Paychex Inc. (PAYX)

Name: Paychex Inc. (PAYX): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Paychex Inc. (PAYX) reported revenue of $1.6 billion for Q4 FY2026, the quarter ended 31 May 2026, up 12.5% on the same quarter a year earlier. Net income was $421 million, up 41.5% on the year, and diluted earnings per share $1.17. The figures are the company's own, from the 10-K it filed with the SEC on 17 July 2026.

Revenue$1.6 billionup 12.5%

Net income$421 millionup 41.5%

Diluted EPS$1.17

QuarterQ4 FY2026ended 31 May 2026

Ratios

From the filings

ROE47.1%

ROCE30.3%

Operating margin38.6%

Net margin27.0%

FCF margin35.7%

Interest cover9.32

Debt to equity1.22

Cash conversion1.45

Share count, 1 year-1.4%

Sales CAGR, 3 years9.2%

Profit CAGR, 3 years4.2%

EPS, TTM$4.89

At the close of 21 September 2026

Price$115.01

Market cap$40.9 billion

Stock P/E23.52

Price to book10.95

EV / EBITDA15.02

Dividend yield3.9%

Market cap / sales6.28

52-week high$130.40

52-week low$85.57

Price, 1 year-11.5%

Price CAGR, 3 years0.6%

Price CAGR, 5 years1.0%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Paychex Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on PAYX

