# Paychex, Inc. (PAYX) - Current events through the fiscal 2027 first quarter

## Filings that contain financial statements

Paychex is a domestic filer; its quarterly results are furnished in Form 8-K Exhibit 99.1 earnings releases, which contain full unaudited statements.

- Form 8-K, September 23, 2026, accession 0000723531-26-000004: first quarter of fiscal 2027 (three months ended August 31, 2026). Exhibit 99.1 holds the consolidated statements of income, balance sheets (August 31, 2026 and May 31, 2026), statements of cash flows, and the non-GAAP reconciliation.
- Form 8-K, June 24, 2026, accession 0001193125-26-280314: fourth quarter and full fiscal 2026 (three and twelve months ended May 31, 2026). Exhibit 99.1 holds income statement, balance sheet, cash flow statement and non-GAAP reconciliation.
- Form 8-K, March 25, 2026, accession 0001193125-26-122887: third quarter of fiscal 2026 (three and nine months ended February 28, 2026), with the same set of statements.
- Form 8-K, December 19, 2025, accession 0001193125-25-325838: second quarter of fiscal 2026 (three and six months ended November 30, 2025), with the same set of statements.
- Form 8-K, September 30, 2025, accession 0001193125-25-224146: first quarter of fiscal 2026 (three months ended August 31, 2025), with the same set of statements.
- Form 8-K/A, June 27, 2025, accession 0000950103-25-007996: unaudited pro forma condensed combined balance sheet as of November 30, 2024 and income statements for the six months ended November 30, 2024 and fiscal year ended May 31, 2024, giving effect to the Paycor acquisition.
- Form 8-K, June 25, 2025, accession 0000950170-25-089743: fourth quarter and full fiscal 2025 (three and twelve months ended May 31, 2025). Exhibit 99.1 holds the consolidated statements of income, balance sheets (May 31, 2025 and 2024), statements of cash flows (twelve months), and the non-GAAP reconciliation.

## Earnings and guidance

- **September 23, 2026 - first quarter fiscal 2027 (0000723531-26-000004).** Total revenue $1,630.5 million, up 6% from $1,540.0 million. Operating income $619.2 million (up 14%); diluted EPS $1.21 (up 14%); adjusted diluted EPS $1.34 (up 10%). PEO and Insurance Solutions revenue rose 12% to $367.6 million. Guidance was raised in two places: PEO and Insurance Solutions revenue growth to 7% to 8% (previously 6% to 7%) and interest on funds held for clients to $200 million to $210 million (previously $195 million to $205 million). Total revenue growth of 5% to 6%, adjusted operating margin of about 44% and adjusted diluted EPS growth of 7% to 9% were unchanged.
- **June 24, 2026 - fourth quarter and fiscal 2026 (0001193125-26-280314).** Fourth-quarter revenue $1,605.5 million (up 12%), diluted EPS $1.17, adjusted diluted EPS $1.32. Fiscal 2026 revenue $6,512.0 million (up 17%), diluted EPS $4.89, adjusted diluted EPS $5.51 (up 11%). The company repurchased 5.6 million shares for $611.0 million in fiscal 2026 and paid dividends of $4.43 per share. Initial fiscal 2027 outlook: total revenue growth 5% to 6%, Management Solutions 5% to 6%, PEO and Insurance Solutions 6% to 7%, interest on funds held for clients $195 million to $205 million, adjusted operating margin about 44%.
- **March 25, 2026 - third quarter fiscal 2026 (0001193125-26-122887).** Revenue $1,808.9 million (up 20%), diluted EPS $1.56, adjusted diluted EPS $1.71. Guidance change: interest on funds held for clients raised to $200 million to $210 million for fiscal 2026; other guidance unchanged.
- **December 19, 2025 - second quarter fiscal 2026 (0001193125-25-325838).** Adjusted diluted EPS growth guidance for fiscal 2026 raised to 10% to 11%; other guidance unchanged.
- **September 30, 2025 - first quarter fiscal 2026 (0001193125-25-224146).** Adjusted diluted EPS growth guidance for fiscal 2026 raised to 9% to 11%; other guidance unchanged.
- **June 25, 2025 - fourth quarter and fiscal 2025 (0000950170-25-089743).** Fourth-quarter revenue $1,427.3 million (up 10%), diluted EPS $0.82, adjusted diluted EPS $1.19. Fiscal 2025 revenue $5,571.7 million (up 6%), diluted EPS $4.58, adjusted diluted EPS $4.98. The fiscal 2026 outlook issued with these results, the baseline for the September 30, 2025 and December 19, 2025 increases: total revenue growth 16.5% to 18.5%, Management Solutions 20.0% to 22.0%, PEO and Insurance Solutions 6.0% to 8.0%, interest on funds held for clients $190 million to $200 million, adjusted operating margin about 43%, effective tax rate 24% to 25%, adjusted diluted EPS growth 8.5% to 10.5%.

