Modified

Management’sManagement's Discussion and Analysis of Financial Condition and Results of Operations reviews the operating results of Paychex, Inc. and its wholly owned subsidiaries (“"Paychex,”" the “"Company,” “" "we,” “" "our,”" or “"us”") for the three months ended February 28August 31, 2026 (the “third"first quarter”), the nine months ended February 28, 2026 (the "nine months"), the respective prior year periodsperiod ended February 28August 31, 2025 (the “"prior year periods”period"), and our financial condition as of February 28August 31, 2026. The focus of this review is on the underlying business reasons for material changes and trends affecting our revenue, expenses, net income, and financial condition. This review should be read in conjunction with the February 28August 31, 2026 consolidated financial statements and the related Notes to Consolidated Financial Statements (Unaudited) contained in this Quarterly Report on Form 10-Q (“"Form 10-Q”"). This review should also be read in conjunction with our Annual Report on Form 10-K (“"Form 10-K”") for the year ended May 31, 20252026 (“"fiscal 2025”2026"). Forward-looking statements in this Form 10-Q are qualified by the cautionary statement included under the next sub-heading, “"Cautionary Note Regarding Forward-Looking Statements.”"