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Sentiment · FY2026 Q3
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Horizontally, we are seeing strong early success in our workforce management partnership with Homebase, and we continued our build-out with ADP, a partnership that is already producing strong sales collaboration and that has significant potential over time.”
Fiserv is building out its ADP partnership (CashFlow Central embedded in ADP's RUN platform), producing strong sales collaboration.
“horizontal expansion, where we are building a full small business operating system with partners like ADP where we continue to progress well”
Fiserv is building a small-business operating system through its Clover platform in partnership with ADP, indicating an expanding SMB collaboration.
“Since its launch in November, the ADP relationship has been exemplary as our sales, product and executive teams continue to find ways to optimize our partnership. We are making it easy for SMBs to access our combined suite of leading solutions on platforms they know and trust, Clover and ADP's RUN solution.”
Fiserv's partnership with ADP integrates ADP's RUN payroll software into Clover, with cross-selling underway between the two sales forces.
“Our new partnership with ADP is progressing well. Teams from each company are deeply engaged and working collaboratively.”
ADP's partnership with Fiserv on small-business solutions is progressing, with both teams actively collaborating on integrated offerings.
“We reinforced our position as a partner of choice with the Q4 signing of a key strategic partnership with ADP”
Fiserv signed a strategic partnership with ADP integrating ADP's payroll solution onto Clover, with ADP reselling Clover and Cash Flow Central to small businesses.
“It was Paychex that talked about a lower revenue per client.”
An analyst referenced competitor Paychex citing lower revenue per client; ADP said it has not seen that trend in its own base, implying relative softness at Paychex.
“Our October 2024 acquisition of Workforce Software is a great example.”
ADP's October 2024 acquisition of Workforce Software underpins the newly launched ADP Workforce Suite, an integrated workforce management solution.
“In December, we successfully embedded Fiserv's Cash Flow Central, an integrated accounts payables and receivables management solution, into RUN”
ADP embedded Fiserv's Cash Flow Central (AP/AR management) into its RUN small-business platform, extending Fiserv's product reach into ADP's small-business client base.
“enables small businesses to purchase ICRA plans directly on our RUN platform through our partner, Thatch.”
ADP partners with Thatch to let small businesses buy ICRA health plans directly on the RUN platform, expanding benefits choice for employees.
“we announced the acquisition of Pequity, an innovative compensation management software provider.”
ADP announced the acquisition of Pequity, a compensation-management software provider, to broaden its insight-driven compensation-planning capabilities.
“With respect to our WorkForce Software acquisition, we continue to make meaningful progress.”
ADP reports continued integration progress on its WorkForce Software acquisition (closed October 2024), unifying workforce management with HR and payroll.
“We pay Amazon, in fact, and that's a small fraction of -- a very small fraction of the number of workers we pay for Amazon.”
ADP confirms Amazon is a payroll client but represents only a very small fraction of the 26 million U.S. workers ADP pays, downplaying headline layoff announcements.
“They're reporting results right now as well and the stock is down quite a bit because they're going through quite a bit of change, cultural shift.”
An analyst notes Fiserv's stock is down sharply amid restructuring and a cultural shift, raising whether the turmoil could alter ADP's partnership targets.
“I think it's almost exactly 1 month to the day that I was on stage with the CEO of Fiserv. We are very committed to this partnership.”
ADP reaffirms strong commitment to its embedded-payroll partnership with Fiserv, serving RUN inside Fiserv platforms, though the bulk of the opportunity is still ahead.
“And I think more specifically, you introduced a fee-free Earned Wage Access program with DailyPay a few years ago.”
ADP partnered with DailyPay years ago to offer a fee-free Earned Wage Access program to RUN clients; management says attach remains modest but growing among specific client segments.
“In fiscal '25, we enhanced our unmatched global payroll capabilities by expanding our offer in markets with exciting growth opportunities like Japan and Saudi Arabia and by acquiring payroll business like PEI in Mexico.”
ADP acquired Mexican payroll business PEI in fiscal 2025 to expand its global payroll footprint.
“We've had a big merger. Your competitor acquired -- took a page out of your book and acquired Paycor.”
A rival HCM provider acquired Paycor, mirroring ADP's own M&A playbook (e.g. WorkForce Software); ADP says it hasn't seen the competitive landscape change as a result.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tien-Tsin Huang | JPMorgan | 14 (0%) |
| Mark Marcon | Robert W. Baird | 14 (0%) |
| Kartik Mehta | Northcoast Research | 12 (8%) |
| Ramsey El-Assal | Cantor Fitzgerald | 11 (0%) |
| Dan Dolev | Mizuho Securities | 11 (9%) |
| Samad Samana | Jefferies | 10 (10%) |
| Scott Wurtzel | Wolfe Research | 9 (0%) |
| Bryan Bergin | TD Cowen | 8 (13%) |
| Jim Faucette | Morgan Stanley | 8 (0%) |
| Dan Jester | BMO Capital Markets | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 3 | 14 (7%) |
| Robert W. Baird | 1 | 14 (0%) |
| JPMorgan | 1 | 14 (0%) |
| Northcoast Research | 1 |
ADP delivered 6% revenue growth with 11% adjusted EPS growth and 80 basis points of EBIT margin expansion in Q2, as broad-based Employer Services bookings were led by international and enterprise segments and Lyric secured two wins with companies exceeding 20,000 employees. The ADP Workforce Suite launched integrating WorkForce Software capabilities into the core platform. Management raised FY2026 adjusted EPS growth guidance to 9-10%.
Demand | Competitive Dynamics | Revenue Growth | M&A | Macroeconomic | Product Launch | Labor Market | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 5 | 8 | 9 | 3 | 2 | 1 | 3 |
| 2025Q2 | 7 | 7 | 10 | 3 | 4 | 1 | 4 | 2 |
| 2025Q3 | 3 | 5 | 4 | 3 | 5 | 2 | 5 | 1 |
| 2025Q4 | 9 | 7 | 2 | 3 | 5 | 1 | 1 | |
| 2026Q1 | 6 | 4 | 1 | 1 | 4 | 4 | 4 | 3 |
| 2026Q2 | 7 | 6 | 2 | 1 | 2 | 2 | 1 | |
| 2026Q3 | 3 | 6 | 2 | 2 | 2 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 7 | 3 | 9 | 6 | 7 | 3 |
| Competitive Dynamics | 5 | 7 | 5 | 7 | 4 | 6 | 6 |
| Revenue Growth | 8 | 10 | 4 | 1 | 2 | 2 | |
| M&A | 9 | 3 | 3 | 2 | 1 | 2 | |
| Macroeconomic | 3 | 4 | 5 | 3 | 4 | 1 | |
| Product Launch | 2 | 1 | 2 | 5 | 4 | 2 | 2 |
| Labor Market | 1 | 4 | 5 | 1 | 4 | 2 | |
| Innovation & R&D | 3 | 2 | 1 | 1 | 3 | 1 | 2 |
| 12 (8%) |
| Mizuho Securities | 1 | 11 (9%) |
| Cantor Fitzgerald | 1 | 11 (0%) |
| Jefferies | 1 | 10 (10%) |
| Wolfe Research | 1 | 9 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ADP ADP | 7 | +7.0% | |
| PAYX Paychex | 7 | +12.5% |