ADP — what changed in the latest 10-Q
A section-by-section comparison of ADP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-04-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +46 | −61 | ~22 | 18 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +5 | −4 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
During the first quarter, we made meaningful progress against our Strategic Priorities as we continued to leverage our industry-leading data, deep domain expertise, trusted brand, service model, and global scale to help drive the HCM industry's AI transformation. ADP Assist, our cross-platform solut…
Selling, general, and administrative expenses1,062.8 1,006.3 6 %
Research and development expenses were flat for the three months ended September 30, 2026 due to increased costs to develop, support, and maintain our new and existing products, offset by an increase in the capitalizable spend related to internally developed software, primarily for our products and …
Depreciation and amortization expenses increased for the three months ended September 30, 2026 due to the amortization of investments in internally developed software, primarily for our products and solutions, and customer contracts and lists.
Selling, general and administrative expenses increased for the three months ended September 30, 2026 primarily due to increases in selling and marketing expenses of $40.0 million as a result of investments in our sales organization.
Text removed vs the prior filing · source: 10-Q · 2026-04-30
During the third quarter, we made meaningful progress on our Strategic Priorities. We continued to leverage our data advantages, domain expertise, and trusted brand to lead the HCM industry through its AI transformation. Our ADP Assist agents are applying advanced intelligence to real workforce chal…
Total revenues for the nine months ended March 31, 2026 include interest on funds held for clients of $999.4 million, as compared to $881.3 million for the nine months ended March 31, 2025. The increase in interest earned on funds held for clients resulted from an increase in our average client fund…
Operating expenses increased for the nine months ended March 31, 2026 due to an increase of $232.8 million of PEO Services zero-margin benefits pass-through costs to $3,427.2 million from $3,194.4 million for the nine months ended March 31, 2025. Additionally, for the nine months ended March 31, 202…
and implementation costs in support of our growing revenue and by $31.9 million due to an increase in costs related to workers' compensation coverage and state unemployment taxes for worksite employees.
Research and development expenses increased for the three months ended March 31, 2026 due to increased costs to develop, support, and maintain our new and existing products.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-30
During the fiscal quarter ended September 30, 2026, our executive officers and directors adopted the following trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5–1(c).
Name & TitleDate of AdoptionDuration of Trading ArrangementThe maximum number of securities to be sold pursuant to the trading arrangement (1)
Executive Vice President, North America and Chief of Operations
Executive Vice President, Smart Compliance Solutions & Human Resources Outsourcing
(1) Securities reported in this column reflect options, restricted stock units (“RSUs”), performance-based stock units (“PSUs”) and shares of common stock, as appropriate. In the case of RSUs, quantities included in this column reflect the full amount of RSUs as reported in an officer’s respective p…
Text removed vs the prior filing · source: 10-Q · 2026-04-30
(a) On April 26, 2026, the Board of Directors (the "Board") of the Company amended and restated the Company's By-Laws to make a change to incorporate an applicable SEC rule requirement under Section 2.04 of the By-Laws. The full text of the amended and restated By-Laws is attached hereto as Exhibit …
(c) During the fiscal quarter ended March 31, 2026, the following director adopted a trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c).
Name & TitleDate of AdoptionDuration of Trading ArrangementAggregate number of securities to be purchased pursuant to the trading arrangement
(1) Trading arrangement with a target purchase amount of up to approximately $750,000 in shares of the Company's common stock.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice