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Item 1. Business

2025-08-06 compared with 2024-08-07 · 151 added, 197 removed, 209 unchanged (62% of the section changed)

CORPORATE BACKGROUND

In 1949, our founders established ADP to shape the world of work with a simple, innovative idea:

In 1949, our founders established ADP with a simple, innovative idea:

help clients focus on their business by solving their payroll challenges.

Today, we are one of the world’s leading global technology companies providing comprehensive cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration.

Our unmatched experience, expertise, insights and cutting-edge technology have transformed HCM from an administrative challenge to a strategic business advantage.

Tailored to meet the needs of businesses of all sizes, we help them work smarter today so they can have more success tomorrow.

We serve over 1.1 million clients and pay over 42 million workers in over 140 countries and territories.

In the more than 75 years since, we have shaped the world of work with innovation and expertise, transforming Human Capital Management (“HCM”) from an administrative challenge to a strategic business advantage.

We continuously aim to solve complex business challenges for our clients and their workers, helping them work smarter today so they can have more success tomorrow.

A lways D esigning for P eople means ADP focuses on people, leveraging our unparalleled data insights and innovative technology to elevate human potential.

Today, we are a global leader in HR and payroll solutions, serving over 1.1 million clients and paying over 42 million workers in over 140 countries and territories.

Our common stock is listed on the NASDAQ Global Select Market® under the symbol “ADP.”

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ADP’s Mission

Our mission is to power organizations with insightful Human Capital Management (HCM) solutions that meet the changing needs of our clients and their workers.

Data, digital technology, artificial intelligence, globalization, new business models and other significant events and disruptions continuously reshape the way people work.

Our HCM technology, industry and compliance expertise and data insights deliver measurable results and peace-of-mind, and contribute to an engaged, productive workforce.

Our leading technology and commitment to service excellence are at the core of our relationship with each one of our clients, whether it's a small, mid-sized or large organization operating in one or multiple countries around the world.

We are always designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential.

ADP ’ s Business Pillars

Our business is organized around three pillars which represent our core growth areas.

HCM Solutions :

In the United States, we provide cloud-based HCM software with supporting service and expertise that assists employers of all types and sizes in managing the entire worker spectrum and employment cycle – from freelancer to full-time and from hire to retire.

HR Outsourcing (HRO) Solutions :

In the United States, we offer comprehensive HRO solutions in which we provide complete management solutions for HR

administration, payroll administration, talent management, employee benefits, benefits administration, employer liability management, and other HCM and employee benefits functions.

Global Solutions :

We offer international HCM and HRO solutions, comprised of both local, in-country solutions and cloud-based multi-country solutions, to clients wherever they do business around the world.

Our mission is to help businesses make meaningful change in the world of work by providing insightful HCM solutions that meet the evolving needs of our clients and their workers.

As new technologies and shifting workplace dynamics continuously reshape the way people work, we support every HCM need of our clients whether that client is a small, local business or a large, global enterprise operating around the world.

From HR, payroll, time and benefits to HR outsourcing, talent, compliance and retirement, our solutions span the entire employee experience from hire to retire.

Our leading technology and commitment to service excellence are at the core of our relationship with each one of our clients, which span over 140 countries and territories.

We are always designing better ways to work through industry leading products, premium services and exceptional experiences that enable people to reach their full potential all around the world.

ADP’s Strategy

Our business strategy has three key priorities:

With a large and growing addressable market, we are focused on our core growth areas and further enhancing our market position by executing on our Strategy:

With a large and growing addressable market, we are focused on our core growth areas and further enhancing our market position by executing on our three strategic priorities:

• Lead with Best-in-Class HCM Technology.

We design and develop world-class HCM platforms that simplify work and utilize enabling technologies like artificial intelligence and modern cloud architecture.

We aim to solve the needs of our clients and their workers today by making HCM transactions effortless and compliant, while anticipating their needs of tomorrow by incorporating valuable data insights and guidance into our solutions to help them better understand their workforce and how they compare to industry peers, and position them to make better decisions.

We design and develop world-class HCM platforms that simplify work and utilize enabling technologies such as artificial intelligence (“AI”) and modern cloud architecture.

We aim to solve the needs of our clients and their workers today by making HCM transactions compliant and effortless, while anticipating their needs of tomorrow by incorporating valuable data insights and guidance into our solutions to help them better understand their workforce and position them to make better decisions.

• Provide Unmatched Expertise and Outsourcing Solutions.

Our clients look to us as a source of expertise to understand key HR trends and best practices, employment and related legislation, and to offer thoughtful strategies to utilize HCM technology to achieve their business objectives and support their workforce.

Many of our clients also look to us to take on responsibility for a portion or all of their HCM workflow via one of our HRO solutions.

We intend to continue to build on our deep expertise and make it readily available to our clients through a variety of channels, ranging from traditional call and chat options to self-guided and AI-powered options.

We will continue to leverage our significant data insights and investments in AI and other enabling technologies to further enable our decades of knowledge and experience and more effectively

apply those to help our clients and their workers navigate the ever-changing world of work.

Our clients look to us as a source of expertise to understand key HR trends and best practices, employment and related legislation and regulations, and to offer thoughtful strategies to utilize HCM technology to achieve their business objectives and support their workforce.

Many of our clients also ask us to take on responsibility for a portion or all of their HCM workflows via one of our Human Resources Outsourcing (“HRO”) solutions.

We continue to build on our deep expertise and make it readily available to our clients through a variety of channels, ranging from traditional call and chat options to self-guided and AI-powered options.

We will continue to leverage our significant data insights and investments in AI and other technologies to further enable and effectively apply our decades of knowledge and experience to help our clients and their workers navigate the ever-changing world of work.

• Benefit our Clients with Our Global Scale.

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We will continue to build on these strengths to further improve our client experience, and to add to our global footprint to further meet our clients where they choose to do business and address their needs for a distributed and flexible workforce.

We intend to build more relationships with partners, such as through the ADP Marketplace, in order to provide clients with seamless integrations and customizations that simplify their HR processes and help them meet their needs.

And we intend to grow our sales organization and continue to invest in best-in-class sales technology to not only make the purchase experience seamless but to also empower our sellers to provide the deep expertise and insights our clients, partners and influencers require to ensure they have the right HCM solutions to help them achieve their objectives and make a meaningful impact for their employees.

We see meaningful opportunities to leverage our strength in global payroll and expand our HR and workforce management

solutions to support our global and multinational clients.

