Automatic Data Processing (ADP) Financials

$304.05 -0.05 (-0.02%)

Closing price 08/29/2025 04:00 PM Eastern

Extended Trading

$304.08 +0.02 (+0.01%)

As of 08/29/2025 07:36 PM Eastern

Annual Income Statements for Automatic Data Processing

This table shows Automatic Data Processing's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,453	1,493	1,788	1,885	2,293	2,467	2,599	2,949	3,412	3,752	4,080
Consolidated Net Income / (Loss)	1,453	1,493	1,788	1,885	2,293	2,467	2,599	2,949	3,412	3,752	4,080
Net Income / (Loss) Continuing Operations	1,377	1,493	1,788	1,885	2,293	2,467	2,599	2,949	3,412	3,752	4,080
Total Pre-Tax Income	2,071	2,235	2,617	2,283	3,006	3,183	3,361	3,804	4,438	4,872	5,310
Total Operating Income	2,014	2,191	2,354	2,557	3,024	3,142	3,325	3,721	4,507	4,947	5,412
Total Gross Profit	4,511	4,828	5,128	5,517	6,089	6,145	6,365	7,835	8,904	9,682	10,452
Total Revenue	10,939	11,668	12,372	13,274	14,110	14,590	15,005	16,498	18,012	19,203	20,561
Operating Revenue	10,939	11,668	12,372	13,274	14,110	14,590	15,005	16,498	18,012	19,203	20,561
Total Cost of Revenue	6,428	6,840	7,245	7,757	8,022	8,445	8,640	9,462	9,953	10,477	11,097
Operating Cost of Revenue	6,428	6,840	7,245	7,757	8,022	8,445	8,640	8,663	9,109	9,521	10,109
Total Operating Expenses	2,497	2,637	2,774	2,959	3,064	3,003	3,041	4,114	4,396	4,735	5,040
Selling, General & Admin Expense	2,497	2,637	2,774	2,959	3,064	3,003	3,041	3,233	3,551	3,779	4,052
Research & Development Expense	-	-	-	-	-	-	-	799	845	956	989
Total Other Income / (Expense), net	57	44	263	-275	-19	41	37	83	-70	-75	-102
Interest Expense	6.50	56	80	103	130	107	60	-	253	361	456
Other Income / (Expense), net	63	100	343	-172	111	148	96	83	184	287	354
Income Tax Expense	694	741	829	398	713	716	763	855	1,026	1,120	1,230
Basic Earnings per Share	$3.07	$3.27	$3.99	$4.28	$5.27	$5.73	$6.10	$7.04	$8.25	$9.14	$10.02
Weighted Average Basic Shares Outstanding	472.60M	457M	447.80M	440.60M	435M	430.80M	426.30M	418.80M	413.70M	410.60M	407.10M
Diluted Earnings per Share	$3.05	$3.25	$3.97	$4.25	$5.24	$5.70	$6.07	$7.00	$8.21	$9.10	$9.98
Weighted Average Diluted Shares Outstanding	475.80M	459.10M	450.30M	443.30M	437.60M	432.70M	428.10M	421.10M	415.70M	412.20M	408.70M
Weighted Average Basic & Diluted Shares Outstanding	473.10M	456.40M	447.90M	440.40M	435.10M	429.97M	423.08M	415.52M	411.99M	407.80M	405.04M

This table shows Automatic Data Processing's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	813	1,043	777	859	878	1,185	829	956	963	1,250	911
Consolidated Net Income / (Loss)	813	1,043	777	859	878	1,185	829	956	963	1,250	911
Net Income / (Loss) Continuing Operations	813	1,043	777	859	878	1,185	829	956	963	1,250	911
Total Pre-Tax Income	1,058	1,364	1,006	1,093	1,144	1,546	1,089	1,236	1,261	1,622	1,191
Total Operating Income	1,085	1,366	782	1,117	1,184	1,545	740	1,272	1,300	1,633	1,207
Total Gross Profit	2,145	2,513	2,215	2,234	2,335	2,728	2,385	2,432	2,545	2,896	2,579
Total Revenue	4,391	4,928	4,478	4,512	4,668	5,254	4,768	4,833	5,048	5,553	5,127
Operating Revenue	4,391	4,928	4,478	4,512	4,668	5,254	4,768	4,833	5,048	5,553	5,127
Total Cost of Revenue	2,451	2,624	2,485	2,515	2,562	2,768	2,632	2,634	2,743	2,904	2,817
Operating Cost of Revenue	2,247	2,415	2,263	2,279	2,333	2,526	2,384	2,401	2,503	2,657	2,548
Total Operating Expenses	1,060	1,147	1,433	1,117	1,151	1,184	1,644	1,159	1,246	1,263	1,373
Selling, General & Admin Expense	856	938	957	880	923	941	1,035	927	1,006	1,016	1,103
Research & Development Expense	204	209	222	237	229	243	248	233	240	247	269
Total Other Income / (Expense), net	-27	-2.00	224	-24	-40	1.60	349	-36	-39	-11	-16
Interest Expense	57	38	-	92	105	63	-	138	130	75	114
Other Income / (Expense), net	31	36	77	68	65	64	90	102	91	64	98
Income Tax Expense	245	321	229	233	265	361	260	280	298	372	280
Basic Earnings per Share	$1.96	$2.52	$1.89	$2.09	$2.14	$2.89	$2.02	$2.34	$2.36	$3.07	$2.25
Weighted Average Basic Shares Outstanding	414.30M	413.70M	413.70M	411.70M	411.10M	410.50M	410.60M	407.90M	407.60M	406.90M	407.10M
Diluted Earnings per Share	$1.95	$2.51	$1.88	$2.08	$2.13	$2.88	$2.01	$2.34	$2.35	$3.06	$2.23
Weighted Average Diluted Shares Outstanding	416.20M	415.50M	415.70M	413.60M	412.50M	412.10M	412.20M	409.50M	409M	408.50M	408.70M
Weighted Average Basic & Diluted Shares Outstanding	414.35M	413.12M	411.99M	411.30M	410.79M	409.29M	407.80M	407.46M	406.87M	405.92M	405.04M

This table details how cash moves in and out of Automatic Data Processing's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	166	9,772	-7,277	-1,645	283	257	6,090	9,640	-14,012	1,337	-5,031
Net Cash From Operating Activities	1,974	1,897	2,126	2,515	2,688	3,026	3,093	3,100	4,208	4,158	4,940
Net Cash From Continuing Operating Activities	1,829	1,897	2,126	2,515	2,688	3,026	3,093	3,100	4,208	4,158	4,940
Net Income / (Loss) Continuing Operations	1,453	1,493	1,788	1,885	2,293	2,467	2,599	2,949	3,412	3,752	4,080
Consolidated Net Income / (Loss)	1,453	1,493	1,788	1,885	2,293	2,467	2,599	2,949	3,412	3,752	4,080
Depreciation Expense	278	289	316	378	409	480	511	515	549	562	582
Amortization Expense	100	94	874	909	924	965	1,005	1,056	1,016	1,025	1,073
Non-Cash Adjustments To Reconcile Net Income	163	150	79	207	204	220	221	-867	292	296	333
Changes in Operating Assets and Liabilities, net	-164	-128	-931	-863	-1,141	-1,106	-1,241	-554	-1,061	-1,478	-1,128
Net Cash From Investing Activities	-3,760	-869	-1,113	-2,505	-2,198	3,156	-3,515	-7,014	-2,517	-1,389	-3,035
Net Cash From Continuing Investing Activities	-5,360	-869	-1,113	-2,505	-2,198	3,156	-3,515	-7,014	-2,517	-1,389	-3,035
Purchase of Property, Plant & Equipment	-159	-169	-240	-206	-162	-173	-179	-174	-206	-208	-169
Acquisitions	-177	-218	-318	-877	-530	-444	-327	-391	-398	-389	-1,543
Purchase of Investments	-5,048	-5,876	-4,383	-4,877	-4,423	-3,905	-9,266	-10,733	-6,619	-6,835	-7,858
Sale of Property, Plant & Equipment	24	16	0.00	0.40	7.90	29	19	34	0.00	28	11
Sale and/or Maturity of Investments	-	5,215	3,594	3,455	2,909	7,648	6,238	4,250	4,706	6,040	6,539
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.00	-25	-15
Net Cash From Financing Activities	1,548	8,753	-8,282	-1,656	-208	-5,891	6,438	13,653	-15,681	-1,432	-6,973
Net Cash From Continuing Financing Activities	3,696	8,753	-8,282	-1,656	-208	-5,891	6,438	13,653	-15,636	-1,432	-6,973
Repayment of Debt	-2.30	-25	-2.00	-13	-7.90	-2.20	-1,002	-0.90	-1.00	-0.90	-1,001
Repurchase of Common Equity	-1,557	-1,156	-1,260	-989	-938	-1,006	-1,372	-1,969	-1,121	-1,232	-1,612
Payment of Dividends	-928	-944	-995	-1,064	-1,293	-1,471	-1,576	-1,659	-1,904	-2,183	-2,399
Issuance of Debt	-	1,998	-	-	0.00	0.00	1,982	-	0.00	0.00	6,750
Other Financing Activities, net	6,184	8,879	-6,025	410	1,769	-3,163	8,396	17,154	-12,610	1,664	-8,711
Cash Interest Paid	-	38	78	101	128	105	53	75	247	354	427
Cash Income Taxes Paid	773	652	817	530	634	677	974	857	1,081	1,185	1,198

