[ADP] ADP: Q1 Fiscal 2027 Earnings Hinge on Payroll Headcount and Float

ADP, one of the world's largest human capital management (HCM) providers[1], runs payroll, tax filing, HR, benefits and compliance for more than 1.1 million employers[2]. Ahead of its Q1 fiscal 2027 earnings, ADP will hold its results call on 2026-10-28, covering the first quarter of fiscal 2027, ending September 30, 2026[3]. The latest full disclosure is the annual report for fiscal 2026, which ended June 30, 2026: revenue rose 7% to $21.95 billion (6% on an organic constant currency basis), adjusted EBIT margin expanded 80 basis points, and adjusted diluted EPS grew 11% to $11.12[4], with interest on client funds up 13.9% to $1.3548 billion[5]. On 2026-07-29, ADP guided fiscal 2027 revenue growth of 5% to 6%, adjusted EBIT margin expansion of 70 to 90 basis points, adjusted diluted EPS growth of 9% to 11% and client funds interest of $1.540 to $1.560 billion[6]. Analyst estimates compiled by Drillr put first-quarter revenue at $5.475 billion (8 analysts, range $5.435 to $5.505 billion) and adjusted EPS at $2.77 (9 analysts, range $2.67 to $2.91), roughly 5.8% revenue growth over the prior-year quarter and inside the full-year guidance range[7]; the company gives full-year guidance only, not quarterly guidance.

Three things matter most in this report. The first is the quality of growth in Employer Services (ES): US pays per control (PPC), which tracks headcount at existing clients, grew only 1% in fiscal 2026[4], and ADP's fiscal 2027 PPC guidance is 0% to 1% even as ES revenue is meant to hold at 5% to 6%[6], so first-quarter ES growth and whether bookings and retention guidance hold will test whether the slowdown is really one-off. The second is client funds interest: full-year guidance assumes average balance growth slows from 7.4% in fiscal 2026 to 3% to 4% while the average yield rises from 3.4% to about 3.7%[5][6], and this nearly cost-free income was the leading source of fiscal 2026 margin expansion[8], so first-quarter balances and yield decide whether it can keep carrying margins. The third is PEO profitability: zero-margin benefits pass-throughs grew 7% in fiscal 2026 while average worksite employees grew only 2%[9], and the PEO segment margin fell from 14.2% to 13.1%[10], so whether the gap between pass-through and employee growth narrows in the first quarter will show if the margin slide is widening or stabilizing.

Company Background and Business Structure

ADP reports two segments, Employer Services and PEO Services[11]. ES serves clients from single-employee businesses to multinationals with tens of thousands of workers, covering payroll, benefits administration, talent management, workforce management, compliance, HR, retirement and insurance services[11]; RUN serves more than 980,000 small businesses, Workforce Now is used by more than 90,000 mid-sized and large businesses in North America, Lyric HCM targets large global enterprises, and ADP pays about 26 million US workers, or roughly 1 in 6[12]. The PEO business, ADP TotalSource, acts as co-employer for more than 19,000 small and mid-sized clients and more than 770,000 worksite employees, taking on payroll, tax, benefits, workers' compensation and compliance duties[13].

ADP's revenue is mostly software and service fees, with zero-margin pass-throughs and interest forming separate blocks. Of fiscal 2026 revenue of $21.95 billion, HCM contributed $9.111 billion, HRO excluding PEO pass-throughs $3.974 billion, PEO zero-margin benefits pass-throughs $4.607 billion, Global $2.901 billion and client funds interest $1.355 billion[14]. By segment, ES revenue was $14.831 billion at a 36.7% margin and PEO revenue was $7.128 billion at a 13.1% margin[10]; more than 60% of PEO revenue is medical and other benefits passed through at cost, which pulls down the consolidated margin[9]. By billing location, US revenue was $19.280 billion, about 88% of the total, with $1.733 billion from EMEA and $524 million from Canada[15]; no single client or affiliated group exceeded 2% of annual revenue[2].

Client funds are a second, often overlooked economic layer in ADP's model. The company collects payroll and tax money from clients before payday and invests it before paying employees and tax authorities[16]; at the end of June 2026, client funds obligations stood at $44.4155 billion against $43.9578 billion of funds held for clients[17]. Implementation runs from as little as 24 hours for a small ES client to generally six to nine months for a large one, and multi-country Lyric or global payroll projects can exceed two years[2], so new bookings take time to turn into revenue.

Financial History and Current Position

ADP has grown revenue steadily over three fiscal years, and fiscal 2026 profit grew faster than revenue. Revenue rose from $19.203 billion in fiscal 2024 to $20.561 billion in fiscal 2025 and $21.947 billion in fiscal 2026[14]; total fiscal 2026 expenses rose 7% to $16.628 billion, including selling, general and administrative expenses up 9% to $4.408 billion, mainly because of $241.4 million in added sales investment, plus $67.2 million of non-recurring company-wide initiative costs and an $18.0 million legal settlement[18]. Fiscal 2026 pre-tax earnings rose 8% to $5.730 billion for a 26.1% margin, adjusted EBIT was $5.875 billion for a 26.8% margin, net earnings rose 8% to $4.4135 billion, diluted EPS was $10.94, adjusted diluted EPS was $11.12, and the effective tax rate was 23.0%[8].

The two segments moved in opposite margin directions in fiscal 2026. ES revenue was $14.831 billion and pre-tax earnings $5.437 billion, a 36.7% margin that widened 60 basis points, while PEO revenue was $7.128 billion and pre-tax earnings fell 2% to $936 million, a 13.1% margin that narrowed 110 basis points[10]. Client funds interest rose 13.9% to $1.3548 billion as average balances grew 7.4% to $40.4 billion and the average yield rose from 3.2% to 3.4%[5]. In the fourth quarter of fiscal 2026, ADP booked a $91.1 million business alignment charge, including $89.1 million of severance, which is excluded from adjusted results[19].

ADP's cash flow and balance sheet remain ample, and shareholder returns run close to free cash flow. Fiscal 2026 operating cash flow was $5.4412 billion and capital expenditures were $195.7 million, with fiscal 2027 capex planned at $200 to $225 million; at the end of June 2026 the company held $4.2 billion of its own cash and equivalents, carried $5.0 billion of senior unsecured notes and had no commercial paper outstanding[20]. During the year ADP returned $2.6 billion through dividends and $2.1 billion through buybacks, $4.7 billion in total[21], repurchasing about 8.6 million shares at an average price of $242.92[20].

Operating Model

ADP's revenue breaks into ES fee revenue, PEO revenue and client funds interest. ES fee revenue is roughly paying clients times modules per client times price, and it moves with new bookings going live, revenue retention (92.1% in fiscal 2026), annual price increases and existing-client headcount (US PPC up 1%)[4], while currency added about 1 percentage point in fiscal 2026[22]; excluding client funds interest, fiscal 2026 ES revenue was $13.489 billion, up about 6.2%[23][24]. PEO revenue equals worksite employees times per-employee administrative and insurance fees plus zero-margin pass-throughs that match their cost, and PEO revenue excluding pass-throughs was $2.521 billion, up 5%[9]; client funds interest equals average balance times average yield, or $40.4 billion times 3.4%, giving $1.3548 billion[5]. Revenue is billed monthly and recognized as services are delivered, and year-end tax forms and benefits enrollment early in the calendar year make the fiscal third quarter, covering January to March, the peak for revenue and balances, so the first quarter should be compared with the prior-year quarter.

Two positive levers and one drag set ADP's margin. In fiscal 2026, operating expenses were $10.241 billion (including $4.607 billion of zero-margin pass-throughs), research and development $1.029 billion, depreciation and amortization $491 million, selling, general and administrative expenses $4.408 billion and interest expense $459 million[18]. The first lever is client funds interest, which has almost no matching cost and which the annual report names as the leading reason for fiscal 2026 EBIT margin expansion[8]; the second is operating efficiency in ES service and implementation, where ADP is deploying AI tools across sales, service and R&D to raise internal productivity[25]. The drag comes from sales investment and from PEO benefits, workers' compensation and state unemployment costs[22][9]; selling and implementation costs arrive before new bookings produce revenue and depress margins until clients go live, while client funds interest reprices gradually as maturing securities are reinvested, so rate changes take time to reach earnings fully[26].

Reading ADP's cash flow requires separating its own cash from client money. Capital spending is light: fiscal 2026 operating cash flow of $5.4412 billion less $195.7 million of capex leaves free cash flow of about $5.246 billion, which covered $4.7 billion of dividends and buybacks[20][21]. Client money flows through financing activities as changes in client funds obligations and through investing activities as securities purchases and sales, on a scale far larger than operating cash flow, with financing cash flow from client funds obligations up a net $21.517 billion year over year in fiscal 2026; the company also has $11.7 billion of committed credit facilities and a commercial paper program of up to $11.7 billion for short-term client funds needs, and the credit facilities were undrawn as of the end of June 2026[20].

Industry and Competitive Position

ADP operates in a highly competitive HCM and payroll outsourcing industry and is one of its largest providers[1]. ES competes with other business outsourcers, ERP providers, cloud HCM vendors and financial institutions, PEO also competes with other PEOs, and companies running their own in-house HCM systems are a persistent alternative; the annual report does not name specific competitors[1]. More mid-sized and large North American businesses use Workforce Now than any other comparable HCM solution[12], and TotalSource is the largest IRS-certified PEO[13].

ADP's advantages lie in client stickiness and product breadth, but the available evidence cannot quantify its gap with peers. Based on fiscal 2026 retention levels, the annual report estimates average client relationships of about 13 years in ES and about 6 years in PEO[2], and the tax and compliance burden of switching payroll systems is the main source of that stickiness. In fiscal 2026 ADP made its ADP Assist AI agents available to nearly all of its more than 1.1 million clients and reported strong enterprise sales momentum for Lyric HCM and the WorkForce Suite[25]; at the same time, the annual report lists lower employment levels, whether from AI or otherwise, as a macro risk[27]. The available material includes no peer revenue, retention or margin data, so the competitive assessment here rests on ADP's own disclosures.

Core Debates

ADP says slower fiscal 2027 growth reflects an acquisition anniversary and a currency reversal. Can headcount growth at existing clients and retention keep Employer Services revenue growth at 5%-6%?

This question decides whether growth in ADP's core business holds up. Excluding client funds interest, ES fee revenue is about 61% of company revenue, and ES segment earnings of $5.437 billion are more than five times PEO's[10]. In fiscal 2026, ES revenue grew 7%, or 5% on an organic constant currency basis[28], new business bookings grew 6%, revenue retention was 92.1% and US PPC grew only 1%[4]. ADP's fiscal 2027 guidance calls for ES revenue growth of 5% to 6%, bookings growth of 4% to 7%, a retention decline of 10 to 30 basis points and PPC growth of 0% to 1%[6], which means growth rests almost entirely on new bookings, pricing and lower churn, with hiring at existing clients contributing almost nothing.

The current evidence supports both the company's explanation and a more cautious one. On the company's side, bookings grew 6% and retention stayed high at 92.1%[4], Lyric and global payroll products showed strong enterprise sales momentum[25], and the ES margin widened 60 basis points[10]; in fiscal 2026, reported ES growth ran about 2 percentage points above organic constant currency growth, with currency adding 1 point[28]. On the cautious side, PPC was only 1%, the annual report lists lower employment from AI or otherwise as a risk[27], and the company itself expects retention to slip. The alternative reading is that the slowdown is not merely one-off but reflects stalled hiring at existing clients combined with rising small-business failures, leaving ES growth more dependent on pricing and client funds interest.

ES transmission is direct, and headcount changes carry almost no offsetting cost savings. New bookings going live, revenue retention, annual pricing and existing-client headcount together set ES fee revenue, client funds interest is added on top to form ES revenue, and selling and implementation costs, which are incurred ahead of revenue, then shape the ES segment margin[22]. In fiscal 2026, ES selling and marketing expenses rose $188.6 million and servicing and implementation costs rose $159.7 million, yet the margin still widened on interest contributions and operating efficiency[22]. On ES revenue excluding interest of $13.489 billion, every 10 basis points of lost retention removes about $13.5 million of annualized revenue[23], while a drop in PPC lowers both per-employee revenue and client funds balances at the same time.

What remains unresolved is how long headcount stagnation at existing clients lasts and whether new bookings can offset it. In the first quarter, watch whether ES revenue grows at least 5% year over year and how fast it grows excluding client funds interest, whether US PPC holds at 0% to 1%, whether ADP keeps its full-year guidance for 4% to 7% bookings growth and a 10 to 30 basis-point retention decline, and whether the ES segment margin keeps widening. If first-quarter ES revenue grows less than 5% or PPC turns negative, or if ADP cuts full-year bookings or retention guidance and blames small-business failures or client layoffs, the view that the slowdown is one-off would weaken.

Client fund balance growth is set to slow from 7.4% to 3%-4%. Can a yield rising from 3.4% to about 3.7% still lift interest income by 14%-15%, as guided?

