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Paychex

NASDAQ: PAYX · USD

Paychex debt and dilution69

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$4,558M
Aug 31, 2009 through Aug 31, 2026

Cash & equivalents

USD millions

$600.9M

Net debt

USD millions

$3,957.1M

Debt / equity

×

1.23×

Debt / assets

%

29.1%

Net debt / EBITDA

× · TTM

1.31×

Debt / FCF

× · TTM

2.26×

Interest coverage

× · TTM

9.71×

Current ratio

×

1.28×

Diluted shares

Million shares

356.6M shares

Basic shares

Million shares

355.8M shares

Share count growth

%

-1.19%

Share repurchases

USD millions

$0M

Quarterly data

Paychex capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedTotal debtUSD millionsCash & equivalentsUSD millionsNet debtUSD millionsDebt / equity×Debt / assets%Net debt / EBITDA×Debt / FCF×Interest coverage×Current ratio×Diluted sharesMillion sharesBasic sharesMillion sharesShare count growth%Share repurchasesUSD millions
FY 2027 Q1Aug 31, 20264,558600.93,957.11.23×29.1%1.31×2.26×9.71×1.28×356.6355.8-1.19%0
FY 2026 Q4May 31, 20264,556.11,088.23,467.91.22×28.17%1.17×1.96×9.32×1.26×358.22357.42-0.85%249.4
FY 2026 Q3Feb 28, 20264,954.11,742.53,211.61.23×28.29%1.17×2.37×8.7×1.26×359.5358.7-0.39%75
FY 2026 Q2Nov 30, 20254,970.31,485.63,484.71.28×30.09%1.35×2.49×10.03×1.27×360.4359.4-0.17%126.5
FY 2026 Q1Aug 31, 20254,968.78094,159.71.25×29.82%1.68×2.67×13.43×1.27×361.9360.10%160.1
FY 2025 Q4May 31, 20254,966.81,628.63,338.21.2×29.99%1.38×2.91×20.95×1.28×362.3360.50.14%0
FY 2025 Q3Feb 28, 2025—1,563.8—————44.11×1.39×362360.10.06%0
FY 2025 Q2Nov 30, 2024—1,202.1—————57.57×1.39×361.7360-0.14%0.5
FY 2025 Q1Aug 31, 2024—1,459.6—————58.25×1.38×361.9360.1-0.19%104
FY 2024 Q4May 31, 2024817.31,468.9-651.60.22×7.87%-0.28×0.47×58.29×1.37×361.8360-0.19%0
FY 2024 Q3Feb 29, 2024—1,693.6—————57.68×1.24×361.7359.9-0.17%0
FY 2024 Q2Nov 30, 2023—1,363.1—————58.06×1.23×362.1360.50%—
FY 2024 Q1Aug 31, 2023—1,645.9—————56.05×1.24×362.8360.80.19%—
FY 2023 Q4May 31, 2023808.41,222-413.60.23×7.67%-0.19×0.52×55.4×1.3×362.3360.70.03%—
FY 2023 Q3Feb 28, 2023—1,316.9—————54.23×1.27×362.3360.5-0.11%—
FY 2023 Q2Nov 30, 2022—1,096.5—————52.88×1.3×362.3360.5-0.06%—
FY 2023 Q1Aug 31, 2022—1,184.2—————51.85×1.29×362.4360.10%—
FY 2022 Q4May 31, 2022806.4370436.40.26×8.37%0.21×0.59×50.27×1.25×363.1360.60.11%—
FY 2022 Q3Feb 28, 2022—267.5—————49.31×1.27×363.4360.90.08%—
FY 2022 Q2Nov 30, 2021—636.2—————46.99×1.27×363.1360.70.19%—
FY 2022 Q1Aug 31, 2021—1,102—————44.99×1.27×362.8360.10.28%—
FY 2021 Q4May 31, 2021804.7995.2-190.50.27×8.72%-0.12×0.7×40.8×1.25×362.4360.20.42%79.7
FY 2021 Q3Feb 28, 2021—787—————39.18×1.24×362.8360.60.59%47.2
FY 2021 Q2Nov 30, 2020—693.5—————38.68×1.28×3623600.53%0
FY 2021 Q1Aug 31, 2020—835.7—————37.21×1.25×361.3359.10.14%28.8
FY 2020 Q4May 31, 2020801.9905.2-103.30.29×9.38%-0.06×0.61×37.64×1.23×360.7358.7-0.19%0
FY 2020 Q3Feb 29, 2020847.978067.90.31×8.96%0.04×0.72×37.93×1.19×361358.5-0.19%0
FY 2020 Q2Nov 30, 2019847.9600.6247.30.33×9.74%0.15×0.7×39.52×1.17×360.6358.1-0.28%0
FY 2020 Q1Aug 31, 2019853586.4266.60.34×9.87%0.17×0.73×51.86×1.15×361.5358.6-0.14%171.9