We continue to build more relationships with partners, such as through the ADP Marketplace, in order to provide clients with seamless integrations and customizations that simplify their HR processes and best address their unique needs.

And we intend to grow our sales organization and continue to invest in best-in-class sales technology to not only optimize the purchase experience but to also empower our sellers to provide the deep expertise and insights our clients require to ensure they have the right HCM solutions to help them achieve their objectives and make a meaningful impact for their employees.

Innovation at ADP

Innovation is in our DNA.

For 75 years, we have proven that actively listening and responding to what clients and their employees need and want keeps the world of work progressing forward.

As a founder in the industry, we pioneered HCM automation, HCM in the cloud, mobile HCM and a digital HCM marketplace.

For over 75 years, we have proven that actively listening and responding to what clients and their employees need and want keeps the world of work progressing forward.

As a founder in the industry, we pioneered HCM automation, HCM in the cloud, mobile HCM and a digital HCM marketplace, laying the groundwork and streamlining our infrastructure to innovate at a faster pace.

This spirit of innovation remains a steady guide as we continue to listen and respond to emerging needs.

The transformative potential of innovation continues to grow, in tandem with the power of technologies like artificial intelligence (AI), machine learning (ML) and generative AI.

As these tools change how work happens, we remain focused on providing our clients and associates with HCM technology that is easy to use, powered with smart insights and personalized to support a human-centric experience.

As technologies like AI, machine learning (“ML”) and generative AI change how work happens, we remain focused on providing our clients and associates with HCM technology that is easy to use, powered with smart insights and personalized to support a human-centric experience.

To bring these solutions to market, we pursue multiple paths to innovation.

From leveraging our unique data to provide differentiated insights to collaborating with, or investing in, organizations with complementary products or purchasing solutions that add to our strong foundation, each of these avenues helps ADP sustain a culture focused on continuous innovation.

Transforming our solutions and service through AI

Data is the foundation of the advantage we bring to our clients.

It’s at the core of our products and solutions, informing and driving our approach to innovation and new technology.

The global scale and scope of our client base provide us the industry’s largest and deepest HCM dataset with over 1.1 million clients spanning over 140 countries and 42 million wage earners globally.

Sitting at the center of workforce data, we’re able to create tools that automate critical processes, serve up proactive insights, and deliver a personalized experience.

Launched in January 2024, ADP Assist is a cross-platform solution powered by generative AI that transforms data into credible and actionable insights.

From leveraging our unique data to provide differentiated insights to collaborating with, or investing in, organizations with complementary products to purchasing solutions that add to our strong foundation, each of these paths helps ADP sustain a culture focused on continuous innovation.

Strategically infusing AI

The AI landscape is evolving quickly.

As we move from early automation and predictive analytics to AI-enabled workflows, agentic AI is the future of innovation in the HCM space.

Our AI strategy is to deliver AI agents for all

major HCM roles that our clients have.

Our clients have employees performing different roles such as payroll, HR, benefits, compensation, and recruiting.

Our goal is to deliver AI agents that continue to automate tedious, time heavy tasks and deliver value to these individuals to do more strategic activities.

Similarly, we intend to deliver AI role-based agents to our internal associates such as sales, software engineering, testing, product management, service, and implementation.

To advance these efforts, we continue to roll out ADP Assist, our award-winning cross-platform solution powered by generative AI that transforms data into credible and actionable insights.

ADP Assist offers smart, user-centric solutions through a conversational interface that touches every aspect of HR – payroll, time, talent, benefits, recruitment, analytics, reporting, and compliance.

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ADP Assist also uses generative AI to simplify report creation, helping HR practitioners and leaders access internal, national, and global workforce data to analyze compensation, turnover, candidate profile relevancy, and talent market insights.

ADP Assist earned the “Generative AI Innovation Award” in the 2024 AI Breakthrough Awards.

Additionally, we integrated generative AI within the Roll by ADP® mobile-first solution to offer clients even greater HR and payroll support with deeper insights.

This groundbreaking payroll solution utilizes an AI-powered chat interface to turn traditional payroll management into an intuitive conversation that can complete payroll in under a minute.

Leveraging ADP’s long-standing payroll expertise and data security, small business owners can download and self-purchase Roll and run payroll anywhere, anytime, quickly, and compliantly, with no experience or training needed.

The conversational experience runs off simple chat prompts such as “Run my payroll,” offering a simple and powerful experience that also allows clients to confidently handle compliance matters like tax filing and deposits.

A 2024 AI Breakthrough Award winner, the solution was also recognized in Business Intelligence Group’s 2025 BIG Innovation Awards and 2025 Artificial Intelligence Excellence Awards for driving innovation and possibilities in AI.

Along with transforming our solutions, we firmly believe AI and generative AI enhance our operations and enable us to elevate the end-to-end client experience.

To lean into our service expertise, we also extended generative AI capabilities to a broader portion of our service and implementation associates to deliver an even better client

We also continue to explore generative AI capabilities to further empower our sellers and our product developers to be more productive.

Leveraging our workforce data

To lean into our service expertise, we continue to extend generative AI capabilities to a broader portion of our service and implementation associates to deliver an even better client experience.

We also continue to explore generative AI capabilities to further empower our sellers to be more productive.

In addition, we extended AI tools to all of our product developers for coding, testing, and documentation.

Data is our differentiator

To harness the power of AI, data is critical – and it’s the foundation of the advantage we bring to our clients.

Data is at the core of our products and solutions, informing and driving our approach to innovation and new technology.

The global scale and scope of our client base provide us the industry’s largest and deepest HCM dataset with over 1.1 million clients spanning over 140 countries and territories and 42 million workers globally.

Our broad and granular data set positions us well to deliver smarter and more tailored HCM agents that we believe will be truly differentiated in the market.

Additionally, combining our vast client and service data with client outcomes gives us a deeper understanding of clients’ needs and goals.

AI represents the next frontier, and our industry-leading data set married to our best-in-class distribution offers

ADP a distinct, competitive advantage.

AI and ML drive many of the key features of ADP’s data products, including ADP DataCloud, our award-winning people analytics solution.

ADP DataCloud analyzes aggregated, anonymized and timely HCM and compensation data from more than one million organizations across the U.S., powering solutions that provide clients with in-depth workforce and business insights that support critical HR decisions.

In the U.S., ADP DataCloud’s Skills Graph, our proprietary data structure, is based on more than 44 million employee records, 140 million resumes and 11 million job postings across more than 20 industries and 500 geographic areas, and uses large language models to extract, align and normalize key information such as skills, job titles and levels, education and qualifications from non-structured data and infers missing skills and qualifications from context.

Skills Graph powers ADP’s Candidate Profile Relevancy tool to help score, assess and predict

candidates who are the best fit for a job opening and is designed to minimize the introduction of bias by, among other things, focusing on the skills, education, and experience of an applicant.

Skills Graph also powers our Organizational Benchmarking Dashboard, which enables companies to decide how best to deploy their workers by comparing organizational metrics like headcount, labor costs and turnover against other similar businesses, as well as Talent Market Insights where organizations can explore jobs and locations to understand talent availability, skills, wages, turnover and time to fill an open position.

ADP’s Model-Based Benchmarks, powered by Skills Graph, deliver real-time compensation insights and market and job coverage for over 9,000 job titles spanning more than 1,000 industries.

Model-Based Benchmarks are driven by a set of deep learning models that extract patterns and knowledge from millions of payroll records and job profiles to provide accurate information that reflects the reality of the position being researched, including salary benchmarking tools in the U.S.

We offer similar tools to clients outside the United States, including through our ADP GlobalView® and ADP iHCM solutions.

We also continue to advance our next-gen platforms.

Built to be as dynamic as the world of work, our next-gen platforms are designed for adaptability.

These cloud-native, global, scalable and secure platforms provide our clients with the flexibility they need to address today’s and tomorrow’s workplace challenges, and to personalize the experience based on their needs.

Our next-gen HCM platform is built for the way people actually work together, moving beyond rigid hierarchical organization structures to mirror practically any structure of work groups, such as divisions, regions, or dynamic teams.

Our next-gen HCM platform uses AI to tailor personalized experiences relevant to each employee based on attributes of role, geographic location, typical behaviors, and anticipated need.

Our next-gen payroll platform is designed to be a global solution that supports workers of all types and enables real-time, transparent, continuous payroll calculations.

This next-gen payroll platform also unlocks flexible pay choices for our clients so they can provide the best pay experience for their workers.

As the regulatory environment rapidly changes, making it harder for companies to navigate the complexities of payroll, our next-gen payroll platform’s built-in compliance capabilities enable our clients to focus on managing their business.

The size and breadth of ADP gives us a unique opportunity, especially in the era of data and data-driven products, to test innovative ideas, validate hypotheses and refine solutions before we bring them to the market.

This happens through our “client-zero” program, which forges a direct connection point between our internal HR practitioners and our technologists.

A key area of focus is using data and feedback from front-line practitioners to build products that improve the employee experience and make HR technology more intentional and in the moment.

It’s a feedback loop we extend beyond our client-zero program as well, sourcing regular feedback from client

pilot groups to continue to enhance and refine our solutions over time.

By innovating with a client-centric mindset, we continue to transform work.

Culture of responsible AI

In harnessing the power of data through AI and ML, ADP recognizes the importance of accountability, transparency, privacy, explainability and governance, and in furtherance of those goals has established an active AI & Data Ethics Committee, comprised of both industry leaders and ADP experts, which advises on emerging industry trends and concerns and provides guidance with respect to compliance with the principles that ADP should follow while developing products, systems and applications that involve AI, ML and data.

Analytics enhanced by ADP Assist leverages generative AI to deliver answers to analytics questions across key practice areas including benefits, HR, payroll, recruitment and time, helping to remove user friction.

Scalable, Global HCM Offerings

We also continue to advance our next-gen platforms, launching ADP Lyric HCM in September 2024.

Building on our position as a leader in global pay, we designed Lyric to be as dynamic as the world of work.

The unified, global HCM solution is designed for adaptability, providing our clients with the flexibility they need to address today’s and tomorrow’s workplace challenges, and to personalize the experience based on their needs.

The solution was named “Data Solution of the Year for Human Resources” in the 2025 Data Breakthrough Awards.

To expand our global offering and enhance our enterprise solution suite, in October 2024 ADP acquired WorkForce Software, a premier workforce management solutions provider that specializes in supporting large, global enterprises.

WorkForce Software’s solutions can adapt to the dynamic needs of today’s employers, creating resiliency, driving performance and making managing a global workforce easy.

This acquisition expands our current array of global time and attendance, absence management and scheduling tools and will drive workforce management innovation to help meet the future needs of businesses.

In addition, ADP acquired Procesamiento Externo de Información, S.C.

(PEI) in February 2025, a provider of local payroll, HCM expertise, and technology solutions for Mexican businesses, strengthening ADP’s capabilities in local and global payroll and HR.

Sustaining a culture of responsible AI

In harnessing the power of data through AI and ML, ADP

recognizes the importance of accountability, transparency, privacy, explainability and governance, and in furtherance of those goals has established an active AI & Data Ethics Committee, comprised of both industry leaders and ADP experts, which advises on emerging industry trends and concerns and provides guidance with respect to compliance with the principles that ADP should follow while developing products, systems and applications that involve AI, ML and data.

As we continue to explore the potential that new technologies like generative AI can provide, we understand the great responsibility we have to approach these innovations in a way that is ethical, secure, and compliant for our business and the clients and workers we serve around the world.

This led to our establishment of an interdisciplinary working group across ADP to determine governance for use cases and adoption of a set of principles and processes to govern the use of these newer technologies, including operational monitoring of recommendations made by AI and ML technologies.

In collaboration with other HCM providers and companies active in the HR space, we worked to develop Best Practices for use of AI in the Workplace led by the Future of Privacy Forum, an organization that brings together industry thought leaders to explore the challenges posed by technological innovation and develop privacy protections, ethical norms, and workable business practices.

Creating a customized HR ecosystem

To meet clients’ shifting needs, we also collaborate with partners through solutions like ADP Marketplace, one of the largest digital HR storefronts with over 800 partner solutions worldwide.

ADP Marketplace is enhancing our client experience by offering integrated partner solutions.

ADP Marketplace also uses ML to easily surface best-fit applications to meet clients’ critical HR needs.

These capabilities are part of ADP’s enterprise-wide initiative to bring the power of AI to HR practitioners, managers and employees.

And all ADP Marketplace partners offering AI-enabled solutions must commit to a set of responsible AI principles based on the principles that govern our own products.

As part of our vision to create an HR ecosystem that is not only efficient but empowers businesses and their people, ADP API Central offers clients access to secure APIs, and tools and resources to simplify and automate their business processes with custom integrations, helping to connect their data across their entire ecosystem.

