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PAYXPaychex

Industrials · Professional Services · Nasdaq
PAYX quote by TradingView
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FY2026 at a glance

Sales up 16.9%, free cash flow up to $2.3B

XBRL, from each 10-K
RevenueStatements ↓
$6.5B
from $5.6B in FY2025
FY2017FY2026
Net incomeStatements ↓
$1.8B
from $1.7B in FY2025
FY2017FY2026
Free cash flowStatements ↓
$2.3B
from $1.7B in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$4.89
from $4.58 in FY2025
FY2017FY2026
Operating marginStatements ↓
38.6%
from 39.6% in FY2025
FY2017FY2026
Total debtStatements ↓
$4.6B
from $5.0B in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)5.04Sales (ttm)6.6BNet income (ttm)1.8BSales growth+16.9%EPS growth+6.8%Sales Q/Q+5.9%
Free cash flow2.0BGross margin71.2%Oper. margin39.2%Net margin27.4%FCF margin30.5%ROE48.7%
ROA11.5%R&D / sales-Dividend4.43Debt/Eq1.23Curr. ratio1.28Cash600.9M
Op. cash flow (ttm)2.3BEBITDA3.0BEBITDA margin45.3%Net debt4.0BQuick ratio1.28Interest cover9.32
ROIC23.1%Payout ratio90.6%Tax rate23.8%Stock pay / sales1.5%Shares out.356.0MShares Y/Y-0.6%
Book / share10.41Cash / share1.69Sales / share18.55Asset turnover0.42Sales 3Y CAGR+9.2%Sales 5Y CAGR+9.9%
EPS 3Y CAGR+4.4%EPS 5Y CAGR+10.0%Employees17,600Sales / employee375K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Free cash flow rose 36%$1.7B → $2.3B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +16.9%+5.6% → +16.9% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

PAYX against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
PAYXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+16.9%9th of 82 · median +4.8%
Net margin
27.4%4th of 82 · median 13.0%
Return on equity
48.7%12th of 77 · median 24.9%
Free cash flow margin
30.5%3rd of 79 · median 13.0%
Debt / equity (less is better)
1.2357th of 72 · median 0.72
PAYX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PAYX Paychex$6.6B +16.9%71.2%27.4%48.7%30.5%1.23
DD DuPont$7.1B +1.9%35.5%4.3%2.2%11.2%0.23
HUBB Hubbell Incorporated$6.6B +3.8%35.4%13.8%22.1%14.1%1.25
EFX Equifax$6.6B +6.9%-11.3%16.6%16.7%1.16
VLTO Veralto$5.8B +6.0%60.2%17.3%31.0%18.8%0.98
ODFL Old Dominion$5.8B -5.5%-20.1%24.9%20.3%0.00
Where each dollar goes

From $4.6B of sales to $1.4B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $3.3BRevenue to Cost of revenue: $1.4BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $447.2M Revenue: $4.6B Revenue$4.6B +14% Y/Y Gross profit: $3.3B · 71% margin Gross profit$3.3B71% margin Cost of revenue: $1.4B · 29% of revenue Cost of revenue$1.4B29% of revenue Operating profit: $1.8B · 40% margin Operating profit$1.8B40% margin +26% Y/Y Operating expenses: $1.4B · 31% of revenue Operating expenses$1.4B31% of revenue Net profit: $1.4B · 30% margin Net profit$1.4B30% margin +27% Y/Y Tax & other: $447.2M · 10% of revenue Tax & other$447.2M10% of revenue

Swipe sideways for the whole flow →

From $5.0B of sales to $1.6B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $3.6BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $2.0BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $475.8M Revenue: $5.0B Revenue$5.0B +9% Y/Y Gross profit: $3.6B · 71% margin Gross profit$3.6B71% margin Cost of revenue: $1.5B · 29% of revenue Cost of revenue$1.5B29% of revenue Operating profit: $2.0B · 41% margin Operating profit$2.0B41% margin +10% Y/Y Operating expenses: $1.5B · 30% of revenue Operating expenses$1.5B30% of revenue Net profit: $1.6B · 31% margin Net profit$1.6B31% margin +12% Y/Y Tax & other: $475.8M · 10% of revenue Tax & other$475.8M10% of revenue

