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Friday 6 November 2026 Export ADP’s income statement to Excel — free account

Automatic Data Processing, Inc.

ADP Technology Software Application

Automatic Data Processing, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $21.9 billion, up 6.74% from fiscal 2025.

Revenue
+6.10%
EPS
+13.5%
Free cash flow
−4.05%
Total debt
+24.9%

Quarter to September 2026, against a year earlier

305.96 2.42 +0.80%
Market cap
$121.3B
P/E
27.1×
Fwd P/E
23.8×
Dividend yield
2.22%
F-score
6/9
Altman Z
2.24
Beneish M
−2.63
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Employer Services
  • PEO

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.75
Sold, $m 21.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — 4 3 1 1 1 — 1 2 5 1 4
Insider Ownership 0.63%

Capital & Financial Ratios $m

Size
Market Cap 121,250.00
Revenue ttm 22,262.90
Net income ttm 4,525.70
Free cash flow ttm 4,755.80
Net debt Q 1,688.30
Valuation
P/E 27.06
Forward P/E 23.80
Price / sales 5.45
Forward P/S Powerpack
Price / FCF 25.51
Price / book 23.82 (above 6: high)
Financial health
Current ratio Q 1.03
Debt / equity Q 0.98
Interest coverage Q 9.88
Growth
Revenue growth Q +6.10% (above 0%: growing)
Operating income growth Q +9.75% (above 0%: growing)
EPS, this year +11.23%
EPS, next year A +9.36%
Revenue, next year A +6.07%
EPS, past 5 yrs +12.50%
EPS, next 5 yrs A +9.93%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.6×, against a ten-year median of 5.0×; over the ten years it ranged from 3.2× in 2016 to 6.7× in 2021.
P/E against its own 10 years 29.37%
10-year low 10-year high
P/S against its own 10 years 69.12%
10-year low 10-year high
P/B against its own 10 years 83.43%
10-year low 10-year high
EV/Sales against its own 10 years 71.29%
10-year low 10-year high
EV/FCF against its own 10 years 25.41%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.22%
Annual rate
6.80
Payout ratio
60.3%
Growth, 2017–25
+13.2%/yr
  1. 2.34 ’17
  2. 2.80 ’18 +20
  3. 3.28 ’19 +17
  4. 3.66 ’20 +12
  5. 3.83 ’21 +5
  6. 4.37 ’22 +14
  7. 5.15 ’23 +18
  8. 5.74 ’24 +11
  9. 6.32 ’25 +10
  10. 6.61 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 3,297 7,847 4,230 3,277
Receivables 3,428 3,579 3,521 3,524
Inventory — — — —
Other 38,817 31,827 44,810 46,025
45,543 43,252 52,561 52,826
2024 2025 2026 Q'26
Payables 101 169 163 139
ST’ Debt — — — —
Other 39,889 31,382 44,555 46,238
45,080 41,278 50,025 51,366

Compound Annual Growth %

10y 5y 3y
Sales 6.52% 7.90% 6.81%
Cash Flow 11.11% 11.96% 8.95%
Earnings 11.45% 11.18% 8.96%
Book Value 3.01% 1.24% 19.79%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 2.78 Actual 2.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 2.58 2.62 Beat by 0.04
Q3 FY26 3.28 3.37 Beat by 0.09
Q4 FY26 2.59 2.64 Beat by 0.05
Q1 FY27 2.78 2.82 Beat by 0.04
Q2 FY27 2.90 — Reports 27 January 2027

