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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 Q1 2026 filing.

Net Cash From Operating (TTM)$2.3BNet Cash From Investing (TTM)-$4.6BNet Cash From Financing (TTM)$2.0BCapital Expenditures (TTM)$229.5MDepreciation And Amortization Cf (TTM)$415.1MNet Change In Cash (TTM)-$213.5M
Latest FilingQ1 2026
Report Date2026-03-26
Market Cap$35.9B
P/E Ratio21.95
ROE40.26%

Investing

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Acquisitions, net of cash acquired$0$0$3B$200K$100K$100K
Capital expenditures$47M$48.7M$60.5M$55.9M$62.1M$51M
Net Payments Collections Short Term Accounts Receivable$155M—$4M$47M$18.2M$20.1M
Payments To Acquire Other Productive Assets$2.5M$9.2M$5.5M$15M$4.5M$5.5M
Proceeds From Sale And Maturity Of Available For Sale Securities$4.2B$3.3B$5.8B$2.5B$3.3B$4.2B
Net cash from investing activities-$192.7M$0-$3.1B-$1.3B——
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———
Purchases of investments$4.1B$3.3B$5.8B$3.7B$2.8B$4.2B

Operating

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Amortization of deferred commissions$58.8M$59.3M$59.9M$60.4M$61.4M$62.8M
Change in accounts payable—$101.1M—$124.9M—$109.7M
Change in accounts receivable$32.2M$31.3M$30.8M$18.9M$37.2M$11M
Change in accrued investment income$800K-$1.1M$4.5M$6.1M$1M$2M
Change in other assets$95.2M-$71.2M$14.3M-$29.5M$37.3M-$20.3M
Deferred income taxes—-$6.6M—$66M$11.2M$21.8M
Depreciation and amortization$41.7M$43.1M$85.7M$109.3M$109.1M$111M
Net gains (losses) on investments-$0-$400K$0-$0$7.1M$300K
Net cash from operating activities$295M$716M$343.8M$718.4M$444.9M$812.5M
Net income$413.4M$519.3M$297.2M$383.8M$395.4M$560.3M
Accretion (Amortization) of Discounts and Premiums, Investments$2.8M-$10.7M-$18.3M$2.1M$2M$1.6M
Amortization of costs capitalized to obtain revenue contracts, net$58.8M$59.3M$59.9M$60.4M$61.4M$62.8M
Gain/(loss) on dispositions, net-$925K-$925K-$925K———
Increase (Decrease) in Accrued Interest Receivable, Net$800K-$1.1M$4.5M$6.1M$1M$2M
Increase (Decrease) in Deferred Charges$56.2M$65.9M$72.8M$68.5M$80.1M$96.1M
Increase Decrease In Operating Lease Right Of Use Assets And Liabilities Net$1.2M$1.4M—$700K—$1M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net-$5.6M-$11.4M—-$6.3M-$4.9M—
Increase (Decrease) in Prepaid Expense and Other Assets$95.2M-$71.2M$14.3M-$29.5M$37.3M-$20.3M
Premiums Paid On Cash Flow Hedges-$4.8M-$4.8M-$4.8M———
Accounts Receivable, Credit Loss Expense (Reversal)$4.9M$5.2M$6.6M$7.7M$4.5M$16.9M
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

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Proceeds from issuance of debt——$0———
Dividends paid$352.8M$353M$389.3M$389.1M$387.9M$388M
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—$718.9M
Payments Of Debt Issuance Costs——$36.4M———
Proceeds from issuance of commercial paper and other short-term borrowings——$0———
Net cash from financing activities-$291.4M-$2.7M$3.1B-$515.4M-$582.4M—
Payment of debt issuance costs——$36.4M———
Repurchases of common stock$500K——$160.1M$126.5M$75M

Free Cash Flow

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Free cash flow$248M$667.3M$283.3M$662.5M$382.8M$761.5M

Other

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Net increase (decrease) in cash-$189.1M$734.3M$341M-$1.1B—$1B
Proceeds From Issuance Of Warrants$1B$1B$1B———