Paychex, Inc.

PAYX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$34,747	$57,260	$43,253	$37,828	$44,705	$36,487	$26,076	$30,949	$23,658	$21,368	$19,560	$17,825	$14,985	$13,544	$10,861	$11,686	$10,198	$10,268	$12,729	$15,398	$13,930	$10,926	$14,391	$11,484	$12,985	$14,326	$12,971	$6,902	$6,119	$3,988	$3,022	$1,324	$954	$798	$498	$301	$205	$302	$193	$215	$173
Enterprise value	$38,253	$60,619	$42,617	$37,098	$44,362	$36,381	$26,042	$31,046	$23,234	$21,044	$19,208	$17,288	$14,433	$13,039	$10,545	$11,222	$13,311	$9,775	$12,336	$14,807	$13,353	$10,219	$13,867	$11,102	$12,923	$14,280	$12,924	$6,849	$6,084	$3,938	$3,007	$1,311	$941	$795	$495	$303	$206	$302	$194	$216	$175
P/E (TTM) at period end	19.74×	34.55×	25.59×	24.29×	32.10×	33.25×	23.75×	29.92×	23.80×	25.86×	25.85×	26.41×	23.88×	23.80×	19.82×	22.68×	21.38×	19.25×	22.09×	29.87×	29.96×	29.62×	47.50×	39.13×	47.30×	56.21×	68.27×	49.62×	59.88×	53.04×	57.79×	33.94×	33.96×	39.92×	36.36×	31.34×	23.80×	32.09×	27.99×	42.08×	41.12×
P/S (TTM) at period end	5.34×	10.28×	8.19×	7.55×	9.69×	8.99×	6.45×	8.20×	7.00×	6.78×	6.63×	6.51×	5.95×	5.82×	4.87×	5.61×	5.10×	4.93×	6.16×	8.16×	8.32×	7.56×	11.12×	10.98×	13.60×	16.47×	17.81×	5.87×	6.16×	5.43×	9.29×	4.95×	4.26×	4.20×	3.09×	2.19×	1.70×	2.98×	2.43×	3.36×	3.41×
P/B at period end	9.30×	13.87×	11.38×	10.83×	14.49×	12.38×	9.37×	11.81×	10.04×	9.59×	10.23×	9.98×	8.43×	7.64×	6.77×	7.81×	7.27×	7.65×	10.64×	7.89×	8.42×	7.89×	11.99×	10.66×	14.05×	18.90×	23.02×	15.84×	18.57×	15.86×	15.84×	9.46×	8.80×	9.37×	7.39×	5.52×	4.34×	7.50×	6.13×	8.94×	9.29×
EV / EBITDA (TTM)	12.95×	25.08×	18.13×	16.79×	21.83×	22.01×	15.59×	19.99×	16.25×	15.24×	15.22×	14.90×	13.27×	13.00×	11.08×	12.82×	16.41×	10.97×	13.57×	18.54×	17.94×	16.33×	26.87×	23.85×	31.44×	37.99×	43.75×	31.08×	37.58×	33.38×	36.94×	21.15×	19.60×	21.31×	17.24×	13.95×	10.59×	–	–	–	–
EV / Sales (TTM)	5.87×	10.88×	8.07×	7.41×	9.62×	8.97×	6.45×	8.23×	6.88×	6.67×	6.51×	6.31×	5.73×	5.61×	4.73×	5.38×	6.65×	4.69×	5.97×	7.85×	7.97×	7.07×	10.71×	10.61×	13.53×	16.42×	17.75×	5.83×	6.12×	5.36×	9.24×	4.91×	4.20×	4.18×	3.07×	2.21×	1.72×	2.99×	2.44×	3.38×	3.46×
Returns
Return on equity	47.1%	40.1%	44.5%	44.6%	45.1%	37.2%	39.5%	39.5%	42.2%	37.1%	39.6%	37.8%	35.3%	32.1%	34.2%	34.4%	34.0%	39.8%	48.1%	26.4%	28.1%	26.6%	25.2%	27.2%	29.7%	33.6%	33.7%	31.9%	31.0%	29.9%	27.4%	27.9%	25.9%	23.5%	20.3%	17.6%	18.2%	23.4%	21.9%	21.2%	22.6%
Return on invested capital	26.3%	22.4%	51.8%	49.3%	39.1%	38.8%	40.2%	37.6%	49.4%	40.3%	42.3%	41.5%	38.4%	33.9%	36.4%	37.1%	10.3%	60.9%	54.1%	26.0%	29.5%	32.6%	29.8%	27.3%	29.3%	33.1%	34.6%	34.0%	32.4%	34.8%	27.7%	28.7%	28.0%	23.1%	20.7%	16.2%	16.3%	21.8%	20.5%	19.9%	19.6%
Dividend yield	4.6%	2.5%	3.0%	3.1%	2.2%	2.5%	3.4%	2.7%	3.1%	3.1%	3.1%	3.1%	3.4%	3.5%	4.2%	3.8%	4.4%	4.4%	3.5%	2.0%	1.7%	1.8%	1.2%	1.4%	1.2%	0.9%	0.6%	0.8%	0.6%	0.6%	0.5%	0.7%	0.7%	0.6%	0.6%	0.8%	1.0%	–	–	–	–
Financial health
Current ratio	1.26×	1.28×	1.37×	1.30×	1.25×	1.25×	1.23×	1.17×	1.11×	1.12×	1.11×	1.11×	1.13×	1.13×	1.07×	1.12×	1.11×	1.15×	1.11×	1.15×	1.16×	1.25×	1.21×	1.17×	1.39×	1.30×	1.25×	1.25×	1.22×	1.21×	5.88×	4.65×	4.58×	3.61×	3.04×	2.83×	3.08×	3.42×	3.82×	3.55×	2.80×
Debt / equity	1.22×	1.20×	0.22×	0.23×	0.26×	0.27×	0.29×	0.30×	–	–	–	–	–	–	–	–	2.48×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01×	0.01×	0.02×	0.03×	0.04×	0.05×	0.07×	0.11×	0.11×	0.15×
Effective tax rate	23.8%	23.8%	23.8%	24.0%	23.7%	23.5%	23.6%	24.4%	23.5%	34.4%	34.3%	36.3%	36.5%	37.6%	36.3%	35.0%	34.6%	34.3%	32.6%	30.7%	31.1%	32.5%	32.6%	32.0%	30.5%	30.0%	31.0%	30.5%	29.1%	27.5%	28.1%	28.2%	27.9%	28.8%	29.7%	31.4%	34.8%	36.9%	38.4%	50.0%	46.2%
Share count
Diluted shares outstanding	360	362	362	362	363	362	361	362	362	363	362	365	366	365	363	362	362	361	370	383	381	380	379	378	378	378	375	370	367	366	348	341	340	338	337	333	333	332	330	333	327

