PAYX

MKT CAP:$32B

Paychex, Inc.

Market Cap

$32B

Industrials·Staffing & Employment Services·🇺🇸 United States·NASDAQ

Industrials·Staffing·🇺🇸·NASDAQ

Stock Price

$90.04-$18.56 (-17.09%)

Apr 24, 2026

Company Details

Paychex, Inc. provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll process...

CEO

John Gibson Jr.

IPO Date

Aug 26, 1983

Website

www.paychex.com

Key Metrics TTM

Revenue

$6.3B

+16.4% YoY

Net Income

$1.6B

EPS (Diluted)

$4.53

Free Cash Flow

$2.2B

Revenue / Share

$17.56

Gross Margin

73.9%

Operating Margin

36.9%

Net Margin

25.8%

FCF Margin

34.0%

P/S

5.1x

P/E

19.7x

Earnings Reports

Q3 2026

Mar 25, 2026

$1.8B+19.9%EPS $1.55

Q2 2026

Dec 22, 2025

$1.6B+18.3%EPS $1.10

Q1 2026

Sep 30, 2025

$1.5B+16.8%EPS $1.06

FY 2025

Jul 11, 2025

$5.6B+5.6%EPS $4.58

Q4 2025

Jul 11, 2025

$1.4B+10.2%EPS $0.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$1.1B	$784M	$394M
Q1 23	$1.2B	$855M	$496M
Q2 23	$1.2B	$831M	$472M
Q3 23	$1.4B	$1.0B	$612M
Q4 23	$1.2B	$860M	$453M
Q1 24	$1.3B	$926M	$536M
Q2 24	$1.3B	$894M	$506M
Q3 24	$1.4B	$1.1B	$650M
Q4 24	$1.3B	$920M	$482M
Q1 25	$1.3B	$939M	$547M
Q2 25	$1.3B	$938M	$538M
Q3 25	$1.5B	$1.1B	$692M
Q4 25	$1.4B	$1.0B	$431M
Q1 26	$1.5B	$1.1B	$542M
Q2 26	$1.6B	$1.1B	$572M
Q3 26	$1.8B	$1.4B	$792M

Valuation

Quarter	P/S	P/E
Q4 22	9.8x	32.6x
Q1 23	9.7x	31.8x
Q2 23	9.0x	29.6x
Q3 23	8.1x	26.6x
Q4 23	8.0x	25.9x
Q1 24	8.7x	27.6x
Q2 24	8.3x	26.3x
Q3 24	8.5x	26.7x
Q4 24	8.2x	25.6x
Q1 25	8.8x	27.6x
Q2 25	9.8x	30.5x
Q3 25	10.2x	31.8x
Q4 25	10.2x	34.2x
Q1 26	8.6x	30.9x
Q2 26	6.6x	24.9x
Q3 26	5.4x	20.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$337M	$304M
Q1 23	$364M	$334M
Q2 23	$355M	$320M
Q3 23	$604M	$573M
Q4 23	$409M	$363M
Q1 24	$656M	$617M
Q2 24	$311M	$271M
Q3 24	$672M	$626M
Q4 24	$222M	$176M
Q1 25	$546M	$511M
Q2 25	$295M	$248M
Q3 25	$716M	$667M
Q4 25	$405M	$345M
Q1 26	$718M	$663M
Q2 26	$445M	$383M
Q3 26	$813M	$762M