EPS $

Sep Dec Mar Jun Year
’26 2.83 — — — —
’26 2.49 2.62 3.38 2.45 10.94
’25 2.34 2.35 3.06 2.23 9.98
’24 2.08 2.13 2.88 2.02 9.10
’23 1.87 1.95 2.51 1.87 8.21
’22 1.65 1.65 2.21 1.50 7.00
’21 1.40 1.51 1.90 1.26 6.07
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 5,491 — — — —
’26 5,175 5,359 5,939 5,474 21,947
’25 4,833 5,048 5,553 5,127 20,561
’24 4,512 4,668 5,254 4,768 19,203
’23 4,216 4,391 4,928 4,478 18,012
’22 3,832 4,025 4,513 4,128 16,498
’21 3,471 3,696 4,102 3,737 15,005
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 651 — — — —
’26 642 1,133 2,238 1,428 5,441
’25 824 1,150 1,526 1,439 4,940
’24 327 1,032 1,498 1,301 4,158
’23 718 900 1,404 1,186 4,208
’22 122 1,094 971 913 3,100
’21 482 706 1,252 653 3,093
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 481 — — — —
’26 502 991 2,044 1,239 4,776
’25 688 1,016 1,388 1,311 4,404
’24 222 903 1,343 1,154 3,623
’23 586 758 1,247 1,045 3,636
’22 19 966 826 769 2,580
’21 362 599 1,102 543 2,606
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.9% a year for ten years. It grew 12.9% a year over the last ten.

Implied
9.9%
10 years, reported
12.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 12,372 13,274 14,110 14,590 15,005 16,498 18,012 19,203 20,561 21,947 22,263 +6.6% 23,280 24,620 25,964 +5.8%
Gross margin, % 41.44 41.56 43.15 42.12 42.42 42.65 44.74 45.44 46.03 46.42 46.60 +5.0 pt
EBT 2,617 2,283 3,006 3,183 3,361 3,804 4,438 4,872 5,310 5,730 5,878 +9.1%
EBT margin, % 21.15 17.20 21.30 21.81 22.40 23.06 24.64 25.37 25.83 26.11 26.40 +5.0 pt
Net income 1,788 1,885 2,293 2,467 2,599 2,949 3,412 3,752 4,080 4,414 4,526 +10.6%
Per share, $
Per share, $ Revenue 27.63 30.13 32.44 33.87 35.20 39.39 43.54 46.77 50.51 54.55 56.15 +7.9%
Earnings 3.87 4.28 5.27 5.73 6.10 7.04 8.25 9.14 10.02 10.97 11.31 +12.3%
Cash flow 4.75 5.71 6.18 7.02 7.26 7.40 10.17 10.13 12.13 13.53 13.75 +12.3%
Capex (1.05) (1.07) (1.28) (1.36) (1.14) (1.24) (1.38) (1.30) (1.32) (1.65) (1.75) +5.2%
Free cash flow 3.70 4.64 4.90 5.66 6.11 6.16 8.79 8.82 10.82 11.87 11.99 +13.8%
Book value 8.88 10.75 12.41 13.35 13.30 7.70 8.48 11.08 15.20 14.99 12.84 +6.0%
Shares, m 448 441 435 431 426 419 414 411 407 402 401 (1.2%)
Valuation, ×
Valuation, × P/E 26.41 32.58 31.51 25.98 32.67 29.88 26.67 25.76 30.81 20.41 27.06 28.3
P/S 3.71 4.48 5.13 4.40 5.64 5.33 5.05 5.04 6.11 4.11 5.45 4.9
P/B 11.54 12.55 13.40 11.15 14.93 27.27 25.91 21.28 20.29 14.94 23.82 17.3
EV/Sales 3.65 4.46 5.13 4.40 5.68 5.44 5.11 5.02 5.97 4.18 5.57 4.9
EV/FCF 27.25 28.98 34.01 26.34 32.69 34.78 25.31 26.63 27.86 19.23 26.07 28.3
Cash, $m
Cash, $m Operating cash flow 2,126 2,515 2,688 3,026 3,093 3,100 4,208 4,158 4,940 5,441 5,450 +11.0%
Capex (471) (470) (559) (587) (487) (519) (572) (535) (536) (665) (694) +3.9%
Free cash flow 1,655 2,045 2,130 2,439 2,606 2,580 3,636 3,623 4,404 4,776 4,756 +12.5%
Balance, $m
Balance, $m Working capital 2,843 1,411 1,715 1,438 2,647 (354) (597) 463 1,974 2,536 1,460 (1.3%)
Net debt (778) (168) 305 96 410 1,551 906 (306) (3,872) 734 1,688 n/m
Shareholders’ equity 3,977 4,736 5,400 5,752 5,670 3,225 3,509 4,548 6,188 6,031 5,092 +4.7%
Returns, %
Returns, % ROA 4.42 4.96 5.68 6.09 5.91 5.27 5.98 7.12 7.57 7.57 7.69 +3.2 pt
ROIC 45.99 34.99 33.14 33.57 34.18 49.77 63.81 72.90 146.04 53.39 54.47 +7.4 pt
ROE 42.27 43.27 45.24 44.23 45.50 66.30 101.33 93.14 76.00 72.24 78.94 +30.0 pt
People
People Employees 58,000 57,000 58,000 58,000 56,000 60,000 63,000 64,000 67,000 67,000 — +1.6%
Revenue/emp, $m 0.21 0.23 0.24 0.25 0.27 0.27 0.29 0.30 0.31 0.33 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Automatic Data Processing, or ADP, helps employers manage payroll and other parts of the employee lifecycle. Its customers range from one-person businesses to large multinational enterprises. Founded in 1949, ADP is headquartered in Roseland. Maria Black is its president and chief executive officer.

