{
  "ticker": "PAYX",
  "company": "Paychex Inc.",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 15,
    "removed": 10,
    "modified": 122,
    "unchanged": 57,
    "total_current": 194,
    "total_prior": 189
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/payx/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/payx/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/payx/2026-vs-2025/index.json",
  "access": "public_preview",
  "source_filings": [
    {
      "label": "2026 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/723531/000119312526307785/0001193125-26-307785-index.htm"
    },
    {
      "label": "2025 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/0000950170-25-095300-index.htm"
    }
  ],
  "generated": "2026-09-28",
  "ai_summary": "New and revised disclosures highlight software defects, continuity failures, acquisitions, and cyber threats, broadening operational and technology risks.",
  "ai_brief": {
    "executive_summary": "New and revised disclosures highlight software defects, continuity failures, acquisitions, and cyber threats, broadening operational and technology risks.",
    "direction": "more_concerning",
    "top_themes": [
      "Cybersecurity",
      "Technology and operational resilience",
      "Acquisitions"
    ]
  },
  "risks": [
    {
      "status": "ADDED",
      "current_title": "We may experience software defects, undetected errors, and development delays, which could damage our relationship with customers, decrease our potential profitability and expose us to liability.",
      "prior_title": null,
      "severity": {
        "deterministic": 8,
        "ai_bump": 0,
        "total": 8,
        "tier": "high",
        "signal_hits": [
          "ai"
        ]
      },
      "current_body": "Our solutions rely on software and computing systems, including generative and agentic AI solutions, that can encounter development delays, complexities with integrating new technologies, and the underlying software may contain undetected errors, bias, viruses, or defects. Defects in our solutions, errors or delays caused by our solutions and generative AI solutions not working as anticipated could result in additional development costs, diversion of technical and other resources from our other development efforts, loss of credibility with current or potential customers, harm to our reputation and exposure to liability. In addition, we rely on technologies and software supplied by third parties that may also contain undetected errors, bias, viruses, or defects that could have a material adverse effect on our business, financial condition, results of operations and cash flows."
    }
  ],
  "full_url": "https://riskdiff.com/payx/2026-vs-2025/full/"
}