Paychex annual operating margin
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2026
Paychex Operating Margin Growth & History (PAYX)
Paychex's operating margin was 39.84% for fiscal 2026.
View full Paychex company overviewPaychex annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2026 | 2026-05-31 | 39.84% | −0.97 pp |
| 2025 | 2025-05-31 | 40.81% | −1.56 pp |
| 2024 | 2024-05-31 | 42.36% | +0.93 pp |
| 2023 | 2023-05-31 | 41.43% | +1.03 pp |
| 2022 | 2022-05-31 | 40.40% | +3.86 pp |
| 2021 | 2021-05-31 | 36.54% | −0.40 pp |
| 2020 | 2020-05-31 | 36.94% | −0.20 pp |
| 2019 | 2019-05-31 | 37.14% | −1.83 pp |
| 2018 | 2018-05-31 | 38.97% | −1.45 pp |
| 2017 | 2017-05-31 | 40.42% | +1.57 pp |
| 2016 | 2016-05-31 | 38.84% | +0.38 pp |
| 2015 | 2015-05-31 | 38.46% | −0.55 pp |
| 2014 | 2014-05-31 | 39.01% | +0.12 pp |
| 2013 | 2013-05-31 | 38.90% | +0.60 pp |
| 2012 | 2012-05-31 | 38.29% | +0.57 pp |
| 2011 | 2011-05-31 | 37.73% | +1.50 pp |
| 2010 | 2010-05-31 | 36.23% | −2.43 pp |
| 2009 | 2009-05-31 | 38.66% | −1.42 pp |
| 2008 | 2008-05-31 | 40.08% | — |
Paychex quarterly operating margin
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Q4.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q4 2026 | 2026-05-31 | 38.93% | +7.74 pp |
| Q3 2026 | 2026-02-28 | 45.20% | −1.98 pp |
| Q2 2026 | 2025-11-30 | 38.04% | −3.97 pp |
| Q1 2026 | 2025-08-31 | 36.31% | −6.37 pp |
| Q4 2025 | 2025-05-31 | 31.19% | −7.14 pp |
| Q3 2025 | 2025-02-28 | 47.19% | +0.62 pp |
| Q2 2025 | 2024-11-30 | 42.01% | +0.74 pp |
| Q1 2025 | 2024-08-31 | 42.68% | −0.11 pp |
| Q4 2024 | 2024-05-31 | 38.33% | +0.70 pp |
| Q3 2024 | 2024-02-29 | 46.57% | +1.10 pp |
| Q2 2024 | 2023-11-30 | 41.28% | +0.86 pp |
| Q1 2024 | 2023-08-31 | 42.79% | +1.08 pp |
| Q4 2023 | 2023-05-31 | 37.63% | +2.75 pp |
| Q3 2023 | 2023-02-28 | 45.47% | +0.86 pp |
| Q2 2023 | 2022-11-30 | 40.42% | +0.18 pp |
| Q1 2023 | 2022-08-31 | 41.71% | +0.25 pp |
| Q4 2022 | 2022-05-31 | 34.88% | +0.01 pp |
| Q3 2022 | 2022-02-28 | 44.61% | +1.88 pp |
| Q2 2022 | 2021-11-30 | 40.23% | +3.66 pp |
| Q1 2022 | 2021-08-31 | 41.45% | +10.49 pp |
| Q4 2021 | 2021-05-31 | 34.87% | +1.20 pp |
| Q3 2021 | 2021-02-28 | 42.73% | +0.82 pp |
| Q2 2021 | 2020-11-30 | 36.57% | +1.37 pp |
| Q1 2021 | 2020-08-31 | 30.96% | −4.97 pp |
| Q4 2020 | 2020-05-31 | 33.67% | +0.85 pp |
