AUTOMATIC DATA PROCESSING INC, 10-Q filed on 1/29/2026
Quarterly Report
v3.25.4
Cover Page - shares
 6 Months Ended
Dec. 31, 2025
Jan. 26, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 1-5397  
Entity Registrant Name AUTOMATIC DATA PROCESSING, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 22-1467904  
Entity Address, Address Line One One ADP Boulevard  
Entity Address, City or Town Roseland,  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07068  
City Area Code 973  
Local Phone Number 974-5000  
Title of 12(b) Security Common Stock, $0.10 Par Value(voting)  
Trading Symbol ADP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   402,644,364
Entity Central Index Key 0000008670  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.4
Statements of Consolidated Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
REVENUES:        
Revenues $ 5,359.3 $ 5,048.4 $ 10,534.5 $ 9,881.1
Costs of revenues:        
Operating expenses 2,509.0 2,376.1 4,970.6 4,661.9
Research and development 257.8 239.5 509.0 472.1
Depreciation and amortization 122.9 126.9 246.2 242.2
TOTAL COSTS OF REVENUES 2,889.7 2,742.5 5,725.8 5,376.2
Selling, general, and administrative expenses 1,068.1 1,006.1 2,074.4 1,932.8
Interest expense 124.1 129.6 259.5 267.4
TOTAL EXPENSES 4,081.9 3,878.2 8,059.7 7,576.4
Other (income)/loss, net (105.8) (91.1) (215.9) (192.8)
EARNINGS BEFORE INCOME TAXES 1,383.2 1,261.3 2,690.7 2,497.5
Provision for income taxes 321.2 298.1 615.6 578.0
NET EARNINGS $ 1,062.0 $ 963.2 $ 2,075.1 $ 1,919.5
BASIC EARNINGS PER SHARE (in USD per share) $ 2.63 $ 2.36 $ 5.13 $ 4.71
DILUTED EARNINGS PER SHARE (in USD per share) $ 2.62 $ 2.35 $ 5.12 $ 4.69
Basic weighted average shares outstanding (in shares) 403.8 407.6 404.4 407.7
Diluted weighted average shares outstanding (in shares) 404.7 409.0 405.5 409.3
Revenues, other than interest on funds held for clients and PEO revenues        
REVENUES:        
Revenues $ 3,298.3 $ 3,114.8 $ 6,501.7 $ 6,122.0
Interest on funds held for clients        
REVENUES:        
Revenues 308.6 272.8 595.5 526.1
PEO Revenues        
REVENUES:        
Revenues [1] $ 1,752.4 $ 1,660.8 $ 3,437.3 $ 3,233.0
[1] Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $20,546.9 million and $19,420.8 million for the three months ended December 31, 2025 and 2024, respectively, and $39,081.3 million and $36,614.4 million for the six months ended December 31, 2025 and 2024, respectively.
v3.25.4
Statements of Consolidated Earnings (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Direct pass-through costs PEO revenues $ 20,546.9 $ 19,420.8 $ 39,081.3 $ 36,614.4
v3.25.4
Statements of Consolidated Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net earnings $ 1,062.0 $ 963.2 $ 2,075.1 $ 1,919.5
Other comprehensive income/(loss):        
Currency translation adjustments 3.9 (101.0) (11.6) (51.8)
Unrealized net gains/(losses) on available-for-sale securities 107.5 (423.8) 323.2 440.5
Tax effect (22.7) 94.2 (71.0) (103.6)
Reclassification of realized net (gains)/losses on available-for-sale securities to net earnings 0.3 0.6 (1.2) 0.8
Tax effect 0.0 (0.1) 0.3 (0.1)
Unrealized gains/(losses) on cash flow hedging activities 0.0 0.0 0.0 (12.5)
Tax effect 0.0 0.0 0.0 3.1
Amortization of unrealized (gains)/losses on cash flow hedging activities 1.6 1.4 3.0 2.5
Tax effect (0.4) (0.3) (0.7) (0.6)
Reclassification of pension liability adjustment to net earnings 1.1 0.7 2.3 1.8
Tax effect (0.3) (0.2) (0.6) (0.5)
Other comprehensive income/(loss), net of tax 91.0 (428.5) 243.7 279.6
Comprehensive income/(loss) $ 1,153.0 $ 534.7 $ 2,318.8 $ 2,199.1
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Current assets:    
Cash and cash equivalents $ 2,424.7 $ 3,347.8
Short-term marketable securities [1] 45.7 4,498.8
Accounts receivable, net of allowance for doubtful accounts of $47.5 and $47.1, respectively 3,408.5 3,579.1
Other current assets 1,083.1 840.8
Total current assets before funds held for clients 6,962.0 12,266.5
Funds held for clients 67,510.1 30,985.7
Total current assets 74,472.1 43,252.2
Property, plant and equipment, net 622.7 655.4
Operating lease right-of-use asset 405.7 374.1
Deferred contract costs 3,109.1 3,154.1
Other assets 1,113.1 1,057.0
Goodwill 3,294.2 3,273.5
Intangible assets, net 1,622.5 1,603.0
Total assets 84,639.4 53,369.3
Current liabilities:    
Accounts payable 143.1 169.1
Accrued expenses and other current liabilities 2,478.1 3,092.4
Accrued payroll and payroll-related expenses 721.3 973.1
Dividends payable 680.5 620.6
Short-term deferred revenues 261.7 262.8
Obligations under reverse repurchase agreements [1] 45.8 38.4
Obligations under commercial paper borrowings 0.0 4,769.5
Income taxes payable 197.3 9.1
Total current liabilities before client funds obligations 4,527.8 9,935.0
Client funds obligations 67,613.7 31,343.3
Total current liabilities 72,141.5 41,278.3
Long-term debt 3,976.4 3,974.7
Operating lease liabilities 347.6 321.2
Other liabilities 1,051.2 1,058.3
Deferred income taxes 349.5 163.6
Long-term deferred revenues 380.2 385.2
Total liabilities 78,246.4 47,181.3
Commitments and contingencies (Note 14)
Stockholders' equity:    
Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none 0.0 0.0
Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at December 31, 2025 and June 30, 2025; outstanding, 403.0 and 405.3 shares at December 31, 2025 and June 30, 2025, respectively 63.9 63.9
Capital in excess of par value 2,936.8 2,788.3
Retained earnings 25,992.6 25,240.6
Treasury stock - at cost: 235.7 and 233.4 shares at December 31, 2025 and June 30, 2025, respectively (21,960.6) (21,021.4)
Accumulated other comprehensive income/(loss) (639.7) (883.4)
Total stockholders’ equity 6,393.0 6,188.0
Total liabilities and stockholders’ equity $ 84,639.4 $ 53,369.3
[1] As of December 31, 2025, $45.7 million of short-term marketable securities and $0.1 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements. As of June 30, 2025, $38.4 million of short-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements (see Note 10).
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts, current $ 47.5 $ 47.1
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 300,000 300,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 638,700,000 638,700,000
Common stock, shares outstanding (in shares) 403,000,000.0 405,300,000
Treasury stock, shares (in shares) 235,700,000 233,400,000
Short-term marketable securities under reverse repurchase agreements $ 45.7 $ 38.4
Cash and cash equivalents under reverse repurchase agreements $ 0.1  
v3.25.4
Statements of Consolidated Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net earnings $ 2,075.1 $ 1,919.5
Adjustments to reconcile net earnings to cash flows provided by operating activities:    
Depreciation and amortization 292.3 289.7
Amortization of deferred contract costs 598.1 565.9
Deferred income taxes 119.1 32.5
Stock-based compensation expense 131.9 139.7
Bad debt expense 22.5 23.1
Net pension (income)/loss (7.7) (9.8)
Net accretion of discounts and amortization of premiums on available-for-sale securities (45.4) (31.5)
Other 4.2 4.7
Changes in operating assets and liabilities:    
Decrease/(increase) in accounts receivable 145.9 (94.7)
Increase in deferred contract costs (556.4) (565.3)
Increase in other assets (350.1) (271.0)
(Decrease)/increase in accounts payable (25.0) 82.4
Decrease in accrued expenses and other liabilities (629.3) (110.5)
Net cash flows provided by operating activities 1,775.2 1,974.7
Cash Flows from Investing Activities:    
Purchases of corporate and client funds marketable securities (5,652.0) (3,990.7)
Proceeds from the sales and maturities of corporate and client funds marketable securities 3,436.1 2,524.1
Capital expenditures (73.2) (98.2)
Additions to intangibles (209.1) (175.7)
Acquisitions of businesses, net of cash acquired (22.9) (1,160.6)
Proceeds from the sale of property, plant, and equipment and other assets 0.0 3.3
Other (18.4) (4.5)
Net cash flows used in investing activities (2,539.5) (2,902.3)
Cash Flows from Financing Activities:    
Net increase in client funds obligations 36,273.1 9,090.4
Net cash distributed from the Internal Revenue Service (1.2) (487.6)
Payments of debt (0.5) (0.6)
Proceeds from the issuance of debt 0.0 988.9
Settlement of cash flow hedges 0.0 (12.5)
Repurchases of common stock (881.8) (644.9)
Net (repurchases)/proceeds from stock-based compensation plans and stock purchase plan (40.0) 38.6
Dividends paid (1,256.0) (1,145.1)
Net (payments)/proceeds related to reverse repurchase agreements 18.5 (344.7)
Net (payments)/proceeds related to commercial paper (4,769.5) 0.0
Net cash flows provided by financing activities 29,342.6 7,482.5
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents 28.8 (36.7)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents 28,607.1 6,518.2
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 5,054.6 10,086.0
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 33,661.7 16,604.2
Supplemental disclosures of cash flow information:    
Cash paid for interest 253.9 249.5
Cash paid for income taxes, net of income tax refunds $ 303.7 $ 583.5
v3.25.4
Statements of Consolidated Cash Flows (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets        
Cash and cash equivalents $ 2,424.7 $ 3,347.8 $ 2,216.4  
Restricted cash and restricted cash equivalents included in funds held for clients 31,237.0 [1] 1,706.8 14,387.8 [1]  
Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 33,661.7 $ 5,054.6 $ 16,604.2 $ 10,086.0
[1] See Note 7 for a reconciliation of restricted cash and restricted cash equivalents in funds held for clients on the Consolidated Balance Sheets.
v3.25.4
Basis of Presentation
 6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Consolidated Financial Statements and footnotes thereto of Automatic Data Processing, Inc., its subsidiaries and variable interest entity (“ADP” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Intercompany balances and transactions have been eliminated in consolidation. The Consolidated Financial Statements and footnotes thereto are unaudited. In the opinion of the Company’s management, the Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, that are necessary for a fair presentation of the Company’s interim financial results.

The Company has a grantor trust, which holds the majority of the funds provided by its clients pending remittance to employees of those clients, tax authorities, and other payees. The Company is the sole beneficial owner of the trust. The trust meets the criteria in Accounting Standards Codification (“ASC”) 810, “Consolidation” to be characterized as a variable interest entity (“VIE”). The Company has determined that it has a controlling financial interest in the trust because it has both (1) the power to direct the activities that most significantly impact the economic performance of the trust (including the power to make all investment decisions for the trust) and (2) the right to receive benefits that could potentially be significant to the trust (in the form of investment returns) and, therefore, consolidates the trust. Further information on these funds and the Company’s obligations to remit to its clients’ employees, tax authorities, and other payees is provided in Note 7, “Corporate Investments and Funds Held for Clients.” 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenues, expenses, and other comprehensive income that are reported in the Consolidated Financial Statements and footnotes thereto. Actual results may differ from those estimates. Interim financial results are not necessarily indicative of financial results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (“fiscal 2025”). Certain amounts from the prior year's financial statements have been reclassified in order to conform to the current year's presentation.
v3.25.4
New Accounting Pronouncements
 6 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Recently Adopted Accounting Pronouncements

None.
Recently Issued Accounting Pronouncements

StandardDescriptionEffective DateEffect on Financial Statements or Other Significant Matters
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for
Internal-Use Software		This update modernizes the accounting guidance for internal-use software costs and requires capitalization of software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended.July 1, 2028 (fiscal 2029)The Company is assessing this guidance and has not yet determined the impact of ASU 2025-06 on its consolidated results of operations, financial condition, or cash flows.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis update improves financial reporting by requiring enhanced disclosures of the expense captions in the Income Statement within the Notes to the financial statements.June 30, 2028
(fiscal 2028)		The Company is assessing this guidance. The adoption will modify disclosures but will not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
ASU 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures		This update enhances the transparency and decision usefulness of income tax disclosures to better assess how an entity’s operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. June 30, 2026
(fiscal 2026)		The Company is assessing this guidance. The adoption will modify disclosures but will not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
v3.25.4
Revenue
 6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Based upon similar operational and economic characteristics, the Company’s revenues are disaggregated as follows: Human Capital Management (“HCM”), HR Outsourcing (“HRO”), and Global Solutions (“Global”), with separate disaggregation for PEO zero-margin benefits pass-through revenues and client fund interest revenues. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

The following tables provide details of the Company's revenues and includes a reconciliation to the Company’s reportable segments:
Three Months EndedSix Months Ended
December 31,December 31,
Types of Revenues2025202420252024
HCM$2,235.9 $2,131.9 $4,391.5 $4,157.3 
HRO, excluding PEO zero-margin benefits pass-throughs979.3 943.2 1,890.8 1,808.4 
PEO zero-margin benefits pass-throughs1,126.2 1,055.2 2,257.2 2,104.4 
Global709.3 645.3 1,399.5 1,284.9 
Interest on funds held for clients308.6 272.8 595.5 526.1 
Total Revenues$5,359.3 $5,048.4 $10,534.5 $9,881.1 
Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2025:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$2,238.5 $— $(2.6)$2,235.9 
HRO, excluding PEO zero-margin benefits pass-throughs353.8 626.2 (0.7)979.3 
PEO zero-margin benefits pass-throughs— 1,126.2 — 1,126.2 
Global709.3 — — 709.3 
Interest on funds held for clients305.8 2.8 — 308.6 
Total Segment Revenues$3,607.4 $1,755.2 $(3.3)$5,359.3 

Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2024:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$2,134.4 $— $(2.5)$2,131.9 
HRO, excluding PEO zero-margin benefits pass-throughs338.5 605.6 (0.9)943.2 
PEO zero-margin benefits pass-throughs— 1,055.2 — 1,055.2 
Global645.3 — — 645.3 
Interest on funds held for clients270.3 2.5 — 272.8 
Total Segment Revenues$3,388.5 $1,663.3 $(3.4)$5,048.4 

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2025:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$4,396.7 $— $(5.2)$4,391.5 
HRO, excluding PEO zero-margin benefits pass-throughs712.3 1,180.1 (1.6)1,890.8 
PEO zero-margin benefits pass-throughs— 2,257.2 — 2,257.2 
Global1,399.5 — — 1,399.5 
Interest on funds held for clients590.1 5.4 — 595.5 
Total Segment Revenues$7,098.6 $3,442.7 $(6.8)$10,534.5 

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2024:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$4,162.0 $— $(4.7)$4,157.3 
HRO, excluding PEO zero-margin benefits pass-throughs681.3 1,128.6 (1.5)1,808.4 
PEO zero-margin benefits pass-throughs— 2,104.4 — 2,104.4 
Global1,284.9 — — 1,284.9 
Interest on funds held for clients521.3 4.8 — 526.1 
Total Segment Revenues$6,649.5 $3,237.8 $(6.2)$9,881.1 

Contract Balances

The timing of revenue recognition for our HCM, HRO and Global Solutions is consistent with the invoicing of clients, as invoicing occurs in the period the services are provided. Therefore, the Company does not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing.
Changes in deferred revenues related to set up fees for the six months ended December 31, 2025 were as follows:
Contract Liability
Contract liability, July 1, 2025$520.2 
Recognition of revenue included in beginning of year contract liability(72.7)
Contract liability, net of revenue recognized on contracts during the period66.1 
Currency translation adjustments1.0 
Contract liability, December 31, 2025$514.6 
v3.25.4
Acquisition
 6 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
In October 2024, the Company acquired WorkForce Software, a premier workforce management solutions provider that specializes in supporting large, global enterprises, utilizing cash on hand. The results of WorkForce Software are reported within the Company’s Employer Services segment. Pro forma information has not been presented because the effect of the acquisition is not material to the Company's consolidated financial results.

The following table reconciles the purchase price to the cash paid for the acquisition, net of cash acquired:
Purchase price$1,170.8 
Less: cash acquired(12.5)
Cash paid for acquisition of business, net of cash acquired$1,158.3 

The acquisition was accounted for using the acquisition method of accounting. The Company recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition, with the excess recorded to goodwill. The purchase price allocation for WorkForce Software is as follows:
Cash$12.5 
Accounts receivable, net of allowance for doubtful accounts20.0 
Identifiable intangible assets (1)292.0 
Goodwill885.8 
Deferred income taxes, net of valuation allowance45.9 
All other assets14.8 
Total assets acquired$1,271.0 
Deferred revenue$39.6 
All other liabilities60.6 
Total liabilities assumed$100.2 
Total net assets acquired$1,170.8 

(1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes an estimated valuation by an independent third party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants, projected customer attrition rates, as well as applicable royalty rates for comparable assets. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to the future cash flows. The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation include:
Estimated Fair ValueEstimated Useful Life
(in years)
Technology$115.0 7
Customer/Partner relationships$170.0 8
Tradename$7.0 4

The goodwill recorded as a result of the WorkForce Software transaction represents future economic benefits the Company expects to achieve as a result of the acquisition, including expected synergies along with the value of the assembled workforce. None of the goodwill resulting from the acquisition is tax deductible.
v3.25.4
Earnings per Share (“EPS”)
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share (“EPS”) Earnings per Share (“EPS”)
BasicEffect of Employee Stock Option SharesEffect of
Employee
Restricted
Stock
Shares		Diluted
Three Months Ended December 31, 2025    
Net earnings$1,062.0   $1,062.0 
Weighted average shares (in millions)403.8 0.4 0.5 404.7 
EPS$2.63   $2.62 
Three Months Ended December 31, 2024    
Net earnings$963.2   $963.2 
Weighted average shares (in millions)407.6 0.6 0.8 409.0 
EPS$2.36   $2.35 
Six Months Ended December 31, 2025
Net earnings$2,075.1   $2,075.1 
Weighted average shares (in millions)404.4 0.4 0.7 405.5 
EPS$5.13   $5.12 
Six Months Ended December 31, 2024    
Net earnings$1,919.5   $1,919.5 
Weighted average shares (in millions)407.7 0.7 0.9 409.3 
EPS$4.71   $4.69 
Shares that could potentially dilute basic EPS in the future include outstanding share-based compensation awards, which are discussed in Note 12. For the three and six months ended December 31, 2025, there were 0.6 million and 0.4 million shares excluded from the calculation of diluted EPS, respectively, because their inclusion would have been anti-dilutive. For the three and six months ended December 31, 2024, there were no shares excluded from the calculation of diluted EPS.
v3.25.4
Other (Income)/Expense, Net
 6 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other (Income)/Expense, Net Other (Income)/Expense, Net
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Interest income on corporate funds$(96.8)$(83.9)$(198.3)$(175.5)
Realized (gains)/losses on available-for-sale securities, net0.3 0.6 (1.2)0.8 
Gain on sale of assets— — — (2.4)
Non-service components of pension income, net (see Note 12)(7.1)(7.8)(14.2)(15.7)
Net (gain)/loss on ADP Ventures' investments(2.2)— (2.2)— 
Other (income)/loss, net$(105.8)$(91.1)$(215.9)$(192.8)
v3.25.4
Corporate Investments and Funds Held For Clients
 6 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Corporate Investments and Funds Held for Clients Corporate Investments and Funds Held for Clients
Corporate investments and funds held for clients at December 31, 2025 and June 30, 2025 were as follows:
 December 31, 2025
Amortized
Cost		Gross
Unrealized
 Gains		Gross
Unrealized
Losses		 Fair Market Value (A)
Type of issue:   
Money market securities, cash and other cash equivalents$33,661.7 $— $— $33,661.7 
Available-for-sale securities:
Corporate bonds17,695.5 156.4 (276.2)17,575.7 
U.S. Treasury securities10,893.0 114.2 (17.7)10,989.5 
Asset-backed securities2,074.6 30.7 (8.4)2,096.9 
Canadian government obligations and
Canadian government agency obligations		1,719.3 13.9 (23.9)1,709.3 
Canadian provincial bonds1,131.7 15.3 (20.4)1,126.6 
U.S. government agency securities905.4 4.6 (63.6)846.4 
Other securities2,003.0 14.3 (42.9)1,974.4 
Total available-for-sale securities36,422.5 349.4 (453.1)36,318.8 
Total corporate investments and funds held for clients$70,084.2 $349.4 $(453.1)$69,980.5 
(A) Included within available-for-sale securities are corporate investments with fair values of $45.7 million and funds held for clients with fair values of $36,273.1 million. All available-for-sale securities are included in Level 2 of the fair value hierarchy.
 June 30, 2025
Amortized 
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Market Value (B)
Type of issue:    
Money market securities, cash and other cash equivalents$5,054.6 $— $— $5,054.6 
Available-for-sale securities: 
Corporate bonds17,515.2 108.7 (420.2)17,203.7 
U.S. Treasury securities8,416.8 85.6 (43.7)8,458.7 
Canadian government obligations and
Canadian government agency obligations		1,972.0 16.4 (32.4)1,956.0 
Asset-backed securities1,837.8 22.6 (15.5)1,844.9 
U.S. government agency securities1,328.5 2.3 (80.0)1,250.8 
Canadian provincial bonds1,155.8 13.8 (27.7)1,141.9 
Other securities1,977.3 7.2 (62.8)1,921.7 
Total available-for-sale securities34,203.4 256.6 (682.3)33,777.7 
Total corporate investments and funds held for clients$39,258.0 $256.6 $(682.3)$38,832.3 
(B) Included within available-for-sale securities are corporate investments with fair values of $4,498.8 million and funds held for clients with fair values of $29,278.9 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.

For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for fiscal 2025. The Company concurred with and did not adjust the prices obtained from the independent pricing service. The Company had no available-for-sale securities included in Level 1 or Level 3 at December 31, 2025.
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2025, are as follows: 
December 31, 2025
Securities in Unrealized Loss Position Less Than 12 MonthsSecurities in Unrealized Loss Position Greater Than 12 MonthsTotal
Gross
Unrealized
Losses		Fair Market
Value		Gross
Unrealized
Losses		Fair Market
Value 		Gross
Unrealized
Losses		Fair
Market Value
Corporate bonds$(2.5)$861.0 $(273.7)$8,816.4 $(276.2)$9,677.4 
U.S. Treasury securities(2.0)711.9 (15.7)1,264.6 (17.7)1,976.5 
Asset-backed securities(0.2)58.7 (8.2)392.7 (8.4)451.4 
Canadian government obligations and
Canadian government agency obligations		(1.8)198.2 (22.1)657.2 (23.9)855.4 
Canadian provincial bonds(0.1)55.5 (20.3)535.0 (20.4)590.5 
U.S. government agency securities(0.1)10.4 (63.5)666.7 (63.6)677.1 
Other securities(0.1)29.1 (42.8)991.2 (42.9)1,020.3 
 $(6.8)$1,924.8 $(446.3)$13,323.8 $(453.1)$15,248.6 

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2025, are as follows:
June 30, 2025
Securities in Unrealized Loss Position Less Than 12 MonthsSecurities in Unrealized Loss Position Greater Than 12 MonthsTotal
Gross
Unrealized
Losses		Fair Market
Value		Gross
Unrealized
Losses		Fair Market
Value 		Gross
Unrealized
Losses		Fair
Market Value
Corporate bonds$(5.4)$690.4 $(414.8)$10,218.8 $(420.2)$10,909.2 
U.S. Treasury securities(0.8)732.2 (42.9)1,801.7 (43.7)2,533.9 
Canadian government obligations and
Canadian government agency obligations		(1.4)219.2 (31.0)870.2 (32.4)1,089.4 
Asset-backed securities(0.2)101.4 (15.3)481.4 (15.5)582.8 
U.S. government agency securities(0.1)8.0 (79.9)1,093.8 (80.0)1,101.8 
Canadian provincial bonds(0.8)44.3 (26.9)588.8 (27.7)633.1 
Other securities(1.5)168.4 (61.3)1,130.2 (62.8)1,298.6 
 $(10.2)$1,963.9 $(672.1)$16,184.9 $(682.3)$18,148.8 

At December 31, 2025, Corporate bonds include investment-grade debt securities with a wide variety of issuers, industries, and sectors, primarily carrying credit ratings of A and above, and have maturities ranging from January 2026 through December 2035.

At December 31, 2025, asset-backed securities include AAA-rated senior tranches of securities with predominantly prime collateral primarily comprised of fixed-rate auto loan, credit card, and device payment plan agreement receivables with fair values of $894.9 million, $644.3 million, and $313.7 million, respectively. These securities are collateralized by the cash flows of the underlying pools of receivables. The primary risk associated with these securities is the collection risk of the underlying receivables. All collateral on such asset-backed securities has performed as expected through December 31, 2025.

At December 31, 2025, U.S. government agency securities primarily include debt directly issued by Federal Farm Credit Banks and Federal Home Loan Banks with fair values of $636.1 million and $137.2 million, respectively. U.S. government agency securities represent senior, unsecured, non-callable debt that primarily carry ratings of Aa1 by Moody's, and AA+ by Standard & Poor's, with maturities ranging from July 2026 through December 2035.
At December 31, 2025, other securities primarily include AA-rated United Kingdom Gilt securities of $648.7 million, municipal bonds, diversified with a variety of issuers, with credit ratings of A and above with fair values of $549.9 million, commercial mortgage-backed securities of $387.0 million, and AAA-rated supranational bonds of $232.9 million.

Classification of corporate investments on the Consolidated Balance Sheets is as follows:
December 31,June 30,
20252025
Corporate investments:  
Cash and cash equivalents$2,424.7 $3,347.8 
Short-term marketable securities45.7 4,498.8 
Total corporate investments$2,470.4 $7,846.6 

Funds held for clients represent assets that, based upon the Company's intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds relating to the Company’s payroll and payroll tax filing services, which are classified as client funds obligations on our Consolidated Balance Sheets.

Funds held for clients have been invested in the following categories:
December 31,June 30,
20252025
Funds held for clients:  
Restricted cash and cash equivalents held to satisfy client funds obligations$31,237.0 $1,706.8 
Restricted short-term marketable securities held to satisfy client funds obligations7,584.8 3,155.7 
Restricted long-term marketable securities held to satisfy client funds obligations28,688.3 26,123.2 
Total funds held for clients$67,510.1 $30,985.7 

Client funds obligations represent the Company's contractual obligations to remit funds to satisfy clients' payroll, tax, and other payee payment obligations and are recorded on the Consolidated Balance Sheets at the time that the Company impounds funds from clients. The client funds obligations represent liabilities that will be repaid within one year of the balance sheet date. The Company has reported client funds obligations as a current liability on the Consolidated Balance Sheets totaling $67,613.7 million and $31,343.3 million at December 31, 2025 and June 30, 2025, respectively. The Company has classified funds held for clients as a current asset since these funds are held solely for the purpose of satisfying the client funds obligations. Of the Company’s funds held for clients at December 31, 2025 and June 30, 2025, $61,953.0 million and $27,355.2 million, respectively, are held in the grantor trust. The liabilities held within the trust are intercompany liabilities to other Company subsidiaries and eliminate in consolidation.

The Company has reported the cash flows related to the purchases of corporate and client funds marketable securities and related to the proceeds from the sales and maturities of corporate and client funds marketable securities on a gross basis in the investing section of the Statements of Consolidated Cash Flows. The Company has reported the cash and cash equivalents related to client funds investments with original maturities of ninety days or less, within the beginning and ending balances of cash, cash equivalents, restricted cash, and restricted cash equivalents. The Company has reported the cash flows related to the cash received from and paid on behalf of clients on a net basis within net increase / (decrease) in client funds obligations in the financing activities section of the Statements of Consolidated Cash Flows.

