About Paychex, Inc. - Common Stock Company overview from Wikipedia

Paychex, Inc. is an American company that provides human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses. Founded in 1971 and headquartered in Rochester, New York, the company has more than 100 offices serving approximately 800,000 payroll clients in the U.S. and Europe. Paychex is ranked 681st on the Fortune 500 list of largest corporations by revenue.

History

Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.

The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. In 1983, the company (ticker symbol: PAYX) became a public company via an initial public offering.

Paychex acquired Pay-Fone in 1995. In 1996, the company acquired Olsen Computer Systems and National Business Systems.

Between 2002 and 2003, it acquired Advantage Payroll Services, Interpay, and Time in a Box, followed by Time in a Box's parent Stromberg in 2004.

The company purchased Hawthorne Benefit Technologies in 2007, SurePayroll, Inc. in 2010, and ePlan Services in 2011. It Icon Time Systems and ExpenseWire in 2012 for an undisclosed amount. Between 2013 and 2017, it purchased myStaffingPro NETtime solutions Advance Partners, and Human Resources Outsourcing, Inc.

Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016.

It acquired Lessor Group 2018. That year it also acquired Oasis for a reported $1.2 billion.

In 2019, Paychex was named to the Fortune list of Future 50 companies.

John Gibson has been CEO of Paychex since October 2022.

The company generated $5.2 billion in revenue and $13 billion in assets in 2024.

In 2025, it acquired Paycor for $4.1 billion

In May 2025, Paychex acquired SixFifty, the legal tech unit of U.S. law firm Wilson Sonsini Goodrich & Rosati, in an all-cash deal worth between $70 million and $85 million.

Small Business Employment Watch

Paychex and IHS Markit launched a Small Business Jobs Index in 2014 that measures the health of businesses employing 50 people or less. The IHS Markit Small Business Employment Watch shares small business jobs data beginning 2005 and wage data from 2011. The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

PAYX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$122.04

Market Cap

$43.40B

P/E (TTM)

25.0

EPS (TTM)

$4.89

Revenue (TTM)

$6.51B

Div Yield

3.7%

ROE

46.2%

Debt/Equity

1.2

52W Range

$85 – $141

PAYX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $6.51B

2017-05-31 → 2026-05-31

EPS $4.89

2017-05-31 → 2026-05-31

Free Cash Flow $2.32B

2017-05-31 → 2026-05-31

Margins 27.0%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

PAYX

Peer Median

P/E (TTM)

25.0

25.2

P/S (TTM)

6.7

1.7

P/B

11.6

6.6

EV / EBITDA

15.9

—

Price / FCF

18.7

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

PAYX

Peer Median

Operating Margin

38.6%

—

Net Profit Margin

27.0%

6.4%

ROA

10.8%

4.9%

ROE

46.2%

16.5%

ROIC

23.1%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

PAYX

Peer Median

Debt / Equity

1.2

128.1

Current Ratio

1.3

1.1

Quick Ratio

0.2

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

PAYX

Peer Median

Revenue YoY

16.9%

—

Revenue CAGR 3Y

9.2%

—

Revenue CAGR 5Y

9.9%

—

EPS YoY

6.8%

—

Net Income YoY

6.2%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

PAYX

Peer Median

EPS (Diluted)

$4.89

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

PAYX

Peer Median

Payout Ratio

90.3%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

3.7%

Payout Ratio

90.3%

5Y Div CAGR

—

Ex-date	Amount
July 28, 2026	$1.1900
May 13, 2026	$1.1900
Jan. 28, 2026	$1.0800
Nov. 7, 2025	$1.0800
July 21, 2025	$1.0800
May 12, 2025	$1.0800
Feb. 7, 2025	$0.9800
Nov. 7, 2024	$0.9800
Aug. 8, 2024	$0.9800
May 9, 2024	$0.9800
Feb. 12, 2024	$0.8900
Nov. 13, 2023	$0.8900
Aug. 9, 2023	$0.8900
May 10, 2023	$0.8900
Feb. 8, 2023	$0.7900
Nov. 8, 2022	$0.7900
Aug. 10, 2022	$0.7900
May 11, 2022	$0.7900
Jan. 28, 2022	$0.6600
Oct. 29, 2021	$0.6600

PAYX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 24 analysts

Strong Buy 2 8.3%
Buy 0 0.0%
Hold 15 62.5%
Sell 4 16.7%
Strong Sell 3 12.5%

12-Month Price Target

14 analysts · 2026-08-20

Median $108.00

Now $122.04

Low $95.00

High $150.00

Median target $108.00 -11.5%

Mean target $111.00 -9.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

-0.01%

Next Report

Sep 28, 2026

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$1.32	$1.33	-0.01%
March 31, 2026	$1.71	$1.71	0.00%
Dec. 31, 2025	$1.26	$1.25	0.01%
Sept. 30, 2025	$1.22	$1.23	-0.01%
June 30, 2025	$1.19	$1.21	-0.02%
March 31, 2025	$1.49	$1.51	-0.02%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
PAYX	$34.49B	19.8	16.9%	27.0%	46.2%	—
ADP	$89.09B	20.5	6.7%	20.1%	71.0%	—
PAYC	$8.73B	19.7	8.9%	22.1%	26.3%	83.2%
PCTY	$5.57B	21.2	11.0%	15.2%	23.3%	69.2%
RHI	$2.75B	20.4	-7.2%	2.5%	10.3%	37.2%
KFY	$3.34B	12.7	6.4%	9.4%	14.4%	—
FA	$2.53B	-72.7	83.0%	-2.2%	-2.7%	—
TNET	$2.80B	18.5	-0.85%	3.1%	192.6%	—
MAN	—	-102.5	0.58%	-0.07%	-0.64%	16.7%
NSP	$1.46B	-203.8	3.5%	-0.10%	-8.9%	13.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$6.51B	$5.57B	$5.28B	$5.01B	$4.61B	$4.06B	$4.04B	$3.77B	$3.38B	$3.15B	$2.95B	$2.74B
Cost of Revenue	$1.67B	$1.54B	$1.48B	$1.45B	$1.36B	$1.27B	$1.28B	$1.18B	$1.02B	·	·	·
SG&A Expense	$2.33B	$1.82B	$1.62B	$1.52B	$1.42B	$1.32B	$1.30B	$1.22B	$1.07B	$980M	$948M	$878M
Operating Expenses	$4.00B	$3.36B	$3.10B	$2.97B	$2.77B	$2.60B	$2.58B	$2.40B	$2.09B	$1.90B	$1.81B	$1.69B
Operating Income	$2.51B	$2.21B	$2.17B	$2.03B	$1.84B	$1.46B	$1.46B	$1.37B	$1.29B	$1.25B	$1.15B	$1.05B
Interest Expense	·	·	$37M	$37M	$37M	$36M	$39M	$18M	$4M	$2M	$1M	$700.0K
Interest Income	$211M	$162M	$146M	$100M	$58M	$59M	$87M	$81M	$64M	$51M	$46M	$42M
Other Non-op	$6M	$800.0K	$-2M	$3M	$18M	$7M	$3M	$1M	$600.0K	·	·	·
Pretax Income	$2.31B	$2.18B	$2.22B	$2.05B	$1.82B	$1.43B	$1.44B	$1.37B	$1.30B	$1.26B	$1.15B	$1.06B
Income Tax	$551M	$519M	$528M	$491M	$432M	$337M	$339M	$334M	$306M	$433M	$394M	$385M
Net Income	$1.76B	$1.66B	$1.69B	$1.56B	$1.39B	·	·	·	·	·	·	$675M
EPS (Basic)	$4.90	$4.60	$4.69	$4.32	$3.86	$3.05	$3.06	$2.88	$2.77	$2.30	$2.10	$1.86
EPS (Diluted)	$4.89	$4.58	$4.67	$4.30	$3.84	$3.03	$3.04	$2.86	$2.75	$2.28	$2.09	$1.85
Shares (Basic)	358,900,000	360,200,000	360,300,000	360,400,000	360,600,000	359,900,000	358,500,000	359,200,000	359,000,000	359,800,000	360,700,000	362,900,000
Shares (Diluted)	360,000,000	362,000,000	362,100,000	362,300,000	363,100,000	362,100,000	361,000,000	361,800,000	361,500,000	362,600,000	362,500,000	364,600,000
EBITDA	$2.95B	$2.42B	$2.35B	$2.21B	$2.03B	$1.65B	$1.67B	$1.55B	$1.43B	$1.37B	$1.26B	$1.16B

