Income StatementBalance SheetCash FlowSegments
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Paychex Cash Flow Statement

Operating, investing, and financing cash movements

Paychex generated $2.3B in operating cash flow over the trailing twelve months. After $229.5M in capital expenditures, free cash flow was $2.1B. Free cash flow increased 0.3% year-over-year. Based on the Q4 2025 filing.

Net Cash From Operating (TTM)$2.3BNet Cash From Investing (TTM)-$4.0BNet Cash From Financing (TTM)$2.2BCapital Expenditures (TTM)$229.5MDepreciation And Amortization Cf (TTM)$415.1MNet Change In Cash (TTM)$529.3M
Latest FilingQ4 2025
Report Date2026-03-26
Market Cap$31.8B
P/E Ratio19.45
ROE40.26%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$0.0$3.0B$200.0K$100.0K$100.0K
Capital expenditures$47.0M$48.7M$60.5M$55.9M$62.1M$51.0M
Net Payments Collections Short Term Accounts Receivable$155.0M-$46.8M$4.0M$47.0M$18.2M$20.1M
Net cash from investing activities-$192.7M$21.0M-$3.1B-$1.3B$376.3M$1.4M
Proceeds from maturities/sales of investments$4.2B$3.3B$5.8B$2.5B$3.3B$4.2B
Proceeds from sale of property, plant and equipment$0.0$0.0$0.0———
Purchases of investments$4.1B$3.3B$5.8B$3.7B$2.8B$4.2B

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of deferred commissions$58.8M$59.3M$59.9M$60.4M$61.4M$62.8M
Change in Other Non-Current Assets and Liabilities, Net-$5.6M-$11.4M—-$6.3M-$4.9M$1.4M
Change in accounts payable-$58.9M$101.1M—$124.9M-$2.6M$109.7M
Change in accounts receivable$32.2M$31.3M$30.8M$18.9M$37.2M$11.0M
Change in accrued investment income$800.0K-$1.1M$4.5M$6.1M$1.0M$2.0M
Change in other assets$95.2M-$71.2M$14.3M-$29.5M$37.3M-$20.3M
Deferred income taxes$1.5M-$6.6M$0.0$66.0M$11.2M$21.8M
Depreciation and amortization$41.7M$43.1M$85.7M$109.3M$109.1M$111.0M
Net gains (losses) on investments-$0.0-$400.0K$0.0-$0.0$7.1M$300.0K
Net cash from operating activities$295.0M$716.0M$343.8M$718.4M$444.9M$812.5M
Net income$413.4M$519.3M$297.2M$383.8M$395.4M$560.3M
Increase Decrease In Operating Lease Right Of Use Assets And Liabilities Net$1.2M$1.4M—$700.0K-$200.0K$1.0M
Premiums Paid On Cash Flow Hedges-$4.8M-$4.8M-$4.8M———
Provision for credit losses$4.9M$5.2M$6.6M$7.7M$4.5M$16.9M
Stock-based compensation$16.4M$17.6M$61.3M$26.8M$25.5M$23.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0.0$0.0$0.0———
Dividends paid$352.8M$353.0M$389.3M$389.1M$387.9M$388.0M
Equity Activity Related To Stock Based Awards$10.5M$4.9M—-$47.6M-$4.3M-$1.8M
Net Change In Client Fund Obligations$51.4M$356.8M-$673.8M$81.4M-$63.7M$718.9M
Payments Of Debt Issuance Costs$12.0M$12.0M$12.0M———
Net cash from financing activities-$291.4M-$2.7M$3.1B-$515.4M-$582.4M$235.3M
Proceeds from issuance of warrants$1.0B$1.0B$1.0B———
Payment of debt issuance costs$12.0M$12.0M$12.0M———
Repurchases of common stock$500.0K$0.0$0.0$160.1M$126.5M$75.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$248.0M$667.3M$283.3M$662.5M$382.8M$761.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$189.1M$734.3M$341.0M-$1.1B$238.8M$1.0B
Proceeds From Issuance Of Warrants$1.0B$1.0B$1.0B———