Cash Flow Statement

Operating Cash Flow

+27%

+70%

10Y

Currency: USD

	Feb-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Feb-2004	May-2004	Aug-2004	Nov-2004	Feb-2005	May-2005	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Feb-2010	May-2010	Aug-2010	Nov-2010	Feb-2011	May-2011	Aug-2011	Nov-2011	Feb-2012	May-2012	Aug-2012	Nov-2012	Feb-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Feb-2015	May-2015	Aug-2015	Nov-2015	Feb-2016	May-2016	Aug-2016	Nov-2016	Feb-2017	May-2017	Aug-2017	Nov-2017	Feb-2018	May-2018	Aug-2018	Nov-2018	Feb-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Nov-2020	Feb-2021	May-2021	Aug-2021	Nov-2021	Feb-2022	May-2022	Aug-2022	Nov-2022	Feb-2023	May-2023	Aug-2023	Nov-2023	Feb-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	274	275	280	286	291	293	298	304	313	303	310	317	329	369	396	422	444	465	485	505	517	515	531	546	562	576	574	567	555	534	508	494	475	477	485	493	512	515	532	539	544	548	552	560	569	569	579	590	605	628	636	650	660	675	713	729	740	757	765	778	800	826	810	807	972	994	1 027	1 064	1 022	1 034	1 055	1 078	1 108	1 098	1 046	1 059	1 055	1 098	1 220	1 279	1 359	1 393	1 438	1 467	1 503	1 557	1 597	1 630	1 661	1 690	1 699	1 719	1 740	1 657	1 614	1 596
Depreciation & Amortization	29	30	30	33	38	43	49	53	55	56	56	57	58	62	64	66	68	67	67	69	72	73	76	77	79	81	82	83	84	86	87	87	88	86	86	85	86	89	92	96	97	98	98	98	98	98	99	100	102	105	107	107	107	107	107	109	113	115	118	120	121	127	129	133	139	138	142	145	161	182	199	217	214	210	206	200	196	192	188	188	190	192	190	186	182	177	174	174	175	177	174	171	169	210	280	347
Change in Deffered Taxes	3	4	2	0	3	10	17	18	6	(8)	(15)	(15)	(0)	10	2	1	(6)	(8)	(4)	(5)	(7)	(16)	(11)	(8)	(8)	4	5	2	0	(2)	(4)	(11)	(19)	(4)	(4)	2	28	14	21	27	11	12	11	6	2	5	5	4	3	(5)	(5)	(7)	(11)	(4)	(0)	3	7	7	7	9	9	23	52	41	(28)	(37)	(84)	(74)	19	5	(2)	(9)	(14)	(4)	(2)	(8)	(3)	(21)	(8)	(9)	(11)	2	(7)	(19)	(27)	(44)	(50)	(35)	(39)	(30)	(38)	(33)	(25)	(16)	61	71
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12	7	12	19	26	25	26	25	25	26	26	26	26	25	25	26	26	26	26	25	25	24	23	24	23	23	23	22	23	24	26	28	26	26	27	29	31	33	34	34	35	35	35	35	35	35	37	38	45	47	48	49	46	46	47	49	47	50	49	49	53	52	53	54	53	55	56	60	63	64	64	62	61	62	63	67	112	122	131
Other Non-Cash Items	16	28	23	29	19	11	12	19	27	58	63	66	61	35	34	37	37	41	45	45	62	88	85	84	66	41	44	46	48	50	52	55	77	79	80	80	64	64	65	64	65	66	68	72	75	80	85	91	97	99	100	102	105	109	111	112	112	113	113	113	113	282	110	110	241	288	332	375	284	279	276	275	279	271	273	276	280	287	282	285	280	294	306	309	319	327	326	324	318	308	312	312	311	377	390	395
Cash Taxes Paid	0	99	0	0	0	126	0	0	220	146	0	216	158	167	170	190	198	208	205	229	234	235	235	239	242	259	259	0	279	262	263	0	0	258	0	0	0	256	0	0	0	301	0	0	0	371	0	0	0	318	0	0	0	373	0	0	0	370	0	0	0	463	0	0	0	319	0	0	0	318	0	0	0	299	0	0	0	421	0	0	0	398	0	0	0	526	0	0	0	540	0	0	0	512	0	0
