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Side-by-side financial comparison of Automatic Data Processing (ADP) and CDW Corporation (CDW). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.9B vs $5.5B, roughly 1.1× CDW Corporation). On growth, Automatic Data Processing posted the faster year-over-year revenue change (7.0% vs 6.3%). Over the past eight quarters, Automatic Data Processing's revenue compounded faster (11.6% CAGR vs 6.3%).
Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.
CDW Corporation is an American multi-brand provider of information technology services, serving business, government, education, and healthcare sectors across the United States, the United Kingdom, and Canada. Headquartered in Vernon Hills, Illinois, CDW is a Fortune 500 and generated $21 billion in annual net sales in 2023.
ADP vs CDW — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.9B | $5.5B |
| Net Profit | $1.4B | — |
| Gross Margin | — | 22.8% |
| Operating Margin | — | 7.8% |
| Net Margin | 22.9% | — |
| Revenue YoY | 7.0% | 6.3% |
| Net Profit YoY | 8.4% | — |
| EPS (diluted) | $10.01 | $2.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.4B | $5.5B | ||
| Q3 25 | $5.2B | $5.7B | ||
| Q2 25 | $5.1B | $6.0B | ||
| Q1 25 | $5.6B | $5.2B | ||
| Q4 24 | $5.0B | $5.2B | ||
| Q3 24 | $4.8B | $5.5B | ||
| Q2 24 | $4.8B | $5.4B |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | $291.0M | ||
| Q2 25 | $910.7M | $271.2M | ||
| Q1 25 | $1.2B | $224.9M | ||
| Q4 24 | $963.2M | — | ||
| Q3 24 | $956.3M | $316.4M | ||
| Q2 24 | $829.3M | $281.1M |
| Q1 26 | — | — | ||
| Q4 25 | 46.1% | 22.8% | ||
| Q3 25 | 45.2% | 21.9% | ||
| Q2 25 | 45.1% | 20.8% | ||
| Q1 25 | 47.7% | 21.6% | ||
| Q4 24 | 45.7% | 22.3% | ||
| Q3 24 | 45.5% | 21.8% | ||
| Q2 24 | 44.8% | 21.8% |
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | 7.8% | ||
| Q3 25 | 25.3% | 7.7% | ||
| Q2 25 | 23.2% | 7.0% | ||
| Q1 25 | 29.2% | 7.0% | ||
| Q4 24 | 25.0% | 7.9% | ||
| Q3 24 | 25.6% | 8.7% | ||
| Q2 24 | 22.8% | 8.0% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 19.8% | — | ||
| Q3 25 | 19.6% | 5.1% | ||
| Q2 25 | 17.8% | 4.5% | ||
| Q1 25 | 22.5% | 4.3% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 19.8% | 5.7% | ||
| Q2 24 | 17.4% | 5.2% |
| Q1 26 | $10.01 | — | ||
| Q4 25 | $2.62 | $2.13 | ||
| Q3 25 | $2.49 | $2.21 | ||
| Q2 25 | $2.23 | $2.05 | ||
| Q1 25 | $3.06 | $1.69 | ||
| Q4 24 | $2.35 | $1.97 | ||
| Q3 24 | $2.34 | $2.34 | ||
| Q2 24 | $2.01 | $2.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.2B | $618.7M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $6.4B | $2.6B |
| Total Assets | $64.5B | $16.0B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | $618.7M | ||
| Q3 25 | $7.9B | $452.9M | ||
| Q2 25 | $7.8B | $481.0M | ||
| Q1 25 | $2.7B | $688.1M | ||
| Q4 24 | $2.2B | $717.7M | ||
| Q3 24 | $7.3B | $1.2B | ||
| Q2 24 | $3.3B | $665.3M |
| Q1 26 | $4.0B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.4B | $2.6B | ||
| Q3 25 | $6.4B | $2.5B | ||
| Q2 25 | $6.2B | $2.5B | ||
| Q1 25 | $5.9B | $2.3B | ||
| Q4 24 | $5.1B | $2.4B | ||
| Q3 24 | $5.3B | $2.3B | ||
| Q2 24 | $4.5B | $2.2B |
| Q1 26 | $64.5B | — | ||
| Q4 25 | $84.6B | $16.0B | ||
| Q3 25 | $54.3B | $15.2B | ||
| Q2 25 | $53.4B | $15.3B | ||
| Q1 25 | $56.4B | $15.0B | ||
| Q4 24 | $64.1B | $14.7B | ||
| Q3 24 | $49.5B | $14.4B | ||
| Q2 24 | $54.4B | $13.6B |
| Q1 26 | 0.63× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $433.8M |
| Free Cash FlowOCF − Capex | — | $395.9M |
| FCF MarginFCF / Revenue | — | 7.2% |
| Capex IntensityCapex / Revenue | 2.1% | 0.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $433.8M | ||
| Q3 25 | $642.3M | $328.3M | ||
| Q2 25 | $1.4B | $155.9M | ||
| Q1 25 | $1.5B | $287.2M | ||
| Q4 24 | $1.2B | $345.3M | ||
| Q3 24 | $824.4M | $342.1M | ||
| Q2 24 | $1.3B | $149.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $395.9M | ||
| Q3 25 | — | $298.5M | ||
| Q2 25 | — | $133.4M | ||
| Q1 25 | — | $260.3M | ||
| Q4 24 | — | $316.7M | ||
| Q3 24 | — | $308.5M | ||
| Q2 24 | — | $119.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.2% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | 1.13× | ||
| Q2 25 | 1.58× | 0.57× | ||
| Q1 25 | 1.22× | 1.28× | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | 1.08× | ||
| Q2 24 | 1.57× | 0.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADP
| Revenues, other than interest on funds held for clients and PEO revenues | $3.6B | 61% |
| PEO revenues (A) (B) (C) | $1.9B | 32% |
| Other | $403.9M | 7% |
CDW
Segment breakdown not available.
