Want to see ADP full AI Analyst Report?
Client Funds
Total payroll and related cash ADP holds on behalf of clients, such as payroll deposits, tax withholdings, and benefit contributions. The size and stability of these balances reflect transaction volume and platform scale, create liquidity and operational risk considerations, and can affect ADP’s ability to generate fee or interest income.Balances exhibit recurring March-quarter spikes and steady multi-year growth that have meaningfully amplified ADP’s interest income and supported EPS/repurchases. Management now expects client funds balances to moderate to low-single-digit growth while average yields rise, so interest revenue should still increase but with less help from balance expansion and more from higher rates; FX and the Fed path create upside/downside risk to that interest-income tailwind.
Date | Client Funds |
|---|---|
Sep 30, 2026 | $36.90B |
Jun 30, 2026 | $41.00B |
Mar 31, 2026 | $48.30B |
Dec 31, 2025 | $37.60B |
Sep 30, 2025 | $34.90B |
Jun 30, 2025 | $37.60B |
Mar 31, 2025 | $44.50B |
Dec 31, 2024 | $35.30B |
Sep 30, 2024 | $32.80B |
Jun 30, 2024 | $35.40B |