PCX Income Statement - Paychex Inc

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Price: 104.88 EUR 2.14% Market Closed

Market Cap: €37.8B

P	Paychex Inc XMUN:PCX	US
	Kasikornbank PCL SET:KBANK	TH
	Sumber Alfaria Trijaya Tbk PT OTC:PSBAF	ID
3	3i Group PLC OTC:TGOPY	UK
I	Infineon Technologies AG XMUN:IFX	DE
E	Exor NV VSE:EXO	NL
F	First Tractor Co Ltd OTC:FIRRF	CN
	Uni-President China Holdings Ltd HKEX:220	CN
W	Walt Disney Co F:WDP	US
	Relo Group Inc TSE:8876	JP
S	Salesforce Inc F:FOO	US
	Spearmint Resources Inc OTC:SPMTF	CA
S	Salesforce Inc DUS:FOO	US
S	Salesforce Inc SWB:FOO	US
	Publicis Groupe SA F:PU4	FR
S	Salesforce Inc XMUN:FOO	US

Financial profile · Q1 FY2027

A cash-generative payroll-services model with durable margins and measured reinvestment

Paychex's multi-year record combines steady service-revenue growth with sustained operating profitability and cash generation that has generally exceeded net income. Relatively modest capital spending leaves substantial cash after investment for dividends and other capital allocation.

What the latest results confirm

The latest results continued the pattern of revenue growth and profitable operations. Although quarterly operating cash flow was affected by working-capital timing, rolling-year free cash flow remained positive, so the quarter does not establish a break in the cash-generative model.

What matters next

Whether the payroll- and PEO-related working-capital outflow reverses in subsequent quarterly operating cash flow.

Metric	FY2017 May 2017	FY2018 May 2018	FY2019 May 2019	FY2020 May 2020	FY2021 May 2021	FY2022 May 2022	FY2023 May 2023	FY2024 May 2024	FY2025 May 2025	FY2026 May 2026
Revenue	3.2B	3.4B	3.8B	4B	4.1B	4.6B	5B	5.3B	5.6B
Cost of Revenue	(142.2m)	(205.2m)	(286.7m)	(334.7m)	(352.1m)	(405.2m)	(416.8m)	(471.3m)	(638.9m)	(706.3m)
Gross Profit	3B	3.2B	3.5B	3.7B	3.7B	4.2B	4.6B	4.8B	4.9B	5.8B
Operating Expenses	(1.8B)	(1.9B)	(2.1B)	(2.2B)	(2.2B)	(2.4B)	(2.6B)	(2.6B)	(2.6B)	(3.2B)
Selling, General & Administrative	(1.2B)	(1.2B)	(1.4B)	(1.5B)	(1.5B)	(1.6B)	(1.8B)	(1.8B)	(1.9B)	(2.1B)
Depreciation & Amortization	(126.9m)	(138m)	(181.5m)	(209.7m)	(192m)	(191.8m)	(176.6m)	(176.5m)	(90.7m)	(299.5m)
Other Operating Expenses	(454.1m)	(507.8m)	(536.2m)	(554.8m)	(498m)	(542.5m)	(598m)	(606.5m)	(659.8m)	(841.6m)
Operating Income	1.3B	1.3B	1.4B	1.5B	1.5B	1.8B	2B	2.2B	2.3B
Net Interest Income (Expense)	5.2m	8.6m	(3.3m)	(15.2m)	(32.3m)	(33.5m)	2.6m	42.8m	1.4m	(206.1m)
Interest Expense	2.5m	3.9m	17.6m	38.8m	35.8m	36.6m	36.7m	37.3m	71.4m	269.5m
Non-Recurring Items	—	—	—	—	(32.2m)	0	—	(39.5m)	(155.6m)	(62.2m)
Total Other Income	—	—	—	(8.2m)	5.8m	18.1m	12.5m	1.1m	800k	6.5m
Pre-Tax Income	1.3B	1.3B	1.4B	1.4B	1.4B	1.8B	2B	2.2B	2.2B	2.3B
Tax Provision	(432.8m)	(389.5m)	(331.9m)	(339m)	(336.7m)	(431.8m)	(490.9m)	(527.6m)	(518.6m)	(550.8m)
Income from Continuing Operations	826.3m	910.6m	1B	1.1B	1.1B	1.4B	1.6B	1.7B	1.7B	1.8B
Net Income	826.3m	994.1m	1B	1.1B	1.1B	1.4B	1.6B	1.7B	1.7B
EPS (Diluted)	2.28	2.74	2.86	3.04	3.03	3.84	4.30	4.67	4.58