The potential for Payments for Ecosystem Services (PES) programs to integrate nature's diverse values into decision-making, and thereby support broader transformative change, is of increasing research interest. We analyze published reviews and case studies of PES from the IPBES Values Assessment to evaluate 1) how diverse values were (or were not) articulated through PES programs, 2) what implications these inclusion or exclusion processes had for program evolution and outcomes, and 3) whether these outcomes support broader processes of transformative change. We find that integrating diverse values, combined with substantive decision-making by local communities, can strengthen social and environmental outcomes. However, evidence of factors that shape transformative changes from PES programs is still scarce and thus provides a fertile and much-needed avenue for further research.