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	0	4	0	0	0	10	0	0	0	38	0	0	0	35	0	0	0	36	0	0	0	36	0	0	0	36	0	0	0	38	0	0
Change in Working Capital	4	(31)	15	(6)	(14)	16	(6)	(12)	(13)	(20)	(13)	(19)	(17)	(9)	6	(26)	16	5	15	(0)	(1)	(29)	4	11	(9)	23	(18)	(3)	9	21	18	14	8	(27)	(28)	(9)	(29)	34	(2)	(32)	8	(17)	8	(0)	7	(77)	(43)	(35)	(32)	55	39	33	7	9	(20)	(43)	23	27	32	(9)	(46)	(298)	(93)	(24)	(144)	(107)	(211)	(257)	(176)	(228)	(236)	(222)	(286)	(134)	(162)	(220)	(270)	(295)	(251)	(359)	(260)	(291)	(360)	(189)	(266)	(311)	(12)	(102)	(23)	(248)	(396)	(435)	(416)	(327)	(272)	(186)
Cash from Operating Activities	326 N/A	304 -7%	352 +16%	343 -3%	337 -2%	374 +11%	370 -1%	382 +3%	388 +2%	389 +0%	402 +3%	406 +1%	431 +6%	467 +8%	503 +8%	500 -1%	558 +12%	569 +2%	608 +7%	614 +1%	644 +5%	631 -2%	685 +8%	711 +4%	689 -3%	725 +5%	686 -5%	695 +1%	698 +0%	689 -1%	661 -4%	640 -3%	628 -2%	611 -3%	619 +1%	651 +5%	661 +2%	715 +8%	708 -1%	693 -2%	725 +5%	707 -3%	737 +4%	735 0%	750 +2%	675 -10%	724 +7%	750 +3%	775 +3%	881 +14%	877 0%	885 +1%	868 -2%	895 +3%	910 +2%	910 N/A	994 +9%	1 018 +2%	1 035 +2%	1 012 -2%	996 -2%	960 -4%	1 009 +5%	1 066 +6%	1 180 +11%	1 276 +8%	1 207 -5%	1 254 +4%	1 310 +4%	1 272 -3%	1 293 +2%	1 339 +4%	1 301 -3%	1 441 +11%	1 361 -6%	1 307 -4%	1 259 -4%	1 260 +0%	1 431 +14%	1 385 -3%	1 558 +12%	1 590 +2%	1 568 -1%	1 754 +12%	1 712 -2%	1 706 0%	2 035 +19%	1 991 -2%	2 092 +5%	1 898 -9%	1 751 -8%	1 735 -1%	1 779 +3%	1 901 +7%	2 073 +9%	2 223 +7%
Investing Cash Flow
Capital Expenditures	(52)	(57)	(72)	(68)	(75)	(64)	(53)	(57)	(53)	(53)	(52)	(50)	(54)	(73)	(84)	(86)	(91)	(85)	(83)	(100)	(105)	(101)	(104)	(89)	(104)	(102)	(97)	(110)	(91)	(81)	(78)	(61)	(62)	(73)	(76)	(86)	(103)	(103)	(107)	(103)	(85)	(91)	(92)	(101)	(107)	(104)	(108)	(101)	(94)	(95)	(96)	(90)	(100)	(106)	(104)	(112)	(109)	(107)	(102)	(105)	(105)	(103)	(101)	(151)	(156)	(194)	(201)	(156)	(157)	(129)	(132)	(131)	(138)	(137)	(130)	(129)	(127)	(123)	(134)	(139)	(142)	(144)	(149)	(148)	(143)	(153)	(162)	(179)	(191)	(192)	(195)	(189)	(201)	(222)	(244)	(261)
Other Items	(89)	(95)	(49)	(123)	(99)	(134)	(173)	(136)	(139)	(165)	(231)	(213)	(246)	(174)	(70)	(238)	(248)	(845)	(788)	(823)	(988)	(716)	(82)	609	48	1 035	285	210	400	486	780	336	(209)	(328)	(400)	(392)	(217)	(306)	(77)	0	(247)	(1 153)	(778)	(841)	(1 522)	286	(452)	(260)	558	(221)	108	(366)	(349)	(179)	220	521	288	44	(340)	(9)	(342)	(559)	(1 415)	(1 723)	1 112	1 192	2 066	1 959	183	(1 499)	(1 108)	(985)	(588)	909	121	(155)	(66)	(337)	(113)	(283)	(886)	(1 361)	(111)	122	169	365	(862)	(747)	(78)	(69)	(163)	(265)	(224)	(3 135)	(4 305)	(3 719)