To enhance our integration capabilities, ADP acquired Sora, a low-code intelligent workflow automation and data

integration tool that unifies disparate business applications such as HR, IT and other systems and data sets to create a smarter, easier-to-use experience for employees, business owners and HR professionals.

The acquisition further solidifies our long-standing strategy to simplify complex HR processes through automation.

Reflecting our commitment to innovation, ADP launched a corporate venture capital arm and innovation lab, ADP Ventures.

ADP Ventures’ mission is to enhance and strengthen ADP’s core business, create offerings in new adjacent segments and geographies, and develop new assets to monetize markets and segments beyond HCM.

To meet clients’ shifting needs, we also collaborate with partners through solutions like ADP Marketplace, one of the largest e-commerce platforms for HR solutions in the industry.

This innovative marketplace empowers our clients to connect and share data seamlessly across their HR systems, offering access to over 800 partner solutions - from recruiting and onboarding to compliance and learning management.

With the introduction of AI technology, including our generative AI smart search tool, clients can quickly discover and evaluate partner solutions using natural language, enabling clients to tailor their HCM ecosystem with integrated solutions that best fit their unique needs.

Additionally, ADP API Central offers secure APIs and tools and resources for custom integrations to simplify and automate business processes.

This solution was named

“New Product of the Year” in Business Intelligence Group’s 2024 BIG Awards for Business.

Accelerating innovation

Reflecting our commitment to innovation, ADP’s corporate venture capital arm and innovation lab, ADP Ventures, is focused on enhancing and strengthening ADP’s core business, creating offerings in new adjacent segments and geographies, and developing new assets to monetize markets and segments beyond HCM.

As part of its strategy, ADP Ventures invests in and partners with early-stage and scaling tech startups that advance ADP’s innovation strategy.

Reportable Segments

Our two reportable business segments are Employer Services and Professional Employer Organization (“PEO”), and are based on the way that management reviews the performance of, and makes decisions about, our business.

For financial data by segment and by geographic area, see Note 15 to the “Consolidated Financial Statements” contained in this Annual Report on Form 10-K.

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Professional Employer Organization .

Our PEO business, called ADP TotalSource®, provides clients with comprehensive employment administration outsourcing solutions through a relationship in which employees who work for a client (referred to as “worksite employees”) are co-employed by us and the client.

Our PEO business, called ADP TotalSource ® , is our full-service PEO that offers expert guidance, user-friendly technology, comprehensive employee benefits, and a risk management, safety, and workers’ compensation program as part of a co-employment arrangement in which employees who work for a client (referred to as “worksite employees”) are co-employed by us and the client.

PRODUCTS AND SOLUTIONS

In order to serve the unique needs of our clients and their diverse types of businesses and workforce models, we provide a range of solutions which businesses of all types and sizes and across geographies can use to recruit, pay, manage, and retain their workforce.

In order to serve the unique needs of our clients and their diverse types of businesses and workforce models, we provide a range of solutions that businesses of all types and sizes and across geographies can use to recruit, onboard, pay, manage, and retain their workforce.

We address these broad market needs with our cloud-based strategic platforms:

RUN Powered by ADP ® , serving over 940,000 small businesses;

ADP Workforce Now®, serving over 85,000 mid-sized and large businesses across our strategic pillars;

and ADP Vantage HCM® and our next-gen HCM platform, serving large enterprise businesses.

ADP Workforce Now ® , serving over 90,000 mid-sized and large businesses;

and ADP Lyric HCM, serving large enterprise businesses.

All of these solutions can be combined with ADP SmartCompliance ® to address the increasingly broad and complex needs of employers.

Outside the United States, we address the needs of over 65,000 clients with premier global solutions consisting of in-country solutions and multinational offerings, including ADP GlobalView®, ADP Celergo®/Streamline® and ADP iHCM.

Strategic Cloud-based Products and Solutions Across Client Size and Geography

Outside the United States, we address the needs of over 70,000 clients with premier global solutions consisting of in-country solutions and multinational offerings, including Lyric, ADP Global Payroll and ADP iHCM.

HCM Solutions

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Our suite of HCM solutions are powered by our strategic, cloud-based, award-winning platforms, including:

• RUN Powered by ADP combines a software platform for small business payroll, HR management and tax compliance administration, with 24/7 service and support from our team of small business experts.

RUN Powered by ADP also integrates with other ADP solutions, such as workforce management, workers’ compensation insurance premium payment plans, and retirement plan administration systems.

• RUN Powered by ADP is an all-in-one platform designed specifically for small businesses to simplify payroll, HR, and compliance.

It combines easy-to-use technology with 24/7 real-person support from ADP’s team of payroll professionals.

RUN also integrates with other ADP solutions, including workforce management, workers’ compensation, benefits, and retirement services.

• ADP Workforce Now is a flexible HCM solution used across mid-sized and large businesses in North America to manage their employees.

More businesses use ADP Workforce Now in North America than any other HCM solution designed for both mid-sized and large businesses.

• ADP Vantage HCM is a solution for large enterprises in the United States.

It offers a comprehensive set of HCM capabilities within a single solution that unifies the five major areas of HCM:

HR management, benefits administration, payroll services, time and attendance management, and talent management.

Payroll Services .

More businesses use ADP

Workforce Now in North America than any other HCM solution designed for both mid-sized and large businesses.

• ADP Lyric HCM is a global HCM for large enterprises, unifying HR management, payroll, workforce management, talent, and data analytics into a flexible, intelligent, and human-centric solution.

Businesses using Lyric also benefit from comprehensive end-to-end service support, with an emphasis on global compliance and expertise.

Lyric is built for the way people actually work together, mirroring practically any structure of work groups, such as divisions, regions, or dynamic teams.

Lyric integrates generative AI technology with ADP’s unmatched dataset, helping to support decision-making, drive efficiency and personalize employee experiences based on attributes of role, geographic location, typical behaviors, and anticipated need.

Global Payroll .

We pay over 26 million (approximately 1 out of every 6) workers in the United States.

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ADP’s Talent Management solutions simplify and improve the talent acquisition, management and activation process, from recruitment to ongoing employee engagement and development.

Employers can also outsource their internal recruitment function to ADP.

Employers can outsource their internal recruitment function to ADP through ADP’s Recruitment Process Outsourcing services.

Employers can also receive employer brand activation services, management of candidate advertising, talent community building services, and recruiter training services, as well as career search support and outplacement for reductions in force.

Our solutions provide performance, learning, succession and compensation management tools that help employers align goals to outcomes, and enable managers to identify and mitigate potential retention risks.

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Workforce Management.

