ADP Automatic Data Processing, Inc. - Common Stock

NASDAQ · Professional Services · View on SEC EDGAR ↗
$279.00
Price · Aug 21, 2026
Fundamentals as of Aug 5, 2026
52W Range
$188–$309
75% of range
Analyst Rating
HOLD
23 analysts
Price Target
$287
+3% upside
P/E (TTM)
25.5
ROE
71.0%
Net Profit Margin
20.1%

About Automatic Data Processing, Inc. - Common Stock Company overview from Wikipedia

Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.

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Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.

History

In 1949, Henry Taub founded Automatic Payrolls, Inc. as a manual payroll processing business with his brother Joe Taub. Future United States Senator Frank Lautenberg joined the brothers in the company's infancy. In 1954, Lautenberg, after successfully serving in sales and marketing, became a full-fledged partner with the two brothers.

In 1957 the company installed a punched card system that would facilitate automatic data processing, replacing manual input calculators. The next year the company changed its name to Automatic Data Processing. In 1961, Oppenheimer & Company, one of ADP's clients, took the company public. At that time the company had 300 clients, 125 employees, and revenues of approximately US$400,000.

In 1962, ADP opened a Wall Street office to provide payroll and accounting services to brokerage firms. This office eventually expanded into ADP's brokerage service division, which was spun off into Broadridge Financial Solutions in 1997.

ADP established its dealer services business in 1973 after acquiring National Inventory Control System, a Portland-based inventory control service and data center, and CSI Computer Systems of Cincinnati. These moves extended ADP's reach into another industry-specific market, and the company later completed more than 30 dealer service acquisitions before spinning the division off into a separate company.

From 1985 onward, ADP's annual revenues exceeded the $1 billion mark, with paychecks processed for about 20% of the U.S. workforce. In August 1996, ADP began acting as a professional employer organization (PEO) after acquiring Staff Management Systems of Tampa, Florida.

On October 21, 2008, ADP switched its stock listing to the NASDAQ Global Select Market.

In 2020, ADP was ranked 227 on the Fortune 500 list of the largest United States corporations by revenue. ADP has also been included on Fortune Magazine's "World's Most Admired Companies" List for 14 consecutive years and has earned recognition from DiversityInc as one of the top companies for diversity and inclusion in the United States for 11 consecutive years.

ADP has about 67,000 employees worldwide and its fiscal year 2025 revenues were $20.6 billion.

Acquisitions

ADP acquired the pioneering online computer services company Time Sharing Limited (TSL) in 1974 and Cyphernetics in 1975.

As ADP became a professional employer organization, it made several acquisitions. In 1995, the company acquired the German company Autonom and the payroll and human resource services company GSI, among others. In September 1998, ADP acquired UK-based Chessington Computer Centre that supplied administration services to the UK Government.

In 2006, ADP acquired Kerridge Computer Co. Ltd., a dealer management systems (DMS) provider to auto dealers, primarily in the UK. In 2007, the ADP Brokerage Service Group was spun off to form Broadridge Financial Solutions, Inc.

In January 2017, ADP acquired The Marcus Buckingham Company (TMBC). In October 2017, ADP acquired Global Cash Card, a digital payments facilitator. In January 2018, ADP acquired WorkMarket, a New York City–based software platform company that helps businesses manage freelancers, contractors, and consultants. Later that same year, the company announced the acquisition of Celergo, a global payroll management service company.

In 2023, ADP acquired workflow automation tool Sora. In October 2024, ADP acquired WorkForce Software, a management services provider.

Divisions and spinoffs

Broadridge Financial Solutions

In 2007, the ADP Brokerage Service Group was spun off to form Broadridge Financial Solutions, Inc., removing about US$2 billion from ADP's total yearly revenue. ADP distributed one share of Broadridge common stock for every four shares of ADP common stock held by shareholders of record as of the close of business on March 23, 2007. ADP had originally bought Brokerage Service Group in 1965.

CDK Global, LLC

Formerly called ADP Dealer Services, CDK Global was formed October 1, 2014, and provides technology services to automotive dealerships, as well as vehicle manufacturers.

In 2010, ADP acquired the automotive marketing company Cobalt.

BZ Results, winner of AutoSuccess magazine's 2005 "Innovative Company of the Year" award, was purchased by ADP in 2006. At the time, BZ Results was valued at $125 million. On April 7, 2014, ADP laid off several Dealer Services associates in a reorganization and 3 days later announced plans to spin off the Dealer Services division as a standalone company. On August 19, 2014, ADP Dealer Services announced that the name of the new company, post-spinoff, would be CDK Global (an acronym for Cobalt, Dealer Services, Kerridge).

Both S&P and Moody's downgraded ADP to AA in April 2014, after the dealer services unit was spun off.

Business model and operations

Automatic Data Processing provides human resource management software and services, including payroll, and operates with a recurring revenue business model. ADP operates through two business segments: employer services and professional employer organization. Key products include RUN Powered by ADP, an HR and payroll platform for small businesses, ADP Workforce Now, a human capital management (HCM) platform for mid-sized and large businesses, and ADP Lyric HCM, an enterprise HCM platform. ADP also issues the National Employment Report, which analyzes aggregated and anonymized payroll data from more than 26 million workers. The report is widely cited in economic reporting and analysis.

The company is headquartered in Roseland, New Jersey and operates in more than 140 countries and territories. ADP has expanded its international presence and extended its services through acquisitions.

Maria Black has served as CEO since 2023. As of 2025, the company was ranked 220 on the Fortune 500 list of the largest United States corporations by revenue, and had around 67,000 employees.

Employment data

ADP has been used as a source of private-sector employment data. ADP's National Employment Report (NER) launches two days before the United States Bureau of Labor Statistics reports. In 2022, it was redesigned in collaboration with Stanford's Digital Economy Lab.

As early as 2018, the Federal Reserve used ADP employment and earnings data. In mid-2025, ADP stopped providing data to the Federal Reserve. That same year, ADP began issuing the NER Pulse, a weekly preliminary U.S. estimate of the ADP National Employment Report.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ADP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$279.00
Market Cap
$110.99B
P/E (TTM)
25.5
EPS (TTM)
$10.94
Revenue (TTM)
$21.95B
Div Yield
2.4%
ROE
71.0%
Debt/Equity
0.8
52W Range
$188 – $309

