Paychex Q2 revenue rises 18% to $1.6 billion; adjusted EPS outlook raised to 10%-11% growth
Paychex reported fiscal second-quarter results for the three months ended November 30, 2025, with total revenue up 18% to $1.6 billion, and acquired Paycor contributing approximately 17% to Management Solutions revenue growth. GAAP diluted earnings per share fell 4% to $1.10 after $77.0 million of Paycor acquisition-related costs, while adjusted diluted EPS rose 11% to $1.26. The company updated its fiscal 2026 outlook so that adjusted diluted EPS is now expected to grow 10% to 11%, but the GAAP earnings decline and higher acquisition costs are the main offsets for shareholders.
Key points
- Total revenue was $1.6 billion ($1,557.6 million) for the quarter, up 18% from $1,316.9 million a year earlier.
- Diluted EPS was $1.10, down 4%; adjusted diluted EPS was $1.26, up 11%, excluding $77.0 million of acquisition-related costs.
- Operating margin was 36.7% versus 40.9% a year earlier; adjusted operating margin was 41.7%.
- Fiscal 2026 adjusted diluted EPS growth is now anticipated at 10% to 11%; other guidance is unchanged.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 19, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.