Paycom Software, Inc.
PAYC NYSE Services-Prepackaged Software Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$2.1B
8.9%
vs prior year
Operating margin
Operating income as a share of revenue.
27.6%
6.0 pts
Net income
Profit after all expenses, interest and tax.
$453M
9.7%
Free cash flow
Cash from operations minus capital spending.
$408M
19.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $9.40 EPS (TTM)
What Paycom Software, Inc. does
No business description yet.
- Legal name
- Paycom Software, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001193125-26-059372
0001590955
Revenue and margins
Paycom Software, Inc. had $2.1B of revenue in fiscal 2025, up 8.9% on the year before.
FY16
Revenue $329M
FY17
Revenue $433M
FY18
Revenue $566M
FY19
Revenue $738M
FY20
Revenue $841M
FY21
Revenue $1.1B
FY22
Revenue $1.4B
FY23
Revenue $1.7B
FY24
Revenue $1.9B
FY25
Revenue $2.1B
Q3 '23
Revenue $406M
Q4 '23
Revenue $435M
Q1 '24
Revenue $500M
Q2 '24
Revenue $438M
Q3 '24
Revenue $452M
Q4 '24
Revenue $494M
Q1 '25
Revenue $531M
Q2 '25
Revenue $484M
Q3 '25
Revenue $493M
Q4 '25
Revenue $544M
Q1 '26
Revenue $572M
Q2 '26
Revenue $531M
FY16
Gross 83.6%
Operating 30.9%
Net 21.4%
FCF 16.7%
FY17
Gross 83.4%
Operating 30.0%
Net 28.5%
FCF 16.3%
FY18
Gross 84.0%
Operating 30.7%
Net 24.2%
FCF 22.1%
FY19
Gross 85.1%
Operating 30.7%
Net 24.5%
FCF 17.8%
FY20
Gross 85.3%
Operating 22.1%
Net 17.0%
FCF 15.8%
FY21
Gross 84.7%
Operating 24.0%
Net 18.6%
FCF 18.8%
FY22
Gross 84.5%
Operating 27.5%
Net 20.5%
FCF 16.9%
FY23
Gross 83.7%
Operating 26.6%
Net 20.1%
FCF 17.3%
FY24
Gross 82.2%
Operating 33.7%
Net 26.7%
FCF 18.1%
FY25
Gross 83.2%
Operating 27.6%
Net 22.1%
FCF 19.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 83.0%
Operating 23.8%
Net 18.5%
FCF 11.4%
Q4 '23
Gross 82.8%
Operating 24.6%
Net 18.8%
FCF 17.8%
Q1 '24
Gross 84.3%
Operating 57.2%
Net 49.4%
FCF 20.2%
Q2 '24
Gross 80.8%
Operating 21.7%
Net 15.5%
FCF 19.8%
Q3 '24
Gross 80.5%
Operating 23.2%
Net 16.2%
FCF 9.9%
Q4 '24
Gross 83.0%
Operating 30.1%
Net 23.0%
FCF 22.1%
Q1 '25
Gross 84.1%
Operating 34.9%
Net 26.3%
FCF 27.3%
Q2 '25
Gross 81.9%
Operating 23.2%
Net 18.5%
FCF 12.6%
Q3 '25
Gross 82.7%
Operating 22.8%
Net 22.4%
FCF 16.2%
Q4 '25
Gross 83.9%
Operating 28.9%
Net 20.9%
FCF 22.5%
Q1 '26
Gross 84.7%
Operating 36.8%
Net 27.2%
FCF 31.9%
Q2 '26
Gross 83.2%
Operating 31.7%
Net 20.2%
FCF 35.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 23.7% a year. Loss periods are shown in red.
