PAYCHEX INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PAYCHEX 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	3,153	3,378	3,773	4,041	4,057	4,612	5,007	5,278	5,572	6,512
Cost of revenue		1,018	1,178	1,281	1,271	1,356	1,453	1,479	1,540	1,675
Gross profit		2,360	2,595	2,760	2,786	3,255	3,554	3,799	4,031	4,838
Selling, general and administrative	980	1,068	1,223	1,299	1,325	1,415	1,521	1,625	1,824	2,327
Operating expenses	1,899	2,086	2,401
Operating income	1,254	1,292	1,371	1,461	1,461	1,840	2,033	2,174	2,208	2,511
Interest expense	2.5	3.9	17.6	38.8	35.8	36.6	36.7	37.3	105	270
Other non-operating income		0.6	1	3.1	7	18.3	51.8	81.2	73.6	69.9
Pre-tax income	1,259	1,300	1,368	1,437	1,434	1,825	2,048	2,218	2,176	2,311
Income tax	433	306	334	339	337	432	491	528	519	551
Net income	826	994	1,034	1,098	1,098	1,393	1,557	1,690	1,657	1,760
EBITDA	1,381	1,430	1,553	1,670	1,653	2,032	2,210	2,351	2,417	2,953
EPS, basic	2.30	2.77	2.88	3.06	3.05	3.86	4.32	4.69	4.60	4.90
EPS, diluted	2.28	2.75	2.86	3.04	3.03	3.84	4.30	4.67	4.58	4.89
Shares, basic (weighted)	360	359	359	359	360	361	360	360	360	359
Shares, diluted (weighted)	363	362	362	361	362	363	362	362	362	360
Dividend per share	1.84	2.06	2.30	2.48	2.52	2.77	3.26	3.65	4.02	4.43

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	185	358	674	905	995	370	1,222	1,469	1,629	1,088
Short-term investments	139	66	39	27.2	36.7	854	373	33.9	34.5	36.3
Receivables	508	375	421	384	578	724	873	1,060	1,331	1,508
Other current assets	58.3	224	234	245	249	272	290	322	378	385
Total current assets	5,272	5,894	5,678	5,465	6,170	6,582	7,528	7,252	8,917	8,613
Property, plant and equipment	337	394	409	407	396	401	396	412	512	589
Lease right-of-use assets				115	103	78.7	61.5	46.9	63.8	63.9
Goodwill	657	814	1,783	1,791	1,821	1,832	1,834	1,883	4,514	4,527
Intangible assets	57.6	141	399	331	276	225	187	195	1,947	1,684
Long-term investments					7.1	5	3.8	3.7	0
Other non-current assets	30.9	16.4	24.9	38.2	34.2	53.7	65.2	115	129	141
Total assets	6,834	7,915	8,676	8,551	9,227	9,635	10,546	10,383	16,564	16,175
Accounts payable	57.2	73.7	75.9	79.4	89	106	84.7	104	130	155
Accrued liabilities	281	122	146	132	210	225	210	135	184	162
Deferred revenue	22.9	34.6	40.3	39.2	37.9	38.4	47.3	50.2	69.4	69.4
Short-term debt		0		5.1	7.4	8.7	10.2	0	400	0
Total current liabilities	4,725	5,297	4,845	4,427	4,938	5,269	5,805	5,309	6,956	6,841
Long-term debt			796	797	797	798	798	799	4,548	4,556
Lease liabilities			13	96.9	92.4	74.8	57.3	49	55.5	52.2
Other non-current liabilities	73.8	89.1	152	174	208	185	197	237	312	307
Total liabilities	4,878	5,559	6,057	5,769	6,279	6,550	7,053	6,582	12,436	12,439
Total debt		0	796	797	797	798	798	799	4,948	4,556
Paid-in capital	1,030	1,127	1,206	1,290	1,447	1,546	1,626	1,730	1,901	1,976
Retained earnings	902	1,263	1,410	1,431	1,446	1,670	2,023	2,213	2,277	1,806
Other comprehensive income	20	-36.2	0.1	56.5	51.8	-134	-160	-145	-53.7	-49.9
Shareholders' equity	2,227	2,357	2,620	2,781	2,948	3,085	3,493	3,801	4,128	3,735
Total equity	2,227	2,357	2,620	2,781	2,948	3,085	3,493	3,801	4,128	3,735
Total liabilities and equity	6,834	7,915	8,676	8,551	9,227	9,635	10,546	10,383	16,564	16,175
Shares outstanding	359	359	359	359	360	360	361	360	361	356