Client funds interest is the most direct source of ADP's margin expansion. Client funds obligations stood at $44.4155 billion at the end of June 2026[17], and the interest earned on that money before it is paid out has almost no matching cost. Fiscal 2026 interest income rose 13.9% to $1.3548 billion[5], and the annual report names it as the leading reason for EBIT margin expansion[8]. Fiscal 2027 guidance of $1.540 to $1.560 billion assumes average balance growth of 3% to 4% and an average yield rising to about 3.7%[6], and it is an important support for another 70 to 90 basis points of consolidated adjusted EBIT margin expansion.

The case for the interest guidance rests on portfolio structure and a conservative balance assumption. ADP ladders client fund investments out to five years in the extended portfolio and ten years in the long portfolio, reinvesting maturing money at prevailing rates[16], and the average yield already rose from 3.2% to 3.4% in fiscal 2026[26]; guidance uses a 4.4% blended rate for new purchases and assumes balance growth of only 3% to 4%, below fiscal 2026's 7.4%[6]. The risk is that balances track employment and wages while PPC is only 1%, and the annual report lists changes in both employment and interest rates as risks[27]; the yield assumption relies on Fed Funds futures and forward curves as of July 28, 2026, so falling rates would slow the yield increase[6]. The alternative reading is that much of fiscal 2026 margin expansion came from interest, so slower interest growth would also narrow ES margin expansion.

The interest chain links employment, rates and margins. Client counts, headcount and wages set the average balance built from prefunded payroll and taxes, reinvestment of maturing funds at current rates sets the average yield, and balance times yield gives interest income that falls almost entirely to ES revenue and consolidated EBIT margin[5]; in fiscal 2026, ES earned $1.3424 billion of client funds interest and PEO only $12.4 million[23]. The annual report estimates that a parallel 25 basis-point move in short- and intermediate-term rates would change pre-tax earnings by about $21.0 million over the 12 months ending June 2027, and a 25 basis-point move in short-term rates alone by about $10.0 million[26]; each percentage point of slower balance growth, at a $40.4 billion balance and a 3.4% yield, removes about $14 million of annual interest.

What remains unresolved is whether slowing balances or a rising yield moves faster. In the first quarter, watch whether client funds interest grows at least 14% year over year, whether average balance growth holds at 3% to 4%, whether the average yield is above 3.4%, and whether ADP adjusts its full-year interest guidance. If first-quarter interest grows less than 10%, full-year interest guidance is cut, or average balances grow less than 3%, that would show slower employment and wages have reached client funds, and interest would support margins less than guided.

Benefit pass-throughs and insurance costs in the PEO business are growing faster than worksite employees. Will the margin decline narrow in fiscal 2027?

The PEO margin trend decides whether the segment is a steady profit source or a lasting drag. PEO generates about a third of revenue, but more than 60% of that is zero-margin pass-throughs; in fiscal 2026 PEO revenue rose 7% to $7.128 billion, revenue excluding pass-throughs rose only 5% to $2.521 billion, and average worksite employees grew 2%[9]. PEO pre-tax earnings fell 2% to $936 million, and the margin dropped from 14.2% to 13.1%[10]. ADP's fiscal 2027 guidance calls for PEO revenue growth of 5% to 7%, growth excluding pass-throughs of 3% to 5% and average worksite employee growth of about 2%[6], and the company anticipates a further slight margin decline.

The case for only a slight decline rests on stable client relationships and sales investment that has already been made. The annual report estimates average PEO client relationships at about 6 years[2], and worksite employees keep growing; PEO selling and marketing expenses rose from $362.8 million to $415.6 million in fiscal 2026[24][23], so that investment has already been incurred ahead of revenue. Against this, zero-margin pass-throughs grew 7.4%, or $318.3 million, faster than the 2% employee growth, pointing to clear per-employee benefits inflation[9]; workers' compensation and state unemployment costs rose from $681.3 million to $718.4 million[24][23], and the pre-tax loss at ADP Indemnity also widened[9]. The alternative reading is that slower hiring at small and mid-sized clients holds employee growth below 2% while benefits and insurance inflation continues, so the margin decline exceeds what the company anticipates.

PEO transmission runs along three lines: revenue, pass-throughs and costs. Hiring and retention at small and mid-sized clients set the worksite employee count, and employees times per-employee fees set revenue excluding pass-throughs; medical benefits inflation raises zero-margin pass-through revenue and cost together, leaving profit unchanged but diluting the margin; and workers' compensation, state unemployment taxes and sales investment enter segment expenses and directly reduce PEO earnings[9]. On fiscal 2026 PEO revenue of $7.1281 billion, every 100 basis points of margin decline removes about $71 million of segment earnings[10].

