Paychex (PAYX) FY2025 results: revenue $5.6 billion, up 5.6% on the year
Paychex Inc. (PAYX) reported revenue of $5.6 billion for fiscal 2025, the year ended 31 May 2025, up 5.6% on the year before. Net income was $1.7 billion, down 2.0%, and diluted earnings per share $4.58. The figures are the company's own, from the 10-K it filed with the SEC on 11 July 2025.
Revenue
$5.6 billion
+5.6% on the year
FY2018FY2025
Operating margin
39.6%
41.2% a year earlier
FY2018FY2025
Net income
$1.7 billion
-2.0% on the year
FY2018FY2025
Diluted EPS
$4.58
-1.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
1,901
1,898
1,706
+0.2%
Capital expenditure
192
161
143
+18.8%
Free cash flow
1,709
1,736
1,563
-1.6%
Free cash flow margin
30.7%
32.9%
31.2%
Cash from investing
-3,357
-261
212
Cash from financing
2,293
-1,875
-711
Depreciation and amortisation
210
176
177
+18.7%
Share-based compensation
112
61.1
62.6
+83.0%
Buybacks
104
169
0.0
-38.2%
Dividends paid
1,448
1,315
1,175
+10.1%
Dividend per share
$4.02
$3.65
$3.26
+10.1%
Diluted shares, weighted
362m
362m
362m
-0.0%
Shares outstanding at period end
360m
360m
360m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
4,128
3,801
3,493
+8.6%
Short-term borrowings
18.6
n/a
n/a
Debt
4,948
817
808
+505.4%
Operating lease liabilities
55.5
49.0
57.3
+13.3%
Other liabilities
7,414
5,716
6,188
+29.7%
Total liabilities and equity
16,564
10,383
10,546
+59.5%
Fixed assets
512
412
396
+24.2%
Goodwill
4,514
1,883
1,834
+139.8%
Intangible assets
1,947
194
187
+901.2%
Investments
34.5
37.6
377
-8.2%
Cash and equivalents
1,629
1,469
1,222
+10.9%
Other assets
7,928
6,388
6,530
+24.1%
Total assets
16,564
10,383
10,546
+59.5%
10-K for the year ended 31 May 2025, filed 11 July 2025: the filing.