This table details how cash moves in and out of Automatic Data Processing's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	7,707	4,758	-9,269	-1,810	6,917	6,246	-10,039	-7,295	13,813	-8,405	-3,145
Net Cash From Operating Activities	900	1,404	1,186	327	1,032	1,498	1,301	824	1,150	1,526	1,439
Net Cash From Continuing Operating Activities	900	1,404	1,186	327	1,032	1,498	1,301	824	1,150	1,526	1,439
Net Income / (Loss) Continuing Operations	813	1,043	777	859	878	1,185	829	956	963	1,250	911
Consolidated Net Income / (Loss)	813	1,043	777	859	878	1,185	829	956	963	1,250	911
Depreciation Expense	137	137	140	142	140	145	136	139	151	147	146
Amortization Expense	253	251	252	257	253	257	259	266	269	268	271
Non-Cash Adjustments To Reconcile Net Income	308	75	-1,092	-200	350	605	92	73	95	86	79
Changes in Operating Assets and Liabilities, net	-611	-102	1,108	-731	-588	-693	-16	-609	-327	-225	33
Net Cash From Investing Activities	108	-583	-465	-216	138	-1,094	-217	-1,644	-1,258	-556	423
Net Cash From Continuing Investing Activities	108	-583	-465	-216	138	-1,094	-217	-1,644	-1,258	-556	423
Purchase of Property, Plant & Equipment	-50	-50	-61	-39	-55	-60	-55	-59	-39	-36	-34
Acquisitions	-107	-125	-80	-121	-79	-98	-92	-81	-1,255	-106	-102
Purchase of Investments	-643	-1,764	-1,148	-710	-595	-3,060	-2,470	-2,772	-1,219	-1,666	-2,202
Sale of Property, Plant & Equipment	-	-	-	22	4.40	1.90	-	3.30	-	-	7.50
Sale and/or Maturity of Investments	907	1,356	824	632	871	2,121	2,415	1,267	1,257	1,259	2,756
Other Investing Activities, net	-	-	-	0.00	-8.50	-	-16	-3.10	-1.40	-7.00	-3.40
Net Cash From Financing Activities	6,678	3,938	-9,995	-1,904	5,720	5,868	-11,116	-6,492	13,974	-9,399	-5,057
Net Cash From Continuing Financing Activities	6,678	3,938	-9,995	-1,904	5,720	5,868	-11,116	-6,492	13,974	-9,399	-5,057
Repayment of Debt	-0.30	-0.20	-0.30	-0.20	-0.30	-0.20	-0.20	-0.30	-0.30	-0.30	-1,000
Repurchase of Common Equity	-220	-264	-304	-250	-255	-292	-436	-373	-272	-312	-656
Payment of Dividends	-433	-521	-518	-516	-516	-576	-575	-573	-573	-628	-626
Issuance of Debt	-	-	-	0.00	-	-	-	5,364	-4,375	-	5,761
Other Financing Activities, net	7,519	4,590	-9,128	-1,138	6,491	6,684	-10,425	-11,207	19,492	-8,113	-8,882
Cash Interest Paid	48	44	98	97	96	68	93	141	109	90	87
Cash Income Taxes Paid	480	242	302	88	503	216	379	65	519	253	361

This table presents Automatic Data Processing's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	33,111	43,670	37,180	38,849	41,888	39,166	48,773	63,068	50,971	54,363	53,369
Total Current Assets	28,809	39,500	32,659	31,823	34,342	31,564	40,742	54,805	42,171	45,543	43,252
Cash & Equivalents	1,639	3,191	2,780	2,170	1,949	1,909	2,575	1,436	2,084	2,913	3,348
Short-Term Investments	27	-	-	0.00	11	-	-	-	-	384	4,499
Accounts Receivable	1,547	1,743	1,704	1,984	2,439	2,441	2,727	3,171	3,010	3,428	3,579
Other Current Assets	25,596	34,567	28,175	27,669	29,943	27,214	35,439	50,198	37,078	38,817	31,827
Plant, Property, & Equipment, net	673	685	780	794	764	704	685	653	681	686	655
Total Noncurrent Assets	3,629	3,485	3,741	6,232	6,781	6,898	7,346	7,611	8,119	8,135	9,462
Noncurrent Note & Lease Receivables	32	27	28	26	24	19	12	9.10	8.50	7.30	4.40
Goodwill	1,794	1,682	1,741	2,244	2,323	2,309	2,338	2,301	2,339	2,354	3,274
Intangible Assets	503	534	620	886	1,072	1,216	1,210	1,333	1,344	1,336	1,603
Other Noncurrent Operating Assets	1,271	1,241	1,352	3,077	3,363	3,354	3,786	3,968	4,428	4,438	4,581
Total Liabilities & Shareholders' Equity	33,101	43,670	37,180	38,849	41,888	39,166	48,773	63,068	50,971	54,363	53,369
Total Liabilities	28,293	39,188	33,203	34,113	36,488	33,413	43,102	59,843	47,462	49,815	47,181
Total Current Liabilities	27,114	35,847	29,816	30,413	32,628	30,127	38,095	55,159	42,768	45,080	41,278
Short-Term Debt	-	-	-	-	0.00	1,002	-	-	-	0.00	4,770
Accounts Payable	195	152	150	135	126	102	141	110	97	101	169
Accrued Expenses	1,159	1,247	1,382	1,548	1,759	1,981	1,963	2,108	2,343	3,350	3,092
Dividends Payable	226	238	251	299	340	387	391	430	510	566	621
Current Deferred Revenue	229	233	233	226	221	213	204	188	189	200	263
Current Deferred & Payable Income Tax Liabilities	27	28	49	44	55	40	58	38	44	15	9.10
Current Employee Benefit Liabilities	627	617	563	668	721	557	910	863	941	959	973
Other Current Liabilities	24,651	33,332	27,189	27,494	29,145	25,832	34,404	51,286	38,539	39,504	31,343
Other Current Nonoperating Liabilities	-	-	-	0.00	262	14	24	136	105	385	38
Total Noncurrent Liabilities	1,179	3,341	3,387	3,701	3,860	3,287	5,008	4,684	4,694	4,735	5,903
Long-Term Debt	-	2,008	2,002	2,002	2,002	1,003	2,985	2,987	2,989	2,991	3,975
Noncurrent Deferred Revenue	363	381	391	448	399	371	362	335	348	360	385
Noncurrent Deferred & Payable Income Tax Liabilities	172	251	163	522	660	732	483	67	74	64	164
Other Noncurrent Operating Liabilities	644	701	830	728	799	1,181	1,177	1,295	1,284	1,319	1,380
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,809	4,482	3,977	4,736	5,400	5,752	5,670	3,225	3,509	4,548	6,188
Total Preferred & Common Equity	4,809	4,482	3,977	4,736	5,400	5,752	5,670	3,225	3,509	4,548	6,188
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,809	4,482	3,977	4,736	5,400	5,752	5,670	3,225	3,509	4,548	6,188
Common Stock	727	832	932	1,079	1,247	1,398	1,595	1,858	2,166	2,471	2,852
Retained Earnings	13,460	14,003	14,728	16,547	17,501	18,436	19,451	20,696	22,118	23,622	25,241
Treasury Stock	-9,118	-10,139	-11,304	-12,210	-13,091	-14,067	-15,387	-17,335	-18,469	-19,737	-21,021
Accumulated Other Comprehensive Income / (Loss)	-261	-215	-379	-680	-257	-15	11	-1,994	-2,306	-1,808	-883

