What is the primary revenue source for Paychex (PAYX)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze PAYX's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Paychex's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Paychex Makes Money: PAYX Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin declined by 1.07 percentage points year over year.

Revenue: USD 6.51B
Income tax expense: USD 550.80M

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

Income tax expenseIncome taxes · IncomeTaxExpenseBenefit
Operating marginOperating income · operating_income / revenue * 100
RevenueTotal revenue · Revenues

The filing lacks sufficient revenue breakdown data to identify specific revenue sources.

Assets

Where is the money tied up, and how is the company financed?

Watch

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill accounts for 27.99% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 4.53B
Accounts receivable: USD 1.51B
Cash and cash equivalents: USD 1.09B
Total liabilities: USD 12.44B
Shareholder equity: USD 3.74B

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal stockholders' equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts and financing receivable, after allowance for credit loss, current · AccountsNotesAndLoansReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalent · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Net income: USD 1.76B

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

Net incomeNet income · NetIncomeLossAvailableToCommonStockholdersBasic

Some conclusions lack complete source metrics and should be interpreted cautiously.

Capital expenditure data is missing, so free cash flow cannot be calculated.

Shareholders

Did the money earned actually make its way back to shareholders?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Share repurchase data is missing, making net shareholder return incomplete.

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?