Automatic Data Processing, Inc. (ADP) Cash Flow Statement
Where ADP’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $5.44B +10.2% vs FY2025
- Capital expenditures
- $196.6M 0.9% of revenue
- Free cash flow
- $5.24B 23.9% margin
- Returned to shareholders
- $4.71B 90% of free cash flow
- Change in cash
- $5.57B cash at year-end $10.63B
Cash from operations
$5.44B
Capital expenditures
−$196.6M
Investments (net)
−$4.01B
Acquisitions & other
−$502.2M
Dividends
−$2.63B
Share buybacks (net)
−$2.08B
Net borrowing (repayment)
−$3.78B
Other financing
+$13.38B
Currency & other
−$37.8M
Change in cash
$5.57B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ADP cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.13BFY2017 | $5.44BFY2026 | +11.0%/yr | |
| Capital expenditures | $470.6MFY2017 | $196.6MFY2026 | −9.2%/yr | |
| Free cash flow | $1.66BFY2017 | $5.24BFY2026 | +13.7%/yr | |
| Free cash flow margin | 13.4%FY2017 | 23.9%FY2026 | +10.5 pts | |
| Operating cash flow / net income | 1.23FY2017 | 1.23FY2026 | +0.01 | |
| Stock-based compensation | $138.9MFY2017 | $242.6MFY2026 | +6.4%/yr | |
| Dividends paid | $995.2MFY2017 | $2.63BFY2026 | +11.4%/yr | |
| Share buybacks (net) | $1.26BFY2017 | $2.08BFY2026 | +5.7%/yr | |
| Capex / revenue | 3.8%FY2017 | 0.9%FY2026 | −2.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADP cash flow by activity
OperatingInvestingFinancingChange in cash
ADP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ADP cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.41B | $4.08B | $3.75B | $3.41B | $2.95B | $2.60B | $2.47B | $2.29B | $1.62B | $1.73B |
| Depreciation & amortization | $585.9M | $486.0M | $561.9M | $549.3M | $515.1M | $510.7M | $480.0M | $409.0M | $377.6M | $316.1M |
| Stock-based compensation | $242.6M | $266.1M | $243.5M | $220.4M | $201.7M | $175.3M | $130.8M | $167.3M | $175.4M | $138.9M |
| Change in working capital | −$1.10B | −$1.15B | −$1.42B | −$938.7M | −$1.64B | −$937.4M | −$1.12B | −$1.21B | −$92.5M | −$98.3M |
| Other non-cash items | $1.30B | $1.25B | $1.02B | $964.6M | $1.07B | $746.2M | $1.07B | $1.02B | $433.9M | $35.8M |
| Cash from operating activities | $5.44B | $4.94B | $4.16B | $4.21B | $3.10B | $3.09B | $3.03B | $2.69B | $2.52B | $2.13B |
| Investing activities | ||||||||||
| Capital expenditures | −$196.6M | −$168.7M | −$563.4M | −$571.6M | −$553.4M | −$505.9M | −$616.4M | −$566.5M | −$470.8M | −$470.6M |
| Investments (net) | −$4.01B | −$3.04B | −$1.39B | −$2.52B | −$6.48B | −$3.03B | $3.74B | −$1.51B | −$1.42B | −$789.2M |
| Acquisitions & other investing | −$502.2M | $168.7M | $563.4M | $571.6M | $22.5M | $18.8M | $29.4M | −$117.6M | −$612.0M | $6.99B |
| Cash from investing activities | −$4.71B | −$3.04B | −$1.39B | −$2.52B | −$7.01B | −$3.52B | $3.16B | −$2.20B | −$2.50B | $5.73B |
| Financing activities | ||||||||||
| Dividends paid | −$2.63B | −$2.40B | −$2.18B | −$1.90B | −$1.66B | −$1.58B | −$1.47B | −$1.29B | −$1.06B | −$995.2M |
| Share repurchases & issuance (net) | −$2.08B | −$1.28B | −$1.23B | −$1.12B | −$1.97B | −$1.37B | −$1.01B | −$937.7M | −$989.3M | −$1.26B |
| Net borrowing (repayment) | −$3.78B | $5.75B | −$900,000 | −$1.0M | $127.4M | $989.6M | −$2.2M | −$2.1M | −$7.3M | −$2.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $13.38B | −$9.04B | $1.98B | −$12.65B | $17.15B | $8.40B | −$3.41B | $2.03B | $404.4M | −$6.02B |
| Cash from financing activities | $4.88B | −$6.97B | −$1.43B | −$15.68B | $13.65B | $6.44B | −$5.89B | −$207.7M | −$1.66B | −$8.28B |
| Summary | ||||||||||
| Net change in cash | $5.57B | −$5.03B | $1.31B | −$14.01B | $9.64B | $6.09B | $257.4M | $254.1M | −$1.64B | −$410.7M |
| Cash at end of period | $10.63B | $5.05B | $10.09B | $8.77B | $22.78B | $13.14B | $7.05B | $6.80B | $6.54B | $2.78B |
| Free cash flow | $5.24B | $4.77B | $3.59B | $3.64B | $2.55B | $2.59B | $2.41B | $2.12B | $2.04B | $1.66B |
| Free cash flow margin | 23.9% | 23.2% | 18.7% | 20.2% | 15.4% | 17.2% | 16.5% | 15.0% | 15.3% | 13.4% |
| Capex / revenue | 0.9% | 0.8% | 2.9% | 3.2% | 3.4% | 3.4% | 4.2% | 4.0% | 3.5% | 3.8% |
| Operating cash flow / net income | 1.23 | 1.21 | 1.11 | 1.23 | 1.05 | 1.19 | 1.23 | 1.17 | 1.55 | 1.23 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $978.6M | $1.36B | $1.06B | $1.01B | $910.6M | $1.25B | $963.2M | $956.3M | $829.3M | $1.18B | $878.4M | $859.4M |
