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Side-by-side financial comparison of Automatic Data Processing (ADP) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $5.4B, roughly 1.1× Automatic Data Processing). Automatic Data Processing runs the higher net margin — 19.8% vs 1.1%, a 18.7% gap on every dollar of revenue. On growth, Automatic Data Processing posted the faster year-over-year revenue change (6.2% vs -6.9%). Over the past eight quarters, CarMax's revenue compounded faster (1.5% 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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
ADP vs KMX — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $5.8B |
| Net Profit | $1.1B | $62.2M |
| Gross Margin | 46.1% | 10.2% |
| Operating Margin | 25.8% | — |
| Net Margin | 19.8% | 1.1% |
| Revenue YoY | 6.2% | -6.9% |
| Net Profit YoY | 10.3% | -50.4% |
| EPS (diluted) | $2.62 | $0.43 |
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 | $5.8B | ||
| Q3 25 | $5.2B | $6.6B | ||
| Q2 25 | $5.1B | $7.5B | ||
| Q1 25 | $5.6B | $6.0B | ||
| Q4 24 | $5.0B | $6.2B | ||
| Q3 24 | $4.8B | $7.0B | ||
| Q2 24 | $4.8B | $7.1B | ||
| Q1 24 | $5.3B | $5.6B |
| Q4 25 | $1.1B | $62.2M | ||
| Q3 25 | $1.0B | $95.4M | ||
| Q2 25 | $910.7M | $210.4M | ||
| Q1 25 | $1.2B | $89.9M | ||
| Q4 24 | $963.2M | $125.4M | ||
| Q3 24 | $956.3M | $132.8M | ||
| Q2 24 | $829.3M | $152.4M | ||
| Q1 24 | $1.2B | $50.3M |
| Q4 25 | 46.1% | 10.2% | ||
| Q3 25 | 45.2% | 10.9% | ||
| Q2 25 | 45.1% | 11.8% | ||
| Q1 25 | 47.7% | 11.1% | ||
| Q4 24 | 45.7% | 10.9% | ||
| Q3 24 | 45.5% | 10.8% | ||
| Q2 24 | 44.8% | 11.1% | ||
| Q1 24 | 47.3% | 10.4% |
| Q4 25 | 25.8% | — | ||
| Q3 25 | 25.3% | — | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 29.2% | 2.0% | ||
| Q4 24 | 25.0% | 2.7% | ||
| Q3 24 | 25.6% | 2.5% | ||
| Q2 24 | 22.8% | 2.9% | ||
| Q1 24 | 29.4% | 1.2% |
| Q4 25 | 19.8% | 1.1% | ||
| Q3 25 | 19.6% | 1.4% | ||
| Q2 25 | 17.8% | 2.8% | ||
| Q1 25 | 22.5% | 1.5% | ||
| Q4 24 | 19.1% | 2.0% | ||
| Q3 24 | 19.8% | 1.9% | ||
| Q2 24 | 17.4% | 2.1% | ||
| Q1 24 | 22.6% | 0.9% |
| Q4 25 | $2.62 | $0.43 | ||
| Q3 25 | $2.49 | $0.64 | ||
| Q2 25 | $2.23 | $1.38 | ||
| Q1 25 | $3.06 | $0.58 | ||
| Q4 24 | $2.35 | $0.81 | ||
| Q3 24 | $2.34 | $0.85 | ||
| Q2 24 | $2.01 | $0.97 | ||
| Q1 24 | $2.88 | $0.31 |
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 | $204.9M |
| Total DebtLower is stronger | — | $16.6B |
| Stockholders' EquityBook value | $6.4B | $6.1B |
| Total Assets | $84.6B | $25.6B |
| Debt / EquityLower = less leverage | — | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $204.9M | ||
| Q3 25 | $7.9B | $540.4M | ||
| Q2 25 | $7.8B | $262.8M | ||
| Q1 25 | $2.7B | $247.0M | ||
| Q4 24 | $2.2B | $271.9M | ||
| Q3 24 | $7.3B | $524.7M | ||
| Q2 24 | $3.3B | $218.9M | ||
| Q1 24 | $3.3B | $574.1M |
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
| Q4 25 | $6.4B | $6.1B | ||
| Q3 25 | $6.4B | $6.2B | ||
| Q2 25 | $6.2B | $6.3B | ||
| Q1 25 | $5.9B | $6.2B | ||
| Q4 24 | $5.1B | $6.2B | ||
| Q3 24 | $5.3B | $6.2B | ||
| Q2 24 | $4.5B | $6.2B | ||
| Q1 24 | $4.6B | $6.1B |
| Q4 25 | $84.6B | $25.6B | ||
| Q3 25 | $54.3B | $27.1B | ||
| Q2 25 | $53.4B | $27.4B | ||
| Q1 25 | $56.4B | $27.4B | ||
| Q4 24 | $64.1B | $27.3B | ||
| Q3 24 | $49.5B | $27.3B | ||
| Q2 24 | $54.4B | $27.2B | ||
| Q1 24 | $64.2B | $27.2B |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 1.07× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $642.3M | $785.5M | ||
| Q2 25 | $1.4B | $299.5M | ||
| Q1 25 | $1.5B | $146.4M | ||
| Q4 24 | $1.2B | $-23.4M | ||
| Q3 24 | $824.4M | $619.1M | ||
| Q2 24 | $1.3B | $-117.7M | ||
| Q1 24 | $1.5B | $309.6M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M | ||
| Q1 24 | — | $199.8M |
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 1.07× | 20.14× | ||
| Q3 25 | 0.63× | 8.24× | ||
| Q2 25 | 1.58× | 1.42× | ||
| Q1 25 | 1.22× | 1.63× | ||
| Q4 24 | 1.19× | -0.19× | ||
| Q3 24 | 0.86× | 4.66× | ||
| Q2 24 | 1.57× | -0.77× | ||
| Q1 24 | 1.26× | 6.16× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
