Paychex
Payroll and HR software with outsourcing, retirement, and business insurance services.
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Profile
Sells payroll and human-capital-management software alongside retirement administration, HR outsourcing, PEO co-employment, and insurance, mainly to U.S. businesses. Revenue comes chiefly from service fees, with additional interest earned while payroll and tax funds await remittance.
Provides payroll processing and human-capital-management software through SurePayroll, Paychex Flex, and Paycor, supported by payroll specialists and HR advisers. Management Solutions also covers HR administration, time and attendance, benefits, retirement-plan recordkeeping, and compliance support for customers across the United States and parts of Europe.
Extends that platform into administrative-services and professional-employer-organization arrangements, where clients can outsource broader HR duties and, under the PEO model, share employment responsibilities. Insurance agencies place workers' compensation, health, and other business coverage through third-party carriers.
Combines self-service software with managed processing and advisory expertise, giving smaller employers a modular path from payroll into broader workforce services while Paycor expands reach upmarket. Revenue and demand remain tied to employment levels, new-business formation, regulation-driven HR complexity, client retention, and interest earned on funds held before payroll and tax remittance.
Company facts
Key statistics
Year to date +17.0% · Average volume (30d) 2.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | UBS | Reiterate | Neutral | $98 | $115 | |
| Jul 20, 2026 | Cantor Fitzgerald | Reiterate | Underweight | $98 | $107 | |
| Jun 30, 2026 | Morgan Stanley | Reiterate | Equal Weight | $107 | $109 | |
| Jun 25, 2026 | UBS | Reiterate | Neutral | $140 | $98 | |
| Jun 17, 2026 | Stifel Nicolaus | Target | $126 | $110 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 24, 2026Q4 FY26 | $1.31 | $1.32 | +0.8% | $1.60B | $1.61B | +0.3% | +0.44% |
| Mar 25, 2026Q3 FY26 | $1.67 | $1.71 | +2.4% | $1.78B | $1.81B | +1.5% | +0.25% |
| Dec 19, 2025Q2 FY26 | $1.23 | $1.26 | +2.4% | $1.55B | $1.56B | +0.3% | +2.32% |
| Sep 30, 2025Q1 FY26 | $1.20 | $1.22 | +1.7% | $1.54B | $1.54B | +0.1% | −2.17% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.51B | $1.43B | $1.54B | $1.56B | $1.81B | $1.61B | |
| Gross profit | $1.12B | $1.03B | $1.13B | $1.15B | $1.38B | $1.19B | |
| Operating income | $691.8M | $431.1M | $541.9M | $571.9M | $792.0M | $604.7M | |
| Net income | $519.3M | $297.2M | $383.8M | $395.4M | $560.3M | $420.6M | |
| Diluted EPS | $1.43 | $0.82 | $1.06 | $1.10 | $1.55 | $1.17 | |
| Gross margin | 74.3% | 72.4% | 73.1% | 73.5% | 76.2% | 74.0% | |
| Operating margin | 45.8% | 30.2% | 35.2% | 36.7% | 43.8% | 37.7% |
Fiscal years (4-quarter sums)FY22 $4.61B · FY23 $5.01B · FY24 $5.28B · FY25 $5.57B · FY26 $6.51B
Revenue by product · Q4 FY26
Balance sheet, May 31, 2026Cash & short-term investments $1.18B · Total debt $4.63B · Total assets $16.17B · Shareholders' equity $3.74B
Dividends
Raised for 36 straight years — most recently to $1.19 from $1.08 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 28, 2026 | Jul 28 | Aug 28 | $1.19 | |
| May 13, 2026 | May 13 | May 29 | $1.19 | raised from $1.08 |
| Jan 28, 2026 | Jan 28 | Feb 27 | $1.08 | |
| Nov 7, 2025 | Nov 7 | Nov 26 | $1.08 | |
| Jul 21, 2025 | Jul 21 | Aug 29 | $1.08 | |
| May 12, 2025 | May 12 | May 29 | $1.08 | raised from $0.98 |
| Feb 7, 2025 | Feb 7 | Feb 27 | $0.98 | |
| Nov 7, 2024 | Nov 7 | Nov 27 | $0.98 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 355.68M · Float 319.21M · 89.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Golisano B Thomas · 10 percent owner | 35.69M | 10.03% | Form 4 | Jun 2, 2026 |
| Capital International Investors | 28.84M | 8.11% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 27.75M | 7.80% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 21.04M | 5.92% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 15.28M | 4.30% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 20, 2026 | Robert L. Schrader | officer: Sr. VP, CFO | −2,600 | $115.09 |
| Jul 17, 2026 | Christopher C. Simmons | officer: VP, Controller & Treasurer | −2,615 | $115.92 |
| Jul 14, 2026 | Martin Mucci | director, other: Chairman | −25,000 | $109.93 |
| Jun 26, 2026 | Joseph M. Tucci | director | −3,907 | $98.25 |
| May 13, 2026 | Elizabeth Roaldsen | officer: Sr. Vice President | −459 | $90.00 |
Peers
- ADP
Head-to-head across payroll, HCM SaaS, PEO, and tax compliance at every scale.
- Intuit
Dominant accounting-payroll bundle for small businesses via QuickBooks.
- Paylocity
Modern mid-market HCM SaaS whose top client source is ADP/Paychex defectors.
- Workday
Enterprise HCM SaaS leader competing in the upper tier Paycor now targets.
- Paycom Software
Single-database mid-market HCM platform that directly names Paychex as a rival.
- TriNet Group
Largest publicly traded pure-play PEO, competing head-to-head with Paychex PEO.
- Insperity
High-touch full-service PEO competing with Paychex PEO across the SMB tier.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Paychex | $127.04 | +0.02% | $45.19B | 26.0 | 21.3 | 6.9 | +12.5% |
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Intuit | $358.02 | +0.02% | $97.94B | 21.7 | 13.4 | 4.6 | +13.7% |
| Paylocity | $157.93 | +0.03% | $8.46B | 32.1 | 17.9 | 4.8 | +11.0% |
| Workday | $204.25 | −0.23% | $53.62B | 41.8 | 17.7 | 5.3 | +13.2% |
| Paycom Software | $238.53 | +0.10% | $10.75B | 25.3 | 18.1 | 5.0 | +9.8% |
| TriNet Group | $70.27 | +0.01% | $3.23B | 18.8 | 16.6 | 0.7 | −4.9% |
| Insperity | $53.54 | +0.03% | $2.04B | — | 22.1 | 0.3 | +1.7% |
| Median | 25.8 | 17.9 | 4.8 | +9.8% |