Selected Financial Data
since 2005
Income Statement
Automatic Data Processing Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Net earnings |
|---|---|---|
| Jun 30, 2021 | 15,005,400) | 2,598,500) |
| Jun 30, 2020 | 14,589,800) | 2,466,500) |
| Jun 30, 2019 | 14,175,200) | 2,292,800) |
| Jun 30, 2018 | 13,325,800) | 1,620,800) |
| Jun 30, 2017 | 12,379,800) | 1,733,400) |
| Jun 30, 2016 | 11,667,800) | 1,492,500) |
| Jun 30, 2015 | 10,938,500) | 1,452,500) |
| Jun 30, 2014 | 12,206,500) | 1,515,900) |
| Jun 30, 2013 | 11,310,100) | 1,405,800) |
| Jun 30, 2012 | 10,665,200) | 1,388,500) |
| Jun 30, 2011 | 9,879,500) | 1,254,200) |
| Jun 30, 2010 | 8,927,700) | 1,211,400) |
| Jun 30, 2009 | 8,867,100) | 1,332,600) |
| Jun 30, 2008 | 8,776,500) | 1,235,700) |
| Jun 30, 2007 | 7,800,000) | 1,138,700) |
| Jun 30, 2006 | 8,881,500) | 1,554,000) |
| Jun 30, 2005 | 8,499,100) | 1,055,400) |
Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial performance from 2005 to 2021 is characterized by sustained growth in both top-line revenue and bottom-line net earnings, reflecting a long-term trajectory of expansion and improving profitability.
- Revenue Performance
- Revenues increased from 8.49 billion US dollars in 2005 to 15.00 billion US dollars by 2021. While the overall trend is positive, the growth was not linear. A notable contraction occurred in 2007, where revenues fell to 7.80 billion US dollars, and another decline was observed in 2015 to 10.93 billion US dollars. Despite these fluctuations, a consistent recovery and steady climb are evident from 2016 through 2021.
- Net Earnings Evolution
- Net earnings demonstrated a general upward trend, growing from 1.05 billion US dollars in 2005 to 2.59 billion US dollars in 2021. Earnings remained relatively stable between 1.2 billion and 1.5 billion US dollars for much of the period between 2007 and 2016. However, a significant acceleration in earnings growth occurred starting in 2019, with net income jumping from 1.62 billion US dollars in 2018 to 2.29 billion US dollars in 2019, and continuing upward through 2021.
- Operational Efficiency and Margin Expansion
- The relationship between revenues and net earnings indicates an expansion of the net profit margin over the analyzed period. In 2005, the net margin was approximately 12.4%. By 2021, this margin increased to approximately 17.3%. The fact that net earnings grew more rapidly than revenues, particularly after 2018, suggests enhanced operational efficiency or a shift toward higher-margin service offerings.
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Balance Sheet: Assets
Automatic Data Processing Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jun 30, 2021 | 40,741,800) | 48,772,500) |
| Jun 30, 2020 | 31,564,100) | 39,165,500) |
| Jun 30, 2019 | 34,342,300) | 41,887,700) |
| Jun 30, 2018 | 32,050,000) | 37,088,700) |
| Jun 30, 2017 | 32,658,700) | 37,180,000) |
| Jun 30, 2016 | 39,500,400) | 43,670,000) |
| Jun 30, 2015 | 28,809,200) | 33,110,500) |
| Jun 30, 2014 | 25,833,400) | 32,051,700) |
| Jun 30, 2013 | 26,201,000) | 32,268,100) |
| Jun 30, 2012 | 25,155,600) | 30,815,500) |
| Jun 30, 2011 | 28,583,500) | 34,238,300) |
| Jun 30, 2010 | 22,316,700) | 26,862,200) |
| Jun 30, 2009 | 20,703,900) | 25,351,700) |
| Jun 30, 2008 | 18,808,900) | 23,734,400) |
| Jun 30, 2007 | 21,853,400) | 26,648,900) |
| Jun 30, 2006 | 22,244,000) | 27,490,100) |
| Jun 30, 2005 | 22,338,600) | 27,615,400) |
Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
An analysis of the asset base from 2005 to 2021 reveals a general long-term expansion in both current and total assets, characterized by periods of volatility and significant growth spikes. Total assets increased from 27.6 billion USD in 2005 to 48.8 billion USD by 2021, representing a substantial increase in the scale of the balance sheet over the sixteen-year period.
