vs
Side-by-side financial comparison of Paychex (PAYX) and Warner Music Group Corp. (WMG). Click either name above to swap in a different company.
Warner Music Group Corp. is the larger business by last-quarter revenue ($1.8B vs $1.5B, roughly 1.2× Paychex). Paychex runs the higher net margin — 26.3% vs 9.6%, a 16.7% gap on every dollar of revenue. On growth, Paychex posted the faster year-over-year revenue change (17.4% vs 10.4%). Warner Music Group Corp. produced more free cash flow last quarter ($420.0M vs $382.8M). Over the past eight quarters, Warner Music Group Corp.'s revenue compounded faster (11.0% CAGR vs 3.8%).
Paychex, Inc. is an American company that provides human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses. Founded in 1971 and headquartered in Rochester, New York, the company has more than 100 offices serving approximately 800,000 payroll clients in the U.S. and Europe. Paychex is ranked 681st on the Fortune 500 list of largest corporations by revenue.
Warner Music Group Corp., commonly abbreviated as WMG, is an American multinational entertainment and record label conglomerate headquartered in New York City. It is one of the "Big Three" recording companies and the third-largest in the global music industry, after Universal Music Group and Sony Music Entertainment.
PAYX vs WMG — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.8B |
| Net Profit | $395.4M | $176.0M |
| Gross Margin | 72.6% | 46.4% |
| Operating Margin | 38.0% | 15.7% |
| Net Margin | 26.3% | 9.6% |
| Revenue YoY | 17.4% | 10.4% |
| Net Profit YoY | -4.4% | -25.4% |
| EPS (diluted) | $1.10 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | $395.4M | $176.0M | ||
| Q3 25 | $383.8M | $109.0M | ||
| Q2 25 | $297.2M | $-16.0M | ||
| Q1 25 | $519.3M | $36.0M | ||
| Q4 24 | $413.4M | $236.0M | ||
| Q3 24 | $427.4M | $41.0M | ||
| Q2 24 | $379.9M | $139.0M | ||
| Q1 24 | $498.6M | $96.0M |
| Q4 25 | 72.6% | 46.4% | ||
| Q3 25 | 72.3% | 44.6% | ||
| Q2 25 | 71.5% | 45.9% | ||
| Q1 25 | 73.6% | 46.7% | ||
| Q4 24 | 70.4% | 46.3% | ||
| Q3 24 | 70.3% | 47.6% | ||
| Q2 24 | 70.1% | 46.6% | ||
| Q1 24 | 72.8% | 47.1% |
| Q4 25 | 38.0% | 15.7% | ||
| Q3 25 | 36.3% | 7.7% | ||
| Q2 25 | 31.2% | 10.0% | ||
| Q1 25 | 47.2% | 11.3% | ||
| Q4 24 | 42.0% | 12.8% | ||
| Q3 24 | 42.7% | 8.8% | ||
| Q2 24 | 38.3% | 13.3% | ||
| Q1 24 | 46.6% | 8.0% |
| Q4 25 | 26.3% | 9.6% | ||
| Q3 25 | 25.7% | 5.8% | ||
| Q2 25 | 21.5% | -0.9% | ||
| Q1 25 | 35.4% | 2.4% | ||
| Q4 24 | 32.3% | 14.2% | ||
| Q3 24 | 33.4% | 2.5% | ||
| Q2 24 | 30.2% | 8.9% | ||
| Q1 24 | 35.7% | 6.4% |
| Q4 25 | $1.10 | — | ||
| Q3 25 | $1.06 | — | ||
| Q2 25 | $0.83 | — | ||
| Q1 25 | $1.43 | — | ||
| Q4 24 | $1.14 | — | ||
| Q3 24 | $1.18 | — | ||
| Q2 24 | $1.05 | — | ||
| Q1 24 | $1.38 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $751.0M |
| Total DebtLower is stronger | $5.0B | $4.4B |