Balance Sheet 27

Annual Balance Sheet data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Cash & Equivalents	$1.09B	$1.63B	$1.47B	$1.22B	$370M	$995M	$905M	$674M	$358M	$185M	$132M	$170M
Short-term Investments	$36M	$34M	$34M	$373M	$854M	$37M	$27M	$39M	$66M	$139M	$221M	$367M
Receivables	·	·	·	·	·	·	·	·	·	·	·	$177M
Prepaid Expense	$385M	$378M	$322M	$290M	$272M	$249M	$245M	$234M	$224M	$58M	$59M	$51M
Current Assets	$8.61B	$8.92B	$7.25B	$7.53B	$6.58B	$6.17B	$5.46B	$5.68B	$5.89B	$5.27B	$4.86B	$5.09B
PP&E (Net)	$589M	$512M	$412M	$396M	$401M	$396M	$407M	$409M	$394M	$337M	$353M	$354M
PP&E (Gross)	$1.92B	$1.73B	$1.54B	$1.48B	$1.46B	$1.36B	$1.36B	$1.27B	$1.18B	$1.05B	$1.01B	$973M
Accum. Depreciation	$1.33B	$1.22B	$1.13B	$1.08B	$1.06B	$966M	$957M	$866M	$789M	$714M	$659M	$620M
Goodwill	$4.53B	$4.51B	$1.88B	$1.83B	$1.83B	$1.82B	$1.79B	$1.78B	$814M	$657M	$657M	$562M
Intangibles	$1.68B	$1.95B	$194M	$187M	$225M	$276M	$331M	$399M	$141M	$58M	$70M	$32M
Other Non-current Assets	$141M	$128M	$115M	$65M	$54M	$34M	$38M	$25M	$16M	$31M	$32M	$32M
Total Assets	$16.17B	$16.56B	$10.38B	$10.55B	$9.64B	$9.23B	$8.55B	$8.68B	$7.92B	$6.83B	$6.44B	$6.47B
Accounts Payable	$155M	$130M	$104M	$85M	$106M	$89M	$79M	$76M	$74M	$57M	$57M	$52M
Short-term Debt	$0	$19M	$19M	$10M	$9M	$7M	$5M	·	·	·	·	·
Current Liabilities	$6.84B	$6.96B	$5.31B	$5.81B	$5.27B	$4.94B	$4.43B	$4.84B	$5.30B	$4.73B	$4.37B	$4.57B
Capital Leases	$52M	$56M	$49M	$57M	$75M	$92M	$97M	$13M	·	·	·	·
Deferred Tax	$543M	$445M	$86M	$112M	$166M	$218M	$241M	$223M	$154M	$34M	$22M	$2M
Other Non-current Liabilities	$307M	$312M	$237M	$197M	$185M	$208M	$174M	$152M	$89M	$74M	$68M	$62M
Total Liabilities	$12.44B	$12.44B	$6.58B	$7.05B	$6.55B	$6.28B	$5.77B	$6.06B	$5.56B	$4.88B	$4.53B	$4.68B
Long-term Debt	$4.56B	$4.95B	$799M	$798M	$798M	$797M	$797M	$796M	·	·	·	·
Total Debt	$4.56B	$4.97B	$817M	$808M	$806M	$805M	$802M	$796M	·	·	·	·
Common Stock	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M
Retained Earnings	$1.81B	$2.28B	$2.21B	$2.02B	$1.67B	$1.45B	$1.43B	$1.41B	$1.26B	$902M	$926M	$894M
AOCI	$-50M	$-54M	$-145M	$-160M	$-134M	$52M	$56M	$100.0K	$-36M	$20M	$29M	$8M
Stockholders' Equity	$3.74B	$4.13B	$3.80B	$3.49B	$3.09B	$2.95B	$2.78B	$2.62B	$2.36B	$2.23B	$1.91B	$1.79B
Liabilities + Equity	$16.17B	$16.56B	$10.38B	$10.55B	$9.64B	$9.23B	$8.55B	$8.68B	$7.92B	$6.83B	$6.44B	$6.47B
Shares Outstanding	355,600,000	360,500,000	360,100,000	360,500,000	359,900,000	359,800,000	358,800,000	359,300,000	359,000,000	359,400,000	360,400,000	361,200,000

Cash Flow 18

Annual Cash Flow data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
D&A	$443M	$210M	$176M	$177M	$192M	$192M	$210M	$182M	$138M	$127M	$115M	$107M
Stock-based Comp	$96M	$112M	$61M	$63M	$53M	$52M	$47M	$46M	$45M	$35M	$35M	$31M
Deferred Tax	$104M	$-16M	$-30M	$-44M	$2M	$-21M	$-4M	$5M	$-37M	$23M	$7M	$-4M
Amort. of Intangibles	$300M	$91M	$49M	$48M	$58M	$69M	$82M	$56M	$21M	$18M	$16M	$14M
Other Non-cash	$154M	$-62M	$-500.0K	·	·	·	·	·	·	·	·	$86M
Operating Cash Flow	$2.56B	$1.90B	$1.90B	$1.71B	$1.59B	$1.26B	$1.44B	$1.27B	$1.28B	$960M	$1.02B	$895M
CapEx	$235M	$192M	$161M	$143M	$134M	$118M	$127M	$124M	$154M	$94M	$98M	$103M
Investing Cash Flow	$-1.15B	$-3.36B	$-261M	$212M	$-1.51B	$-461M	$772M	$-1.63B	$998M	$-662M	$-63M	·
Debt Issued	·	·	·	·	·	·	·	$796M	·	·	·	·
Net Debt Issued	$-400M	·	·	·	·	·	·	$796M	·	·	·	·
Stock Repurchased	$611M	$104M	$169M	$0	$145M	$156M	$172M	$57M	$143M	$166M	$108M	$182M
Net Stock Activity	$-611M	$-104M	$-169M	·	$-145M	$-156M	$-172M	$-57M	$-143M	$-166M	$-108M	$-182M
Dividends Paid	$1.59B	$1.45B	$1.32B	$1.18B	$1000M	$909M	$889M	$827M	$740M	$662M	$606M	$552M
Financing Cash Flow	$-2.65B	$2.29B	$-1.87B	$-711M	$-979M	$-636M	$-1.49B	$-1.01B	$-424M	$-483M	$-994M	·
Net Change in Cash	$-1.25B	$837M	$-238M	$1.21B	$-895M	$163M	$725M	$-1.37B	$1.85B	$-184M	$-38M	$18M
Taxes Paid	$310M	$512M	$540M	·	·	·	·	·	·	·	·	·
Free Cash Flow	$2.32B	$1.71B	$1.74B	$1.56B	$1.37B	$1.15B	$1.31B	$1.15B	$1.12B	$866M	$920M	$792M
Levered FCF	·	·	$1.71B	$1.53B	$1.34B	$1.12B	$1.28B	$1.13B	$1.12B	$864M	$920M	·

Profitability 7

Annual Profitability data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Operating Margin	38.6%	39.6%	41.2%	40.6%	39.9%	36.0%	36.1%	36.4%	38.1%	39.3%	38.8%	38.5%
Net Margin	27.0%	29.7%	32.0%	·	·	·	·	·	·	·	·	24.6%
Pretax Margin	35.5%	39.1%	42.0%	40.9%	39.6%	35.4%	35.6%	36.3%	38.3%	39.5%	39.0%	38.7%
EBITDA Margin	45.4%	43.4%	44.5%	44.1%	44.1%	40.7%	41.3%	41.2%	42.2%	43.4%	42.7%	42.4%
ROA	10.8%	12.3%	16.2%	·	·	·	·	·	·	·	·	10.5%
ROE	46.2%	40.2%	44.8%	·	·	·	·	·	·	·	·	37.9%
ROIC	23.1%	18.5%	35.9%	35.9%	36.1%	29.8%	31.1%	30.3%	45.8%	41.6%	39.4%	37.6%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Current Ratio	1.3	1.3	1.4	1.3	1.2	1.2	1.2	1.2	1.1	1.1	1.1	1.1
Quick Ratio	0.2	0.2	0.3	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.2
Debt / Equity	1.2	1.2	0.2	0.2	0.3	0.3	0.3	0.3	·	·	·	·
LT Debt / Equity	1.2	1.1	0.2	0.2	0.3	0.3	0.3	0.3	·	·	·	·
Interest Coverage	·	·	58.3	55.4	50.3	40.8	37.6	77.9	330.1	495.8	1042.4	·

Efficiency 2

Annual Efficiency data for PAYX
Metric	Trend	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Asset Turnover		0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.4
Receivables Turnover		·	·	·	·	·	·	·	·	·	·	·	16.8

Per Share 7

Annual Per Share data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Book Value / Share	$10.50	$11.45	$10.56	$9.69	$8.57	$8.19	$7.75	$7.29	$5.64	$5.44	$5.30	$4.94
Revenue / Share	$18.09	$15.39	$14.58	$13.82	$12.70	$11.20	$11.19	$10.43	$9.35	$8.69	$8.14	$7.51
Cash Flow / Share	$7.10	$5.25	$5.24	$4.69	$4.15	$3.48	$3.99	$3.51	$3.53	$2.65	$2.81	$2.46
Cash / Share	$3.06	$4.52	$4.08	$3.39	$1.03	$2.77	$2.52	$1.87	$1.00	$0.51	$0.36	$0.47
Dividend / Share	$4	$4	$4	$3	$3	$3	$2	$2	$2	$2	·	·
Dividend Paid / Share	·	·	·	·	·	·	$2	$2	$2	$2	$2	$2
EPS (TTM)	$4.89	$4.58	$4.67	$4.30	$3.84	$3.03	$3.04	$2.86	$2.75	$2.28	$2.09	$1.85