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	826	994	1,034	1,098	1,098	1,393	1,557	1,690	1,657	1,760
Depreciation and amortization	127	138	182	210	192	192	177	177	210	443
Stock-based compensation	35.4	44.6	46.2	47.4	52.5	52.8	62.6	61.1	112	96.1
Deferred income tax	22.7	-37.2	4.7	-4	-21	2.3	-44	-29.8	-15.8	104
Change in receivables	-103	16.2	-117	55.1	-273	-154	-136	113	-131	-106
Change in payables	38.2	42.9	77.5	-4.9	169	113	86.3	-127	42.3	291
Cash from operations	960	1,276	1,272	1,441	1,260	1,590	1,706	1,898	1,901	2,557
Capital expenditures	-94.3	-154	-124	-127	-118	-134	-143	-161	-192	-235
Acquisitions		-180	-992	-6.1	-19.5	-24.9	-2.7	-208	-2,968	-0.4
Purchases of investments				-25,218	-6,090	-17,808	-14,585	-6,869	-14,303	-12,226
Cash from investing	-662	999	-1,628	772	-461	-1,505	212	-261	-3,357	-1,152
Debt issued			796
Debt repaid								0	0	-400
Share buybacks	-166	-143	-56.9	-172	-156	-145	0	-169	-105	-611
Dividends paid	-662	-740	-827	-889	-909	-1,000	-1,175	-1,315	-1,449	-1,590
Cash from financing	-483	-424	-1,009	-1,488	-636	-979	-711	-1,875	2,293	-2,654
Net change in cash	-185	1,851	-1,365	725	163	-895	1,207	-238	837	-1,250
Free cash flow	866	1,122	1,148	1,314	1,142	1,456	1,563	1,736	1,709	2,322
Interest paid	2.5	4	10.4	38	34.9	35.5	35.7	36.2	37.5	268
Income taxes paid	463	319	318	299	421	398	526	540	512	310

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 31, 2026; growth uses fiscal years. Valuation uses the share price of $101.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.4%	Gross profit / revenue.
Operating margin	39.2%	Operating income / revenue.
EBITDA margin	43.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	36.0%	Pre-tax income / revenue.
Net margin	27.4%	Net income / revenue.
FCF margin	30.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.1%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	48.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.5%	Net income / average total assets.
Return on invested capital (ROIC)	25.6%	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%.
SG&A / revenue	35.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.8%	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	11.7%	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	13.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.3%	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	11.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	22.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.2%	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	9.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.0%	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	34.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.4%	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	15.2%	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	35.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.1%	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	15.2%	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	10.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	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	4.8%	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	-2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.3%	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	11.9%	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	-0.6%	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	-0.2%	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	-0.1%	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	1.28x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.1%	Total debt / total assets.
Liabilities / assets	76.3%	Total liabilities / total assets.
Net debt	$3.62B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.71x	Operating income / interest expense.
Working capital	$1.75B	Current assets - current liabilities.
Goodwill and intangibles / assets	39.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	10.7x	Revenue / average property, plant and equipment.
Receivables turnover	4.09x	Revenue / average receivables.
Days sales outstanding	89 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
FCF conversion	111.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.06	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	$18.52	Revenue / diluted weighted shares.
FCF per share	$5.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.31	Cash from operations / diluted weighted shares.
Book value per share	$10.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.90	Tangible book value / shares outstanding.
Cash per share	$2.62	(Cash + short-term investments) / shares outstanding.
Payout ratio	90.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	80.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	22.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$36.06B	Share price x shares outstanding.
Enterprise value	$39.68B	Market cap + total debt - cash - short-term investments.
P/E	20.0x	Market cap / net income. Only when net income is positive.
P/S	5.46x	Market cap / revenue.
P/B	9.73x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.0x	Market cap / cash from operations, when positive.
EV/Sales	6.01x	Enterprise value / revenue.
EV/EBIT	15.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.
PEG	4.56x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PAYCHEX INC's revenue in fiscal 2026?

PAYCHEX INC reported revenue of $6.51B for fiscal 2026, 16.9% higher than the year before.

Was PAYCHEX INC profitable in fiscal 2026?

Yes. Net income was $1.76B, a net margin of 27%.

How much free cash flow did PAYCHEX INC generate in fiscal 2026?

Cash from operations of $2.56B minus capital expenditures of $234.9M left free cash flow of $2.32B.

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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