Aug 2026 (Q1 FY27) — Sep 23, 2026
Paychex Q1 FY27 — Strong Advisory Solutions Drive Growth Amidst Strategic Evolution
Read the full callPaychex (PAYX) earnings
- Aug 2026
- Aug 2026 (Q1 FY27)
- May 2026
Paychex earnings: last reported Wed, 23 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,631 | +5.9% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 38.0 | +2.8 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 430 | +12.0% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 14 judged targets kept · 12 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted diluted earnings per share growth | 8.5% to 10.5% | Aug 2025 | Diluted earnings per share increased 7% to $4.89 a share and adjusted diluted earnings per share increased 11% to $5.51 a share. | Achieved |
| Paycor stand-alone recurring revenue growth (ex-float) | double-digit growth on a full-year basis | Aug 2025 | I think it's somewhat of an apples to oranges comparison just given the way we're managing the business this year versus the way it was managed last year with revenue and resources moving around between the two. I think the way we've been looking at that business as our enterprise business, which is kind of 100-plus loosely defined and when we kind of look at that, the growth of that business, I think, was fairly strong in Q3, and we saw similar trends in Q4 where our enterprise business across both platforms. So it really doesn't matter where the client was last year and where they are this year, we saw high single-digit growth in our Enterprise business during the quarter. | Diluted |
| Effective tax rate | 24% to 25% | Aug 2025 | Pending |
12 of PAYCHEX INC's 26 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 23 more targets are in the full ledger.
Claimed
- Total revenue grew 6% to $1.6 billion, driven by strong performance in advisory solutions.
- PEO and Insurance Solutions revenue increased 12% to $368 million, fueled by high single-digit worksite employee growth and record retention.
- Adjusted diluted earnings per share rose 10% to $1.34.
- Adjusted operating margins expanded by approximately 130 basis points to 42%, reflecting productivity and cost discipline.
- AI-powered WISE platform prevented approximately 90% of payroll errors for 50,000 businesses and increased automated payroll processing by nearly 20%.
Qualified
- Management Solutions revenue grew 4% to $1.2 billion, slightly below expectations due to a mix shift towards PEO.
- Q2 FY27 revenue growth is expected to be approximately 4% due to difficult prior-year comparisons from one-time items.
Price
$110.75 −0.79% · −$0.88
Performance −12.5% 1Y
1Y: $126.56 on 17 Oct 2025 → $110.75. High $127.54 (21 Oct 2025), low $85.57 (10 Apr 2026).
- Previous close
- $111.63
- 52-week range
- $85.57 – $127.54
- One year
- −12.51%
Overview
- Symbol
- PAYX
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 14 judged targets kept · 12 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted diluted earnings per share growth | 8.5% to 10.5% | Aug 2025 | Diluted earnings per share increased 7% to $4.89 a share and adjusted diluted earnings per share increased 11% to $5.51 a share. | Achieved |
| Paycor stand-alone recurring revenue growth (ex-float) | double-digit growth on a full-year basis | Aug 2025 | I think it's somewhat of an apples to oranges comparison just given the way we're managing the business this year versus the way it was managed last year with revenue and resources moving around between the two. I think the way we've been looking at that business as our enterprise business, which is kind of 100-plus loosely defined and when we kind of look at that, the growth of that business, I think, was fairly strong in Q3, and we saw similar trends in Q4 where our enterprise business across both platforms. So it really doesn't matter where the client was last year and where they are this year, we saw high single-digit growth in our Enterprise business during the quarter. | Diluted |
| Effective tax rate | 24% to 25% | Aug 2025 | Pending |
Claimed
- Total revenue grew 6% to $1.6 billion, driven by strong performance in advisory solutions.
- PEO and Insurance Solutions revenue increased 12% to $368 million, fueled by high single-digit worksite employee growth and record retention.
- Adjusted diluted earnings per share rose 10% to $1.34.
- Adjusted operating margins expanded by approximately 130 basis points to 42%, reflecting productivity and cost discipline.
- AI-powered WISE platform prevented approximately 90% of payroll errors for 50,000 businesses and increased automated payroll processing by nearly 20%.
Qualified
- Management Solutions revenue grew 4% to $1.2 billion, slightly below expectations due to a mix shift towards PEO.
- Q2 FY27 revenue growth is expected to be approximately 4% due to difficult prior-year comparisons from one-time items.
