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AI核心结论
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.
营业收入
$5.94B
同比 ++6.95%
每股收益（基本）
$3.39
同比 ++10.42%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Automatic Data Processing (ADP) Q3 FY2026 营收 $5.94B，同比增长 7.0%。 净利润 $1.36B，同比增长 8.8%，稀释每股收益 $3.38。
ADP generated $5.94B in revenue for Q3 FY2026, up 7.0% YoY from $5.55B, reflecting sustained demand for its payroll processing, human capital management, and employer services platforms.
来源: Source: 10-Q Income Statement
Net income rose 8.8% YoY to $1.36B, with diluted EPS increasing 10.5% to $3.38 from $3.06, suggesting share count reduction via buybacks contributed to per-share outperformance relative to net income growth.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow reached $4.01B, up 14.6% from $3.50B in the prior-year period, demonstrating robust cash generation from core operations.
来源: Source: 10-Q Cash Flow Statement
Year-to-date dividends paid totaled $1.94B (+9.6% YoY) and share buybacks surged 53.0% YoY to $1.46B, reflecting management's confidence in sustained free cash flow generation.
来源: Source: 10-Q Cash Flow Statement
Long-term debt rose 33.4% YoY to $3.98B, while total liabilities grew to $58.13B, partly reflecting ADP's client funds obligations which are a structural feature of its payroll float business model.
来源: Source: 10-Q Balance Sheet
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.
来源: Source: 10-Q Balance Sheet
ADP's current ratio of approximately 1.04x indicates that current assets only marginally exceed current liabilities ($54.23B vs. $52.02B). The bulk of these balances relate to client funds obligations, but any mismatch in timing or unexpected client withdrawals could pressure short-term liquidity.
来源: Source: 10-Q Balance Sheet
Cost of revenue grew 5.8% YoY to $3.07B and SG&A rose 6.5% YoY to $1.08B, collectively consuming a significant portion of revenue growth. While net margin remains healthy at ~22.9%, sustained cost inflation could limit future margin expansion.
来源: Source: 10-Q Income Statement
Long-term debt increased 33.4% YoY to $3.98B, raising the cost of capital and debt service obligations. In a higher-for-longer interest rate environment, refinancing risk and incremental interest expense could weigh on future earnings.
来源: Source: 10-Q Balance Sheet
ADP's ROA of approximately 2.1% is low relative to its net margin of ~22.9%, reflecting the large asset base of client funds held on behalf of payroll clients. Any regulatory changes to how these funds must be held or invested could materially impact ADP's interest income and overall profitability.
来源: Source: 10-Q Balance Sheet & Income Statement
Q3 FY2026 实际 EPS $3.38，分析师一致预期 $3.33，超预期 +1.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.94B | $5.55B | +6.95% |
营业成本 | $3.07B | $2.9B | +5.78% |
净利润 | $1.36B | $1.25B | +8.83% |
每股收益（基本） | $3.39 | $3.07 | +10.42% |
每股收益（稀释） | $3.38 | $3.06 | +10.46% |
研发费用 | $253.9M | $247.1M | +2.75% |
销售及管理费用 | $1.08B | $1.02B | +6.49% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $64.48B | $56.45B | +14.24% |
流动资产 | $54.23B | $46.54B | +16.54% |
总负债 | $58.13B | $50.59B | +14.90% |
流动负债 | $52.02B | $45.85B | +13.47% |
股东权益 | $6.35B | $5.86B | +8.45% |
现金及等价物 | $3.23B | $2.68B | +20.44% |
长期债务 | $3.98B | $2.98B | +33.35% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $4.01B | $3.5B | +14.65% |
投资活动现金流YTD | $-3.76B | $-3.46B | -8.61% |
筹资活动现金流YTD | $7.3B | $-1.92B | +480.90% |
股息支出YTD | $1.94B | $1.77B | +9.59% |
股票回购YTD | $1.46B | $956.5M | +52.97% |
折旧及摊销 | $146.4M | $147.1M | -0.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 22.9% | — | — |
净资产收益率 | 21.4% | — | — |
总资产收益率 | 2.1% | — | — |
流动比率 | $1.043 | — | — |
资产负债率 | $9.155 | — | — |
预计发布日期、分析师预期与关注要点
Human Resource & Employment Services 行业其他公司
ADP reported Q3 FY2026 revenue of $5.94B, up 7.0% YoY, and net income of $1.36B, up 8.8% YoY. Diluted EPS grew 10.5% to $3.38, reflecting both earnings growth and the benefit of share buybacks.
Yes, ADP grew revenue by 7.0% YoY to $5.94B in Q3 FY2026, compared to $5.55B in the same quarter of the prior fiscal year. This growth reflects continued demand for ADP's payroll processing and human capital management services.
ADP maintains a net margin of ~22.9%, ROE of ~21.4%, and year-to-date operating cash flow of $4.01B, indicating strong profitability and cash generation. The current ratio of 1.04x and debt-to-equity of 9.15x appear elevated but are largely structural features of ADP's client funds payroll model.
On a fiscal year-to-date basis through Q3 FY2026, ADP paid $1.94B in dividends (+9.6% YoY) and repurchased $1.46B in shares (+53.0% YoY), totaling approximately $3.41B in shareholder returns. The significant increase in buybacks signals management's confidence in ADP's cash flow outlook.
Key risks include a 33.4% YoY increase in long-term debt to $3.98B, which raises refinancing and interest rate sensitivity concerns, and a thin current ratio of 1.04x driven by the scale of client funds obligations. Additionally, rising costs of revenue (+5.8%) and SG&A (+6.5%) could limit future margin expansion if revenue growth moderates.