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Side-by-side financial comparison of Automatic Data Processing (ADP) and Lam Research (LRCX). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $5.3B, roughly 1.0× Lam Research). Lam Research runs the higher net margin — 29.8% vs 19.8%, a 10.0% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs 6.2%). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% 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.
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
ADP vs LRCX — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $5.3B |
| Net Profit | $1.1B | $1.6B |
| Gross Margin | 46.1% | 49.6% |
| Operating Margin | 25.8% | 33.9% |
| Net Margin | 19.8% | 29.8% |
| Revenue YoY | 6.2% | 22.1% |
| Net Profit YoY | 10.3% | 33.8% |
| EPS (diluted) | $2.62 | $1.26 |
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 | $5.3B | ||
| Q3 25 | $5.2B | $5.3B | ||
| Q2 25 | $5.1B | $5.2B | ||
| Q1 25 | $5.6B | $4.7B | ||
| Q4 24 | $5.0B | $4.4B | ||
| Q3 24 | $4.8B | $4.2B | ||
| Q2 24 | $4.8B | $3.9B | ||
| Q1 24 | $5.3B | $3.8B |
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $910.7M | $1.7B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $963.2M | $1.2B | ||
| Q3 24 | $956.3M | $1.1B | ||
| Q2 24 | $829.3M | $1.0B | ||
| Q1 24 | $1.2B | $965.8M |
| Q4 25 | 46.1% | 49.6% | ||
| Q3 25 | 45.2% | 50.4% | ||
| Q2 25 | 45.1% | 50.1% | ||
| Q1 25 | 47.7% | 49.0% | ||
| Q4 24 | 45.7% | 47.4% | ||
| Q3 24 | 45.5% | 48.0% | ||
| Q2 24 | 44.8% | 47.5% | ||
| Q1 24 | 47.3% | 47.5% |
| Q4 25 | 25.8% | 33.9% | ||
| Q3 25 | 25.3% | 34.4% | ||
| Q2 25 | 23.2% | 33.7% | ||
| Q1 25 | 29.2% | 33.1% | ||
| Q4 24 | 25.0% | 30.5% | ||
| Q3 24 | 25.6% | 30.3% | ||
| Q2 24 | 22.8% | 29.1% | ||
| Q1 24 | 29.4% | 27.9% |
| Q4 25 | 19.8% | 29.8% | ||
| Q3 25 | 19.6% | 29.5% | ||
| Q2 25 | 17.8% | 33.3% | ||
| Q1 25 | 22.5% | 28.2% | ||
| Q4 24 | 19.1% | 27.2% | ||
| Q3 24 | 19.8% | 26.8% | ||
| Q2 24 | 17.4% | 26.4% | ||
| Q1 24 | 22.6% | 25.5% |
| Q4 25 | $2.62 | $1.26 | ||
| Q3 25 | $2.49 | $1.24 | ||
| Q2 25 | $2.23 | $1.34 | ||
| Q1 25 | $3.06 | $1.03 | ||
| Q4 24 | $2.35 | $0.92 | ||
| Q3 24 | $2.34 | $0.86 | ||
| Q2 24 | $2.01 | $7.78 | ||
| Q1 24 | $2.88 | $7.34 |
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 | $6.2B |
| Total DebtLower is stronger | — | $3.7B |
| Stockholders' EquityBook value | $6.4B | $10.1B |
| Total Assets | $84.6B | $21.4B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $6.2B | ||
| Q3 25 | $7.9B | $6.7B | ||
| Q2 25 | $7.8B | $6.4B | ||
| Q1 25 | $2.7B | $5.5B | ||
| Q4 24 | $2.2B | $5.7B | ||
| Q3 24 | $7.3B | $6.1B | ||
| Q2 24 | $3.3B | $5.8B | ||
| Q1 24 | $3.3B | $5.7B |
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $6.4B | $10.1B | ||
| Q3 25 | $6.4B | $10.2B | ||
| Q2 25 | $6.2B | $9.9B | ||
| Q1 25 | $5.9B | $9.5B | ||
| Q4 24 | $5.1B | $8.8B | ||
| Q3 24 | $5.3B | $8.5B | ||
| Q2 24 | $4.5B | $8.5B | ||
| Q1 24 | $4.6B | $8.0B |
| Q4 25 | $84.6B | $21.4B | ||
| Q3 25 | $54.3B | $21.9B | ||
| Q2 25 | $53.4B | $21.3B | ||
| Q1 25 | $56.4B | $20.0B | ||
| Q4 24 | $64.1B | $19.8B | ||
| Q3 24 | $49.5B | $19.5B | ||
| Q2 24 | $54.4B | $18.7B | ||
| Q1 24 | $64.2B | $18.3B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.56× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $1.2B |
| FCF MarginFCF / Revenue | — | 22.8% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | 1.07× | 0.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $642.3M | $1.8B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.2B | $741.9M | ||
| Q3 24 | $824.4M | $1.6B | ||
| Q2 24 | $1.3B | $862.4M | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $553.6M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $761.7M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | — | 19.7% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 1.07× | 0.93× | ||
| Q3 25 | 0.63× | 1.13× | ||
| Q2 25 | 1.58× | 1.48× | ||
| Q1 25 | 1.22× | 0.98× | ||
| Q4 24 | 1.19× | 0.62× | ||
| Q3 24 | 0.86× | 1.40× | ||
| Q2 24 | 1.57× | 0.85× | ||
| Q1 24 | 1.26× | 1.43× |
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% |
LRCX
| System | $3.4B | 63% |
| Customer Supportand Other | $2.0B | 37% |
