The earnings call reflects a strong performance with notable revenue growth, successful integration and synergy realization from the Paycor acquisition, and strategic investments positioning the company for future success. However, macroeconomic uncertainties and minor disruptions from integration activities present challenges.

Company Guidance -

Q1 2026

During Paychex's Fourth Quarter Fiscal 2025 Earnings Call, the company reported several key metrics and provided guidance for fiscal year 2026. Paychex achieved a 10% revenue growth in the fourth quarter, with full-year revenue growth at 6%, and adjusted diluted earnings per share also growing by 6%. The company expanded its adjusted operating income margin by 60 basis points despite facing significant ERTC headwinds. The Paycor acquisition contributed significantly, with 10% revenue growth attributed to its integration. For fiscal year 2026, Paychex anticipates total revenue growth between 16.5% and 18.5%, with Paycor contributing approximately 12 to 13 percentage points of this growth. The company also expects revenue synergies to add 30 to 50 basis points to growth. Paychex forecasts adjusted operating income margin to be around 43% and adjusted diluted earnings per share to grow between 8.5% and 10.5%. They reported strong client retention rates and increased the number of clients served to approximately 800,000, while also growing HR outsourcing worksite employees to 2.5 million. Additionally, the company is raising its cost synergy expectations to around $90 million in fiscal year 2026 due to the integration of Paycor.

Revenue Growth and Synergies

Paychex delivered 10% revenue growth in Q4 and 6% for the fiscal year 2025, with a 60 basis point increase in adjusted operating income margin despite ERTC headwinds. They achieved cost synergy expectations of approximately $90 million for fiscal year '26 from the Paycor acquisition.

Client Retention and Expansion

Client retention rates increased year-over-year, and Paychex grew its client base to approximately 800,000, with HR outsourcing worksite employees reaching 2.5 million.

Positive Financial Metrics

Management Solutions revenue increased 12% in Q4, and PEO and Insurance Solutions revenue increased 4%. Interest on funds held for clients grew by 18% in Q4.

Strategic Investments

Paychex is investing in both the Paycor and Flex roadmaps, the SurePayroll platform, and expanding its sales teams and territories. They also launched the Paychex Partner Pro platform to enhance CPA client management.

Paychex (PAYX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PAYX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 24, 2025	2026 (Q1)	1.22 / -	1.16	―	―	―
Jun 25, 2025	2025 (Q4)	1.19 / 1.19	1.12	6.25% (+0.07)
Mar 26, 2025	2025 (Q3)	1.48 / 1.49	1.38	7.97% (+0.11)
Dec 19, 2024	2025 (Q2)	1.12 / 1.14	1.08	5.56% (+0.06)
Oct 01, 2024	2025 (Q1)	1.14 / 1.16	1.14	1.75% (+0.02)
Jun 26, 2024	2024 (Q4)	1.10 / 1.12	0.97	15.46% (+0.15)
Apr 02, 2024	2024 (Q3)	1.38 / 1.38	1.29	6.98% (+0.09)
Dec 21, 2023	2024 (Q2)	1.07 / 1.08	0.99	9.09% (+0.09)
Sep 27, 2023	2024 (Q1)	1.12 / 1.14	1.03	10.68% (+0.11)
Jun 29, 2023	2023 (Q4)	0.97 / 0.97	0.81	19.75% (+0.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PAYX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 25, 2025	$152.25	$137.94	-9.40%
Mar 26, 2025	$143.10	$149.12	+4.21%
Dec 19, 2024	$134.01	$135.93	+1.43%
Oct 01, 2024	$131.49	$137.96	+4.92%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.