ADP

Research · Sep 3, 2026

[ADP] ADP Thesis 2026: Lyric HCM Platform Sales Accelerate, Next Cycle Takes Shape

ADP FY25 (Jun 30, 2025 FYE) at $20.56B revenue (+7%). NI $4.08B; EPS $9.98 (+10%). 8th consecutive year margin expansion (+50bp). ADP Lyric HCM new client sales +50%. PEO margin -60bp. FY26 guide: ES +5-6%, bookings +4-7%, PPC 0-1%, retention 91.8-92.0%, FX tailwind, client funds interest increase.