ADP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $21.95B
10-point trend, +77.4%
2017-06-30 → 2026-06-30
EPS $10.94
10-point trend, +175.6%
2017-06-30 → 2026-06-30
Free Cash Flow —
Margins 20.1%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ADP
Peer Median
P/E (TTM)
5-point trend, -31.8%
25.5
29.3
P/S (TTM)
5-point trend, -23.4%
5.1
0.6
P/B
5-point trend, -45.5%
18.4
1.6
EV / EBITDA
5-point trend, -11.2%
190.7
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ADP
Peer Median
Net Profit Margin
5-point trend, +12.5%
20.1%
-5.4%
ROA
5-point trend, +43.6%
7.6%
-7.0%
ROE
5-point trend, -10.6%
71.0%
-11.1%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ADP
Peer Median
Debt / Equity
5-point trend, -11.1%
0.8
57.6
Current Ratio
5-point trend, +5.7%
1.1
1.1
Quick Ratio
5-point trend, +83.5%
0.2
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ADP
Peer Median
Revenue YoY
5-point trend, +33.0%
6.7%
—
Revenue CAGR 3Y
5-point trend, +33.0%
6.8%
—
Revenue CAGR 5Y
5-point trend, +33.0%
7.9%
—
EPS YoY
5-point trend, +56.3%
9.6%
—
Net Income YoY
5-point trend, +49.7%
8.2%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ADP
Peer Median
EPS (Diluted)
5-point trend, +56.3%
$10.94
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ADP
Peer Median
Payout Ratio
5-point trend, +5.8%
59.5%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
2.4%
Payout Ratio
59.5%
5Y Div CAGR
—
Ex-dateAmount
June 12, 2026$1.7000
March 13, 2026$1.7000
Dec. 12, 2025$1.7000
Sept. 12, 2025$1.5400
June 13, 2025$1.5400
March 14, 2025$1.5400
Dec. 13, 2024$1.5400
Sept. 13, 2024$1.4000
June 14, 2024$1.4000
March 7, 2024$1.4000
Dec. 7, 2023$1.4000
Sept. 7, 2023$1.2500
June 8, 2023$1.2500
March 9, 2023$1.2500
Dec. 8, 2022$1.2500
Sept. 8, 2022$1.0400
June 9, 2022$1.0400
March 10, 2022$1.0400
Dec. 9, 2021$1.0400
Sept. 9, 2021$0.9300

ADP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 23 analysts
  • Strong Buy 3 13.0%
  • Buy 5 21.7%
  • Hold 13 56.5%
  • Sell 1 4.3%
  • Strong Sell 1 4.3%