Growth Rates 9

Annual Growth Rates data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue YoY	16.9%	5.6%	5.4%	8.6%	13.7%	0.40%	·	·	·	·	·	·
Revenue CAGR 3Y	9.2%	6.5%	9.2%	7.4%	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	9.9%	6.6%	·	·	·	·	·	·	·	·	·	·
EPS YoY	6.8%	-1.9%	8.6%	12.0%	26.7%	-0.33%	·	·	·	·	·	·
EPS CAGR 3Y	4.4%	6.0%	15.5%	12.2%	·	·	·	·	·	·	·	·
EPS CAGR 5Y	10.1%	8.5%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	6.2%	-2.0%	8.6%	11.8%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	4.2%	6.0%	·	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	11.8%	10.2%	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for PAYX
Metric	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue TTM	$6.51B	$5.57B	$5.28B	$5.01B	$4.61B	$4.06B	$4.04B	$3.77B	$3.38B	$3.15B	$2.95B	$2.74B
Net Income TTM	$1.76B	$1.66B	$1.69B	$1.56B	$1.39B	$740M	$740M	$740M	$740M	$740M	$740M	$675M
Market Cap	$34.49B	$56.93B	$43.27B	$37.83B	$44.57B	$36.39B	$25.93B	$30.82B	$23.54B	$21.29B	$19.54B	$17.85B
Enterprise Value	$37.92B	$60.23B	$42.58B	$37.04B	$44.15B	$36.16B	$25.80B	$30.91B	·	·	·	·
P/E	19.8	34.5	25.7	24.4	32.2	33.4	23.8	30.0	23.8	26.0	25.9	26.7
P/S	5.3	10.2	8.2	7.6	9.7	9.0	6.4	8.2	7.0	6.8	6.6	6.5
P/B	9.2	13.8	11.4	10.8	14.4	12.3	9.3	11.8	11.6	10.9	10.2	10.0
P / Tangible Book	·	·	25.1	25.7	43.3	42.7	39.3	·	·	·	·	·
P / Cash Flow	13.5	29.9	22.8	22.3	29.6	28.9	18.0	24.2	18.4	22.2	19.2	19.9
P / FCF	14.9	33.3	24.9	24.3	32.5	31.8	19.7	26.9	21.0	24.6	21.2	22.5
EV / EBITDA	12.8	24.9	18.1	16.8	21.7	21.9	15.4	19.9	·	·	·	·
EV / FCF	16.3	35.2	24.5	23.8	32.2	31.6	19.6	26.9	·	·	·	·
EV / Revenue	5.8	10.8	8.1	7.4	9.6	8.9	6.4	8.2	·	·	·	·
Dividend Yield	4.6%	2.5%	3.0%	3.1%	2.2%	2.5%	3.4%	2.7%	3.1%	3.1%	3.1%	3.1%
Earnings Yield	5.0%	2.9%	3.9%	4.1%	3.1%	3.0%	4.2%	3.3%	4.2%	3.9%	3.9%	3.7%
Payout Ratio	90.3%	87.4%	77.8%	·	·	·	·	·	·	·	·	81.8%
Annual Payout	$1.59B	$1.45B	$1.32B	$1.18B	$1000M	$909M	$889M	$827M	$740M	$662M	$606M	$552M

Income Statement 16

Quarterly Income Statement data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue	$1.61B	$1.81B	$1.56B	$1.54B	$1.43B	$1.51B	$1.32B	$1.32B	$1.30B	$1.44B	$1.26B	$1.29B	$1.23B	$1.38B	$1.19B	$1.21B
Cost of Revenue	$417M	$431M	$412M	$414M	$394M	$387M	$379M	$380M	$375M	$380M	$364M	$360M	$370M	$373M	$359M	$351M
SG&A Expense	$584M	$586M	$574M	$584M	$602M	$430M	$400M	$392M	$438M	$410M	$388M	$390M	$406M	$396M	$359M	$360M
Operating Expenses	$1.00B	$1.02B	$986M	$998M	$996M	$817M	$779M	$772M	$813M	$790M	$752M	$750M	$776M	$769M	$718M	$711M
Operating Income	$605M	$792M	$572M	$542M	$431M	$692M	$538M	$547M	$482M	$650M	$506M	$536M	$453M	$612M	$472M	$496M
Interest Expense	·	·	·	·	·	$23M	$10M	$10M	·	$10M	$8M	$9M	·	$9M	$9M	$9M
Interest Income	$52M	$57M	$54M	$48M	$45M	$43M	$36M	$38M	$38M	$44M	$32M	$33M	$25M	$35M	$22M	$18M
Other Non-op	$1M	$-100.0K	$300.0K	$5M	$1M	$0	$-700.0K	$100.0K	$-2M	$0	$-100.0K	$700.0K	$900.0K	$-300.0K	$2M	$100.0K
Pretax Income	$554M	$739M	$520M	$498M	$389M	$686M	$544M	$557M	$492M	$659M	$518M	$549M	$464M	$617M	$475M	$492M
Income Tax	$134M	$179M	$125M	$114M	$92M	$166M	$130M	$130M	$112M	$161M	$125M	$130M	$113M	$150M	$115M	$113M
Net Income	$421M	$560M	$395M	$384M	$297M	$519M	$413M	$427M	$380M	$499M	$393M	$419M	·	·	·	·
EPS (Basic)	$1.17	$1.56	$1.10	$1.07	$0.82	$1.44	$1.15	$1.19	$1.05	$1.39	$1.09	$1.16	$0.97	$1.30	$1.00	$1.05
EPS (Diluted)	$1.17	$1.56	$1.10	$1.06	$0.83	$1.43	$1.14	$1.18	$1.05	$1.38	$1.08	$1.16	$0.97	$1.29	$0.99	$1.05
Shares (Basic)	-719,300,000	358,700,000	359,400,000	360,100,000	-720,000,000	360,100,000	360,000,000	360,100,000	-720,900,000	359,900,000	360,500,000	360,800,000	-720,700,000	360,500,000	360,500,000	360,100,000
Shares (Diluted)	-721,800,000	359,500,000	360,400,000	361,900,000	-723,600,000	362,000,000	361,700,000	361,900,000	-724,500,000	361,700,000	362,100,000	362,800,000	-724,700,000	362,300,000	362,300,000	362,400,000
EBITDA	·	$792M	$572M	$651M	·	$692M	$538M	$586M	·	$650M	$506M	$578M	·	$612M	$472M	$540M

Balance Sheet 26

Quarterly Balance Sheet data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Cash & Equivalents	$1.09B	$1.74B	$1.49B	$809M	$1.63B	$1.56B	$1.20B	$1.46B	$1.47B	$1.69B	$1.36B	$1.65B	$1.22B	$1.32B	$1.10B	$1.18B
Short-term Investments	$36M	$38M	$38M	$862M	$34M	$37M	$38M	$38M	$34M	$37M	$34M	$46M	·	$240M	$166M	$46M
Prepaid Expense	$385M	$378M	$372M	$379M	$378M	$359M	$346M	$342M	$322M	$313M	$304M	$302M	·	$292M	$287M	$286M
Current Assets	$8.61B	$9.93B	$8.91B	$9.04B	$8.92B	$8.08B	$7.43B	$7.36B	$7.25B	$9.89B	$8.92B	$9.09B	·	$7.60B	$6.20B	$6.09B
PP&E (Net)	$589M	$569M	$551M	$525M	$512M	$451M	$432M	$417M	$412M	$419M	$418M	$404M	·	$385M	$393M	$398M
PP&E (Gross)	$1.92B	·	·	·	$1.73B	·	·	·	$1.54B	·	·	·	·	·	·	·
Accum. Depreciation	$1.33B	·	·	·	$1.22B	·	·	·	$1.13B	·	·	·	·	·	·	·
Goodwill	$4.53B	$4.53B	$4.53B	$4.52B	$4.51B	$1.88B	$1.88B	$1.88B	$1.88B	$1.88B	$1.88B	$1.88B	$1.83B	$1.83B	$1.83B	$1.83B
Intangibles	$1.68B	$1.75B	$1.81B	$1.89B	$1.95B	$176M	$180M	$188M	$194M	$205M	$201M	$198M	·	$196M	$204M	$212M
Other Non-current Assets	$141M	$140M	$134M	$134M	$128M	$120M	$119M	$117M	$115M	$95M	$92M	$92M	·	$65M	$61M	$52M
Total Assets	$16.17B	$17.51B	$16.52B	$16.66B	$16.56B	$11.22B	$10.55B	$10.49B	$10.38B	$13.02B	$12.05B	$12.20B	·	$10.60B	$9.21B	$9.13B
Accounts Payable	$155M	$132M	$138M	$121M	$130M	$119M	$89M	$81M	$104M	$94M	$92M	$95M	·	$122M	$87M	$85M
Short-term Debt	$0	$0	$18M	$18M	$19M	$18M	$18M	$19M	$19M	$19M	$14M	$14M	·	$10M	$10M	$10M
Current Liabilities	$6.84B	$7.88B	$7.04B	$7.13B	$6.96B	$5.80B	$5.33B	$5.34B	$5.31B	$8.00B	$7.25B	$7.34B	·	$5.96B	$4.75B	$4.70B
Capital Leases	$52M	$59M	$67M	$53M	$56M	$47M	$46M	$49M	$49M	$52M	$54M	$55M	·	$63M	$67M	$71M
Deferred Tax	$543M	$554M	$532M	$518M	$445M	$93M	$95M	$95M	$86M	$95M	$103M	$101M	·	$116M	$130M	$157M
Other Non-current Liabilities	$307M	$315M	$316M	$318M	$312M	$248M	$247M	$243M	$237M	$232M	$225M	$226M	·	$197M	$195M	$199M
Total Liabilities	$12.44B	$13.50B	$12.64B	$12.69B	$12.44B	$7.11B	$6.63B	$6.64B	$6.58B	$9.28B	$8.53B	$8.61B	·	$7.20B	$6.01B	$5.99B
Long-term Debt	$4.56B	$4.95B	$4.95B	$4.95B	$4.95B	·	·	·	$799M	·	·	·	·	·	·	·
Total Debt	·	$4.95B	$4.97B	$4.97B	·	$817M	$817M	$818M	·	$817M	$812M	$812M	·	$808M	$808M	$808M
Common Stock	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	·	$4M	$4M	$4M
Retained Earnings	$1.81B	$2.05B	$1.95B	$2.07B	$2.28B	$2.39B	$2.22B	$2.17B	$2.21B	$2.19B	$2.01B	$2.10B	·	$1.99B	$1.81B	$1.74B
AOCI	$-50M	$-3M	$-18M	$-25M	$-54M	$-90M	$-92M	$-80M	$-145M	$-145M	$-167M	$-183M	·	$-204M	$-198M	$-171M
Stockholders' Equity	$3.74B	$4.01B	$3.88B	$3.97B	$4.13B	$4.12B	$3.93B	$3.85B	$3.80B	$3.75B	$3.52B	$3.59B	$3.49B	$3.40B	$3.21B	$3.14B
Liabilities + Equity	$16.17B	$17.51B	$16.52B	$16.66B	$16.56B	$11.22B	$10.55B	$10.49B	$10.38B	$13.02B	$12.05B	$12.20B	·	$10.60B	$9.21B	$9.13B
Shares Outstanding	355,600,000	358,300,000	359,000,000	359,900,000	360,500,000	360,200,000	360,100,000	359,900,000	360,100,000	360,000,000	359,800,000	361,200,000	360,500,000	360,500,000	360,500,000	360,400,000

