PAYCHEX INC Earnings Per Share Disclosure
Note C — Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
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Year ended May 31, |
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In millions, except per share amounts |
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2025 |
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2024 |
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2023 |
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Basic earnings per share: |
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Net income |
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$ |
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1,657.3 |
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$ |
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1,690.4 |
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$ |
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1,557.3 |
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Weighted-average common shares outstanding |
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360.2 |
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360.3 |
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360.4 |
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Basic earnings per share |
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$ |
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4.60 |
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$ |
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4.69 |
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$ |
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4.32 |
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Diluted earnings per share: |
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Net income |
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$ |
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1,657.3 |
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$ |
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1,690.4 |
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$ |
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1,557.3 |
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Weighted-average common shares outstanding |
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360.2 |
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360.3 |
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360.4 |
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Dilutive effect of common share equivalents |
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1.8 |
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1.8 |
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1.9 |
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Weighted-average common shares outstanding, assuming dilution |
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362.0 |
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362.1 |
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362.3 |
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Diluted earnings per share |
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$ |
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4.58 |
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$ |
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4.67 |
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$ |
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4.30 |
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Weighted-average anti-dilutive common share equivalents |
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0.2 |
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0.6 |
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0.7 |
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Weighted-average common share equivalents that had an anti-dilutive impact are excluded from the computation of diluted earnings per share.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 11, 2025 | Showing above |
| 2024 | Jul 11, 2024 | |
| 2023 | Jul 14, 2023 | |
| 2022 | Jul 15, 2022 | |
| 2021 | Jul 16, 2021 | |
| 2020 | Jul 17, 2020 | |
| 2019 | Jul 24, 2019 | |
| 2018 | Jul 20, 2018 | |
| 2017 | Jul 21, 2017 | |
| 2016 | Jul 22, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.