity	206	281	335	527	656	894	1,183	1,303	1,576	1,732
Total equity	117	281	335	527	656	894	1,183	1,303	1,576	1,732
Total liabilities and equity	1,079	1,550	1,522	2,487	2,608	3,215	3,903	4,198	5,860	7,599
Shares outstanding	57.3	57.8	57.3	57.7	57.7	58	57.9	56.5	55.9	54.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	70.4	123	137	181	143	196	281	341	502	453
Depreciation and amortization	13.6	19.4	29.7	42.2	53.4	67.2	92.7	114	146	176
Stock-based compensation	20.7	36.1	36.6	47.3	90.1	97.5	94.9	130	-22.9	119
Deferred income tax	15.3	-7.68	21.1	21	21.4	32.9	-3.2	5.6	5.8	154
Change in receivables	1.02	-0.24	-1.84	-5.88	0.17	-0.36	-13.4	6.4	-22.8	-5.7
Change in inventory	0.42	0.46	-0.31	-0.4	-0.04	0.48	-0.2	0.2	0	-0.3
Change in payables	-1.57	0.08	1.08	-0.22	1.53	-0.66	11.7	-5.2	9.1	-16.2
Cash from operations	98.8	130	185	224	227	319	365	485	534	679
Capital expenditures	-43.8	-59.4	-59.9	-92.9	-94.1	-121	-133	-193	-193	-271
Purchases of investments	-114	-66.2	-145	-196	-333	-399	-269	-25	-24.9	-836
Cash from investing	-205	15.6	-49.4	-220	-118	-258	-23.3	-197	-22.2	-611
Debt issued	5	40.9					29
Debt repaid	-0.96	-35.3	-0.89	-1.78	-1.78	-1.78	-29.3	-29
Share buybacks	-35.6	-56.9	-105		-52		-94.7	-287	-123	-326
Dividends paid								-64.8	-84.8	-84.8
Cash from financing	116	146	-248	651	-166	166	255	-275	1,108	1,022
Net change in cash	9.44	-14.1	-0.36	655	-56.6	227	596	13.7	1,620	1,090
Free cash flow	55	70.8	125	131	133	199	232	292	341	408
Interest paid	0.94	0.79	0.71	0.89		0	0.5	1	2	2.1
Income taxes paid	9.32	18.3	13.5	24.6	27.5	33.1	101	139	135	78.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $220.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.7%	Gross profit / revenue.
Operating margin	30.3%	Operating income / revenue.
EBITDA margin	37.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	32.0%	Pre-tax income / revenue.
Net margin	22.8%	Net income / revenue.
FCF margin	26.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.4%	Cash from operations / revenue.
Effective tax rate	28.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	85.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	36.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.1%	Research and development expense / revenue.
SG&A / revenue	53.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.6%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-10.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-9.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	26.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	27.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	20.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	25.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	9.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	29.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Quick ratio	0.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.3%	Total debt / total assets.
Liabilities / assets	89.0%	Total liabilities / total assets.
Net debt	$702.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	39.8x	Operating income / interest expense.
Working capital	$239.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$489.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Inventory turnover	206x	Cost of revenue / average inventory.
Days inventory	2 days	365 x average inventory / cost of revenue.
Receivables turnover	40.0x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	3 days	Days inventory + days sales outstanding - days payables.
FCF conversion	117.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.63	Revenue / diluted weighted shares.
FCF per share	$12.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.46	Cash from operations / diluted weighted shares.
Book value per share	$12.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.04	Tangible book value / shares outstanding.
Cash per share	$4.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	13.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.94B	Share price x shares outstanding.
Enterprise value	$10.64B	Market cap + total debt - cash - short-term investments.
P/E	20.4x	Market cap / net income. Only when net income is positive.
P/S	4.64x	Market cap / revenue.
P/B	17.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.3x	Market cap / tangible book value, when positive.
P/FCF	17.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.4x	Market cap / cash from operations, when positive.
EV/Sales	4.97x	Enterprise value / revenue.
EV/EBIT	16.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Paycom Software, Inc.'s revenue in fiscal 2025?

Paycom Software, Inc. reported revenue of $2.05B for fiscal 2025, 8.9% higher than the year before.

Was Paycom Software, Inc. profitable in fiscal 2025?

Yes. Net income was $453.4M, a net margin of 22.1%.

How much free cash flow did Paycom Software, Inc. generate in fiscal 2025?

Cash from operations of $678.9M minus capital expenditures of $270.9M left free cash flow of $408.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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