Cash Flow 15

Quarterly Cash Flow data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
D&A	$113M	$111M	$109M	$109M	$86M	$43M	$42M	$39M	$46M	$45M	$45M	$41M	$44M	$44M	$44M	$44M
Stock-based Comp	$21M	$23M	$26M	$27M	$61M	$18M	$16M	$16M	$16M	$14M	$15M	$16M	$17M	$16M	$15M	$14M
Deferred Tax	$5M	$22M	$11M	$66M	$300.0K	$-7M	$2M	$-11M	$-9M	$-14M	$-3M	$-3M	$-18M	$-10M	$-18M	$2M
Amort. of Intangibles	$76M	$75M	$74M	$75M	$54M	$13M	$12M	$12M	$13M	$12M	$13M	$11M	$12M	$12M	$13M	$13M
Other Non-cash	·	·	·	$132M	·	·	·	$74M	·	·	·	·	·	·	·	·
Operating Cash Flow	$581M	$812M	$445M	$718M	$344M	$716M	$295M	$546M	$222M	$672M	$348M	$693M	$417M	$603M	$355M	$364M
CapEx	$66M	$51M	$62M	$56M	$60M	$49M	$47M	$36M	$41M	$41M	$41M	$39M	$46M	$31M	$35M	$31M
Investing Cash Flow	$-227M	$1M	$376M	$-1.30B	$-3.08B	$21M	$-193M	$-110M	$-143M	$-8M	$-134M	$-13M	$-152M	$-698M	$-195M	$1.22B
Stock Repurchased	$249M	$75M	$126M	$160M	$0	$0	$500.0K	$104M	$0	$0	·	·	·	·	·	·
Net Stock Activity	·	·	·	$-160M	·	·	·	$-104M	·	·	·	·	·	·	·	·
Dividends Paid	$425M	$388M	$388M	$389M	$389M	$353M	$353M	$353M	$353M	$320M	$320M	$322M	$321M	$285M	$285M	$285M
Financing Cash Flow	$-1.79B	$235M	$-582M	$-515M	$3.07B	$-3M	$-291M	$-485M	$-2.71B	$308M	$-537M	$1.07B	$-493M	$833M	$-241M	$-810M
Net Change in Cash	$-1.44B	$1.05B	$239M	$-1.10B	$341M	$734M	$-189M	$-49M	$-2.64B	$971M	$-322M	$1.75B	$-228M	$738M	$-81M	$778M
Free Cash Flow	·	·	·	$662M	·	·	·	$510M	·	·	·	$617M	·	·	·	$334M
Levered FCF	·	·	·	·	·	·	·	$503M	·	·	·	$610M	·	·	·	$327M

Profitability 7

Quarterly Profitability data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Operating Margin	·	43.8%	36.7%	35.2%	·	45.8%	40.9%	41.5%	·	45.1%	40.2%	41.7%	·	44.3%	39.7%	41.1%
Net Margin	·	31.0%	25.4%	24.9%	·	·	·	32.4%	·	·	·	·	·	·	·	·
Pretax Margin	·	40.8%	33.4%	32.3%	·	45.5%	41.3%	42.2%	·	45.8%	41.2%	42.7%	·	44.7%	39.9%	40.8%
EBITDA Margin	·	43.8%	36.7%	42.3%	·	45.8%	40.9%	44.4%	·	45.1%	40.2%	44.9%	·	44.3%	39.7%	44.7%
ROA	·	3.9%	2.9%	2.8%	·	·	·	3.8%	·	·	·	·	·	·	·	·
ROE	·	13.8%	10.1%	9.8%	·	·	·	11.5%	·	·	·	·	·	·	·	·
ROIC	·	6.7%	4.9%	4.7%	·	10.6%	8.6%	9.0%	·	10.8%	8.8%	9.3%	·	11.0%	8.9%	9.7%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Current Ratio	·	1.3	1.3	1.3	·	1.4	1.4	1.4	·	1.2	1.2	1.2	·	1.3	1.3	1.3
Quick Ratio	·	0.2	0.2	0.2	·	0.3	0.2	0.3	·	0.2	0.2	0.2	·	0.3	0.3	0.3
Debt / Equity	·	1.2	1.3	1.3	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.3	0.3
LT Debt / Equity	·	1.1	1.2	1.1	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.3
Interest Coverage	·	·	·	·	·	30.6	56.6	56.9	·	65.6	59.6	57.1	·	68.0	51.3	54.5

Efficiency 1

Quarterly Efficiency data for PAYX
Metric	Trend	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Asset Turnover		·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1

Per Share 6

Quarterly Per Share data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Book Value / Share	·	$11.20	$10.81	$11.03	·	$11.43	$10.90	$10.70	·	$10.41	$9.80	$9.93	·	$9.43	$8.89	$8.71
Revenue / Share	·	$5.03	$4.32	$4.26	·	$4.17	$3.64	$3.64	·	$3.98	$3.47	$3.54	·	$3.81	$3.29	$3.33
Cash Flow / Share	·	·	·	$1.99	·	·	·	$1.51	·	·	·	$1.81	·	·	·	$1.01
Cash / Share	·	$4.86	$4.14	$2.25	·	$4.34	$3.34	$4.06	·	$4.70	$3.79	$4.56	·	$3.65	$3.04	$3.29
Dividend / Share	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1
EPS (TTM)	·	$5.15	$4.73	$4.81	·	$5.13	$4.78	$4.80	·	$4.91	$4.52	$4.49	·	$4.52	$4.14	$4.07

Valuation (TTM) 15

Quarterly Valuation (TTM) data for PAYX
Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue TTM	·	$6.42B	$5.92B	$5.68B	·	$5.58B	$5.33B	$5.30B	·	$5.36B	$5.12B	$5.06B	·	$5.05B	$4.78B	$4.67B
Net Income TTM	·	$1.86B	$1.71B	$1.74B	·	·	·	·	·	·	·	·	·	$740M	$740M	$740M
Market Cap	·	$33.55B	$40.10B	$50.05B	·	$54.63B	$52.67B	$47.22B	·	$44.14B	$43.88B	$44.15B	·	$39.80B	$44.71B	$44.45B
Enterprise Value	·	$36.73B	$43.54B	$53.35B	·	$53.85B	$52.25B	$46.54B	·	$43.23B	$43.30B	$43.27B	·	$39.05B	$44.26B	$44.03B
P/E	·	18.2	23.6	28.9	·	29.6	30.6	27.3	·	25.0	27.0	27.2	·	24.4	30.0	30.3
P/S	·	5.2	6.8	8.8	·	9.8	9.9	8.9	·	8.2	8.6	8.7	·	7.9	9.4	9.5
P/B	·	8.4	10.3	12.6	·	13.3	13.4	12.3	·	11.8	12.5	12.3	·	11.7	13.9	14.2
P / Tangible Book	·	·	·	·	·	26.5	28.2	26.6	·	26.6	30.5	29.3	·	29.0	38.2	40.4
P / Cash Flow	·	·	·	69.7	·	·	·	86.5	·	·	·	67.3	·	·	·	122.0
P / FCF	·	·	·	75.5	·	·	·	92.5	·	·	·	71.5	·	·	·	133.2
EV / EBITDA	·	46.4	76.1	81.9	·	77.8	97.1	79.5	·	66.5	85.5	74.9	·	63.8	93.7	81.6
EV / FCF	·	·	·	80.5	·	·	·	91.2	·	·	·	70.1	·	·	·	131.9
EV / Revenue	·	5.7	7.4	9.4	·	9.6	9.8	8.8	·	8.1	8.5	8.5	·	7.7	9.3	9.4
Earnings Yield	·	5.5%	4.2%	3.5%	·	3.4%	3.3%	3.7%	·	4.0%	3.7%	3.7%	·	4.1%	3.3%	3.3%
Payout Ratio	·	·	·	101.4%	·	·	·	82.7%	·	·	·	·	·	·	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31
Revenue	$6.51B	$5.57B	$5.28B	$5.01B	$4.61B
Operating Margin %	38.6%	39.6%	41.2%	40.6%	39.9%
Net Income	$1.76B	$1.66B	$1.69B	$1.56B	$1.39B
Diluted EPS	$4.89	$4.58	$4.67	$4.30	$3.84

