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Sentiment · FY2026 Q4
| 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 | 16 (0%) |
| Mark Marcon | Robert W. Baird | 16 (0%) |
| Kartik Mehta | Northcoast Research | 12 (8%) |
| Dan Dolev | Mizuho Securities | 12 (8%) |
| Samad Samana | Jefferies | 12 (8%) |
| Ramsey El-Assal | Cantor Fitzgerald | 11 (0%) |
| Scott Wurtzel | Wolfe Research | 9 (0%) |
| Dan Jester | BMO Capital Markets | 9 (0%) |
| Bryan Keane | Citigroup | 8 (13%) |
| Bryan Bergin | TD Cowen | 8 (13%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert W. Baird | 1 | 16 (0%) |
| JPMorgan | 1 | 16 (0%) |
| TD Cowen | 3 | 14 (7%) |
| Mizuho Securities | 1 |
| 12 (8%) |
| Northcoast Research | 1 | 12 (8%) |
| Jefferies | 1 | 12 (8%) |
| Citigroup | 2 | 11 (9%) |
| Cantor Fitzgerald | 1 | 11 (0%) |
ADP sustained momentum with 7% revenue growth and 10% adjusted EPS growth in Q3, achieving a record Q3 retention rate and highest client satisfaction scores while EBIT margin expanded 80 basis points year-over-year. ADP Assist AI agents began delivering measurable efficiency gains across the platform, and international and compliance solutions drove bookings strength. Management raised FY2026 EPS growth guidance again to 10-11%.
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 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $4.83B | +7.1% | $2.34 | +12.6% | 49.8% | 26.3% | 19.8% | $766M |
| FY2025 Q2 | $5.05B | +8.1% | $2.36 | +10.8% | 49.9% | 25.7% | 19.1% | $1.11B |
| FY2025 Q3 | $5.55B | +5.7% | $3.06 | +6.3% | 51.7% | 29.4% | 22.5% | $1.49B |
| FY2025 Q4 | $5.13B | +7.5% | $2.23 | +10.4% | 50.3% | 23.5% | 17.8% | $1.41B |
| FY2026 Q1 | $5.18B | +7.1% | $2.49 | +6.4% | 45.2% | -2.4% | 19.6% | $596M |
| FY2026 Q2 | $5.36B | +6.2% | $2.63 | +11.4% | 46.1% | 23.8% | 19.8% | $1.11B |
| FY2026 Q3 | $5.94B | +7.0% | $3.38 | +10.5% | 48.3% | 30.1% | 22.9% | $2.04B |
| FY2026 Q4 | $5.47B | +6.8% | $2.45 | +9.9% | 53.0% | 23.0% | 17.9% | $1.36B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ADP and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our global time story, which really came about through the Workforce software acquisitions.”
ADP credits its acquisition of Workforce Software with enabling its global time offering and deep system-integrator relationships.
“they've been partnered deeply with many system integrators, think the likes of Accenture, and we also have relationships with others”
ADP names Accenture as a system-integrator partner it can go to market with, particularly for global payroll/time deployments via Workforce Software.
“deploy the zone, our proprietary service built on Salesforce technology that's rolling out AI infused and certainly helping”
ADP's proprietary end-to-end service platform (the zone) is built on Salesforce technology, positioning Salesforce as an underlying platform vendor for ADP's service operations.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ADP ADP | 7 | +7.0% | |
| PAYX Paychex | 6 | +19.9% |