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PaychexPAYX

Legal name
Paychex, Inc.
Sector
Other
Industry
Services-Engineering, Accounting, Research, Management
Exchange
Nasdaq

Stock Price $PAYX

Latest filings

You are here#53 of 86 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K99

PAYX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 99 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Material agreement8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $6.51B
YoY changeLargest recent move+13.9%in FY22Latest +16.9%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All PAYX Financial Metrics57 metrics

Income Statement14

Balance Sheet24

Cash Flow14

Per Share5

02—Overview

Paychex Financial Overview 2022–2026

Updated Nov 4, 2026

Paychex's stock lost 37% of its value in a single year: from $157.91 at the close of FY2025 to $96.98a at the close of FY2026, even as revenue climbed 17%. The market cut the multiple from 34.5x earnings to 19.8x, and market cap fell from $56.9B to $34.5B. The thesis: the business got bigger and more profitable on an adjusted basis, but the Paycor deal loaded it with debt and depressed GAAP earnings, and investors repriced accordingly.

Revenue grew from $4.61 billion in FY2022 to $6.5 billionb in FY2026. Over the same stretch, diluted EPS rose from $3.84 to $4.89. Growth was steady at 8-9% through FY2023 and FY2024, slowed to 6% in FY2025 as the Employee Retention Tax Credit expired, then jumped when Paycor closed on April 14, 2025.

The cost of that jump is visible. Interest expense more than doubled to $269.5 millionc in FY2026 from $105.4 million, and GAAP operating margin slipped to 38.6% from 39.6% on $304.2 million of acquisition costs. Adjusted operating margin tells the other side: 43.2%, up from 42.5%. Operating cash flow rose to $2.56 billion from $1.90 billion, and dividends took $1.59 billion, about 90% of net income. Another $611.0 million went to buybacks. Net income grew only 6% to $1.76 billion. With roughly $4.6 billion of long-term borrowings, the payout leaves little slack.

Recent Developments (Q4 2026 and Q1 2027)

Q4 FY2026 operating margin jumped to 37.7% from 30.2%, as operating income rose 40% to $604.7 milliond on 12% revenue growth. Q1 FY2027 carried that forward: revenue rose 6% to $1,630.5 million, diluted EPS rose 14% to $1.21, and adjusted operating margin reached 42.0% versus 40.7%. Management held FY2027 guidance at 5% to 6% revenue growth and about 44% adjusted margin, and raised PEO outlook to 7% to 8%. Director Kara Wilson will leave the Board, which shrinks to 10 seats. Shareholders rejected a proposal on special meeting rights.

Bull case: margins are expanding as acquisition costs fall. Bear case: Q1 operating cash flow fell to $413.5 millione from $718.4 million, cash dropped to $600.9 million, and Management Solutions grew only 4%. At 20.8x earnings as of the September 23, 2026 quarterly report date, the stock looks fairly priced for single-digit growth.

What to watch: Management Solutions growth against the 4% Q1 pace; operating cash flow recovery against the $424.1 million quarterly dividend