All available-for-sale securities were rated as investment grade at December 31, 2025.
 
Expected maturities of available-for-sale securities at December 31, 2025 are as follows:
One year or less$7,630.4 
One year to two years4,675.5 
Two years to three years6,606.4 
Three years to four years5,167.3 
After four years12,239.2 
Total available-for-sale securities$36,318.8 
v3.25.4
Leases
 6 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company records leases on the Consolidated Balance Sheets as operating lease right-of-use ("ROU") assets, records the current portion of operating lease liabilities within accrued expenses and other current liabilities and, separately, records long-term operating lease liabilities. The difference between total ROU assets and total lease liabilities is primarily attributable to prepayments of our obligations and the recognition of various lease incentives.

The Company has entered into operating lease agreements for facilities and equipment. The Company's leases have remaining lease terms of up to approximately eleven years.

The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Operating lease cost$31.4 $27.3 $61.9 $54.8 
Short-term lease cost0.3 0.2 0.7 0.5 
Variable lease cost5.8 4.6 11.5 11.2 
Total operating lease cost$37.5 $32.1 $74.1 $66.5 
The following table provides supplemental cash flow information related to the Company's leases:
Six Months Ended
December 31,
20252024
Cash paid for operating lease liabilities$64.9 $59.3 
Operating lease ROU assets obtained in exchange for new operating lease liabilities$89.8 $31.7 

Other information related to our operating lease liabilities is as follows:
December 31,June 30,
20252025
Weighted-average remaining lease term (in years)66
Weighted-average discount rate3.9 %3.6 %
Current operating lease liability$107.0 $100.8 

As of December 31, 2025, maturities of operating lease liabilities are as follows:
Six months ending June 30, 2026$62.6 
Twelve months ending June 30, 2027113.4 
Twelve months ending June 30, 202891.1 
Twelve months ending June 30, 202967.2 
Twelve months ending June 30, 203049.1 
Thereafter126.3 
Total undiscounted lease obligations509.7 
Less: Imputed interest(55.1)
Net lease obligations$454.6 
v3.25.4
Goodwill and Intangible Assets, net
 6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, net Goodwill and Intangible Assets, net
Changes in goodwill for the six months ended December 31, 2025 are as follows:
Employer
Services		PEO
Services		Total
Balance at June 30, 2025$3,268.7 $4.8 $3,273.5 
Additions and other adjustments22.2 — 22.2 
Currency translation adjustments(1.5)— (1.5)
Balance at December 31, 2025$3,289.4 $4.8 $3,294.2 

Components of intangible assets, net, are as follows:
December 31,June 30,
20252025
Intangible assets:  
Software and software licenses$4,259.6 $4,103.6 
Customer contracts and lists1,451.5 1,429.4 
Other intangibles250.1 249.8 
 5,961.2 5,782.8 
Less accumulated amortization: 
Software and software licenses(2,948.6)(2,830.3)
Customer contracts and lists(1,145.1)(1,105.6)
Other intangibles(245.0)(243.9)
 (4,338.7)(4,179.8)
Intangible assets, net$1,622.5 $1,603.0 

Other intangibles consist primarily of purchased rights, purchased content, trademarks and trade names (acquired directly or through acquisitions). All intangible assets have finite lives and, as such, are subject to amortization. The weighted average remaining useful life of the intangible assets is 6 years (6 years for software and software licenses, 5 years for customer contracts and lists, and 3 years for other intangibles). Amortization of intangible assets was $95.8 million and $100.7 million for the three months ended December 31, 2025 and 2024, respectively, and $191.3 million and $189.7 million for the six months ended December 31, 2025 and 2024, respectively.

Estimated future amortization expenses of the Company's existing intangible assets are as follows:
 Amount
Six months ending June 30, 2026$220.5 
Twelve months ending June 30, 2027$348.3 
Twelve months ending June 30, 2028$263.4 
Twelve months ending June 30, 2029$228.8 
Twelve months ending June 30, 2030$187.3 
Twelve months ending June 30, 2031$141.8 
v3.25.4
Short-term Financing
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-term Financing Short-term Financing
The Company has a $4.6 billion, 364-day credit agreement that matures in June 2026 with a one year term-out option. The Company also has a $3.5 billion, five year credit facility that matures in June 2029 that contains an accordion feature under which the aggregate commitment can be increased by $500 million, subject to the availability of additional commitments. In addition, the Company also has a $2.5 billion five year credit facility maturing in June 2030 that contains an accordion feature under which the aggregate commitment can be increased by $500 million, subject to the availability of additional commitments. The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing. The Company is also required to pay facility fees on the credit agreements. The primary uses of the credit facilities are to provide liquidity to the commercial paper program and funding for general corporate purposes, if necessary. The Company had no borrowings through December 31, 2025 under the credit agreements.

The Company's U.S. short-term funding requirements related to client funds are sometimes obtained on an unsecured basis through the issuance of commercial paper, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities. This commercial paper program provides for the issuance of up to $10.6 billion in aggregate maturity value. The Company’s commercial paper program is rated A-1+ by Standard & Poor’s, Prime-1 (“P-1”) by Moody’s and F1+ by Fitch. These ratings denote the highest quality commercial paper securities. Maturities of commercial paper can range from overnight to up to 364 days. As of December 31, 2025 the company had no commercial paper outstanding. As of June 30, 2025 the Company had $4.8 billion of commercial paper outstanding, which was repaid in early July 2025. Details of the borrowings under the commercial paper program are as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Average daily borrowings (in billions)$4.4 $4.5 $4.5 $4.7 
Weighted average interest rates4.0 %4.8 %4.2 %5.1 %
Weighted average maturity (approximately in days)2 days2 days2 days2 days

The Company’s U.S., Canadian and United Kingdom short-term funding requirements related to client funds obligations are sometimes obtained on a secured basis through the use of reverse repurchase agreements, which are collateralized principally by government and government agency securities, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities. These agreements generally have terms ranging from overnight to up to five business days. As of December 31, 2025 and June 30, 2025, the Company had $45.8 million and $38.4 million of outstanding obligations related to reverse repurchase agreements, respectively. The Company has $7.5 billion available on a committed basis under the U.S. reverse repurchase agreements. Details of the reverse repurchase agreements are as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Average outstanding balances (in billions)$4.3 $3.7 $4.4 $3.7 
Weighted average interest rates4.1 %4.8 %4.3 %5.0 %
v3.25.4
Debt
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company issued four series of fixed-rate notes with staggered maturities of 7 and 10 years at the time of issuance totaling $4.0 billion (collectively the “Notes”). The Notes are senior unsecured obligations, and interest is payable in arrears, semi-annually.
The principal amounts and associated effective interest rates of the Notes and other debt as of December 31, 2025 and June 30, 2025, are as follows:
Debt instrumentEffective Interest RateDecember 31, 2025June 30, 2025
Fixed-rate 1.700% notes due May 15, 2028
1.85%1,000.0 1,000.0 
Fixed-rate 1.250% notes due September 1, 2030
1.83%1,000.0 1,000.0 
Fixed-rate 4.750% notes due May 8, 2032
4.95%1,000.0 1,000.0 
Fixed-rate 4.450% notes due September 9, 2034
4.75%1,000.0 1,000.0 
Other2.4 2.9 
4,002.4 4,002.9 
Less: current portion (a)(1.1)(1.0)
Less: unamortized discount and debt issuance costs(24.9)(27.2)
Total long-term debt$3,976.4 $3,974.7 
(a) - Current portion of long-term debt as of December 31, 2025 is included within accrued expenses and other current liabilities on the Consolidated Balance Sheets.
The effective interest rates for the Notes include the interest on the Notes and amortization of the discount and debt issuance costs.
As of December 31, 2025, the fair value of the Notes, based on Level 2 inputs, was $3,860.7 million. For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for fiscal 2025.
v3.25.4
Employee Benefit Plans
 6 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
A.  Stock-based Compensation Plans

The Company's share-based compensation plan consists of stock options, time-based restricted stock, time-based restricted stock units, performance-based restricted stock, and performance-based restricted stock units. The Company also offers an employee stock purchase plan for eligible employees. Beginning in September 2022, the Company discontinued granting stock options, time-based restricted stock and performance-based restricted stock. Any such future awards granted September 2022 and after will be grants of time-based restricted stock units and/or performance-based restricted stock units, depending on employee eligibility. Time-based restricted stock unit awards and performance-based restricted stock unit awards granted to employees with a home country of the United States are settled in stock, and awards granted to employees with a home country outside the United States are generally settled in cash.

The Company currently utilizes treasury stock to satisfy stock option exercises, issuances under the Company's employee stock purchase plan, and restricted stock awards. From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase program. The Company repurchased 1.9 million and 0.9 million shares in the three months ended December 31, 2025 and 2024, respectively, and repurchased 3.2 million and 2.4 million shares in the six months ended December 31, 2025 and 2024, respectively. The Company considers several factors in determining when to execute share repurchases, including, among other things, actual and potential acquisition activity, cash balances and cash flows, issuances due to employee benefit plan activity, and market conditions.
The following table represents pre-tax stock-based compensation expense for the three and six months ended December 31, 2025 and 2024, respectively:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Operating expenses$8.5 $9.2 $17.1 $18.3 
Selling, general and administrative expenses55.3 59.6 96.7 101.9 
Research and development9.4 10.3 18.1 19.5 
Total stock-based compensation expense$73.2 $79.1 $131.9 $139.7 
B.  Pension Plans

The components of net pension (income)/expense were as follows:
Three Months EndedSix Months Ended
December 31,December 31,
 2025202420252024
Service cost – benefits earned during the period$2.0 $1.5 $4.0 $3.0 
Interest cost on projected benefits21.7 21.9 43.4 43.7 
Expected return on plan assets(28.3)(29.0)(56.6)(58.0)
Net amortization and deferral0.7 0.7 1.5 1.5 
Net pension (income)/expense$(3.9)$(4.9)$(7.7)$(9.8)
v3.25.4
Income Taxes
 6 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate for the three months ended December 31, 2025 and 2024 was 23.2% and 23.6%, respectively. The decrease in the effective tax rate is primarily due to lower reserves for uncertain tax positions and a benefit for adjustments to prior year tax liabilities partially offset by a lower excess tax benefit on stock-based compensation in the three months ended December 31, 2025.

The effective tax rate for the six months ended December 31, 2025 and 2024 was 22.9% and 23.1%, respectively. The decrease in the effective tax rate is primarily due to lower reserves for uncertain tax positions partially offset by the cost of an intercompany transfer of certain assets and a lower excess tax benefit on stock-based compensation in the six months ended December 31, 2025.
v3.25.4
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of December 31, 2025, the Company has purchase commitments of approximately $2,332.5 million, including obligations related to software license agreements, third-party software services and purchase and maintenance agreements on our software, equipment, and other assets, of which $194.8 million relates to the six months ending June 30, 2026, $1,032.7 million relates to the years ending June 30, 2027 through 2028, $987.0 million relates to the years ending June 30, 2029 through 2031, and the remaining relates to fiscal years thereafter.

In May 2020, a putative class action complaint was filed against ADP, TotalSource and related defendants in the U.S. District Court, District of New Jersey. The complaint asserts violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) in connection with the ADP TotalSource Retirement Savings Plan’s fiduciary administrative and investment decision-making. The complaint seeks statutory and other unspecified monetary damages, injunctive relief and attorney’s fees. The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to this matter. The Company is vigorously defending against this lawsuit.
The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. Management currently believes that the resolution of these claims, litigation and regulatory compliance matters against us, individually or in the aggregate, will not have a material adverse impact on our consolidated results of operations, financial condition or cash flows. These matters are subject to inherent uncertainties and management's view of these matters may change in the future.

It is not the Company’s business practice to enter into off-balance sheet arrangements. In the normal course of business, the Company may enter into contracts in which it makes representations and warranties that relate to the performance of the Company’s services and products. The Company does not expect any material losses related to such representations and warranties.
v3.25.4
Stockholders' Equity
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Changes in stockholders' equity by component are as follows:

Three Months Ended
December 31, 2025
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at September 30, 2025$63.9 $2,868.0 $25,622.4 $(21,449.8)$(730.7)$6,373.8 
Net earnings— — 1,062.0 — — 1,062.0 
Other comprehensive income/(loss)— — — — 91.0 91.0 
Stock-based compensation expense— 66.3 — — — 66.3 
Issuances relating to stock compensation plans— 2.5 — 0.4 — 2.9 
Treasury stock acquired (1.9 million shares repurchased)
— — — (511.2)— (511.2)
Dividends declared ($1.70 per share)
— — (691.8)— — (691.8)
Balance at December 31, 2025$63.9 $2,936.8 $25,992.6 $(21,960.6)$(639.7)$6,393.0 

Three Months Ended
December 31, 2024
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at September 30, 2024$63.9 $2,528.6 $24,001.2 $(20,144.9)$(1,100.2)$5,348.6 
Net earnings— — 963.2 — — 963.2 
Other comprehensive income/(loss)— — — — (428.5)(428.5)
Stock-based compensation expense— 70.2 — — — 70.2 
Issuances relating to stock compensation plans— 20.8 — 6.5 — 27.3 
Treasury stock acquired (0.9 million shares repurchased)
— — — (273.9)— (273.9)
Dividends declared ($1.54 per share)
— — (628.8)— — (628.8)
Balance at December 31, 2024$63.9 $2,619.6 $24,335.6 $(20,412.3)$(1,528.7)$5,078.1 
Six Months Ended
December 31, 2025
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at June 30, 2025$63.9 $2,788.3 $25,240.6 $(21,021.4)$(883.4)$6,188.0 
Net earnings— — 2,075.1 — — 2,075.1 
Other comprehensive income/(loss)— — — — 243.7 243.7 
Stock-based compensation expense— 123.6 — — — 123.6 
Issuances relating to stock compensation plans— 24.9 — 35.7 — 60.6 
Treasury stock acquired (3.2 million shares repurchased)
— — — (974.9)— (974.9)
Dividends declared ($3.24 per share)
— — (1,323.1)— — (1,323.1)
Balance at December 31, 2025$63.9 $2,936.8 $25,992.6 $(21,960.6)$(639.7)$6,393.0 

