PAYC

MKT CAP:$7B

Paycom Software, Inc.

Market Cap

$7B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$130.43-$21.97 (-14.42%)

Apr 22, 2026

Company Details

Paycom Software, Inc. provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to ...

CEO

Chad R. Richison

IPO Date

Apr 15, 2014

Website

www.paycom.com

Key Metrics TTM

Revenue

$2.1B

+8.9% YoY

Net Income

$453M

EPS (Diluted)

$8.09

Free Cash Flow

$406M

Revenue / Share

$37.24

Gross Margin

80.8%

Operating Margin

27.6%

Net Margin

22.1%

FCF Margin

19.8%

P/S

3.3x

P/E

14.8x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 19, 2026

$2.1B+8.9%EPS $8.08

Q4 2025

Feb 19, 2026

$544M+10.2%EPS $2.07

Q3 2025

Nov 6, 2025

$493M+9.2%EPS $1.96

Q2 2025

Aug 7, 2025

$484M+10.5%EPS $1.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$354M	$305M	$126M
Q2 22	$317M	$267M	$72M
Q3 22	$334M	$279M	$74M
Q4 22	$371M	$312M	$106M
Q1 23	$452M	$386M	$160M
Q2 23	$401M	$334M	$87M
Q3 23	$406M	$337M	$97M
Q4 23	$435M	$360M	$107M
Q1 24	$500M	$421M	$286M
Q2 24	$438M	$354M	$95M
Q3 24	$452M	$364M	$105M
Q4 24	$494M	$410M	$148M
Q1 25	$531M	$446M	$185M
Q2 25	$484M	$396M	$112M
Q3 25	$493M	$384M	$113M
Q4 25	$544M	$431M	$157M

Valuation

Quarter	P/S	P/E
Q1 22	5.9x	30.1x
Q2 22	5.5x	29.4x
Q3 22	5.2x	26.8x
Q4 22	4.9x	23.9x
Q1 23	4.6x	21.7x
Q2 23	4.3x	21.2x
Q3 23	4.1x	19.8x
Q4 23	4.0x	19.7x
Q1 24	3.9x	14.3x
Q2 24	3.8x	14.2x
Q3 24	3.7x	14.3x
Q4 24	3.6x	13.4x
Q1 25	3.5x	17.0x
Q2 25	3.4x	16.1x
Q3 25	3.4x	14.8x
Q4 25	3.3x	14.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$117M	$83M
Q2 22	$52M	$18M
Q3 22	$68M	$43M
Q4 22	$128M	$84M
Q1 23	$146M	$105M
Q2 23	$106M	$63M
Q3 23	$99M	$46M
Q4 23	$134M	$73M
Q1 24	$149M	$101M
Q2 24	$132M	$86M
Q3 24	$93M	$45M
Q4 24	$160M	$109M
Q1 25	$183M	$145M
Q2 25	$123M	$61M
Q3 25	$176M	$78M
Q4 25	$196M	$123M

