Slide 1: Q4 and FY26 Operational and Financial Performance
Q4 and FY26 Operational and Financial Performance Fiscal 2026 Copyright 2026, Paychex, Inc. All rights reserved. Confidential and proprietary. 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain written statements in this presentation may contain, and members of management may from time to time make or discuss statements which constitute, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation
Slide 3: Paychex Overview
Overview • Trusted HCM provider serving ~800,000 clients and paying 1 in 11 U.S. private-sector employees(1) Paychex • Leading provider of AI-enabled HR technology and An industry-leading human advisory solutions powered by unrivaled data capital management (“HCM”) company delivering a full suite of
Slide 4: Q4 and FY26 Highlights
Q4 and FY26 Highlights Copyright 2026, Paychex, Inc. All rights reserved. Confidential and proprietary. 4
Slide 5: Fourth Quarter Highlights
Fourth Quarter Highlights Sustained growth in revenue and earnings with strong operational performance o Delivered strong double-digit revenue and earnings growth, accelerated organic revenue growth o Continued strong demand for our advisory and benefits solutions across ASO, PEO and Retirement o Ou
Slide 6: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Total Revenue Adjusted Operating Income(1) Adjusted Diluted EPS(1) 12% 17% 11% $676M $1,606M $1.32 $1,427M $577M $1.19 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 (1) Adjusted operating income and adjusted diluted earnings per share (“EPS”) are not U.S. genera
Slide 7: Fourth Quarter Revenue Key Drivers
Fourth Quarter Revenue Key Drivers Total Revenue Management Solutions 12% • Higher product penetration • Growth in the number of HR Solutions (ASO) worksite employees $1,606 • Price realization and higher revenue per client driven by Paycor's upmarket $1,427 $52 client base +15% • Paycor contributed
Slide 8: Fiscal 2026 Highlights
Fiscal 2026 Highlights Strong growth in revenue and earnings o Delivered total revenue guidance and exceeded earnings guidance after raising expectations twice o Generated strong double-digit revenue and earnings growth o Accelerated organic revenue growth in each quarter o Achieved industry-leading
Slide 9: Fiscal 2026 Financial Highlights
Fiscal 2026 Financial Highlights Total Revenue Adjusted Operating Income(1) Adjusted Diluted EPS(1) 17% 19% 11% $2,815M $6,512M $5.51 $5,572M $2,370M $4.98 FY25 FY26 FY25 FY26 FY25 FY26 (1) Adjusted operating income and adjusted diluted earnings per share (“EPS”) are not U.S. generally accepted acco
Slide 10: Fiscal 2026 Revenue Composition
Fiscal 2026 Revenue Composition Management Solutions1 PEO & Insurance Solutions 5% - 10% 10% - 15% Other Insurance Solutions 25% - 30% HR Solutions (ASO) $4.9B $1.4B 55% - 60% 85% - 90% Payroll & HCM PEO 5% - 10% Software Retirement (1) Year-over-year changes in Management Solutions revenue mix refl
Slide 11: WISE: A Highly Differentiated, AI-Powered Intelligence Engine
WISE: A Highly Differentiated, AI-Powered Intelligence Engine Workforce Intelligence Strengthened by Expertise Designed to Enhance Productivity, Decision-making and Results Better experiences. Smarter decisions. Stronger outcomes. Embedded across Paychex Flex | Paycor | SurePayroll WISE Intelligence
Slide 12: Recent Awards and Recognition
Recent Awards and Recognition Paychex continues to be recognized for its innovative technology, market leadership, and corporate culture Most Trustworthy Companies in America America’s Top WorkTech Companies Paychex was named one of the Most Trustworthy Paychex was named one of America’s Top WorkTec
Slide 13: Sustained Financial Performance
Sustained Financial Performance (In Millions, Except Per Share Amounts) Total Revenue Adjusted Diluted EPS(1) $6,512 $5.51 $4.98 $4.72 $5,572 $5,278 $4.27 $5,007 $4,612 $3.77 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 * 5-Year CAGR (1) Adjusted diluted earnings per share (“EPS”) is not a U.S.
Slide 14: Fiscal 2027 Outlook
Fiscal 2027 Outlook Copyright 2026, Paychex, Inc. All rights reserved. Confidential and proprietary. 14
Slide 15: Fiscal Year 2027 Outlook
Fiscal Year 2027 Outlook Year-over-Year Growth Management Solutions Revenue 5% - 6% PEO & Insurance Solutions Revenue 6% - 7% Total Revenue 5% - 6% (1) Adjusted Diluted EPS 7% - 9% Anticipated Result Interest on Funds Held for Clients $195M - $205M Adjusted Operating Income, as a Percent of Total Re
Slide 16: Financial Results
Financial Results Copyright 2026, Paychex, Inc. All rights reserved. Confidential and proprietary. 16
Slide 17: Financial Results
Financial Results For the Three and Twelve Months ended May 31, 2026 Three Months Ended % Twelve Months Ended % (In millions, except per share amounts) May 31, 2026 Change May 31, 2026 Change Management Solutions $ 1,183.6 14% $ 4,867.9 20% PEO and Insurance Solutions $ 369.7 9% $ 1,433.2 7% Total S
Slide 18: Financial Highlights
(In millions) May 31, 2026 May 31, 2025 Financial Cash, Restricted Cash, & Total Corporate Investments $ 1,177.3 $ 1,711.0 Highlights Total Debt, Net of Debt Issuance Costs(1) $ 4,556.1 $ 4,966.8 ($ in Millions) Net Debt Position $ 3,378.8 $ 3,255.8 Gross Leverage Ratio(2) 1.5x 2.0x • Strong liquidi
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three and Twelve Months ended May 31, 2026 Three Months Ended Twelve Months Ended May 31, May 31, % May 31, May 31, % 2026 2025 Change 2026 2025 Change Operating Income $ 604.7 $ 431.1 40% $ 2,510.5 $ 2,207.7 14% Non-GAAP Adjustments: Acquisition-related costs(1)
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three and Twelve Months ended May 31, 2026 Three Months Ended Twelve Months Ended May 31, May 31, % May 31, May 31, % 2026 2025 Change 2026 2025 Change Diluted EPS(1) $ 1.17 $ 0.82 43% $ 4.89 $ 4.58 7% Non-GAAP Adjustments: Acquisition-related costs(2) 0.20 0.46 0
Slide 21: Investment Portfolio Results
Investment Portfolio Results Three Months Ended Twelve Months Ended May 31, May 31, % May 31, May 31, % ($ in millions) 2026 2025 Change 2026 2025 Change Average Investment Balances: Funds Held For Clients $ 5,854.8 $ 5,142.7 14% $ 5,768.2 $ 4,699.5 23% Corporate Cash Equivalents and Investments $ 1
Slide 22: Thank you
Thank you Copyright 2026, Paychex, Inc. All rights reserved. Confidential and proprietary. 22