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Sankey diagram of Automatic Data Processing, Inc.. A complete text table follows the diagram.
Employers pay for HCM and outsourced HR, while payroll funds waiting to reach workers create a second, interest-producing revenue engine
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The $1,170M PEO benefits pass-through is directly reported as zero margin and is excluded from opening revenue and cost to reveal ADP's retained economics. No modeled allocation is used; the excluded amount is identical on both sides and does not change earnings.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Human Capital Management | 1 | $2.5B | Payroll, time, talent and benefits software |
| HR outsourcing | 1 | $1.1B | PEO and outsourced HR, excluding pass-throughs |
| Global payroll & HCM | 1 | $752M | Multinational and international clients |
| Interest on client funds | 1 | $404M | Return on payroll float · +14% |
| Revenue excluding zero-margin pass-throughs | 2 | $4.8B | Core retained economic activity |
| Earnings before tax | 3 | $1.8B | 37.4% of economic revenue |
| Operating delivery cost | 3 | $1.5B | Service delivery excluding benefits pass-through |
| Research & development | 3 | $254M | Payroll and HCM product investment |
| Depreciation & amortization | 3 | $122M | Technology and acquired assets |
| Selling, general & administrative | 3 | $1.1B | Sales force and corporate platform |
| Interest expense | 3 | $78.7M | Debt financing |
| Other income | 2 | $75M | Other non-operating income |
| Net earnings | 4 | $1.4B | $3.38 diluted EPS |
| Income tax | 4 | $422M | 23.7% effective rate |
| From | To | Value |
|---|---|---|
| Human Capital Management | Revenue excluding zero-margin pass-throughs | $2.5B |
| HR outsourcing | Revenue excluding zero-margin pass-throughs | $1.1B |
| Global payroll & HCM | Revenue excluding zero-margin pass-throughs | $752M |
| Interest on client funds | Revenue excluding zero-margin pass-throughs | $404M |
| Revenue excluding zero-margin pass-throughs | Earnings before tax | $1.7B |
| Other income | Earnings before tax | $75M |
| Revenue excluding zero-margin pass-throughs | Operating delivery cost | $1.5B |
| Revenue excluding zero-margin pass-throughs | Research & development | $254M |
| Revenue excluding zero-margin pass-throughs | Depreciation & amortization | $122M |
| Revenue excluding zero-margin pass-throughs | Selling, general & administrative | $1.1B |
| Revenue excluding zero-margin pass-throughs | Interest expense | $78.7M |
| Earnings before tax | Net earnings | $1.4B |
| Earnings before tax | Income tax | $422M |