What remains unresolved is whether the gap between pass-through growth and employee growth narrows. In the first quarter, watch whether PEO revenue excluding pass-throughs holds at 3% to 5%, whether average worksite employee growth is about 2%, whether the gap between pass-through and employee growth narrows, and whether the year-over-year PEO margin decline is smaller than 110 basis points. If the first-quarter PEO margin falls more than 110 basis points year over year or worksite employee growth drops below 1%, the view that the margin will decline only slightly would be refuted.

Risks and Falsifiers

AI-driven changes in how companies staff, combined with competition from large ERP vendors, cloud HCM software and in-house systems, could depress both headcount and pricing. ES fee revenue is largely priced per employee, so flat or negative PPC lowers both fee revenue and client funds balances; the annual report lists lower employment from AI or otherwise as a risk[27] and names in-house systems as a competitive alternative[1]. If PPC stays at or above 0% to 1%, retention and bookings guidance hold, and management keeps reporting new clients for Lyric and other enterprise products[25], this concern would weaken.

Layoffs at existing clients or rising small-business failures could turn PPC negative and push retention below guidance. On fiscal 2026 ES revenue excluding interest of $13.489 billion, every 10 basis points of lost retention removes about $13.5 million of annualized revenue[4]; lower PPC cuts both per-employee revenue and client funds balances with almost no offsetting cost savings, directly compressing margins[27]. If first-quarter PPC is at least 1% and ADP keeps or raises its full-year retention guidance, this risk has not materialized.

Falling rates or slower employment and wages could leave client fund yields or balances below the guidance assumptions. The annual report estimates that a parallel 25 basis-point move in short- and intermediate-term rates would change pre-tax earnings by about $21.0 million over the next 12 months[26]; each percentage point of slower balance growth, at fiscal 2026's $40.4 billion balance and 3.4% yield, removes about $14 million of annual interest[5], nearly all of which falls to profit. If the first-quarter average yield is at least 3.6%, balance growth is at least 4% and ADP keeps its full-year interest guidance, this risk is falsified.

Persistent inflation in medical benefits, workers' compensation and unemployment insurance, combined with slower hiring at small and mid-sized clients, would keep eroding PEO earnings. On fiscal 2026 PEO revenue of $7.1281 billion, every 100 basis points of PEO margin decline removes about $71 million of segment earnings[10], with pass-through and insurance costs as the main sources of that pressure[9]. If the first-quarter PEO margin declines no more than 50 basis points year over year and the gap between pass-through growth and employee growth narrows to within 3 percentage points, this risk would ease.

What to Watch Next

• ES headcount and retention: ES revenue grew 7% in fiscal 2026 (5% organic constant currency); first-quarter growth of at least 5%, including growth excluding interest, supports guidance, while growth below 5% weakens it.
• US PPC: up 1% in fiscal 2026; holding 0% to 1% supports the view, and a negative reading falsifies it.
• Bookings and retention guidance: bookings growth of 4% to 7% and a retention decline of 10 to 30 basis points; a cut blamed on layoffs or business failures falsifies the view.
• Client funds interest: $1.3548 billion in fiscal 2026, up 13.9%; growth of at least 14% supports guidance, while growth below 10% or a cut to full-year guidance falsifies it.
• Average balances and yield: $40.4 billion (up 7.4%) and 3.4%; balance growth of 3% to 4% with a yield above 3.4% supports guidance, and balance growth below 3% falsifies it.
• PEO revenue excluding pass-throughs and worksite employees: $2.521 billion (up 5%) and employees up 2%; holding 3% to 5% and about 2% supports guidance, and employee growth below 1% falsifies it.
• PEO margin: 13.1%, down 110 basis points; a smaller decline supports the view, and a decline of more than 110 basis points falsifies it.

Conclusion

Three forces drive ADP: ES fee revenue charged per employee and per module, nearly cost-free client funds interest, and a thin-margin PEO business carrying large zero-margin pass-throughs. In fiscal 2026 revenue reached $21.95 billion with a 26.8% adjusted EBIT margin[4], and operating cash flow of $5.4412 billion left the company in a solid financial position[20]. The central unresolved relationship is that headcount growth at existing clients has fallen to 1% and fiscal 2027 guidance allows only 0% to 1%, while margin expansion increasingly relies on interest growth driven by a yield rising from 3.4% to about 3.7%[6]; if slower employment hits both fee revenue and client fund balances, both supports weaken at once.