The full ledger
Open PAYCHEX INC’s full ledger
A free account opens 5 company ledgers a month. All 26 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q4 FY26) — Jun 24, 2026
Paychex Q4 FY26 — Double-Digit Revenue & Earnings Growth, Strong Organic Acceleration
Read the full callFeb 2026 (Q3 FY26) — Mar 25, 2026
Paychex, Inc. Q3 FY26 — Strong Revenue Growth and AI Integration Progress
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Paychex earnings calls (PAYX)
Financials
What the filings say
Net profit, year on year: +12% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,317 | 1,509 | 1,427 | 1,540 | 1,558 | 1,809 | 1,606 | 1,631 |
| Expenses | 779 | 817 | 996 | 998 | 986 | 1,017 | 1,001 | 1,011 |
| Operating profit | 538 | 692 | 431 | 542 | 572 | 792 | 605 | 619 |
| Operating margin | 40.9% | 45.8% | 30.2% | 35.2% | 36.7% | 43.8% | 37.7% | 38.0% |
| Other income | 15 | 17 | 22 | 24 | 17 | 15 | 14 | 11 |
| Interest | 10 | 23 | 64 | 68 | 69 | 68 | 65 | 65 |
| Profit before tax | 544 | 686 | 389 | 498 | 520 | 739 | 554 | 565 |
| Tax rate | 24.0% | 24.3% | 23.7% | 22.9% | 24.0% | 24.2% | 24.1% | 23.9% |
| Net profit | 413 | 519 | 297 | 384 | 395 | 560 | 421 | 430 |
| EPS ($ per share) | 1.15 | 1.44 | — | 1.07 | 1.10 | 1.56 | — | 1.21 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 1,410 | 1,431 | 1,446 | 1,670 | 2,023 | 2,213 | 2,277 | 1,806 |
| Total liabilities | 6,057 | 5,769 | 6,279 | 6,550 | 7,053 | 6,582 | 12,436 | 12,439 |
| Fixed assets | 409 | 407 | 396 | 401 | 396 | 412 | 512 | 589 |
| Investments | 39 | 27 | 37 | 854 | 373 | 34 | 35 | 36 |
| Total assets | 8,676 | 8,551 | 9,227 | 9,635 | 10,546 | 10,383 | 16,564 | 16,175 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,272 | 1,441 | 1,260 | 1,590 | 1,706 | 1,898 | 1,901 | 2,557 |
| Cash from investing | -1,628 | 772 | -461 | -1,505 | 212 | -261 | -3,357 | -1,152 |
| Cash from financing | -1,008 | -1,488 | -636 | -979 | -711 | -1,875 | 2,293 | -2,654 |
| Net cash flow | -1,365 | 725 | 163 | -895 | 1,207 | -238 | 837 | -1,249 |
| Capital expenditure | -124 | -127 | -118 | -134 | -143 | -161 | -192 | -235 |
| Free cash flow | 1,148 | 1,314 | 1,142 | 1,456 | 1,563 | 1,736 | 1,709 | 2,322 |
PAYX revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Single Reportable | — | — | — | — | — | — | — | 100% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PAYX operating KPIs by quarter
| KPI | Aug 2025 Q1 FY26 | Nov 2025 Q2 FY26 | Feb 2026 Q3 FY26 | Aug 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|
| Clients Paycor | ~50KWe remain optimistic about the revenue synergies, particularly cross-selling Paychex retirement, ASO and PEO solutions to Paycor's approximately 50,000 clients.Source: earnings call transcript | 50KWe've integrated the business, and we have integrated businesses, and we're going into the 50,000 Paycor clients, and we're beginning to upsell them.Source: earnings call transcript | — | — | — |
| Clients | — | 800KIf you go back, if you looked at the number of service people we had when we had 400,000 clients versus what we now have with 800,000 clients, I think you would say that we've done that very effectively.Source: earnings call transcript | 800KAs you all know, we operate in HR benefits and payroll, some of the most mission-critical aspects of a business, and we are honored that 800,000 clients rely on us for trusted support and advice.Source: earnings call transcript | 800KI'd love to get all 800,000 of my clients in the PEO model because of the stickiness there.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
70 filings between Oct 22, 2025 and Oct 16, 2026.
Open market
decisions to buy or sellPurchases
$197.3K
2 purchases by 2 insiders
Sales
$4.62M
6 sales by 6 insiders
Compensation
not trading decisions- 16
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 24
- Tax withheld — shares kept back by the company to cover tax
Also filed: 16 gifts, 3 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MUCCI MARTIN | — | $2.75M | Jul 14, 2026 |
| VELLI JOSEPH M | — | $844.1K | Oct 14, 2026 |
| TUCCI JOSEPH M | — | $383.9K | Jun 26, 2026 |
| Simmons Christopher C | — | $303.1K | Jul 17, 2026 |
