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Side-by-side financial comparison of Automatic Data Processing (ADP) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $101.1M, roughly 53.0× FORRESTER RESEARCH, INC.). Automatic Data Processing runs the higher net margin — 19.8% vs -33.5%, a 53.3% gap on every dollar of revenue. On growth, Automatic Data Processing posted the faster year-over-year revenue change (6.2% vs -6.5%). Over the past eight quarters, Automatic Data Processing's revenue compounded faster (1.0% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
ADP vs FORR — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $101.1M |
| Net Profit | $1.1B | $-33.9M |
| Gross Margin | 46.1% | 56.7% |
| Operating Margin | 25.8% | -36.6% |
| Net Margin | 19.8% | -33.5% |
| Revenue YoY | 6.2% | -6.5% |
| Net Profit YoY | 10.3% | -7941.4% |
| EPS (diluted) | $2.62 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $5.2B | $94.3M | ||
| Q2 25 | $5.1B | $111.7M | ||
| Q1 25 | $5.6B | $89.9M | ||
| Q4 24 | $5.0B | $108.0M | ||
| Q3 24 | $4.8B | $102.5M | ||
| Q2 24 | $4.8B | $121.8M | ||
| Q1 24 | $5.3B | $100.1M |
| Q4 25 | $1.1B | $-33.9M | ||
| Q3 25 | $1.0B | $-2.1M | ||
| Q2 25 | $910.7M | $3.9M | ||
| Q1 25 | $1.2B | $-87.3M | ||
| Q4 24 | $963.2M | $432.0K | ||
| Q3 24 | $956.3M | $-5.8M | ||
| Q2 24 | $829.3M | $6.3M | ||
| Q1 24 | $1.2B | $-6.7M |
| Q4 25 | 46.1% | 56.7% | ||
| Q3 25 | 45.2% | 60.0% | ||
| Q2 25 | 45.1% | 55.5% | ||
| Q1 25 | 47.7% | 55.9% | ||
| Q4 24 | 45.7% | 58.8% | ||
| Q3 24 | 45.5% | 60.5% | ||
| Q2 24 | 44.8% | 57.3% | ||
| Q1 24 | 47.3% | 54.9% |
| Q4 25 | 25.8% | -36.6% | ||
| Q3 25 | 25.3% | 4.7% | ||
| Q2 25 | 23.2% | 6.2% | ||
| Q1 25 | 29.2% | -97.5% | ||
| Q4 24 | 25.0% | -0.5% | ||
| Q3 24 | 25.6% | -0.7% | ||
| Q2 24 | 22.8% | 9.3% | ||
| Q1 24 | 29.4% | -9.3% |
| Q4 25 | 19.8% | -33.5% | ||
| Q3 25 | 19.6% | -2.3% | ||
| Q2 25 | 17.8% | 3.5% | ||
| Q1 25 | 22.5% | -97.1% | ||
| Q4 24 | 19.1% | 0.4% | ||
| Q3 24 | 19.8% | -5.7% | ||
| Q2 24 | 17.4% | 5.2% | ||
| Q1 24 | 22.6% | -6.7% |
| Q4 25 | $2.62 | $-1.75 | ||
| Q3 25 | $2.49 | $-0.11 | ||
| Q2 25 | $2.23 | $0.20 | ||
| Q1 25 | $3.06 | $-4.62 | ||
| Q4 24 | $2.35 | $0.02 | ||
| Q3 24 | $2.34 | $-0.30 | ||
| Q2 24 | $2.01 | $0.33 | ||
| Q1 24 | $2.88 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.4B | $126.5M |
| Total Assets | $84.6B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $63.3M | ||
| Q3 25 | $7.9B | $65.1M | ||
| Q2 25 | $7.8B | $67.8M | ||
| Q1 25 | $2.7B | $75.6M | ||
| Q4 24 | $2.2B | $56.1M | ||
| Q3 24 | $7.3B | $62.8M | ||
| Q2 24 | $3.3B | $58.9M | ||
| Q1 24 | $3.3B | $61.4M |
| Q4 25 | $6.4B | $126.5M | ||
| Q3 25 | $6.4B | $157.7M | ||
| Q2 25 | $6.2B | $159.5M | ||
| Q1 25 | $5.9B | $147.4M | ||
| Q4 24 | $5.1B | $229.5M | ||
| Q3 24 | $5.3B | $234.3M | ||
| Q2 24 | $4.5B | $237.1M | ||
| Q1 24 | $4.6B | $230.9M |
| Q4 25 | $84.6B | $404.0M | ||
| Q3 25 | $54.3B | $414.2M | ||
| Q2 25 | $53.4B | $436.0M | ||
| Q1 25 | $56.4B | $439.8M | ||
| Q4 24 | $64.1B | $503.9M | ||
| Q3 24 | $49.5B | $505.3M | ||
| Q2 24 | $54.4B | $524.2M | ||
| Q1 24 | $64.2B | $555.7M |
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 | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $-3.2M | ||
| Q3 25 | $642.3M | $1.2M | ||
| Q2 25 | $1.4B | $-3.6M | ||
| Q1 25 | $1.5B | $26.7M | ||
| Q4 24 | $1.2B | $-1.8M | ||
| Q3 24 | $824.4M | $264.0K | ||
| Q2 24 | $1.3B | $-2.9M | ||
| Q1 24 | $1.5B | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 1.58× | -0.93× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | -4.24× | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
