PAYX (Paychex, Inc.) Stock Financials & Earnings | Market Cap Arena

PAYX (Paychex, Inc.) Stock Financials & Earnings | Market Cap Arena

PAYXPaychex, Inc.

Mkt Cap$34B

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

Revenue (TTM)$6.0B

Net Income (TTM)$1.6B

EPS (TTM)$4.41

Free Cash Flow (TTM)$2.1B

Gross Margin73.4%

Op. Margin37.1%

Net Margin26.4%

FCF Margin34.1%

P/S Ratio (TTM)5.7x

P/E Ratio (TTM)21.6x

YoY Rev Growth+12.4%

Employees—

Earnings Reports

Next: Q3 2026 · Mar 25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q3 23	7.0x	22.9x
Q4 23	6.9x	22.1x
Q1 24	6.8x	21.6x
Q2 24	6.7x	21.2x
Q3 24	6.6x	20.8x
Q4 24	6.5x	20.4x
Q1 25	6.5x	20.3x
Q2 25	6.4x	20.1x
Q3 25	6.3x	19.8x
Q4 25	6.2x	20.8x
Q1 26	6.0x	21.4x
Q2 26	5.7x	21.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

Capital Expenditures

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%

OpEx Breakdown

Quarter	SG&A
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

Revenue Segments

Quarter	Management Solutions	Peo And Insurance Solutions
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
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

Shares Outstanding

Shares Outstanding

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

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$198K	13K
FY 15	$211K	13K
FY 16	$219K	14K
FY 17	$230K	14K
FY 18	$236K	14K
FY 19	$242K	16K
FY 20	$256K	16K
FY 21	$270K	15K
FY 22	$288K	16K
FY 23	$302K	17K
FY 24	$320K	17K
FY 25	$293K	19K