FY16
Net income $70.4M
FY17
Net income $123M
FY18
Net income $137M
FY19
Net income $181M
FY20
Net income $143M
FY21
Net income $196M
FY22
Net income $281M
FY23
Net income $341M
FY24
Net income $502M
FY25
Net income $453M
Q3 '23
Net income $75.2M
Q4 '23
Net income $81.8M
Q1 '24
Net income $247M
Q2 '24
Net income $68.0M
Q3 '24
Net income $73.3M
Q4 '24
Net income $114M
Q1 '25
Net income $139M
Q2 '25
Net income $89.5M
Q3 '25
Net income $111M
Q4 '25
Net income $114M
Q1 '26
Net income $156M
Q2 '26
Net income $107M
FY16
Diluted EPS $1.19
FY17
Diluted EPS $2.10
FY18
Diluted EPS $2.34
FY19
Diluted EPS $3.09
FY20
Diluted EPS $2.46
FY21
Diluted EPS $3.37
FY22
Diluted EPS $4.84
FY23
Diluted EPS $5.88
FY24
Diluted EPS $8.92
FY25
Diluted EPS $8.08
Q3 '23
Diluted EPS $1.30
Q4 '23
Diluted EPS $1.41
Q1 '24
Diluted EPS $4.37
Q2 '24
Diluted EPS $1.20
Q3 '24
Diluted EPS $1.31
Q4 '24
Diluted EPS $2.04
Q1 '25
Diluted EPS $2.48
Q2 '25
Diluted EPS $1.58
Q3 '25
Diluted EPS $1.96
Q4 '25
Diluted EPS $2.06
Q1 '26
Diluted EPS $3.04
Q2 '26
Diluted EPS $2.34
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 40.4%
Return on equity 34.2%
Return on assets 6.5%
FY17
Return on capital 46.4%
Return on equity 50.7%
Return on assets 9.4%
FY18
Return on capital 42.1%
Return on equity 44.5%
Return on assets 8.9%
FY19
Return on capital 42.5%
Return on equity 41.9%
Return on assets 9.0%
FY20
Return on capital 26.8%
Return on equity 24.3%
Return on assets 5.6%
FY21
Return on capital 30.1%
Return on equity 25.3%
Return on assets 6.7%
FY22
Return on capital 33.7%
Return on equity 27.1%
Return on assets 7.9%
FY23
Return on capital —
Return on equity 27.4%
Return on assets 8.4%
FY24
Return on capital —
Return on equity 34.9%
Return on assets 10.0%
FY25
Return on capital —
Return on equity 27.4%
Return on assets 6.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $408M in fiscal 2025, 19.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $55.0M
FY17
Free cash flow $70.8M
FY18
Free cash flow $125M
FY19
Free cash flow $131M
FY20
Free cash flow $133M
FY21
Free cash flow $199M
FY22
Free cash flow $232M
FY23
Free cash flow $292M
FY24
Free cash flow $341M
FY25
Free cash flow $408M
Q3 '23
Free cash flow $46.3M
Q4 '23
Free cash flow $77.5M
Q1 '24
Free cash flow $101M
Q2 '24
Free cash flow $86.5M
Q3 '24
Free cash flow $44.6M
Q4 '24
Free cash flow $109M
Q1 '25
Free cash flow $145M
Q2 '25
Free cash flow $60.8M
Q3 '25
Free cash flow $79.8M
Q4 '25
Free cash flow $123M
Q1 '26
Free cash flow $183M
Q2 '26
Free cash flow $190M
FY16
Cash from operations $98.8M
Capital spending $43.8M
FY17
Cash from operations $130M
Capital spending $59.4M
FY18
Cash from operations $185M
Capital spending $59.9M
FY19
Cash from operations $224M
Capital spending $92.9M
FY20
Cash from operations $227M
Capital spending $94.1M
FY21
Cash from operations $319M
Capital spending $121M
FY22
Cash from operations $365M
Capital spending $133M
FY23
Cash from operations $485M
Capital spending $193M
FY24
Cash from operations $534M
Capital spending $193M
FY25
Cash from operations $679M
Capital spending $271M
Cash from operations
Capital spending
Q3 '23
Cash from operations $98.6M
Capital spending $52.3M
Q4 '23
Cash from operations $134M
Capital spending $56.9M
Q1 '24
Cash from operations $149M
Capital spending $47.7M
Q2 '24
Cash from operations $132M
Capital spending $45.6M
Q3 '24
Cash from operations $92.8M
Capital spending $48.2M
Q4 '24
Cash from operations $160M
Capital spending $51.4M
Q1 '25
Cash from operations $183M
Capital spending $37.7M
Q2 '25
Cash from operations $123M
Capital spending $61.7M
Q3 '25
Cash from operations $178M
Capital spending $98.0M
Q4 '25
Cash from operations $196M
Capital spending $73.5M
Q1 '26
Cash from operations $214M
Capital spending $31.2M
Q2 '26
Cash from operations $214M
Capital spending $23.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Paycom Software, Inc. returned $410M to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count fell 0.3%.