03—Filings

Recent SEC Filings

  1. 8-KPaychex 8-K Report, Shareholder Vote Results (Oct 16, 2026)Paychex, Inc. (PAYX) reported the results of its 2026 Annual Meeting of Stockholders, held October 15, 2026 via live webcast. Holders of 324,320,880 shares of common stock entitled to vote were present in person or by proxy. Stockholders voted on four matters: the election of ten director nominees for one-year terms, a non-binding advisory vote on named executive officer compensation, ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2027, and a stockholder proposal regarding an attainable stockholder right to call a special meeting. All ten director nominees were elected. The advisory vote on executive compensation was approved, and the selection of PricewaterhouseCoopers LLP was ratified. The stockholder proposal on the right to call a special meeting was not approved, with 142,899,210 votes for, 146,541,000 against, 1,435,808 abstentions, and 33,444,862 broker non-votes. Among the directors, Joseph G. Doody received the fewest votes in favor (273,598,550) and the most votes against (16,663,752) of the nominees, though he was still elected. The filing reports vote counts only and does not describe any board changes or other corporate actions.
  2. 8-KPaychex 8-K Report, Financial Results (Sep 23, 2026)Paychex, Inc. reported results for its first quarter of fiscal 2027, the three months ended August 31, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenue rose 6% to $1,630.5 million, with Management Solutions revenue up 4% to $1,213.1 million and PEO and Insurance Solutions revenue up 12% to $367.6 million. Operating income grew 14% to $619.2 million, and operating margin was 38.0% compared with 35.2% a year earlier. Net income increased 12% to $429.7 million, and diluted earnings per share rose 14% to $1.21. Management attributed the operating income growth primarily to revenue growth and lower acquisition-related costs. On a non-GAAP basis, adjusted operating income grew 9% to $684.7 million, adjusted operating margin was 42.0% versus 40.7%, and adjusted diluted earnings per share rose 10% to $1.34. Cash flow from operations was $413.5 million, compared with $718.4 million in the prior-year period, and dividends paid totaled $424.1 million, or $1.19 per share. As of August 31, 2026, long-term borrowings, net of debt issuance costs, were $4.6 billion. For fiscal 2027, Paychex raised its PEO and Insurance Solutions revenue growth outlook to 7% to 8% from 6% to 7%, and raised its interest on funds held for clients outlook to $200 million to $210 million from $195 million to $205 million. Total revenue growth (5% to 6%), Management Solutions revenue growth (5% to 6%), adjusted operating margin (about 44%), effective tax rate (about 24%), and adjusted diluted earnings per share growth (7% to 9%) were unchanged.
  3. 8-KPaychex 8-K Report, Executive Changes (Jul 21, 2026)Paychex, Inc. filed this Form 8-K on July 21, 2026 to report a board change under Item 5.02. On July 16, 2026, director Kara Wilson notified the Board of Directors that she will not stand for re-election at the Company's 2026 annual meeting of stockholders (the "Annual Meeting"). The filing states that her decision did not result from any disagreement with the Company on any matter relating to its operations, policies or practices. In connection with her departure, the Board determined to reduce its size from 11 to 10 directors. The reduction takes effect immediately upon the expiration of Ms. Wilson's term at the Annual Meeting. The filing does not report any financial results, guidance, or other operating developments. The only exhibit listed is Exhibit 104, the cover page of the Form 8-K formatted in Inline XBRL. For investors, the filing is a governance update that reduces board size by one seat once Ms. Wilson's term ends.
  4. 8-KPaychex 8-K Report, Financial Results (Jun 24, 2026)Paychex, Inc. (Nasdaq: PAYX) furnished an 8-K under Item 2.02 on June 24, 2026, attaching a press release (Exhibit 99.1) reporting results for the three and twelve months ended May 31, 2026 (fiscal 2026). Fourth-quarter total revenue rose 12% to $1,605.5 million, while operating income rose 40% to $604.7 million and adjusted operating income rose 17% to $675.8 million. Diluted EPS was $1.17 (up 43%), and adjusted diluted EPS was $1.32 (up 11%). The quarter reflects a full period of Paycor HCM, Inc., acquired in April 2025, versus a partial period in the prior year. Management Solutions revenue grew 14% to $1.2 billion, with Paycor contributing approximately 8 percentage points of that growth. For the full fiscal year, total revenue increased 17% to $6.5 billion, operating income increased 14% to $2.5 billion, and diluted EPS increased 7% to $4.89. Cash flow from operations was $2.6 billion, and the company returned $2.2 billion to shareholders through $1.6 billion in dividends and $611.0 million in share repurchases. Short- and long-term borrowings totaled $4.6 billion at May 31, 2026. For fiscal 2027, management guided to total revenue growth of 5% to 6%, adjusted operating margin of approximately 44%, and adjusted diluted EPS growth of 7% to 9%. The release also announced the launch of WISE, an AI-powered intelligence engine. The company anticipates filing its Form 10-K before the end of July 2026.
  5. 8-KPaychex 8-K Report, Financial Results (Mar 25, 2026)Paychex, Inc. (Nasdaq: PAYX) furnished an 8-K under Item 2.02 on March 25, 2026, attaching a press release reporting results for the three and nine months ended February 28, 2026 (third quarter of fiscal 2026). Total revenue rose 20% to $1.81 billion for the quarter and 18% to $4.91 billion for the nine months. Operating income rose 14% to $792.0 million for the quarter, while nine-month operating income rose 7% to $1.91 billion. Diluted earnings per share increased 9% to $1.56 for the quarter but fell 1% to $3.71 for the nine months. Management attributed much of the growth to the acquisition of Paycor HCM, Inc., which was completed in April 2025 and contributed approximately 19% to Management Solutions revenue growth year over year. On a non-GAAP basis, adjusted operating income grew 22% to $863.2 million for the quarter and 19% to $2.14 billion for the nine months, and adjusted diluted earnings per share rose 15% to $1.71 for the quarter and 11% to $4.19 for the nine months. The company excluded $71.0 million of Paycor acquisition-related costs from the quarterly adjusted figures. Operating margin declined to 43.8% from 45.8% in the quarter, and to 38.8% from 42.9% for the nine months, while adjusted operating margin rose to 47.7% for the quarter from 46.9%. Interest expense increased to $68.1 million for the quarter, primarily from debt issued to finance the Paycor acquisition. The company reported $1.8 billion of cash, restricted cash and corporate investments and $5.0 billion of borrowings as of February 28, 2026, along with nine-month operating cash flow of $2.0 billion. It returned over $1.5 billion to shareholders during the fiscal year to date, including $1.2 billion in dividends and repurchases of 2.9 million shares for $361.6 million. Management updated its fiscal 2026 outlook to anticipate interest on funds held for clients of $200 million to $210 million, with all other guidance unchanged.
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04—See also

Related Companies

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