12-Month Price Target

15 analysts · 2026-08-22
Median target $286.00 +2.5%
Mean target $286.93 +2.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.03%
Period EPS Actual EPS Est Surprise
June 30, 2026 $2.64 $2.62 0.02%
March 31, 2026 $3.38 $3.33 0.05%
Dec. 31, 2025 $2.62 $2.60 0.02%
Sept. 30, 2025 $2.49 $2.46 0.03%
June 30, 2025 $2.26 $2.25 0.01%
March 31, 2025 $3.06 $3.00 0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ADP $89.09B 20.5 6.7% 20.1% 71.0% —
PAYX $34.49B 19.8 16.9% 27.0% 46.2% —
PAYC $8.73B 19.7 8.9% 22.1% 26.3% 83.2%
PCTY $5.57B 21.2 11.0% 15.2% 23.3% 69.2%
RHI $2.75B 20.4 -7.2% 2.5% 10.3% 37.2%
KFY $3.34B 12.7 6.4% 9.4% 14.4% —
FA $2.53B -72.7 83.0% -2.2% -2.7% —
TNET $2.80B 18.5 -0.85% 3.1% 192.6% —
MAN — -102.5 0.58% -0.07% -0.64% 16.7%
NSP $1.46B -203.8 3.5% -0.10% -8.9% 13.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Revenue 12-point trend, +100.6% $21.95B $20.56B $19.20B $18.01B $16.50B $15.01B $14.59B $14.11B $13.27B $12.37B $11.67B $10.94B
Cost of Revenue 12-point trend, +83.0% $11.76B $11.10B $10.48B $9.95B $9.46B $8.64B $8.45B $8.02B $7.76B $7.24B $6.84B $6.43B
R&D Expense 5-point trend, +28.8% $1.03B $989M $956M $845M $799M · · · · · · ·
SG&A Expense 12-point trend, +76.5% $4.41B $4.05B $3.78B $3.55B $3.23B $3.04B $3.00B $3.06B $2.96B $2.77B $2.64B $2.50B
Operating Expenses 12-point trend, +86.2% $16.63B $15.60B $14.62B $13.76B $12.78B $11.74B $11.56B $11.22B $10.82B $10.10B $9.53B $8.93B
Interest Expense 12-point trend, +6966.2% $459M $456M $361M $253M $82M $60M $107M $130M $103M $80M $56M $6M
Interest Income 12-point trend, +552.0% $371M $320M $241M $150M $41M $36M $84M $98M $84M $77M $62M $57M
Other Non-op 12-point trend, +549.7% $411M $354M $287M $184M $83M $96M $148M $111M $-172M $343M $100M $63M
Pretax Income 12-point trend, +176.7% $5.73B $5.31B $4.87B $4.44B $3.80B $3.36B $3.18B $3.01B $2.28B $2.62B $2.23B $2.07B
Income Tax 12-point trend, +89.7% $1.32B $1.23B $1.12B $1.03B $855M $763M $716M $713M $398M $829M $741M $694M
Net Income 12-point trend, +203.9% $4.41B $4.08B $3.75B $3.41B $2.95B $2.60B $2.47B $2.29B $1.88B $1.79B $1.49B $1.45B
EPS (Basic) 12-point trend, +257.3% $10.97 $10.02 $9.14 $8.25 $7.04 $6.10 $5.73 $5.27 $4.28 $3.99 $3.27 $3.07
EPS (Diluted) 12-point trend, +258.7% $10.94 $9.98 $9.10 $8.21 $7.00 $6.07 $5.70 $5.24 $4.25 $3.97 $3.25 $3.05
Shares (Basic) 12-point trend, -14.9% 402,300,000 407,100,000 410,600,000 413,700,000 418,800,000 426,300,000 430,800,000 435,000,000 440,600,000 447,800,000 457,000,000 472,600,000
Shares (Diluted) 12-point trend, -15.2% 403,300,000 408,700,000 412,200,000 415,700,000 421,100,000 428,100,000 432,700,000 437,600,000 443,300,000 450,300,000 459,100,000 475,800,000
EBITDA 12-point trend, +110.8% $586M $582M $562M $549M $515M $511M $480M $409M $378M $316M $289M $278M
Balance Sheet 28
Annual Balance Sheet data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Cash & Equivalents 12-point trend, +158.0% $4.23B $3.35B $2.91B $2.08B $1.44B $2.58B $1.91B $1.95B $2.17B $2.78B $3.19B $1.64B
Short-term Investments 12-point trend, -100.0% $0 $4.50B $384M $15M $47M $10M $0 $10M $3M $3M $24M $27M
Receivables 12-point trend, +127.6% $3.52B $3.58B $3.43B $3.01B $3.17B $2.73B $2.44B $2.44B $1.98B $1.70B $1.74B $1.55B
Other Current Assets 12-point trend, +16.6% $852M $841M $821M $744M $629M $533M $506M $509M $531M $883M $725M $731M
Current Assets 12-point trend, +82.4% $52.56B $43.25B $45.54B $42.17B $54.80B $40.74B $31.56B $34.34B $31.82B $32.66B $39.50B $28.81B
PP&E (Net) 12-point trend, -4.7% $641M $655M $686M $681M $653M $684M $704M $764M $794M $780M $685M $673M
PP&E (Gross) 12-point trend, +51.1% $2.68B $2.58B $2.50B $2.44B $2.28B $2.24B $2.23B $2.18B $2.14B $2.03B $1.84B $1.78B
Accum. Depreciation 12-point trend, +85.1% $2.04B $1.92B $1.82B $1.76B $1.63B $1.56B $1.52B $1.42B $1.34B $1.25B $1.16B $1.10B
Goodwill 12-point trend, +83.1% $3.28B $3.27B $2.35B $2.34B $2.30B $2.34B $2.31B $2.32B $2.24B $1.74B $1.68B $1.79B
Intangibles 12-point trend, +228.6% $1.65B $1.60B $1.34B $1.34B $1.33B $1.33B $1.22B $1.07B $886M $620M $534M $503M
Other Non-current Assets 12-point trend, +11.8% $1.42B $1.06B $1.10B $1.26B $937M $826M $458M $934M $699M $1.35B $1.24B $1.27B
Total Assets 12-point trend, +90.9% $63.19B $53.37B $54.36B $50.97B $63.07B $48.77B $39.17B $41.89B $38.85B $38.89B $43.67B $33.11B