ADP’s Workforce Management offers a range of solutions to over 130,000 employers of all sizes, including time and attendance, absence management

and scheduling tools.

ADP’s Workforce Management offers a range of solutions to over 140,000 employers of all sizes, including time and attendance, absence management and scheduling tools.

Time and attendance solutions include time capture via online timesheets, timeclocks with badge readers, biometrics and touch-screens, telephone/interactive voice response, and mobile smartphones and tablets.

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In our fiscal year ended June 30, 2025, in the United States, we processed and delivered more than 78 million employee year-end tax statements and moved more than $3.3 trillion in client funds to our clients’ employees, tax authorities and other payees.

• ADP SmartCompliance.

In the United States, ADP SmartCompliance integrates client data delivered from our integrated HCM platforms or third-party payroll, HR and financial systems into a single, cloud-based solution.

Our specialized teams use the data to work with clients to help them manage changing and complex regulatory landscapes and improve business processes.

ADP SmartCompliance includes HCM-related compliance solutions such as Employment Tax and Wage Payments, as well as Tax Credits, Health Compliance, Wage Garnishments, Employment Verifications, Unemployment Claims and W-2 Management.

• ADP SmartCompliance Employment Tax.

As part of our full-service employment tax services in the United States, we prepare and file employment tax returns on our clients’ behalf and, in connection with these stand-alone services, collect employment taxes from clients and remit these taxes to more than 8,000 federal, state and local tax agencies.

• ADP SmartCompliance Wage Payments.

In the United States, we offer compliant pay solutions for today’s

workforce, including electronic payroll disbursement options such as payroll cards, digital accounts and direct deposit, as well as traditional payroll checks, which can be integrated with clients’ ERP and payroll systems.

Our offerings within Compliance Solutions include employment tax services, W-2 management, business tax credits, I-9 management, employment verification, wage garnishment and Wisely by ADP, our paycard solution.

Human Resources Management.

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ADP’s Insurance Services business, in conjunction with our licensed insurance agency, Automatic Data Processing Insurance Agency, Inc., facilitates access in the United States to workers’ compensation and group health insurance for over 260,000 small and mid-sized clients through a variety of insurance carriers.

Our automated Pay-by-Pay® premium payment program calculates and collects workers’ compensation

premium payments each pay period, simplifying this task for employers.

Our automated Pay-by-Pay® premium payment

program calculates and collects workers’ compensation premium payments each pay period, simplifying this task for employers.

Retirement Services.

ADP Retirement Services helps over 190,000 employers in the United States administer various types of retirement plans, such as traditional and Roth 401(k)s, profit sharing (including new comparability), SIMPLE and SEP IRAs, and executive deferred compensation plans.

ADP Retirement Services offers a full service 401(k) plan program which provides recordkeeping and administrative services, combined with an investment platform offered through ADP Broker-Dealer, Inc.

ADP Retirement Services offers a full service 401(k) plan program which provides recordkeeping and administrative services, combined with an investment

platform offered through ADP Broker-Dealer, Inc.

that gives our clients’ employees access to a wide range of non-proprietary investment options and online tools to monitor the performance of their investments.

In addition, ADP Retirement Services offers investment management services to retirement plans through ADP Strategic Plan Services, LLC, an SEC registered investment adviser under the Investment Advisers Act of 1940.

ADP Retirement Services also offers trustee services through a third party as well as through ADP Retirement Trust Services, LLC, a New Hampshire state-chartered affiliated trust company.

ADP Retirement Services also offers trustee services through ADP Retirement Trust Services, LLC, a New Hampshire state-chartered affiliated trust company, as well as through a third party.

HRO Solutions

As a leader in the growing HR Outsourcing market, we partner with clients from small, midsized and large enterprise organizations, offering a full range of premium services and seamless technology for HR, benefits, payroll, and talent management.

As a leader in the growing HR Outsourcing market, we partner with clients from small, mid-sized and large enterprise organizations, offering a full range of premium services and seamless technology for HR, benefits, payroll, and talent management.

We help organizations streamline processes, reduce the daily workload and reduce compliance risk while also gaining a partner to navigate HR challenges.

Whether a client chooses our Professional Employer Organization (PEO) or Human Resources Outsourcing (HRO)/Managed Services, we offer solutions tailored to a client’s specific needs and provide day-to-day expertise, guidance and tools, all personalized to meet their unique needs.

ADP’s HR Outsourcing solutions serve over three million employees.

Whether a client chooses our PEO or HRO/Managed Services, we offer solutions tailored to a client’s specific needs and provide day-to-day expertise, guidance and tools, all personalized to meet their unique needs.

ADP’s HR Outsourcing solutions serve over three million client employees.

Professional Employer Organization.

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ADP TotalSource clients are able to offer their employees services and benefits on par with those of much larger enterprises, without the need to staff a full HR department.

With our cloud-based HCM software at the core, we serve more than 17,000 clients and

more than 750,000 worksite employees in all 50 U.S.

With our cloud-based HCM software at the core, we serve more than 18,000 clients and more than 750,000 worksite employees in all 50 U.S.

ADP TotalSource is the largest PEO certified by the Internal Revenue Service as meeting the requirements to operate as a Certified Professional Employer Organization under the Internal Revenue Code.

ADP TotalSource is also an Employer Services Assurance Corporation accredited PEO, which demonstrates that ADP meets the industry’s high standards and has the experience and financial stability to fulfill the needs of the businesses it serves.

As a full-service PEO, ADP TotalSource provides a broad range of HR administrative services, including payroll and payroll tax, employer compliance, HR guidance, employee benefits and benefit administration, talent strategies, and workers’ compensation insurance including risk and claims management.

Some of the rich offerings available through ADP TotalSource to address today’s workplace challenges include:

• Better Employee Benefits:

Through our PEO, many of our clients discover that they can offer a richer overall benefits package than they could afford to offer on their own.

We give clients access to a patented approach to help them target the best benefit plan offerings for their employees.

They can compare plan options and make more educated decisions about what plan offering is best for their company and budget.

In addition, ADP TotalSource integrates with our award-winning ADP Marketplace to further tailor offerings, such as helping employees pay off student loans with payroll contributions and integrating a client’s U.S.

PEO population with its global workforce’s HR system of record.

• Protection and Compliance:

ADP TotalSource HR experts help clients manage the risks of being an employer by advising how to properly handle a range of issues – from HR and safety compliance to employee-relations.

This includes access to workers’ compensation coverage and expertise designed to help them handle both routine and unexpected incidents, including discrimination and harassment claims.

