Paychex (PAYX) Operating Margin (2009 - 2026)
Paychex (PAYX) reported Operating Margin of 38.93% for Q2 2026, up 487.0% on a YoY basis from 6.63% in Q2 2025, and down 11.09% sequentially from 43.78% in Q1 2026.
Paychex (PAYX) Operating Margin (2009 - 2026) Analysis & Trends
Paychex (PAYX) has 18 years of Operating Margin data on file, last reported at 38.93% in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin rose 487.0% year-over-year to 38.93%; the trailing twelve-month figure through May 2026 stood at 39.49% (down 222.0% YoY), and the FY2026 full-year result was 39.84%, down 97.0% from the prior year.
- Operating Margin slipped to 38.93% in Q2 2026, from 43.78% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 47.19% in Q1 2025 to a low of 34.06% in Q2 2025.
- A 5-year average of 41.06% and a median of 41.82% in 2022 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin sank 788 bps in 2025 and surged 487 bps in 2026, its largest moves.
- Tracing PAYX's Operating Margin over 5 years: stood at 39.68% in 2022, then grew by 4 bps to 41.28% in 2023, then grew by 2 bps to 42.01% in 2024, then dropped by 9 bps to 38.04% in 2025, then grew by 2 bps to 38.93% in 2026.
- Business Quant data shows PAYX's Operating Margin at 38.93% in Q2 2026, 43.78% in Q1 2026, and 38.04% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 201.80 Bn | 181.57 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 192.30 Bn | 189.59 Bn | - | - |
| 3 | Shopify | 163.13 Bn | 157.39 Bn | 1.55 Bn | 12.05% |
| 4 | Salesforce | 153.34 Bn | 141.50 Bn | 8.56 Bn | 21.08% |
| 5 | Uber Technologies | 138.81 Bn | 137.60 Bn | 5.95 Bn | 14.56% |
| 6 | ServiceNow | 111.21 Bn | 106.55 Bn | 2.82 Bn | 4.06% |
| 7 | Automatic Data Processing | 103.35 Bn | 100.12 Bn | 2.87 Bn | -22.99% |
| 8 | Adobe | 97.23 Bn | 91.60 Bn | 5.90 Bn | 33.82% |
| 9 | Snowflake | 94.50 Bn | 91.54 Bn | 926.45 Mn | -23.45% |
| 10 | Paychex | 41.85 Bn | 40.73 Bn | 1.14 Bn | 38.93% |
Historic Data
Download Data| Date | Value |
|---|---|
| May 31, 2026 | 38.93% |
| Feb 28, 2026 | 43.78% |
| Nov 30, 2025 | 38.04% |
| Aug 31, 2025 | 36.31% |
| May 31, 2025 | 34.06% |
| Feb 28, 2025 | 47.19% |
| Nov 30, 2024 | 42.01% |
| Aug 31, 2024 | 42.68% |
| May 31, 2024 | 41.94% |
| Feb 29, 2024 | 46.57% |
| Nov 30, 2023 | 41.28% |
| Aug 31, 2023 | 42.79% |
| May 31, 2023 | 37.63% |
| Feb 28, 2023 | 45.47% |
| Nov 30, 2022 | 39.68% |
| Aug 31, 2022 | 41.71% |
| May 31, 2022 | 34.88% |
| Feb 28, 2022 | 44.11% |
| Nov 30, 2021 | 40.23% |
| Aug 31, 2021 | 41.45% |