Capital Expenditures

Quarter	CapEx
Q1 22	$34M
Q2 22	$33M
Q3 22	$24M
Q4 22	$45M
Q1 23	$41M
Q2 23	$43M
Q3 23	$52M
Q4 23	$61M
Q1 24	$48M
Q2 24	$46M
Q3 24	$48M
Q4 24	$51M
Q1 25	$38M
Q2 25	$62M
Q3 25	$98M
Q4 25	$74M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+29.9%	+27.9%
Q2 22	+30.9%	+25.4%
Q3 22	+30.4%	+22.1%
Q4 22	+30.0%	+22.4%
Q1 23	+27.8%	+28.1%
Q2 23	+26.6%	+28.3%
Q3 23	+21.6%	+19.0%
Q4 23	+17.3%	+23.8%
Q1 24	+10.7%	-26.5%
Q2 24	+9.1%	+9.1%
Q3 24	+11.2%	+12.2%
Q4 24	+13.6%	+5.3%
Q1 25	+6.1%	+61.3%
Q2 25	+10.5%	+8.4%
Q3 25	+9.2%	+9.7%
Q4 25	+10.2%	+12.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$22M	6.2%
Q2 22	$24M	7.7%
Q3 22	$24M	7.3%
Q4 22	$24M	6.5%
Q1 23	$28M	6.2%
Q2 23	$35M	8.8%
Q3 23	$33M	8.2%
Q4 23	$33M	7.7%
Q1 24	-$94M	-18.8%
Q2 24	$25M	5.7%
Q3 24	$24M	5.3%
Q4 24	$23M	4.6%
Q1 25	$22M	4.2%
Q2 25	$38M	7.9%
Q3 25	$31M	6.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$32M	$61M	$75M
Q2 22	$37M	$58M	$88M
Q3 22	$40M	$61M	$91M
Q4 22	$40M	$60M	$93M
Q1 23	$43M	$66M	$104M
Q2 23	$49M	$76M	$106M
Q3 23	$52M	$72M	$101M
Q4 23	$55M	$75M	$106M
Q1 24	$51M	—	$116M
Q2 24	$62M	$70M	$107M
Q3 24	$63M	$71M	$104M
Q4 24	$67M	$66M	$108M
Q1 25	$62M	$66M	$111M
Q2 25	$75M	$70M	$116M
Q3 25	$74M	$72M	$126M
Q4 25	$72M	$71M	$130M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	29.9%	42.2%	72.1
Q2 22	30.9%	30.2%	61.1
Q3 22	30.4%	29.9%	60.3
Q4 22	30.0%	37.7%	67.8
Q1 23	27.8%	42.7%	70.4
Q2 23	26.6%	30.2%	56.8
Q3 23	21.6%	32.3%	53.9
Q4 23	17.3%	32.9%	50.2
Q1 24	10.7%	64.7%	75.4
Q2 24	9.1%	31.0%	40.0
Q3 24	11.2%	32.6%	43.8
Q4 24	13.6%	38.9%	52.6
Q1 25	6.1%	43.6%	49.7
Q2 25	10.5%	33.1%	43.6
Q3 25	9.2%	40.3%	49.5
Q4 25	10.2%	38.5%	48.7

Rule of 40

Revenue Segments

Quarter	Implementation And Other	Recurring
Q1 22	$5M	$348M
Q2 22	$5M	$312M
Q3 22	$6M	$328M
Q4 22	$7M	$364M
Q1 23	$7M	$444M
Q2 23	$7M	$395M
Q3 23	$8M	$399M
Q4 23	$7M	$427M
Q1 24	$8M	$492M
Q2 24	$7M	$430M
Q3 24	$7M	$445M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$361M	$0	$361M
Q2 22	$279M	$0	$279M
Q3 22	$317M	$0	$317M
Q4 22	$401M	$0	$401M
Q1 23	$506M	$0	$506M
Q2 23	$537M	$0	$537M
Q3 23	$484M	$0	$484M
Q4 23	$294M	$0	$294M
Q1 24	$371M	$0	$371M
Q2 24	$346M	$0	$346M
Q3 24	$326M	$0	$326M
Q4 24	$402M	$0	$402M
Q1 25	$521M	$0	$521M
Q2 25	$532M	$0	$532M
Q3 25	$375M	$0	$375M
Q4 25	$370M	$0	$370M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	58M	-0.0%	-0.3%
Q2 22	58M	-0.3%	-0.0%
Q3 22	58M	-0.1%	-0.3%
Q4 22	58M	+0.0%	-0.3%
Q1 23	58M	-0.1%	-0.4%
Q2 23	58M	+0.1%	-0.1%
Q3 23	58M	-0.1%	-0.1%
Q4 23	57M	-1.3%	-1.4%
Q1 24	57M	-1.2%	-2.5%
Q2 24	57M	+0.4%	-2.2%
Q3 24	56M	-1.4%	-3.5%
Q4 24	56M	+0.4%	-1.8%
Q1 25	56M	+0.2%	-0.4%
Q2 25	56M	0.0%	-0.8%
Q3 25	56M	+0.2%	+0.8%
Q4 25	55M	-2.3%	-2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$65.6K	5K
Q2 22	$58.9K	5K
Q3 22	$62.1K	5K
Q4 22	$58.4K	6K
Q1 23	$71.1K	6K
Q2 23	$63.2K	6K
Q3 23	$64.0K	6K
Q4 23	$59.5K	7K
Q1 24	$68.4K	7K
Q2 24	$59.9K	7K
Q3 24	$61.8K	7K
Q4 24	$67.6K	7K
Q1 25	$72.6K	7K
Q2 25	$66.2K	7K
Q3 25	$67.5K	7K
Q4 25	$94.3K	6K

Revenue / Employee