Does ADP’s Slower Pays-Per-Control Growth and Resilient Revenue Mix Change The Bull Case For ADP (ADP)?

In recent months, Automatic Data Processing reported a sharp slowdown in pays-per-control growth to about 1% for fiscal 2026 and guided to 0–1% for fiscal 2027, signaling a cooler U.S. labor market alongside expectations for slightly weaker client retention. At the same time, ADP’s Employer Services revenue grew 7% in the latest fiscal quarter, with new business bookings up 6% and client float income poised to benefit from rising wages, while management emphasized that AI is reshaping how...