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北京时间·🕒 发布 19:06:53时区推断·⟳ 抓取 19:13:36·⚡ 决策 07-29 19:15:24 +1m48s·90.2 天前
ADP公布季度业绩小幅超预期并给出FY2027基本符合预期的指引
ADP本季度非GAAP EPS和收入仅小幅高于预期，FY2027收入增速指引5%至6%低于市场预估约6.16%，调整后EPS增速9%至11%基本贴近预估10.66%。
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Automatic Data Processing Non-GAAP EPS of $2.64 beats by $0.04, revenue of $5.48B beats by $40M
Consolidated Fiscal 2027 Outlook •Revenue growth of 5% to 6% vs. estimated growth of 6.16% Y/Y •Adjusted EBIT margin ex…
不做 Automatic Data Processing（ADP.US）
排期内财报仅小幅beat，FY2027收入指引略低于预期、调整后EPS指引基本符合预期，缺少足够预期差和短线正期望，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 medium ↗
关键理由
- ADP本季度非GAAP EPS和收入仅小幅高于预期，FY2027收入增速指引5%至6%低于市场预估约6.16%，调整后EPS增速9%至11%基本贴近预估10.66%。
- 这属于排期内财报披露，新增预期差不够强，且没有披露能显著改变短线估值的订单、费率或客户留存超预期改善。
主要风险
- 若电话会给出更强的客户资金利息收入或雇佣需求改善信号，可能改变盘前后的定价判断。
原文全文
展开原文 · 1,701 字
Consolidated Fiscal 2027 Outlook
•Revenue growth of 5% to 6% vs. estimated growth of 6.16% Y/Y
•Adjusted EBIT margin expansion of 70 to 90 basis points
•Adjusted effective tax rate of approximately 23%
•Diluted EPS growth of 11% to 13%
•Adjusted diluted EPS growth of 9% to 11% vs. estimated growth of 10.66% Y/Y
Employer Services Segment Fiscal 2027 Outlook
•Employer Services revenue growth of 5% to 6%
•Employer Services new business bookings growth of 4% to 7%
•Employer Services client revenue retention decrease of 10 to 30 basis points
•Increase in U.S. pays per control of 0% to 1%
PEO Services Segment Fiscal 2027 Outlook
•PEO Services revenue growth of 5% to 7%
•PEO Services revenue, excluding zero-margin benefits pass-throughs, growth of 3% to 5%
•PEO Services average worksite employee count growth of about 2%
Client Funds Extended Investment Strategy Fiscal 2027 Outlook
The interest assumptions in our outlook are based on Fed Funds futures contracts and various forward yield curves as of July 28, 2026. The Fed Funds futures contracts are used in the client short and corporate cash interest income outlook. A combination of various forward yield curves that reflect our investment mix, resulting in a blended rate of 4.4%, was used to forecast new purchase rates across the client and corporate extended and client long portfolios over the remainder of the fiscal year.
•Interest on funds held for clients of $1.540 to $1.560 billion; this is based on anticipated growth in client funds balances of 3% to 4% and an average yield that is anticipated to increase to approximately 3.7%
•Total contribution from the client funds extended investment strategy of $1.545 to $1.565 billion
•Revenue growth of 5% to 6% vs. estimated growth of 6.16% Y/Y
•Adjusted EBIT margin expansion of 70 to 90 basis points
•Adjusted effective tax rate of approximately 23%
•Diluted EPS growth of 11% to 13%
•Adjusted diluted EPS growth of 9% to 11% vs. estimated growth of 10.66% Y/Y
Employer Services Segment Fiscal 2027 Outlook
•Employer Services revenue growth of 5% to 6%
•Employer Services new business bookings growth of 4% to 7%
•Employer Services client revenue retention decrease of 10 to 30 basis points
•Increase in U.S. pays per control of 0% to 1%
PEO Services Segment Fiscal 2027 Outlook
•PEO Services revenue growth of 5% to 7%
•PEO Services revenue, excluding zero-margin benefits pass-throughs, growth of 3% to 5%
•PEO Services average worksite employee count growth of about 2%
Client Funds Extended Investment Strategy Fiscal 2027 Outlook
The interest assumptions in our outlook are based on Fed Funds futures contracts and various forward yield curves as of July 28, 2026. The Fed Funds futures contracts are used in the client short and corporate cash interest income outlook. A combination of various forward yield curves that reflect our investment mix, resulting in a blended rate of 4.4%, was used to forecast new purchase rates across the client and corporate extended and client long portfolios over the remainder of the fiscal year.
•Interest on funds held for clients of $1.540 to $1.560 billion; this is based on anticipated growth in client funds balances of 3% to 4% and an average yield that is anticipated to increase to approximately 3.7%
•Total contribution from the client funds extended investment strategy of $1.545 to $1.565 billion
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