Accounts Payable 12-point trend, -16.5% $162M $169M $101M $97M $110M $141M $102M $126M $135M $150M $152M $194M
Accrued Liabilities 12-point trend, +177.6% $3.22B $3.09B $3.35B $2.34B $2.11B $1.96B $1.98B $1.76B $1.55B $1.38B $1.25B $1.16B
Short-term Debt 12-point trend, +0.00 $0 $4.77B $0 $0 $0 $0 $1.00B $0 $0 $0 $0 $0
Current Liabilities 12-point trend, +84.5% $50.02B $41.28B $45.08B $42.77B $55.16B $38.09B $30.13B $32.63B $30.41B $29.82B $35.85B $27.11B
Capital Leases 8-point trend, +306700000.00 $307M $321M $329M $350M $371M $343M $344M $0 · · · ·
Deferred Tax 12-point trend, +97.0% $339M $164M $64M $74M $67M $483M $732M $660M $522M $163M $251M $172M
Other Non-current Liabilities 12-point trend, +77.2% $1.14B $1.06B $991M $934M $924M $834M $837M $799M $728M $830M $701M $644M
Total Liabilities 12-point trend, +102.0% $57.16B $47.18B $49.82B $47.46B $59.84B $43.10B $33.41B $36.49B $34.11B $33.20B $39.19B $28.30B
Total Debt 12-point trend, +4964100000.00 $4.96B $8.74B $2.99B $2.99B $2.99B $2.98B $2.00B $2.00B $2.00B $2.00B $0 $0
Common Stock Flat — no change across 12 periods $64M $64M $64M $64M $64M $64M $64M $64M $64M $64M $64M $64M
Retained Earnings 12-point trend, +100.3% $26.97B $25.24B $23.62B $22.12B $20.70B $19.45B $18.44B $17.50B $16.55B $14.73B $14.00B $13.46B
Treasury Stock 12-point trend, +154.1% $23.17B $21.02B $19.74B $18.47B $17.34B $15.39B $14.07B $13.09B $12.21B $11.30B $10.14B $9.12B
AOCI 12-point trend, -246.2% $-902M $-883M $-1.81B $-2.31B $-1.99B $11M $-15M $-257M $-680M $-383M $-215M $-261M
Stockholders' Equity 12-point trend, +25.4% $6.03B $6.19B $4.55B $3.51B $3.23B $5.67B $5.75B $5.40B $4.74B $3.98B $4.48B $4.81B
Liabilities + Equity 12-point trend, +90.9% $63.19B $53.37B $54.36B $50.97B $63.07B $48.77B $39.17B $41.89B $38.85B $37.18B $43.67B $33.11B
Shares Outstanding 12-point trend, -14.7% 397,800,000 405,300,000 408,100,000 412,100,000 416,100,000 423,700,000 429,900,000 434,200,000 438,800,000 445,000,000 455,700,000 466,400,000
Cash Flow 16
Annual Cash Flow data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
D&A 12-point trend, +110.8% $586M $582M $562M $549M $515M $511M $480M $409M $378M $316M $289M $278M
Stock-based Comp 12-point trend, +69.4% $243M $266M $244M $220M $202M $175M $131M $167M $175M $139M $138M $143M
Deferred Tax 12-point trend, +1121.6% $156M $37M $-37M $-80M $37M $-251M $26M $9M $-152M $40M $700.0K $-15M
Amort. of Intangibles 12-point trend, +155.3% $385M $381M $372M $373M $344M $327M $287M $228M $204M $169M $153M $151M
Restructuring 3-point trend, -92.6% · · · · · · · $7M $44M $92M · ·
Other Non-cash 12-point trend, -9.3% $43M $-26M $-362M $106M $-603M $60M $-77M $-190M $341M $-71M $-60M $47M
Operating Cash Flow 12-point trend, +175.6% $5.44B $4.94B $4.16B $4.21B $3.10B $3.09B $3.03B $2.69B $2.52B $2.13B $1.90B $1.97B
Investing Cash Flow 12-point trend, -25.4% $-4.71B $-3.04B $-1.39B $-2.52B $-7.01B $-3.52B $3.16B $-2.20B $-2.50B $-1.11B $-869M $-3.76B
Debt Issued 8-point trend, +985700000.00 $986M $1.98B $0 $0 $0 $1.98B $0 $0 · · · ·
Net Debt Issued 12-point trend, +42908.7% $985M $979M $-900.0K $-1M $-900.0K $980M $-2M $-2M $-7M $-2M $-2M $-2M
Stock Repurchased 12-point trend, +33.8% $2.08B $1.28B $1.23B $1.12B $1.97B $1.37B $1.01B $938M $989M $1.26B $1.16B $1.56B
Net Stock Activity 12-point trend, -33.8% $-2.08B $-1.28B $-1.23B $-1.12B $-1.97B $-1.37B $-1.01B $-938M $-989M $-1.26B $-1.16B $-1.56B
Dividends Paid 12-point trend, +183.1% $2.63B $2.40B $2.18B $1.90B $1.66B $1.58B $1.47B $1.29B $1.06B $995M $944M $928M
Financing Cash Flow 12-point trend, +215.2% $4.88B $-6.97B $-1.43B $-15.68B $13.65B $6.44B $-5.89B $-208M $-1.66B $-8.28B $8.75B $1.55B
Net Change in Cash 12-point trend, +1717.9% $5.57B $-5.03B $1.31B $-14.01B $9.64B $6.09B $257M $254M $-1.64B $-7.28B $9.77B $-344M
Taxes Paid 12-point trend, +30.2% $1.01B $1.20B $1.19B $1.08B $857M $974M $677M $634M $530M $817M $652M $773M
Profitability 5
Annual Profitability data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Net Margin 12-point trend, +51.4% 20.1% 19.8% 19.5% 18.9% 17.9% 17.3% 16.9% 16.2% 12.2% 14.0% 12.8% 13.3%
Pretax Margin 12-point trend, +37.9% 26.1% 25.8% 25.4% 24.6% 23.1% 22.4% 21.8% 21.2% 16.3% 20.4% 19.1% 18.9%
EBITDA Margin 12-point trend, +5.1% 2.7% 2.8% 2.9% 3.0% 3.1% 3.4% 3.3% 2.9% 2.8% 2.5% 2.5% 2.5%
ROA 12-point trend, +69.7% 7.6% 7.6% 7.1% 6.0% 5.3% 5.9% 6.1% 5.7% 4.3% 4.3% 3.9% 4.5%
ROE 12-point trend, +180.7% 71.0% 72.4% 81.8% 94.7% 79.5% 45.8% 43.9% 45.2% 43.6% 41.0% 32.1% 25.3%
