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Side-by-side financial comparison of Automatic Data Processing (ADP) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $566.0M, roughly 9.5× WillScot Holdings Corp). Automatic Data Processing runs the higher net margin — 19.8% vs -33.1%, a 52.9% gap on every dollar of revenue. On growth, Automatic Data Processing posted the faster year-over-year revenue change (6.2% vs -6.1%). Over the past eight quarters, Automatic Data Processing's revenue compounded faster (1.0% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
ADP vs WSC — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $566.0M |
| Net Profit | $1.1B | $-187.3M |
| Gross Margin | 46.1% | 50.4% |
| Operating Margin | 25.8% | -32.5% |
| Net Margin | 19.8% | -33.1% |
| Revenue YoY | 6.2% | -6.1% |
| Net Profit YoY | 10.3% | -310.0% |
| EPS (diluted) | $2.62 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $5.2B | $566.8M | ||
| Q2 25 | $5.1B | $589.1M | ||
| Q1 25 | $5.6B | $559.6M | ||
| Q4 24 | $5.0B | $602.5M | ||
| Q3 24 | $4.8B | $601.4M | ||
| Q2 24 | $4.8B | $604.6M | ||
| Q1 24 | $5.3B | $587.2M |
| Q4 25 | $1.1B | $-187.3M | ||
| Q3 25 | $1.0B | $43.3M | ||
| Q2 25 | $910.7M | $47.9M | ||
| Q1 25 | $1.2B | $43.1M | ||
| Q4 24 | $963.2M | $89.2M | ||
| Q3 24 | $956.3M | $-70.5M | ||
| Q2 24 | $829.3M | $-46.9M | ||
| Q1 24 | $1.2B | $56.2M |
| Q4 25 | 46.1% | 50.4% | ||
| Q3 25 | 45.2% | 49.7% | ||
| Q2 25 | 45.1% | 50.3% | ||
| Q1 25 | 47.7% | 53.7% | ||
| Q4 24 | 45.7% | 55.8% | ||
| Q3 24 | 45.5% | 53.5% | ||
| Q2 24 | 44.8% | 54.1% | ||
| Q1 24 | 47.3% | 54.0% |
| Q4 25 | 25.8% | -32.5% | ||
| Q3 25 | 25.3% | 21.0% | ||
| Q2 25 | 23.2% | 21.5% | ||
| Q1 25 | 29.2% | 21.3% | ||
| Q4 24 | 25.0% | 28.9% | ||
| Q3 24 | 25.6% | -5.9% | ||
| Q2 24 | 22.8% | -0.9% | ||
| Q1 24 | 29.4% | 22.1% |
| Q4 25 | 19.8% | -33.1% | ||
| Q3 25 | 19.6% | 7.6% | ||
| Q2 25 | 17.8% | 8.1% | ||
| Q1 25 | 22.5% | 7.7% | ||
| Q4 24 | 19.1% | 14.8% | ||
| Q3 24 | 19.8% | -11.7% | ||
| Q2 24 | 17.4% | -7.7% | ||
| Q1 24 | 22.6% | 9.6% |
| Q4 25 | $2.62 | $-1.02 | ||
| Q3 25 | $2.49 | $0.24 | ||
| Q2 25 | $2.23 | $0.26 | ||
| Q1 25 | $3.06 | $0.23 | ||
| Q4 24 | $2.35 | $0.48 | ||
| Q3 24 | $2.34 | $-0.37 | ||
| Q2 24 | $2.01 | $-0.25 | ||
| Q1 24 | $2.88 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $6.4B | $856.3M |
| Total Assets | $84.6B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $14.6M | ||
| Q3 25 | $7.9B | $14.8M | ||
| Q2 25 | $7.8B | $12.8M | ||
| Q1 25 | $2.7B | $10.7M | ||
| Q4 24 | $2.2B | $9.0M | ||
| Q3 24 | $7.3B | $11.0M | ||
| Q2 24 | $3.3B | $5.9M | ||
| Q1 24 | $3.3B | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $6.4B | $856.3M | ||
| Q3 25 | $6.4B | $1.1B | ||
| Q2 25 | $6.2B | $1.0B | ||
| Q1 25 | $5.9B | $1.0B | ||
| Q4 24 | $5.1B | $1.0B | ||
| Q3 24 | $5.3B | $1.1B | ||
| Q2 24 | $4.5B | $1.2B | ||
| Q1 24 | $4.6B | $1.3B |
| Q4 25 | $84.6B | $5.8B | ||
| Q3 25 | $54.3B | $6.1B | ||
| Q2 25 | $53.4B | $6.1B | ||
| Q1 25 | $56.4B | $6.0B | ||
| Q4 24 | $64.1B | $6.0B | ||
| Q3 24 | $49.5B | $6.0B | ||
| Q2 24 | $54.4B | $6.0B | ||
| Q1 24 | $64.2B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $158.9M | ||
| Q3 25 | $642.3M | $191.2M | ||
| Q2 25 | $1.4B | $205.3M | ||
| Q1 25 | $1.5B | $206.6M | ||
| Q4 24 | $1.2B | $178.9M | ||
| Q3 24 | $824.4M | $-1.6M | ||
| Q2 24 | $1.3B | $175.6M | ||
| Q1 24 | $1.5B | $208.7M |
| Q4 25 | — | $149.7M | ||
| Q3 25 | — | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | — | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | 4.41× | ||
| Q2 25 | 1.58× | 4.28× | ||
| Q1 25 | 1.22× | 4.80× | ||
| Q4 24 | 1.19× | 2.01× | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | — | ||
| Q1 24 | 1.26× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
