ADP (0HJI.L) QQ4 2025 results reflect a robust profitability profile and strong cash generation within a cloud-based HCM software ecosystem. Revenue reached USD 5.1268 billion, up 7.51% year over year, while gross margin held at approximately 50.3% and operating margin approached 23.5%. Net income was USD 910.6 million and earnings per share (diluted) USD 2.23–2.24, supported by operating cash flow of USD 1.4392 billion and free cash flow of USD 1.4051 billion (per-share FCF USD 3.46). The balance sheet remains liquidity-rich, with USD 7.8466 billion in cash and short-term investments and a total asset base of USD 53.37 billion, helping fund a conservative capital plan (dividends and modest buybacks) and a substantial cash position despite a net debt of USD 5.72 billion. However, sequential quarter momentum shows a meaningful QoQ decline in revenue, gross profit, and EBIT, signaling seasonality and/or cadence in customer activity that needs to be monitored going into the next fiscal year. Management commentary underscores ongoing investments in cloud-based HCM capabilities and client expansion, supporting durable profitability and potential long-run growth. Given the strong FCF generation and high-margin software economics, ADP remains financially resilient with ample capacity for strategic investments, although valuation remains premium versus broader markets due to attractive profitability and embedded recurring revenue characteristics.