ADP sells cloud-based software for paying employees, tracking their time, administering benefits, recruiting and managing compliance. Employers can use its platforms to run these activities themselves or outsource some or all of the work to ADP. Its services also include retirement plan administration and access to insurance.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Employer Services 14,831 67.58%
PEO 7,128 32.48%
Gross margin 46.42%
Operating margin 26.33%
Pre-tax margin 26.11%

Revenue by segment since 2009

Automatic Data Processing, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SHOP Shopify Inc. $184.9B 87.9× 97.3× +31.58% (above 0%: growing) +79.50% (above 0%: growing) +60.95% (above 0%: growing) 47.59% 15.18% Compare
CRM Salesforce, Inc. $183.0B 20.2× 21.9× +10.83% (above 0%: growing) +118.27% (above 0%: growing) +81.49% (above 0%: growing) 76.65% 20.55% Compare
UBER Uber Technologies, Inc. $140.5B 39.7× 20.5× +9.65% (above 0%: growing) −91.22% (below 0%: shrinking) +13.68% (above 0%: growing) 43.46% 9.80% Compare
ADP Automatic Data Processing, Inc. $121.3B 27.1× 23.8× +6.10% (above 0%: growing) +13.51% (above 0%: growing) −4.05% (below 0%: shrinking) 46.00% 26.64%
NOW ServiceNow, Inc. $106.3B 73.1× 73.2× +20.52% (above 0%: growing) −44.21% (below 0%: shrinking) +31.46% (above 0%: growing) 70.51% 9.38% Compare
ADBE Adobe Inc. $95.9B 13.7× 13.7× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82% Compare
SNOW Snowflake Inc. $95.1B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
INTU Intuit Inc. $94.8B 21.4× 16.8× +13.65% (above 0%: growing) −1.47% (below 0%: shrinking) +253.37% (above 0%: growing) 78.11% 10.91% Compare
CDNS Cadence Design Systems, Inc. $85.5B 61.7× 67.7× +21.99% (above 0%: growing) −0.15% (below 0%: shrinking) +30.67% (above 0%: growing) 85.57% 26.25% Compare
Median of peers $101.1B 39.7× 21.9× +17.09% −0.15% +39.34% 73.58% 13.05%

All 230 Software Application stocks →

From the latest earnings call

Updated

  • CEO Maria Black said ADP added 100,000 clients to ADP Assist since the fourth quarter and had about 50 AI agents generally available.
  • CFO Peter Hadley said ADP raised its fiscal 2027 revenue and adjusted EPS growth outlook, supported in part by a higher client-funds interest forecast.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.91%
Held by the ten largest 43.44%
Holder Shares Stake Change
Vanguard 41.00m 10.31% −532.49k
BlackRock 36.16m 9.09% +657.40k
State Street 20.39m 5.13% +1.06m
Invesco 13.56m 3.41% +902.21k
Charles Schwab 12.73m 3.20% +1.17m
Geode Capital Management 11.96m 3.01% −38.19k
First Eagle Investment Management, LLC 10.35m 2.60% +7.50m
Wellington Management 10.03m 2.52% −75.16k
Morgan Stanley 8.36m 2.10% +1.97m
Capital Group 8.28m 2.08% −278.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 September 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 8.10%
Vanguard Capital Management 7.51%
State Street Corporation 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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ADP metrics, ten years each

stockrow.com/ADP · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com