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$6,602	$6,512	$5,572	$5,278	$5,007	$4,612	$4,057	$4,040	$3,772	$3,378	$3,153	$2,952	$2,740	$2,519	$2,326	$2,230	$2,084	$2,001	$2,083	$2,066	$1,887	$1,675	$1,445	$1,294	$1,046	$955	$870	$728	$1,175	$993	$735	$325	$267	$224	$190	$161	$137	$120	$101	$79	$64	$51
Cost of revenue	($1,691)	($1,674)	($1,540)	($1,479)	($1,453)	($1,356)	($1,271)	($1,281)	($1,178)	($1,018)	($920)	($857)	($808)	($732)	($671)	($681)	($654)	($654)	($681)	($661)	($615)	($560)	($330)	($303)	($258)	($221)	($200)	($137)	($697)	($604)	($429)	($83)	($68)	($57)	($50)	($43)	($42)	($38)	($30)	($28)	($18)	($15)
Gross profit	$4,912	$4,838	$4,031	$3,799	$3,554	$3,255	$2,786	$2,760	$2,595	$2,360	$2,232	$2,095	$1,932	$1,786	$1,655	$1,549	$1,431	$1,347	$1,402	$1,406	$1,271	$1,114	$1,116	$991	$788	$734	$670	$591	$478	$389	$306	$242	$200	$167	$140	$118	$96	$82	$72	$52	$46	$36
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,324)	($2,327)	($1,824)	($1,625)	($1,521)	($1,415)	($1,325)	($1,299)	($1,223)	($1,068)	($980)	($948)	($878)	($804)	($750)	($706)	($646)	($622)	($597)	($577)	($570)	($465)	($582)	($558)	($440)	($371)	($333)	($296)	($258)	($227)	($188)	($161)	($138)	($119)	($103)	($89)	($74)	($63)	($52)	($41)	($32)	($25)
Total operating expenses	($2,324)	($2,327)	($1,824)	($1,625)	($1,521)	($1,415)	($1,325)	($1,299)	($1,223)	($1,068)	($978)	($948)	($878)	($804)	($750)	($695)	($644)	($622)	($597)	($577)	($570)	($465)	($582)	($558)	($387)	($371)	($333)	($332)	($291)	($255)	($210)	($175)	($149)	($130)	($113)	($99)	($82)	($70)	($57)	($41)	($36)	($28)
Total costs and expenses	($4,015)	($4,002)	($3,364)	($3,104)	($2,974)	($2,772)	($2,596)	($2,580)	($2,401)	($2,086)	($1,899)	($1,805)	($1,686)	($1,536)	($1,421)	($1,376)	($1,298)	($1,276)	($1,278)	($1,238)	($1,185)	($1,025)	($911)	($861)	($645)	($591)	($533)	($469)	($988)	($859)	($638)	($258)	($216)	($187)	($163)	($142)	($124)	($108)	($87)	($69)	($54)	($43)
Operating income	$2,588	$2,510	$2,208	$2,174	$2,033	$1,840	$1,461	$1,460	$1,371	$1,292	$1,254	$1,147	$1,054	$983	$905	$854	$786	$725	$805	$828	$702	$650	$534	$433	$401	$364	$337	$259	$188	$135	$97	$68	$51	$37	$27	$19	$13	$12	$14	$11	$10	$8
Earnings
EBITDA	$3,031	$2,953	$2,417	$2,351	$2,210	$2,032	$1,653	$1,670	$1,553	$1,430	$1,381	$1,262	$1,160	$1,088	$1,003	$952	$875	$811	$891	$909	$799	$744	$626	$516	$466	$411	$376	$295	$220	$162	$118	$81	$62	$48	$37	$29	$22	$20	–	–	–	–