FY16
Dividends —
Buybacks $35.6M
FY17
Dividends —
Buybacks $56.9M
FY18
Dividends —
Buybacks $105M
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $52.0M
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $94.7M
FY23
Dividends $64.8M
Buybacks $287M
FY24
Dividends $84.8M
Buybacks $123M
FY25
Dividends $84.8M
Buybacks $326M
Dividends
Buybacks
Q3 '23
Dividends $21.6M
Buybacks —
Q4 '23
Dividends $21.4M
Buybacks $212M
Q1 '24
Dividends $21.2M
Buybacks —
Q2 '24
Dividends $21.2M
Buybacks —
Q3 '24
Dividends $21.3M
Buybacks $42.0M
Q4 '24
Dividends $21.1M
Buybacks $0.0M
Q1 '25
Dividends $21.1M
Buybacks —
Q2 '25
Dividends $21.8M
Buybacks —
Q3 '25
Dividends $21.2M
Buybacks —
Q4 '25
Dividends $20.7M
Buybacks $107M
Q1 '26
Dividends $17.7M
Buybacks $1.1B
Q2 '26
Dividends $17.8M
Buybacks $335M
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Paycom Software, Inc. can carry it.
FY16
Cash $60.2M
Debt $29.8M
FY17
Cash $46.1M
Debt $35.3M
FY18
Cash $45.7M
Debt $34.4M
FY19
Cash $134M
Debt $32.6M
FY20
Cash $152M
Debt $30.9M
FY21
Cash $278M
Debt $29.2M
FY22
Cash $401M
Debt $29.0M
FY23
Cash $294M
Debt —
FY24
Cash $402M
Debt —
FY25
Cash $370M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $278M | $401M | $294M | $402M | $370M |
| Debt incl. finance leases | $29.2M | $29.0M | — | — | — |
| Net debt / EBITDA | −0.8x | −0.8x | — | — | — |
| Debt / equity | 0.0x | 0.0x | — | — | — |
| Interest coverage | — | 151.5x | 237.5x | 186.6x | 166.8x |
| Current ratio | 1.1x | 1.2x | 1.1x | 1.1x | 1.1x |
| Quick ratio | 1.1x | 1.2x | 1.1x | 1.1x | 1.1x |
| Total assets | $3.2B | $3.9B | $4.2B | $5.9B | $7.6B |
| Total liabilities | $2.3B | $2.7B | $2.9B | $4.3B | $5.9B |
| Shareholders' equity | $894M | $1.2B | $1.3B | $1.6B | $1.7B |
| Net debt (− = net cash) | −$249M | −$372M | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | — | — | — |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 7 / 9 | 9 / 9 | 7 / 9 | 8 / 9 | 8 / 9 | 8 / 9 | 6 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | −2.6% | −0.5% | −3.1% | −2.2% | −3.3% | −4.2% | −2.4% | −3.6% | −0.6% | −3.4% |
| Altman Z'' | 1.26 | 1.49 | 2.07 | 1.96 | 2.10 | 2.40 | 2.76 | 2.77 | 2.61 | 2.19 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $329M | $433M | $566M | $738M | $841M | $1.1B | $1.4B | $1.7B | $1.9B | $2.1B |
| Gross profit | $275M | $361M | $476M | $628M | $718M | $894M | $1.2B | $1.4B | $1.5B | $1.7B |
| Research and development | $21.0M | $30.4M | $46.2M | $73.1M | $90.2M | $118M | $148M | $199M | $243M | $283M |
| Operating income | $102M | $130M | $174M | $226M | $186M | $254M | $379M | $451M | $634M | $567M |