This table presents Automatic Data Processing's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	46,365	54,453	59,882	50,971	49,324	57,069	64,182	54,363	49,511	64,097	56,449
Total Current Assets	37,969	46,144	51,518	42,171	40,480	48,543	55,640	45,543	39,911	54,254	46,537
Cash & Equivalents	1,208	1,345	1,828	2,084	1,441	1,641	3,292	2,913	2,105	2,216	2,681
Accounts Receivable	2,939	3,162	3,072	3,010	3,095	3,372	3,461	3,428	3,317	3,504	3,548
Other Current Assets	33,822	41,636	46,618	37,078	35,944	43,530	48,887	39,201	29,247	48,535	40,308
Plant, Property, & Equipment, net	645	655	664	681	660	671	677	686	693	682	670
Total Noncurrent Assets	7,751	7,654	7,700	8,119	8,183	7,855	7,866	8,135	8,908	9,160	9,241
Noncurrent Note & Lease Receivables	8.20	7.70	8.90	8.50	8.30	7.60	7.00	7.30	6.60	5.90	5.10
Goodwill	2,273	2,315	2,336	2,339	2,353	2,370	2,355	2,354	2,369	3,184	3,300
Intangible Assets	1,369	1,366	1,360	1,344	1,332	1,315	1,295	1,336	1,330	1,739	1,604
Other Noncurrent Operating Assets	4,101	3,966	3,995	4,428	4,491	4,163	4,208	4,438	4,261	4,231	4,332
Total Liabilities & Shareholders' Equity	46,365	54,453	59,882	50,971	49,324	57,069	64,182	54,363	49,511	64,097	56,449
Total Liabilities	43,788	51,466	56,188	47,462	45,851	52,750	59,555	49,815	44,163	59,019	50,593
Total Current Liabilities	39,166	46,814	51,536	42,768	41,229	48,098	54,902	45,080	39,372	54,303	45,845
Short-Term Debt	-	-	-	-	-	-	-	1.10	5,376	1,001	1,001
Accounts Payable	83	85	75	97	67	77	85	101	145	186	146
Accrued Expenses	2,165	2,373	2,189	2,343	2,292	2,635	3,715	3,349	2,974	3,089	2,977
Dividends Payable	429	515	512	510	510	570	569	566	566	622	621
Current Deferred Revenue	172	177	187	189	183	188	189	200	189	237	241
Current Deferred & Payable Income Tax Liabilities	177	11	62	44	180	1.10	110	15	170	4.40	64
Current Employee Benefit Liabilities	501	591	755	941	554	603	722	959	553	683	732
Other Current Liabilities	35,472	43,062	47,757	38,539	37,099	44,002	49,512	39,504	28,721	48,482	40,063
Other Current Nonoperating Liabilities	168	0.00	0.00	105	344	22	0.00	385	679	0.00	0.00
Total Noncurrent Liabilities	4,622	4,653	4,652	4,694	4,622	4,652	4,653	4,735	4,790	4,716	4,748
Long-Term Debt	2,988	2,988	2,989	2,989	2,990	2,990	2,991	2,991	2,981	2,982	2,983
Noncurrent Deferred Revenue	318	332	345	348	337	348	353	360	362	343	362
Noncurrent Deferred & Payable Income Tax Liabilities	66	67	68	74	68	68	64	64	154	91	129
Other Noncurrent Operating Liabilities	1,251	1,266	1,251	1,284	1,227	1,246	1,245	1,319	1,293	1,300	1,274
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,577	2,987	3,694	3,509	3,473	4,320	4,627	4,548	5,349	5,078	5,855
Total Preferred & Common Equity	2,577	2,987	3,694	3,509	3,473	4,320	4,627	4,548	5,349	5,078	5,855
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,577	2,987	3,694	3,509	3,473	4,320	4,627	4,548	5,349	5,078	5,855
Common Stock	1,957	2,018	2,126	2,166	2,253	2,327	2,418	2,471	2,593	2,684	2,785
Retained Earnings	21,039	21,333	21,858	22,118	22,455	22,757	23,366	23,622	24,001	24,336	24,957
Treasury Stock	-17,695	-17,914	-18,162	-18,469	-18,767	-19,019	-19,305	-19,737	-20,145	-20,412	-20,700
Accumulated Other Comprehensive Income / (Loss)	-2,724	-2,451	-2,128	-2,306	-2,468	-1,745	-1,852	-1,808	-1,100	-1,529	-1,186

