Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 15

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 15
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, acquisitions and other general corporate purposes and potentially requiring repatriation of cash from outside the U.S.; |

| • |     | limiting our ability to obtain additional financing to fund future working capital, capital expenditures, 
 acquisitions or other general corporate requirements;                                                     |

| • |     | increasing our vulnerability to adverse economic and industry conditions; |

| • |     | exposing us to the risk of increased interest rates as certain of our borrowings are at variable rates of 
 interest;                                                                                                 |

| • |     | limiting our flexibility in planning for and reacting to changes in the industry in which we compete; |

| • |     | placing us at a disadvantage compared to other, less leveraged competitors and competitors that have greater 
 access to capital resources;                                                                                 |

| • |     | limiting our interest deductions for U.S. federal income tax purposes; and |

| • |     | increasing our cost of borrowing. |

In addition, if we incur any additional indebtedness that ranks equally with the notes, then subject to any collateral arrangements we may enter into, the holders of that debt will be entitled to share ratably in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding up of our company. S-7

The indenture governing the notes only provides limited protection against significant corporate events and other actions we may take that could adversely impact your investment in the notes.

The indenture governing
the notes contains only limited protections for holders of the notes. The indenture does not contain financial covenants or restrictions on debt incurrence by us or our subsidiaries. In addition, the covenants in the indenture restricting our
ability to create liens on our assets, enter into sale and leaseback transactions and merge or consolidate with another entity are subject to a number of important exceptions, limitations and qualifications that are described under “Description
of Notes—Certain Covenants” in this prospectus supplement, under “Description of Notes—Consolidation, Merger or Sale” in the accompanying prospectus and in the indenture.

An increase in market interest rates could result in a decrease in the market value of the notes.

In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest generally decline in market value.
Consequently, if you purchase notes in this offering and market interest rates increase, the market values of the notes may decline. We cannot predict the future level of market interest rates.

Active trading markets for the notes may not develop.