- Asset Growth and Volatility Patterns
- A period of contraction is observed between 2005 and 2008, where total assets declined from 27.6 billion USD to a low of 23.7 billion USD. This was followed by a recovery phase through 2011, peaking at 34.2 billion USD. A second significant expansion occurred in 2016, with total assets jumping to 43.7 billion USD. Following a period of stabilization and a slight dip in 2020, the asset base reached its historical peak of 48.8 billion USD in 2021.
- Current Asset Composition and Liquidity
- Current assets consistently constitute the primary component of the total asset base. In 2005, current assets represented approximately 81% of total assets. This proportion remained high throughout the period, reaching a peak in 2016 when current assets of 39.5 billion USD accounted for approximately 90% of the 43.7 billion USD total asset base. By 2021, current assets stood at 40.7 billion USD, representing roughly 83% of total assets, indicating a consistently liquid financial position.
- Comparative Correlation
- A strong positive correlation is observed between the movement of current assets and total assets. Fluctuations in the total asset figure are almost entirely driven by changes in current assets. For example, the sharp increase in total assets observed between 2015 and 2016 (from 33.1 billion USD to 43.7 billion USD) corresponds directly to a increase in current assets from 28.8 billion USD to 39.5 billion USD. This suggests that long-term or non-current assets have remained relatively stable compared to the volatility of short-term holdings.
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Balance Sheet: Liabilities and Stockholders’ Equity
Automatic Data Processing Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Jun 30, 2021 | 38,094,800) | 43,102,400) | 3,008,500) | 5,670,100) |
| Jun 30, 2020 | 30,126,600) | 33,413,300) | 2,018,200) | 5,752,200) |
| Jun 30, 2019 | 32,627,700) | 36,487,800) | 2,264,200) | 5,399,900) |
| Jun 30, 2018 | 30,413,600) | 33,629,100) | 2,002,400) | 3,459,600) |
| Jun 30, 2017 | 29,815,900) | 33,203,000) | 2,002,400) | 3,977,000) |
| Jun 30, 2016 | 35,847,400) | 39,188,400) | 2,007,700) | 4,481,600) |
| Jun 30, 2015 | 27,113,700) | 28,302,000) | 9,200) | 4,808,500) |
| Jun 30, 2014 | 23,908,000) | 25,381,500) | 2,184,500) | 6,670,200) |
| Jun 30, 2013 | 24,732,800) | 26,078,200) | 260,600) | 6,189,900) |
| Jun 30, 2012 | 23,239,400) | 24,701,500) | 16,800) | 6,114,000) |
| Jun 30, 2011 | 26,786,800) | 28,227,900) | 34,200) | 6,010,400) |
| Jun 30, 2010 | 20,052,200) | 21,383,300) | 39,800) | 5,478,900) |
| Jun 30, 2009 | 18,756,300) | 20,029,100) | 772,700) | 5,322,600) |
| Jun 30, 2008 | 17,341,600) | 18,647,200) | 63,900) | 5,087,200) |
| Jun 30, 2007 | 20,463,800) | 21,501,000) | 43,500) | 5,147,900) |
| Jun 30, 2006 | 20,380,100) | 21,478,500) | 74,300) | 6,011,600) |
| Jun 30, 2005 | 20,659,900) | 21,831,600) | 75,800) | 5,783,800) |
Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
Analysis of the balance sheet components from 2005 to 2021 reveals a significant expansion in total liabilities, driven primarily by current liabilities, while stockholders' equity has remained relatively stable over the long term despite periodic fluctuations.