## Acquisition: Paycor (closed)

- **April 14, 2025 - completed (0000950103-25-004790).** Paychex completed its all-cash acquisition of Paycor HCM, Inc. at $22.50 per share, about $4.1 billion of enterprise value; Paycor became an indirect wholly owned subsidiary. The merger agreement was signed January 7, 2025. Paychex stated expected annual cost synergies of more than $80 million in fiscal 2026. Later releases report Paycor-related costs as non-GAAP acquisition-related costs: $65.5 million in the first quarter of fiscal 2027 versus $84.8 million a year earlier (0000723531-26-000004).
- **June 27, 2025 - Form 8-K/A (0000950103-25-007996).** Filed the Paycor financial statements by reference and the pro forma financial information.

## Capital actions and financing

- **April 10, 2025 - senior notes issued (0001193125-25-077948).** Paychex completed an offering of $1.5 billion of 5.100% senior notes due 2030, $1.5 billion of 5.350% notes due 2032 and $1.2 billion of 5.600% notes due 2035, financing the Paycor purchase.
- **January 16, 2026 - $1 billion buyback authorization (0001193125-26-016044, filed January 20, 2026).** The Board authorized repurchases of up to $1 billion of common stock, replacing the prior $400 million authorization, and declared a quarterly dividend of $1.08 per share payable February 27, 2026. The company repurchased no shares in the first quarter of fiscal 2027 and paid dividends of $1.19 per share totaling $424.1 million (0000723531-26-000004). Quarterly report 0000723531-26-000006 shows cash dividends declared of $1.19 per share in that quarter, up from $1.08 a year earlier.
- **January 23, 2026 - credit facility amendments (0001193125-26-021794, filed January 26, 2026).** The $750 million 2017 revolving facility was increased to $1.0 billion and its maturity extended from September 17, 2026 to January 23, 2031, with the incremental facility raised from $375 million to $500 million. The $1.0 billion 2019 facility was also amended (interest and covenant terms). A separate $250 million Paychex Advance facility was terminated with no loans outstanding.
- **March 13, 2026 - private placement notes repaid.** Series A Senior Notes of $400.0 million matured and were repaid, per the fiscal 2027 first-quarter report (0000723531-26-000006); there was no 8-K for this event. At August 31, 2026 long-term borrowings were $4.6 billion with no short-term borrowings outstanding.

## Management and board

- **July 21, 2026 (0001193125-26-310277).** Director Kara Wilson notified the Board on July 16, 2026 that she would not stand for re-election at the 2026 annual meeting; the Board will reduce from 11 to 10 directors when her term expires. The filing states no disagreement.
- **January 20, 2026 (0001193125-26-016044).** The Board expanded from 10 to 11 members and appointed J. Michael Hansen, former Cintas chief financial officer, as an independent director and Audit Committee member.
- **July 14, 2025 (0000950170-25-095576).** Senior Vice Presidents Mark Bottini (Sales) and Michael Gioja (Product Development and IT) retired from their roles on July 8, 2025 and moved to special adviser positions. The Board was reduced from 11 to 10 following founder B. Thomas Golisano's departure on July 9, 2025.
- **May 16, 2025 (0000950103-25-006123).** Golisano announced on May 15, 2025 that he would step down from the Board after the July 2025 Board meeting, citing no disagreement.