Vanguard files 13G/A on Paychex with 37,764,731 shares at 10.5%

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 9 to Schedule 13G reporting a passive stake in Paychex, Inc. (PAYX). Vanguard disclosed beneficial ownership of 37,764,731 shares of Paychex common stock, representing 10.5% of the class as of 09/30/2025.

The filing shows 0 shares with sole voting power and 1,925,025 shares with shared voting power. Vanguard reports 34,607,727 shares with sole dispositive power and 3,157,004 shares with shared dispositive power. Vanguard certified the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Insights

Governance & Ownership Analyst

Vanguard reports a passive 10.5% stake in PAYX.

The Vanguard Group filed a Schedule 13G/A indicating beneficial ownership of 37,764,731 Paychex shares as of 09/30/2025. A 13G signals a passive investment posture, unlike a 13D which indicates potential intent to influence control.

Voting power is limited: sole voting power is 0, with shared voting power over 1,925,025 shares. Dispositive power is largely sole (34,607,727), with 3,157,004 shared. Vanguard also notes its clients have rights to dividends or sale proceeds, with no single client over 5%.

The certification states the holdings were acquired in the ordinary course and not to change or influence control. Actual market impact depends on future portfolio decisions; the filing itself is administrative.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Paychex Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

704326107

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 704326107

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,925,025.00
7	Sole Dispositive Power 34,607,727.00
8	Shared Dispositive Power 3,157,004.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,764,731.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.50 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Paychex Inc
(b)	Address of issuer's principal executive offices: 911 Panorama Trail South, Rochester, NY, 14625
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 704326107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 37764731
(b)	Percent of class: 10.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1925025
	(iii) Sole power to dispose or to direct the disposition of: 34607727
	(iv) Shared power to dispose or to direct the disposition of: 3157004
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	10/06/2025

FAQ

What did The Vanguard Group disclose about PAYX in this Schedule 13G/A?

Vanguard reported beneficial ownership of 37,764,731 Paychex shares, or 10.5% of the common stock, as of 09/30/2025.

How much voting power does Vanguard report over PAYX shares?

Vanguard reports 0 shares with sole voting power and 1,925,025 shares with shared voting power.

What dispositive power does Vanguard have over PAYX shares?

Vanguard reports 34,607,727 shares with sole dispositive power and 3,157,004 with shared dispositive power.

Is Vanguard’s PAYX stake passive or active?

The filing is a Schedule 13G with a certification that shares were acquired and are held in the ordinary course, not to change or influence control.

When is the date of the event for Vanguard’s PAYX ownership?

The reported event date is 09/30/2025.

Who may receive dividends or sale proceeds from Vanguard’s PAYX holdings?

Vanguard states its clients, including registered investment companies and other managed accounts, have rights to dividends or sale proceeds; no single client exceeds 5%.