PAYX Financials Paychex

15 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Sep 27, 2026, 10:16 UTC Overview →

Growth & profitability

Revenue has grown 9.5% per year over the past 5 years.
Net income has grown slower than revenue (6.0% vs 9.5% per year).
Operating margin has expanded, at 39.8% in the latest year.
Free cash flow has grown 15.2% per year over the past 5 years.

Financial health

Total debt ($4.6B) exceeds cash ($1.1B); net debt is $3.5B.
Total debt has grown faster than revenue (41.4% vs 9.5% per year).
Operating income covered interest expense 9.3× in the latest year.
Total debt is 1.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 90.3% of earnings and 68.5% of free cash flow.
The dividend has grown 11.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$6.3B	$1.8B	73.4%	39.8%	47.1%	10.9%	$2.3B	$4.6B	$1.1B
2025	$5.4B	$1.7B	71.5%	40.8%	40.1%	10.0%	$1.7B	$5.0B	$1.6B
2024	$5.1B	$1690	71.2%	42.4%	0.0%	0.0%	$1.7B	$817M	$1.5B
2023	$4.9B	$1.6B	70.4%	41.4%	44.6%	14.8%	$1.6B	$808M	$1.2B
2022	$4.6B	$1.4B	70.2%	40.4%	45.2%	14.5%	$1.5B	$806M	$370M
2021	$4.0B	—	68.2%	36.5%	0.0%	0.0%	$1.1B	$805M	$995M
2020	$4.0B	—	67.6%	36.9%	0.0%	0.0%	$1.3B	$802M	$905M
2019	$3.7B	—	68.1%	37.1%	0.0%	0.0%	$1.1B	$796M	$674M
2018	$3.3B	—	69.3%	39.0%	0.0%	0.0%	$1.1B	—	$358M
2017	$3.1B	—	0.0%	40.4%	0.0%	0.0%	$866M	—	$185M
2015	—	$675M	—	—	37.8%	10.4%	—	—	$170M
2014	—	$628M	—	—	35.3%	9.9%	$797M	—	$153M
2013	—	$569M	—	—	32.1%	9.2%	$577M	—	$107M
2012	—	$548M	—	—	34.2%	8.5%	$617M	—	$109M
2011	—	$515M	—	—	34.4%	9.6%	$615M	—	$119M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Aug '26	$1.6B	$430M	72.8%	39.2%	11.6%	2.7%	$357M	$4.6B	$601M
May '26	$1.6B	$421M	73.1%	38.9%	11.3%	2.6%	$515M	$4.6B	$1.1B
Feb '26	$1.8B	$560M	75.4%	45.2%	14.0%	3.2%	$762M	$5.0B	$1.7B
Nov '25	$1.5B	$395M	72.6%	38.0%	10.2%	2.4%	$383M	$5.0B	$1.5B
Aug '25	$1.5B	$384M	72.3%	36.3%	9.7%	2.3%	$663M	$5.0B	$809M
May '25	$1.4B	$297M	71.5%	31.2%	7.2%	1.8%	$283M	$5.0B	$1.6B
Feb '25	$1.5B	$519M	73.6%	47.2%	12.6%	4.6%	$667M	$817M	$1.6B
Nov '24	$1.3B	$413M	70.4%	42.0%	10.5%	3.9%	$248M	$817M	$1.2B
Aug '24	$1.3B	$427M	70.3%	42.7%	11.1%	4.1%	$511M	$818M	$1.5B
May '24	$1.3B	—	70.1%	38.3%	0.0%	0.0%	$180M	$817M	$1.5B
Feb '24	$1.4B	—	72.8%	46.6%	0.0%	0.0%	$631M	$817M	$1.7B
Nov '23	$1.2B	—	70.3%	41.3%	0.0%	0.0%	$271M	$812M	$1.4B
Aug '23	$1.3B	—	71.3%	42.8%	0.0%	0.0%	$654M	$812M	$1.6B
May '23	$1.2B	—	69.3%	37.6%	0.0%	0.0%	$371M	$808M	$1.2B
Feb '23	$1.3B	—	72.3%	45.5%	0.0%	0.0%	$538M	$808M	$1.3B
Nov '22	$1.2B	—	69.3%	40.4%	0.0%	0.0%	$320M	$808M	$1.1B
Aug '22	$1.2B	—	70.5%	41.7%	0.0%	0.0%	$334M	$808M	$1.2B
May '22	$1.1B	—	68.1%	34.9%	0.0%	0.0%	$303M	$806M	$370M
Feb '22	$1.3B	—	72.1%	44.6%	0.0%	0.0%	$578M	$806M	$268M
Nov '21	$1.1B	—	69.7%	40.2%	0.0%	0.0%	$136M	$806M	$636M

Valuation over time

How the market has priced PAYX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 29.1× (Mar '23) to 23.4× (Nov '26).
The price-to-sales ratio has fallen from 8.9× (Mar '23) to 6.5× (Nov '26).
The dividend yield has risen from 2.5% (Mar '23) to 3.9% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PAYX growing its revenue and profit?

Over the past 5 years, Paychex's revenue has grown 9.5% per year, and net income grown 6.0% per year. These are computed facts, not advice.

How much debt does PAYX have?

As of FY2026, Paychex reported $4.6B of total debt against $1.1B of cash; operating income covered interest expense 9.3×.

What is PAYX's profit margin?

In FY2026, gross margin was 73.4%, operating margin 39.8%, and net margin 27.9%.

What is PAYX's P/E ratio?

Paychex's P/E (TTM) is 22.77 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PAYX stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.4× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.