Capital Expenditures

Quarter	CapEx
Q4 22	$33M
Q1 23	$31M
Q2 23	$35M
Q3 23	$31M
Q4 23	$46M
Q1 24	$39M
Q2 24	$41M
Q3 24	$46M
Q4 24	$46M
Q1 25	$36M
Q2 25	$47M
Q3 25	$49M
Q4 25	$61M
Q1 26	$56M
Q2 26	$62M
Q3 26	$51M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+11.2%	+11.1%
Q1 23	+11.4%	+11.0%
Q2 23	+7.4%	+7.5%
Q3 23	+8.2%	+7.8%
Q4 23	+7.5%	+3.5%
Q1 24	+6.6%	+5.5%
Q2 24	+5.7%	+4.7%
Q3 24	+4.2%	+2.7%
Q4 24	+5.3%	+4.8%
Q1 25	+2.5%	+2.9%
Q2 25	+4.7%	+3.6%
Q3 25	+4.8%	+3.5%
Q4 25	+10.2%	+22.5%
Q1 26	+16.8%	+29.3%
Q2 26	+18.3%	+26.6%
Q3 26	+19.9%	+24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$14M	1.2%
Q1 23	$14M	1.2%
Q2 23	$15M	1.3%
Q3 23	$16M	1.2%
Q4 23	$17M	1.4%
Q1 24	$16M	1.2%
Q2 24	$15M	1.2%
Q3 24	$14M	1.0%
Q4 24	$16M	1.2%
Q1 25	$17M	1.3%
Q2 25	$16M	1.2%
Q3 25	$18M	1.2%
Q4 25	$0	0.0%
Q1 26	$27M	1.7%
Q2 26	$52M	3.4%
Q3 26	-$4M	-0.2%

OpEx Breakdown

Quarter	SG&A
Q4 22	$390M
Q1 23	$360M
Q2 23	$359M
Q3 23	$396M
Q4 23	$407M
Q1 24	$390M
Q2 24	$388M
Q3 24	$410M
Q4 24	$438M
Q1 25	$392M
Q2 25	$400M
Q3 25	$430M
Q4 25	$602M
Q1 26	$584M
Q2 26	$574M
Q3 26	$586M

Revenue Segments

Quarter	Management Solutions	Peo And Insurance Solutions
Q4 22	$845M	$284M
Q1 23	$906M	$283M
Q2 23	$895M	$273M
Q3 23	$1.0B	$321M
Q4 23	$905M	$300M
Q1 24	$956M	$298M
Q2 24	$931M	$296M
Q3 24	$1.0B	$346M
Q4 24	$930M	$327M
Q1 25	$962M	$319M
Q2 25	$963M	$318M
Q3 25	$1.1B	$365M
Q4 25	$1.0B	$340M
Q1 26	$1.2B	$329M
Q2 26	$1.2B	$337M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$370M	$854M	$1.2B
Q1 23	$1.2B	$46M	$1.2B
Q2 23	$1.1B	$166M	$1.3B
Q3 23	$1.3B	$240M	$1.6B
Q4 23	$1.2B	$373M	$1.6B
Q1 24	$1.6B	$46M	$1.7B
Q2 24	$1.4B	$34M	$1.4B
Q3 24	$1.7B	$37M	$1.7B
Q4 24	$1.5B	$34M	$1.5B
Q1 25	$1.5B	$38M	$1.5B
Q2 25	$1.2B	$38M	$1.2B
Q3 25	$1.6B	$37M	$1.6B
Q4 25	$1.6B	$35M	$1.7B
Q1 26	$809M	$862M	$1.7B
Q2 26	$1.5B	$38M	$1.6B
Q3 26	$1.7B	$0	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	363M	-0.0%	+0.2%
Q1 23	362M	-0.2%	-0.1%
Q2 23	362M	-0.0%	-0.2%
Q3 23	362M	0.0%	-0.3%
Q4 23	362M	0.0%	-0.3%
Q1 24	363M	+0.1%	+0.1%
Q2 24	362M	-0.2%	-0.1%
Q3 24	362M	-0.1%	-0.2%
Q4 24	362M	+0.0%	-0.1%
Q1 25	362M	+0.0%	-0.2%
Q2 25	362M	-0.0%	-0.1%
Q3 25	362M	+0.1%	+0.1%
Q4 25	362M	+0.1%	+0.1%
Q1 26	362M	-0.1%	0.0%
Q2 26	361M	-0.2%	-0.2%
Q3 26	361M	-0.1%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$71.5K	16K
Q1 23	$75.4K	16K
Q2 23	$74.4K	16K
Q3 23	$86.3K	16K
Q4 23	$74.1K	17K
Q1 24	$77.5K	17K
Q2 24	$75.8K	17K
Q3 24	$86.7K	17K
Q4 24	$78.5K	17K
Q1 25	$79.9K	17K
Q2 25	$79.8K	17K
Q3 25	$91.5K	17K
Q4 25	$75.1K	19K
Q1 26	$81.1K	19K
Q2 26	$82.0K	19K
Q3 26	$95.2K	19K

Revenue / Employee