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Side-by-side financial comparison of Automatic Data Processing (ADP) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $789.0M, roughly 6.8× UL Solutions Inc.). Automatic Data Processing runs the higher net margin — 19.8% vs 8.5%, a 11.3% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 6.2%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% 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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
ADP vs ULS — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $789.0M |
| Net Profit | $1.1B | $67.0M |
| Gross Margin | 46.1% | 49.7% |
| Operating Margin | 25.8% | 15.0% |
| Net Margin | 19.8% | 8.5% |
| Revenue YoY | 6.2% | 6.8% |
| Net Profit YoY | 10.3% | -17.3% |
| EPS (diluted) | $2.62 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $5.2B | $783.0M | ||
| Q2 25 | $5.1B | $776.0M | ||
| Q1 25 | $5.6B | $705.0M | ||
| Q4 24 | $5.0B | $739.0M | ||
| Q3 24 | $4.8B | $731.0M | ||
| Q2 24 | $4.8B | $730.0M | ||
| Q1 24 | $5.3B | $670.0M |
| Q4 25 | $1.1B | $67.0M | ||
| Q3 25 | $1.0B | $100.0M | ||
| Q2 25 | $910.7M | $91.0M | ||
| Q1 25 | $1.2B | $67.0M | ||
| Q4 24 | $963.2M | $81.0M | ||
| Q3 24 | $956.3M | $88.0M | ||
| Q2 24 | $829.3M | $101.0M | ||
| Q1 24 | $1.2B | $56.0M |
| Q4 25 | 46.1% | 49.7% | ||
| Q3 25 | 45.2% | 50.3% | ||
| Q2 25 | 45.1% | 49.4% | ||
| Q1 25 | 47.7% | 48.4% | ||
| Q4 24 | 45.7% | 47.4% | ||
| Q3 24 | 45.5% | 49.0% | ||
| Q2 24 | 44.8% | 50.1% | ||
| Q1 24 | 47.3% | 47.6% |
| Q4 25 | 25.8% | 15.0% | ||
| Q3 25 | 25.3% | 19.9% | ||
| Q2 25 | 23.2% | 17.9% | ||
| Q1 25 | 29.2% | 15.5% | ||
| Q4 24 | 25.0% | 15.6% | ||
| Q3 24 | 25.6% | 17.8% | ||
| Q2 24 | 22.8% | 17.3% | ||
| Q1 24 | 29.4% | 13.6% |
| Q4 25 | 19.8% | 8.5% | ||
| Q3 25 | 19.6% | 12.8% | ||
| Q2 25 | 17.8% | 11.7% | ||
| Q1 25 | 22.5% | 9.5% | ||
| Q4 24 | 19.1% | 11.0% | ||
| Q3 24 | 19.8% | 12.0% | ||
| Q2 24 | 17.4% | 13.8% | ||
| Q1 24 | 22.6% | 8.4% |
| Q4 25 | $2.62 | $0.33 | ||
| Q3 25 | $2.49 | $0.49 | ||
| Q2 25 | $2.23 | $0.45 | ||
| Q1 25 | $3.06 | $0.33 | ||
| Q4 24 | $2.35 | $0.40 | ||
| Q3 24 | $2.34 | $0.44 | ||
| Q2 24 | $2.01 | $0.50 | ||
| Q1 24 | $2.88 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $6.4B | $1.3B |
| Total Assets | $84.6B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $295.0M | ||
| Q3 25 | $7.9B | $255.0M | ||
| Q2 25 | $7.8B | $272.0M | ||
| Q1 25 | $2.7B | $267.0M | ||
| Q4 24 | $2.2B | $298.0M | ||
| Q3 24 | $7.3B | $327.0M | ||
| Q2 24 | $3.3B | $295.0M | ||
| Q1 24 | $3.3B | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $6.4B | $1.3B | ||
| Q3 25 | $6.4B | $1.2B | ||
| Q2 25 | $6.2B | $1.1B | ||
| Q1 25 | $5.9B | $970.0M | ||
| Q4 24 | $5.1B | $904.0M | ||
| Q3 24 | $5.3B | $872.0M | ||
| Q2 24 | $4.5B | $769.0M | ||
| Q1 24 | $4.6B | $671.0M |
| Q4 25 | $84.6B | $2.9B | ||
| Q3 25 | $54.3B | $2.9B | ||
| Q2 25 | $53.4B | $2.9B | ||
| Q1 25 | $56.4B | $2.9B | ||
| Q4 24 | $64.1B | $2.8B | ||
| Q3 24 | $49.5B | $2.9B | ||
| Q2 24 | $54.4B | $2.7B | ||
| Q1 24 | $64.2B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | 1.07× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $144.0M | ||
| Q3 25 | $642.3M | $155.0M | ||
| Q2 25 | $1.4B | $147.0M | ||
| Q1 25 | $1.5B | $154.0M | ||
| Q4 24 | $1.2B | $130.0M | ||
| Q3 24 | $824.4M | $150.0M | ||
| Q2 24 | $1.3B | $103.0M | ||
| Q1 24 | $1.5B | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 1.07× | 2.15× | ||
| Q3 25 | 0.63× | 1.55× | ||
| Q2 25 | 1.58× | 1.62× | ||
| Q1 25 | 1.22× | 2.30× | ||
| Q4 24 | 1.19× | 1.60× | ||
| Q3 24 | 0.86× | 1.70× | ||
| Q2 24 | 1.57× | 1.02× | ||
| Q1 24 | 1.26× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