Swipe sideways for the whole flow →

From $5.3B of sales to $1.7B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $3.8BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $1.6BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $483.7M Revenue: $5.3B Revenue$5.3B +5% Y/Y Gross profit: $3.8B · 72% margin Gross profit$3.8B72% margin Cost of revenue: $1.5B · 28% of revenue Cost of revenue$1.5B28% of revenue Operating profit: $2.2B · 41% margin Operating profit$2.2B41% margin +7% Y/Y Operating expenses: $1.6B · 31% of revenue Operating expenses$1.6B31% of revenue Net profit: $1.7B · 32% margin Net profit$1.7B32% margin +9% Y/Y Tax & other: $483.7M · 9% of revenue Tax & other$483.7M9% of revenue

Swipe sideways for the whole flow →

From $5.6B of sales to $1.7B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $4.0BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $550.4M Revenue: $5.6B Revenue$5.6B +6% Y/Y Gross profit: $4.0B · 72% margin Gross profit$4.0B72% margin Cost of revenue: $1.5B · 28% of revenue Cost of revenue$1.5B28% of revenue Operating profit: $2.2B · 40% margin Operating profit$2.2B40% margin +2% Y/Y Operating expenses: $1.8B · 33% of revenue Operating expenses$1.8B33% of revenue Net profit: $1.7B · 30% margin Net profit$1.7B30% margin −2% Y/Y Tax & other: $550.4M · 10% of revenue Tax & other$550.4M10% of revenue

Swipe sideways for the whole flow →

From $6.5B of sales to $1.8B of profit

FY2026, from the 10-K income statement
Revenue to Gross profit: $4.8BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $2.5BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $750.4M Revenue: $6.5B Revenue$6.5B +17% Y/Y Gross profit: $4.8B · 74% margin Gross profit$4.8B74% margin Cost of revenue: $1.7B · 26% of revenue Cost of revenue$1.7B26% of revenue Operating profit: $2.5B · 39% margin Operating profit$2.5B39% margin +14% Y/Y Operating expenses: $2.3B · 36% of revenue Operating expenses$2.3B36% of revenue Net profit: $1.8B · 27% margin Net profit$1.8B27% margin +6% Y/Y Tax & other: $750.4M · 12% of revenue Tax & other$750.4M12% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median27.4% vs 13.0%
  • ✓
    Return on equity above 15%48.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 26.2% → 27.0%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 9.3× interest expense
  • !
    Debt larger than equityDebt / equity 1.23 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.28
  • ✓
    Net debt under 3 years of free cash flow$3.9B net debt, 1.9 years
Debt / equity at each year end, FY2017 to FY2026: 0.30 → 1.22

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.3B last year
  • ✓
    Share count down over 5 years−0.6%
  • ✓
    Dividend per share up over 5 years$2.52 → $4.43
  • ✓
    Cash from operations above net income$2.6B vs $1.8B
Free cash flow, FY2017 to FY2026: 866.1M → 2.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2017 to FY2026