• Talent Engagement:

Featuring a talent blueprint, ADP TotalSource HR experts work with clients to help them better engage and retain their workforce through solutions that support the core needs of an employee at work.

In addition, our full-service recruitment team is dedicated to helping our clients find and hire new talent, while reducing the stress of uncovering top talent.

Each client is assigned a designated HR specialist for day-to-day and strategic guidance.

Clients can also access data-driven benchmarks in areas such as turnover and overtime, staffing and benefit costs, and have their ADP HR expert help tailor recommendations to continue to drive their business forward.

A payroll specialist is also available to clients to help them ensure their workers are paid correctly, on time and compliantly.

ADP Comprehensive Services.

ADP Comprehensive Services combines personalized, high-touch support with our market-leading ADP Workforce Now platform to offer a managed services solution tailored to the specific needs of businesses of all sizes.

Our committed team of professionals provides expertise, guidance, and tools across HR, talent, payroll, and benefits administration leveraging proven expertise, deep experience, and best practices.

We take the time to understand our clients’ businesses to offer the right support, enabling a flexible partnership that can cover one, some, or all areas of HR and payroll.

Our service is designed to act as an extension of our client’s

in-house resources, providing outsourced execution that effectively combines processes and technology.

With ADP Comprehensive Services, our clients can confidently execute their HCM operations, knowing they have the robust support of our team behind them.

ADP Comprehensive Services combines personalized, high-touch support with our market-leading ADP Workforce Now platform to offer a one-stop suite of managed services solutions that are tailored to the specific needs of businesses of all sizes.

Our committed team of professionals provides expertise, guidance, and tools across HR, talent management, payroll, and benefits administration through a combination of proven expertise, deep experience, and best practices.

We take the time to understand our clients’ businesses to offer the right strategic support, enabling a flexible partnership that can cover one, some, or all areas of their HR and payroll processes.

Our scalable solution is designed to act as an extension of our clients’ in-house resources, providing outsourced execution that effectively combines expertise, processes and technology.

ADP Comprehensive Outsourcing Services (ADP COS).

ADP COS is designed for large enterprise outsourcing for payroll.

ADP COS is designed for large enterprises to outsource their payroll.

With ADP COS, the day-to-day payroll process becomes our responsibility, freeing up clients to address critical issues like employee engagement and retention.

The combination of technology, deep expertise and data-driven insights that ADP COS offers is powerful, allowing clients to focus on strategy and results.

ADP Recruitment Process Outsourcing Services (ADP RPO ® ).

ADP RPO provides deep talent insights to help drive targeted recruitment strategies for attracting top talent.

With global, customizable recruitment services, ADP RPO enables organizations to find and hire the best candidates for hourly, professional or executive positions.

In addition, we also deliver market analytics, sourcing strategies, candidate screening, selection and on-boarding solutions to help organizations connect their talent strategy to their business’s priorities.

Global Solutions

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We partner with clients to help them navigate the most complex HR and payroll scenarios using tailored and scalable technology supported by our deep compliance expertise.

ADP Global Payroll is a solution for multinational organizations of all sizes, empowering them to harmonize

HCM strategies in over 140 countries globally.

ADP Global Payroll is a solution for multinational organizations of all sizes, empowering them to harmonize HCM strategies in over 140 countries and territories globally.

This improves visibility, control and operational efficiency, giving organizations the insight and confidence to adapt to changing local needs, while helping to drive overall organizational agility and engagement.

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By operating a flexible service model, we help clients manage various combinations of payroll services, HR management, time and attendance management, talent management and benefits management, depending on the country in which the solution is provided.

We pay over 15 million workers outside the United States with our in-country solutions and with ADP GlobalView, ADP Celergo/Streamline and ADP iHCM – our simplified and intuitive multi-country solutions.

We pay over 16 million workers outside the United States with our in-country and multi-country solutions, such as ADP iHCM and ADP Global Payroll.

As part of our global payroll services, we supply year-end regulatory and legislative tax statements and other forms to our clients’ employees.

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The major components of our offerings throughout these geographies are payroll, HR outsourcing and workforce management.

In addition, we offer wage and tax collection and/or remittance services in the United States, Canada, the United Kingdom, Australia, India and China.

In addition, we offer wage and tax collection and/or remittance services in the United States, Canada, the United Kingdom, Australia, India, China, Hong Kong, Macau, Malaysia, and Taiwan.

Our PEO business offers services exclusively in the United States.

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None of our major business units has a single homogeneous client base or market.

While concentrations of clients exist in specific industries, no one client, industry or industry group is material to our overall revenues.

We are a leader in each of our major service

offerings and do not believe any of our major services or business units is subject to unique market risk.

While concentrations of clients exist in specific industries, no one client, industry or industry group is material to our overall

We are a leader in each of our major service offerings and do not believe any of our major services or business units is subject to unique market risk.

The industries in which we operate are highly competitive.

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Our PEO business competes with other PEOs providing similar services, as well as business outsourcing companies, companies providing ERP services and providers of cloud-based HCM solutions.

Other competitive factors include a company’s in-house function, whereby a company installs and operates its own HCM system.

We also face ongoing competition from companies’ in-house functions, whereby companies install and operate their own HCM system.

Competition for business outsourcing solutions is primarily based on product and service quality, reputation, ease of use and accessibility of technology, breadth of offerings, and price.

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We have, and continue to enhance, compliance programs and policies to monitor and address the legal and regulatory requirements applicable to our operations and client solutions, including dedicated compliance personnel and training programs.

As one of the world’s largest providers of HCM solutions, our systems contain a significant amount of data related to clients, employees of our clients, vendors and our

We are, therefore, subject to compliance obligations under federal, state and foreign privacy, data protection, artificial intelligence (AI) and cybersecurity-related laws, including federal, state and foreign security breach notification laws with respect to both client employee data and our own employee data.

The changing nature of these comprehensive laws in the United States, Europe and elsewhere, including the European Union’s (the “EU”) General Data Protection Regulation (the “GDPR”) and the California Privacy Rights Act of 2020 (the “CPRA”), impact our processing of personal information of our employees and on behalf of our clients.

As a global leader in HR and payroll solutions, our systems contain a significant amount of data related to clients, employees of our clients, vendors and our employees.

We are, therefore, subject to compliance obligations under federal, state and foreign privacy, data protection, AI and cybersecurity-related laws, including federal, state and foreign security breach notification laws with respect to both client employee data and our own employee data.

