Core Viewpoint - Automatic Data Processing (ADP) is often perceived as a "boring" company, yet it has historically traded at a premium due to its essential role in payroll and human resources, which are critical workflows in corporate America. However, the stock is currently about 23% below its 52-week high, raising questions about its favor among investors [1][7]. Financial Performance - In the first quarter of fiscal 2026 (ended September 30, 2025), ADP reported a revenue increase of 7% year over year, reaching $5.2 billion. Earnings per share (EPS) rose by 6% to $2.49, with non-GAAP EPS increasing by 7% year over year, indicating steady growth for the company [3]. Key Metrics - A concerning trend has emerged regarding ADP's core volume metric, "pays per control," which measures the number of employees on ADP clients' payrolls in the U.S. In the first quarter of fiscal 2026, this metric was approximately flat year over year, a deceleration from the 1% growth reported in the previous two quarters [4][5]. Future Outlook - For fiscal 2026, ADP has guided that the U.S. pays per control will remain "approximately" flat, alongside a slight deceleration in top-line growth. The company anticipates revenue growth of 5% to 6% over fiscal 2024 [6].