Revenue 6.5B Net income 1.8B
FY2017 revenue 3.2B · Revenues, 0000723531-19-000032 FY2017 net income 826.3M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000723531-19-000032 3.2B FY2017 FY2018 revenue 3.4B · Revenues, 0000723531-20-000048 FY2018 net income 994.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000723531-20-000048 3.4B FY2018 FY2019 revenue 3.8B · Revenues, 0000723531-21-000035 FY2019 net income 1.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000723531-21-000035 3.8B FY2019 FY2020 revenue 4.0B · Revenues, 0000950170-22-012734 FY2020 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000950170-22-012734 4.0B FY2020 FY2021 revenue 4.1B · Revenues, 0000950170-23-032988 FY2021 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000950170-23-032988 4.1B FY2021 FY2022 revenue 4.6B · Revenues, 0000950170-24-082958 FY2022 net income 1.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000950170-24-082958 4.6B FY2022 FY2023 revenue 5.0B · Revenues, 0000950170-25-095300 FY2023 net income 1.6B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000950170-25-095300 5.0B FY2023 FY2024 revenue 5.3B · Revenues, 0001193125-26-307785 FY2024 net income 1.7B · NetIncomeLoss, 0001193125-26-307785 5.3B FY2024 FY2025 revenue 5.6B · Revenues, 0001193125-26-307785 FY2025 net income 1.7B · NetIncomeLoss, 0001193125-26-307785 5.6B FY2025 FY2026 revenue 6.5B · Revenues, 0001193125-26-307785 FY2026 net income 1.8B · NetIncomeLoss, 0001193125-26-307785 6.5B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PAYX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue6.5B
FY2017: 3.2BFY2018: 3.4BFY2019: 3.8BFY2020: 4.0BFY2021: 4.1BFY2022: 4.6BFY2023: 5.0BFY2024: 5.3BFY2025: 5.6BFY2026: 6.5B FY2018FY2020FY2022FY2024FY2026
Net income1.8B
FY2017: 826.3MFY2018: 994.1MFY2019: 1.0BFY2020: 1.1BFY2021: 1.1BFY2022: 1.4BFY2023: 1.6BFY2024: 1.7BFY2025: 1.7BFY2026: 1.8B FY2018FY2020FY2022FY2024FY2026
Free cash flow2.3B
FY2017: 866.1MFY2018: 1.1BFY2019: 1.1BFY2020: 1.3BFY2021: 1.1BFY2022: 1.5BFY2023: 1.6BFY2024: 1.7BFY2025: 1.7BFY2026: 2.3B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)4.89
FY2017: 2.28FY2018: 2.75FY2019: 2.86FY2020: 3.04FY2021: 3.03FY2022: 3.84FY2023: 4.30FY2024: 4.67FY2025: 4.58FY2026: 4.89 FY2018FY2020FY2022FY2024FY2026
Dividend per share4.43
FY2017: 1.84FY2018: 2.06FY2019: 2.30FY2020: 2.48FY2021: 2.52FY2022: 2.77FY2023: 3.26FY2024: 3.65FY2025: 4.02FY2026: 4.43 FY2018FY2020FY2022FY2024FY2026
Diluted shares360.0M
FY2017: 362.6MFY2018: 361.5MFY2019: 361.8MFY2020: 361.0MFY2021: 362.1MFY2022: 363.1MFY2023: 362.3MFY2024: 362.1MFY2025: 362.0MFY2026: 360.0M FY2018FY2020FY2022FY2024FY2026

Revenue by product or service

year to May 31, 2026
RevenueSharevs year before
Management Solutions 4.9B74.8% +19.7%
PEO and Insurance Solutions 1.4B22.0% +6.7%

