| Revenue |
Revenue Based upon similar operational and economic characteristics, the Company’s revenues are disaggregated as follows: Human Capital Management (“HCM”), HR Outsourcing (“HRO”), and Global Solutions (“Global”), with separate disaggregation for PEO zero-margin benefits pass-through revenues and client fund interest revenues. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.
The following tables provide details of the Company's revenues and includes a reconciliation to the Company’s reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | March 31, | | March 31, | | Types of Revenues | 2026 | | 2025 | | 2026 | | 2025 | | HCM | $ | 2,492.6 | | | $ | 2,392.3 | | | $ | 6,884.1 | | | $ | 6,549.6 | | | HRO, excluding PEO zero-margin benefits pass-throughs | 1,120.8 | | | 1,063.6 | | | 3,011.5 | | | 2,872.1 | | | PEO zero-margin benefits pass-throughs | 1,170.0 | | | 1,090.0 | | | 3,427.2 | | | 3,194.4 | | | Global | 751.9 | | | 651.9 | | | 2,151.4 | | | 1,936.7 | | | Interest on funds held for clients | 403.9 | | | 355.2 | | | 999.4 | | | 881.3 | | | Total Revenues | $ | 5,939.2 | | | $ | 5,553.0 | | | $ | 16,473.6 | | | $ | 15,434.1 | |
Reconciliation of disaggregated revenue to our reportable segments for the three months ended March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Types of Revenues | Employer Services | | PEO | | Other | | Total | | HCM | $ | 2,495.2 | | | $ | — | | | $ | (2.6) | | | $ | 2,492.6 | | | HRO, excluding PEO zero-margin benefits pass-throughs | 388.8 | | | 732.3 | | | (0.3) | | | 1,120.8 | | | PEO zero-margin benefits pass-throughs | — | | | 1,170.0 | | | — | | | 1,170.0 | | | Global | 751.9 | | | — | | | — | | | 751.9 | | | Interest on funds held for clients | 400.2 | | | 3.7 | | | — | | | 403.9 | | | Total Segment Revenues | $ | 4,036.1 | | | $ | 1,906.0 | | | $ | (2.9) | | | $ | 5,939.2 | |
Reconciliation of disaggregated revenue to our reportable segments for the three months ended March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Types of Revenues | Employer Services | | PEO | | Other | | Total | | HCM | $ | 2,395.1 | | | $ | — | | | $ | (2.8) | | | $ | 2,392.3 | | | HRO, excluding PEO zero-margin benefits pass-throughs | 369.0 | | | 695.2 | | | (0.6) | | | 1,063.6 | | | PEO zero-margin benefits pass-throughs | — | | | 1,090.0 | | | — | | | 1,090.0 | | | Global | 651.9 | | | — | | | — | | | 651.9 | | | Interest on funds held for clients | 351.9 | | | 3.3 | | | — | | | 355.2 | | | Total Segment Revenues | $ | 3,767.9 | | | $ | 1,788.5 | | | $ | (3.4) | | | $ | 5,553.0 | |
Reconciliation of disaggregated revenue to our reportable segments for the nine months ended March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Types of Revenues | Employer Services | | PEO | | Other | | Total | | HCM | $ | 6,891.8 | | | $ | — | | | $ | (7.7) | | | $ | 6,884.1 | | | HRO, excluding PEO zero-margin benefits pass-throughs | 1,101.2 | | | 1,912.3 | | | (2.0) | | | 3,011.5 | | | PEO zero-margin benefits pass-throughs | — | | | 3,427.2 | | | — | | | 3,427.2 | | | Global | 2,151.4 | | | — | | | — | | | 2,151.4 | | | Interest on funds held for clients | 990.2 | | | 9.2 | | | — | | | 999.4 | | | Total Segment Revenues | $ | 11,134.6 | | | $ | 5,348.7 | | | $ | (9.7) | | | $ | 16,473.6 | |
Reconciliation of disaggregated revenue to our reportable segments for the nine months ended March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Types of Revenues | Employer Services | | PEO | | Other | | Total | | HCM | $ | 6,557.1 | | | $ | — | | | $ | (7.5) | | | $ | 6,549.6 | | | HRO, excluding PEO zero-margin benefits pass-throughs | 1,050.4 | | | 1,823.8 | | | (2.1) | | | 2,872.1 | | | PEO zero-margin benefits pass-throughs | — | | | 3,194.4 | | | — | | | 3,194.4 | | | Global | 1,936.7 | | | — | | | — | | | 1,936.7 | | | Interest on funds held for clients | 873.2 | | | 8.1 | | | — | | | 881.3 | | | Total Segment Revenues | $ | 10,417.4 | | | $ | 5,026.3 | | | $ | (9.6) | | | $ | 15,434.1 | |
Contract Balances
The timing of revenue recognition for our HCM, HRO and Global Solutions is consistent with the invoicing of clients, as invoicing occurs in the period the services are provided. Therefore, the Company does not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing. Changes in deferred revenues related to set up fees for the nine months ended March 31, 2026 were as follows: | | | | | | | Contract Liability | | | Contract liability, July 1, 2025 | $ | 520.2 | | | Recognition of revenue included in beginning of year contract liability | (107.0) | | | Contract liability, net of revenue recognized on contracts during the period | 108.9 | | | Currency translation adjustments | 1.0 | | | Contract liability, March 31, 2026 | $ | 523.1 | |
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