Six Months Ended
December 31, 2024
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at June 30, 2024$63.9 $2,406.9 $23,622.2 $(19,737.1)$(1,808.3)$4,547.6 
Net earnings— — 1,919.5 — — 1,919.5 
Other comprehensive income/(loss)— — — — 279.6 279.6 
Stock-based compensation expense— 125.0 — — — 125.0 
Issuances relating to stock compensation plans— 87.7 — 56.2 — 143.9 
Treasury stock acquired (2.4 million shares repurchased)
— — — (731.4)— (731.4)
Dividends declared ($2.94 per share)
— — (1,206.1)— — (1,206.1)
Balance at December 31, 2024$63.9 $2,619.6 $24,335.6 $(20,412.3)$(1,528.7)$5,078.1 
v3.25.4
Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (“AOCI”)
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (“AOCI”) Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (“AOCI”)
Changes in AOCI by component are as follows:

Three Months Ended
December 31, 2025
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at September 30, 2025$(305.3)$(172.7)$(26.6)$(226.1)$(730.7)
Other comprehensive income/(loss) before reclassification adjustments3.9 107.5 — — 111.4 
Tax effect— (22.7)— — (22.7)
Reclassification adjustments to net earnings— 0.3 (A)1.6 (C)1.1 (B)3.0 
Tax effect— — (0.4)(0.3)(0.7)
Balance at December 31, 2025$(301.4)$(87.6)$(25.4)$(225.3)$(639.7)

Three Months Ended
December 31, 2024
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at September 30, 2024$(329.6)$(511.3)$(28.6)$(230.7)$(1,100.2)
Other comprehensive income/(loss) before reclassification adjustments(101.0)(423.8)— — (524.8)
Tax effect— 94.2 — — 94.2 
Reclassification adjustments to net earnings— 0.6 (A)1.4 (C)0.7 (B)2.7 
Tax effect— (0.1)(0.3)(0.2)(0.6)
Balance at December 31, 2024$(430.6)$(840.4)$(27.5)$(230.2)$(1,528.7)
Six Months Ended
December 31, 2025
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at June 30, 2025$(289.8)$(338.9)$(27.7)$(227.0)$(883.4)
Other comprehensive income/(loss) before reclassification adjustments(11.6)323.2 — — 311.6 
Tax effect— (71.0)— — (71.0)
Reclassification adjustments to net earnings— (1.2)(A)3.0 (C)2.3 (B)4.1 
Tax effect— 0.3 (0.7)(0.6)(1.0)
Balance at December 31, 2025$(301.4)$(87.6)$(25.4)$(225.3)$(639.7)

Six Months Ended
December 31, 2024
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at June 30, 2024$(378.8)$(1,178.0)$(20.0)$(231.5)$(1,808.3)
Other comprehensive income/(loss) before reclassification adjustments(51.8)440.5 (12.5)— 376.2 
Tax effect— (103.6)3.1 — (100.5)
Reclassification adjustments to net earnings— 0.8 (A)2.5 (C)1.8 (B)5.1 
Tax effect— (0.1)(0.6)(0.5)(1.2)
Balance at December 31, 2024$(430.6)$(840.4)$(27.5)$(230.2)$(1,528.7)

(A) Reclassification adjustments out of AOCI are included within Other (income)/loss, net, on the Statements of Consolidated Earnings.

(B) Reclassification adjustments out of AOCI are included in Net pension (income)/expense (see Note 12).

(C) Reclassification adjustments out of AOCI are included in Interest expense on the Statements of Consolidated Earnings (see Note 11).
v3.25.4
Interim Financial Data by Segment
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Interim Financial Data by Segment Interim Financial Data by Segment
Based upon similar economic and operational characteristics, the Company’s strategic business units have been aggregated into the following two reportable segments: Employer Services and PEO Services. Certain revenues and expenses are charged to the reportable segments at a standard rate for management reasons. Other costs are recorded based on management responsibility.

The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. For each reportable segment, the CODM uses earnings before income taxes, including plan-to-actual and forecast-to-actual results, to assess segment performance and allocate resources (including personnel and capital resources) amongst its strategic business units. The CODM does not review assets at the reportable segment level, hence segment disclosure relating to total assets has not been provided.

The following tables present the Company's revenues, significant segment expenses, and earnings before income taxes by reportable segment:
Three Months Ended December 31, 2025Employer ServicesPEO ServicesTotal
Revenues from external customers$3,298.3 $1,752.4 $5,050.7 
Interest on funds held for clients305.8 2.8 308.6 
Intercompany revenues 3.3 — 3.3 
Total segment revenues3,607.4 1,755.2 5,362.6 
Reconciliation of revenues:
Intercompany eliminations(3.3)
Total consolidated revenues$5,359.3 
Less segment expenses: (a)
Selling and marketing578.1 104.2 
Zero-margin benefits pass-through costs— 1,126.2 
Worker's compensation coverage and state unemployment taxes— 158.5 
Other segment expenses (b)1,750.5 113.4 
Total segment earnings before income taxes1,278.8 252.9 1,531.7 
Reconciliation of earnings before income taxes:
Other (c)(148.5)
Total consolidated earnings before income taxes$1,383.2 

Three Months Ended December 31, 2024Employer ServicesPEO ServicesTotal
Revenues from external customers$3,114.8 $1,660.8 $4,775.6 
Interest on funds held for clients270.3 2.5 272.8 
Intercompany revenues 3.4 — 3.4 
Total segment revenues3,388.5 1,663.3 5,051.8 
Reconciliation of revenues:
Intercompany eliminations(3.4)
Total consolidated revenues$5,048.4 
Less segment expenses: (a)
Selling and marketing531.6 91.1 
Zero-margin benefits pass-through costs— 1,055.2 
Worker's compensation coverage and state unemployment taxes— 156.1 
Other segment expenses (b)1,673.9 109.2 
Total segment earnings before income taxes1,183.0 251.7 1,434.7 
Reconciliation of earnings before income taxes:
Other (c)(173.4)
Total consolidated earnings before income taxes$1,261.3 
Six Months Ended December 31, 2025Employer ServicesPEO ServicesTotal
Revenues from external customers$6,501.7 $3,437.3 $9,939.0 
Interest on funds held for clients590.1 5.4 595.5 
Intercompany revenues 6.8 — 6.8 
Total segment revenues7,098.6 3,442.7 10,541.3 
Reconciliation of revenues:
Intercompany eliminations(6.8)
Total consolidated revenues$10,534.5 
Less segment expenses: (a)
Selling and marketing1,130.5 195.5 
Zero-margin benefits pass-through costs— 2,257.2 
Worker's compensation coverage and state unemployment taxes— 293.4 
Other segment expenses (b)3,460.5 224.9 
Total segment earnings before income taxes2,507.6 471.7 2,979.3 
Reconciliation of earnings before income taxes:
Other (c)(288.6)
Total consolidated earnings before income taxes$2,690.7 

Six Months Ended December 31, 2024Employer ServicesPEO ServicesTotal
Revenues from external customers$6,122.0 $3,233.0 $9,355.0 
Interest on funds held for clients521.3 4.8 526.1 
Intercompany revenues 6.2 — 6.2 
Total segment revenues6,649.5 3,237.8 9,887.3 
Reconciliation of revenues:
Intercompany eliminations(6.2)
Total consolidated revenues$9,881.1 
Less segment expenses: (a)
Selling and marketing1,036.9 172.1 
Zero-margin benefits pass-through costs— 2,104.4 
Worker's compensation coverage and state unemployment taxes— 280.4 
Other segment expenses (b)3,265.3 203.6 
Total segment earnings before income taxes2,347.3 477.3 2,824.6 
Reconciliation of earnings before income taxes:
Other (c)(327.1)
Total consolidated earnings before income taxes$2,497.5 
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intercompany expenses are included in the amounts shown.
(b) Other segment expenses for both reportable segments include operating, research and development, depreciation and amortization, and other general and administrative expenses.
(c) Other represents certain corporate overhead charges and expenses that have not been allocated to the reportable segments, including corporate functions, legal settlements, severance costs, non-recurring gains and losses, the elimination of intercompany transactions, and interest income and expense.

The following table presents the Company's depreciation and amortization included in earnings before income taxes for each reportable segment:

Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Employer Services$130.5 $133.3 $261.6 $253.9 
PEO Services0.5 1.7 1.2 3.4 
Other14.6 16.0 29.5 32.4 
Total depreciation and amortization$145.6 $151.0 $292.3 $289.7 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
New Accounting Pronouncements (Policies)
 6 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Consolidated Financial Statements and footnotes thereto of Automatic Data Processing, Inc., its subsidiaries and variable interest entity (“ADP” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Intercompany balances and transactions have been eliminated in consolidation. The Consolidated Financial Statements and footnotes thereto are unaudited. In the opinion of the Company’s management, the Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, that are necessary for a fair presentation of the Company’s interim financial results.

The Company has a grantor trust, which holds the majority of the funds provided by its clients pending remittance to employees of those clients, tax authorities, and other payees. The Company is the sole beneficial owner of the trust. The trust meets the criteria in Accounting Standards Codification (“ASC”) 810, “Consolidation” to be characterized as a variable interest entity (“VIE”). The Company has determined that it has a controlling financial interest in the trust because it has both (1) the power to direct the activities that most significantly impact the economic performance of the trust (including the power to make all investment decisions for the trust) and (2) the right to receive benefits that could potentially be significant to the trust (in the form of investment returns) and, therefore, consolidates the trust. Further information on these funds and the Company’s obligations to remit to its clients’ employees, tax authorities, and other payees is provided in Note 7, “Corporate Investments and Funds Held for Clients.” 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenues, expenses, and other comprehensive income that are reported in the Consolidated Financial Statements and footnotes thereto. Actual results may differ from those estimates. Interim financial results are not necessarily indicative of financial results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (“fiscal 2025”). Certain amounts from the prior year's financial statements have been reclassified in order to conform to the current year's presentation.
New Accounting Pronouncements New Accounting Pronouncements
Recently Adopted Accounting Pronouncements

None.
Recently Issued Accounting Pronouncements

StandardDescriptionEffective DateEffect on Financial Statements or Other Significant Matters
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for
Internal-Use Software		This update modernizes the accounting guidance for internal-use software costs and requires capitalization of software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended.July 1, 2028 (fiscal 2029)The Company is assessing this guidance and has not yet determined the impact of ASU 2025-06 on its consolidated results of operations, financial condition, or cash flows.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis update improves financial reporting by requiring enhanced disclosures of the expense captions in the Income Statement within the Notes to the financial statements.June 30, 2028
(fiscal 2028)		The Company is assessing this guidance. The adoption will modify disclosures but will not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
ASU 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures		This update enhances the transparency and decision usefulness of income tax disclosures to better assess how an entity’s operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. June 30, 2026
(fiscal 2026)		The Company is assessing this guidance. The adoption will modify disclosures but will not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
v3.25.4
Revenue (Tables)
 6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables provide details of the Company's revenues and includes a reconciliation to the Company’s reportable segments:
Three Months EndedSix Months Ended
December 31,December 31,
Types of Revenues2025202420252024
HCM$2,235.9 $2,131.9 $4,391.5 $4,157.3 
HRO, excluding PEO zero-margin benefits pass-throughs979.3 943.2 1,890.8 1,808.4 
PEO zero-margin benefits pass-throughs1,126.2 1,055.2 2,257.2 2,104.4 
Global709.3 645.3 1,399.5 1,284.9 
Interest on funds held for clients308.6 272.8 595.5 526.1 
Total Revenues$5,359.3 $5,048.4 $10,534.5 $9,881.1 
Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2025:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$2,238.5 $— $(2.6)$2,235.9 
HRO, excluding PEO zero-margin benefits pass-throughs353.8 626.2 (0.7)979.3 
PEO zero-margin benefits pass-throughs— 1,126.2 — 1,126.2 
Global709.3 — — 709.3 
Interest on funds held for clients305.8 2.8 — 308.6 
Total Segment Revenues$3,607.4 $1,755.2 $(3.3)$5,359.3 

Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2024:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$2,134.4 $— $(2.5)$2,131.9 
HRO, excluding PEO zero-margin benefits pass-throughs338.5 605.6 (0.9)943.2 
PEO zero-margin benefits pass-throughs— 1,055.2 — 1,055.2 
Global645.3 — — 645.3 
Interest on funds held for clients270.3 2.5 — 272.8 
Total Segment Revenues$3,388.5 $1,663.3 $(3.4)$5,048.4 

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2025:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$4,396.7 $— $(5.2)$4,391.5 
HRO, excluding PEO zero-margin benefits pass-throughs712.3 1,180.1 (1.6)1,890.8 
PEO zero-margin benefits pass-throughs— 2,257.2 — 2,257.2 
Global1,399.5 — — 1,399.5 
Interest on funds held for clients590.1 5.4 — 595.5 
Total Segment Revenues$7,098.6 $3,442.7 $(6.8)$10,534.5 

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2024:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$4,162.0 $— $(4.7)$4,157.3 
HRO, excluding PEO zero-margin benefits pass-throughs681.3 1,128.6 (1.5)1,808.4 
PEO zero-margin benefits pass-throughs— 2,104.4 — 2,104.4 
Global1,284.9 — — 1,284.9 
Interest on funds held for clients521.3 4.8 — 526.1 
Total Segment Revenues$6,649.5 $3,237.8 $(6.2)$9,881.1 
Schedule of Contract with Customer, Liability
Changes in deferred revenues related to set up fees for the six months ended December 31, 2025 were as follows:
Contract Liability
Contract liability, July 1, 2025$520.2 
Recognition of revenue included in beginning of year contract liability(72.7)
Contract liability, net of revenue recognized on contracts during the period66.1 
Currency translation adjustments1.0 
Contract liability, December 31, 2025$514.6 
v3.25.4
Acquisition (Tables)
 6 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Estimated Purchase Price, Net of Cash Acquired
The following table reconciles the purchase price to the cash paid for the acquisition, net of cash acquired:
Purchase price$1,170.8 
Less: cash acquired(12.5)
Cash paid for acquisition of business, net of cash acquired$1,158.3 
Schedule of Preliminary Purchase Price Allocation The purchase price allocation for WorkForce Software is as follows:
Cash$12.5 
Accounts receivable, net of allowance for doubtful accounts20.0 
Identifiable intangible assets (1)292.0 
Goodwill885.8 
Deferred income taxes, net of valuation allowance45.9 
All other assets14.8 
Total assets acquired$1,271.0 
Deferred revenue$39.6 
All other liabilities60.6 
Total liabilities assumed$100.2 
Total net assets acquired$1,170.8 

