Paychex

Industrials Human Resource & Employment Services Penfield, New York Last filing Jul 11, 2025 · FY2025

                    Revenue
                    FY2025
                
$5.4B
                    3y CAGR +2.6%
                    
                    P35
                    
                    +5.4%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +30.6%
                    
                    P97
                    
                    -2.0%
                    
                    Total assets
                    FY2025
                
$16.6B
                    ROA +10.0%
                    
                    P70
                    
                    +59.5%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    FCF margin +31.6%
                    
                    P99
                    
                    +0.2%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

29 accounts · 5 years

Total assets $16.6B

Total liabilities $12.4B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$1.6B 10.9%	$1.5B 0.0%	$1.5B 20.2%	$1.2B 230.3%	$370.0M
Short Term Investments	$34.5M 1.8%	$33.9M	—	—	—
Accounts Receivable	$52.0M 22.1%	$42.6M -96.0%	$1.1B 21.3%	$873.3M 20.7%	$723.8M
Prepaid Expenses	$378.3M 17.5%	$321.9M	—	—	—
Total Current Assets	$8.9B 23.0%	$7.3B 0.0%	$7.3B -3.7%	$7.5B 14.4%	$6.6B
Property,Plant and Equipment	$511.5M 24.2%	$411.7M 0.0%	$411.7M 3.9%	$396.3M -1.2%	$401.3M
Operating Lease Assets	$63.8M 36.0%	$46.9M 0.0%	$46.9M -23.7%	$61.5M -21.9%	$78.7M
Goodwill	$4.5B 139.8%	$1.9B 0.0%	$1.9B 2.7%	$1.8B 0.1%	$1.8B
Intangible Assets	$1.9B 901.2%	$194.5M 0.0%	$194.5M 3.8%	$187.4M -16.6%	$224.6M
Deferred Tax Assets	$444.7M 90.7%	$233.2M -8.5%	$254.9M 7.6%	$236.9M 32.0%	$179.5M
Other Noncurrent Assets	$128.5M 11.7%	$115.0M 0.0%	$115.0M 76.4%	$65.2M 21.4%	$53.7M
Total Assets	$16.6B 59.5%	$10.4B 0.0%	$10.4B -1.5%	$10.5B 9.5%	$9.6B
Liabilities
Accounts Payable	$129.8M 24.4%	$104.3M 0.0%	$104.3M 23.1%	$84.7M -19.9%	$105.7M
Accrued Liabilities	$552.0M 17.5%	$469.8M 248.0%	$135.0M -35.7%	$209.9M -6.9%	$225.4M
Deferred Revenue	$69.4M 38.2%	$50.2M	—	—	—
Current Portion of Long Term Debt	$399.8M 2038.0%	$18.7M	—	—	—
Other Current Liabilities	$552.0M 17.5%	$469.8M	—	—	—
Total Current Liabilities	$7.0B 31.0%	$5.3B 0.0%	$5.3B -8.5%	$5.8B 10.2%	$5.3B
Long Term Debt	$4.5B 469.5%	$798.6M 0.0%	$798.6M 0.1%	$798.2M 0.1%	$797.7M
Operating Lease Liabilities Noncurrent	$55.5M 13.3%	$49.0M 0.0%	$49.0M -14.5%	$57.3M -23.4%	$74.8M
Deferred Tax Liabilities	$444.7M 39.5%	$318.7M	—	—	—
Other Noncurrent Liabilities	$312.2M 31.8%	$236.8M 0.0%	$236.8M 20.1%	$197.2M 6.8%	$184.7M
Total Liabilities	$12.4B 88.9%	$6.6B 0.0%	$6.6B -6.7%	$7.1B 7.7%	$6.5B
Equity
Common Stock	$3.6M 0.0%	$3.6M 0.0%	$3.6M 0.0%	$3.6M 0.0%	$3.6M
Additional Paid In Capital	$1.9B 9.9%	$1.7B 0.0%	$1.7B 6.3%	$1.6B 5.2%	$1.5B
Retained Earnings	$2.3B 2.9%	$2.2B 0.0%	$2.2B 9.4%	$2.0B 21.2%	$1.7B
Accumulated Other Comprehensive Income	$-53.7M 63.0%	$-145.1M	—	—	—
Total Stockholders Equity	$4.1B 8.6%	$3.8B 0.0%	$3.8B 8.8%	$3.5B 13.2%	$3.1B
Total Liabilitiesand Equity	$16.6B 59.5%	$10.4B 0.0%	$10.4B -1.5%	$10.5B 9.5%	$9.6B

