ADP's payroll and HCM machine still looks durable, but the more interesting read-through is the mix of recurring workflow revenue, client-funds interest, and a PEO segment that can quietly dilute margin quality.
References
Sources used in this report
SEC APISEC submissions JSON2026-05-14 · Issuer identity, ticker, exchange, CIK, SIC, filer status, fiscal year end, headquarters, and filing recency.SEC APISEC companyfacts JSON2026-05-14 · XBRL cross-check for revenue, income, assets, cash, debt, client funds, equity, operating cash flow, capex, and share data.SEC filingFY2025 Form 10-K2025-08-06 · Business model, product portfolio, client and worker counts, segment structure, competition, regulation, cybersecurity, risks, FY2025 financials, client funds, R&D, capital allocation, and operating metrics.SEC filingQ3 FY2026 Form 10-Q2026-04-30 · Latest quarterly financial statements, segment analysis, client funds investment strategy, liquidity, cash flow, repurchases, credit facilities, capital expenditures, and updated risk status.Company release furnished to SECQ3 FY2026 earnings release exhibit2026-04-29 · Q3 FY2026 headline results, adjusted EBIT, adjusted EPS, segment metrics, client funds balances, PEO worksite employees, and updated fiscal 2026 outlook.SEC governance filing2025 definitive proxy statement2025-09-25 · Board leadership, CEO role, compensation design, annual bonus metrics, PSU metrics, ownership guidelines, clawback, no-hedging/no-pledging policy, and stockholder engagement.SEC filingMay 2026 senior notes Form 8-K2026-05-07 · Post-quarter issuance of $1.0 billion of 5.000% senior notes due 2036.