| Schrader Robert L. | — | $299.2K | Jul 20, 2026 |
| DOODY JOSEPH | $98.8K | — | Feb 4, 2026 |
| BONADIO TOM | $98.5K | — | Feb 4, 2026 |
| Roaldsen Elizabeth | — | $41.3K | May 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 16, 2026 | DOODY JOSEPH Director | Other | 725 | $0 |
| Oct 15, 2026 | Price Kevin A Director | Award | 970 | $0 |
| Oct 15, 2026 | MUCCI MARTIN Director | Award | 1,137 | $0 |
| Oct 15, 2026 | Schrader Robert L. Sr. VP, CFO | Tax withheld | 116 | $12.9K |
| Oct 15, 2026 | DOODY JOSEPH Director | Award | 970 | $0 |
| Oct 15, 2026 | Payton Theresa M. Director | Award | 970 | $0 |
| Oct 15, 2026 | BONADIO TOM Director | Award | 970 | $0 |
| Oct 15, 2026 | Simmons Christopher C VP, Controller & Treasurer | Tax withheld | 38 | $4.2K |
| Oct 15, 2026 | Hansen J. Michael Director | Award | 970 | $0 |
| Oct 15, 2026 | TUCCI JOSEPH M Director | Award | 970 | $0 |
| Oct 15, 2026 | VELLI JOSEPH M Director | Award | 970 | $0 |
| Oct 15, 2026 | JOSEPH PAMELA A Director | Award | 970 | $0 |
| Oct 14, 2026 | VELLI JOSEPH M Director | Sale | 7,839 | $844.1K |
| Oct 1, 2026 | ANTE ADAM BROOKS Sr. Vice President, Paycor | Tax withheld | 1,762 | $177.7K |
| Oct 1, 2026 | BERGSTROM RYAN NORMAN Chief Product Officer | Tax withheld | 1,393 | $140.5K |
| Sep 28, 2026 | GOLISANO B THOMAS 10% owner | Gift | 562,635 | $56.21M |
| Sep 1, 2026 | GOLISANO B THOMAS 10% owner | Gift | 334 | $42.4K |
| Aug 14, 2026 | Simmons Christopher C VP, Controller & Treasurer | Tax withheld | 130 | $15.9K |
| Jul 20, 2026 | DOODY JOSEPH Director | Other | 164 | $0 |
| Jul 20, 2026 | DOODY JOSEPH Director | Other | 164 | $0 |
| Jul 20, 2026 | Schrader Robert L. Sr. VP, CFO | Sale | 2,600 | $299.2K |
| Jul 17, 2026 | MUCCI MARTIN Director | Gift | 9,309 | $1.06M |
| Jul 17, 2026 | Simmons Christopher C VP, Controller & Treasurer | Sale | 2,615 | $303.1K |
| Jul 15, 2026 | Schrader Robert L. Sr. VP, CFO | Award | 4,364 | $0 |
| Jul 15, 2026 | Schrader Robert L. Sr. VP, CFO | Tax withheld | 2,382 | $262.0K |
| Jul 15, 2026 | Parodi Chad C SVP, HCM, PEO & Insurance | Award | 2,727 | $0 |
| Jul 15, 2026 | Parodi Chad C SVP, HCM, PEO & Insurance | Tax withheld | 300 | $33.0K |
| Jul 15, 2026 | Argiropoulos Mason VP, Chief HR Officer | Award | 2,182 | $0 |
| Jul 15, 2026 | Gibson John B President and CEO | Award | 14,318 | $0 |
| Jul 15, 2026 | Simmons Christopher C VP, Controller & Treasurer | Award | 1,818 | $0 |
| Jul 15, 2026 | Gibson John B President and CEO | Tax withheld | 14,083 | $1.55M |
| Jul 15, 2026 | BERGSTROM RYAN NORMAN Chief Product Officer | Award | 3,409 | $0 |
| Jul 15, 2026 | ANTE ADAM BROOKS Sr. Vice President, Paycor | Award | 3,409 | $0 |
| Jul 15, 2026 | BERGSTROM RYAN NORMAN Chief Product Officer | Tax withheld | 303 | $33.3K |
| Jul 15, 2026 | ANTE ADAM BROOKS Sr. Vice President, Paycor | Tax withheld | 299 | $32.9K |
| Jul 15, 2026 | Argiropoulos Mason VP, Chief HR Officer | Tax withheld | 386 | $42.5K |
| Jul 15, 2026 | Bhandari Prabha S Chief Legal Officer, Secretary | Tax withheld | 282 | $31.0K |
| Jul 15, 2026 | Roaldsen Elizabeth Sr. Vice President | Tax withheld | 2,383 | $262.1K |
| Jul 15, 2026 | Simmons Christopher C VP, Controller & Treasurer | Tax withheld | 1,172 | $128.9K |
| Jul 14, 2026 | MUCCI MARTIN Director | Sale | 25,000 | $2.75M |
| Jul 14, 2026 | MUCCI MARTIN Director | Tax withheld | 163,329 | $17.95M |
| Jul 14, 2026 | MUCCI MARTIN Director | Option exercise | 214,482 | $12.28M |
| Jul 1, 2026 | BERGSTROM RYAN NORMAN Chief Product Officer | Tax withheld | 2,090 | $214.7K |
| Jul 1, 2026 | ANTE ADAM BROOKS Sr. Vice President, Paycor | Tax withheld | 2,678 | $275.1K |
| Jun 26, 2026 | TUCCI JOSEPH M Director | Sale | 3,907 | $383.9K |
| Jun 26, 2026 | TUCCI JOSEPH M Director | Tax withheld | 6,313 | $619.3K |
| Jun 26, 2026 | TUCCI JOSEPH M Director | Option exercise | 10,220 | $619.2K |
| Jun 1, 2026 | GOLISANO B THOMAS 10% owner | Gift | 1,032 | $100.1K |
| May 13, 2026 | Roaldsen Elizabeth Sr. Vice President | Sale | 459 | $41.3K |
| May 8, 2026 | VELLI JOSEPH M Director | Option exercise | 10,220 | $619.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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