This table displays calculated financial ratios and metrics derived from Automatic Data Processing's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.96%	6.67%	6.04%	7.29%	6.30%	3.40%	2.85%	9.95%	9.18%	6.61%	7.07%
EBITDA Growth	9.31%	8.89%	45.38%	-5.53%	21.70%	5.96%	4.26%	8.89%	11.67%	7.60%	8.81%
EBIT Growth	10.18%	10.29%	17.72%	-11.55%	31.45%	4.92%	3.99%	11.20%	16.65%	9.80%	10.17%
NOPAT Growth	11.55%	9.34%	9.85%	31.33%	9.25%	5.53%	5.56%	12.24%	13.39%	7.96%	9.15%
Net Income Growth	-4.18%	2.75%	19.79%	5.43%	21.64%	7.58%	5.35%	13.48%	15.70%	9.96%	8.73%
EPS Growth	-2.87%	6.56%	22.15%	7.05%	23.29%	8.78%	6.49%	15.32%	17.29%	10.84%	9.67%
Operating Cash Flow Growth	8.38%	-3.89%	12.05%	18.31%	6.88%	12.57%	2.22%	0.20%	35.75%	-1.19%	18.81%
Free Cash Flow Firm Growth	-29.22%	-18.80%	32.79%	-59.05%	62.77%	97.38%	4.26%	73.61%	-11.24%	-16.72%	-55.94%
Invested Capital Growth	-6.51%	5.59%	-2.46%	41.10%	24.19%	3.39%	3.92%	-17.74%	-5.84%	10.88%	49.13%
Revenue Q/Q Growth	1.38%	1.78%	1.30%	1.57%	1.56%	-0.70%	2.46%	2.42%	1.98%	1.54%	1.77%
EBITDA Q/Q Growth	5.57%	6.33%	27.78%	-17.42%	9.66%	-2.03%	3.95%	0.91%	1.82%	-0.41%	7.16%
EBIT Q/Q Growth	1.42%	2.78%	1.95%	-8.21%	13.93%	-3.52%	5.15%	0.89%	2.57%	-0.59%	8.96%
NOPAT Q/Q Growth	1.90%	2.53%	-0.28%	6.27%	4.41%	-1.88%	4.55%	1.67%	0.73%	-1.22%	9.53%
Net Income Q/Q Growth	3.38%	-3.50%	2.19%	-8.69%	17.09%	-2.53%	5.12%	3.05%	4.64%	1.42%	2.04%
EPS Q/Q Growth	2.01%	-4.41%	1.28%	-8.60%	17.23%	-2.23%	5.20%	3.40%	4.99%	1.45%	2.25%
Operating Cash Flow Q/Q Growth	-4.58%	8.78%	-8.82%	10.94%	1.02%	1.49%	-3.85%	9.16%	6.93%	2.84%	2.89%
Free Cash Flow Firm Q/Q Growth	-45.20%	6.13%	-16.43%	-48.01%	145.37%	7.80%	-5.63%	33.24%	-7.14%	-26.25%	76.14%
Invested Capital Q/Q Growth	-5.70%	-6.36%	2.63%	21.28%	4.90%	1.20%	5.26%	-10.62%	-6.25%	13.95%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.24%	41.37%	41.44%	41.56%	43.15%	42.12%	42.42%	47.49%	49.43%	50.42%	50.84%
EBITDA Margin	22.45%	22.91%	31.42%	27.66%	31.67%	32.45%	32.90%	32.58%	33.33%	33.64%	36.10%
Operating Margin	18.41%	18.77%	19.02%	19.27%	21.43%	21.53%	22.16%	22.56%	23.62%	23.88%	26.32%
EBIT Margin	18.99%	19.63%	21.80%	17.97%	22.22%	22.55%	22.80%	23.06%	24.64%	25.37%	28.04%
Profit (Net Income) Margin	13.28%	12.79%	14.45%	14.20%	16.25%	16.91%	17.32%	17.87%	18.94%	19.54%	19.84%
Tax Burden Percent	70.15%	66.79%	68.32%	82.58%	76.28%	77.50%	77.31%	77.52%	76.89%	77.01%	76.83%
Interest Burden Percent	99.69%	97.55%	97.03%	95.69%	95.86%	96.74%	98.25%	100.00%	100.00%	100.00%	92.09%
Effective Tax Rate	33.52%	33.17%	31.68%	17.42%	23.72%	22.50%	22.69%	22.48%	23.11%	22.99%	23.17%
Return on Invested Capital (ROIC)	38.63%	42.52%	46.03%	50.79%	42.29%	39.61%	40.34%	48.74%	63.07%	66.58%	64.27%
ROIC Less NNEP Spread (ROIC-NNEP)	33.63%	40.14%	21.61%	165.33%	38.59%	45.16%	44.62%	53.11%	70.83%	83.89%	57.17%
Return on Net Nonoperating Assets (RNNOA)	-13.32%	-10.39%	-3.76%	-7.52%	2.95%	4.62%	5.16%	17.56%	38.26%	26.56%	11.73%
Return on Equity (ROE)	25.31%	32.13%	42.27%	43.27%	45.24%	44.23%	45.50%	66.30%	101.33%	93.14%	76.00%
Cash Return on Invested Capital (CROIC)	45.36%	37.08%	48.53%	16.69%	20.71%	36.28%	36.49%	68.21%	69.09%	56.26%	24.84%
Operating Return on Assets (OROA)	6.37%	5.97%	6.67%	6.27%	7.77%	8.12%	7.78%	6.80%	7.78%	9.25%	10.70%
Return on Assets (ROA)	4.46%	3.89%	4.42%	4.96%	5.68%	6.09%	5.91%	5.27%	5.98%	7.12%	7.57%
Return on Common Equity (ROCE)	25.31%	32.13%	42.27%	43.27%	45.24%	44.23%	45.50%	66.30%	101.33%	93.14%	76.00%
Return on Equity Simple (ROE_SIMPLE)	30.21%	33.30%	44.95%	39.80%	42.46%	42.88%	45.83%	91.43%	97.23%	82.51%	0.00%
Net Operating Profit after Tax (NOPAT)	1,339	1,464	1,608	2,112	2,307	2,435	2,570	2,885	3,271	3,531	4,158
NOPAT Margin	12.24%	12.55%	13.00%	15.91%	16.35%	16.69%	17.13%	17.48%	18.16%	18.39%	20.22%
Net Nonoperating Expense Percent (NNEP)	5.00%	2.38%	24.42%	-114.55%	3.70%	-5.55%	-4.28%	-4.37%	-7.76%	-17.31%	7.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	27.85%
Cost of Revenue to Revenue	58.76%	58.63%	58.56%	58.44%	56.85%	57.88%	57.58%	57.35%	55.26%	54.56%	53.97%
SG&A Expenses to Revenue	22.83%	22.60%	22.42%	22.29%	21.72%	20.58%	20.26%	19.60%	19.72%	19.68%	19.71%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.84%	4.69%	4.98%	4.81%
Operating Expenses to Revenue	22.83%	22.60%	22.42%	22.29%	21.72%	20.58%	20.26%	24.93%	25.81%	26.54%	24.51%
Earnings before Interest and Taxes (EBIT)	2,077	2,291	2,697	2,385	3,136	3,290	3,421	3,804	4,438	4,872	5,766
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,455	2,674	3,887	3,672	4,469	4,735	4,936	5,375	6,003	6,459	7,422
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.44	7.87	9.94	11.00	11.98	10.23	14.01	26.06	25.30	21.48	20.23
Price to Tangible Book Value (P/TBV)	12.33	15.57	24.47	32.42	32.27	26.43	37.45	0.00	0.00	113.86	95.45
Price to Revenue (P/Rev)	2.83	3.02	3.20	3.92	4.59	4.03	5.29	5.09	4.93	5.09	6.09
Price to Earnings (P/E)	21.33	23.64	22.12	27.63	28.23	23.86	30.58	28.50	26.02	26.04	30.69
Dividend Yield	2.87%	2.69%	2.53%	2.13%	2.06%	2.57%	1.98%	2.01%	2.23%	2.28%	1.95%
Earnings Yield	4.69%	4.23%	4.52%	3.62%	3.54%	4.19%	3.27%	3.51%	3.84%	3.84%	3.26%
Enterprise Value to Invested Capital (EV/IC)	8.74	9.64	11.24	10.66	10.71	9.43	12.30	16.02	17.83	17.53	16.28
Enterprise Value to Revenue (EV/Rev)	2.68	2.92	3.13	3.91	4.59	4.04	5.32	5.19	4.98	5.09	6.13
Enterprise Value to EBITDA (EV/EBITDA)	11.93	12.75	9.97	14.14	14.49	12.45	16.18	15.92	14.94	15.14	16.99
Enterprise Value to EBIT (EV/EBIT)	14.10	14.88	14.38	21.76	20.65	17.92	23.34	22.50	20.21	20.07	21.87
Enterprise Value to NOPAT (EV/NOPAT)	21.87	23.29	24.11	24.58	28.07	24.21	31.07	29.67	27.42	27.69	30.32
Enterprise Value to Operating Cash Flow (EV/OCF)	14.84	17.97	18.24	20.64	24.09	19.48	25.82	27.61	21.31	23.52	25.52
Enterprise Value to Free Cash Flow (EV/FCFF)	18.63	26.71	22.87	74.78	57.32	26.43	34.34	21.20	25.03	32.77	78.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.45	0.50	0.42	0.37	0.35	0.53	0.93	0.85	0.66	1.41
Long-Term Debt to Equity	0.00	0.45	0.50	0.42	0.37	0.17	0.53	0.93	0.85	0.66	0.64
Financial Leverage	-0.40	-0.26	-0.17	-0.05	0.08	0.10	0.12	0.33	0.54	0.32	0.21
