Automatic Data Processing (ADP)

Hold Recap: Q4 FY26

Every Raised Guide Line Cleared, and Eight Basis Points of Margin That Were Not the Float

Outperform Recap: Q3 FY26

Operating Leverage Holds Through the Float Headwind; PEO Hiring Still Lags

Outperform Recap: Q2 FY26

Operating Leverage Returns: 80 Basis Points of Margin, Pays Per Control Off the Floor, and a Raised Guide the Market Ignored

Hold Recap: Q1 FY26

The Float Carried the Quarter: Pays Per Control Rounds to Zero, Core Pretax Earnings Grow 1%, and the Entire Payroll Complex Re-Rates