Published
{
"ticker": "PAYX",
"cik": "0000723531",
"company": "Paychex, Inc.",
"business_type": "services",
"schema_template": "standard services (human capital management / payroll): revenue by product line, operating expenses, operating income, net income, EPS; balance sheet with client funds shown separately; operating cash flow, capital expenditures, free cash flow, capital returns",
"schema_rationale": "Paychex is a payroll, human capital management and professional employer organization (PEO) services company that reports a single operating segment. Its income statement presents revenue by product line (Management Solutions; PEO and Insurance Solutions) plus interest earned on client funds, and it reports cost of service revenue and selling, general and administrative expenses rather than a gross profit line, so no gross profit is shown here. The balance sheet carries large client fund balances (funds held for clients and the matching client fund obligations) that are not the company's own operating assets; they are shown as separate lines so a reader can set them aside.",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions); share counts in actual shares; per-share amounts in dollars",
"sign_convention": "Income statement expense lines (cost of service revenue, SG&A, interest expense, income taxes) are stated as positive amounts. Cash flow lines keep the sign the cash flow statement prints: outflows such as capital expenditures, acquisitions, dividends paid and share repurchases are negative.",
"fiscal_calendar_note": "Paychex's fiscal year ends May 31. Fiscal 2027 runs June 1, 2026 to May 31, 2027; its first quarter is the three months ended August 31, 2026.",
"units_notes_seen": {
"FY2026 10-K consolidated statements of income and comprehensive income": "In millions, except per share amounts",
"FY2026 10-K consolidated balance sheets": "In millions, except per share amounts",
"FY2026 10-K consolidated statements of stockholders' equity": "In millions, except per share amounts",
"FY2026 10-K consolidated statements of cash flows": "In millions",
"Q1 FY2027 10-Q consolidated statements of income and comprehensive income": "In millions, except per share amounts",
"Q1 FY2027 10-Q consolidated balance sheets": "In millions, except per share amounts",
"Q1 FY2027 10-Q consolidated statements of stockholders' equity": "In millions, except per share amounts",
"Q1 FY2027 10-Q consolidated statements of cash flows": "In millions"
},
"adjustments": {
"splits_applied": [],
"splits_note": "No stock split occurred in any period reported here, so per-share figures are directly comparable across all periods.",
"adr_ratio": null,
"adr_note": "Not applicable. Paychex common stock trades directly on the Nasdaq Global Select Market.",
"fx": "None applied. Paychex reports in U.S. dollars."
},
"annual": [
{
"fiscal_year": 2026,
"label": "FY2026",
"period_start": "2025-06-01",
"period_end": "2026-05-31",
"period_type": "fiscal year",
"source_accession": "0001193125-26-307785",
"source_form": "10-K filed 2026-07-17",
"income_statement": {
"management_solutions_revenue": 4867900000,
"peo_and_insurance_solutions_revenue": 1433200000,
"total_service_revenue": 6301100000,
"interest_on_funds_held_for_clients": 210900000,
"total_revenue": 6512000000,
"cost_of_service_revenue": 1674500000,
"selling_general_and_administrative_expenses": 2327000000,
"total_expenses": 4001500000,
"operating_income": 2510500000,
"interest_expense": 269500000,
"other_income_net": 69900000,
"income_before_income_taxes": 2310900000,
"income_taxes": 550800000,
"net_income": 1760100000,
"basic_eps": 4.9,
"diluted_eps": 4.89,
"basic_shares": 358900000,
"diluted_shares": 360000000,
"dividends_declared_per_share": 4.43
},
"cash_flow": {
"operating_cash_flow": 2556700000,
"depreciation_and_amortization": 442600000,
"stock_based_compensation": 96100000,
"capital_expenditures": -234900000,
"acquisitions_of_businesses_net_of_cash_acquired": -400000,
"net_cash_from_investing_activities": -1152400000,
"net_change_in_client_fund_obligations": 17600000,
"dividends_paid": -1589600000,
"repurchases_of_common_shares": -611000000,