FY 2019 Q4May 31, 2019796.4673.6122.80.3×9.18%0.08×0.69×77.91×1.17×362.5359.40.11%24.1
FY 2019 Q3Feb 28, 2019—696.4—————151.05×1.11×361.6359.20%0
FY 2019 Q2Nov 30, 2018—510.6—————353.66×1.23×361.5359.10%0
FY 2019 Q1Aug 31, 2018—440.1—————315.7×1.15×361.5359.10.06%32.8
FY 2018 Q4May 31, 2018—358.2—————330.13×1.09×361.5359-0.08%49
FY 2018 Q3Feb 28, 2018—323.9—————333.84×1.09×362359.20.06%0
FY 2018 Q2Nov 30, 2017—257.2—————388.7×1.09×361.4359.1-0.31%0
FY 2018 Q1Aug 31, 2017—234.4—————485.23×1.09×361.3358.9-0.58%94.1
FY 2017 Q4May 31, 2017—184.6—————495.84×1.12×362.1359.3-0.28%0
FY 2017 Q3Feb 28, 2017—189.9—————529.13×1.09×361.8359-0.42%0
FY 2017 Q2Nov 30, 2016—165—————626.53×1.11×362.6360.2-0.14%—
FY 2017 Q1Aug 31, 2016—130—————733.44×1.16×364.1361-0.03%—
FY 2016 Q4May 31, 2016—131.5—————1,042.36×1.11×360.7360.3-0.55%0
FY 2016 Q3Feb 29, 2016—253.1——————1.09×362.2360.5-0.74%45
FY 2016 Q2Nov 30, 2015—412.3——————1.15×362.3360.7-0.63%0
FY 2016 Q1Aug 31, 2015—455.9——————1.13×362.8361.1-0.55%62.9
FY 2015 Q4May 31, 2015—170—————1,505.14×1.12×364.5362.3-0.33%112
FY 2015 Q3Feb 28, 2015—265.3——————1.11×365363.2-0.27%17.9
FY 2015 Q2Nov 30, 2014—140.4——————1.14×364.6363-0.52%15
FY 2015 Q1Aug 31, 2014—462.6——————1.12×364.7363.1-0.6%37.5
FY 2014 Q4May 31, 2014—152.5—————893.36×1.13×365.3363.5-0.3%46.7
FY 2014 Q3Feb 28, 2014—271.3——————1.11×365.8364.20.11%43.9
FY 2014 Q2Nov 30, 2013—213——————1.13×366.4364.90.36%75.2
FY 2014 Q1Aug 31, 2013—111.6——————1.13×366.7365.30.63%83.9
FY 2013 Q4May 31, 2013—107.3——————1.13×365.9364.60.55%0
FY 2013 Q3Feb 28, 2013—100.4——————1.1×364.6363.80.36%0
FY 2013 Q2Nov 30, 2012—122.6——————1.1×364.4363.60.33%0
FY 2013 Q1Aug 31, 2012—149——————1.1×363.83630.22%0
FY 2012 Q4May 31, 2012—108.8——————1.07×363.4362.60.17%—
FY 2012 Q3Feb 29, 2012—146.5——————1.11×363.1362.50.19%—
FY 2012 Q2Nov 30, 2011—96.1——————1.15×362.8362.40.19%—
FY 2012 Q1Aug 31, 2011—113.1——————1.15×362.8362.20.17%—
FY 2011 Q4May 31, 2011—119——————1.12×3633620.14%—
FY 2011 Q3Feb 28, 2011—236——————1.11×362.6361.80.11%—
FY 2011 Q2Nov 30, 2010—233.2——————1.15×362.1361.70.09%—
FY 2011 Q1Aug 31, 2010—272.9——————1.14×362361.60.11%—
FY 2010 Q4May 31, 2010—284.32——————1.11×362361.5——
FY 2010 Q3Feb 28, 2010—279.26——————1.09×361.86361.42——
FY 2010 Q2Nov 30, 2009—225.3——————1.12×361.69361.39——
FY 2010 Q1Aug 31, 2009—315.32——————1.11×361.36361.21——
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · PAYX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt
Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents
Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt
Total debt − cash and equivalents. Negative means net cash.
Debt / equity
Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets
Total debt / total assets × 100.
Net debt / EBITDA
Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF
Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage
TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio
Current assets / positive current liabilities.
Diluted shares
Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares
Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth
Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases
Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.