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $5.4B

Operating income $2.2B

Net income $1.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$5.4B 5.4%	$5.1B -2.8%	$5.3B 5.4%	$5.0B 8.6%	$4.6B
Expenses Cost of Revenue	$1.5B 4.1%	$1.5B 0.0%	$1.5B 1.8%	$1.5B 7.1%	$1.4B
Expenses Selling,General and Administrative	$1.8B 12.2%	$1.6B 0.0%	$1.6B 6.8%	$1.5B 7.5%	$1.4B
Expenses Depreciation and Amortization	$209.5M 18.7%	$176.5M	—	—	—
Expenses Share Based Compensation	$111.8M 83.0%	$61.1M	—	—	—
Expenses Operating Expenses	$3.4B 8.4%	$3.1B	—	—	—
Other Income Expense Operating Income	$2.2B 1.5%	$2.2B	—	—	—
Other Income Expense Interest Income	$72.8M -12.0%	$82.7M	—	—	—
Other Income Expense Other Income/expense	$800.0K 153.3%	$-1.5M	—	—	—
Other Income Expense Income Before Tax	$2.2B -1.9%	$2.2B	—	—	—
Income Tax Income Tax Expense	$518.6M -1.7%	$527.6M	—	—	—
net Income net Income	$1.7B -2.0%	$1.7B	—	—	—
net Income Comprehensive Income	$1.7B 2.6%	$1.7B	—	—	—
Earnings Per Share Basic Eps	$5 -1.9%	$5 0.0%	$5 8.6%	$4 11.9%	$4
Earnings Per Share Diluted Eps	$5 -1.9%	$5 0.0%	$5 8.6%	$4 12.0%	$4
Earnings Per Share Weighted Average Shares Basic	$360.2M 0.0%	$360.3M 0.0%	$360.3M 0.0%	$360.4M -0.1%	$360.6M
Earnings Per Share Weighted Average Shares Diluted	$362.0M 0.0%	$362.1M 0.0%	$362.1M -0.1%	$362.3M -0.2%	$363.1M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.9B

Investing cash flow $-3.4B

Financing cash flow $2.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.7B -2.0%	$1.7B	—	—	—
Operating Activities Depreciation and Amortization	$209.5M 18.7%	$176.5M 0.0%	$176.5M -0.1%	$176.6M -7.9%	$191.8M
Operating Activities Stock Based Compensation	$111.8M 83.0%	$61.1M	—	—	—
Operating Activities Deferred Income Taxes	$-15.8M 47.0%	$-29.8M 0.0%	$-29.8M 32.3%	$-44.0M -2013.0%	$2.3M
Operating Activities Changes In Operating Assets and Liabilities	$142.7M 262.5%	$-87.8M 22.3%	$-113.0M -183.3%	$135.7M -11.9%	$154.1M
Operating Activities net Cash From Operating Activities	$1.9B 0.2%	$1.9B 0.0%	$1.9B 11.2%	$1.7B 7.3%	$1.6B
Investing Activities Capital Expenditures	$191.8M 18.8%	$161.4M 0.0%	$161.4M 12.9%	$143.0M 6.9%	$133.8M
Investing Activities Business Acquisitions	$3.0B 1324.6%	$208.3M	—	—	—
Investing Activities Purchases of Investments	$14.3B 108.2%	$6.9B	—	—	—
Investing Activities Proceeds From Sale of Investments	$14.3B 99.6%	$7.2B	—	—	—
Investing Activities net Cash From Investing Activities	$-3.4B -1186.6%	$-260.9M 0.0%	$-260.9M -223.2%	$211.7M 114.1%	$-1.5B
Financing Activities Repurchase of Common Stock	$104.5M -38.2%	$169.2M 0.0%	$169.2M	—	$145.2M
Financing Activities Dividends Paid	$1.4B 10.1%	$1.3B	—	—	—
Financing Activities Other Financing Activities	$47.8M	$0	—	—	—
Financing Activities net Cash From Financing Activities	$2.3B 222.3%	$-1.9B 0.0%	$-1.9B -163.5%	$-711.4M 27.4%	$-979.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$2.7B 44.1%	$1.9B	—	—	—
Cash Reconciliation net Change In Cash	$837.3M 452.0%	$-237.9M 0.0%	$-237.9M -119.7%	$1.2B 234.8%	$-894.7M
Cash Reconciliation Cash At Beginning of Period	$2.7B 44.1%	$1.9B	—	—	—
Cash Reconciliation Cash At End of Period	$2.7B 44.1%	$1.9B	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+71.5%	+71.2%	+72.0%	+71.0%	+70.6%
Operating margin	+40.8%	+42.4%	+41.2%	+40.6%	+39.9%
Net margin	+30.6%	+32.9%	—	—	—
FCF margin	+31.6%	+33.8%	+32.9%	+31.2%	+31.6%
Growth
Revenue CAGR (3y)	+2.6%	+3.6%	+9.2%	+7.4%	+6.9%
Returns
ROE	+40.1%	+44.5%	—	—	—
ROA	+10.0%	+16.3%	—	—	—
ROIC	+22.6%	+52.6%	+69.0%	+66.0%	+52.2%
Liquidity
Current ratio	1.28x	1.37x	1.37x	1.30x	1.25x
Quick ratio	0.24x	0.28x	0.48x	0.36x	0.21x
Leverage
D/E	3.01x	1.73x	1.73x	2.02x	2.12x
Interest coverage	—	58.29x	58.29x	55.40x	50.27x
Efficiency
Asset turnover	0.33x	0.49x	0.51x	0.47x	0.48x
Cash conversion cycle	—	—	—	—	—

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