(1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes an estimated valuation by an independent third party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants, projected customer attrition rates, as well as applicable royalty rates for comparable assets. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to the future cash flows. The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation include:
Estimated Fair ValueEstimated Useful Life
(in years)
Technology$115.0 7
Customer/Partner relationships$170.0 8
Tradename$7.0 4
Schedule of Components of Finite-Lived Intangible Assets The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation include:
Estimated Fair ValueEstimated Useful Life
(in years)
Technology$115.0 7
Customer/Partner relationships$170.0 8
Tradename$7.0 4
Components of intangible assets, net, are as follows:
December 31,June 30,
20252025
Intangible assets:  
Software and software licenses$4,259.6 $4,103.6 
Customer contracts and lists1,451.5 1,429.4 
Other intangibles250.1 249.8 
 5,961.2 5,782.8 
Less accumulated amortization: 
Software and software licenses(2,948.6)(2,830.3)
Customer contracts and lists(1,145.1)(1,105.6)
Other intangibles(245.0)(243.9)
 (4,338.7)(4,179.8)
Intangible assets, net$1,622.5 $1,603.0 
v3.25.4
Earnings per Share (“EPS”) (Tables)
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Share, Basic and Diluted
BasicEffect of Employee Stock Option SharesEffect of
Employee
Restricted
Stock
Shares		Diluted
Three Months Ended December 31, 2025    
Net earnings$1,062.0   $1,062.0 
Weighted average shares (in millions)403.8 0.4 0.5 404.7 
EPS$2.63   $2.62 
Three Months Ended December 31, 2024    
Net earnings$963.2   $963.2 
Weighted average shares (in millions)407.6 0.6 0.8 409.0 
EPS$2.36   $2.35 
Six Months Ended December 31, 2025
Net earnings$2,075.1   $2,075.1 
Weighted average shares (in millions)404.4 0.4 0.7 405.5 
EPS$5.13   $5.12 
Six Months Ended December 31, 2024    
Net earnings$1,919.5   $1,919.5 
Weighted average shares (in millions)407.7 0.7 0.9 409.3 
EPS$4.71   $4.69 
v3.25.4
Other (Income)/Expense, Net (Tables)
 6 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other (Income)/Expense, Net
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Interest income on corporate funds$(96.8)$(83.9)$(198.3)$(175.5)
Realized (gains)/losses on available-for-sale securities, net0.3 0.6 (1.2)0.8 
Gain on sale of assets— — — (2.4)
Non-service components of pension income, net (see Note 12)(7.1)(7.8)(14.2)(15.7)
Net (gain)/loss on ADP Ventures' investments(2.2)— (2.2)— 
Other (income)/loss, net$(105.8)$(91.1)$(215.9)$(192.8)
v3.25.4
Corporate Investments and Funds Held for Clients (Tables)
 6 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
Corporate investments and funds held for clients at December 31, 2025 and June 30, 2025 were as follows:
 December 31, 2025
Amortized
Cost		Gross
Unrealized
 Gains		Gross
Unrealized
Losses		 Fair Market Value (A)
Type of issue:   
Money market securities, cash and other cash equivalents$33,661.7 $— $— $33,661.7 
Available-for-sale securities:
Corporate bonds17,695.5 156.4 (276.2)17,575.7 
U.S. Treasury securities10,893.0 114.2 (17.7)10,989.5 
Asset-backed securities2,074.6 30.7 (8.4)2,096.9 
Canadian government obligations and
Canadian government agency obligations		1,719.3 13.9 (23.9)1,709.3 
Canadian provincial bonds1,131.7 15.3 (20.4)1,126.6 
U.S. government agency securities905.4 4.6 (63.6)846.4 
Other securities2,003.0 14.3 (42.9)1,974.4 
Total available-for-sale securities36,422.5 349.4 (453.1)36,318.8 
Total corporate investments and funds held for clients$70,084.2 $349.4 $(453.1)$69,980.5 
(A) Included within available-for-sale securities are corporate investments with fair values of $45.7 million and funds held for clients with fair values of $36,273.1 million. All available-for-sale securities are included in Level 2 of the fair value hierarchy.
 June 30, 2025
Amortized 
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Market Value (B)
Type of issue:    
Money market securities, cash and other cash equivalents$5,054.6 $— $— $5,054.6 
Available-for-sale securities: 
Corporate bonds17,515.2 108.7 (420.2)17,203.7 
U.S. Treasury securities8,416.8 85.6 (43.7)8,458.7 
Canadian government obligations and
Canadian government agency obligations		1,972.0 16.4 (32.4)1,956.0 
Asset-backed securities1,837.8 22.6 (15.5)1,844.9 
U.S. government agency securities1,328.5 2.3 (80.0)1,250.8 
Canadian provincial bonds1,155.8 13.8 (27.7)1,141.9 
Other securities1,977.3 7.2 (62.8)1,921.7 
Total available-for-sale securities34,203.4 256.6 (682.3)33,777.7 
Total corporate investments and funds held for clients$39,258.0 $256.6 $(682.3)$38,832.3 
(B) Included within available-for-sale securities are corporate investments with fair values of $4,498.8 million and funds held for clients with fair values of $29,278.9 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2025, are as follows: 
December 31, 2025
Securities in Unrealized Loss Position Less Than 12 MonthsSecurities in Unrealized Loss Position Greater Than 12 MonthsTotal
Gross
Unrealized
Losses		Fair Market
Value		Gross
Unrealized
Losses		Fair Market
Value 		Gross
Unrealized
Losses		Fair
Market Value
Corporate bonds$(2.5)$861.0 $(273.7)$8,816.4 $(276.2)$9,677.4 
U.S. Treasury securities(2.0)711.9 (15.7)1,264.6 (17.7)1,976.5 
Asset-backed securities(0.2)58.7 (8.2)392.7 (8.4)451.4 
Canadian government obligations and
Canadian government agency obligations		(1.8)198.2 (22.1)657.2 (23.9)855.4 
Canadian provincial bonds(0.1)55.5 (20.3)535.0 (20.4)590.5 
U.S. government agency securities(0.1)10.4 (63.5)666.7 (63.6)677.1 
Other securities(0.1)29.1 (42.8)991.2 (42.9)1,020.3 
 $(6.8)$1,924.8 $(446.3)$13,323.8 $(453.1)$15,248.6 

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2025, are as follows:
June 30, 2025
Securities in Unrealized Loss Position Less Than 12 MonthsSecurities in Unrealized Loss Position Greater Than 12 MonthsTotal
Gross
Unrealized
Losses		Fair Market
Value		Gross
Unrealized
Losses		Fair Market
Value 		Gross
Unrealized
Losses		Fair
Market Value
Corporate bonds$(5.4)$690.4 $(414.8)$10,218.8 $(420.2)$10,909.2 
U.S. Treasury securities(0.8)732.2 (42.9)1,801.7 (43.7)2,533.9 
Canadian government obligations and
Canadian government agency obligations		(1.4)219.2 (31.0)870.2 (32.4)1,089.4 
Asset-backed securities(0.2)101.4 (15.3)481.4 (15.5)582.8 
U.S. government agency securities(0.1)8.0 (79.9)1,093.8 (80.0)1,101.8 
Canadian provincial bonds(0.8)44.3 (26.9)588.8 (27.7)633.1 
Other securities(1.5)168.4 (61.3)1,130.2 (62.8)1,298.6 
 $(10.2)$1,963.9 $(672.1)$16,184.9 $(682.3)$18,148.8 
Schedule of Classification of Corporate Investments on the Consolidated Balance Sheets
Classification of corporate investments on the Consolidated Balance Sheets is as follows:
December 31,June 30,
20252025
Corporate investments:  
Cash and cash equivalents$2,424.7 $3,347.8 
Short-term marketable securities45.7 4,498.8 
Total corporate investments$2,470.4 $7,846.6 
Schedule of Investment of Funds Held for Clients
Funds held for clients have been invested in the following categories:
December 31,June 30,
20252025
Funds held for clients:  
Restricted cash and cash equivalents held to satisfy client funds obligations$31,237.0 $1,706.8 
Restricted short-term marketable securities held to satisfy client funds obligations7,584.8 3,155.7 
Restricted long-term marketable securities held to satisfy client funds obligations28,688.3 26,123.2 
Total funds held for clients$67,510.1 $30,985.7 
Schedule of Expected Maturities of Available-for-Sale Securities
Expected maturities of available-for-sale securities at December 31, 2025 are as follows:
One year or less$7,630.4 
One year to two years4,675.5 
Two years to three years6,606.4 
Three years to four years5,167.3 
After four years12,239.2 
Total available-for-sale securities$36,318.8 
v3.25.4
Leases (Tables)
 6 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost
The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Operating lease cost$31.4 $27.3 $61.9 $54.8 
Short-term lease cost0.3 0.2 0.7 0.5 
Variable lease cost5.8 4.6 11.5 11.2 
Total operating lease cost$37.5 $32.1 $74.1 $66.5 
The following table provides supplemental cash flow information related to the Company's leases:
Six Months Ended
December 31,
20252024
Cash paid for operating lease liabilities$64.9 $59.3 
Operating lease ROU assets obtained in exchange for new operating lease liabilities$89.8 $31.7 

Other information related to our operating lease liabilities is as follows:
December 31,June 30,
20252025
Weighted-average remaining lease term (in years)66
Weighted-average discount rate3.9 %3.6 %
Current operating lease liability$107.0 $100.8 
Schedule of Lessee, Operating Lease, Liability, Maturity
As of December 31, 2025, maturities of operating lease liabilities are as follows:
Six months ending June 30, 2026$62.6 
Twelve months ending June 30, 2027113.4 
Twelve months ending June 30, 202891.1 
Twelve months ending June 30, 202967.2 
Twelve months ending June 30, 203049.1 
Thereafter126.3 
Total undiscounted lease obligations509.7 
Less: Imputed interest(55.1)
Net lease obligations$454.6 
v3.25.4
Goodwill and Intangible Assets, net (Tables)
 6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
Changes in goodwill for the six months ended December 31, 2025 are as follows:
Employer
Services		PEO
Services		Total
Balance at June 30, 2025$3,268.7 $4.8 $3,273.5 
Additions and other adjustments22.2 — 22.2 
Currency translation adjustments(1.5)— (1.5)
Balance at December 31, 2025$3,289.4 $4.8 $3,294.2 
Schedule of Components of Finite-Lived Intangible Assets The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation include:
Estimated Fair ValueEstimated Useful Life
(in years)
Technology$115.0 7
Customer/Partner relationships$170.0 8
Tradename$7.0 4
Components of intangible assets, net, are as follows:
December 31,June 30,
20252025
Intangible assets:  
Software and software licenses$4,259.6 $4,103.6 
Customer contracts and lists1,451.5 1,429.4 
Other intangibles250.1 249.8 
 5,961.2 5,782.8 
Less accumulated amortization: 
Software and software licenses(2,948.6)(2,830.3)
Customer contracts and lists(1,145.1)(1,105.6)
Other intangibles(245.0)(243.9)
 (4,338.7)(4,179.8)
Intangible assets, net$1,622.5 $1,603.0 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expenses of the Company's existing intangible assets are as follows:
 Amount
Six months ending June 30, 2026$220.5 
Twelve months ending June 30, 2027$348.3 
Twelve months ending June 30, 2028$263.4 
Twelve months ending June 30, 2029$228.8 
Twelve months ending June 30, 2030$187.3 
Twelve months ending June 30, 2031$141.8 
v3.25.4
Short-term Financing (Tables)
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings under Commercial Paper Program Details of the borrowings under the commercial paper program are as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Average daily borrowings (in billions)$4.4 $4.5 $4.5 $4.7 
Weighted average interest rates4.0 %4.8 %4.2 %5.1 %
Weighted average maturity (approximately in days)2 days2 days2 days2 days
Schedule of Reverse Repurchase Agreements Details of the reverse repurchase agreements are as follows:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Average outstanding balances (in billions)$4.3 $3.7 $4.4 $3.7 
Weighted average interest rates4.1 %4.8 %4.3 %5.0 %
v3.25.4
Debt (Tables)
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The principal amounts and associated effective interest rates of the Notes and other debt as of December 31, 2025 and June 30, 2025, are as follows:
Debt instrumentEffective Interest RateDecember 31, 2025June 30, 2025
Fixed-rate 1.700% notes due May 15, 2028
1.85%1,000.0 1,000.0 
Fixed-rate 1.250% notes due September 1, 2030
1.83%1,000.0 1,000.0 
Fixed-rate 4.750% notes due May 8, 2032
4.95%1,000.0 1,000.0 
Fixed-rate 4.450% notes due September 9, 2034
4.75%1,000.0 1,000.0 
Other2.4 2.9 
4,002.4 4,002.9 
Less: current portion (a)(1.1)(1.0)
Less: unamortized discount and debt issuance costs(24.9)(27.2)
Total long-term debt$3,976.4 $3,974.7 
(a) - Current portion of long-term debt as of December 31, 2025 is included within accrued expenses and other current liabilities on the Consolidated Balance Sheets.
v3.25.4
Employee Benefit Plans (Tables)
 6 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Stock-Based Compensation Expense
The following table represents pre-tax stock-based compensation expense for the three and six months ended December 31, 2025 and 2024, respectively:
Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Operating expenses$8.5 $9.2 $17.1 $18.3 
Selling, general and administrative expenses55.3 59.6 96.7 101.9 
Research and development9.4 10.3 18.1 19.5 
Total stock-based compensation expense$73.2 $79.1 $131.9 $139.7 
Schedule of Net Pension (Income) Expense
The components of net pension (income)/expense were as follows:
Three Months EndedSix Months Ended
December 31,December 31,
 2025202420252024
Service cost – benefits earned during the period$2.0 $1.5 $4.0 $3.0 
Interest cost on projected benefits21.7 21.9 43.4 43.7 
Expected return on plan assets(28.3)(29.0)(56.6)(58.0)
Net amortization and deferral0.7 0.7 1.5 1.5 
Net pension (income)/expense$(3.9)$(4.9)$(7.7)$(9.8)
v3.25.4
Stockholders' Equity (Tables)
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Components of Stockholders' Equity
Changes in stockholders' equity by component are as follows:

Three Months Ended
December 31, 2025
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at September 30, 2025$63.9 $2,868.0 $25,622.4 $(21,449.8)$(730.7)$6,373.8 
Net earnings— — 1,062.0 — — 1,062.0 
Other comprehensive income/(loss)— — — — 91.0 91.0 
Stock-based compensation expense— 66.3 — — — 66.3 
Issuances relating to stock compensation plans— 2.5 — 0.4 — 2.9 
Treasury stock acquired (1.9 million shares repurchased)
— — — (511.2)— (511.2)
Dividends declared ($1.70 per share)
— — (691.8)— — (691.8)
Balance at December 31, 2025$63.9 $2,936.8 $25,992.6 $(21,960.6)$(639.7)$6,393.0 

Three Months Ended
December 31, 2024
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at September 30, 2024$63.9 $2,528.6 $24,001.2 $(20,144.9)$(1,100.2)$5,348.6 
Net earnings— — 963.2 — — 963.2 
Other comprehensive income/(loss)— — — — (428.5)(428.5)
Stock-based compensation expense— 70.2 — — — 70.2 
Issuances relating to stock compensation plans— 20.8 — 6.5 — 27.3 
Treasury stock acquired (0.9 million shares repurchased)
— — — (273.9)— (273.9)
Dividends declared ($1.54 per share)
— — (628.8)— — (628.8)
Balance at December 31, 2024$63.9 $2,619.6 $24,335.6 $(20,412.3)$(1,528.7)$5,078.1 
Six Months Ended
December 31, 2025
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at June 30, 2025$63.9 $2,788.3 $25,240.6 $(21,021.4)$(883.4)$6,188.0 
Net earnings— — 2,075.1 — — 2,075.1 
Other comprehensive income/(loss)— — — — 243.7 243.7 
Stock-based compensation expense— 123.6 — — — 123.6 
Issuances relating to stock compensation plans— 24.9 — 35.7 — 60.6 
Treasury stock acquired (3.2 million shares repurchased)
— — — (974.9)— (974.9)
Dividends declared ($3.24 per share)
— — (1,323.1)— — (1,323.1)
Balance at December 31, 2025$63.9 $2,936.8 $25,992.6 $(21,960.6)$(639.7)$6,393.0 

Six Months Ended
December 31, 2024
Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAOCITotal
Balance at June 30, 2024$63.9 $2,406.9 $23,622.2 $(19,737.1)$(1,808.3)$4,547.6 
Net earnings— — 1,919.5 — — 1,919.5 
Other comprehensive income/(loss)— — — — 279.6 279.6 
Stock-based compensation expense— 125.0 — — — 125.0 
Issuances relating to stock compensation plans— 87.7 — 56.2 — 143.9 
Treasury stock acquired (2.4 million shares repurchased)
— — — (731.4)— (731.4)
Dividends declared ($2.94 per share)
— — (1,206.1)— — (1,206.1)
Balance at December 31, 2024$63.9 $2,619.6 $24,335.6 $(20,412.3)$(1,528.7)$5,078.1 
v3.25.4
Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (“AOCI”) (Tables)
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Reclassification out of Accumulated Other Comprehensive Income
Changes in AOCI by component are as follows:

Three Months Ended
December 31, 2025
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at September 30, 2025$(305.3)$(172.7)$(26.6)$(226.1)$(730.7)
Other comprehensive income/(loss) before reclassification adjustments3.9 107.5 — — 111.4 
Tax effect— (22.7)— — (22.7)
Reclassification adjustments to net earnings— 0.3 (A)1.6 (C)1.1 (B)3.0 
Tax effect— — (0.4)(0.3)(0.7)
Balance at December 31, 2025$(301.4)$(87.6)$(25.4)$(225.3)$(639.7)

Three Months Ended
December 31, 2024
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at September 30, 2024$(329.6)$(511.3)$(28.6)$(230.7)$(1,100.2)
Other comprehensive income/(loss) before reclassification adjustments(101.0)(423.8)— — (524.8)
Tax effect— 94.2 — — 94.2 
Reclassification adjustments to net earnings— 0.6 (A)1.4 (C)0.7 (B)2.7 
Tax effect— (0.1)(0.3)(0.2)(0.6)
Balance at December 31, 2024$(430.6)$(840.4)$(27.5)$(230.2)$(1,528.7)
Six Months Ended
December 31, 2025
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at June 30, 2025$(289.8)$(338.9)$(27.7)$(227.0)$(883.4)
Other comprehensive income/(loss) before reclassification adjustments(11.6)323.2 — — 311.6 
Tax effect— (71.0)— — (71.0)
Reclassification adjustments to net earnings— (1.2)(A)3.0 (C)2.3 (B)4.1 
Tax effect— 0.3 (0.7)(0.6)(1.0)
Balance at December 31, 2025$(301.4)$(87.6)$(25.4)$(225.3)$(639.7)

Six Months Ended
December 31, 2024
Currency Translation AdjustmentNet Gains/Losses on Available-for-sale SecuritiesCash Flow Hedging ActivitiesPension LiabilityAccumulated Other Comprehensive Income/(Loss)
Balance at June 30, 2024$(378.8)$(1,178.0)$(20.0)$(231.5)$(1,808.3)
Other comprehensive income/(loss) before reclassification adjustments(51.8)440.5 (12.5)— 376.2 
Tax effect— (103.6)3.1 — (100.5)
Reclassification adjustments to net earnings— 0.8 (A)2.5 (C)1.8 (B)5.1 
Tax effect— (0.1)(0.6)(0.5)(1.2)
Balance at December 31, 2024$(430.6)$(840.4)$(27.5)$(230.2)$(1,528.7)

(A) Reclassification adjustments out of AOCI are included within Other (income)/loss, net, on the Statements of Consolidated Earnings.

(B) Reclassification adjustments out of AOCI are included in Net pension (income)/expense (see Note 12).

(C) Reclassification adjustments out of AOCI are included in Interest expense on the Statements of Consolidated Earnings (see Note 11).
v3.25.4
Interim Financial Data by Segment (Tables)
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present the Company's revenues, significant segment expenses, and earnings before income taxes by reportable segment:
Three Months Ended December 31, 2025Employer ServicesPEO ServicesTotal
Revenues from external customers$3,298.3 $1,752.4 $5,050.7 
Interest on funds held for clients305.8 2.8 308.6 
Intercompany revenues 3.3 — 3.3 
Total segment revenues3,607.4 1,755.2 5,362.6 
Reconciliation of revenues:
Intercompany eliminations(3.3)
Total consolidated revenues$5,359.3 
Less segment expenses: (a)
Selling and marketing578.1 104.2 
Zero-margin benefits pass-through costs— 1,126.2 
Worker's compensation coverage and state unemployment taxes— 158.5 
Other segment expenses (b)1,750.5 113.4 
Total segment earnings before income taxes1,278.8 252.9 1,531.7 
Reconciliation of earnings before income taxes:
Other (c)(148.5)
Total consolidated earnings before income taxes$1,383.2 

Three Months Ended December 31, 2024Employer ServicesPEO ServicesTotal
Revenues from external customers$3,114.8 $1,660.8 $4,775.6 
Interest on funds held for clients270.3 2.5 272.8 
Intercompany revenues 3.4 — 3.4 
Total segment revenues3,388.5 1,663.3 5,051.8 
Reconciliation of revenues:
Intercompany eliminations(3.4)
Total consolidated revenues$5,048.4 
Less segment expenses: (a)
Selling and marketing531.6 91.1 
Zero-margin benefits pass-through costs— 1,055.2 
Worker's compensation coverage and state unemployment taxes— 156.1 
Other segment expenses (b)1,673.9 109.2 
Total segment earnings before income taxes1,183.0 251.7 1,434.7 
Reconciliation of earnings before income taxes:
Other (c)(173.4)
Total consolidated earnings before income taxes$1,261.3 
Six Months Ended December 31, 2025Employer ServicesPEO ServicesTotal
Revenues from external customers$6,501.7 $3,437.3 $9,939.0 
Interest on funds held for clients590.1 5.4 595.5 
Intercompany revenues 6.8 — 6.8 
Total segment revenues7,098.6 3,442.7 10,541.3 
Reconciliation of revenues:
Intercompany eliminations(6.8)
Total consolidated revenues$10,534.5 
Less segment expenses: (a)
Selling and marketing1,130.5 195.5 
Zero-margin benefits pass-through costs— 2,257.2 
Worker's compensation coverage and state unemployment taxes— 293.4 
Other segment expenses (b)3,460.5 224.9 
Total segment earnings before income taxes2,507.6 471.7 2,979.3 
Reconciliation of earnings before income taxes:
Other (c)(288.6)
Total consolidated earnings before income taxes$2,690.7 

Six Months Ended December 31, 2024Employer ServicesPEO ServicesTotal
Revenues from external customers$6,122.0 $3,233.0 $9,355.0 
Interest on funds held for clients521.3 4.8 526.1 
Intercompany revenues 6.2 — 6.2 
Total segment revenues6,649.5 3,237.8 9,887.3 
Reconciliation of revenues:
Intercompany eliminations(6.2)
Total consolidated revenues$9,881.1 
Less segment expenses: (a)
Selling and marketing1,036.9 172.1 
Zero-margin benefits pass-through costs— 2,104.4 
Worker's compensation coverage and state unemployment taxes— 280.4 
Other segment expenses (b)3,265.3 203.6 
Total segment earnings before income taxes2,347.3 477.3 2,824.6 
Reconciliation of earnings before income taxes:
Other (c)(327.1)
Total consolidated earnings before income taxes$2,497.5 
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intercompany expenses are included in the amounts shown.
(b) Other segment expenses for both reportable segments include operating, research and development, depreciation and amortization, and other general and administrative expenses.
(c) Other represents certain corporate overhead charges and expenses that have not been allocated to the reportable segments, including corporate functions, legal settlements, severance costs, non-recurring gains and losses, the elimination of intercompany transactions, and interest income and expense.

The following table presents the Company's depreciation and amortization included in earnings before income taxes for each reportable segment:

Three Months EndedSix Months Ended
December 31,December 31,
2025202420252024
Employer Services$130.5 $133.3 $261.6 $253.9 
PEO Services0.5 1.7 1.2 3.4 
Other14.6 16.0 29.5 32.4 
Total depreciation and amortization$145.6 $151.0 $292.3 $289.7 
v3.25.4
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 5,359.3 $ 5,048.4 $ 10,534.5 $ 9,881.1
Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 3,607.4 3,388.5 7,098.6 6,649.5
PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 1,755.2 1,663.3 3,442.7 3,237.8
Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues (3.3) (3.4) (6.8) (6.2)
HCM        
Disaggregation of Revenue [Line Items]        
Revenues 2,235.9 2,131.9 4,391.5 4,157.3
HCM | Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 2,238.5 2,134.4 4,396.7 4,162.0
HCM | PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 0.0 0.0 0.0 0.0
HCM | Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues (2.6) (2.5) (5.2) (4.7)
HRO, excluding PEO zero-margin benefits pass-throughs        
Disaggregation of Revenue [Line Items]        
Revenues 979.3 943.2 1,890.8 1,808.4
HRO, excluding PEO zero-margin benefits pass-throughs | Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 353.8 338.5 712.3 681.3
HRO, excluding PEO zero-margin benefits pass-throughs | PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 626.2 605.6 1,180.1 1,128.6
HRO, excluding PEO zero-margin benefits pass-throughs | Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues (0.7) (0.9) (1.6) (1.5)
PEO zero-margin benefits pass-throughs        
Disaggregation of Revenue [Line Items]        
Revenues 1,126.2 1,055.2 2,257.2 2,104.4
PEO zero-margin benefits pass-throughs | Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 0.0 0.0 0.0 0.0
PEO zero-margin benefits pass-throughs | PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 1,126.2 1,055.2 2,257.2 2,104.4
PEO zero-margin benefits pass-throughs | Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0.0 0.0 0.0 0.0
Global        
Disaggregation of Revenue [Line Items]        
Revenues 709.3 645.3 1,399.5 1,284.9
Global | Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 709.3 645.3 1,399.5 1,284.9
Global | PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 0.0 0.0 0.0 0.0
Global | Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0.0 0.0 0.0 0.0
Interest on funds held for clients        
Disaggregation of Revenue [Line Items]        
Revenues 308.6 272.8 595.5 526.1
Interest on funds held for clients | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 308.6 272.8 595.5 526.1
Interest on funds held for clients | Employer Services | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 305.8 270.3 590.1 521.3
Interest on funds held for clients | PEO | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues 2.8 2.5 5.4 4.8
Interest on funds held for clients | Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.4
Revenue - Schedule of Contract Liability (Details)
$ in Millions
 6 Months Ended
Dec. 31, 2025
USD ($)
Contract Liability  
Contract liability, July 1, 2025 $ 520.2
Recognition of revenue included in beginning of year contract liability (72.7)
Contract liability, net of revenue recognized on contracts during the period 66.1
Currency translation adjustments 1.0
Contract liability, December 31, 2025 $ 514.6
v3.25.4
Acquisition - Schedule of Estimated Purchase Price, Net of Cash Acquired (Details) - WorkForce Software
$ in Millions
 1 Months Ended
Oct. 31, 2024
USD ($)
Business Combination [Line Items]  
Purchase price $ 1,170.8
Less: cash acquired (12.5)
Cash paid for acquisition of business, net of cash acquired $ 1,158.3
v3.25.4
Acquisition - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Oct. 31, 2024
Business Combination [Line Items]      
Goodwill $ 3,294.2 $ 3,273.5  
WorkForce Software      
Business Combination [Line Items]      
Cash     $ 12.5
Accounts receivable, net of allowance for doubtful accounts     20.0
Identifiable intangible assets     292.0
Goodwill     885.8
Deferred income taxes, net of valuation allowance     45.9
All other assets     14.8
Total assets acquired     1,271.0
Deferred revenue     39.6
All other liabilities     60.6
Total liabilities assumed     100.2
Total net assets acquired     $ 1,170.8
v3.25.4
Acquisition - Schedule of Estimated Fair Value of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Oct. 31, 2024
Business Combination [Line Items]    
Estimated Useful Life (in years) 6 years  
WorkForce Software    
Business Combination [Line Items]    
Estimated Fair Value   $ 292.0
Technology | WorkForce Software    
Business Combination [Line Items]    
Estimated Fair Value   $ 115.0
Estimated Useful Life (in years)   7 years
Customer/Partner relationships | WorkForce Software    
Business Combination [Line Items]    
Estimated Fair Value   $ 170.0
Estimated Useful Life (in years)   8 years
Tradename | WorkForce Software    
Business Combination [Line Items]    
Estimated Fair Value   $ 7.0
Estimated Useful Life (in years)   4 years
v3.25.4
Acquisition - Narrative (Details)
Oct. 31, 2024
USD ($)
WorkForce Software  
Business Combination [Line Items]  
Expected tax deductible amount $ 0
v3.25.4
Earnings per Share (“EPS”) - Schedule of Earnings per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]        
Net earnings $ 1,062.0 $ 963.2 $ 2,075.1 $ 1,919.5
Basic, Weighted average shares (in shares) 403.8 407.6 404.4 407.7
Effect of Employee Stock Option Shares (in shares) 0.4 0.6 0.4 0.7
Effect of Employee Restricted Stock Shares (in shares) 0.5 0.8 0.7 0.9
Diluted, Weighted average shares (in shares) 404.7 409.0 405.5 409.3
Basic, EPS (in USD per share) $ 2.63 $ 2.36 $ 5.13 $ 4.71
Diluted, EPS (in USD per share) $ 2.62 $ 2.35 $ 5.12 $ 4.69
v3.25.4
Earnings per Share (“EPS”) - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]        
Options excluded from the calculation of diluted earnings per share (in shares) 0.6 0.0 0.4 0.0
v3.25.4
Other (Income)/Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Other Income and Expenses [Abstract]        
Interest income on corporate funds $ (96.8) $ (83.9) $ (198.3) $ (175.5)
Realized (gains)/losses on available-for-sale securities, net 0.3 0.6 (1.2) 0.8
Gain on sale of assets 0.0 0.0 0.0 (2.4)
Non-service components of pension income, net (7.1) (7.8) (14.2) (15.7)
Net (gain)/loss on ADP Ventures' investments (2.2) 0.0 (2.2) 0.0
Other (income)/loss, net $ (105.8) $ (91.1) $ (215.9) $ (192.8)
v3.25.4
Corporate Investments and Funds Held for Clients - Schedule of Corporate Investments and Funds Held for Clients (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]      
Money market securities, cash and other cash equivalents - Amortized Cost $ 2,424.7 $ 3,347.8 $ 2,216.4
Available-for-sale, Amortized Cost 36,422.5 34,203.4  
Available-for-sale, Gross Unrealized Gains 349.4 256.6  
Available-for-sale, Gross Unrealized Losses (453.1) (682.3)  
Available-for-sale, Fair Market Value 36,318.8 33,777.7  
Total corporate investments and funds held for clients - Amortized Cost 70,084.2 39,258.0  
Total corporate investments and funds held for clients - Gross Unrealized Gains 349.4 256.6  
Total corporate investments and funds held for clients - Gross Unrealized Losses (453.1) (682.3)  
Total corporate investments and funds held for clients -  Fair Market Value 69,980.5 38,832.3  
Corporate bonds      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 17,695.5 17,515.2  
Available-for-sale, Gross Unrealized Gains 156.4 108.7  
Available-for-sale, Gross Unrealized Losses (276.2) (420.2)  
Available-for-sale, Fair Market Value 17,575.7 17,203.7  
U.S. Treasury securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 10,893.0 8,416.8  
Available-for-sale, Gross Unrealized Gains 114.2 85.6  
Available-for-sale, Gross Unrealized Losses (17.7) (43.7)  
Available-for-sale, Fair Market Value 10,989.5 8,458.7  
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 2,074.6 1,837.8  
Available-for-sale, Gross Unrealized Gains 30.7 22.6  
Available-for-sale, Gross Unrealized Losses (8.4) (15.5)  
Available-for-sale, Fair Market Value 2,096.9 1,844.9  
Canadian government obligations and Canadian government agency obligations      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 1,719.3 1,972.0  
Available-for-sale, Gross Unrealized Gains 13.9 16.4  
Available-for-sale, Gross Unrealized Losses (23.9) (32.4)  
Available-for-sale, Fair Market Value 1,709.3 1,956.0  
Canadian provincial bonds      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 1,131.7 1,155.8  
Available-for-sale, Gross Unrealized Gains 15.3 13.8  
Available-for-sale, Gross Unrealized Losses (20.4) (27.7)  
Available-for-sale, Fair Market Value 1,126.6 1,141.9  
U.S. government agency securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 905.4 1,328.5  
Available-for-sale, Gross Unrealized Gains 4.6 2.3  
Available-for-sale, Gross Unrealized Losses (63.6) (80.0)  
Available-for-sale, Fair Market Value 846.4 1,250.8  
Other securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Amortized Cost 2,003.0 1,977.3  
Available-for-sale, Gross Unrealized Gains 14.3 7.2  
Available-for-sale, Gross Unrealized Losses (42.9) (62.8)  
Available-for-sale, Fair Market Value 1,974.4 1,921.7  
Corporate Investments      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Fair Market Value 45.7 4,498.8  
Funds Held For Clients      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale, Fair Market Value 36,273.1 29,278.9  
Money market securities, cash and other cash equivalents      
Debt Securities, Available-for-sale [Line Items]      
Money market securities, cash and other cash equivalents - Amortized Cost 33,661.7 5,054.6  
Money market securities and other cash equivalents -  Fair Market Value $ 33,661.7 $ 5,054.6  
v3.25.4
Corporate Investments and Funds Held for Clients - Narrative (Details) - USD ($)
 6 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale $ 36,318,800,000 $ 33,777,700,000
Client fund obligation repayment period 1 year  
Client funds obligations $ 67,613,700,000 31,343,300,000
Client funds held in grantor trust $ 61,953,000,000 $ 27,355,200,000
Client funds investments with original maturities 90 days  
Fair Value, Inputs, Level 1    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale $ 0  
Fair Value, Inputs, Level 3    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 0  
Asset-Backed Auto Loan Receivables    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 894,900,000  
Fixed Rate Credit Card    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 644,300,000  
Asset-Backed Securities, Device Payment Plan Agreement Receivables    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 313,700,000  
Federal Farm Credit Banks    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 636,100,000  
Federal Home Loan Banks    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 137,200,000  
Debt Security, Corporate, Non-US    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 648,700,000  
Municipal Bonds    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 549,900,000  
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale 387,000,000.0  
Supranational Bonds    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale $ 232,900,000  
v3.25.4
Corporate Investments and Funds Held for Clients - Schedule of Available-For-Sale Securities that Have Been in an Unrealized Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses $ (6.8) $ (10.2)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 1,924.8 1,963.9
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (446.3) (672.1)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 13,323.8 16,184.9
Total, Gross Unrealized Losses (453.1) (682.3)
Total, Fair Market Value 15,248.6 18,148.8
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (2.5) (5.4)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 861.0 690.4
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (273.7) (414.8)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 8,816.4 10,218.8
Total, Gross Unrealized Losses (276.2) (420.2)
Total, Fair Market Value 9,677.4 10,909.2
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (2.0) (0.8)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 711.9 732.2
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (15.7) (42.9)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 1,264.6 1,801.7
Total, Gross Unrealized Losses (17.7) (43.7)
Total, Fair Market Value 1,976.5 2,533.9
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (0.2) (0.2)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 58.7 101.4
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (8.2) (15.3)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 392.7 481.4
Total, Gross Unrealized Losses (8.4) (15.5)
Total, Fair Market Value 451.4 582.8
Canadian government obligations and Canadian government agency obligations    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (1.8) (1.4)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 198.2 219.2
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (22.1) (31.0)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 657.2 870.2
Total, Gross Unrealized Losses (23.9) (32.4)
Total, Fair Market Value 855.4 1,089.4
Canadian provincial bonds    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (0.1) (0.8)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 55.5 44.3
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (20.3) (26.9)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 535.0 588.8
Total, Gross Unrealized Losses (20.4) (27.7)
Total, Fair Market Value 590.5 633.1
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (0.1) (0.1)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 10.4 8.0
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (63.5) (79.9)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 666.7 1,093.8
Total, Gross Unrealized Losses (63.6) (80.0)
Total, Fair Market Value 677.1 1,101.8
Other securities    
Debt Securities, Available-for-sale [Line Items]    
Securities in Unrealized Loss Position Less Than 12 Months, Gross Unrealized Losses (0.1) (1.5)
Securities in Unrealized Loss Position Less Than 12 Months, Fair Market Value 29.1 168.4
Securities in Unrealized Loss Position Greater Than 12 Months, Gross Unrealized Losses (42.8) (61.3)
Securities in Unrealized Loss Position Greater Than 12 Months, Fair Market Value 991.2 1,130.2
Total, Gross Unrealized Losses (42.9) (62.8)
Total, Fair Market Value $ 1,020.3 $ 1,298.6
v3.25.4
Corporate Investments and Funds Held for Clients - Schedule of Classification of Corporate Investments on the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]      
Cash and cash equivalents $ 2,424.7 $ 3,347.8 $ 2,216.4
Short-term marketable securities [1] 45.7 4,498.8  
Total corporate investments $ 2,470.4 $ 7,846.6  
[1] As of December 31, 2025, $45.7 million of short-term marketable securities and $0.1 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements. As of June 30, 2025, $38.4 million of short-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements (see Note 10).
v3.25.4
Corporate Investments and Funds Held for Clients - Schedule of Investment of Funds Held for Clients (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
 [1]
Debt Securities, Available-for-sale [Line Items]      
Restricted cash and cash equivalents held to satisfy client funds obligations $ 31,237.0 [1] $ 1,706.8 $ 14,387.8
Total funds held for clients 67,510.1 30,985.7  
Current      
Debt Securities, Available-for-sale [Line Items]      
Restricted short-term and long term marketable securities held to satisfy client funds obligations 7,584.8 3,155.7  
Non-current      
Debt Securities, Available-for-sale [Line Items]      
Restricted short-term and long term marketable securities held to satisfy client funds obligations $ 28,688.3 $ 26,123.2  
[1] See Note 7 for a reconciliation of restricted cash and restricted cash equivalents in funds held for clients on the Consolidated Balance Sheets.
v3.25.4
Corporate Investments and Funds Held for Clients - Schedule of Expected Maturities of Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]    
One year or less $ 7,630.4  
One year to two years 4,675.5  
Two years to three years 6,606.4  
Three years to four years 5,167.3  
After four years 12,239.2  
Total available-for-sale securities $ 36,318.8 $ 33,777.7
v3.25.4
Leases - Narrative (Details)
Dec. 31, 2025
Leases [Abstract]  
Remaining lease term 11 years
v3.25.4
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]        
