Automatic Data Processing

Revenue is largely recurring, tied to payroll processing volumes, seat counts, and add‑ons. FY25 organic constant‑currency growth was 7 percent, with ES retention at 92.1 percent and PEO average worksite employees up 3 percent.

Macro exposure exists via employment levels and rates, since interest on client funds adds variability, but the core processing and compliance engine remains steady. Management’s FY26 outlook calls for 5–6 percent revenue growth and modest margin expansion, consistent with ADP’s long‑term profile.