Leverage Ratio	5.68	8.26	9.56	8.73	7.97	7.27	7.70	12.57	16.93	13.07	10.04
Compound Leverage Factor	5.66	8.06	9.27	8.35	7.64	7.03	7.56	12.57	16.93	13.07	9.24
Debt to Total Capital	0.00%	30.94%	33.49%	29.72%	27.05%	25.84%	34.49%	48.08%	46.00%	39.68%	58.56%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	12.92%	0.00%	0.00%	0.00%	0.00%	31.94%
Long-Term Debt to Total Capital	0.00%	30.94%	33.49%	29.72%	27.05%	12.93%	34.49%	48.08%	46.00%	39.68%	26.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	69.06%	66.51%	70.28%	72.95%	74.16%	65.51%	51.92%	54.00%	60.32%	41.44%
Debt to EBITDA	0.00	0.75	0.52	0.55	0.45	0.42	0.60	0.56	0.50	0.46	1.18
Net Debt to EBITDA	0.00	-0.44	-0.20	-0.05	0.01	0.02	0.08	0.29	0.15	0.01	0.12
Long-Term Debt to EBITDA	0.00	0.75	0.52	0.55	0.45	0.21	0.60	0.56	0.50	0.46	0.54
Debt to NOPAT	0.00	1.37	1.25	0.95	0.87	0.82	1.16	1.04	0.91	0.85	2.10
Net Debt to NOPAT	0.00	-0.81	-0.48	-0.08	0.02	0.04	0.16	0.54	0.28	0.02	0.22
Long-Term Debt to NOPAT	0.00	1.37	1.25	0.95	0.87	0.41	1.16	1.04	0.91	0.85	0.96
Altman Z-Score	1.83	1.53	1.93	2.10	2.28	2.41	2.27	1.76	2.36	2.44	3.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.10	1.10	1.05	1.05	1.05	1.07	0.99	0.99	1.01	1.05
Quick Ratio	0.12	0.14	0.15	0.14	0.13	0.14	0.14	0.08	0.12	0.14	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,572	1,277	1,695	694	1,130	2,230	2,325	4,037	3,583	2,984	1,607
Operating Cash Flow to CapEx	1,460.06%	1,241.69%	885.05%	1,222.75%	1,744.52%	2,111.79%	1,935.73%	2,210.77%	2,039.55%	2,308.50%	3,128.37%
Free Cash Flow to Firm to Interest Expense	241.86	22.71	21.19	6.76	8.70	20.82	38.95	0.00	0.00	0.00	3.52
Operating Cash Flow to Interest Expense	303.69	33.76	26.57	24.49	20.70	28.26	51.81	0.00	0.00	0.00	10.84
Operating Cash Flow Less CapEx to Interest Expense	282.89	31.04	23.57	22.49	19.51	26.92	49.14	0.00	0.00	0.00	10.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.30	0.31	0.35	0.35	0.36	0.34	0.30	0.32	0.36	0.38
Accounts Receivable Turnover	7.18	7.09	7.18	7.20	6.38	5.98	5.81	5.59	5.83	5.97	5.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.33	17.19	16.89	16.87	18.11	19.88	21.62	24.68	27.00	28.09	30.67
Accounts Payable Turnover	37.09	39.45	47.98	54.42	61.49	74.24	71.08	75.30	96.17	106.15	82.29
Days Sales Outstanding (DSO)	50.82	51.46	50.84	50.70	57.21	61.05	62.86	65.24	62.62	61.18	62.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	9.84	9.25	7.61	6.71	5.94	4.92	5.13	4.85	3.80	3.44	4.44
Cash Conversion Cycle (CCC)	40.97	42.20	43.23	43.99	51.28	56.13	57.73	60.40	58.82	57.75	57.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,349	3,537	3,450	4,867	6,045	6,249	6,494	5,342	5,030	5,577	7,745
Invested Capital Turnover	3.16	3.39	3.54	3.19	2.59	2.37	2.36	2.79	3.47	3.62	3.18
Increase / (Decrease) in Invested Capital	-233	187	-87	1,418	1,177	205	245	-1,152	-312	547	2,551
Enterprise Value (EV)	29,285	34,098	38,768	51,907	64,758	58,949	79,859	85,591	89,682	97,772	126,084
Market Capitalization	30,980	35,282	39,546	52,074	64,716	58,853	79,449	84,040	88,776	97,694	125,187
Book Value per Share	$10.24	$9.84	$8.89	$10.75	$12.41	$13.38	$13.33	$7.72	$8.49	$11.11	$15.24
Tangible Book Value per Share	$5.35	$4.97	$3.61	$3.65	$4.61	$5.18	$4.99	($0.98)	($0.42)	$2.10	$3.23
Total Capital	4,809	6,489	5,979	6,738	7,402	7,757	8,655	6,212	6,498	7,539	14,932
Total Debt	0.00	2,008	2,002	2,002	2,002	2,005	2,985	2,987	2,989	2,991	8,744
Total Long-Term Debt	0.00	2,008	2,002	2,002	2,002	1,003	2,985	2,987	2,989	2,991	3,975
Net Debt	-1,695	-1,183	-778	-168	43	96	410	1,551	906	78	898
Capital Expenditures (CapEx)	135	153	240	206	154	143	160	140	206	180	158
Debt-free, Cash-free Net Working Capital (DFCFNWC)	30	462	62	-759	-245	531	72	-1,790	-2,681	-2,451	-1,103
Debt-free Net Working Capital (DFNWC)	1,696	3,653	2,843	1,411	1,715	2,439	2,647	-354	-597	463	6,743
Net Working Capital (NWC)	1,696	3,653	2,843	1,411	1,715	1,438	2,647	-354	-597	463	1,974
Net Nonoperating Expense (NNE)	-114	-29	-180	227	14	-32	-28	-64	-141	-221	78
Net Nonoperating Obligations (NNO)	-1,459	-945	-528	131	645	497	824	2,117	1,521	1,030	1,557
Total Depreciation and Amortization (D&A)	378	383	1,190	1,287	1,333	1,445	1,516	1,571	1,565	1,587	1,656
Debt-free, Cash-free Net Working Capital to Revenue	0.27%	3.96%	0.50%	-5.72%	-1.74%	3.64%	0.48%	-10.85%	-14.88%	-12.76%	-5.37%
Debt-free Net Working Capital to Revenue	15.50%	31.31%	22.98%	10.63%	12.15%	16.72%	17.64%	-2.14%	-3.31%	2.41%	32.80%
Net Working Capital to Revenue	15.50%	31.31%	22.98%	10.63%	12.15%	9.85%	17.64%	-2.14%	-3.31%	2.41%	9.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.07	$3.27	$3.87	$3.68	$5.27	$5.73	$6.10	$7.04	$8.25	$9.14	$10.02
Adjusted Weighted Average Basic Shares Outstanding	472.60M	457M	447.80M	440.60M	435M	430.80M	426.30M	418.80M	413.70M	410.60M	407.10M
Adjusted Diluted Earnings per Share	$3.05	$3.25	$3.85	$3.66	$5.24	$5.70	$6.07	$7.00	$8.21	$9.10	$9.98
Adjusted Weighted Average Diluted Shares Outstanding	475.80M	459.10M	450.30M	443.30M	437.60M	432.70M	428.10M	421.10M	415.70M	412.20M	408.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	465.81M	456.18M	444.37M	438.08M	433.94M	429.97M	423.08M	415.52M	411.99M	407.80M	405.04M
Normalized Net Operating Profit after Tax (NOPAT)	1,339	1,464	1,608	2,112	2,307	2,435	2,570	2,885	3,271	3,531	4,158
Normalized NOPAT Margin	12.24%	12.55%	13.00%	15.91%	16.35%	16.69%	17.13%	17.48%	18.16%	18.39%	20.22%
Pre Tax Income Margin	18.93%	19.15%	21.15%	17.20%	21.30%	21.81%	22.40%	23.06%	24.64%	25.37%	25.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	319.57	40.76	33.71	23.23	24.14	30.72	57.30	0.00	0.00	0.00	12.65
NOPAT to Interest Expense	205.97	26.05	20.10	20.56	17.76	22.73	43.05	0.00	0.00	0.00	9.12
EBIT Less CapEx to Interest Expense	298.77	38.04	30.71	21.22	22.95	29.38	54.62	0.00	0.00	0.00	12.30
NOPAT Less CapEx to Interest Expense	185.17	23.33	17.10	18.56	16.57	21.40	40.38	0.00	0.00	0.00	8.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.86%	63.22%	55.67%	56.43%	56.39%	59.62%	60.63%	56.26%	55.79%	58.19%	58.80%
Augmented Payout Ratio	171.07%	140.66%	126.12%	108.92%	97.29%	100.42%	113.44%	123.04%	88.66%	91.01%	98.32%