- Liability Structure and Growth
- Total liabilities increased from approximately 21.8 billion USD in 2005 to 43.1 billion USD by 2021. A critical observation is that current liabilities constitute the vast majority of the total liability load throughout the entire period. For instance, in 2021, current liabilities of 38.1 billion USD represented roughly 88% of total liabilities. This pattern indicates a financial structure heavily weighted toward short-term obligations.
- Debt Volatility and Utilization
- Total debt exhibits high volatility and does not follow a linear growth path. Between 2005 and 2013, debt remained relatively low, often below 1 billion USD, with a brief spike in 2009. A structural shift occurred in 2014 when debt rose to 2.18 billion USD, followed by a sharp decline in 2015 to 9.2 million USD, and a subsequent return to the 2 billion USD range from 2016 through 2020. The period ended with a peak of 3.01 billion USD in 2021, suggesting the strategic or opportunistic use of borrowed funds rather than a reliance on permanent long-term debt.
- Stockholders' Equity Trends
- Stockholders' equity has fluctuated within a broad range of 3.46 billion USD to 6.67 billion USD. After remaining relatively stable between 5 and 6 billion USD from 2005 to 2013, equity experienced a downward trend that bottomed out at 3.46 billion USD in 2018. A recovery followed, bringing equity back to 5.67 billion USD by 2021. This suggests periods of aggressive capital return to shareholders or accounting adjustments that reduced the equity base before a subsequent recovery.
- Capitalization and Risk Profile
- The relationship between debt and equity shifted markedly after 2013. In the first decade of the data, the debt-to-equity ratio was negligible. However, the increase in total debt starting in 2014, coinciding with the decline in stockholders' equity through 2018, increased the company's leverage. By 2021, the total debt of 3.01 billion USD against equity of 5.67 billion USD represents a more leveraged position than was seen in the early 2000s, although the overall risk remains mitigated by the fact that total debt is a small fraction of total liabilities.
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Cash Flow Statement
Automatic Data Processing Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash flows provided by operating activities | Net cash flows (used in) provided by investing activities | Net cash flows provided by (used in) financing activities |
|---|---|---|---|
| Jun 30, 2021 | 3,093,300) | (3,515,000) | 6,437,500) |
| Jun 30, 2020 | 3,026,200) | 3,156,300) | (5,890,600) |
| Jun 30, 2019 | 2,688,300) | (2,197,700) | (207,700) |
| Jun 30, 2018 | 2,515,200) | (2,504,600) | (1,655,900) |
| Jun 30, 2017 | 2,125,900) | 5,730,400) | (8,281,700) |
| Jun 30, 2016 | 1,859,900) | (9,087,200) | 8,790,100) |
| Jun 30, 2015 | 1,905,600) | (3,760,300) | 1,616,700) |
| Jun 30, 2014 | 1,821,400) | 813,300) | (2,358,200) |
| Jun 30, 2013 | 1,577,200) | (1,578,400) | 151,000) |
| Jun 30, 2012 | 1,910,200) | 3,243,600) | (4,953,900) |
| Jun 30, 2011 | 1,705,800) | (7,340,600) | 5,339,200) |
| Jun 30, 2010 | 1,682,100) | (2,379,500) | 89,000) |
| Jun 30, 2009 | 1,562,600) | (644,100) | 468,400) |
| Jun 30, 2008 | 1,772,200) | 2,613,900) | (5,270,700) |
| Jun 30, 2007 | 1,298,000) | 430,800) | (1,884,400) |
| Jun 30, 2006 | 1,812,500) | 452,200) | (1,348,800) |
| Jun 30, 2005 | 1,433,400) | (437,900) | (746,500) |
Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial profile of the organization from 2005 to 2021 is characterized by steady growth in core operational cash generation contrasted with significant volatility in investing and financing activities. While operating cash flows demonstrate a consistent upward trajectory, the investing and financing sections exhibit large, alternating swings, suggesting a strategic cycle of capital allocation and liability management.
- Operating Cash Flow Trends
- Net cash flows provided by operating activities show a sustained long-term increase, rising from approximately 1.43 billion USD in 2005 to 3.09 billion USD by 2021. Despite minor fluctuations—such as a decline in 2007 and 2013—the growth trend remains robust, indicating an increasing capacity to generate cash from primary business operations. The total operating cash flow more than doubled over the sixteen-year period, reflecting strong operational scalability.
