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Side-by-side financial comparison of Automatic Data Processing (ADP) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $5.4B, roughly 1.2× Automatic Data Processing). Automatic Data Processing runs the higher net margin — 19.8% vs 7.0%, a 12.8% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 6.2%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% 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.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
ADP vs RGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $6.6B |
| Net Profit | $1.1B | $463.0M |
| Gross Margin | 46.1% | — |
| Operating Margin | 25.8% | 7.7% |
| Net Margin | 19.8% | 7.0% |
| Revenue YoY | 6.2% | 26.6% |
| Net Profit YoY | 10.3% | 212.8% |
| EPS (diluted) | $2.62 | $6.91 |
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 | $6.6B | ||
| Q3 25 | $5.2B | $6.2B | ||
| Q2 25 | $5.1B | $5.6B | ||
| Q1 25 | $5.6B | $5.3B | ||
| Q4 24 | $5.0B | $5.2B | ||
| Q3 24 | $4.8B | $5.7B | ||
| Q2 24 | $4.8B | $4.9B | ||
| Q1 24 | $5.3B | $6.3B |
| Q4 25 | $1.1B | $463.0M | ||
| Q3 25 | $1.0B | $253.0M | ||
| Q2 25 | $910.7M | $180.0M | ||
| Q1 25 | $1.2B | $286.0M | ||
| Q4 24 | $963.2M | $148.0M | ||
| Q3 24 | $956.3M | $156.0M | ||
| Q2 24 | $829.3M | $203.0M | ||
| Q1 24 | $1.2B | $210.0M |
| 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% | 7.7% | ||
| Q3 25 | 25.3% | 5.2% | ||
| Q2 25 | 23.2% | 6.1% | ||
| Q1 25 | 29.2% | 7.0% | ||
| Q4 24 | 25.0% | 4.3% | ||
| Q3 24 | 25.6% | 3.8% | ||
| Q2 24 | 22.8% | 5.5% | ||
| Q1 24 | 29.4% | 4.3% |
| Q4 25 | 19.8% | 7.0% | ||
| Q3 25 | 19.6% | 4.1% | ||
| Q2 25 | 17.8% | 3.2% | ||
| Q1 25 | 22.5% | 5.4% | ||
| Q4 24 | 19.1% | 2.8% | ||
| Q3 24 | 19.8% | 2.8% | ||
| Q2 24 | 17.4% | 4.2% | ||
| Q1 24 | 22.6% | 3.3% |
| Q4 25 | $2.62 | $6.91 | ||
| Q3 25 | $2.49 | $3.81 | ||
| Q2 25 | $2.23 | $2.70 | ||
| Q1 25 | $3.06 | $4.27 | ||
| Q4 24 | $2.35 | $2.21 | ||
| Q3 24 | $2.34 | $2.33 | ||
| Q2 24 | $2.01 | $3.03 | ||
| Q1 24 | $2.88 | $3.16 |
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 | $4.2B |
| Total DebtLower is stronger | — | $5.7B |
| Stockholders' EquityBook value | $6.4B | $13.5B |
| Total Assets | $84.6B | $156.6B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $4.2B | ||
| Q3 25 | $7.9B | $4.6B | ||
| Q2 25 | $7.8B | $5.4B | ||
| Q1 25 | $2.7B | $5.2B | ||
| Q4 24 | $2.2B | $3.3B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $3.3B | $4.6B | ||
| Q1 24 | $3.3B | $5.9B |
| Q4 25 | — | $5.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $6.4B | $13.5B | ||
| Q3 25 | $6.4B | $13.0B | ||
| Q2 25 | $6.2B | $12.1B | ||
| Q1 25 | $5.9B | $11.4B | ||
| Q4 24 | $5.1B | $10.8B | ||
| Q3 24 | $5.3B | $11.1B | ||
| Q2 24 | $4.5B | $9.7B | ||
| Q1 24 | $4.6B | $9.5B |
| Q4 25 | $84.6B | $156.6B | ||
| Q3 25 | $54.3B | $152.0B | ||
| Q2 25 | $53.4B | $133.5B | ||
| Q1 25 | $56.4B | $128.2B | ||
| Q4 24 | $64.1B | $118.7B | ||
| Q3 24 | $49.5B | $120.3B | ||
| Q2 24 | $54.4B | $109.9B | ||
| Q1 24 | $64.2B | $106.0B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.47× |
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 | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.07× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $7.3B | ||
| Q3 25 | $642.3M | $-990.0M | ||
| Q2 25 | $1.4B | $-820.0M | ||
| Q1 25 | $1.5B | $-1.4B | ||
| Q4 24 | $1.2B | $17.1B | ||
| Q3 24 | $824.4M | $-1.1B | ||
| Q2 24 | $1.3B | $-967.0M | ||
| Q1 24 | $1.5B | $-5.7B |
| Q4 25 | 1.07× | 15.83× | ||
| Q3 25 | 0.63× | -3.91× | ||
| Q2 25 | 1.58× | -4.56× | ||
| Q1 25 | 1.22× | -5.00× | ||
| Q4 24 | 1.19× | 115.81× | ||
| Q3 24 | 0.86× | -6.84× | ||
| Q2 24 | 1.57× | -4.76× | ||
| Q1 24 | 1.26× | -27.31× |
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% |
RGA
Segment breakdown not available.