Balance Sheet

	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31
Debt / Equity	1.2	1.2	0.2	0.2	0.3
Current Ratio	1.3	1.3	1.4	1.3	1.2
Quick Ratio	0.2	0.2	0.3	0.3	0.2

Cash Flow

	2026-05-31	2025-05-31	2024-05-31	2023-05-31	2022-05-31
Free Cash Flow	$2.32B	$1.71B	$1.74B	$1.56B	$1.37B

Latest News Recent headlines mentioning this company

PAYX Crosses Above Average Analyst Target Nasdaq · 1 month, 2 weeks ago
Here is How Paychex (PAYX) Performed in the Fourth Quarter of FY26 Yahoo Finance · 1 month, 3 weeks ago
Paychex Inc. Q4 Income Climbs Nasdaq · 1 month, 4 weeks ago
Paychex Reaches Analyst Target Price Nasdaq · 2 months, 2 weeks ago
Is Paychex, Inc. (PAYX) A Good Stock To Buy Now? Yahoo Finance · 3 months, 2 weeks ago
Here is Why Paychex (PAYX) is One of the Best QQQ Stocks to Buy Now Yahoo Finance · 4 months, 1 week ago

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

BOUNCE_UP @ $130.49 RR 1.50 Sep 16

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Institutional owners (13F) 1,689 filers · $19.3B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
155 (-21 vs prior Q)	112 (-95 vs prior Q)	623 (+22 vs prior Q)	536 (-2 vs prior Q)	-8.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
Capital International Investors	$2,836,681,522	28,840,445	14.70%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$2,068,931,047	21,040,690	10.72%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$1,502,257,716	15,277,715	7.79%	Shares
STATE STREET CORP	$1,417,067,161	14,411,341	7.34%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$1,022,828,267	10,401,996	5.30%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$910,935,345	9,193,480	4.72%	Shares
FIRST TRUST ADVISORS LP	$330,987,746	3,366,093	1.72%	Shares
ENVESTNET ASSET MANAGEMENT INC	$271,784,545	2,764,004	1.41%	Shares
VICTORY CAPITAL MANAGEMENT INC	$269,543,671	2,741,215	1.40%	Shares
MILLENNIUM MANAGEMENT LLC	$229,071,928	2,329,624	1.19%	Shares
Select Equity Group, L.P.	$228,146,741	2,320,215	1.18%	Shares
DIMENSIONAL FUND ADVISORS LP	$225,210,407	2,290,353	1.17%	Shares
NORGES BANK	$209,566,107	2,131,253	1.09%	Shares
Guinness Asset Management LTD	$181,961,250	1,856,567	0.94%	Shares
VANGUARD FIDUCIARY TRUST CO	$178,031,775	1,810,554	0.92%	Shares
FEDERATED HERMES, INC.	$160,332,768	1,630,558	0.83%	Shares
RAYMOND JAMES FINANCIAL INC	$148,529,598	1,510,522	0.77%	Shares
LPL Financial LLC	$147,835,782	1,503,466	0.77%	Shares
LONDON CO OF VIRGINIA	$130,427,607	1,326,406	0.68%	Shares
Hamlin Capital Management, LLC	$117,678,492	1,196,771	0.61%	Shares
BANK OF AMERICA CORP /DE/	$99,596,786	1,012,883	0.52%	Shares
CONFLUENCE INVESTMENT MANAGEMENT LLC	$93,375,045	949,609	0.48%	Shares
Swiss National Bank	$89,431,135	909,500	0.46%	Shares
PNC Financial Services Group, Inc.	$86,899,924	883,758	0.45%	Shares
Legal & General Group Plc	$81,370,632	827,526	0.42%	Shares
Sumitomo Mitsui Trust Group, Inc.	$80,514,767	818,822	0.42%	Shares
Mitsubishi UFJ Asset Management Co., Ltd.	$79,682,461	810,344	0.41%	Shares
GOLDMAN SACHS GROUP INC	$77,644,708	789,634	0.40%	Shares
MCDONALD CAPITAL INVESTORS INC/CA	$75,963,465	772,536	0.39%	Shares
Gotham Asset Management, LLC	$74,447,413	757,118	0.39%	Shares
Corient Private Wealth LP	$73,555,122	748,039	0.38%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$72,406,475	736,362	0.38%	Shares
CRAWFORD INVESTMENT COUNSEL INC	$70,835,817	720,389	0.37%	Shares
Vanguard Global Advisers, LLC	$68,401,593	695,633	0.35%	Shares
BNP PARIBAS FINANCIAL MARKETS	$67,865,596	690,182	0.35%	Shares
Baird Financial Group, Inc.	$67,437,713	685,830	0.35%	Shares
National Pension Service	$67,425,668	685,708	0.35%	Shares
BlackRock, Inc.	$66,615,035	677,464	0.35%	Shares
Quantinno Capital Management LP	$66,394,046	675,216	0.34%	Shares
RHUMBLINE ADVISERS	$60,157,382	611,792	0.31%	Shares
MORGAN STANLEY	$57,393,276	583,680	0.30%	Shares
DONALDSON CAPITAL MANAGEMENT, LLC	$57,155,337	581,263	0.30%	Shares
California Public Employees Retirement System	$55,605,418	565,498	0.29%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$52,704,880	536,000	0.27%	Call option
WEDGE CAPITAL MANAGEMENT L L P/NC	$51,952,640	563,967	0.27%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$51,711,747	525,900	0.27%	Put option
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$51,670,845	560,908	0.27%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$49,921,551	507,694	0.26%	Shares
Woodline Partners LP	$49,640,426	504,835	0.26%	Shares
MILLER HOWARD INVESTMENTS INC /NY	$49,521,270	503,623	0.26%	Shares
Welch Group, LLC	$49,516,713	503,577	0.26%	Shares
BARCLAYS PLC	$49,155,855	499,907	0.25%	Shares
Mirae Asset Global Investments Co., Ltd.	$48,358,792	491,801	0.25%	Shares
ALLIANCEBERNSTEIN L.P.	$47,941,275	520,422	0.25%	Shares
Capital International, Inc./CA/	$47,521,611	483,287	0.25%	Shares
CITADEL ADVISORS LLC	$47,178,734	479,800	0.24%	Call option
JANE STREET GROUP, LLC	$46,519,923	473,100	0.24%	Call option
Willis Investment Counsel	$45,987,761	467,688	0.24%	Shares
CITADEL ADVISORS LLC	$41,962,328	426,750	0.22%	Shares
MML INVESTORS SERVICES, LLC	$41,675,627	423,834	0.22%	Shares
PFA Pension, Forsikringsaktieselskab	$41,143,876	418,426	0.21%	Shares
GRANDFIELD & DODD, LLC	$41,012,725	417,092	0.21%	Shares
Prana Capital Management, LP	$39,342,816	400,110	0.20%	Shares
&PARTNERS	$39,194,542	398,076	0.20%	Shares
ProShare Advisors LLC	$37,794,611	384,365	0.20%	Shares
UBS Group AG	$36,787,810	374,126	0.19%	Shares
Cerity Partners LLC	$36,418,985	370,375	0.19%	Shares
Welch & Forbes LLC	$35,740,528	363,475	0.19%	Shares
LAZARD ASSET MANAGEMENT LLC	$35,137,537	357,343	0.18%	Shares
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/	$33,824,635	343,991	0.18%	Shares
RWC Asset Management LLP	$32,416,451	329,670	0.17%	Shares
ALPS ADVISORS INC	$31,394,311	319,275	0.16%	Shares
Universal- Beteiligungs- und Servicegesellschaft mbH	$30,905,063	313,893	0.16%	Shares
TOCQUEVILLE ASSET MANAGEMENT L.P.	$30,544,346	310,631	0.16%	Shares
CAPITAL ADVISORS INC/OK	$29,724,783	302,296	0.15%	Shares
AVIVA PLC	$28,342,148	288,235	0.15%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$28,254,732	287,346	0.15%	Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM	$27,542,135	280,099	0.14%	Shares
TWO SIGMA ADVISERS, LP	$27,394,356	244,200	0.14%	Shares
APG Asset Management N.V.	$26,531,039	308,481	0.14%	Shares
BANK OF NOVA SCOTIA	$26,398,164	268,465	0.14%	Shares
NEOS Investment Management LLC	$26,259,026	267,050	0.14%	Shares
Cetera Investment Advisers	$25,917,621	263,577	0.13%	Shares
CIBC Asset Management Inc	$25,493,724	259,267	0.13%	Shares
TD Asset Management Inc	$24,697,644	251,171	0.13%	Shares
Troy Asset Management Ltd	$24,679,355	250,985	0.13%	Shares
Brookstone Capital Management	$24,634,567	250,530	0.13%	Shares
Swedbank AB	$24,563,917	249,811	0.13%	Shares
PARTHENON LLC	$24,386,528	248,007	0.13%	Shares
Prevatt Capital Ltd	$24,090,850	245,000	0.12%	Shares
COMMONWEALTH EQUITY SERVICES, LLC	$24,070,619	244,794	0.12%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$23,833,422	242,382	0.12%	Shares
Unigestion Holding SA	$23,690,538	153,675	0.12%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$23,292,509	236,881	0.12%	Shares
Focus Partners Wealth	$23,065,728	234,565	0.12%	Shares
Van Cleef Asset Management,Inc	$21,969,559	223,427	0.11%	Shares
NEUBERGER BERMAN GROUP LLC	$21,792,500	220,659	0.11%	Shares
Fenimore Asset Management Inc	$21,776,457	221,463	0.11%	Shares
ROYAL LONDON ASSET MANAGEMENT LTD	$21,513,522	218,789	0.11%	Shares
Trexquant Investment LP	$21,497,888	218,630	0.11%	Shares