Liquidity & Solvency 4
Annual Liquidity & Solvency data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Current Ratio 12-point trend, -1.1% 1.1 1.0 1.0 1.0 1.0 1.1 1.0 1.1 1.1 1.1 1.1 1.1
Quick Ratio 12-point trend, +30.7% 0.2 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1
Debt / Equity 12-point trend, +0.82 0.8 1.4 0.7 0.9 0.9 0.5 0.3 0.4 0.6 0.5 0.0 0.0
LT Debt / Equity 10-point trend, +63.5% 0.8 0.6 0.7 0.9 0.9 0.5 0.2 0.4 0.6 0.5 · ·
Efficiency 2
Annual Efficiency data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Asset Turnover 12-point trend, +12.2% 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.3 0.3 0.3
Receivables Turnover 12-point trend, -13.9% 6.2 5.9 6.0 5.8 5.6 5.8 6.0 6.4 7.2 7.2 7.1 7.2
Per Share 6
Annual Per Share data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Book Value / Share 12-point trend, +47.1% $15.16 $15.27 $11.14 $8.52 $7.75 $13.38 $13.38 $12.44 $7.88 $8.94 $9.83 $10.31
Revenue / Share 12-point trend, +136.7% $54.42 $50.31 $46.59 $43.33 $39.18 $35.05 $33.72 $32.39 $30.06 $27.49 $25.41 $22.99
Cash Flow / Share 12-point trend, +236.9% $13.49 $12.09 $10.09 $10.12 $7.36 $7.23 $6.99 $6.14 $5.67 $4.72 $4.05 $4.00
Cash / Share 12-point trend, +202.5% $10.63 $8.26 $7.14 $5.06 $3.45 $6.08 $4.44 $4.49 $4.95 $6.25 $7.00 $3.51
Dividend / Share 12-point trend, +240.5% $7 $6 $5 $5 $4 $4 $4 $3 $3 $2 $2 $2
EPS (TTM) 12-point trend, +258.7% $10.94 $9.98 $9.10 $8.21 $7.00 $6.07 $5.70 $5.24 $4.25 $3.97 $3.25 $3.05
Growth Rates 10
Annual Growth Rates data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Revenue YoY 6-point trend, +136.5% 6.7% 7.1% 6.6% 9.2% 10.0% 2.9% · · · · · ·
Revenue CAGR 3Y 4-point trend, -6.5% 6.8% 7.6% 8.6% 7.3% · · · · · · · ·
Revenue CAGR 5Y 2-point trend, +11.3% 7.9% 7.1% · · · · · · · · · ·
EPS YoY 6-point trend, +48.2% 9.6% 9.7% 10.8% 17.3% 15.3% 6.5% · · · · · ·
EPS CAGR 3Y 4-point trend, -22.4% 10.0% 12.6% 14.4% 12.9% · · · · · · · ·
EPS CAGR 5Y 2-point trend, +5.5% 12.5% 11.8% · · · · · · · · · ·
Net Income YoY 6-point trend, +52.9% 8.2% 8.7% 10.0% 15.7% 13.5% 5.3% · · · · · ·
Net Income CAGR 3Y 4-point trend, -21.5% 9.0% 11.4% 13.0% 11.4% · · · · · · · ·
Net Income CAGR 5Y 2-point trend, +5.6% 11.2% 10.6% · · · · · · · · · ·
Dividend CAGR 5Y 2-point trend, +4.7% 10.8% 10.3% · · · · · · · · · ·
Valuation (TTM) 15
Annual Valuation (TTM) data for ADP
Metric Trend 202620252024202320222021202020192018201720162015
Revenue TTM 12-point trend, +100.6% $21.95B $20.56B $19.20B $18.01B $16.50B $15.01B $14.59B $14.11B $13.27B $12.37B $11.67B $10.94B
Net Income TTM 12-point trend, +203.9% $4.41B $4.08B $3.75B $3.41B $2.95B $2.60B $2.47B $2.29B $1.88B $1.79B $1.49B $1.45B
Market Cap 12-point trend, +138.1% $89.09B $124.99B $97.41B $90.58B $87.40B $84.16B $64.01B $71.79B $58.86B $45.59B $41.87B $37.42B
Enterprise Value 12-point trend, +151.2% $89.82B $125.89B $97.10B $91.47B $88.90B $84.55B $64.10B $71.83B $58.69B $44.81B $38.65B $35.75B
P/E 12-point trend, -22.2% 20.5 30.9 26.2 26.8 30.0 32.7 26.1 31.6 31.6 25.8 28.3 26.3
P/S 12-point trend, +18.7% 4.1 6.1 5.1 5.0 5.3 5.6 4.4 5.1 4.4 3.7 3.6 3.4
P/B 12-point trend, +89.8% 14.8 20.2 21.4 25.8 27.1 14.8 11.1 13.3 17.0 11.5 9.3 7.8
P / Tangible Book 5-point trend, +183.5% 81.5 95.3 113.5 · · 42.1 28.7 · · · · ·
P / Cash Flow 12-point trend, -16.6% 16.4 25.3 23.4 21.5 28.2 27.2 21.2 26.7 23.4 21.4 22.5 19.6
EV / EBITDA 12-point trend, +19.2% 153.3 216.2 172.8 166.5 172.6 165.6 133.5 175.6 155.4 141.8 133.9 128.7
EV / Revenue 12-point trend, +25.2% 4.1 6.1 5.1 5.1 5.4 5.6 4.4 5.1 4.4 3.6 3.3 3.3
Dividend Yield 12-point trend, +19.0% 2.9% 1.9% 2.2% 2.1% 1.9% 1.9% 2.3% 1.8% 1.8% 2.2% 2.2% 2.5%
Earnings Yield 12-point trend, +28.7% 4.9% 3.2% 3.8% 3.7% 3.3% 3.1% 3.8% 3.2% 3.2% 3.9% 3.5% 3.8%
Payout Ratio 12-point trend, -6.8% 59.5% 58.8% 58.2% 55.8% 56.3% 60.6% 59.6% 56.4% 65.6% 57.4% 63.2% 63.9%
Annual Payout 12-point trend, +183.1% $2.63B $2.40B $2.18B $1.90B $1.66B $1.58B $1.47B $1.29B $1.06B $995M $944M $928M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2026-06-302025-06-302024-06-302023-06-302022-06-30
Revenue $21.95B$20.56B$19.20B$18.01B$16.50B
Net Income $4.41B$4.08B$3.75B$3.41B$2.95B
Diluted EPS $10.94$9.98$9.10$8.21$7.00
Balance Sheet
2026-06-302025-06-302024-06-302023-06-302022-06-30
Debt / Equity 0.81.40.70.90.9
Current Ratio 1.11.01.01.01.0
Quick Ratio 0.20.30.10.10.1