Operating lease cost $ 31.4 $ 27.3 $ 61.9 $ 54.8
Short-term lease cost 0.3 0.2 0.7 0.5
Variable lease cost 5.8 4.6 11.5 11.2
Total operating lease cost $ 37.5 $ 32.1 $ 74.1 $ 66.5
v3.25.4
Leases - Schedule of Right of Use Assets and Operating Lease Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Leases [Abstract]      
Cash paid for operating lease liabilities $ 64.9 $ 59.3  
Operating lease ROU assets obtained in exchange for new operating lease liabilities $ 89.8 $ 31.7  
Weighted-average remaining lease term (in years) 6 years   6 years
Weighted-average discount rate 3.90%   3.60%
Current operating lease liability $ 107.0   $ 100.8
v3.25.4
Leases - Schedule of Operating Lease Maturities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Six months ending June 30, 2026 $ 62.6
Twelve months ending June 30, 2027 113.4
Twelve months ending June 30, 2028 91.1
Twelve months ending June 30, 2029 67.2
Twelve months ending June 30, 2030 49.1
Thereafter 126.3
Total undiscounted lease obligations 509.7
Less: Imputed interest (55.1)
Net lease obligations $ 454.6
v3.25.4
Goodwill and Intangible Assets, net - Schedule of Changes in Goodwill (Details)
$ in Millions
 6 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Balance at June 30, 2025 $ 3,273.5
Additions and other adjustments 22.2
Currency translation adjustments (1.5)
Balance at December 31, 2025 3,294.2
Employer Services  
Goodwill [Roll Forward]  
Balance at June 30, 2025 3,268.7
Additions and other adjustments 22.2
Currency translation adjustments (1.5)
Balance at December 31, 2025 3,289.4
PEO Services  
Goodwill [Roll Forward]  
Balance at June 30, 2025 4.8
Additions and other adjustments 0.0
Currency translation adjustments 0.0
Balance at December 31, 2025 $ 4.8
v3.25.4
Goodwill and Intangible Assets, net - Schedule of Components of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 5,961.2 $ 5,782.8
Intangible assets, accumulated amortization (4,338.7) (4,179.8)
Intangible assets, net 1,622.5 1,603.0
Software and software licenses    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 4,259.6 4,103.6
Intangible assets, accumulated amortization (2,948.6) (2,830.3)
Customer contracts and lists    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 1,451.5 1,429.4
Intangible assets, accumulated amortization (1,145.1) (1,105.6)
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 250.1 249.8
Intangible assets, accumulated amortization $ (245.0) $ (243.9)
v3.25.4
Goodwill and Intangible Assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Life (in years) 6 years   6 years  
Amortization of intangible assets $ 95.8 $ 100.7 $ 191.3 $ 189.7
Software and software licenses        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Life (in years) 6 years   6 years  
Customer contracts and lists        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Life (in years) 5 years   5 years  
Other intangibles        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Life (in years) 3 years   3 years  
v3.25.4
Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Six months ending June 30, 2026 $ 220.5
Twelve months ending June 30, 2027 348.3
Twelve months ending June 30, 2028 263.4
Twelve months ending June 30, 2029 228.8
Twelve months ending June 30, 2030 187.3
Twelve months ending June 30, 2031 $ 141.8
v3.25.4
Short-term Financing - Narrative (Details) - USD ($)
 6 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Short-term Debt [Line Items]    
Line of credit facility, fair value of amount outstanding $ 0  
Obligations under commercial paper borrowings $ 0 $ 4,769,500,000
Maturities of short-term funding agreements (up to) 5 days  
Obligations under reverse repurchase agreements [1] $ 45,800,000 $ 38,400,000
Aggregate committed obligations under reverse repurchase agreements 7,500,000,000  
364-day Credit Agreement    
Short-term Debt [Line Items]    
Maximum borrowing capacity under credit facilities $ 4,600,000,000  
Term of credit 364 days  
Extension option term 1 year  
Credit Facility Expiring In June 2029    
Short-term Debt [Line Items]    
Maximum borrowing capacity under credit facilities $ 3,500,000,000  
Term of credit 5 years  
Line of credit facility potentially available increase in maximum borrowing capacity $ 500,000,000  
Credit Facility Expiring In June 2030    
Short-term Debt [Line Items]    
Maximum borrowing capacity under credit facilities $ 2,500,000,000  
Term of credit 5 years  
Line of credit facility potentially available increase in maximum borrowing capacity $ 500,000,000  
Commercial Paper Program    
Short-term Debt [Line Items]    
Maximum borrowing capacity under credit facilities $ 10,600,000,000  
Debt instrument, maturity period 364 days  
[1] As of December 31, 2025, $45.7 million of short-term marketable securities and $0.1 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements. As of June 30, 2025, $38.4 million of short-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements (see Note 10).
v3.25.4
Short-term Financing - Schedule of Commercial Paper Program and Reverse Repurchase Agreements (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Commercial Paper Program        
Short-term Debt [Line Items]        
Average outstanding balances (in billions) $ 4.4 $ 4.5 $ 4.5 $ 4.7
Weighted average interest rates 4.00% 4.80% 4.20% 5.10%
Weighted average maturity (approximately in days) 2 days 2 days 2 days 2 days
Reverse repurchase agreements        
Short-term Debt [Line Items]        
Average outstanding balances (in billions) $ 4.3 $ 3.7 $ 4.4 $ 3.7
Weighted average interest rates 4.10% 4.80% 4.30% 5.00%
v3.25.4
Debt - Narrative (Details)
$ in Millions
 6 Months Ended
Dec. 31, 2025
USD ($)
note
Debt Instrument [Line Items]  
Number of fixed rate notes issued | note 4
Debt face amount $ 4,000.0
Fair value of notes issued $ 3,860.7
Minimum  
Debt Instrument [Line Items]  
Debt instrument, term 7 years
Maximum  
Debt Instrument [Line Items]  
Debt instrument, term 10 years
v3.25.4
Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Debt Instrument [Line Items]    
Notes payable $ 4,002.4 $ 4,002.9
Less: current portion (1.1) (1.0)
Less: unamortized discount and debt issuance costs (24.9) (27.2)
Total long-term debt $ 3,976.4 3,974.7
Fixed-rate 1.700% notes due May 15, 2028 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 1.70%  
Debt instrument effective rate (in percent) 1.85%  
Notes payable $ 1,000.0 1,000.0
Fixed-rate 1.250% notes due September 1, 2030 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 1.25%  
Debt instrument effective rate (in percent) 1.83%  
Notes payable $ 1,000.0 1,000.0
Fixed-rate 4.750% notes due May 8, 2032 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.75%  
Debt instrument effective rate (in percent) 4.95%  
Notes payable $ 1,000.0 1,000.0
Fixed-rate 4.450% notes due September 9, 2034 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.45%  
Debt instrument effective rate (in percent) 4.75%  
Notes payable $ 1,000.0 1,000.0
Other    
Debt Instrument [Line Items]    
Notes payable $ 2.4 $ 2.9
v3.25.4
Employee Benefit Plans - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]        
Treasury stock acquired (in shares) 1.9 0.9 3.2 2.4
v3.25.4
Employee Benefit Plans - Schedule of Components of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]        
Total stock-based compensation expense $ 73.2 $ 79.1 $ 131.9 $ 139.7
Operating expenses        
Defined Benefit Plan Disclosure [Line Items]        
Total stock-based compensation expense 8.5 9.2 17.1 18.3
Selling, general and administrative expenses        
Defined Benefit Plan Disclosure [Line Items]        
Total stock-based compensation expense 55.3 59.6 96.7 101.9
Research and development        
Defined Benefit Plan Disclosure [Line Items]        
Total stock-based compensation expense $ 9.4 $ 10.3 $ 18.1 $ 19.5
v3.25.4
Employee Benefit Plans - Schedule of Components of Net Pension (Income)/Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]        
Service cost – benefits earned during the period $ 2.0 $ 1.5 $ 4.0 $ 3.0
Interest cost on projected benefits 21.7 21.9 43.4 43.7
Expected return on plan assets (28.3) (29.0) (56.6) (58.0)
Net amortization and deferral 0.7 0.7 1.5 1.5
Net pension (income)/expense $ (3.9) $ (4.9) $ (7.7) $ (9.8)
v3.25.4
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 23.20% 23.60% 22.90% 23.10%
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitments $ 2,332.5
Purchase commitments relating to 2026 194.8
Purchase commitments relating to 2027 and 2028 1,032.7
Purchase commitments relating to 2029 and 2031 $ 987.0
v3.25.4
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]        
Treasury stock acquired (in shares) 1.9 0.9 3.2 2.4
Dividends declared (in dollars per share) $ 1.70 $ 1.54 $ 3.24 $ 2.94
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 6,373.8 $ 5,348.6 $ 6,188.0 $ 4,547.6
Net earnings 1,062.0 963.2 2,075.1 1,919.5
Other comprehensive income/(loss) 91.0 (428.5) 243.7 279.6
Stock-based compensation expense 66.3 70.2 123.6 125.0
Issuances relating to stock compensation plans 2.9 27.3 60.6 143.9
Treasury stock acquired (511.2) (273.9) (974.9) (731.4)
Dividends declared (691.8) (628.8) (1,323.1) (1,206.1)
Ending balance 6,393.0 5,078.1 6,393.0 5,078.1
Common Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 63.9 63.9 63.9 63.9
Ending balance 63.9 63.9 63.9 63.9
Capital in Excess of Par Value        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 2,868.0 2,528.6 2,788.3 2,406.9
Stock-based compensation expense 66.3 70.2 123.6 125.0
Issuances relating to stock compensation plans 2.5 20.8 24.9 87.7
Ending balance 2,936.8 2,619.6 2,936.8 2,619.6
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 25,622.4 24,001.2 25,240.6 23,622.2
Net earnings 1,062.0 963.2 2,075.1 1,919.5
Dividends declared (691.8) (628.8) (1,323.1) (1,206.1)
Ending balance 25,992.6 24,335.6 25,992.6 24,335.6
Treasury Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (21,449.8) (20,144.9) (21,021.4) (19,737.1)
Issuances relating to stock compensation plans 0.4 6.5 35.7 56.2
Treasury stock acquired (511.2) (273.9) (974.9) (731.4)
Ending balance (21,960.6) (20,412.3) (21,960.6) (20,412.3)
AOCI        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (730.7) (1,100.2) (883.4) (1,808.3)
Other comprehensive income/(loss) 91.0 (428.5) 243.7 279.6
Ending balance $ (639.7) $ (1,528.7) $ (639.7) $ (1,528.7)
v3.25.4
Reclassifications out of Accumulated Other Comprehensive Income/(Loss) (“AOCI”) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance $ 6,373.8 $ 5,348.6 $ 6,188.0 $ 4,547.6
Other comprehensive income/(loss) before reclassification adjustments 111.4 (524.8) 311.6 376.2
Tax effect (22.7) 94.2 (71.0) (100.5)
Reclassification adjustments to net earnings 3.0 2.7 4.1 5.1
Tax effect (0.7) (0.6) (1.0) (1.2)
Ending balance 6,393.0 5,078.1 6,393.0 5,078.1
Accumulated Other Comprehensive Income/(Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (730.7) (1,100.2) (883.4) (1,808.3)
Ending balance (639.7) (1,528.7) (639.7) (1,528.7)
Currency Translation Adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (305.3) (329.6) (289.8) (378.8)
Other comprehensive income/(loss) before reclassification adjustments 3.9 (101.0) (11.6) (51.8)
Tax effect 0.0 0.0 0.0 0.0
Reclassification adjustments to net earnings 0.0 0.0 0.0 0.0
Tax effect 0.0 0.0 0.0 0.0
Ending balance (301.4) (430.6) (301.4) (430.6)
Net Gains/Losses on Available-for-sale Securities        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (172.7) (511.3) (338.9) (1,178.0)
Other comprehensive income/(loss) before reclassification adjustments 107.5 (423.8) 323.2 440.5
Tax effect (22.7) 94.2 (71.0) (103.6)
Reclassification adjustments to net earnings 0.3 0.6 (1.2) 0.8
Tax effect 0.0 (0.1) 0.3 (0.1)
Ending balance (87.6) (840.4) (87.6) (840.4)
Cash Flow Hedging Activities        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (26.6) (28.6) (27.7) (20.0)
Other comprehensive income/(loss) before reclassification adjustments 0.0 0.0 0.0 (12.5)
Tax effect 0.0 0.0 0.0 3.1
Reclassification adjustments to net earnings 1.6 1.4 3.0 2.5
Tax effect (0.4) (0.3) (0.7) (0.6)
Ending balance (25.4) (27.5) (25.4) (27.5)
Pension Liability        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (226.1) (230.7) (227.0) (231.5)
Other comprehensive income/(loss) before reclassification adjustments 0.0 0.0 0.0 0.0
Tax effect 0.0 0.0 0.0 0.0
Reclassification adjustments to net earnings 1.1 0.7 2.3 1.8
Tax effect (0.3) (0.2) (0.6) (0.5)
Ending balance $ (225.3) $ (230.2) $ (225.3) $ (230.2)
v3.25.4
Interim Financial Data by Segment - Narrative (Details)
 6 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.4
Interim Financial Data by Segment - Schedule of Revenues, Significant Segment Expenses and Earnings before Income Taxes by Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Revenues $ 5,359.3 $ 5,048.4 $ 10,534.5 $ 9,881.1
Less segment expenses:        
Total consolidated earnings before income taxes 1,383.2 1,261.3 2,690.7 2,497.5
Operating Segments        
Less segment expenses:        
Total consolidated earnings before income taxes 1,531.7 1,434.7 2,979.3 2,824.6
Intercompany eliminations        
Segment Reporting Information [Line Items]        
Revenues (3.3) (3.4) (6.8) (6.2)
Operating Segments, Excluding Intersegment Elimination        
Segment Reporting Information [Line Items]        
Revenues 5,362.6 5,051.8 10,541.3 9,887.3
Other        
Less segment expenses:        
Total consolidated earnings before income taxes (148.5) (173.4) (288.6) (327.1)
Employer Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 3,607.4 3,388.5 7,098.6 6,649.5
Less segment expenses:        
Selling and marketing 578.1 531.6 1,130.5 1,036.9
Zero-margin benefits pass-through costs 0.0 0.0 0.0 0.0
Worker's compensation coverage and state unemployment taxes 0.0 0.0 0.0 0.0
Other segment expenses 1,750.5 1,673.9 3,460.5 3,265.3
Total consolidated earnings before income taxes 1,278.8 1,183.0 2,507.6 2,347.3
Employer Services | Intercompany eliminations        
Segment Reporting Information [Line Items]        
Revenues (3.3) (3.4) (6.8) (6.2)
Employer Services | Operating Segments, Excluding Intersegment Elimination        
Segment Reporting Information [Line Items]        
Revenues 3,607.4 3,388.5 7,098.6 6,649.5
PEO Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 1,755.2 1,663.3 3,442.7 3,237.8
Less segment expenses:        
Selling and marketing 104.2 91.1 195.5 172.1
Zero-margin benefits pass-through costs 1,126.2 1,055.2 2,257.2 2,104.4
Worker's compensation coverage and state unemployment taxes 158.5 156.1 293.4 280.4
Other segment expenses 113.4 109.2 224.9 203.6
Total consolidated earnings before income taxes 252.9 251.7 471.7 477.3
PEO Services | Intercompany eliminations        
Segment Reporting Information [Line Items]        
Revenues 0.0 0.0 0.0 0.0
PEO Services | Operating Segments, Excluding Intersegment Elimination        
Segment Reporting Information [Line Items]        
Revenues 1,755.2 1,663.3 3,442.7 3,237.8
Revenues from external customers | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 5,050.7 4,775.6 9,939.0 9,355.0
Revenues from external customers | Employer Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 3,298.3 3,114.8 6,501.7 6,122.0
Revenues from external customers | PEO Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 1,752.4 1,660.8 3,437.3 3,233.0
Interest on funds held for clients        
Segment Reporting Information [Line Items]        
Revenues 308.6 272.8 595.5 526.1
Interest on funds held for clients | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 308.6 272.8 595.5 526.1
Interest on funds held for clients | Employer Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 305.8 270.3 590.1 521.3
Interest on funds held for clients | PEO Services | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues $ 2.8 $ 2.5 $ 5.4 $ 4.8
v3.25.4
Interim Financial Data by Segment - Schedule of Depreciation and Amortization Included in Earnings Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Total depreciation and amortization $ 145.6 $ 151.0 $ 292.3 $ 289.7
Other        
Segment Reporting Information [Line Items]        
Total depreciation and amortization 14.6 16.0 29.5 32.4
Employer Services | Operating Segments        
Segment Reporting Information [Line Items]        
Total depreciation and amortization 130.5 133.3 261.6 253.9
PEO | Operating Segments        
Segment Reporting Information [Line Items]        
Total depreciation and amortization $ 0.5 $ 1.7 $ 1.2 $ 3.4