Professional Services
ADP delivered solid Q3 FY2026 results with revenue of $5.94B (+7.0% YoY) and net income of $1.36B (+8.8% YoY), driven by continued payroll and HCM demand, while EPS grew 10.4% to $3.39 on a basic basis.
Key risk: High Leverage Relative to Equity
ADP's debt-to-equity ratio stands at approximately 9.15x, which is elevated. While much of ADP's liability base relates to client funds held in trust (a normal feature of payroll processing), the ratio signals meaningful financial leverage that could be sensitive to interest rate changes or credit market disruptions.
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