| Interest expense | $1.0M | $0.9M | $0.8M | $0.9M | $0.0M | — | $2.5M | $1.9M | $3.4M | $3.4M |
| Pretax income | $101M | $128M | $175M | $226M | $186M | $256M | $390M | $472M | $649M | $619M |
| Income tax | $30.6M | $4.2M | $37.6M | $45.5M | $42.5M | $60.0M | $108M | $132M | $147M | $166M |
| Net income | $70.4M | $123M | $137M | $181M | $143M | $196M | $281M | $341M | $502M | $453M |
| Net income to common | $69.9M | $123M | $137M | $180M | $143M | $196M | — | — | — | — |
| Diluted EPS | $1.19 | $2.10 | $2.34 | $3.09 | $2.46 | $3.37 | $4.84 | $5.88 | $8.92 | $8.08 |
| Diluted shares | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $98.8M | $130M | $185M | $224M | $227M | $319M | $365M | $485M | $534M | $679M |
| Capital expenditure | $43.8M | $59.4M | $59.9M | $92.9M | $94.1M | $121M | $133M | $193M | $193M | $271M |
| Free cash flow | $55.0M | $70.8M | $125M | $131M | $133M | $199M | $232M | $292M | $341M | $408M |
| Depreciation and amortization | $13.6M | $19.4M | $29.7M | $42.2M | $53.4M | $67.2M | $92.7M | $114M | $146M | $176M |
| Stock-based compensation | $20.7M | $36.1M | $36.6M | $47.3M | $90.1M | $97.5M | $94.9M | $130M | −$22.9M | $119M |
| Share buybacks | $35.6M | $56.9M | $105M | — | $52.0M | — | $94.7M | $287M | $123M | $326M |
| Dividends paid | — | — | — | — | — | — | — | $64.8M | $84.8M | $84.8M |
| Dividends and buybacks | $35.6M | $56.9M | $105M | — | $52.0M | — | $94.7M | $351M | $208M | $410M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $60.2M | $46.1M | $45.7M | $134M | $152M | $278M | $401M | $294M | $402M | $370M |
| Total debt | $29.8M | $35.3M | $34.4M | $32.6M | $30.9M | $29.2M | $29.0M | — | — | — |
| Current assets | $926M | $1.2B | $1.1B | $1.9B | $1.9B | $2.3B | $2.8B | $2.8B | $4.3B | $5.8B |
| Current liabilities | $899M | $1.1B | $1.0B | $1.8B | $1.7B | $2.0B | $2.4B | $2.5B | $3.9B | $5.4B |
| Inventory | $0.7M | $1.0M | $0.8M | $1.2M | $1.2M | $1.1M | $1.6M | $1.4M | $1.4M | $1.7M |
| Property and equipment, net | $96.8M | $148M | $177M | $238M | $285M | $349M | $402M | $498M | — | — |
| Goodwill | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M |
| Intangible assets | $1.9M | $1.0M | $0.7M | $0.5M | $0.3M | $58.0M | $54.0M | $50.1M | $46.2M | $37.4M |
| Total assets | $1.1B | $1.6B | $1.5B | $2.5B | $2.6B | $3.2B | $3.9B | $4.2B | $5.9B | $7.6B |
| Total liabilities | $873M | $1.3B | $1.2B | $2.0B | $2.0B | $2.3B | $2.7B | $2.9B | $4.3B | $5.9B |
| Shareholders' equity | $206M | $281M | $335M | $527M | $656M | $894M | $1.2B | $1.3B | $1.6B | $1.7B |
| Margins | ||||||||||