| Depreciation & amortization | $147.2M | $146.4M | $145.6M | $146.7M | $121.5M | $147.0M | $151.1M | $138.6M | $135.7M | $144.6M | $140.1M | $141.5M |
| Stock-based compensation | $59.7M | $51.0M | $73.2M | $58.7M | $63.6M | $62.8M | $79.1M | $60.6M | $54.8M | $56.3M | $73.6M | $58.8M |
| Change in working capital | −$2.46B | $338.6M | −$488.9M | −$926.0M | $17.8M | −$204.2M | −$312.2M | −$646.9M | $40.3M | −$127.7M | −$316.3M | −$1.01B |
| Other non-cash items | $2.71B | $342.2M | $340.9M | $349.9M | $325.7M | $270.7M | $269.1M | $315.8M | $240.5M | $240.0M | $256.6M | $280.5M |
| Cash from operating activities | $1.43B | $2.24B | $1.13B | $642.3M | $1.44B | $1.53B | $1.15B | $824.4M | $1.30B | $1.50B | $1.03B | $326.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$72.8M | −$50.6M | −$26.5M | −$46.7M | −$34.1M | −$36.4M | −$39.4M | −$58.8M | −$146.5M | −$157.1M | −$133.5M | −$126.3M |
| Investments (net) | −$781.8M | −$1.02B | −$507.3M | −$1.86B | $423.2M | −$555.9M | −$1.26B | −$1.64B | −$217.2M | −$1.09B | $138.3M | −$216.1M |
| Acquisitions & other investing | −$103.4M | −$148.4M | −$143.1M | $46.7M | $34.1M | $36.4M | $39.4M | $58.8M | $146.5M | $157.1M | $133.5M | $126.3M |
| Cash from investing activities | −$958.0M | −$1.22B | −$676.9M | −$1.86B | $423.2M | −$555.9M | −$1.26B | −$1.64B | −$217.2M | −$1.09B | $138.3M | −$216.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$683.2M | −$687.1M | −$629.3M | −$626.7M | −$625.8M | −$628.0M | −$572.5M | −$572.6M | −$575.1M | −$575.9M | −$516.3M | −$515.8M |
| Share repurchases & issuance (net) | −$620.1M | −$581.4M | −$515.8M | −$366.0M | −$324.0M | −$311.6M | −$272.3M | −$372.6M | −$435.5M | −$291.5M | −$254.7M | −$250.0M |
| Net borrowing (repayment) | $1.01B | −$28.5M | −$5.21B | $438.2M | $5.11B | −$346.5M | −$4.38B | $5.36B | — | — | — | $273.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.75B | −$20.75B | $35.53B | $718.6M | −$9.21B | −$8.11B | $19.19B | −$10.91B | −$10.10B | $6.74B | $6.49B | −$1.41B |
| Cash from financing activities | −$3.04B | −$22.04B | $29.18B | $164.1M | −$5.06B | −$9.40B | $13.97B | −$6.49B | −$11.12B | $5.87B | $5.72B | −$1.90B |
| Summary | ||||||||||||
| Net change in cash | −$2.71B | −$21.06B | $29.67B | −$1.06B | $667.2M | −$8.40B | $13.81B | −$7.29B | −$10.04B | $6.25B | $6.92B | −$1.81B |
| Cash at end of period | $9.88B | $12.60B | $33.66B | $3.99B | $3.35B | $8.20B | $16.60B | $2.79B | $10.09B | $20.12B | $13.88B | $6.96B |
| Free cash flow | $1.23B | $2.04B | $1.11B | $595.6M | $1.41B | $1.49B | $1.11B | $765.6M | $1.15B | $1.34B | $898.9M | $200.2M |
| Free cash flow margin | 22.5% | 34.4% | 20.6% | 11.5% | 27.4% | 26.8% | 22.0% | 15.8% | 24.2% | 25.5% | 19.3% | 4.4% |
| Capex / revenue | 1.3% | 0.9% | 0.5% | 0.9% | 0.7% | 0.7% | 0.8% | 1.2% | 3.1% | 3.0% | 2.9% | 2.8% |
| Operating cash flow / net income | 1.46 | 1.65 | 1.07 | 0.63 | 1.58 | 1.22 | 1.19 | 0.86 | 1.57 | 1.26 | 1.18 | 0.38 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ADP cash generation
In fiscal 2026 (ended June 30, 2026), ADP generated $5.4 billion of cash from operations (up 10.2%) and spent $196.6 million on capital expenditures, leaving free cash flow of $5.2 billion, 23.9% of revenue. It returned $4.7 billion to shareholders through dividends ($2.6 billion) and net share buybacks ($2.1 billion). Cash and equivalents rose by $5.6 billion over the year.
Related: ADP income statement, ADP balance sheet, ADP dividend history. See the ADP stock overview for the latest quote and news.
ADP cash flow FAQ
What is ADP's free cash flow?
ADP's free cash flow was $5.2 billion in fiscal 2026: $5.4 billion of operating cash flow minus $196.6 million of capital expenditures It was $4.8 billion a year earlier..
How much cash does ADP generate from operations?
ADP generated $5.4 billion of cash from operating activities in fiscal 2026, 1.23 times its net income of $4.4 billion.
How much does ADP spend on capital expenditures?
ADP spent $196.6 million on capital expenditures in fiscal 2026, 0.9% of revenue, compared with $168.7 million the year before.
How much stock does ADP buy back?
ADP spent $2.1 billion on net share repurchases in fiscal 2026.
How much does ADP pay in dividends?
ADP paid $2.6 billion in dividends in fiscal 2026, 50.1% of free cash flow.