- Investing Activity Volatility
- Cash flows from investing activities are characterized by extreme variance. Significant capital outflows were recorded in 2011 (7.34 billion USD) and 2016 (9.09 billion USD), indicating periods of aggressive investment or acquisition. Conversely, substantial cash inflows occurred in 2008, 2012, and 2017, suggesting the liquidation of assets or the realization of previous investments. This pattern reflects a non-linear approach to capital expenditure and investment management.
- Financing Activity Dynamics
- Financing activities exhibit a mirror-like volatility to investing activities. Large cash inflows are observed in 2011, 2016, and 2021, totaling several billion USD each year, which typically points to the issuance of debt or equity. These are frequently offset by massive cash outflows in subsequent or preceding years, such as in 2008, 2012, and 2017, likely representing debt repayments, share buybacks, or dividend distributions.
- Inter-relationship Between Cash Flow Components
- A strong correlation is observable between investing and financing cash flows. For instance, the significant investing outflow in 2016 was closely matched by a substantial financing inflow in the same period, suggesting that major investments were funded through external financing. Similarly, the positive cash flow from investing activities in 2017 coincided with a large financing outflow, indicating that investment proceeds may have been utilized to reduce debt or return capital to shareholders.
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Per Share Data
Automatic Data Processing Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 30, 2021 | 6.10 | 6.07 | 3.70 |
| Jun 30, 2020 | 5.73 | 5.70 | 3.52 |
| Jun 30, 2019 | 5.27 | 5.24 | 3.06 |
| Jun 30, 2018 | 3.68 | 3.66 | 2.52 |
| Jun 30, 2017 | 3.87 | 3.85 | 2.24 |
| Jun 30, 2016 | 3.27 | 3.25 | 2.08 |
| Jun 30, 2015 | 3.07 | 3.05 | 1.95 |
| Jun 30, 2014 | 3.17 | 3.14 | 1.88 |
| Jun 30, 2013 | 2.91 | 2.89 | 1.70 |
| Jun 30, 2012 | 2.85 | 2.82 | 1.55 |
| Jun 30, 2011 | 2.54 | 2.52 | 1.42 |
| Jun 30, 2010 | 2.42 | 2.40 | 1.35 |
| Jun 30, 2009 | 2.65 | 2.63 | 1.28 |
| Jun 30, 2008 | 2.37 | 2.34 | 1.10 |
| Jun 30, 2007 | 2.07 | 2.04 | 0.88 |
| Jun 30, 2006 | 2.70 | 2.68 | 0.71 |
| Jun 30, 2005 | 1.81 | 1.79 | 0.61 |
Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial metrics exhibit a long-term growth trajectory between 2005 and 2021, characterized by a consistent increase in shareholder distributions and an accelerating growth rate in earnings during the latter part of the period.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share followed nearly identical paths, maintaining a narrow spread throughout the 17-year period. Following a period of moderate volatility between 2005 and 2011, where basic EPS fluctuated between 2.07 and 2.70, a more stable upward trend emerged. A significant acceleration in profitability is observed after 2018, with basic EPS rising from 3.68 in 2018 to 6.10 by 2021, marking the most rapid growth phase in the analyzed timeframe.
- Dividend Distribution Patterns
- Dividend per share demonstrates an uninterrupted upward trend, increasing every single year from 2005 to 2021. The distribution grew from 0.61 in 2005 to 3.70 in 2021. This linear progression indicates a consistent policy of increasing shareholder returns regardless of short-term fluctuations in annual earnings.
- Earnings and Dividend Correlation
- The relationship between earnings and dividends evolved over the period. In the early years, dividend growth was more aggressive relative to EPS growth, particularly between 2007 and 2010. However, the sharp increase in diluted EPS from 3.66 in 2018 to 6.07 in 2021 has provided stronger coverage for the dividend payments, suggesting an enhanced capacity to sustain and grow payouts in the most recent years of the series.
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