"net_cash_from_financing_activities": -2653800000,
"payments_on_long_term_borrowings": -400000000,
"proceeds_from_issuance_of_corporate_bonds": 0,
"free_cash_flow": 2321800000
},
"balance_sheet": {
"cash_and_cash_equivalents": 1088200000,
"restricted_cash": 52800000,
"corporate_investments": 36300000,
"accounts_receivable_net": 1507600000,
"current_assets_before_funds_held_for_clients": 3781100000,
"funds_held_for_clients": 4832200000,
"total_current_assets": 8613300000,
"intangible_assets_net": 1684000000,
"goodwill": 4527400000,
"total_assets": 16174500000,
"current_liabilities_before_client_fund_obligations": 1956000000,
"client_fund_obligations": 4884600000,
"total_current_liabilities": 6840600000,
"long_term_debt": 4556100000,
"total_liabilities": 12439400000,
"total_stockholders_equity": 3735100000,
"total_liabilities_and_stockholders_equity": 16174500000,
"short_term_debt": 0,
"long_term_debt_current_portion": 0,
"shares_outstanding": 355600000,
"total_debt": 4556100000
}
},
{
"fiscal_year": 2025,
"label": "FY2025",
"period_start": "2024-06-01",
"period_end": "2025-05-31",
"period_type": "fiscal year",
"source_accession": "0001193125-26-307785",
"source_form": "10-K filed 2026-07-17",
"income_statement": {
"management_solutions_revenue": 4067100000,
"peo_and_insurance_solutions_revenue": 1342900000,
"total_service_revenue": 5410000000,
"interest_on_funds_held_for_clients": 161700000,
"total_revenue": 5571700000,
"cost_of_service_revenue": 1540400000,
"selling_general_and_administrative_expenses": 1823600000,
"total_expenses": 3364000000,
"operating_income": 2207700000,
"interest_expense": 105400000,
"other_income_net": 73600000,
"income_before_income_taxes": 2175900000,
"income_taxes": 518600000,
"net_income": 1657300000,
"basic_eps": 4.6,
"diluted_eps": 4.58,
"basic_shares": 360200000,
"diluted_shares": 362000000,
"dividends_declared_per_share": 4.02
},
"cash_flow": {
"operating_cash_flow": 1900900000,
"depreciation_and_amortization": 209500000,
"stock_based_compensation": 111800000,
"capital_expenditures": -191800000,
"acquisitions_of_businesses_net_of_cash_acquired": -2967500000,
"net_cash_from_investing_activities": -3356800000,
"net_change_in_client_fund_obligations": -290700000,
"dividends_paid": -1448500000,
"repurchases_of_common_shares": -104500000,
"net_cash_from_financing_activities": 2293200000,
"payments_on_long_term_borrowings": 0,
"proceeds_from_issuance_of_corporate_bonds": 4180900000,
"free_cash_flow": 1709100000
},
"balance_sheet": {
"cash_and_cash_equivalents": 1628600000,
"restricted_cash": 47900000,
"corporate_investments": 34500000,
"accounts_receivable_net": 1330500000,
"current_assets_before_funds_held_for_clients": 4103200000,
"funds_held_for_clients": 4813300000,
"total_current_assets": 8916500000,
"intangible_assets_net": 1947300000,
"goodwill": 4514100000,
"total_assets": 16564100000,
"current_liabilities_before_client_fund_obligations": 2089300000,
"client_fund_obligations": 4867000000,
"total_current_liabilities": 6956300000,
"long_term_debt": 4548400000,
"total_liabilities": 12436100000,
"total_stockholders_equity": 4128000000,
"total_liabilities_and_stockholders_equity": 16564100000,
"short_term_debt": 18600000,
"long_term_debt_current_portion": 399800000,
"shares_outstanding": 360500000,
"total_debt": 4966800000
}
},
{
"fiscal_year": 2024,
"label": "FY2024",
"period_start": "2023-06-01",
"period_end": "2024-05-31",
"period_type": "fiscal year",
"source_accession": "0001193125-26-307785",
"source_form": "10-K filed 2026-07-17",
"income_statement": {
"management_solutions_revenue": 3866400000,
"peo_and_insurance_solutions_revenue": 1265600000,
"total_service_revenue": 5132000000,
"interest_on_funds_held_for_clients": 146300000,
"total_revenue": 5278300000,
"cost_of_service_revenue": 1479300000,
"selling_general_and_administrative_expenses": 1624900000,
"total_expenses": 3104200000,
"operating_income": 2174100000,
"interest_expense": 37300000,
"other_income_net": 81200000,
"income_before_income_taxes": 2218000000,
"income_taxes": 527600000,
"net_income": 1690400000,
"basic_eps": 4.69,
"diluted_eps": 4.67,
"basic_shares": 360300000,