Company insiders 53 insiders · 32 officers · 16 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
John B Gibson	President and CEO	July 15, 2026 A	81,366	0	0	$0
Robert L. Schrader	Sr. VP, CFO	July 20, 2026 S	18,547	0	1	$-299,234
Efrain Rivera	Sr. Vice President, CFO	July 15, 2023 A	86,136	0	0	$0
Chad C Parodi	SVP, HCM, PEO & Insurance	July 15, 2026 A	8,763	0	0	$0
Prabha Bhandari	Chief Legal Officer, Secretary	July 15, 2026 F	1,664	0	0	$0
Mason Argiropoulos	VP, Chief HR Officer	July 15, 2026 A	5,219	0	0	$0
Elizabeth Roaldsen	Sr. Vice President	July 15, 2026 F	6,952	0	1	$-41,310
Adam Brooks Ante	Sr. Vice President, Paycor	July 15, 2026 A	55,975	0	0	$0
Ryan Norman Bergstrom	Chief Product Officer	July 15, 2026 A	44,688	0	0	$0
Jason Richard Rose	SVP, Digital Sales & Marketing	July 15, 2025 A	2,756	0	0	$0
Beaumont Vance	Sr VP Data, Analytics, and AI	July 15, 2025 A	4,421	0	0	$0
Michael E Gioja	Sr. Vice President	April 3, 2025 M	14,035	0	0	$0
Mark Anthony Bottini	Sr. VP of Sales	Oct. 16, 2024 M	79,360	0	0	$0
Karen E. Saunders-Mcclendon	VP, Chief Human Resources Offi	July 15, 2023 A	7,895	0	0	$0
Stephanie L Schaeffer	CLO, Secretary	July 15, 2023 A	71,071	0	0	$0
Laurie L. Zaucha	Vice President	July 15, 2020 A	53,717	0	0	$0
Jennifer R. Vossler	VP/Controller	July 6, 2019 S	19,441	0	0	$0
Kevin N Hill	Vice President	Oct. 21, 2013 M	27,433	0	0	$0
John M Morphy	PFO	July 13, 2011 J	76,968	0	0	$0
Delbert M Humenik	Sr. Vice President	Sept. 28, 2010 S	12,181	0	0	$0
William G Kuchta	Vice President	July 7, 2010 A	32,886	0	0	$0
Melinda A Janik	VP/Controller	July 10, 2008 A	8,916	0	0	$0
Clifford Gibson	VP, Western U.S. Sales	April 13, 2006 M	5,100	0	0	$0
Martin Stowe	V.P., Human Resource Services	April 7, 2006 M	667	0	0	$0
Daniel A Canzano	Vice President	March 31, 2006 M	0	0	0	$0
Brad R Flipse	VP, Major Market Services Sale	Feb. 3, 2006 M	0	0	0	$0
Elizabeth Suzanne Vickery	VP, Central US Sales	Oct. 3, 2005 M	0	0	0	$0
Michael A Mccarthy	VP, Eastern US Sales	Oct. 3, 2005 M	0	0	0	$0
Steven R Beauchamp	Vice President, Product Manage	July 7, 2005 A	—	0	0	$0
Lynn J Miley	V.P. Eastern Operations	July 7, 2005 A	—	0	0	$0
Leonard E Redon	Vice President	July 7, 2005 A	—	0	0	$0
Diane Rambo	Vice President	July 7, 2005 A	0	0	0	$0
Joseph Doody	Director	July 20, 2026 J	23,922	1	0	$98,760
Martin Mucci	Director	July 17, 2026 G	434,891	0	1	$-2,748,250
Joseph M Tucci	Director	June 26, 2026 M	67,364	0	1	$-383,863
Joseph M Velli	Director	May 8, 2026 M	89,564	0	0	$0
Tom Bonadio	Director	Feb. 4, 2026 P	21,504	1	0	$98,500
Theresa M. Payton	Director	Oct. 15, 2025 A	2,800	0	0	$0
Kevin A Price	Director	Oct. 15, 2025 A	3,951	0	0	$0
Kara Wilson	Director	Oct. 15, 2025 A	8,254	0	0	$0
JOSEPH PAMELA A	Director	Oct. 15, 2025 A	11,770	0	0	$0
David J S Flaschen	Director	Aug. 5, 2024 M	5,383	0	0	$0
Grant M Inman	Director	July 26, 2018 M	46,800	0	0	$0
Phillip Horsley	Director	Sept. 7, 2017 G	1,139	0	0	$0
Jonathan Judge	Director	Aug. 2, 2010 S	139,743	0	0	$0
Robert J Sebo	Director	July 13, 2006 A	220,101	0	0	$0
Thomas G Clark	Director	Nov. 22, 2005 G	147,356	0	0	$0
Betsy S Atkins	Director	July 8, 2004 M	—	0	0	$0
GOLISANO B THOMAS	10% owner	June 1, 2026 G	38,218	0	0	$0
Christopher C Simmons	—	Aug. 14, 2026 F	3,290	0	1	$-303,131
Walter Turek	—	July 1, 2009 P	153,792	0	0	$0
Anthony Tortorella	—	July 7, 2005 A	—	0	0	$0
Kathleen A Browne	—	July 8, 2004 M	—	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 222 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
FDV · Federated Hermes ETF Trust	3.83%	309,742 NS	April 30, 2026	N-PORT
PAYR · Federated Hermes ETF Trust	3.42%	13,494 NS	April 30, 2026	N-PORT
DIVB · iShares Trust	2.65%	412,282 SH	Aug. 21, 2026	Daily
SPHD · Invesco Exchange-Traded Fund Trust …	2.21%	616,904 SH	Aug. 21, 2026	Daily
FTCS · First Trust Exchange-Traded Fund	2.15%	1,675,017 NS	June 30, 2026	N-PORT
PEY · Invesco Exchange-Traded Fund Trust	2.14%	202,253 SH	Aug. 21, 2026	Daily
QQEW · First Trust Exchange-Traded Fund	1.99%	366,829 NS	June 30, 2026	N-PORT
SDOG · ALPS ETF Trust	1.98%	281,877 NS	May 31, 2026	N-PORT
SMRI · EA Series Trust	1.91%	111,784 NS	April 30, 2026	N-PORT
QQXT · First Trust Exchange-Traded Fund	1.89%	31,907 NS	June 30, 2026	N-PORT
EMOT · First Trust Exchange-Traded Fund VI	1.89%	512 NS	June 30, 2026	N-PORT
CCOR · Listed Funds Trust	1.80%	5,375 NS	April 30, 2026	N-PORT
VALQ · AMERICAN CENTURY ETF TRUST	1.61%	57,603 NS	May 31, 2026	N-PORT
SPDV · ETF Series Solutions	1.57%	15,282 NS	April 30, 2026	N-PORT
FTIF · First Trust Exchange-Traded Fund	1.47%	812 NS	June 30, 2026	N-PORT
RSPN · Invesco Exchange-Traded Fund Trust	1.41%	119,994 SH	Aug. 21, 2026	Daily
DIVD · EA Series Trust	1.20%	2,264 NS	April 30, 2026	N-PORT
YALL · Tidal Trust I	1.02%	10,220 NS	May 31, 2026	N-PORT
WBIF · Absolute Shares Trust	1.01%	2,418 NS	June 30, 2026	N-PORT
FDL · First Trust Exchange-Traded Fund	0.99%	732,093 NS	June 30, 2026	N-PORT
WBIL · Absolute Shares Trust	0.98%	3,044 NS	June 30, 2026	N-PORT
KNGZ · First Trust Exchange-Traded Fund VI	0.96%	6,057 NS	June 30, 2026	N-PORT
ESLG · Strategy Shares	0.94%	1,976 NS	April 30, 2026	N-PORT
QFLR · Innovator ETFs Trust	0.91%	49,499 NS	April 30, 2026	N-PORT
QQQE · Direxion Shares ETF Trust	0.90%	118,296 NS	April 30, 2026	N-PORT
QIDX · Spinnaker ETF Series	0.90%	3,712 NS	April 30, 2026	N-PORT
QQQG · Pacer Funds Trust	0.87%	1,056 NS	April 30, 2026	N-PORT
CGDG · Capital Group Dividend Growers ETF	0.86%	448,231 NS	May 31, 2026	N-PORT
HDV · iShares Trust	0.83%	1,035,366 SH	Aug. 21, 2026	Daily
WBIG · Absolute Shares Trust	0.81%	2,255 NS	June 30, 2026	N-PORT
QNXT · iShares Trust	0.80%	1,874 SH	Aug. 21, 2026	Daily
SCHD · SCHWAB STRATEGIC TRUST	0.79%	7,716,118 NS	May 31, 2026	N-PORT
VOT · VANGUARD INDEX FUNDS	0.69%	2,470,511 SH	Aug. 19, 2026	Daily
ESUM · Strategy Shares	0.60%	9,981 NS	April 30, 2026	N-PORT
FCFY · First Trust Exchange-Traded Fund	0.60%	82 NS	June 30, 2026	N-PORT
COWZ · Pacer Funds Trust	0.58%	1,147,567 NS	April 30, 2026	N-PORT
QQWZ · Pacer Funds Trust	0.58%	2,941 NS	April 30, 2026	N-PORT
FLAG · Global X Funds	0.55%	98 NS	April 30, 2026	N-PORT
IMCV · iShares Trust	0.55%	52,687 SH	Aug. 21, 2026	Daily