| Stockholders' EquityBook value | $3.9B | $720.0M |
| Total Assets | $16.5B | $10.0B |
| Debt / EquityLower = less leverage | 1.28× | 6.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $751.0M | ||
| Q3 25 | $1.7B | $532.0M | ||
| Q2 25 | $1.7B | $527.0M | ||
| Q1 25 | $1.6B | $637.0M | ||
| Q4 24 | $1.2B | $802.0M | ||
| Q3 24 | $1.5B | $694.0M | ||
| Q2 24 | $1.5B | $607.0M | ||
| Q1 24 | $1.7B | $587.0M |
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $5.0B | $4.4B | ||
| Q2 25 | $4.9B | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | $798.6M | $4.0B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | $3.9B | $720.0M | ||
| Q3 25 | $4.0B | $647.0M | ||
| Q2 25 | $4.1B | $589.0M | ||
| Q1 25 | $4.1B | $567.0M | ||
| Q4 24 | $3.9B | $545.0M | ||
| Q3 24 | $3.9B | $518.0M | ||
| Q2 24 | $3.8B | $483.0M | ||
| Q1 24 | $3.7B | $433.0M |
| Q4 25 | $16.5B | $10.0B | ||
| Q3 25 | $16.7B | $9.8B | ||
| Q2 25 | $16.6B | $9.8B | ||
| Q1 25 | $11.2B | $9.6B | ||
| Q4 24 | $10.6B | $9.1B | ||
| Q3 24 | $10.5B | $9.2B | ||
| Q2 24 | $10.4B | $8.8B | ||
| Q1 24 | $13.0B | $8.7B |
| Q4 25 | 1.28× | 6.07× | ||
| Q3 25 | 1.25× | 6.75× | ||
| Q2 25 | 1.20× | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | 0.21× | 8.24× | ||
| Q1 24 | — | 9.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $444.9M | $440.0M |
| Free Cash FlowOCF − Capex | $382.8M | $420.0M |
| FCF MarginFCF / Revenue | 25.5% | 22.8% |
| Capex IntensityCapex / Revenue | 4.1% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.13× | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $663.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.9M | $440.0M | ||
| Q3 25 | $718.4M | $231.0M | ||
| Q2 25 | $343.8M | $46.0M | ||
| Q1 25 | $716.0M | $69.0M | ||
| Q4 24 | $295.0M | $332.0M | ||
| Q3 24 | $546.1M | $304.0M | ||
| Q2 24 | $221.7M | $188.0M | ||
| Q1 24 | $671.7M | $-31.0M |
| Q4 25 | $382.8M | $420.0M | ||
| Q3 25 | $662.5M | $203.0M | ||
| Q2 25 | $283.3M | $7.0M | ||
| Q1 25 | $667.3M | $33.0M | ||
| Q4 24 | $248.0M | $296.0M | ||
| Q3 24 | $510.5M | $271.0M | ||
| Q2 24 | $180.4M | $160.0M | ||
| Q1 24 | $631.0M | $-57.0M |
| Q4 25 | 25.5% | 22.8% | ||
| Q3 25 | 44.4% | 10.9% | ||
| Q2 25 | 20.5% | 0.4% | ||
| Q1 25 | 45.5% | 2.2% | ||
| Q4 24 | 19.4% | 17.8% | ||
| Q3 24 | 39.9% | 16.6% | ||
| Q2 24 | 14.4% | 10.3% | ||
| Q1 24 | 45.2% | -3.8% |
| Q4 25 | 4.1% | 1.1% | ||
| Q3 25 | 3.7% | 1.5% | ||
| Q2 25 | 4.4% | 2.3% | ||
| Q1 25 | 3.3% | 2.4% | ||
| Q4 24 | 3.7% | 2.2% | ||
| Q3 24 | 2.8% | 2.0% | ||
| Q2 24 | 3.3% | 1.8% | ||
| Q1 24 | 2.9% | 1.7% |
| Q4 25 | 1.13× | 2.50× | ||
| Q3 25 | 1.87× | 2.12× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | 1.92× | ||
| Q4 24 | 0.71× | 1.41× | ||
| Q3 24 | 1.28× | 7.41× | ||
| Q2 24 | 0.58× | 1.35× | ||
| Q1 24 | 1.35× | -0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