The changing nature of these comprehensive laws in the United States, Europe and elsewhere, including the European Union’s (the “EU”) General Data Protection Regulation (the “GDPR”), the California Privacy Rights Act of 2020 (the “CPRA”), and the Department of Justice’s (the “DOJ”) Data Security Program established under Executive Order 14117, impact our processing of personal information of our employees and on behalf of our clients.

The GDPR imposes strict and comprehensive requirements on us as both a data controller and a data processor.

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The CPRA requires companies to provide data disclosure, access, deletion and opt-out rights to consumers in California.

In the area of artificial intelligence, some states and localities in the U.S., the EU and elsewhere have proposed or already enacted legislation that imposes obligations on how we develop and market AI-based products and solutions.

The DOJ’s Data Security Program requires us to ensure that there is not access to sensitive personal data of U.S.

persons by countries of concern in excess of certain thresholds.

In the area of AI, some states and localities in the U.S., the EU and elsewhere have proposed or already enacted legislation that imposes obligations on how we develop and market AI-based products and solutions.

Specifically, the EU Artificial Intelligence Act imposes requirements on providers of certain types of AI services.

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money movement managed by the ADP Trust Bank and our U.S.

prepaid access offering are subject to the anti-money laundering and reporting provisions of The Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 (the “BSA”).

Our prepaid access offerings are subject to consumer protection laws and regulations, including the Electronic Funds Transfer Act and Regulation E issued by the Consumer Financial Protection Bureau as well as prohibitions on

unfair, deceptive, or abusive acts or practices.

prepaid access offering

are subject to the anti-money laundering and reporting provisions of The Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 (the “BSA”).

Consumer protections for prepaid accounts under Regulation E include requirements related to pre-acquisition fee and other disclosures, error resolution and investigation, and account access.

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In February 2024, ADP Canada Co.

became a registered entity with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s anti-money laundering and anti-terrorist financing supervisor, as a Money Service Business (MSB) as a result of a change in policy guidance from FINTRAC related to the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

became a registered entity with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”), Canada’s anti-money laundering and anti-terrorist financing supervisor, as a Money Service Business as a result of a change in policy guidance from FINTRAC related to the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

In November 2024, ADP Canada Co.

filed its application for registration with the Bank of Canada as a Payment Services Provider, as defined and required under the Retail Payment Activities Act.

Our employee background screening services business offers background checking services that are subject to the Fair Credit Reporting Act.

ADP TotalSource is subject to various state licensing requirements and, as a Certified PEO, maintains certifications with the Internal Revenue Service.

Because ADP TotalSource is a co-employer with respect to its clients’ worksite employees, we may be subject to certain obligations and responsibilities of an employer under federal and state tax, insurance and employment laws, including worksite employee payroll obligations and with respect to claimed employee retention and other tax credits.

Because ADP TotalSource is a co-employer with respect to its clients’ worksite employees, we may be subject to certain obligations, responsibilities and liabilities of an employer under federal and state tax, insurance and employment laws, including worksite employee payroll obligations and with respect to claimed employee retention and other tax credits.

ADP Strategic Plan Services, LLC, our registered investment adviser, provides certain investment management and advisory services to retirement plan administrators under a heightened “fiduciary” standard and is regulated by the SEC and the U.S.

Department of Labor.

ADP Broker-Dealer, Inc., which supports our Retirement Services business, is a registered broker-dealer regulated by the SEC and the Financial Industry Regulatory Authority (FINRA).

ADP Broker-Dealer, Inc., which supports our Retirement Services business, is a registered broker-dealer regulated by the SEC and the Financial Industry Regulatory Authority.

ADP Retirement Trust Services, LLC supports our Retirement Services business as a New Hampshire state-chartered trust company.

ADP Retirement Trust Services, LLC is trustee of and is responsible for oversight and safeguarding of the retirement plan assets of clients of our Retirement Services business.

ADP Retirement Trust Services, LLC is a directed-fiduciary with responsibility for oversight of the retirement plan assets and regulated by the Department of Labor under the Employee Retirement Income Security Act of 1974, as amended, and is also subject to the oversight of the New Hampshire Banking Department.

ADP Retirement Trust Services, LLC is a directed-fiduciary trustee with responsibility for oversight of the retirement plan assets of our clients and regulated by the Department of Labor under the Employee Retirement Income Security Act of 1974, as amended, and is also subject to the oversight of the New Hampshire Banking Department.

Our current and future offerings in the payments and/or consumer space may also subject us to additional laws and regulations, which could also require corresponding compliance programs and policies and dedicated resources.

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In addition, our HCM solutions help clients manage their compliance with certain requirements of the Affordable Care Act in the United States.

Similarly, our Tax Credit Services business, which helps clients in the United States take advantage of tax credit opportunities in connection with the hiring of new employees and certain other activities, is based on federal, state or local tax laws and regulations allowing for tax credits, which are subject to renewal, amendment or rescission.

Similarly, our Tax Credit Services business, which helps clients in the United States realize tax credit opportunities in connection with the hiring of new employees and certain other activities, is based on federal, state or local tax laws and regulations allowing for tax credits, which are subject to renewal, amendment or rescission.

We believe that key components of our compliance programs provide real competitive differentiators.

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Depending on the service agreement and/or the size of the client, the installation or conversion period for new clients can vary from a short period of time for a small Employer Services client (as little as 24 hours) to a longer period for a large Employer Services client with multiple deliverables (generally six to nine months).

In some cases, based on a client's timeline, the period may exceed two years for a large, multi-country GlobalView client or other large, multi-phase implementation.

Although we monitor sales that have not yet been installed, we do not view this metric as material to an understanding of our overall business in light of the recurring nature of our business.

In some cases, based on a client's timeline, the period may exceed two years for a large, multi-country ADP Global Payroll or ADP Lyric HCM client or other large, multi-phase implementation.

Although we monitor sales that have not yet been installed,

we do not view this metric as material to an understanding of our overall business in light of the recurring nature of our business.

This metric is not a reported number, but it is used by management as a planning tool to allocate resources needed to install services, and as a means of assessing our performance against the expectations of our clients.

In addition, some of our products and services are sold under longer-term contracts with initial terms ranging from two to seven years.

However, this anticipated future revenue under

contract is not a significant portion of our expected future revenue, is not a meaningful indicator of our future performance and is not material to management's estimate of our future revenue.

In addition, some of our products and services are sold under longer-term contracts with initial terms typically ranging from two to seven years.

However, this anticipated future revenue under contract is not a significant portion of our expected future revenue, is not a meaningful indicator of our future performance and is not material to management's estimate of our future revenue.