"diluted_shares": 362100000,
"dividends_declared_per_share": 3.65
},
"cash_flow": {
"operating_cash_flow": 1897700000,
"depreciation_and_amortization": 176500000,
"stock_based_compensation": 61100000,
"capital_expenditures": -161400000,
"acquisitions_of_businesses_net_of_cash_acquired": -208300000,
"net_cash_from_investing_activities": -260900000,
"net_change_in_client_fund_obligations": -425300000,
"dividends_paid": -1315300000,
"repurchases_of_common_shares": -169200000,
"net_cash_from_financing_activities": -1874700000,
"payments_on_long_term_borrowings": 0,
"proceeds_from_issuance_of_corporate_bonds": 0,
"free_cash_flow": 1736300000
}
}
],
"quarterly": [
{
"fiscal_year": 2027,
"fiscal_quarter": 1,
"label": "Q1 FY2027",
"period_start": "2026-06-01",
"period_end": "2026-08-31",
"period_type": "three months",
"source_accession": "0000723531-26-000006",
"source_form": "10-Q filed 2026-09-24",
"income_statement": {
"management_solutions_revenue": 1213100000,
"peo_and_insurance_solutions_revenue": 367600000,
"total_service_revenue": 1580700000,
"interest_on_funds_held_for_clients": 49800000,
"total_revenue": 1630500000,
"cost_of_service_revenue": 430100000,
"selling_general_and_administrative_expenses": 581200000,
"total_expenses": 1011300000,
"operating_income": 619200000,
"interest_expense": 65100000,
"other_income_net": 10900000,
"income_before_income_taxes": 565000000,
"income_taxes": 135300000,
"net_income": 429700000,
"basic_eps": 1.21,
"diluted_eps": 1.21,
"basic_shares": 355800000,
"diluted_shares": 356600000,
"dividends_declared_per_share": 1.19
},
"cash_flow": {
"operating_cash_flow": 413500000,
"depreciation_and_amortization": 109800000,
"stock_based_compensation": 19300000,
"capital_expenditures": -56100000,
"acquisitions_of_businesses_net_of_cash_acquired": -18100000,
"net_cash_from_investing_activities": -335800000,
"net_change_in_client_fund_obligations": -443900000,
"dividends_paid": -424100000,
"repurchases_of_common_shares": 0,
"net_cash_from_financing_activities": -906600000,
"free_cash_flow": 357400000
},
"balance_sheet": {
"cash_and_cash_equivalents": 600900000,
"restricted_cash": 55000000,
"corporate_investments": 333300000,
"accounts_receivable_net": 1615900000,
"current_assets_before_funds_held_for_clients": 3745200000,
"funds_held_for_clients": 4348400000,
"total_current_assets": 8093600000,
"intangible_assets_net": 1626200000,
"goodwill": 4534100000,
"total_assets": 15660700000,
"current_liabilities_before_client_fund_obligations": 1899300000,
"client_fund_obligations": 4440700000,
"total_current_liabilities": 6340000000,
"long_term_debt": 4558000000,
"total_liabilities": 11955200000,
"total_stockholders_equity": 3705500000,
"total_liabilities_and_stockholders_equity": 15660700000,
"shares_outstanding": 356000000,
"total_debt": 4558000000
}
},
{
"fiscal_year": 2026,
"fiscal_quarter": 1,
"label": "Q1 FY2026",
"period_start": "2025-06-01",
"period_end": "2025-08-31",
"period_type": "three months",
"source_accession": "0000723531-26-000006",
"source_form": "10-Q filed 2026-09-24",
"income_statement": {
"management_solutions_revenue": 1163300000,
"peo_and_insurance_solutions_revenue": 329100000,
"total_service_revenue": 1492400000,
"interest_on_funds_held_for_clients": 47600000,
"total_revenue": 1540000000,
"cost_of_service_revenue": 413800000,
"selling_general_and_administrative_expenses": 584300000,
"total_expenses": 998100000,
"operating_income": 541900000,
"interest_expense": 68200000,
"other_income_net": 23800000,
"income_before_income_taxes": 497500000,
"income_taxes": 113700000,
"net_income": 383800000,
"basic_eps": 1.07,
"diluted_eps": 1.06,
"basic_shares": 360100000,
"diluted_shares": 361900000,
"dividends_declared_per_share": 1.08
},
"cash_flow": {
"operating_cash_flow": 718400000,
"depreciation_and_amortization": 109300000,
"stock_based_compensation": 26800000,
"capital_expenditures": -55900000,
"acquisitions_of_businesses_net_of_cash_acquired": -200000,
"net_cash_from_investing_activities": -1302700000,
"net_change_in_client_fund_obligations": 81400000,
"dividends_paid": -389100000,
"repurchases_of_common_shares": -160100000,
