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Side-by-side financial comparison of FiscalNote Holdings, Inc. (NOTE) and Paylocity Holding Corp (PCTY), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $22.2M, roughly 17.4× FiscalNote Holdings, Inc.). On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs -24.7%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $-1.9M). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% CAGR vs -16.8%).
FiscalNote Holdings, Inc., or commonly FiscalNote, is a publicly traded software, data, and media company headquartered in Washington, D.C. The company was founded by Timothy Hwang, Gerald Yao, and Jonathan Chen in 2013. FiscalNote provides software tools, platforms, data services, and news through the FiscalNote Government Relationship Management (GRM) service, its core product. The company also uses an artificial intelligence platform to analyze proposed U.S. legislation based on key phrase...
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
NOTE vs PCTY — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $22.2M | $387.0M |
| Net Profit | — | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | -83.7% | 18.2% |
| Net Margin | — | 13.0% |
| Revenue YoY | -24.7% | 11.3% |
| Net Profit YoY | — | 34.0% |
| EPS (diluted) | $-2.81 | $0.92 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $22.2M | $387.0M | ||
| Q3 25 | $22.4M | $378.9M | ||
| Q2 25 | $23.3M | $369.9M | ||
| Q1 25 | $27.5M | $421.1M | ||
| Q4 24 | $29.5M | $347.7M | ||
| Q3 24 | $29.4M | $333.1M | ||
| Q2 24 | $29.2M | $324.7M | ||
| Q1 24 | $32.1M | $366.8M |
| Q4 25 | — | $50.2M | ||
| Q3 25 | $-24.9M | $48.0M | ||
| Q2 25 | $-13.3M | $48.6M | ||
| Q1 25 | $-4.3M | $91.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | $-14.9M | $49.6M | ||
| Q2 24 | $-12.8M | $48.8M | ||
| Q1 24 | $50.6M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | -83.7% | 18.2% | ||
| Q3 25 | -43.4% | 19.6% | ||
| Q2 25 | -31.9% | 17.9% | ||
| Q1 25 | -50.0% | 30.2% | ||
| Q4 24 | -19.4% | 13.4% | ||
| Q3 24 | -23.1% | 19.3% | ||
| Q2 24 | -27.2% | 19.4% | ||
| Q1 24 | -35.6% | 29.0% |
| Q4 25 | — | 13.0% | ||
| Q3 25 | -110.8% | 12.7% | ||
| Q2 25 | -57.0% | 13.1% | ||
| Q1 25 | -15.4% | 21.7% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | -50.7% | 14.9% | ||
| Q2 24 | -43.6% | 15.0% | ||
| Q1 24 | 157.6% | 23.3% |
| Q4 25 | $-2.81 | $0.92 | ||
| Q3 25 | $-1.73 | $0.86 | ||
| Q2 25 | $-0.08 | $0.87 | ||
| Q1 25 | $-0.03 | $1.61 | ||
| Q4 24 | $1.88 | $0.66 | ||
| Q3 24 | $-1.33 | $0.88 | ||
| Q2 24 | $-0.09 | $0.85 | ||
| Q1 24 | $0.37 | $1.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.3M | $162.5M |
| Total DebtLower is stronger | $128.4M | $81.3M |
| Stockholders' EquityBook value | $62.0M | $1.1B |
| Total Assets | $255.1M | $7.0B |