Cash from Investing Activities	(140) N/A	(151) -8%	(120) +20%	(190) -58%	(174) +9%	(198) -14%	(226) -14%	(192) +15%	(192) +0%	(218) -13%	(283) -30%	(263) +7%	(300) -14%	(248) +17%	(154) +38%	(324) -110%	(339) -5%	(931) -174%	(871) +6%	(923) -6%	(1 093) -18%	(817) +25%	(187) +77%	519 N/A	(55) N/A	933 N/A	189 -80%	99 -47%	309 +212%	404 +31%	702 +74%	275 -61%	(271) N/A	(401) -48%	(476) -19%	(478) 0%	(320) +33%	(410) -28%	(184) +55%	(103) +44%	(331) -221%	(1 244) -275%	(870) +30%	(942) -8%	(1 629) -73%	182 N/A	(559) N/A	(362) +35%	463 N/A	(316) N/A	12 N/A	(456) N/A	(449) +1%	(285) +37%	116 N/A	409 +253%	179 -56%	(63) N/A	(443) -602%	(114) +74%	(447) -292%	(662) -48%	(1 516) -129%	(1 874) -24%	956 N/A	999 +4%	1 866 +87%	1 803 -3%	26 -99%	(1 628) N/A	(1 240) +24%	(1 117) +10%	(725) +35%	772 N/A	(9) N/A	(284) -3 018%	(193) +32%	(461) -139%	(247) +46%	(422) -71%	(1 028) -144%	(1 505) -46%	(260) +83%	(26) +90%	25 N/A	212 +733%	(1 025) N/A	(926) +10%	(269) +71%	(261) +3%	(358) -37%	(454) -27%	(425) +6%	(3 357) -690%	(4 550) -36%	(3 981) +13%
Financing Cash Flow
Net Issuance of Common Stock	17	21	16	15	12	8	11	16	16	18	16	12	11	9	12	22	24	32	30	32	48	43	(312)	(786)	(995)	(941)	(584)	0	64	0	0	0	0	8	0	0	0	13	0	0	0	8	0	0	0	0	(84)	(159)	(203)	(250)	(203)	(143)	(117)	(182)	(208)	(193)	(220)	(108)	(45)	(211)	(166)	(166)	(260)	(94)	(94)	(143)	(82)	(82)	(82)	(57)	(196)	(196)	(196)	(172)	(29)	(29)	(76)	(156)	(127)	(127)	(80)	(145)	0	(145)	0	0	0	(169)	(169)	(169)	(273)	(105)	(105)	(105)	(161)	(287)
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	51	103	55	0	61	86	58	0	(1)	(76)	796	796	796	790	(6)	5	(50)	(44)	(44)	2	1	2	2	1	4	2	2	2	4	4	9	9	5	0	0	4 181	0	0
Cash Paid for Dividends	(150)	(157)	(165)	(165)	(165)	(165)	(166)	(170)	(173)	(177)	(181)	(185)	(189)	(193)	(197)	(208)	(220)	(232)	(243)	(262)	(282)	(301)	(355)	(386)	(414)	(442)	(439)	(440)	(444)	(448)	(448)	(448)	(448)	(449)	(448)	(449)	(449)	(449)	(449)	(453)	(457)	(461)	(465)	(469)	(593)	(477)	(488)	(496)	(383)	(511)	(521)	(531)	(542)	(552)	(565)	(579)	(592)	(607)	(621)	(634)	(648)	(662)	(675)	(690)	(704)	(740)	(762)	(784)	(805)	(827)	(847)	(868)	(890)	(889)	(891)	(892)	(893)	(909)	(924)	(938)	(953)	(1 000)	(1 046)	(1 093)	(1 139)	(1 175)	(1 212)	(1 248)	(1 283)	(1 315)	(1 347)	(1 379)	(1 412)	(1 449)	(1 484)	(1 519)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	621	621	624	628	386	(64)	(134)	854	(190)	100	53	(353)	(337)	(656)	(572)	(58)	42	264	284	64	(35)	(235)	(274)	(26)	981	634	701	1 425	(382)	370	358	(481)	241	186	172	234	142	(260)	(276)	(372)	(279)	(303)	(403)	146	346	1 541	1 653	(797)	459	(1 107)	(1 170)	1 462	(921)	(64)	4	(1 117)	(432)	(488)	(341)	(73)	426	584	586	239	164	(390)	(492)	118	462	2 376	2 285	1 791	(399)	(1 814)	(1 705)	(1 977)	(335)	(273)	(403)