ADP AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see ADP's payroll dominance delivering sticky, recession-resistant revenue that justifies premium profitability. The 70% ROE shows it's converting equity into profits far beyond peers like PAYX at 40%, thanks to a moat from network effects and low client churn. Net margin holds steady at 19.8%, proving cost control in a high-margin services model. Even after a dip from $326 to $302, flat EPS at $10.14 signals underlying stability for 2026.

↓ Bearish

My read is that cyclical hiring slowdowns expose ADP's vulnerability, pressuring its stretched valuation. P/E at 25x exceeds peers like PAYC's 15x, implying the market sees fading growth justification. Debt/equity at 144% heightens risks if job security fears from ADP's own March 25 survey worsen. BMO's April 11 target slash to $234 underscores structural pressures amid the 16% market cap drop since Q3.

Claude NEUTRAL 0.62
↑ Bullish

ADP is a cash-generative payroll monopoly trading at a modest premium to peers despite structurally superior returns. The 70% ROE tells you ADP extracts outsized profit from every dollar of shareholder capital — a moat most software companies cannot sustain. At 25.1x trailing earnings, the valuation has actually compressed from 30.6x a year ago, and the stock is down 7% from June highs. If employment remains stable and ADP's pricing power holds, the dividend yield plus mid-single-digit growth justifies the multiple.

↓ Bearish

ADP's valuation floor is collapsing because the market is pricing in structural employment weakness. BMO Capital cut their target to $234 in April — a 23% haircut from current levels — citing cyclical and structural pressures. The March ADP employment report showed the fewest new jobs in months, a direct headwind to ADP's core payroll processing volumes. With a 144x debt-to-equity ratio, ADP has minimal financial flexibility if revenue growth stalls. The stock is already down from $326 in June; further deterioration in labor markets could trigger a rerating below 20x earnings.

Gemini NEUTRAL 0.75
↑ Bullish

ADP remains a fortress of operational efficiency that justifies its premium valuation through sheer consistency. The company delivers a 70.42% return on equity, which is an elite level of profitability that proves they are extracting maximum value from every dollar invested by shareholders. This efficiency is backed by a steady 19.79% net profit margin, meaning they turn nearly one-fifth of every dollar in revenue into pure bottom-line profit. Even with cyclical headwinds, the company’s ability to maintain these margins suggests a durable competitive advantage that keeps them as the gold standard for payroll services.

↓ Bearish

The valuation is currently disconnected from the reality of slowing macroeconomic growth and structural pressures in the labor market. Investors are paying a 25.15 trailing price-to-earnings multiple, a premium that assumes significant future growth which may not materialize if hiring slows further. Furthermore, the debt-to-equity ratio sits at 144.1, which indicates a heavy reliance on leverage to fund operations and buybacks. When a company carries this much debt, any sustained downturn in employment data—like the recent reports of job security anxiety—puts their earnings stability at risk, making the stock look expensive for the current environment.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think ADP's durable payroll processing franchise gives a highly predictable cash flow trajectory into 2026, even through cycles. ROE TTM: 70.42%. That signals the firm turns equity into profits at a rate far above typical services peers. Gross margin TTM: 47.26%. That margin points to pricing power and operating leverage in its service mix. Net margin TTM: 19.79%. That level supports solid cash flow and dividend capacity even if growth slows.

↓ Bearish

I think ADP faces structural headwinds that could curb upside in 2026, particularly from cyclic payroll volumes and pricing pressure. P/E TTM: 25.15x. That valuation stamps in durable growth and leaves little room for error if demand softens, especially amid a tighter labor market. Debt/Equity: 144.1. That leverage could magnify earnings downturns or force tighter financial policy during a slowdown, restricting share buybacks and capex. Current ratio: 1.0541. That thin liquidity means credibility risks if working capital needs rise or automation investments stall, potentially hurting dividends or debt capacity.

Round 2 — Responses & Rebuttals

Grok

Claude, your view that ADP trades at a modest premium to peers ignores the wide gap with lower-growth names like PAYC. ADP's 25x P/E is 67% above PAYC's 15x, signaling the market demands flawless execution on growth that payroll cyclicality threatens to disrupt in 2026Q2. That compression from 30x is real, but it still leaves no margin for the employment slowdowns BMO flagged.

Claude

I need to push back on Gemini's read of that debt-to-equity ratio. A 144x D/E looks catastrophic on paper, but ADP's leverage is actually a feature of its business model, not a bug. The company generates $10.14 in trailing EPS on a fortress balance sheet backed by recurring payroll revenue — the most predictable cash flow in enterprise software. Gemini is treating the D/E like it's a manufacturing company with volatile earnings; ADP's debt load is sustainable precisely because client churn is near-zero and pricing power is real. The real risk isn't the leverage itself — it's whether employment actually contracts enough to break that revenue stickiness. That's the macro call we should be debating, not the capital structure.

Gemini

Claude, your point about ADP's valuation floor collapsing is compelling, but I think you are underestimating the risk of their debt-to-equity ratio of 144.1. That high leverage means that in a period of stagnant employment growth, a significant portion of their cash flow must be diverted to servicing debt rather than fueling innovation or returning capital to shareholders. While you see a payroll monopoly, I see a company that has used financial engineering to prop up earnings, leaving them with very little margin for error if the labor market cools further.

Chatgpt

Claude, I think your ROE moat argument sounds compelling, but interpreting it as ballast for ADP's durability needs nuance. ROE TTM: 70.42%. That implies ADP earns far more profit per dollar of equity than peers, but that level can be sustained only if leverage or buybacks keep inflating the number rather than actual pricing power.

Round 3 — Final Rebuttals

G
Grok

Gemini, Claude's got the edge on interpreting ADP's 144.1 debt-to-equity ratio. That high leverage turbocharges returns in a payroll business with rock-solid recurring revenue and near-zero churn, turning debt into a profit multiplier rather than a drag. The current ratio at 1.05 stays safely above 1.0, confirming liquidity buffers any slowdown without forcing cash diversions. This structure holds up even if 2026 hiring stays soft.

C
Claude

I want to push back on ChatGPT's claim that ADP's 70% ROE is inflated by leverage or buybacks rather than pricing power. ChatGPT, that's a fair caution in general, but the data here doesn't support it. ADP's gross margin is flat at 47.26% — that's the pricing power signal you're looking for, and it's held steady for four quarters. If the ROE spike came only from financial engineering, we'd see margin compression or rising debt costs eating into net margin; instead, net margin sits at 19.79%, also flat. The leverage is real, but it's financing a business with durable unit economics, not masking deterioration. The actual risk Grok flagged — that 25x P/E leaves no room for payroll volume declines — that's the debate worth having.