| Debt / EquityLower = less leverage | 2.07× | 0.07× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $26.3M | $162.5M | ||
| Q3 25 | $31.2M | $165.2M | ||
| Q2 25 | $38.5M | $398.1M | ||
| Q1 25 | $46.3M | $477.8M | ||
| Q4 24 | $34.6M | $482.4M | ||
| Q3 24 | $32.7M | $778.5M | ||
| Q2 24 | $37.7M | $401.8M | ||
| Q1 24 | $43.6M | $492.7M |
| Q4 25 | $128.4M | $81.3M | ||
| Q3 25 | $131.5M | $81.3M | ||
| Q2 25 | $116.7M | $162.5M | ||
| Q1 25 | $118.0M | $243.8M | ||
| Q4 24 | $147.1M | $325.0M | ||
| Q3 24 | $152.2M | $325.0M | ||
| Q2 24 | $145.9M | $0 | ||
| Q1 24 | $153.0M | — |
| Q4 25 | $62.0M | $1.1B | ||
| Q3 25 | $75.5M | $1.1B | ||
| Q2 25 | $95.1M | $1.2B | ||
| Q1 25 | $98.7M | $1.2B | ||
| Q4 24 | $97.8M | $1.2B | ||
| Q3 24 | $98.5M | $1.1B | ||
| Q2 24 | $106.9M | $1.0B | ||
| Q1 24 | $106.1M | $1.1B |
| Q4 25 | $255.1M | $7.0B | ||
| Q3 25 | $273.9M | $4.2B | ||
| Q2 25 | $288.3M | $4.4B | ||
| Q1 25 | $299.7M | $5.2B | ||
| Q4 24 | $326.2M | $5.3B | ||
| Q3 24 | $337.9M | $4.0B | ||
| Q2 24 | $346.3M | $4.2B | ||
| Q1 24 | $357.8M | $5.0B |
| Q4 25 | 2.07× | 0.07× | ||
| Q3 25 | 1.74× | 0.07× | ||
| Q2 25 | 1.23× | 0.13× | ||
| Q1 25 | 1.20× | 0.20× | ||
| Q4 24 | 1.50× | 0.28× | ||
| Q3 24 | 1.54× | 0.29× | ||
| Q2 24 | 1.36× | 0.00× | ||
| Q1 24 | 1.44× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-279.0K | $117.0M |
| Free Cash FlowOCF − Capex | $-1.9M | $113.6M |
| FCF MarginFCF / Revenue | -8.7% | 29.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 7.4% | 0.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-18.6M | $461.1M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-279.0K | $117.0M | ||
| Q3 25 | $-8.3M | $86.5M | ||
| Q2 25 | $-6.2M | $86.6M | ||
| Q1 25 | $3.3M | $186.0M | ||
| Q4 24 | $-1.3M | $54.2M | ||
| Q3 24 | $-3.0M | $91.5M | ||
| Q2 24 | $-3.7M | $79.9M | ||
| Q1 24 | $2.7M | $167.5M |
| Q4 25 | $-1.9M | $113.6M | ||
| Q3 25 | $-10.4M | $82.7M | ||
| Q2 25 | $-7.7M | $81.1M | ||
| Q1 25 | $1.3M | $183.7M | ||
| Q4 24 | $-3.4M | $51.2M | ||
| Q3 24 | $-5.4M | $89.1M | ||
| Q2 24 | $-6.5M | $73.6M | ||
| Q1 24 | $1.0M | $162.0M |
| Q4 25 | -8.7% | 29.4% | ||
| Q3 25 | -46.2% | 21.8% | ||
| Q2 25 | -33.0% | 21.9% | ||
| Q1 25 | 4.7% | 43.6% | ||
| Q4 24 | -11.4% | 14.7% | ||
| Q3 24 | -18.4% | 26.8% | ||
| Q2 24 | -22.1% | 22.7% | ||
| Q1 24 | 3.3% | 44.2% |
| Q4 25 | 7.4% | 0.9% | ||
| Q3 25 | 9.3% | 1.0% | ||
| Q2 25 | 6.4% | 1.5% | ||
| Q1 25 | 7.2% | 0.5% | ||
| Q4 24 | 6.8% | 0.9% | ||
| Q3 24 | 8.3% | 0.7% | ||
| Q2 24 | 9.4% | 1.9% | ||
| Q1 24 | 5.3% | 1.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | 0.05× | 1.96× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
NOTE
| Subscription | $21.2M | 95% |
| Advisory Advertising And Other | $1.0M | 5% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