Our business is typically characterized by long-term client relationships that result in recurring revenue.

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During the fiscal years ended June 30, 2025, 2024 and 2023, we invested approximately $1.388 billion, $1.276 billion, and $1.195 billion, respectively, in research and development.

These investments include expenses for activities such as the development of new products, maintenance expenses associated with our existing technologies, investments in generative AI, purchases of new software and software licenses, and additions to software resulting from business combinations.

These investments include expenses for activities such as the development of new products, maintenance expenses associated with our existing technologies, investments in generative AI, purchases of

new software and software licenses, and additions to software resulting from business combinations.

We are the licensee under a number of agreements for computer programs and databases.

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Third-party licenses, patents, trademarks, and franchises are not material to our business as a whole.

OUR HCM STRATEGY

Our Human Capital Management (HCM) strategy is simple, our people have differentiated us for 75 years and we remain committed to valuing, developing and engaging them.

OUR PEOPLE AND CULTURE

Our HCM strategy is simple:

our people have differentiated us for over 75 years and we remain committed to valuing, developing and engaging them.

Our Chief Human Resources Officer (“CHRO ” ), together with our Executive Leadership Team, manages our HCM strategy and related programs and initiatives, as well as our talent strategy.

Our CHRO, along with our CEO, as appropriate, regularly updates and supports our Compensation and Management Development Committee of the Board (“CMDC”) as well as the Board of Directors on HCM matters, including culture, engagement, hiring, rewards, and inclusion, diversity, equity and belonging efforts.

The CMDC is responsible for these matters, as well as our executive compensation program, company-wide equity-based plans, and our management succession planning and development program.

Our Associates and Demographics

Our Associates

As of June 30, 2025 , our global team of associates consisted of approximately 67,000 persons.

We track certain gender and racial demographics of our workforce and share them in our annual Global Corporate Social Responsibility (“CSR”) Report, which is available on our website.

Nothing in our CSR Report shall be deemed incorporated by reference into this Annual Report on Form 10-K.

Our Culture and Values

Seventy-five years ago, our founders established values that guide us today.

These values have helped shape our one-of-a-kind culture, which embraces inclusion, diversity, equity and belonging.

Our long-term business success is closely linked to our commitment to creating an environment in which our associates thrive, and to do so we listen to and engage our associates.

We conduct an annual culture survey, myVoice, where our associates can share their perspectives on important topics, including client service, inclusion, diversity, equity and belonging, social responsibility, ethics, innovation and leadership.

Over seventy-five years ago, our founders established values that still guide us today.

We seek to create a values-based culture where every associate feels like they belong and can thrive.

Our long-term business success is closely linked to our commitment to creating an environment in which our associates can achieve their full potential, and to do so we listen to and engage our associates.

We conduct an annual culture survey, myVoice, where our associates can share their perspectives on important topics, including client service, culture, social responsibility, ethics and compliance, innovation and leadership.

Along with many of our world-class clients, we leverage our innovative StandOut ® powered by ADP platform, to help managers drive talent engagement throughout the year.

We issue quarterly global StandOut® Engagement Pulse® surveys to ensure that all associates can share with their leaders how they feel about their work and their colleagues, and for us to get a snapshot of engagement across the globe.

The strength of our ADP team comes from what each one of us offers each other, our clients and our community.

Through our myMoment Recognition Program, we give our associates the opportunity to recognize and celebrate each other when they demonstrate our values, drive our

goals and go above and beyond in contributing to our collective success.

Our global ADP Cares program, which is funded by the Company, the ADP Foundation and our generous associates, helps members of our team get through difficult, unforeseen events such as natural disasters and major illnesses.

Our global ADP Cares program, which is funded by the ADP Foundation and our generous associates, helps members of our team get through difficult, unforeseen events such as natural disasters and major illnesses.

We also proudly support our associates that give back to our communities through paid volunteer time off and our donation matching program.

Inclusion, diversity, equity and belonging are cornerstones of our one-of-a-kind culture.

We value diverse perspectives and believe that our associates and their best ideas thrive in a diverse and inclusive environment.

We strive to reflect the diversity of the communities and clients we serve and are firmly focused on ensuring that all our associates are welcomed and enjoy a deep sense of belonging.

We have a number of initiatives to strengthen and further cultivate our inclusive and diverse culture.

We value different perspectives and believe that our associates and their best ideas thrive in a diverse and inclusive environment.

We have a number of initiatives to strengthen and further cultivate our values-based culture.

As an example, ADP’s Global IDEB Impact Council was created to align and amplify our inclusion efforts, providing us with an advantage to attract and retain associates and clients.

The council, comprised of senior leaders across the enterprise, was designed to focus across four pillars, including Technology & Innovation, Culture & Belonging, Business Practices and Talent Practices.

Our voluntary business resource groups (BRGs), which cover a broad array of diverse associates that share common interests and experiences, make us stronger by promoting inclusion, diversity, equity and belonging and cultural awareness, accelerating associate engagement, retention and career development, helping build relationships with diverse markets in our communities, and promoting the conservation and restoration of natural resources.

Our voluntary business resource groups, which cover a broad array of associates and are open to all that share common interests and experiences, make us stronger by promoting inclusion and cultural awareness, accelerating associate engagement, retention and career development, helping build relationships in our communities, and promoting the conservation and restoration of natural resources.

At ADP, we are committed to upholding fair and equitable pay.

Pay equity is critical to creating an inclusive and engaging culture that enables all associates to reach their full potential.

Pay equity is critical to creating a culture that enables all associates to reach their full potential.

We make pay decisions based on skills, job-related experience, the market value of the job and performance.

We have incorporated regular pay equity reviews into our compensation decisions.

longer ask candidates to provide their salary history in most of the countries where we operate.

And, we do not ask candidates to provide their salary history in most of the countries where we operate.

Our commitment to building a better world of work and creating a workplace where everyone can thrive has led to recognition across the globe, including Fortune’s World’s Most Admired Companies (19 consecutive years);

Disability:IN Best Place to Work for Disability Inclusion;

Fair360 Top 50 Companies for Diversity;

Seramount’s Best Companies for Multicultural Women;

Forbes’ America’s Best Large Employers;

Fortune’s America’s Most Innovative Companies;

Fast Company’s Best Workplaces for Innovators;

Newsweek’s America’s Most Responsible Companies;

TIME’s World’s Best Companies;

and Newsweek’s Most Trustworthy Companies in America.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business