This table displays calculated financial ratios and metrics derived from Automatic Data Processing's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.08%	9.19%	8.48%	7.04%	6.31%	6.62%	6.49%	7.10%	8.15%	5.69%	7.52%
EBITDA Growth	14.12%	11.62%	9.39%	8.72%	9.09%	12.25%	-2.13%	12.37%	10.31%	5.04%	8.48%
EBIT Growth	20.10%	16.06%	14.84%	11.61%	11.98%	14.74%	-3.35%	16.01%	11.39%	5.45%	9.47%
NOPAT Growth	21.12%	13.13%	4.03%	11.44%	9.09%	13.31%	-6.69%	12.07%	9.17%	6.28%	10.06%
Net Income Growth	17.09%	12.34%	24.19%	10.32%	8.03%	13.59%	6.76%	11.28%	9.65%	5.45%	9.82%
EPS Growth	18.18%	13.57%	26.17%	11.23%	9.23%	14.74%	6.91%	12.50%	10.33%	6.25%	10.95%
Operating Cash Flow Growth	-17.74%	44.60%	29.88%	-54.53%	14.75%	6.69%	9.69%	152.50%	11.42%	1.85%	10.66%
Free Cash Flow Firm Growth	271.20%	48.42%	-47.13%	-101.46%	-108.54%	-0.08%	-98.23%	546.71%	-3.49%	-198.26%	-341.10%
Invested Capital Growth	-23.50%	-10.23%	-5.84%	18.62%	21.68%	-8.78%	10.88%	13.41%	19.27%	58.92%	49.13%
Revenue Q/Q Growth	4.16%	12.23%	-9.13%	0.77%	3.45%	12.55%	-9.24%	1.35%	4.46%	10.00%	-7.68%
EBITDA Q/Q Growth	3.35%	19.02%	-30.10%	26.44%	3.70%	22.47%	-39.05%	45.17%	1.80%	16.63%	-18.49%
EBIT Q/Q Growth	5.08%	25.76%	-38.74%	37.88%	5.43%	28.85%	-48.40%	65.50%	1.23%	21.99%	-23.12%
NOPAT Q/Q Growth	5.77%	25.34%	-42.18%	45.40%	3.53%	30.19%	-52.39%	74.65%	0.85%	26.74%	-26.63%
Net Income Q/Q Growth	4.38%	28.29%	-25.53%	10.63%	2.21%	34.89%	-30.01%	15.31%	0.72%	29.72%	-27.11%
EPS Q/Q Growth	4.28%	28.72%	-25.10%	10.64%	2.40%	35.21%	-30.21%	16.42%	0.43%	30.21%	-27.12%
Operating Cash Flow Q/Q Growth	25.29%	56.06%	-15.55%	-72.46%	216.20%	45.11%	-13.18%	-36.61%	39.53%	32.64%	-5.68%
Free Cash Flow Firm Q/Q Growth	-19.68%	-31.38%	-44.68%	-104.79%	-369.67%	902.44%	-99.02%	1,106.97%	-208.81%	-661.93%	-0.14%
Invested Capital Q/Q Growth	3.87%	4.30%	-6.25%	16.80%	6.55%	-21.81%	13.95%	19.47%	12.05%	4.19%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.84%	50.99%	49.46%	49.50%	50.02%	51.93%	50.01%	50.32%	50.42%	52.15%	50.31%
EBITDA Margin	34.27%	36.34%	27.95%	35.07%	35.16%	38.26%	25.69%	36.80%	35.86%	38.02%	33.57%
Operating Margin	24.70%	27.72%	17.46%	24.75%	25.36%	29.40%	15.53%	26.33%	25.75%	29.41%	23.54%
EBIT Margin	25.40%	28.46%	19.18%	26.25%	26.75%	30.63%	17.41%	28.43%	27.55%	30.55%	25.44%
Profit (Net Income) Margin	18.52%	21.17%	17.35%	19.05%	18.82%	22.55%	17.39%	19.79%	19.08%	22.50%	17.76%
Tax Burden Percent	76.85%	76.47%	77.26%	78.64%	76.80%	76.63%	76.12%	77.36%	76.37%	77.04%	76.48%
Interest Burden Percent	94.89%	97.27%	117.05%	92.27%	91.60%	96.10%	131.22%	89.97%	90.68%	95.59%	91.28%
Effective Tax Rate	23.15%	23.53%	22.74%	21.36%	23.20%	23.37%	23.88%	22.64%	23.63%	22.96%	23.52%
Return on Invested Capital (ROIC)	55.17%	66.02%	46.85%	65.82%	63.49%	83.06%	42.79%	63.42%	57.02%	72.23%	57.22%
ROIC Less NNEP Spread (ROIC-NNEP)	54.10%	65.93%	56.35%	65.03%	61.98%	83.18%	63.63%	61.92%	55.66%	71.45%	56.10%
Return on Net Nonoperating Assets (RNNOA)	25.80%	28.89%	30.44%	51.37%	34.76%	19.39%	20.14%	26.09%	25.63%	14.94%	11.51%
Return on Equity (ROE)	80.97%	94.91%	77.29%	117.19%	98.25%	102.45%	62.93%	89.51%	82.66%	87.17%	68.73%
Cash Return on Invested Capital (CROIC)	79.30%	68.04%	69.09%	45.03%	40.70%	78.87%	56.26%	45.46%	36.66%	14.39%	24.84%
Operating Return on Assets (OROA)	7.71%	7.62%	6.06%	10.04%	8.92%	9.34%	6.35%	11.23%	9.05%	10.23%	9.71%
Return on Assets (ROA)	5.63%	5.67%	5.48%	7.29%	6.27%	6.88%	6.34%	7.82%	6.27%	7.54%	6.78%
Return on Common Equity (ROCE)	80.97%	94.91%	77.29%	117.19%	98.25%	102.45%	62.93%	89.51%	82.66%	87.17%	68.73%
Return on Equity Simple (ROE_SIMPLE)	105.34%	88.27%	0.00%	100.56%	82.36%	79.96%	0.00%	71.96%	77.46%	68.29%	0.00%
Net Operating Profit after Tax (NOPAT)	833	1,045	604	878	909	1,184	564	984	993	1,258	923
NOPAT Margin	18.98%	21.20%	13.49%	19.46%	19.48%	22.53%	11.82%	20.37%	19.66%	22.66%	18.00%
Net Nonoperating Expense Percent (NNEP)	1.06%	0.09%	-9.50%	0.79%	1.50%	-0.13%	-20.84%	1.50%	1.36%	0.78%	1.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	12.44%	-	-	-	10.96%	12.79%	6.18%
Cost of Revenue to Revenue	55.81%	53.24%	55.50%	55.74%	54.88%	52.69%	55.19%	54.50%	54.32%	52.30%	54.94%
SG&A Expenses to Revenue	19.49%	19.03%	21.38%	19.51%	19.76%	17.91%	21.71%	19.18%	19.93%	18.29%	21.52%
R&D to Revenue	4.65%	4.23%	4.96%	5.24%	4.90%	4.62%	5.20%	4.81%	4.74%	4.45%	5.25%
Operating Expenses to Revenue	24.14%	23.27%	32.00%	24.75%	24.66%	22.53%	34.49%	23.99%	24.67%	22.74%	26.77%
Earnings before Interest and Taxes (EBIT)	1,115	1,402	859	1,184	1,249	1,609	830	1,374	1,391	1,697	1,304
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,505	1,791	1,252	1,583	1,641	2,010	1,225	1,779	1,811	2,112	1,721
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	32.07	24.28	25.30	27.90	21.71	22.05	21.48	21.10	23.49	21.23	20.23
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	147.73	104.51	113.86	68.42	769.02	130.74	95.45
Price to Revenue (P/Rev)	5.55	5.08	4.93	5.29	5.04	5.39	5.09	5.78	5.99	6.15	6.09
Price to Earnings (P/E)	30.44	27.50	26.02	27.75	26.36	27.57	26.04	29.32	30.32	31.09	30.69
Dividend Yield	1.89%	2.12%	2.23%	2.13%	2.26%	2.13%	2.28%	2.02%	1.96%	1.92%	1.95%
Earnings Yield	3.28%	3.64%	3.84%	3.60%	3.79%	3.63%	3.84%	3.41%	3.30%	3.22%	3.26%
Enterprise Value to Invested Capital (EV/IC)	18.94	16.93	17.83	16.76	15.19	20.78	17.53	16.95	16.21	16.15	16.28
Enterprise Value to Revenue (EV/Rev)	5.65	5.14	4.98	5.38	5.12	5.38	5.09	5.78	6.08	6.22	6.13
Enterprise Value to EBITDA (EV/EBITDA)	17.06	15.41	14.94	16.06	15.18	15.68	15.14	16.97	17.74	18.14	16.99
Enterprise Value to EBIT (EV/EBIT)	23.57	20.99	20.21	21.59	20.26	20.75	20.07	22.31	23.26	23.74	21.87
Enterprise Value to NOPAT (EV/NOPAT)	31.17	27.97	27.42	29.30	27.68	28.45	27.69	31.04	32.52	33.09	30.32
Enterprise Value to Operating Cash Flow (EV/OCF)	27.82	23.08	21.31	25.80	24.09	25.16	23.52	24.25	25.36	26.16	25.52
Enterprise Value to Free Cash Flow (EV/FCFF)	20.70	23.54	25.03	40.38	40.99	25.14	32.77	39.62	48.11	137.72	78.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.00	0.81	0.85	0.86	0.69	0.65	0.66	1.56	0.78	0.68	1.41
Long-Term Debt to Equity	1.00	0.81	0.85	0.86	0.69	0.65	0.66	0.56	0.59	0.51	0.64