Cash from Financing Activities	(133) N/A	(136) -3%	(149) -9%	(150) -1%	(153) -2%	(157) -3%	(154) +2%	(154) +0%	(157) -2%	(159) -1%	(165) -4%	(173) -5%	(178) -3%	(184) -3%	(185) -1%	(186) -1%	(196) -5%	421 N/A	408 -3%	394 -3%	395 +0%	128 -68%	(731) N/A	(1 306) -79%	(555) +58%	(1 573) -183%	(924) +41%	(516) +44%	(738) -43%	(785) -6%	(1 109) -41%	(1 020) +8%	(506) +50%	(398) +21%	(185) +54%	(165) +11%	(384) -133%	(471) -23%	(684) -45%	(727) -6%	(483) +34%	528 N/A	169 -68%	233 +37%	832 +258%	(859) N/A	(202) +76%	(298) -47%	(1 067) -259%	(520) +51%	(538) -4%	(502) +7%	(425) +15%	(593) -40%	(1 033) -74%	(1 048) -1%	(1 184) -13%	(994) +16%	(918) +8%	(1 145) -25%	(613) +46%	(483) +21%	611 N/A	899 +47%	(1 593) N/A	(424) +73%	(1 951) -360%	(2 112) -8%	1 371 N/A	(1 009) N/A	(311) +69%	(270) +13%	(2 209) -718%	(1 488) +33%	(1 458) +2%	(1 306) +10%	(1 086) +17%	(636) +41%	(465) +27%	(477) -2%	(792) -66%	(979) -24%	(1 577) -61%	(1 728) -10%	(1 164) +33%	(711) +39%	1 168 N/A	872 -25%	347 -60%	(1 875) N/A	(3 429) -83%	(3 183) +7%	(3 494) -10%	2 293 N/A	2 263 -1%	1 972 -13%
Change in Cash
Net Change in Cash	53 N/A	16 -69%	82 +411%	2 -97%	10 +350%	18 +80%	(10) N/A	36 N/A	39 +9%	12 -70%	(46) N/A	(30) +35%	(47) -55%	35 N/A	163 +365%	(10) N/A	23 N/A	60 +160%	145 +142%	85 -41%	(55) N/A	(58) -6%	(233) -302%	(76) +67%	79 N/A	85 +8%	(49) N/A	278 N/A	269 -3%	309 +15%	254 -18%	(105) N/A	(149) -42%	(188) -26%	(42) +77%	8 N/A	(43) N/A	(165) -282%	(160) +3%	(137) +14%	(90) +35%	(10) +89%	36 N/A	27 -26%	(46) N/A	(2) +97%	(37) -2 393%	90 N/A	171 +89%	45 -74%	351 +677%	(73) N/A	(6) +92%	18 N/A	(7) N/A	272 N/A	(12) N/A	(39) -216%	(326) -746%	(247) +24%	(63) +74%	(185) -192%	104 N/A	92 -12%	543 +489%	1 851 +241%	1 121 -39%	946 -16%	2 708 +186%	(1 365) N/A	(258) +81%	(48) +82%	(1 633) -3 316%	725 N/A	(106) N/A	(282) -167%	(20) +93%	163 N/A	719 +340%	487 -32%	(262) N/A	(895) -241%	(269) +70%	1 N/A	573 +95 317%	1 207 +111%	2 178 +81%	1 937 -11%	2 171 +12%	(238) N/A	(2 036) -756%	(1 903) +7%	(2 140) -12%	837 N/A	(214) N/A	214 N/A
Free Cash Flow
Free Cash Flow	274 N/A	247 -10%	280 +13%	275 -2%	262 -5%	309 +18%	318 +3%	325 +2%	335 +3%	336 +0%	349 +4%	356 +2%	377 +6%	393 +4%	419 +7%	414 -1%	467 +13%	484 +4%	525 +8%	514 -2%	538 +5%	531 -1%	580 +9%	621 +7%	586 -6%	623 +6%	589 -5%	584 -1%	607 +4%	608 +0%	583 -4%	579 -1%	566 -2%	538 -5%	542 +1%	565 +4%	558 -1%	612 +10%	601 -2%	590 -2%	640 +9%	616 -4%	645 +5%	635 -2%	644 +1%	572 -11%	617 +8%	648 +5%	680 +5%	786 +15%	781 -1%	795 +2%	768 -3%	789 +3%	806 +2%	798 -1%	884 +11%	912 +3%	932 +2%	907 -3%	892 -2%	858 -4%	908 +6%	915 +1%	1 024 +12%	1 083 +6%	1 006 -7%	1 098 +9%	1 154 +5%	1 142 -1%	1 161 +2%	1 208 +4%	1 164 -4%	1 304 +12%	1 231 -6%	1 178 -4%	1 132 -4%	1 137 +0%	1 297 +14%	1 246 -4%	1 416 +14%	1 445 +2%	1 420 -2%	1 606 +13%	1 568 -2%	1 553 -1%	1 873 +21%	1 812 -3%	1 901 +5%	1 706 -10%	1 556 -9%	1 545 -1%	1 578 +2%	1 679 +6%	1 829 +9%	1 962 +7%

Income Statement Balance Sheet Cash Flow Statement

Paychex Inc
NASDAQ:PAYX

Cash Flow Statement

Cash Flow Statement
Paychex Inc

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Paychex Inc NASDAQ:PAYX

Cash Flow Statement

Cash Flow Statement Paychex Inc

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Paychex Inc
NASDAQ:PAYX

Cash Flow Statement
Paychex Inc