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Side-by-side financial comparison of Automatic Data Processing (ADP) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.9B vs $3.7B, roughly 1.6× SHOPIFY INC.). Automatic Data Processing runs the higher net margin — 22.9% vs 20.2%, a 2.7% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 7.0%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 11.6%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
ADP vs SHOP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.9B | $3.7B |
| Net Profit | $1.4B | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | — | 17.2% |
| Net Margin | 22.9% | 20.2% |
| Revenue YoY | 7.0% | 30.6% |
| Net Profit YoY | 8.4% | -42.5% |
| EPS (diluted) | $10.01 | $0.58 |
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 | — | ||
| Q4 25 | $5.4B | $3.7B | ||
| Q3 25 | $5.2B | $2.8B | ||
| Q2 25 | $5.1B | $2.7B | ||
| Q1 25 | $5.6B | $2.4B | ||
| Q4 24 | $5.0B | $2.8B | ||
| Q3 24 | $4.8B | $2.2B | ||
| Q2 24 | $4.8B | $2.0B |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.1B | $743.0M | ||
| Q3 25 | $1.0B | $264.0M | ||
| Q2 25 | $910.7M | $906.0M | ||
| Q1 25 | $1.2B | $-682.0M | ||
| Q4 24 | $963.2M | $1.3B | ||
| Q3 24 | $956.3M | $828.0M | ||
| Q2 24 | $829.3M | $171.0M |
| Q1 26 | — | — | ||
| Q4 25 | 46.1% | 46.1% | ||
| Q3 25 | 45.2% | 48.9% | ||
| Q2 25 | 45.1% | 48.6% | ||
| Q1 25 | 47.7% | 49.5% | ||
| Q4 24 | 45.7% | 48.1% | ||
| Q3 24 | 45.5% | 51.7% | ||
| Q2 24 | 44.8% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | 17.2% | ||
| Q3 25 | 25.3% | 12.1% | ||
| Q2 25 | 23.2% | 10.9% | ||
| Q1 25 | 29.2% | 8.6% | ||
| Q4 24 | 25.0% | 16.5% | ||
| Q3 24 | 25.6% | 13.1% | ||
| Q2 24 | 22.8% | 11.8% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 19.8% | 20.2% | ||
| Q3 25 | 19.6% | 9.3% | ||
| Q2 25 | 17.8% | 33.8% | ||
| Q1 25 | 22.5% | -28.9% | ||
| Q4 24 | 19.1% | 46.0% | ||
| Q3 24 | 19.8% | 38.3% | ||
| Q2 24 | 17.4% | 8.4% |
| Q1 26 | $10.01 | — | ||
| Q4 25 | $2.62 | $0.58 | ||
| Q3 25 | $2.49 | $0.20 | ||
| Q2 25 | $2.23 | $0.69 | ||
| Q1 25 | $3.06 | $-0.53 | ||
| Q4 24 | $2.35 | $0.99 | ||
| Q3 24 | $2.34 | $0.64 | ||
| Q2 24 | $2.01 | $0.13 |
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 | $5.8B |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $6.4B | $13.5B |
| Total Assets | $64.5B | $15.2B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | $5.8B | ||
| Q3 25 | $7.9B | $6.3B | ||
| Q2 25 | $7.8B | $5.8B | ||
| Q1 25 | $2.7B | $5.5B | ||
| Q4 24 | $2.2B | $5.5B | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $3.3B | — |
| Q1 26 | $4.0B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.4B | $13.5B | ||
| Q3 25 | $6.4B | $12.5B | ||
| Q2 25 | $6.2B | $12.1B | ||
| Q1 25 | $5.9B | $11.1B | ||
| Q4 24 | $5.1B | $11.6B | ||
| Q3 24 | $5.3B | $10.1B | ||
| Q2 24 | $4.5B | $9.2B |
| Q1 26 | $64.5B | — | ||
| Q4 25 | $84.6B | $15.2B | ||
| Q3 25 | $54.3B | $15.0B | ||
| Q2 25 | $53.4B | $14.6B | ||
| Q1 25 | $56.4B | $13.4B | ||
| Q4 24 | $64.1B | $13.9B | ||
| Q3 24 | $49.5B | — | ||
| Q2 24 | $54.4B | — |
| Q1 26 | 0.63× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | 2.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $725.0M | ||
| Q3 25 | $642.3M | $513.0M | ||
| Q2 25 | $1.4B | $428.0M | ||
| Q1 25 | $1.5B | $367.0M | ||
| Q4 24 | $1.2B | $615.0M | ||
| Q3 24 | $824.4M | $423.0M | ||
| Q2 24 | $1.3B | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% |
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | 0.98× | ||
| Q3 25 | 0.63× | 1.94× | ||
| Q2 25 | 1.58× | 0.47× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | 0.48× | ||
| Q3 24 | 0.86× | 0.51× | ||
| Q2 24 | 1.57× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