FDRR · FIDELITY COVINGTON TRUST	0.54%	39,892 NS	April 30, 2026	N-PORT
AUSF · Global X Funds	0.52%	45,123 NS	May 31, 2026	N-PORT
OGIG · ALPS ETF Trust	0.51%	6,111 NS	May 31, 2026	N-PORT
JSTC · Tidal Trust I	0.51%	17,796 NS	May 31, 2026	N-PORT
ESLV · Strategy Shares	0.51%	645 NS	April 30, 2026	N-PORT
COWG · Pacer Funds Trust	0.50%	117,665 NS	April 30, 2026	N-PORT
OUSA · ALPS ETF Trust	0.50%	38,168 NS	May 31, 2026	N-PORT
FCTR · First Trust Exchange-Traded Fund	0.48%	2,792 NS	June 30, 2026	N-PORT
IYJ · iShares Trust	0.47%	73,564 SH	Aug. 21, 2026	Daily
PAPI · Morgan Stanley ETF Trust	0.46%	18,780 NS	June 30, 2026	N-PORT
BTAL · AGF Investments Trust	0.44%	12,650 NS	June 30, 2026	N-PORT
FXR · First Trust Exchange-Traded AlphaDE…	0.43%	32,348 NS	April 30, 2026	N-PORT
FIDU · FIDELITY COVINGTON TRUST	0.43%	95,870 NS	April 30, 2026	N-PORT
VIS · VANGUARD WORLD FUND	0.42%	391,422 SH	Aug. 19, 2026	Daily
FDLO · FIDELITY COVINGTON TRUST	0.41%	62,507 NS	April 30, 2026	N-PORT
BSCU · Invesco Exchange-Traded Self-Indexe…	0.41%	10,862,000	Aug. 21, 2026	Daily
FVD · First Trust Exchange-Traded Fund	0.40%	326,724 NS	June 30, 2026	N-PORT
EXI · iShares Trust	0.39%	45,853 SH	Aug. 21, 2026	Daily
DUSL · Direxion Shares ETF Trust	0.39%	2,267 NS	April 30, 2026	N-PORT
DUHP · Dimensional ETF Trust	0.39%	471,879 NS	April 30, 2026	N-PORT
UPSD · ETF Series Solutions	0.38%	4,138 NS	April 30, 2026	N-PORT
IWS · iShares Trust	0.38%	484,414 SH	Aug. 21, 2026	Daily
FQAL · FIDELITY COVINGTON TRUST	0.37%	54,732 NS	April 30, 2026	N-PORT
LCOW · Pacer Funds Trust	0.37%	907 NS	April 30, 2026	N-PORT
UXI · ProShares Trust	0.36%	1,065 NS	May 31, 2026	N-PORT
CGGE · Capital Group Global Equity ETF	0.32%	92,200 NS	May 31, 2026	N-PORT
PHEQ · Morgan Stanley ETF Trust	0.32%	4,501 NS	June 30, 2026	N-PORT
CVMC · Morgan Stanley ETF Trust	0.31%	3,260 NS	June 30, 2026	N-PORT
VO · VANGUARD INDEX FUNDS	0.31%	6,988,060 SH	Aug. 19, 2026	Daily
QUAL · iShares Trust	0.30%	1,177,025 SH	Aug. 21, 2026	Daily
SZNE · Pacer Funds Trust	0.30%	434 NS	April 30, 2026	N-PORT
PEPS · Morgan Stanley ETF Trust	0.29%	848 NS	June 30, 2026	N-PORT
IWR · iShares Trust	0.28%	1,310,403 SH	Aug. 21, 2026	Daily
IMCB · iShares Trust	0.27%	37,466 SH	Aug. 21, 2026	Daily
BFOR · ALPS ETF Trust	0.24%	5,350 NS	May 31, 2026	N-PORT
FTCE · First Trust Exchange-Traded Fund VI	0.24%	1,967 NS	June 30, 2026	N-PORT
SIZE · iShares Trust	0.23%	8,356 SH	Aug. 21, 2026	Daily
RSP · Invesco Exchange-Traded Fund Trust	0.23%	1,847,092 SH	Aug. 21, 2026	Daily
EUSA · iShares, Inc.	0.23%	36,235 SH	Aug. 21, 2026	Daily
XOEF · iShares Trust	0.22%	404 SH	Aug. 21, 2026	Daily
IETC · iShares U.S. ETF Trust	0.22%	12,219 SH	Aug. 21, 2026	Daily
GSEW · Goldman Sachs ETF Trust	0.21%	38,008 NS	May 31, 2026	N-PORT
AVMC · AMERICAN CENTURY ETF TRUST	0.20%	8,553 NS	May 31, 2026	N-PORT
HIDV · AB Active ETFs, Inc.	0.20%	3,983 NS	May 31, 2026	N-PORT
QQQ · Invesco QQQ Trust, Series 1	0.20%	7,713,609 SH	Aug. 21, 2026	Daily
QQQM · Invesco Exchange-Traded Fund Trust …	0.20%	1,645,941 SH	Aug. 21, 2026	Daily
FDVV · FIDELITY COVINGTON TRUST	0.19%	188,797 NS	April 30, 2026	N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr…	0.18%	147,742 NS	April 30, 2026	N-PORT
PABU · iShares Trust	0.18%	36,436 SH	Aug. 21, 2026	Daily
QCLR · Global X Funds	0.17%	75 NS	April 30, 2026	N-PORT
PFIG · Invesco Exchange-Traded Fund Trust …	0.17%	200,000	Aug. 21, 2026	Daily
QYLG · Global X Funds	0.17%	2,580 NS	April 30, 2026	N-PORT
QRMI · Global X Funds	0.17%	290 NS	April 30, 2026	N-PORT
QYLD · Global X Funds	0.16%	147,853 NS	April 30, 2026	N-PORT
PTNQ · Pacer Funds Trust	0.16%	21,830 NS	April 30, 2026	N-PORT
PFM · Invesco Exchange-Traded Fund Trust	0.16%	10,198 SH	Aug. 21, 2026	Daily
USXF · iShares Trust	0.16%	18,882 SH	Aug. 21, 2026	Daily
QTR · Global X Funds	0.15%	48 NS	April 30, 2026	N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr…	0.15%	7,012 NS	April 30, 2026	N-PORT
QSIX · Pacer Funds Trust	0.15%	286 NS	April 30, 2026	N-PORT
EVUS · iShares Trust	0.14%	4,379 SH	Aug. 21, 2026	Daily
LRGF · iShares Trust	0.14%	41,284 SH	Aug. 21, 2026	Daily
AQLT · iShares Trust	0.13%	3,511 SH	Aug. 21, 2026	Daily
IVE · iShares Trust	0.13%	533,395 SH	Aug. 21, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.13%	1,284,499 SH	Aug. 19, 2026	Daily
IQQQ · ProShares Trust	0.13%	5,758 NS	May 31, 2026	N-PORT
DFVX · Dimensional ETF Trust	0.13%	6,652 NS	April 30, 2026	N-PORT
IUSV · iShares Trust	0.12%	280,694 SH	Aug. 21, 2026	Daily
VTV · VANGUARD INDEX FUNDS	0.12%	3,066,702 SH	Aug. 19, 2026	Daily
DFSU · Dimensional ETF Trust	0.12%	26,439 NS	April 30, 2026	N-PORT
CRBN · iShares Trust	0.12%	11,249 SH	Aug. 21, 2026	Daily
ILCV · iShares Trust	0.12%	12,616 SH	Aug. 21, 2026	Daily
SUSL · iShares Trust	0.11%	11,137 SH	Aug. 21, 2026	Daily
DSI · iShares Trust	0.11%	49,692 SH	Aug. 21, 2026	Daily
VOOV · VANGUARD ADMIRAL FUNDS	0.11%	74,143 SH	Aug. 19, 2026	Daily
VEGN · ETF Series Solutions	0.11%	1,806 NS	April 30, 2026	N-PORT
QARP · DBX ETF Trust	0.11%	831 NS	May 29, 2026	N-PORT
IWD · iShares Trust	0.11%	713,605 SH	Aug. 21, 2026	Daily
SCHV · SCHWAB STRATEGIC TRUST	0.10%	163,156 NS	May 31, 2026	N-PORT
QLD · ProShares Trust	0.10%	142,088 NS	May 31, 2026	N-PORT
USSG · DBX ETF Trust	0.10%	5,595 NS	May 29, 2026	N-PORT
SPXD · DBX ETF Trust	0.09%	66 NS	May 31, 2026	N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS	0.09%	194,368 SH	Aug. 19, 2026	Daily
IQSU · New York Life Investments ETF Trust	0.09%	2,995 NS	April 30, 2026	N-PORT
EGLE · Global X Funds	0.09%	19 NS	April 30, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.09%	3,678 NS	April 30, 2026	N-PORT
AVSU · AMERICAN CENTURY ETF TRUST	0.08%	4,072 NS	May 31, 2026	N-PORT
IUS · Invesco Exchange-Traded Self-Indexe…	0.08%	6,221 SH	Aug. 21, 2026	Daily
SPXT · ProShares Trust	0.08%	2,160 NS	May 31, 2026	N-PORT
ONEQ · Fidelity Commonwealth Trust	0.07%	83,175 NS	May 31, 2026	N-PORT
USCL · iShares Trust	0.07%	16,989 SH	Aug. 21, 2026	Daily
XMAG · Tidal Trust II	0.07%	1,069 NS	May 31, 2026	N-PORT
TOPC · iShares Trust	0.07%	184 SH	Aug. 21, 2026	Daily