Financial Leverage	0.48	0.44	0.54	0.79	0.56	0.23	0.32	0.42	0.46	0.21	0.21
Leverage Ratio	14.13	16.73	16.93	15.82	15.26	14.91	13.07	11.20	12.89	11.51	10.04
Compound Leverage Factor	13.41	16.27	19.82	14.59	13.98	14.33	17.16	10.08	11.69	11.00	9.16
Debt to Total Capital	50.01%	44.72%	46.00%	46.26%	40.91%	39.26%	39.68%	60.98%	43.95%	40.49%	58.56%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	39.22%	11.04%	10.17%	31.94%
Long-Term Debt to Total Capital	50.01%	44.72%	46.00%	46.26%	40.91%	39.26%	39.68%	21.75%	32.91%	30.31%	26.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.99%	55.28%	54.00%	53.74%	59.09%	60.74%	60.32%	39.02%	56.05%	59.51%	41.44%
Debt to EBITDA	0.52	0.51	0.50	0.49	0.48	0.46	0.46	1.26	0.58	0.58	1.18
Net Debt to EBITDA	0.29	0.20	0.15	0.25	0.22	-0.05	0.01	0.01	0.26	0.19	0.12
Long-Term Debt to EBITDA	0.52	0.51	0.50	0.49	0.48	0.46	0.46	0.45	0.44	0.43	0.54
Debt to NOPAT	0.96	0.92	0.91	0.89	0.87	0.84	0.85	2.30	1.07	1.05	2.10
Net Debt to NOPAT	0.53	0.36	0.28	0.46	0.39	-0.08	0.02	0.02	0.47	0.34	0.22
Long-Term Debt to NOPAT	0.96	0.92	0.91	0.89	0.87	0.84	0.85	0.82	0.80	0.79	0.96
Altman Z-Score	2.03	1.84	2.12	2.34	2.03	1.93	2.20	2.71	2.13	2.57	2.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	1.00	0.99	0.98	1.01	1.01	1.01	1.01	1.00	1.02	1.05
Quick Ratio	0.10	0.10	0.12	0.11	0.10	0.12	0.14	0.27	0.11	0.14	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,413	1,656	916	-44	-206	1,655	16	196	-213	-1,626	-1,628
Operating Cash Flow to CapEx	1,810.26%	2,791.45%	1,946.96%	1,887.28%	2,048.41%	2,596.36%	2,377.70%	1,485.41%	2,919.54%	4,191.76%	5,410.53%
Free Cash Flow to Firm to Interest Expense	42.34	43.24	0.00	-0.48	-1.97	26.39	0.00	1.42	-1.65	-21.74	-14.32
Operating Cash Flow to Interest Expense	15.78	36.66	0.00	3.56	9.84	23.89	0.00	5.98	8.88	20.40	12.66
Operating Cash Flow Less CapEx to Interest Expense	14.91	35.35	0.00	3.38	9.36	22.97	0.00	5.58	8.57	19.91	12.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.27	0.32	0.38	0.33	0.30	0.36	0.40	0.33	0.33	0.38
Accounts Receivable Turnover	5.85	5.59	5.83	6.07	5.69	5.79	5.97	6.09	5.79	5.77	5.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	26.54	26.88	27.00	28.05	28.03	28.23	28.09	28.86	29.42	30.00	30.67
Accounts Payable Turnover	103.20	125.93	96.17	134.25	125.68	129.62	106.15	99.67	81.88	94.52	82.29
Days Sales Outstanding (DSO)	62.41	65.33	62.62	60.15	64.17	63.04	61.18	59.94	63.05	63.31	62.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.54	2.90	3.80	2.72	2.90	2.82	3.44	3.66	4.46	3.86	4.44
Cash Conversion Cycle (CCC)	58.88	62.43	58.82	57.43	61.26	60.23	57.75	56.28	58.59	59.45	57.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,144	5,366	5,030	5,875	6,260	4,895	5,577	6,663	7,466	7,779	7,745
Invested Capital Turnover	2.91	3.11	3.47	3.38	3.26	3.69	3.62	3.11	2.90	3.19	3.18
Increase / (Decrease) in Invested Capital	-1,580	-611	-312	922	1,115	-471	547	788	1,206	2,884	2,551
Enterprise Value (EV)	97,418	90,830	89,682	98,450	95,112	101,702	97,772	112,919	121,041	125,614	126,084
Market Capitalization	95,775	89,670	88,776	96,902	93,763	102,003	97,694	112,849	119,275	124,311	125,187
Book Value per Share	$7.20	$8.91	$8.49	$8.43	$10.50	$11.26	$11.11	$13.12	$12.46	$14.39	$15.24
Tangible Book Value per Share	($1.67)	($0.01)	($0.42)	($0.51)	$1.54	$2.38	$2.10	$4.04	$0.38	$2.34	$3.23
Total Capital	5,975	6,682	6,498	6,463	7,310	7,617	7,539	13,706	9,061	9,839	14,932
Total Debt	2,988	2,989	2,989	2,990	2,990	2,991	2,991	8,357	3,983	3,983	8,744
Total Long-Term Debt	2,988	2,989	2,989	2,990	2,990	2,991	2,991	2,981	2,982	2,983	3,975
Net Debt	1,643	1,160	906	1,548	1,349	-301	78	69	1,766	1,303	898
Capital Expenditures (CapEx)	50	50	61	17	50	58	55	56	39	36	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,015	-1,846	-2,681	-2,190	-1,196	-2,554	-2,451	-1,433	-1,265	-989	-1,103
Debt-free Net Working Capital (DFNWC)	-670	-18	-597	-749	446	738	463	5,915	952	1,692	6,743
Net Working Capital (NWC)	-670	-18	-597	-749	446	738	463	539	-49	691	1,974
Net Nonoperating Expense (NNE)	20	1.53	-173	19	31	-1.23	-266	28	29	8.55	12
Net Nonoperating Obligations (NNO)	2,158	1,672	1,521	2,402	1,940	268	1,030	1,314	2,388	1,923	1,557
Total Depreciation and Amortization (D&A)	390	388	393	398	393	401	395	405	420	415	417
Debt-free, Cash-free Net Working Capital to Revenue	-11.68%	-10.45%	-14.88%	-11.96%	-6.43%	-13.50%	-12.76%	-7.34%	-6.35%	-4.89%	-5.37%
Debt-free Net Working Capital to Revenue	-3.89%	-0.10%	-3.31%	-4.09%	2.40%	3.90%	2.41%	30.30%	4.78%	8.38%	32.80%
Net Working Capital to Revenue	-3.89%	-0.10%	-3.31%	-4.09%	2.40%	3.90%	2.41%	2.76%	-0.24%	3.42%	9.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.96	$2.52	$1.89	$2.09	$2.14	$2.89	$2.02	$2.34	$2.36	$3.07	$2.25
Adjusted Weighted Average Basic Shares Outstanding	414.30M	413.70M	413.70M	411.70M	411.10M	410.50M	410.60M	407.90M	407.60M	406.90M	407.10M
Adjusted Diluted Earnings per Share	$1.95	$2.51	$1.88	$2.08	$2.13	$2.88	$2.01	$2.34	$2.35	$3.06	$2.23
Adjusted Weighted Average Diluted Shares Outstanding	416.20M	415.50M	415.70M	413.60M	412.50M	412.10M	412.20M	409.50M	409M	408.50M	408.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	414.35M	413.12M	411.99M	411.30M	410.79M	409.29M	407.80M	407.46M	406.87M	405.92M	405.04M
Normalized Net Operating Profit after Tax (NOPAT)	833	1,045	604	878	909	1,184	564	984	993	1,258	923
Normalized NOPAT Margin	18.98%	21.20%	13.49%	19.46%	19.48%	22.53%	11.82%	20.37%	19.66%	22.66%	18.00%
Pre Tax Income Margin	24.10%	27.68%	22.46%	24.22%	24.50%	29.43%	22.85%	25.58%	24.98%	29.21%	23.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.56	36.61	0.00	12.93	11.90	25.66	0.00	9.97	10.73	22.68	11.47
NOPAT to Interest Expense	14.62	27.27	0.00	9.59	8.67	18.88	0.00	7.14	7.66	16.82	8.12
EBIT Less CapEx to Interest Expense	18.69	35.30	0.00	12.74	11.42	24.74	0.00	9.57	10.43	22.20	11.24
NOPAT Less CapEx to Interest Expense	13.75	25.96	0.00	9.40	8.19	17.96	0.00	6.74	7.35	16.33	7.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	55.23%	55.83%	55.79%	56.88%	58.19%	57.45%	58.19%	58.20%	58.37%	58.73%	58.80%
Augmented Payout Ratio	103.94%	95.85%	88.66%	86.61%	88.34%	87.19%	91.01%	93.38%	93.25%	93.54%	98.32%