Interest income	$213	$211	$162	$146	$100	$58	$59	$87	$81	$64	$51	$46	$42	$41	$41	$44	$48	$55	$75	$132	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($266)	($270)	($105)	($37)	($37)	($37)	($36)	($39)	($18)	($4)	($2)	($1)	($1)	($1)	($0)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,378	$2,311	$2,176	$2,218	$2,048	$1,825	$1,434	$1,437	$1,368	$1,300	$1,259	$1,151	$1,060	$988	$911	$860	$792	$729	$812	$855	$743	$675	$546	$450	$432	$395	$364	$275	$200	$144	$104	$73	$54	$39	$28	$20	$14	$13	$15	$11	$10	$8
Income tax expense	($572)	($551)	($519)	($528)	($491)	($432)	($337)	($339)	($334)	($306)	($433)	($394)	($385)	($361)	($342)	($312)	($277)	($252)	($279)	($279)	($228)	($210)	($177)	($147)	($138)	($120)	($109)	($85)	($61)	($42)	($28)	($20)	($15)	($11)	($8)	($6)	($4)	($5)	($6)	($4)	($5)	($4)
Net income	$1,806	$1,760	$1,657	$1,690	$1,557	$1,393	$1,098	$1,098	$1,034	$994	$826	$757	$675	$628	$569	$548	$515	$477	$534	$576	$515	$465	$369	$303	$293	$275	$255	$190	$139	$102	$75	$52	$39	$28	$20	$14	$10	$9	$9	$7	$5	$4
Per share
Diluted EPS (GAAP)	$5.04	$4.89	$4.58	$4.67	$4.30	$3.84	$3.03	$3.04	$2.86	$2.75	$2.28	$2.09	$1.85	$1.71	$1.56	$1.51	$1.42	$1.32	$1.48	$1.56	$1.35	$1.22	$0.97	$0.80	$0.78	$0.73	$0.68	$0.51	$0.38	$0.28	$0.21	$0.15	$0.11	$0.0827	$0.0591	$0.0407	$0.0288	$0.0258	$0.0283	$0.0209	$0.0153	$0.0129
Basic EPS (GAAP)	$5.05	$4.90	$4.60	$4.69	$4.32	$3.86	$3.05	$3.06	$2.88	$2.77	$2.30	$2.10	$1.86	$1.72	$1.56	$1.51	$1.42	$1.32	$1.48	$1.56	$1.35	$1.23	$0.97	$0.80	$0.78	$0.73	$0.68	$0.51	$0.25	$0.28	$0.21	$0.15	$0.11	$0.0827	$0.0591	$0.0407	$0.0288	$0.0258	$0.0283	$0.0209	$0.0153	$0.0129
Basic shares outstanding	358	359	360	360	360	361	360	358	359	359	360	361	363	364	364	362	362	361	361	368	381	379	378	377	376	375	373	371	370	367	366	348	341	340	338	337	333	333	332	330	333	327
Margins
Gross margin	74.4%	74.3%	72.4%	72.0%	71.0%	70.6%	68.7%	68.3%	68.8%	69.9%	70.8%	71.0%	70.5%	70.9%	71.1%	69.5%	68.6%	67.3%	67.3%	68.0%	67.4%	66.5%	77.2%	76.6%	75.4%	76.9%	77.0%	81.2%	40.7%	39.2%	41.7%	74.5%	74.7%	74.6%	73.7%	73.1%	69.7%	68.6%	70.8%	65.4%	71.4%	70.0%
Operating margin	39.2%	38.6%	39.6%	41.2%	40.6%	39.9%	36.0%	36.1%	36.3%	38.2%	39.8%	38.8%	38.5%	39.0%	38.9%	38.3%	37.7%	36.2%	38.7%	40.1%	37.2%	38.8%	36.9%	33.5%	38.3%	38.1%	38.7%	35.6%	16.0%	13.5%	13.1%	20.8%	19.1%	16.4%	14.0%	11.7%	9.7%	10.1%	14.0%	13.6%	15.8%	15.2%
Net margin	27.4%	27.0%	29.7%	32.0%	31.1%	30.2%	27.1%	27.2%	27.4%	29.4%	26.2%	25.6%	24.6%	24.9%	24.5%	24.6%	24.7%	23.8%	25.6%	27.9%	27.3%	27.8%	25.5%	23.4%	28.1%	28.7%	29.3%	26.1%	11.8%	10.3%	10.2%	16.1%	14.6%	12.5%	10.5%	8.5%	7.0%	7.2%	9.3%	8.7%	8.0%	8.3%