| Gross margin | 83.6% | 83.4% | 84.0% | 85.1% | 85.3% | 84.7% | 84.5% | 83.7% | 82.2% | 83.2% |
| Operating margin | 30.9% | 30.0% | 30.7% | 30.7% | 22.1% | 24.0% | 27.5% | 26.6% | 33.7% | 27.6% |
| EBITDA margin | 35.1% | 34.4% | 35.9% | 36.4% | 28.5% | 30.4% | 34.3% | 33.4% | 41.4% | 36.2% |
| Net margin | 21.4% | 28.5% | 24.2% | 24.5% | 17.0% | 18.6% | 20.5% | 20.1% | 26.7% | 22.1% |
| FCF margin | 16.7% | 16.3% | 22.1% | 17.8% | 15.8% | 18.8% | 16.9% | 17.3% | 18.1% | 19.9% |
| Returns | ||||||||||
| Return on capital | 40.4% | 46.4% | 42.1% | 42.5% | 26.8% | 30.1% | 33.7% | — | — | — |
| Return on capital employed | 56.6% | 31.6% | 35.2% | 30.8% | 20.9% | 20.7% | 24.8% | 27.1% | 32.5% | 25.4% |
| Return on equity | 34.2% | 50.7% | 44.5% | 41.9% | 24.3% | 25.3% | 27.1% | 27.4% | 34.9% | 27.4% |
| Return on assets | 6.5% | 9.4% | 8.9% | 9.0% | 5.6% | 6.7% | 7.9% | 8.4% | 10.0% | 6.7% |
| Return on tangible equity | 46.0% | 53.9% | 48.5% | 38.1% | 23.8% | 25.0% | 26.1% | 28.4% | 34.0% | 27.6% |
| Growth | ||||||||||
| Revenue growth | — | 31.6% | 30.8% | 30.3% | 14.1% | 25.4% | 30.3% | 23.2% | 11.2% | 8.9% |
| Net income growth | — | 75.4% | 11.0% | 31.7% | −20.6% | 36.6% | 43.6% | 21.1% | 47.3% | −9.7% |
| EPS growth | — | 76.5% | 11.4% | 32.1% | −20.4% | 37.0% | 43.6% | 21.5% | 51.7% | −9.4% |
| FCF growth | — | 28.6% | 76.5% | 5.1% | 1.4% | 49.3% | 17.0% | 25.8% | 16.6% | 19.6% |
| Share count change | — | −0.3% | −0.4% | −0.3% | −0.2% | −0.2% | −0.0% | −0.3% | −2.9% | −0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.3x | −0.1x | −0.1x | −0.4x | −0.5x | −0.8x | −0.8x | — | — | — |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x | — | — | — |
| Interest coverage | 98.2x | 142.4x | 226.8x | 240.7x | 9,795.9x | — | 151.5x | 237.5x | 186.6x | 166.8x |
| Current ratio | 1.0x | 1.0x | 1.0x | 1.1x | 1.1x | 1.1x | 1.2x | 1.1x | 1.1x | 1.1x |
| Quick ratio | 1.0x | 1.0x | 1.0x | 1.1x | 1.1x | 1.1x | 1.2x | 1.1x | 1.1x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 13.3% | 13.7% | 10.6% | 12.6% | 11.2% | 11.4% | 9.6% | 11.4% | 10.2% | 13.2% |
| Stock comp / revenue | 6.3% | 8.3% | 6.5% | 6.4% | 10.7% | 9.2% | 6.9% | 7.7% | −1.2% | 5.8% |
| Payouts / FCF | 64.6% | 80.4% | 84.2% | — | 39.1% | — | 40.7% | 120.2% | 60.9% | 100.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 9.0 | 7.0 | 8.0 | 8.0 | 8.0 | 6.0 | 5.0 | 5.0 |
| Altman Z'' | 1.3 | 1.5 | 2.1 | 2.0 | 2.1 | 2.4 | 2.8 | 2.8 | 2.6 | 2.2 |
| Accruals ratio | −2.6% | −0.5% | −3.1% | −2.2% | −3.3% | −4.2% | −2.4% | −3.6% | −0.6% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001590955). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.