Automatic Data Processing

Balance sheet quality is high. As of June 30, 2025, ADP held $3.35 billion in corporate cash, maintained $10.6 billion in committed facilities, and had $3.97 billion of long‑term debt (laddered notes maturing 2028–2034). Client funds assets and obligations are matched and separate from corporate liquidity.

TTM operating cash flow was $4.94 billion, capex about $169 million, yielding FCF near $4.77 billion and robust coverage of dividends and buybacks. Low capital intensity and access to commercial paper support resilience.