G
Gemini

I want to widen the frame, as we are ignoring the structural shift in the rate cycle. ChatGPT and Claude are debating leverage, but they are missing that ADP’s massive float—the client funds held between payroll processing and disbursement—is highly sensitive to interest rates. As the Fed enters a potential easing cycle in 2026, that interest income will evaporate, which is a massive headwind to their net profit margin of 19.79%. This metric represents the percentage of revenue ADP keeps as pure profit, and it is about to face a structural squeeze that no amount of payroll stickiness can fully offset.

C
Chatgpt

Claude, your ROE moat claim is overstated. ROE TTM: 70.42%. That level can reflect leverage and buybacks rather than durable pricing power, which means it may not translate into repeat cash flow if hiring slows. In ADP's case, the real test is whether cash flow can hold up under softer payroll volumes while still supporting the dividend and capex. My read is the high ROE signals you should scrutinize balance sheet risk rather than a guaranteed moat.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $298.00 6M Target $310.00 Reasoning I think ADP's payroll moat delivers stable cash flows that hold shares near $300 into 2026Q2 despite labor softness. The catalyst is ADP's Q2 earnings on July 31, 2026, with EPS holding at $10.14 signaling churn-proof volumes and justifying a re-rating. The risk is a sub-100k ADP jobs report in May 2026, confirming hiring freeze and volume drops that crater recurring revenue. At 25.1x P/E, shares at $292 already price in perfection; stability rewards expansion to 28x for $310, reflecting the 70% ROE's superior equity conversion versus peers.
C Claude 3M Target $285.00 6M Target $310.00 Reasoning ADP's payroll moat is real, but the market is correctly pricing in near-term employment headwinds before a 2026H2 recovery. My thesis: the stock compresses another 2–3% over three months as Q2 payroll volumes disappoint, then rebounds 8–9% by year-end as hiring stabilizes. The catalyst is ADP's next earnings print — if they guide down on volume growth, the stock hits $280–285; if they hold guidance, it stabilizes here. The risk is that Gemini's interest-rate headwind on float income actually materializes and cuts net margin from 19.79% to 18%, forcing a rerating below 23x P/E. At 25.1x trailing earnings, the market is paying $10.14 EPS times a multiple that assumes payroll stability — one bad employment report breaks that assumption.
G Gemini 3M Target $285.00 6M Target $270.00 Reasoning My thesis is that ADP’s valuation will compress as the market recalibrates for lower interest income and cooling labor demand. The primary catalyst for a move toward my 6-month target is the Q4 earnings report, where I expect management to guide down interest income expectations as the Fed eases rates. Conversely, a major risk is a sudden spike in hiring that boosts payroll volumes, rendering my bearish outlook moot. Investors are currently paying a 25.15 price-to-earnings multiple for this stock. That ratio means the market is still pricing in significant growth that may prove unsustainable if the labor market continues to soften throughout 2026.
C Chatgpt 3M Target $305.00 6M Target $325.00 Reasoning I think ADP can grind higher over the next several months on durable payroll cash flow, with a defensive bias that should cushion volatility. Catalyst: the upcoming earnings print should show volumes holding up and margins steady, modestly. Risk: a sharper employment downturn or weaker guidance could compress the multiple. P/E around 25x means the market is pricing strong growth; if that growth fades, the multiple could compress, limiting upside.

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Institutional owners (13F) 2,511 filers · $46.3B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
178 (-38 vs prior Q) 151 (-115 vs prior Q) 871 (+125 vs prior Q) 857 (-154 vs prior Q) -21.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $5,844,160,681 26,095,828 12.63% Shares
STATE STREET CORP $4,599,899,274 20,389,160 9.94% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,389,858,550 10,658,556 5.16% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,360,732,421 10,541,337 5.10% Shares
WELLINGTON MANAGEMENT GROUP LLP $2,146,029,093 9,582,626 4.64% Shares
Capital Research Global Investors $1,853,838,725 8,277,905 4.00% Shares
ALLIANCEBERNSTEIN L.P. $1,053,239,811 5,183,777 2.28% Shares
NORGES BANK $653,976,327 2,920,189 1.41% Shares
Ninety One UK Ltd $611,500,048 2,730,521 1.32% Shares
Fundsmith LLP $582,620,930 2,601,567 1.26% Shares
BANK OF AMERICA CORP /DE/ $577,076,949 2,576,812 1.25% Shares
VANGUARD FIDUCIARY TRUST CO $506,964,797 2,263,741 1.10% Shares
GOLDMAN SACHS GROUP INC $502,594,969 2,244,228 1.09% Shares
AMERIPRISE FINANCIAL INC $492,721,748 2,198,810 1.06% Shares
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO $487,656,500 2,177,524 1.05% Shares
Clearbridge Investments, LLC $481,594,871 2,150,457 1.04% Shares
DIMENSIONAL FUND ADVISORS LP $460,957,358 2,058,305 1.00% Shares
ROYAL BANK OF CANADA $310,512,000 1,386,524 0.67% Shares
UBS Group AG $291,093,345 1,299,814 0.63% Shares
ENVESTNET ASSET MANAGEMENT INC $284,735,407 1,271,429 0.62% Shares
ProShare Advisors LLC $274,842,414 1,227,249 0.59% Shares
BLS Capital Fondsmaeglerselskab A/S $256,081,002 1,143,474 0.55% Shares
Swiss National Bank $254,344,494 1,135,720 0.55% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $247,983,429 1,107,309 0.54% Shares
RAYMOND JAMES FINANCIAL INC $245,613,417 1,096,733 0.53% Shares
VICTORY CAPITAL MANAGEMENT INC $244,301,680 1,090,876 0.53% Shares
National Pension Service $230,956,948 1,031,288 0.50% Shares
VANGUARD GROUP INC $226,494,359 880,513 0.49% Shares
Sumitomo Mitsui Trust Group, Inc. $217,283,232 970,231 0.47% Shares
Legal & General Group Plc $217,035,543 969,125 0.47% Shares
Robeco Institutional Asset Management B.V. $207,520,802 926,639 0.45% Shares
VANGUARD ASSET MANAGEMENT, Ltd $202,781,574 905,477 0.44% Shares
JANE STREET GROUP, LLC $201,353,445 899,100 0.43% Call option
BlackRock, Inc. $200,149,490 893,724 0.43% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $198,332,532 976,142 0.43% Shares
Vanguard Global Advisers, LLC $195,910,788 874,797 0.42% Shares
PNC Financial Services Group, Inc. $192,107,221 857,813 0.42% Shares
AVIVA PLC $190,569,133 850,945 0.41% Shares
FUNDSMITH INVESTMENT SERVICES LTD. $184,459,553 823,664 0.40% Shares
Fayez Sarofim & Co $181,504,392 810,468 0.39% Shares
LPL Financial LLC $181,439,512 810,178 0.39% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $178,002,402 794,831 0.38% Shares
RHUMBLINE ADVISERS $168,521,795 752,498 0.36% Shares
TWO SIGMA INVESTMENTS, LP $161,267,739 720,106 0.35% Shares
CAPITAL COUNSEL LLC/NY $161,146,134 719,563 0.35% Shares
Bahl & Gaynor LLC $157,954,696 705,312 0.34% Shares
California Public Employees Retirement System $155,283,123 693,383 0.34% Shares
CANADA PENSION PLAN INVESTMENT BOARD $152,705,906 681,875 0.33% Shares
BNP PARIBAS FINANCIAL MARKETS $146,814,454 655,568 0.32% Shares
Giverny Capital Inc. $146,587,816 654,556 0.32% Shares
Local Pensions Partnership Investment Ltd $145,631,394 650,416 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $139,005,765 620,700 0.30% Put option
Navera Investment Management Ltd. $135,220,948 603,879 0.29% Shares
LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA $134,274,236 599,572 0.29% Shares
TD Asset Management Inc $133,668,589 596,868 0.29% Shares
JANE STREET GROUP, LLC $132,085,710 589,800 0.29% Put option
Jefferies Financial Group Inc. $129,386,889 577,749 0.28% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $128,633,868 633,103 0.28% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $127,926,287 571,227 0.28% Shares
MORGAN STANLEY $124,380,038 555,392 0.27% Shares
BARCLAYS PLC $120,257,345 536,983 0.26% Shares
Williams Jones Wealth Management, LLC. $117,614,862 525,184 0.25% Shares
FEDERATED HERMES, INC. $111,649,377 498,546 0.24% Shares
Quantinno Capital Management LP $111,195,039 496,517 0.24% Shares
Vest Financial, LLC $110,394,137 492,941 0.24% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $109,464,073 488,788 0.24% Shares
MACKENZIE FINANCIAL CORP $108,776,546 485,718 0.23% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $107,116,926 477,612 0.23% Shares
FIFTH THIRD BANCORP $105,780,532 472,340 0.23% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $102,569,100 458,000 0.22% Call option
MARSHALL WACE, LLP $98,970,000 441,929 0.21% Shares
PFA Pension, Forsikringsaktieselskab $97,971,620 437,471 0.21% Shares
NEW YORK STATE COMMON RETIREMENT FUND $95,947,122 428,431 0.21% Shares
CAPTRUST FINANCIAL ADVISORS $92,799,622 414,377 0.20% Shares
Baird Financial Group, Inc. $92,104,140 411,271 0.20% Shares
Corient Private Wealth LP $89,146,798 398,039 0.19% Shares
Bank Julius Baer & Co. Ltd, Zurich $88,513,593 394,545 0.19% Shares
D.A. DAVIDSON & CO. $85,021,393 379,644 0.18% Shares
BANK OF NOVA SCOTIA $78,899,601 352,309 0.17% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $78,192,143 349,150 0.17% Shares
STOREBRAND ASSET MANAGEMENT AS $77,958,115 348,105 0.17% Shares
NORDEA INVESTMENT MANAGEMENT AB $77,728,980 348,889 0.17% Shares
JONES FINANCIAL COMPANIES LLLP $76,883,202 343,920 0.17% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $72,633,704 324,330 0.16% Shares
DANSKE BANK A/S $72,582,643 324,102 0.16% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $71,949,760 321,276 0.16% Shares
AMERICAN CENTURY COMPANIES INC $71,946,678 321,262 0.16% Shares
&PARTNERS $71,379,926 318,744 0.15% Shares
Gotham Asset Management, LLC $69,237,502 309,165 0.15% Shares
NEOS Investment Management LLC $68,595,662 306,299 0.15% Shares
CITADEL ADVISORS LLC $67,968,825 303,500 0.15% Call option
Pictet Asset Management Holding SA $67,814,523 302,811 0.15% Shares
US BANCORP \DE\ $67,575,344 301,743 0.15% Shares
NEUBERGER BERMAN GROUP LLC $67,436,234 301,122 0.15% Shares
Boston Trust Walden Corp $66,707,763 297,869 0.14% Shares
Value Partners Investments Inc. $66,294,167 296,491 0.14% Shares
APG Asset Management N.V. $64,327,693 328,403 0.14% Shares
Swedbank AB $61,469,348 274,478 0.13% Shares
BANK OF MONTREAL /CAN/ $60,813,399 271,549 0.13% Shares
Epoch Investment Partners, Inc. $59,884,902 267,403 0.13% Shares