Since the annual report, the only independent analysis with a clear argument is a 2026-09-09 piece from DiviStock Chronicles[29]. The author argues that ADP's revenue is tied directly to employment at existing clients, so in a downturn client layoffs and small-business failures would immediately weigh on ES revenue; client funds interest acts as a structural hedge, cushioning slower volume with high-margin income while rates stay high, but if a recession forces aggressive rate cuts, reinvestment yields would gradually fall and become a second source of margin pressure[29]. That view treats the ES headcount and client funds interest debates as a hedged pair and lines up with the slower-balance, higher-yield combination in ADP's guidance; the author also credits high switching costs and AI efficiencies with supporting margins, yet calls ADP a wait-and-see name given a possibly contracting labor market[29]. Because this is the only independent assessment, it serves as one outside interpretation and cannot stand for the market's broader view.

The combination that would materially strengthen the current understanding is ES revenue growth of at least 5% with PPC holding at 0% to 1%, an average client fund yield above 3.4% with balance growth of 3% to 4%, and a PEO margin decline smaller than 110 basis points. Conversely, if PPC turns negative, average balance growth falls below 3% and PEO worksite employee growth drops below 1%, slower employment would have reached fee revenue, client funds and PEO all at once, and the view that the slowdown is one-off would be clearly weakened.

Sources

[1] ADP 10-K filed 2026-08-05 · competition · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[2] ADP 10-K filed 2026-08-05 · clients, implementation and retention · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[3] Drillr earnings calendar (updated 2026-09-30) · ADP 2026-10-28 call · 2026-09-30 · Drillr earnings calendar

[4] ADP 10-K filed 2026-08-05 · FY2026 highlights and operating metrics · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[5] ADP 10-K filed 2026-08-05 · total revenues and client funds interest · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[6] ADP 8-K filed 2026-07-29 · fiscal 2027 outlook · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000025/q4fy26exhibit99.htm

[7] Drillr analyst_financial_estimates (updated 2026-09-30) · ADP quarter ending 2026-09-30 · 2026-09-30 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] ADP 10-K filed 2026-08-05 · EBIT, adjusted EBIT, net earnings and EPS · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[9] ADP 10-K filed 2026-08-05 · PEO revenues and margin drivers · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[10] ADP 10-K filed 2026-08-05 · segment revenues, earnings and margins · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[11] ADP 10-K filed 2026-08-05 · business overview and reportable segments · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[12] ADP 10-K filed 2026-08-05 · platforms, payroll scale and PEO scale · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[13] ADP 10-K filed 2026-08-05 · PEO co-employment model and scale · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[14] ADP 10-K filed 2026-08-05 · revenue disaggregation FY2024-FY2026 · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[15] ADP 10-K filed 2026-08-05 · revenue by geography · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[16] ADP 10-K filed 2026-08-05 · client funds extended investment strategy · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[17] ADP 10-K filed 2026-08-05 · client funds obligations · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[18] ADP 10-K filed 2026-08-05 · FY2026 expenses · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[19] ADP 10-K filed 2026-08-05 · non-GAAP adjustments and business alignment program · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[20] ADP 10-K filed 2026-08-05 · cash flows, capital return and capex · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[21] ADP 10-K filed 2026-08-05 · cash returned to shareholders · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[22] ADP 10-K filed 2026-08-05 · Employer Services revenue and margin drivers · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[23] ADP 10-K filed 2026-08-05 · segment expenses FY2026 · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[24] ADP 10-K filed 2026-08-05 · segment expenses FY2025 · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[25] ADP 10-K filed 2026-08-05 · executive overview and AI deployment · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[26] ADP 10-K filed 2026-08-05 · client funds portfolio and interest-rate sensitivity · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[27] ADP 10-K filed 2026-08-05 · economic, employment and interest-rate risk · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[28] ADP 10-K filed 2026-08-05 · organic constant currency reconciliation · 2026-08-05 · 10-K · https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm

[29] DiviStock Chronicles 2026-09-09 · Automatic Data Processing - FY26 - Pricing Power & Client Float · 2026-09-09 · DiviStock Chronicles(Substack) · https://divistockchronicles.substack.com/p/automatic-data-processing-fy26-pricing