"net_cash_from_financing_activities": -515400000,
"free_cash_flow": 662500000
}
}
],
"trailing_twelve_months": {
"label": "Twelve months ended August 31, 2026",
"period_start": "2025-09-01",
"period_end": "2026-08-31",
"period_type": "trailing twelve months",
"source_accession": "0000723531-26-000006",
"source_accessions": [
"0001193125-26-307785",
"0000723531-26-000006"
],
"derivation": "Fiscal 2026 full-year figures from the FY2026 10-K (accession 0001193125-26-307785), less the three months ended August 31, 2025, plus the three months ended August 31, 2026, both from the Q1 FY2027 10-Q (accession 0000723531-26-000006). This is a computed roll-forward, not a figure Paychex reports.",
"income_statement": {
"management_solutions_revenue": 4917700000,
"peo_and_insurance_solutions_revenue": 1471700000,
"total_service_revenue": 6389400000,
"interest_on_funds_held_for_clients": 213100000,
"total_revenue": 6602500000,
"cost_of_service_revenue": 1690800000,
"selling_general_and_administrative_expenses": 2323900000,
"total_expenses": 4014700000,
"operating_income": 2587800000,
"interest_expense": 266400000,
"other_income_net": 57000000,
"income_before_income_taxes": 2378400000,
"income_taxes": 572400000,
"net_income": 1806000000,
"dividends_declared_per_share": 4.54
},
"cash_flow": {
"operating_cash_flow": 2251800000,
"depreciation_and_amortization": 443100000,
"stock_based_compensation": 88600000,
"capital_expenditures": -235100000,
"free_cash_flow": 2016700000,
"dividends_paid": -1624600000,
"repurchases_of_common_shares": -450900000
},
"notes": [
"Dividends declared per share for the trailing period is fiscal 2026's $4.43, less $1.08 declared in the first quarter of fiscal 2026, plus $1.19 declared in the first quarter of fiscal 2027.",
"No trailing earnings per share or balance sheet is given: per-share earnings over a trailing window would mix share counts from different periods, and a balance sheet is a point-in-time position already shown for August 31, 2026 in the quarterly record."
]
},
"notes": [
"Annual figures for fiscal 2026, 2025 and 2024 are from the consolidated statements in the FY2026 10-K (accession 0001193125-26-307785). That filing presents balance sheets only as of May 31, 2026 and May 31, 2025, so fiscal 2024 carries income statement and cash flow figures only.",
"Quarterly figures for the three months ended August 31, 2026 and August 31, 2025 are from the Q1 FY2027 10-Q (accession 0000723531-26-000006). Because the first quarter is also the fiscal year to date, the 10-Q prints only three-month columns and no separate year-to-date view exists.",
"The 10-Q's balance sheet compares August 31, 2026 with May 31, 2026; it prints no balance sheet as of August 31, 2025, so the Q1 FY2026 entry carries no balance sheet. The May 31, 2026 column in the 10-Q matches the FY2026 10-K balance sheet line for line.",
"Total debt is the sum of the balance sheet's short-term debt, current portion of long-term debt, and long-term debt net of debt issuance costs. At May 31, 2025 that was $18.6 million + $399.8 million + $4,548.4 million; at May 31, 2026 and August 31, 2026 only long-term debt was outstanding (the 10-Q captions it 'Long-term borrowings, net of debt issuance costs').",
"Free cash flow is computed here as net cash provided by operating activities less purchases of property and equipment. It is not a figure Paychex reports.",
"Dividends declared per share are taken from the consolidated statements of stockholders' equity. Shares outstanding are the issued and outstanding shares stated in the balance sheet's common stock caption.",
"Paychex completed its acquisition of Paycor HCM, Inc. on April 14, 2025, funded with the $4.2 billion of corporate bonds it issued in April 2025 (FY2026 10-K). Fiscal 2025 includes Paycor only from that date to May 31, 2025; fiscal 2026 is the first full fiscal year that includes it. The 10-K attributes the fiscal 2026 increase in interest expense primarily to that incremental debt."
],
"uncertainties": [
"The trailing twelve months ended August 31, 2026 is a roll-forward computed from the FY2026 10-K and the Q1 FY2027 10-Q rather than a period Paychex reports."
