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\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n_________________________________________\n\nFORM 10-K\n\n_________________________________________\n\n \n\n ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended May 31, 2026\n\nOR\n\n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________to __________\n\nCommission file number 0-11330\n\n____________________________________\n\nPaychex, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\n \n\n \n\nDelaware\n\n(State or other jurisdiction of incorporation or organization)\n\n \n\n16-1124166\n\n(I.R.S. Employer Identification No.)\n\n911 Panorama Trail South\n\nRochester, NY\n\n(Address of principal executive offices)\n\n \n\n14625-2396\n\n(Zip Code)\n\nRegistrant’s telephone number, including area code: (585) 385-6666\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, $0.01 par value\n\nPAYX\n\nNASDAQ Global Select Market\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  No \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLarge Accelerated Filer \n\n \n\nAccelerated Filer \n\n \n\nNon-accelerated Filer \n\n \n\nSmaller Reporting Company \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmerging Growth Company \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No \n\nAs of November 28, 2025, the last business day of the most recently completed second fiscal quarter, shares held by non-affiliates of the registrant had an aggregate market value of $35,959,981,648 based on the closing price reported for such date on the NASDAQ Global Select Market.\n\nAs of June 30, 2026, 355,682,860 shares of the registrant’s common stock, $0.01 par value, were outstanding.\n\nDocuments Incorporated by Reference\n\n \n\nPortions of the registrant’s definitive proxy statement to be issued in connection with its Annual Meeting of Stockholders to be held on or about October 15, 2026, to the extent not set forth herein, are incorporated by reference into Part III, Items 10 through 14, inclusive.\n\n[Table of Contents](#tableofcontents)\n\n \n\nPAYCHEX, INC.\n\nINDEX TO FORM 10-K\n\nFor the fiscal year ended May 31, 2026\n\n \n\n \n\n \n\nDescription\n\nPage\n\n \n\n[PART I](#parti)\n\n \n\n \n\n[Cautionary Note Regarding Forward-Looking Statements](#cautionarynote)\n\n1\n\n \n\n[Item 1](#business)\n\n[Business](#business)\n\n2\n\n \n\n[Item 1A](#riskfactors)\n\n[Risk Factors](#riskfactors)\n\n9\n\n \n\n[Item 1B](#unresolvedstaffcomments)\n\n[Unresolved Staff Comments](#unresolvedstaffcomments)\n\n16\n\n \n\n[Item 1C](#cybersecurity)\n\n[Cybersecurity](#cybersecurity)\n\n16\n\n \n\n[Item 2](#properties)\n\n[Properties](#properties)\n\n17\n\n \n\n[Item 3](#legalproceedings)\n\n[Legal Proceedings](#legalproceedings)\n\n18\n\n \n\n[Item 4](#minesafetydisclosures)\n\n[Mine Safety Disclosures](#minesafetydisclosures)\n\n18\n\n \n\n \n\n[PART II](#partii)\n\n \n\n[Item 5](#marketforcommonequity)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity](#marketforcommonequity)\n[Securities](#marketforcommonequity) \n\n18\n\n \n\n[Item 6](#selectedfinancialdata)\n\n[[Reserved]](#selectedfinancialdata)\n\n20\n\n \n\n[Item 7](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n21\n\n \n\n[Item 7A](#marketrisk)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#marketrisk)\n\n34\n\n \n\n[Item 8](#financialstatementsandsupplementarydata)\n\n[Financial Statements and Supplementary Data](#financialstatementsandsupplementarydata)\n\n37\n\n \n\n[Item 9](#changesanddisagreements)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#changesanddisagreements)\n\n79\n\n \n\n[Item 9A](#controlsandprocedures)\n\n[Controls and Procedures](#controlsandprocedures)\n\n79\n\n \n\n[Item 9B](#otherinformation)\n\n[Other Information](#otherinformation)\n\n79\n\n \n\n[Item 9C](#disclosureregardingforeignjurisdictions)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#disclosureregardingforeignjurisdictions)\n\n79\n\n \n\n \n\n[PART III](#partiii)\n\n \n\n[Item 10](#directorsexecutiveofficers)\n\n[Directors, Executive Officers and Corporate Governance](#directorsexecutiveofficers)\n\n80\n\n \n\n[Item 11](#executivecompensation)\n\n[Executive Compensation](#executivecompensation)\n\n81\n\n \n\n[Item 12](#securityownership)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#securityownership)\n\n81\n\n \n\n[Item 13](#certainrelationships)\n\n[Certain Relationships and Related Transactions, and Director Independence](#certainrelationships)\n\n82\n\n \n\n[Item 14](#principalaccountingfees)\n\n[Principal Accounting Fees and Services](#principalaccountingfees)\n\n82\n\n \n\n \n\n[PART IV](#partiv)\n\n \n\n[Item 15](#exhibitsandfinancialstatementschedules)\n\n[Exhibits and Financial Statement Schedules](#exhibitsandfinancialstatementschedules)\n\n83\n\n \n\n[Item 16](#item_16)\n\n[Form 10-K Summary](#item_16)\n\n85\n\n \n\n \n\n[Signatures](#signatures)\n\n86\n\n \n\n \n\n \n\n \n\ni\n\n[Table of Contents](#tableofcontents)\n\n \n\nPART I\n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nCertain written and oral statements made by management of Paychex, Inc. and its wholly owned subsidiaries (“Paychex,” the “Company,” “we,” “our,” or “us”) may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States (“U.S.”) Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “aim,” “expect,” “estimate,” “intend,” “outlook,” “will,” “would,” “guidance,” “projections,” “strategy,” “mission,” “anticipate,” “believe,” “can,” “continue,” “could,” “design,” “future,” “may,” “might,” “opportunities,” “target,” “plan,” “possible,” “potential,” “purpose,” “should,” “view,” “see,” and other similar words or phrases. Forward-looking statements include, without limitation, all matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, and similar projections.\n\n \n\nForward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to known and unknown uncertainties, risks, changes in circumstances, and other factors that are difficult to predict, many of which are outside our control. Our actual performance and outcomes, including without limitation, our actual results and financial condition may differ materially from those indicated in or suggested by the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:\n\n \n\n•\nour ability to keep pace with changes in technology or provide timely enhancements to our solutions and support;\n\n•\nrisks related to our use of artificial intelligence (\"AI\") and new technologies in our business;\n\n•\nsoftware defects, undetected errors, and development delays for our solutions;\n\n•\nthe possibility of cyberattacks, security vulnerabilities or Internet disruptions, including data security and privacy leaks and data loss and business interruptions;\n\n•\nthe possibility of failure of our business continuity plan during a catastrophic event;\n\n•\nthe failure of third-party service providers to perform their functions;\n\n•\nthe possibility that we may be exposed to additional risks related to our co-employment relationship with our professional employer organization (“PEO”) business;\n\n•\nchanges in health insurance and workers’ compensation insurance rates and underlying claim trends;\n\n•\nrisks related to acquisitions and the integration and performance of the businesses we acquire;\n\n•\nour customers’ failure to reimburse us for payments made by us on their behalf;\n\n•\nthe effect of changes in government regulations mandating the amount of tax withheld or the timing of remittances;\n\n•\nour failure to comply with covenants in our corporate bonds and debt agreements;\n\n•\nchanges in our credit ratings;\n\n•\nchanges in governmental regulations, laws, and policies;\n\n•\nour ability to comply with U.S., state, and foreign laws and regulations;\n\n•\nour compliance with data privacy and AI laws and regulations;\n\n•\nour failure to protect our intellectual property rights;\n\n•\npotential outcomes related to pending or future litigation matters;\n\n•\nthe impact of macroeconomic factors on the U.S. and global economy, and in particular on our small- and medium-sized business customers;\n\n•\nvolatility in the political, market, and economic environment, including inflation and interest rate changes;\n\n•\nour ability to attract and retain qualified people; and\n\n•\nthe possible effects of negative publicity on our reputation and the value of our brand.\n\n \n\n1\n\n[Table of Contents](#tableofcontents)\n\n \n\nAny of these factors, as well as such other factors as discussed in Part I, Item 1A, “Risk Factors” and throughout Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10‑K (“Form 10-K”), and in our periodic filings with the Securities and Exchange Commission (the “SEC”), could cause our actual results to differ materially from our anticipated results. The information provided in this Form 10‑K is based upon the facts and circumstances known as of the date of this report, and any forward-looking statements made by us in this Form 10‑K speak only as of the date on which they are made. Except as required by law, we undertake no obligation to update these forward-looking statements after the date of filing this Form 10-K with the SEC to reflect events or circumstances after such date, or to reflect the occurrence of unanticipated events.\n\n \n\nOur investor presentation regarding the financial results for the fiscal year ended May 31, 2026 is available and accessible on our Paychex Investor Relations portal at https://investor.paychex.com. Information available on our website is not a part of, and is not incorporated into, this Form 10-K. We intend to make future investor presentations available exclusively on our Paychex Investor Relations portal."}