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Side-by-side financial comparison of Automatic Data Processing (ADP) and Morgan Stanley (MS). Click either name above to swap in a different company.
Morgan Stanley is the larger business by last-quarter revenue ($10.7B vs $5.9B, roughly 1.8× Automatic Data Processing). Morgan Stanley runs the higher net margin — 52.6% vs 22.9%, a 29.7% gap on every dollar of revenue. On growth, Morgan Stanley posted the faster year-over-year revenue change (16.0% vs 7.0%). Over the past eight quarters, Automatic Data Processing's revenue compounded faster (11.6% CAGR vs -15.8%).
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.
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked No. 30 in the Forbes Global 2000.
ADP vs MS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.9B | $10.7B |
| Net Profit | $1.4B | $5.6B |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 22.9% | 52.6% |
| Revenue YoY | 7.0% | 16.0% |
| Net Profit YoY | 8.4% | — |
| EPS (diluted) | $3.38 | — |
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 | $10.7B | ||
| Q4 25 | $5.4B | $17.9B | ||
| Q3 25 | $5.2B | $18.2B | ||
| Q2 25 | $5.1B | $16.8B | ||
| Q1 25 | $5.6B | $17.7B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.8B | $15.4B | ||
| Q2 24 | $4.8B | $15.0B |
| Q1 26 | $1.4B | $5.6B | ||
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $1.0B | $4.6B | ||
| Q2 25 | $910.7M | $3.5B | ||
| Q1 25 | $1.2B | $4.3B | ||
| Q4 24 | $963.2M | — | ||
| Q3 24 | $956.3M | $3.2B | ||
| Q2 24 | $829.3M | $3.1B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 25.8% | 32.2% | ||
| Q3 25 | 25.3% | 33.1% | ||
| Q2 25 | 23.2% | 27.5% | ||
| Q1 25 | 29.2% | 31.3% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 25.6% | 27.4% | ||
| Q2 24 | 22.8% | 27.1% |
| Q1 26 | 22.9% | 52.6% | ||
| Q4 25 | 19.8% | 24.6% | ||
| Q3 25 | 19.6% | 25.3% | ||
| Q2 25 | 17.8% | 21.1% | ||
| Q1 25 | 22.5% | 24.3% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 19.8% | 20.7% | ||
| Q2 24 | 17.4% | 20.5% |
| Q1 26 | $3.38 | — | ||
| Q4 25 | $2.62 | $2.68 | ||
| Q3 25 | $2.49 | $2.80 | ||
| Q2 25 | $2.23 | $2.13 | ||
| Q1 25 | $3.06 | $2.60 | ||
| Q4 24 | $2.35 | — | ||
| Q3 24 | $2.34 | $1.88 | ||
| Q2 24 | $2.01 | $1.82 |
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 | — |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $6.4B | $5.1M |
| Total Assets | $64.5B | $1581.4B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | $111.7B | ||
| Q3 25 | $7.9B | $103.7B | ||
| Q2 25 | $7.8B | $109.1B | ||
| Q1 25 | $2.7B | $90.7B | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $7.3B | $91.1B | ||
| Q2 24 | $3.3B | $90.2B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | — | $341.7B | ||
| Q3 25 | — | $324.1B | ||
| Q2 25 | — | $320.1B | ||
| Q1 25 | — | $297.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $291.2B | ||
| Q2 24 | — | $269.9B |
| Q1 26 | $6.4B | $5.1M | ||
| Q4 25 | $6.4B | $111.6B | ||
| Q3 25 | $6.4B | $110.0B | ||
| Q2 25 | $6.2B | $108.2B | ||
| Q1 25 | $5.9B | $106.8B | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.3B | $103.6B | ||
| Q2 24 | $4.5B | $100.7B |
| Q1 26 | $64.5B | $1581.4B | ||
| Q4 25 | $84.6B | $1420.3B | ||
| Q3 25 | $54.3B | $1364.8B | ||
| Q2 25 | $53.4B | $1353.9B | ||
| Q1 25 | $56.4B | $1300.3B | ||
| Q4 24 | $64.1B | — | ||
| Q3 24 | $49.5B | $1258.0B | ||
| Q2 24 | $54.4B | $1212.4B |
| Q1 26 | 0.63× | — | ||
| Q4 25 | — | 3.06× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 2.78× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.81× | ||
| Q2 24 | — | 2.68× |
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% |
MS
Segment breakdown not available.
