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Side-by-side financial comparison of Automatic Data Processing (ADP) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $2.9B, roughly 1.8× Cushman & Wakefield Ltd.). Automatic Data Processing runs the higher net margin — 19.8% vs -0.8%, a 20.6% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 6.2%). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 1.0%).
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.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
ADP vs CWK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $2.9B |
| Net Profit | $1.1B | $-22.4M |
| Gross Margin | 46.1% | — |
| Operating Margin | 25.8% | 6.1% |
| Net Margin | 19.8% | -0.8% |
| Revenue YoY | 6.2% | 10.8% |
| Net Profit YoY | 10.3% | -119.8% |
| EPS (diluted) | $2.62 | $-0.10 |
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.
| Q4 25 | $5.4B | $2.9B | ||
| Q3 25 | $5.2B | $2.6B | ||
| Q2 25 | $5.1B | $2.5B | ||
| Q1 25 | $5.6B | $2.3B | ||
| Q4 24 | $5.0B | $2.6B | ||
| Q3 24 | $4.8B | $2.3B | ||
| Q2 24 | $4.8B | $2.3B | ||
| Q1 24 | $5.3B | $2.2B |
| Q4 25 | $1.1B | $-22.4M | ||
| Q3 25 | $1.0B | $51.4M | ||
| Q2 25 | $910.7M | $57.3M | ||
| Q1 25 | $1.2B | $1.9M | ||
| Q4 24 | $963.2M | $112.9M | ||
| Q3 24 | $956.3M | $33.7M | ||
| Q2 24 | $829.3M | $13.5M | ||
| Q1 24 | $1.2B | $-28.8M |
| Q4 25 | 46.1% | — | ||
| Q3 25 | 45.2% | — | ||
| Q2 25 | 45.1% | — | ||
| Q1 25 | 47.7% | — | ||
| Q4 24 | 45.7% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 44.8% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | 25.8% | 6.1% | ||
| Q3 25 | 25.3% | 4.1% | ||
| Q2 25 | 23.2% | 4.9% | ||
| Q1 25 | 29.2% | 2.0% | ||
| Q4 24 | 25.0% | 6.6% | ||
| Q3 24 | 25.6% | 3.2% | ||
| Q2 24 | 22.8% | 3.1% | ||
| Q1 24 | 29.4% | 0.9% |
| Q4 25 | 19.8% | -0.8% | ||
| Q3 25 | 19.6% | 2.0% | ||
| Q2 25 | 17.8% | 2.3% | ||
| Q1 25 | 22.5% | 0.1% | ||
| Q4 24 | 19.1% | 4.3% | ||
| Q3 24 | 19.8% | 1.4% | ||
| Q2 24 | 17.4% | 0.6% | ||
| Q1 24 | 22.6% | -1.3% |
| Q4 25 | $2.62 | $-0.10 | ||
| Q3 25 | $2.49 | $0.22 | ||
| Q2 25 | $2.23 | $0.25 | ||
| Q1 25 | $3.06 | $0.01 | ||
| Q4 24 | $2.35 | $0.49 | ||
| Q3 24 | $2.34 | $0.14 | ||
| Q2 24 | $2.01 | $0.06 | ||
| Q1 24 | $2.88 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $784.2M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $6.4B | $2.0B |
| Total Assets | $84.6B | $7.7B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $784.2M | ||
| Q3 25 | $7.9B | $634.4M | ||
| Q2 25 | $7.8B | $618.2M | ||
| Q1 25 | $2.7B | $623.2M | ||
| Q4 24 | $2.2B | $793.3M | ||
| Q3 24 | $7.3B | $775.4M | ||
| Q2 24 | $3.3B | $567.3M | ||
| Q1 24 | $3.3B | $553.5M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $6.4B | $2.0B | ||
| Q3 25 | $6.4B | $2.0B | ||
| Q2 25 | $6.2B | $1.9B | ||
| Q1 25 | $5.9B | $1.8B | ||
| Q4 24 | $5.1B | $1.8B | ||
| Q3 24 | $5.3B | $1.7B | ||
| Q2 24 | $4.5B | $1.6B | ||
| Q1 24 | $4.6B | $1.6B |
| Q4 25 | $84.6B | $7.7B | ||
| Q3 25 | $54.3B | $7.7B | ||
| Q2 25 | $53.4B | $7.6B | ||
| Q1 25 | $56.4B | $7.4B | ||
| Q4 24 | $64.1B | $7.5B | ||
| Q3 24 | $49.5B | $7.5B | ||
| Q2 24 | $54.4B | $7.3B | ||
| Q1 24 | $64.2B | $7.5B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | — | 1.96× |
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 | $1.1B | $257.3M |
| Free Cash FlowOCF − Capex | — | $234.3M |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $257.3M | ||
| Q3 25 | $642.3M | $235.5M | ||
| Q2 25 | $1.4B | $9.6M | ||
| Q1 25 | $1.5B | $-162.0M | ||
| Q4 24 | $1.2B | $115.2M | ||
| Q3 24 | $824.4M | $196.1M | ||
| Q2 24 | $1.3B | $21.8M | ||
| Q1 24 | $1.5B | $-125.1M |
| Q4 25 | — | $234.3M | ||
| Q3 25 | — | $225.0M | ||
| Q2 25 | — | $300.0K | ||
| Q1 25 | — | $-166.6M | ||
| Q4 24 | — | $105.9M | ||
| Q3 24 | — | $186.7M | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | $-135.6M |
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | -7.3% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -6.2% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | 4.58× | ||
| Q2 25 | 1.58× | 0.17× | ||
| Q1 25 | 1.22× | -85.26× | ||
| Q4 24 | 1.19× | 1.02× | ||
| Q3 24 | 0.86× | 5.82× | ||
| Q2 24 | 1.57× | 1.61× | ||
| Q1 24 | 1.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