10-K 0001193125-26-307785, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue3.2B3.4B3.8B4.0B4.1B4.6B5.0B5.3B5.6B6.5B
Cost of revenue-1.0B1.2B1.3B1.3B1.4B1.5B1.5B1.5B1.7B
SG&A979.7M1.1B1.2B1.3B1.3B1.4B1.5B1.6B1.8B2.3B
Operating income1.3B1.3B1.4B1.5B1.5B1.8B2.0B2.2B2.2B2.5B
Interest expense2.5M3.9M17.6M38.8M35.8M36.6M36.7M37.3M105.4M269.5M
Pretax income1.3B1.3B1.4B1.4B1.4B1.8B2.0B2.2B2.2B2.3B
Income tax432.8M306.0M333.6M339.0M336.7M431.8M490.9M527.6M518.6M550.8M
Net income826.3M994.1M1.0B1.1B1.1B1.4B1.6B1.7B1.7B1.8B
EPS (diluted)2.282.752.863.043.033.844.304.674.584.89
Diluted shares362.6M361.5M361.8M361.0M362.1M363.1M362.3M362.1M362.0M360.0M
Depreciation & amortization126.9M138.0M181.5M209.7M192.0M191.8M176.6M176.5M209.5M442.6M
EBITDA1.4B1.4B1.6B1.7B1.7B2.0B2.2B2.4B2.4B3.0B
Operating margin39.8%38.2%36.3%36.1%36.0%39.9%40.6%41.2%39.6%38.6%
Net margin26.2%29.4%27.4%27.2%27.1%30.2%31.1%32.0%29.7%27.0%
Revenue growth-+7.1%+11.7%+7.1%+0.4%+13.7%+8.6%+5.4%+5.6%+16.9%
EPS growth-+20.6%+4.0%+6.3%-0.3%+26.7%+12.0%+8.6%-1.9%+6.8%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash184.6M358.2M673.6M905.2M995.2M370.0M1.2B1.5B1.6B1.1B
Short-term investments138.8M66.0M39.0M27.2M36.7M853.9M373.4M33.9M34.5M36.3M
Current assets5.3B5.9B5.7B5.5B6.2B6.6B7.5B7.3B8.9B8.6B
Property & equipment337.2M393.5M408.7M407.4M395.8M401.3M396.3M411.7M511.5M588.9M
Goodwill657.1M814.0M1.8B1.8B1.8B1.8B1.8B1.9B4.5B4.5B
Total assets6.8B7.9B8.7B8.6B9.2B9.6B10.5B10.4B16.6B16.2B
Accounts payable57.2M73.7M75.9M79.4M89.0M105.7M84.7M104.3M129.8M154.8M
Current liabilities4.7B5.3B4.8B4.4B4.9B5.3B5.8B5.3B7.0B6.8B
Total debt--796.4M801.9M804.7M806.4M808.4M817.3M5.0B4.6B
Total liabilities4.9B5.6B6.1B5.8B6.3B6.5B7.1B6.6B12.4B12.4B
Shareholders' equity2.2B2.4B2.6B2.8B2.9B3.1B3.5B3.8B4.1B3.7B
Retained earnings901.7M1.3B1.4B1.4B1.4B1.7B2.0B2.2B2.3B1.8B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow960.4M1.3B1.3B1.4B1.3B1.6B1.7B1.9B1.9B2.6B
Capital spending94.3M154.0M123.8M127.0M118.4M133.8M143.0M161.4M191.8M234.9M
Free cash flow866.1M1.1B1.1B1.3B1.1B1.5B1.6B1.7B1.7B2.3B
Stock-based pay (added back)35.4M44.6M46.2M47.4M52.5M52.8M62.6M61.1M111.8M96.1M
Dividends paid662.3M739.7M826.8M889.4M908.7M999.6M1.2B1.3B1.4B1.6B
Buybacks166.2M143.1M56.9M171.9M155.7M145.2M0169.2M104.5M611.0M
Acquisitions-180.4M992.2M6.1M19.5M24.9M2.7M208.3M3.0B400K
Debt raised--796.3M----04.2B0
Debt repaid-------00400.0M
Investing cash flow-662.2M998.5M-1.6B771.9M-460.6M-1.5B211.7M-260.9M-3.4B-1.2B
Financing cash flow-482.7M-423.8M-1.0B-1.5B-636.4M-979.3M-711.4M-1.9B2.3B-2.7B
Dividend per share1.842.062.302.482.522.773.263.654.024.43

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)35.4M44.6M46.2M47.4M52.5M52.8M62.6M61.1M111.8M96.1M
Stock-based pay / revenue1.1%1.3%1.2%1.2%1.3%1.1%1.3%1.2%2.0%1.5%
Operating lease cost-39.9M42.9M38.2M34.6M27.2M20.8M28.7M27.7M19.8M
Operating lease cash paid---41.6M32.2M32.4M21.7M20.9M24.9M23.7M
Right-of-use assets---114.8M103.0M78.7M61.5M46.9M63.8M63.9M
Operating lease liabilities---134.1M121.3M99.9M77.6M68.2M78.0M74.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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