| Q3 2020 | 2020-02-29 | 41.92% | +0.93 pp |
| Q2 2020 | 2019-11-30 | 35.20% | −1.35 pp |
| Q1 2020 | 2019-08-31 | 35.93% | −1.94 pp |
| Q4 2019 | 2019-05-31 | 32.82% | −3.66 pp |
| Q3 2019 | 2019-02-28 | 40.99% | +0.79 pp |
| Q2 2019 | 2018-11-30 | 36.55% | −1.87 pp |
| Q1 2019 | 2018-08-31 | 37.87% | −2.85 pp |
| Q4 2018 | 2018-05-31 | 36.49% | −5.29 pp |
| Q3 2018 | 2018-02-28 | 40.20% | +1.67 pp |
| Q2 2018 | 2017-11-30 | 38.42% | −1.91 pp |
| Q1 2018 | 2017-08-31 | 40.72% | −0.40 pp |
| Q4 2017 | 2017-05-31 | 41.78% | +5.13 pp |
| Q3 2017 | 2017-02-28 | 38.53% | +1.32 pp |
| Q2 2017 | 2016-11-30 | 40.33% | −0.40 pp |
| Q1 2017 | 2016-08-31 | 41.12% | +0.17 pp |
| Q4 2016 | 2016-05-31 | 36.65% | +0.30 pp |
| Q3 2016 | 2016-02-29 | 37.20% | −0.32 pp |
| Q2 2016 | 2015-11-30 | 40.73% | +0.77 pp |
| Q1 2016 | 2015-08-31 | 40.95% | +0.84 pp |
| Q4 2015 | 2015-05-31 | 36.35% | +0.62 pp |
| Q3 2015 | 2015-02-28 | 37.53% | −1.02 pp |
| Q2 2015 | 2014-11-30 | 39.95% | −0.38 pp |
| Q1 2015 | 2014-08-31 | 40.12% | −1.49 pp |
| Q4 2014 | 2014-05-31 | 35.73% | −0.46 pp |
| Q3 2014 | 2014-02-28 | 38.55% | +0.62 pp |
| Q2 2014 | 2013-11-30 | 40.33% | −0.06 pp |
| Q1 2014 | 2013-08-31 | 41.61% | +0.45 pp |
| Q4 2013 | 2013-05-31 | 36.19% | +0.67 pp |
| Q3 2013 | 2013-02-28 | 37.92% | +0.98 pp |
| Q2 2013 | 2012-11-30 | 40.39% | +0.46 pp |
| Q1 2013 | 2012-08-31 | 41.16% | +0.37 pp |
| Q4 2012 | 2012-05-31 | 35.52% | +0.55 pp |
| Q3 2012 | 2012-02-29 | 36.94% | −0.49 pp |
| Q2 2012 | 2011-11-30 | 39.93% | +0.11 pp |
| Q1 2012 | 2011-08-31 | 40.79% | +2.05 pp |
| Q4 2011 | 2011-05-31 | 34.97% | −0.01 pp |
| Q3 2011 | 2011-02-28 | 37.44% | +4.31 pp |
| Q2 2011 | 2010-11-30 | 39.82% | +0.94 pp |
| Q1 2011 | 2010-08-31 | 38.74% | +0.78 pp |
| Q4 2010 | 2010-05-31 | 34.99% | −0.16 pp |
| Q3 2010 | 2010-02-28 | 33.12% | −4.22 pp |
| Q2 2010 | 2009-11-30 | 38.88% | −1.54 pp |
| Q1 2010 | 2009-08-31 | 37.96% | −3.52 pp |
| Q4 2009 | 2009-05-31 | 35.15% | — |
| Q3 2009 | 2009-02-28 | 37.35% | — |
| Q2 2009 | 2008-11-30 | 40.43% | — |
| Q1 2009 | 2008-08-31 | 41.49% | — |
Paychex operating margin trends
Over the last five reported fiscal years, Paychex's operating margin increased from 36.54% to 39.84%, a change of +3.30 percentage points. The latest reported quarter, Q4 2026, shows 38.93%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Paychex filings at SEC.gov ↗