Filings	16 in twelve months: 8 current reports (8-K), about 4 results of operations; 2 officer or director change; 1 material agreement; 1 termination of a material agreement; 1 new financial obligation
Planned insider sales	13 Form 144 notices in twelve months, $147.3 million; latest 20 July 2026
Options tape	put/call 0.32 by open interest on 23 September 2026; the straddle prices a 7.3% move to 16 October 2026
Holders	9 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading	5 sales and 2 purchases on Form 4 in twelve months
Congress	7 House trades disclosed in six months
Short interest	20.4 million shares short, 9.66 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,286	1,258	1,439	1,295	1,318	1,317	1,509	1,427	1,540	1,558	1,809	1,606
Cost of revenue	360	364	380	375	380	379	387	394	414	412	431	417
Gross profit	926	894	1,060	920	938	938	1,122	1,033	1,126	1,145	1,378	1,188
Gross margin	72%	71%	74%	71%	71%	71%	74%	72%	73%	74%	76%	74%
SG&A	390	388	410	438	392	400	430	602	584	574	586	584
Operating income	536	506	650	482	547	538	692	431	542	572	792	605
Operating margin	42%	40%	45%	37%	41%	41%	46%	30%	35%	37%	44%	38%
Interest expense	9.4	8.5	9.9	9.5	9.6	9.5	22.6	63.7	68.2	68.5	68.1	64.7
Pre-tax income	549	518	659	492	557	544	686	389	498	520	739	554
Tax rate	24%	24%	24%	23%	23%	24%	24%	24%	23%	24%	24%	24%
Net income	419	393	499	380	427	413	519	297	384	395	560	421
Net margin	33%	31%	35%	29%	32%	31%	34%	21%	25%	25%	31%	26%
Diluted EPS	$1.16	$1.08	$1.38	$1.05	$1.18	$1.14	$1.43	$0.83	$1.06	$1.10	$1.56	$1.17
Operating cash flow	656	348	672	222	546	295	716	344	718	445	812	581
Capital expenditure	38.7	40.7	40.7	41.3	35.6	47.0	48.7	60.5	55.9	62.1	51.0	65.9
Free cash flow	617	308	631	180	510	248	667	283	662	383	762	515
Buybacks	n/a	n/a	0.0	n/a	104	0.5	0.0	0.0	160	126	75.0	249
Dividends paid	322	320	320	353	353	353	353	389	389	388	388	425
Shares outstanding	361m	360m	360m	360m	360m	360m	360m	360m	360m	359m	358m	356m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2015 †	FY2016	FY2017 †	FY2018 †	FY2019	FY2020	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	FY2026	TTM
Revenue	2,740	2,952	3,151	3,381	3,772	4,040	4,057	4,612	5,007	5,278	5,572	6,512	6,512
Cost of revenue	n/a	n/a	n/a	1,018	1,178	1,281	1,271	1,356	1,453	1,479	1,540	1,674	1,674
Gross profit	n/a	n/a	n/a	2,363	2,595	2,760	2,786	3,255	3,554	3,799	4,031	4,838	4,838
Gross margin	n/a	n/a	n/a	69.9%	68.8%	68.3%	68.7%	70.6%	71.0%	72.0%	72.4%	74.3%	74.3%
Selling, general and administrative	878	948	980	1,068	1,223	1,299	1,325	1,415	1,521	1,625	1,824	2,327	2,327
Operating income	1,054	1,147	1,254	1,292	1,371	1,460	1,461	1,840	2,033	2,174	2,208	2,510	2,510
Operating margin	38.5%	38.8%	39.8%	38.2%	36.3%	36.1%	36.0%	39.9%	40.6%	41.2%	39.6%	38.6%	38.6%
Interest expense	0.7	1.1	2.5	3.9	17.6	38.8	35.8	36.6	36.7	37.3	105	270	270
Pre-tax income	1,060	1,151	1,259	1,300	1,368	1,437	1,434	1,825	2,048	2,218	2,176	2,311	2,311
Income tax	385	394	433	306	334	339	337	432	491	528	519	551	551
Effective tax rate	36.3%	34.3%	34.4%	23.5%	24.4%	23.6%	23.5%	23.7%	24.0%	23.8%	23.8%	23.8%	23.8%
Net income	675	757	826	994	1,034	1,098	1,098	1,393	1,557	1,690	1,657	1,760	1,760
Net margin	24.6%	25.6%	26.2%	29.4%	27.4%	27.2%	27.1%	30.2%	31.1%	32.0%	29.7%	27.0%	27.0%
Diluted EPS	$1.85	$2.09	$2.25	$2.58	$2.86	$3.04	$3.03	$3.84	$4.30	$4.67	$4.58	$4.89	$4.89
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2015 †	FY2016	FY2017 †	FY2018 †	FY2019	FY2020	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	FY2026	TTM
Operating cash flow	n/a	1,018	960	1,276	1,272	1,441	1,260	1,590	1,706	1,898	1,901	2,557	2,557
Capital expenditure	103	97.7	94.3	154	124	127	118	134	143	161	192	235	235
Free cash flow	n/a	920	866	1,122	1,148	1,314	1,142	1,456	1,563	1,736	1,709	2,322	2,322
Free cash flow margin	n/a	31.2%	27.5%	33.2%	30.4%	32.5%	28.1%	31.6%	31.2%	32.9%	30.7%	35.7%	35.7%
Depreciation and amortisation	107	115	127	138	182	210	192	192	177	176	210	443	443
Share-based compensation	31.4	34.6	35.4	44.6	46.2	47.4	52.5	52.8	62.6	61.1	112	96.1	96.1
Buybacks	182	108	166	143	56.9	172	156	145	0.0	169	104	611	611
Dividends paid	552	606	662	740	827	889	909	1,000	1,175	1,315	1,448	1,590	1,590
Dividend per share	$1.52	$1.68	$1.84	$2.06	$2.30	$2.48	$2.52	$2.77	$3.26	$3.65	$4.02	$4.43	n/a
Diluted shares, weighted	365m	362m	363m	362m	362m	361m	362m	363m	362m	362m	362m	360m	360m
Shares outstanding at period end	361m	360m	359m	359m	359m	359m	360m	360m	360m	360m	360m	356m	356m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2015 †	FY2016	FY2017 †	FY2018 †	FY2019	FY2020	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	FY2026	TTM
Total assets	6,468	6,441	6,834	7,915	8,676	8,551	9,227	9,635	10,546	10,383	16,564	16,174	16,174
Cash and equivalents	170	132	185	358	674	905	995	370	1,222	1,469	1,629	1,088	1,088
Receivables	177	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Goodwill	562	657	657	814	1,783	1,791	1,821	1,832	1,834	1,883	4,514	4,527	4,527
Long-term debt	n/a	n/a	n/a	n/a	796	797	797	798	798	799	4,948	4,556	4,556
Borrowings, as the company tags them	n/a	n/a	n/a	n/a	800	800	800	800	800	800	5,000	4,600	4,600
Operating lease liabilities	n/a	n/a	n/a	n/a	13.0	96.9	92.4	74.8	57.3	49.0	55.5	52.2	52.2
Shareholders' equity	1,786	1,912	2,227	2,357	2,620	2,781	2,948	3,085	3,493	3,801	4,128	3,735	3,735
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	8.2%	9.9%	9.2%	16.9%
Profit growth, compounded	8.8%	9.9%	4.2%	6.2%
Return on equity, average	41.7%	44.3%	43.9%	47.1%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Filings

Filing	Period	Filed	Where
10-K	31 May 2026	17 July 2026	EDGAR
10-Q	28 February 2026	26 March 2026	EDGAR
10-Q	30 November 2025	22 December 2025	EDGAR
10-Q	31 August 2025	30 September 2025	EDGAR
10-K	31 May 2025	11 July 2025	EDGAR
10-Q	28 February 2025	26 March 2025	EDGAR
10-Q	30 November 2024	19 December 2024	EDGAR
10-Q	31 August 2024	1 October 2024	EDGAR
10-K	31 May 2024	11 July 2024	EDGAR
10-Q	29 February 2024	2 April 2024	EDGAR

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