Analyst consensus

Hold31 analysts

Bearish · 5 · Hold · 21 · Bullish · 5

Earnings history

	EPS	Estimate
Q2 2025	$1.14	$1.13	Beat
Q3 2025	$1.49	$1.48	Beat
Q4 2025	$1.19	$1.19	Match
Q1 2026	$1.22	$1.20	Beat
Q2 2026	$1.26	$1.23	Beat
Q3 2026	$1.71	$1.67	Beat
Q4 2026	$1.32	$1.31	Beat
Q1 2027	$1.34	$1.32	Beat

Peers

Company overview

IPO dateAug 26, 1983

CEOJohn Gibson Jr.

Employees17,600

SectorIndustrials

IndustryStaffing & Employment Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.paychex.com

Founded in 1971 and headquartered in Rochester, New York, Paychex, Inc. delivers comprehensive human capital management (HCM) solutions. The company primarily serves small to medium-sized enterprises (SMEs) across the United States, Europe, and India, addressing their needs in human resources, payroll administration, employee benefits, and insurance. Its diverse service portfolio includes: Payroll Management: Encompassing core payroll processing, payroll tax administration, employee payment facilitation, and ensuring compliance with regulations like new-hire reporting and garnishment processing. Human Resources Solutions: Providing support for employer compliance, HR and employee benefits administration, risk management outsourcing, and even the availability of professionally trained on-site HR representatives. Retirement Services: Offering full administration for retirement plans, which covers implementation, ongoing adherence to government regulations, reporting for both participants and employers, online access capabilities, electronic funds transfers, and other administrative tasks. Cloud-based HR Software: A suite of software products designed for efficient HR administration, including tools for benefits management, time and attendance tracking, digital communication, recruitment, and onboarding processes. Additional Business Services: This category features plan administration outsourcing, state unemployment insurance services, and various support functions for SMBs such as payroll funding and outsourcing (including payroll processing, invoicing, and tax preparation), payment processing solutions, financial wellness programs, and a resource center for small business loans. Insurance Offerings: Providing both property and casualty coverage, which includes workers' compensation, business-owner policies, cybersecurity protection, and commercial auto insurance, alongside health and benefits coverage like medical, dental, vision, and life insurance. Paychex primarily distributes its services through its dedicated direct sales team.

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