],
"headline": {
"period": "Q1 FY2027",
"period_end_words": "August 31, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 1630500000,
"text": "$1.63 billion",
"exact": "$1,630,500,000",
"compact": "$1.63B",
"abs": "$1.63 billion",
"prior_value": 1540000000,
"prior": "$1.54 billion",
"priorabs": "$1.54 billion",
"yoy": "up 5.9%",
"source": {
"array": "quarterly",
"field": "income_statement.total_revenue",
"index": 0,
"period_label": "Q1 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000723531-26-000006",
"prior_index": 1,
"prior_period_label": "Q1 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000723531-26-000006",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 429700000,
"text": "$429.7 million",
"exact": "$429,700,000",
"compact": "$429.70M",
"abs": "$429.7 million",
"prior_value": 383800000,
"prior": "$383.8 million",
"priorabs": "$383.8 million",
"yoy": "up 12.0%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income",
"index": 0,
"period_label": "Q1 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000723531-26-000006",
"prior_index": 1,
"prior_period_label": "Q1 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000723531-26-000006",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 1.21,
"text": "$1.21",
"exact": "$1.21",
"compact": "$1.21",
"abs": "$1.21",
"prior_value": 1.06,
"prior": "$1.06",
"priorabs": "$1.06",
"yoy": "up 14.2%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q1 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000723531-26-000006",
"prior_index": 1,
"prior_period_label": "Q1 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000723531-26-000006",
"gap_days": 365
}
},
{
"label": "Operating income",
"format": "usd",
"value": 619200000,
"text": "$619.2 million",
"exact": "$619,200,000",
"compact": "$619.20M",
"abs": "$619.2 million",
"prior_value": 541900000,
"prior": "$541.9 million",
"priorabs": "$541.9 million",
"yoy": "up 14.3%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q1 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000723531-26-000006",
"prior_index": 1,
"prior_period_label": "Q1 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000723531-26-000006",
"gap_days": 365
}
},
{
"label": "PEO and Insurance Solutions revenue",
"format": "usd",
"value": 367600000,
"text": "$367.6 million",
"exact": "$367,600,000",
"compact": "$367.60M",
"abs": "$367.6 million",
"prior_value": 329100000,
"prior": "$329.1 million",
"priorabs": "$329.1 million",
"yoy": "up 11.7%",
"source": {
"array": "quarterly",
"field": "income_statement.peo_and_insurance_solutions_revenue",
"index": 0,
"period_label": "Q1 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000723531-26-000006",
"prior_index": 1,
"prior_period_label": "Q1 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000723531-26-000006",
"gap_days": 365
}
}
],
"summary": "Paychex reported $1.63 billion in total revenue for Q1 FY2027, the quarter ended August 31, 2026, up 5.9% from a year earlier, with net income of $429.7 million, up 12.0%, and diluted earnings per share of $1.21, up 14.2%. Operating income was $619.2 million, up 14.3%, which Paychex attributes primarily to revenue growth and lower acquisition-related costs. PEO and Insurance Solutions was the fastest-growing of its revenue lines at $367.6 million, up 11.7%.",
"qa": [
{
"q": "How much revenue did Paychex report in Q1 FY2027?",
"a": "Paychex reported total revenue of $1.63 billion for Q1 FY2027, the quarter ended August 31, 2026. That is up 5.9% from $1.54 billion in the same quarter a year earlier."
},
{
"q": "What were Paychex's net income and EPS for Q1 FY2027?",
"a": "Paychex earned net income of $429.7 million in Q1 FY2027, up 12.0% from $383.8 million a year earlier. Diluted earnings per share were $1.21, up 14.2% from $1.06, helped by a lower diluted share count."
},
{
"q": "Why did Paychex's operating income grow faster than revenue in Q1 FY2027?",
"a": "Paychex's operating income was $619.2 million in Q1 FY2027, up 14.3% from $541.9 million, while total revenue was up 5.9%. Paychex attributes the increase primarily to revenue growth and lower acquisition-related costs."
},
{
"q": "How fast is Paychex's PEO and Insurance Solutions business growing?",
"a": "Paychex's PEO and Insurance Solutions revenue was $367.6 million in Q1 FY2027, up 11.7% from $329.1 million a year earlier, driven by growth in average PEO worksite employees and higher PEO insurance volumes."
}
]
},
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"Name": "Paychex Inc",
"Ticker": "PAYX",
"CIK": "0000723531",
"Exchange": "Nasdaq",
"State": "New York",
"Incorporation": "Delaware",
"SIC": "8700",
"Office": "Trade & Services",
"Industry": "Services-Engineering, Accounting, Research, Management"
},
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"accession": "0001193125-26-307785",
"url": "https://www.sec.gov/Archives/edgar/data/723531/000119312526307785/payx-20260531.htm",
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