ACVF · ETF Opportunities Trust	0.07%	1,134 NS	April 30, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.07%	330,185 NS	April 30, 2026	N-PORT
XVV · iShares Trust	0.07%	3,721 SH	Aug. 21, 2026	Daily
QLC · FlexShares Trust	0.06%	6,300 NS	April 30, 2026	N-PORT
GVUS · Goldman Sachs ETF Trust	0.06%	2,667 NS	May 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.06%	19,898 NS	April 30, 2026	N-PORT
PBP · Invesco Exchange-Traded Fund Trust	0.06%	1,895 SH	Aug. 21, 2026	Daily
CATH · Global X Funds	0.06%	8,107 NS	April 30, 2026	N-PORT
PBUS · Invesco Exchange-Traded Fund Trust …	0.06%	57,195 SH	Aug. 21, 2026	Daily
IVV · iShares Trust	0.06%	4,345,975 SH	Aug. 21, 2026	Daily
ILCB · iShares Trust	0.06%	6,287 SH	Aug. 21, 2026	Daily
JUST · Goldman Sachs ETF Trust	0.06%	3,407 NS	May 31, 2026	N-PORT
USCA · DBX ETF Trust	0.06%	19,450 NS	May 29, 2026	N-PORT
PRF · Invesco Exchange-Traded Fund Trust	0.06%	46,758 SH	Aug. 21, 2026	Daily
IYY · iShares Trust	0.06%	13,904 SH	Aug. 21, 2026	Daily
CSM · ProShares Trust	0.06%	3,030 NS	May 31, 2026	N-PORT
USNZ · DBX ETF Trust	0.06%	1,742 NS	May 29, 2026	N-PORT
IWB · iShares Trust	0.06%	221,238 SH	Aug. 21, 2026	Daily
SPXN · ProShares Trust	0.06%	451 NS	May 31, 2026	N-PORT
DSPY · Tema ETF Trust	0.05%	5,022 NS	May 31, 2026	N-PORT
CHRI · Global X Funds	0.05%	30 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.05%	66,715 NS	April 30, 2026	N-PORT
ITOT · iShares Trust	0.05%	422,016 SH	Aug. 21, 2026	Daily
IWV · iShares Trust	0.05%	87,541 SH	Aug. 21, 2026	Daily
XRMI · Global X Funds	0.05%	281 NS	April 30, 2026	N-PORT
SPXV · ProShares Trust	0.05%	219 NS	May 31, 2026	N-PORT
EQAL · Invesco Exchange-Traded Fund Trust …	0.05%	3,561 SH	Aug. 21, 2026	Daily
CVLC · Morgan Stanley ETF Trust	0.05%	4,572 NS	June 30, 2026	N-PORT
PHDG · Invesco Actively Managed Exchange-T…	0.05%	256 SH	Aug. 21, 2026	Daily
XCLR · Global X Funds	0.05%	18 NS	April 30, 2026	N-PORT
VOO · VANGUARD INDEX FUNDS	0.05%	8,375,813 SH	Aug. 19, 2026	Daily
VV · VANGUARD INDEX FUNDS	0.05%	376,552 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.05%	53,184 SH	Aug. 19, 2026	Daily
ESGV · VANGUARD WORLD FUND	0.05%	72,780 SH	Aug. 19, 2026	Daily
TOV · EA Series Trust	0.05%	1,134 NS	April 30, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	0.05%	28,345 NS	April 30, 2026	N-PORT
VOXP · Advisors Series Trust	0.05%	30 NS	April 30, 2026	N-PORT
SPXE · ProShares Trust	0.05%	431 NS	May 31, 2026	N-PORT
XYLG · Global X Funds	0.05%	340 NS	April 30, 2026	N-PORT
GSUS · Goldman Sachs ETF Trust	0.05%	16,026 NS	May 31, 2026	N-PORT
XYLD · Global X Funds	0.05%	16,377 NS	April 30, 2026	N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	0.05%	40,901 NS	April 30, 2026	N-PORT
PTLC · Pacer Funds Trust	0.05%	16,736 NS	April 30, 2026	N-PORT
VOTE · TCW ETF Trust	0.05%	5,383 NS	April 30, 2026	N-PORT
ONOF · Global X Funds	0.05%	703 NS	May 31, 2026	N-PORT
GXLC · Global X Funds	0.05%	22 NS	May 31, 2026	N-PORT
TQQQ · ProShares Trust	0.05%	190,256 NS	May 31, 2026	N-PORT
SCHX · SCHWAB STRATEGIC TRUST	0.05%	343,186 NS	May 31, 2026	N-PORT
TOK · iShares Trust	0.05%	946 SH	Aug. 21, 2026	Daily
GDE · WisdomTree Trust	0.05%	2,787 NS	May 31, 2026	N-PORT
GUSA · Goldman Sachs ETF Trust II	0.04%	10,892 NS	May 31, 2026	N-PORT
SCHK · SCHWAB STRATEGIC TRUST	0.04%	26,057 NS	May 31, 2026	N-PORT
SPUU · Direxion Shares ETF Trust	0.04%	1,084 NS	April 30, 2026	N-PORT
QDPL · Pacer Funds Trust	0.04%	7,369 NS	April 30, 2026	N-PORT
FNDX · SCHWAB STRATEGIC TRUST	0.04%	113,472 NS	May 31, 2026	N-PORT
DEUS · DBX ETF Trust	0.04%	1,206 NS	May 29, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.04%	191,298 NS	May 31, 2026	N-PORT
URTH · iShares, Inc.	0.04%	28,271 SH	Aug. 21, 2026	Daily
XTR · Global X Funds	0.04%	16 NS	April 30, 2026	N-PORT
ISPY · ProShares Trust	0.04%	5,489 NS	May 31, 2026	N-PORT
AVLC · AMERICAN CENTURY ETF TRUST	0.04%	5,270 NS	May 31, 2026	N-PORT
FNDB · SCHWAB STRATEGIC TRUST	0.04%	5,477 NS	May 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.04%	10,238,677 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.04%	27,075 SH	Aug. 19, 2026	Daily
ACWI · iShares Trust	0.04%	104,286 SH	Aug. 21, 2026	Daily
RWL · Invesco Exchange-Traded Fund Trust …	0.04%	30,528 SH	Aug. 21, 2026	Daily
GGUS · Goldman Sachs ETF Trust	0.04%	1,779 NS	May 31, 2026	N-PORT
KOKU · DBX ETF Trust	0.04%	3,030 NS	May 29, 2026	N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe…	0.04%	13,882 SH	Aug. 21, 2026	Daily
TILT · FlexShares Trust	0.04%	7,854 NS	April 30, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.03%	73,901 NS	April 30, 2026	N-PORT
SPXL · Direxion Shares ETF Trust	0.03%	21,862 NS	April 30, 2026	N-PORT
FEUS · FlexShares Trust	0.03%	399 NS	April 30, 2026	N-PORT
SSO · ProShares Trust	0.03%	27,450 NS	May 31, 2026	N-PORT
SFY · Tidal Trust I	0.03%	2,189 NS	May 31, 2026	N-PORT
MSLC · MORGAN STANLEY PATHWAY FUNDS	0.03%	12,535 NS	May 31, 2026	N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.03%	277,022 SH	Aug. 19, 2026	Daily
GLOF · iShares Trust	0.03%	515 SH	Aug. 21, 2026	Daily
AVUS · AMERICAN CENTURY ETF TRUST	0.03%	39,171 NS	May 31, 2026	N-PORT
APUE · Trust for Professional Managers	0.03%	7,313 NS	May 31, 2026	N-PORT
EQL · ALPS ETF Trust	0.03%	3,650 NS	May 31, 2026	N-PORT
UPRO · ProShares Trust	0.02%	12,460 NS	May 31, 2026	N-PORT
GSLC · Goldman Sachs ETF Trust	0.02%	32,874 NS	May 31, 2026	N-PORT
HCMT · Direxion Shares ETF Trust	0.02%	1,149 NS	April 30, 2026	N-PORT
AVUQ · AMERICAN CENTURY ETF TRUST	0.01%	280 NS	May 31, 2026	N-PORT
JFLI · J.P. Morgan Exchange-Traded Fund Tr…	0.01%	46 NS	April 30, 2026	N-PORT
EBI · RBB Fund Trust	0.00%	17 NS	May 31, 2026	N-PORT
FTLS · First Trust Exchange-Traded Fund III	-0.30%	-75,148 NS	April 30, 2026	N-PORT
DWSH · AdvisorShares Trust	-0.88%	-970 NS	June 30, 2026	N-PORT
HDGE · AdvisorShares Trust	-1.49%	-10,000 NS	June 30, 2026	N-PORT

About Paychex, Inc. - Common Stock Company overview from Wikipedia

History

Small Business Employment Watch

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Institutional owners (13F) 1,689 filers · $19.3B total · As of June 30, 2026

Company insiders 53 insiders · 32 officers · 16 directors

ETF ownership Held by 222 ETFs