Key Financial Trends

Automatic Data Processing (ADP) has demonstrated consistent growth and robustness in its financial performance over the past several years, reflecting strong operational efficiency and solid cash flow management.

Revenue Growth: Operating revenue increased from approximately $4.1 billion in Q4 2022 to about $5.1 billion in Q4 2025, indicating steady top-line expansion over the last three years.
Profitability: Net income grew from $625.5 million in Q4 2022 to $910.7 million in Q4 2025, showing improved profitability while maintaining stable operating margins.
Operating Income Improvement: Operating income rose from $745.6 million in Q4 2022 to $1.2 billion in Q4 2025, demonstrating effective cost control alongside revenue growth.
Strong Cash Flow: ADP’s net cash from operating activities steadily increased, reaching approximately $1.44 billion in Q4 2025, providing ample liquidity for investments and shareholder returns.
Return to Shareholders: The company maintained consistent dividend payments per share, increasing from $1.04 in early 2023 to $1.54 by Q2 2025, along with ongoing share repurchases, reflecting confidence in business stability.
Investments in Growth: Steady investments in property, plant, and equipment (around $30-$60 million quarterly) and acquisitions indicate commitment to long-term strategic growth.
Debt and Financing: Long-term debt has been stable around $2.9 to $3.0 billion, while net cash from financing activities shows large swings, driven by debt issuance and repayments, equity repurchases, and dividend payments, implying active capital structure management.
Working Capital: Total current assets and liabilities have grown proportionally, indicating careful management of operating capital to support business scale.
Rising Operating Costs: Cost of revenue and operating expenses have increased in line with revenue, but the operating cost of revenue grew from $1.58 billion in Q4 2022 to $2.55 billion in Q3 2025, a factor that requires monitoring for margin pressures.
Volatility in Other Income/Expense: Fluctuations in net other income/expense influenced pre-tax income, which could add some earnings variability quarter-to-quarter.

Overall, ADP displays solid financial health with growing revenues and earnings, strong cash generation, and disciplined capital returns. Investors might find the company’s consistent growth and operating cash flow generation appealing, though they should watch for any significant increases in operating costs or external financial risks affecting earnings volatility.

08/31/25 02:41 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Automatic Data Processing's Financials

When does Automatic Data Processing's fiscal year end?

According to the most recent income statement we have on file, Automatic Data Processing's financial year ends in June. Their financial year 2025 ended on June 30, 2025.

How has Automatic Data Processing's net income changed over the last 10 years?

Automatic Data Processing's net income appears to be on an upward trend, with a most recent value of $4.08 billion in 2025, rising from $1.45 billion in 2015. The previous period was $3.75 billion in 2024. See Automatic Data Processing's forecast for analyst expectations on what’s next for the company.

What is Automatic Data Processing's operating income?

Automatic Data Processing's total operating income in 2025 was $5.41 billion, based on the following breakdown:

Total Gross Profit: $10.45 billion
Total Operating Expenses: $5.04 billion

How has Automatic Data Processing's revenue changed over the last 10 years?

Over the last 10 years, Automatic Data Processing's total revenue changed from $10.94 billion in 2015 to $20.56 billion in 2025, a change of 88.0%.

How much debt does Automatic Data Processing have?

Automatic Data Processing's total liabilities were at $47.18 billion at the end of 2025, a 5.3% decrease from 2024, and a 66.8% increase since 2015.

How much cash does Automatic Data Processing have?

In the past 10 years, Automatic Data Processing's cash and equivalents has ranged from $1.44 billion in 2022 to $3.35 billion in 2025, and is currently $3.35 billion as of their latest financial filing in 2025.

How has Automatic Data Processing's book value per share changed over the last 10 years?

Over the last 10 years, Automatic Data Processing's book value per share changed from 10.24 in 2015 to 15.24 in 2025, a change of 48.9%.

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This page (NASDAQ:ADP) was last updated on 8/31/2025 by MarketBeat.com Staff

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Automatic Data Processing (ADP) Financials

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Automatic Data Processing (ADP) Financials

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