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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 3 years

Total assets $16.6B

Total liabilities $12.4B

Shareholders equity $4.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	30.1%	28.6%	27.8%
Short Term Investments	0.6%	0.7%	—
Accounts Receivable	1.0%	0.8%	20.1%
Prepaid Expenses	7.0%	6.3%	—
Total Current Assets	164.8%	141.3%	137.4%
Property,Plant and Equipment	9.5%	8.0%	7.8%
Operating Lease Assets	1.2%	0.9%	0.9%
Goodwill	83.4%	36.7%	35.7%
Intangible Assets	36.0%	3.8%	3.7%
Deferred Tax Assets	8.2%	4.5%	4.8%
Other Noncurrent Assets	2.4%	2.2%	2.2%
Total Assets	306.2%	202.3%	196.7%
Liabilities
Accounts Payable	2.4%	2.0%	2.0%
Accrued Liabilities	10.2%	9.2%	2.6%
Deferred Revenue	1.3%	1.0%	—
Current Portion of Long Term Debt	7.4%	0.4%	—
Other Current Liabilities	10.2%	9.2%	—
Total Current Liabilities	128.6%	103.5%	100.6%
Long Term Debt	84.1%	15.6%	15.1%
Operating Lease Liabilities Noncurrent	1.0%	1.0%	0.9%
Deferred Tax Liabilities	8.2%	6.2%	—
Other Noncurrent Liabilities	5.8%	4.6%	4.5%
Total Liabilities	229.9%	128.3%	124.7%
Equity
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	35.1%	33.7%	32.8%
Retained Earnings	42.1%	43.1%	41.9%
Accumulated Other Comprehensive Income	-1.0%	-2.8%	—
Total Stockholders Equity	76.3%	74.1%	72.0%
Total Liabilitiesand Equity	306.2%	202.3%	196.7%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $5.4B

Operating income $2.2B

Net income $1.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	28.5%	28.8%	28.0%
Expenses Selling,General and Administrative	33.7%	31.7%	30.8%
Expenses Depreciation and Amortization	3.9%	3.4%	—
Expenses Share Based Compensation	2.1%	1.2%	—
Expenses Operating Expenses	62.2%	60.5%	—
Other Income Expense Operating Income	40.8%	42.4%	—
Other Income Expense Interest Income	1.3%	1.6%	—
Other Income Expense Other Income/expense	0.0%	-0.0%	—
Other Income Expense Income Before Tax	40.2%	43.2%	—
Income Tax Income Tax Expense	9.6%	10.3%	—
net Income net Income	30.6%	32.9%	—
net Income Comprehensive Income	32.3%	33.2%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.7%	7.0%	6.8%
Earnings Per Share Weighted Average Shares Diluted	6.7%	7.1%	6.9%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.9B

Investing cash flow $-3.4B

Financing cash flow $2.3B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	30.6%	32.9%	—
Operating Activities Depreciation and Amortization	3.9%	3.4%	3.3%
Operating Activities Stock Based Compensation	2.1%	1.2%	—
Operating Activities Deferred Income Taxes	-0.3%	-0.6%	-0.6%
Operating Activities Changes In Operating Assets and Liabilities	2.6%	-1.7%	-2.1%
Operating Activities net Cash From Operating Activities	35.1%	37.0%	36.0%
Investing Activities Capital Expenditures	3.5%	3.1%	3.1%
Investing Activities Business Acquisitions	54.9%	4.1%	—
Investing Activities Purchases of Investments	264.4%	133.8%	—
Investing Activities Proceeds From Sale of Investments	264.2%	139.5%	—
Investing Activities net Cash From Investing Activities	-62.0%	-5.1%	-4.9%
Financing Activities Repurchase of Common Stock	1.9%	3.3%	3.2%
Financing Activities Dividends Paid	26.8%	25.6%	—
Financing Activities Other Financing Activities	0.9%	0.0%	—
Financing Activities net Cash From Financing Activities	42.4%	-36.5%	-35.5%
Cash Reconciliation Effect of Exchange Rate On Cash	50.5%	37.0%	—
Cash Reconciliation net Change In Cash	15.5%	-4.6%	-4.5%
Cash Reconciliation Cash At Beginning of Period	50.5%	37.0%	—
Cash Reconciliation Cash At End of Period	50.5%	37.0%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+71.5%	+71.2%	+72.0%
Operating margin	+40.8%	+42.4%	+41.2%
Net margin	+30.6%	+32.9%	—
FCF margin	+31.6%	+33.8%	+32.9%
Growth
Revenue CAGR (3y)	+2.6%	+3.6%	+9.2%
Returns
ROE	+40.1%	+44.5%	—
ROA	+10.0%	+16.3%	—
ROIC	+22.6%	+52.6%	+69.0%
Liquidity
Current ratio	1.28x	1.37x	1.37x
Quick ratio	0.24x	0.28x	0.48x
Leverage
D/E	3.01x	1.73x	1.73x
Interest coverage	—	58.29x	58.29x
Efficiency
Asset turnover	0.33x	0.49x	0.51x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Paychex

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