Company insiders 96 insiders · 31 officers · 14 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Gary C Butler President & CEO Sept. 1, 2011 A 450,603 0 0 $0
Mark D Benjamin Corp. VP Sept. 1, 2016 A 46,604 0 0 $0
Joseph H Timko Corp. VP Sept. 1, 2015 A 7,494 0 0 $0
Anish D Rajparia Corporate Vice President July 1, 2015 I 41,113 0 0 $0
Alan Sheiness Corporate Vice President Feb. 9, 2015 M 39,692 0 0 $0
Regina Lee Corporate Vice President Nov. 24, 2014 G 106,393 0 0 $0
Michael L Capone Corporate Vice President Sept. 19, 2014 F 2,468 0 0 $0
Steven Anenen Corporate Vice President Sept. 3, 2014 F 74,218 0 0 $0
Christopher R Reidy Corporate Vice President Sept. 4, 2012 A 71,150 0 0 $0
Benito Cachinero Corporate Vice President March 8, 2011 M 38,792 0 0 $0
Campbell B Langdon Corporate Vice President March 9, 2010 F 80,917 0 0 $0
James B Benson Corporate Vice President March 9, 2010 F 60,665 0 0 $0
Raymond L Colotti Corporate Vice President Sept. 9, 2009 A 31,662 0 0 $0
John J Gleason Corporate Vice President March 10, 2009 F 16,323 0 0 $0
Michael S Martone Corporate Vice President Sept. 10, 2008 A 147,783 0 0 $0
Alfred A Nietzel Corporate Vice President Aug. 14, 2008 A 6,321 0 0 $0
George I Stoeckert Corporate Vice President Aug. 8, 2008 M 129,595 0 0 $0
Janice M Colby Corporate Vice President May 15, 2007 D 21,783 0 0 $0
Arthur F Weinbach Chairman May 3, 2007 M 557,471 0 0 $0
Dan Sheldon Corporate Vice President April 2, 2007 D 12,846 0 0 $0
Richard J Daly Corporate Vice President April 2, 2007 D 75,624 0 0 $0
John P Hogan Corporate Vice President April 2, 2007 D 38,238 0 0 $0
Richard C Berke Corporate Vice President April 2, 2007 D 0 0 0 $0
Vincent R Coppola Corporate Vice President Feb. 7, 2007 M 18,924 0 0 $0
Karen E Dykstra Corporate Vice President March 23, 2006 M 51,807 0 0 $0
James D Aramanda Corporate Vice President Jan. 27, 2006 A — 0 0 $0
Harry G Durity Corporate Vice President Jan. 1, 2005 D 25,051 0 0 $0
Eugene A Hall Corporate Vice President July 15, 2004 D 56,901 0 0 $0
Peter H Op De Beeck Corporate Vice President April 5, 2004 S 17,719 0 0 $0
John D Barfitt Corporate Vice President Aug. 11, 2003 A 16,785 0 0 $0
FRADIN RUSSELL P Corporate Vice President Aug. 11, 2003 A 202,474 0 0 $0
Ellen R. Alemany Director Nov. 10, 2015 A 16,799 0 0 $0
Leslie A Brun Director Nov. 12, 2014 A 55,383 0 0 $0
Gregory D Brenneman Director Aug. 6, 2014 M 27,534 0 0 $0
Gregory L Summe Director Nov. 25, 2013 M 22,366 0 0 $0
Enrique T Salem Director Nov. 13, 2012 A 13,512 0 0 $0
COOPERMAN LEON G Director June 7, 2011 M 52,064 0 0 $0
Sharon T Rowlands Director Nov. 9, 2010 A 11,310 0 0 $0
Charles H Noski Director March 3, 2010 A 7,593 0 0 $0
Frederic V Malek Director Nov. 11, 2008 A 18,934 0 0 $0
Henry Taub Director Dec. 5, 2007 G 4,669,143 0 0 $0
Ann Dibble Jordan Director Nov. 14, 2006 A 400 0 0 $0
Harvey M Krueger Director Nov. 8, 2005 A 85,680 0 0 $0
Josh Weston Director Jan. 2, 2004 A — 0 0 $0
TISCH LAURENCE A Director Aug. 11, 2003 A — 0 0 $0
AUTOMATIC DATA PROCESSING INC 10% owner Sept. 30, 2014 J 0 0 0 $0
Peter J Hadley — Aug. 5, 2026 A 12,400 0 0 $0
David Foskett — Aug. 5, 2026 A 13,650 0 3 $-784,312
Jonathan S Lehberger — Aug. 5, 2026 A 5,235 0 0 $0
Paul Boland — Aug. 5, 2026 A 11,833 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 4 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Pershing Square Capital Management, L.P., PS Management GP, LLC, William A. Ackman ×7 filings Aug. 17, 2018 — Initial filing — SEC
March 30, 2017 — Initial filing — SEC
Undisclosed reporting person Jan. 15, 2003 — Initial filing M&A / sale SEC
Undisclosed reporting person June 25, 2001 — Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 270 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
DIVB · iShares Trust 5.51% 377,546 SH Aug. 21, 2026 Daily
SHRY · First Trust Exchange-Traded Fund VI 2.46% 1,644 NS June 30, 2026 N-PORT
FTCS · First Trust Exchange-Traded Fund 2.25% 768,368 NS June 30, 2026 N-PORT
SCHD · SCHWAB STRATEGIC TRUST 2.25% 9,616,942 NS May 31, 2026 N-PORT
SEMG · EA Series Trust 2.09% 5,971 NS April 30, 2026 N-PORT
QNXT · iShares Trust 2.02% 2,090 SH Aug. 21, 2026 Daily
QQEW · First Trust Exchange-Traded Fund 1.98% 160,364 NS June 30, 2026 N-PORT
WBIL · Absolute Shares Trust 1.97% 2,680 NS June 30, 2026 N-PORT
FDIV · EA Series Trust 1.96% 6,738 NS April 30, 2026 N-PORT
IGF · iShares Trust 1.93% 1,609,458 SH Aug. 21, 2026 Daily
ESN · Northern Lights Fund Trust II 1.89% 23,800 NS May 31, 2026 N-PORT
EMOT · First Trust Exchange-Traded Fund VI 1.88% 224 NS June 30, 2026 N-PORT
QQXT · First Trust Exchange-Traded Fund 1.88% 13,950 NS June 30, 2026 N-PORT
SMRI · EA Series Trust 1.87% 47,814 NS April 30, 2026 N-PORT
RUNN · Strategic Trust 1.80% 28,085 NS May 31, 2026 N-PORT
ESLG · Strategy Shares 1.69% 1,548 NS April 30, 2026 N-PORT
RDVY · First Trust Exchange-Traded Fund VI 1.63% 1,782,754 NS June 30, 2026 N-PORT
NOBL · ProShares Trust 1.60% 799,581 NS May 31, 2026 N-PORT
TMDV · ProShares Trust 1.54% 307 NS May 31, 2026 N-PORT
IMCV · iShares Trust 1.54% 65,427 SH Aug. 21, 2026 Daily
KNG · First Trust Exchange-Traded Fund IV 1.52% 241,677 NS April 30, 2026 N-PORT
ESUM · Strategy Shares 1.51% 10,983 NS April 30, 2026 N-PORT
ESLV · Strategy Shares 1.49% 825 NS April 30, 2026 N-PORT
RDVI · First Trust Exchange-Traded Fund IV 1.43% 207,077 NS April 30, 2026 N-PORT
FEGE · RBB Fund Trust 1.41% 122,567 NS May 31, 2026 N-PORT
RSPN · Invesco Exchange-Traded Fund Trust 1.39% 52,455 SH Aug. 21, 2026 Daily
WBIF · Absolute Shares Trust 1.37% 1,435 NS June 30, 2026 N-PORT
IYJ · iShares Trust 1.34% 91,573 SH Aug. 21, 2026 Daily
COWZ · Pacer Funds Trust 1.30% 1,118,386 NS April 30, 2026 N-PORT
QQWZ · Pacer Funds Trust 1.30% 2,873 NS April 30, 2026 N-PORT
SRHQ · Elevation Series Trust 1.25% 11,374 NS April 30, 2026 N-PORT
ESMV · iShares Trust 1.24% 351 SH Aug. 21, 2026 Daily
FIDU · FIDELITY COVINGTON TRUST 1.23% 119,958 NS April 30, 2026 N-PORT
QUAL · iShares Trust 1.22% 2,076,129 SH Aug. 21, 2026 Daily
CGUS · Capital Group Core Equity ETF 1.22% 594,180 NS May 31, 2026 N-PORT
VIS · VANGUARD WORLD FUND 1.21% 488,892 SH Aug. 19, 2026 Daily
VALQ · AMERICAN CENTURY ETF TRUST 1.20% 18,840 NS May 31, 2026 N-PORT
NUDV · Nushares ETF Trust 1.16% 2,471 NS April 30, 2026 N-PORT
SPLV · Invesco Exchange-Traded Fund Trust … 1.12% 285,494 SH Aug. 21, 2026 Daily
DUSL · Direxion Shares ETF Trust 1.11% 2,827 NS April 30, 2026 N-PORT
PY · Principal Exchange-Traded Funds 1.10% 10,801 NS June 30, 2026 N-PORT
EXI · iShares Trust 1.09% 56,676 SH Aug. 21, 2026 Daily
SPHQ · Invesco Exchange-Traded Fund Trust 1.08% 735,661 SH Aug. 21, 2026 Daily
UXI · ProShares Trust 1.04% 1,328 NS May 31, 2026 N-PORT
ALTL · Pacer Funds Trust 0.99% 4,500 NS April 30, 2026 N-PORT
LCOW · Pacer Funds Trust 0.98% 1,066 NS April 30, 2026 N-PORT
RILA · Spinnaker ETF Series 0.98% 1,945 NS April 30, 2026 N-PORT
CGCV · Capital Group Conservative Equity E… 0.98% 77,219 NS May 31, 2026 N-PORT
EQIN · Columbia ETF Trust I 0.93% 12,126 NS April 30, 2026 N-PORT
FLRG · FIDELITY COVINGTON TRUST 0.93% 12,393 NS April 30, 2026 N-PORT