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 62 d ago Overview →

Growth & profitability

Revenue has grown 9.5% per year over the past 5 years.
Net income has grown slower than revenue (2.0% 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	$1.7B	71.2%	42.4%	44.5%	16.3%	$1.7B	$817M	$1.5B
2023	$4.9B	—	70.4%	41.4%	0.0%	0.0%	$1.6B	$808M	$1.2B
2022	$4.6B	—	70.2%	40.4%	0.0%	0.0%	$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
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
Aug '21	$1.1B	—	70.8%	41.5%	0.0%	0.0%	$355M	$805M	$1.1B

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 25.3× (May '24) to 25.3× (Sep '26).
The price-to-sales ratio has fallen from 8.9× (Mar '23) to 7.1× (Sep '26).
The dividend yield has risen from 2.5% (Mar '23) to 3.6% (Sep '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 2.0% 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?

As of Sep '26, Paychex traded at a price-to-earnings ratio of about 25.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.