
Three Months Ended March 31, 2026	Employer Services		PEO Services		Total
Revenues from external customers	$	3,633.0	$	1,902.3	$	5,535.3
Interest on funds held for clients	400.2		3.7		403.9
Intercompany revenues	2.9		—		2.9
Total segment revenues	4,036.1		1,906.0		5,942.1

Reconciliation of revenues:
Intercompany eliminations					(2.9)
Total consolidated revenues					$	5,939.2

Less segment expenses: (a)
Selling and marketing	603.0		109.5
Zero-margin benefits pass-through costs	—		1,170.0
Worker's compensation coverage and state unemployment taxes	—		271.4
Other segment expenses (b)	1,775.0		107.9
Total segment earnings before income taxes	1,658.1		247.2		1,905.3

Reconciliation of earnings before income taxes:
Other (c)					(123.5)
Total consolidated earnings before income taxes					$	1,781.8


Three Months Ended March 31, 2025	Employer Services		PEO Services		Total
Revenues from external customers	$	3,412.6	$	1,785.2	$	5,197.8
Interest on funds held for clients	351.9		3.3		355.2
Intercompany revenues	3.4		—		3.4
Total segment revenues	3,767.9		1,788.5		5,556.4

Reconciliation of revenues:
Intercompany eliminations					(3.4)
Total consolidated revenues					$	5,553.0

Less segment expenses: (a)
Selling and marketing	555.0		94.0
Zero-margin benefits pass-through costs	—		1,090.0
Worker's compensation coverage and state unemployment taxes	—		252.5
Other segment expenses (b)	1,712.8		98.7
Total segment earnings before income taxes	1,500.1		253.3		1,753.4

Reconciliation of earnings before income taxes:
Other (c)					(131.5)
Total consolidated earnings before income taxes					$	1,621.9


Nine Months Ended March 31, 2026	Employer Services		PEO Services		Total
Revenues from external customers	$	10,134.7	$	5,339.5	$	15,474.2
Interest on funds held for clients	990.2		9.2		999.4
Intercompany revenues	9.7		—		9.7
Total segment revenues	11,134.6		5,348.7		16,483.3

Reconciliation of revenues:
Intercompany eliminations					(9.7)
Total consolidated revenues					$	16,473.6

Less segment expenses: (a)
Selling and marketing	1,733.5		304.9
Zero-margin benefits pass-through costs	—		3,427.2
Worker's compensation coverage and state unemployment taxes	—		564.8
Other segment expenses (b)	5,235.5		332.8
Total segment earnings before income taxes	4,165.6		719.0		4,884.6

Reconciliation of earnings before income taxes:
Other (c)					(412.1)
Total consolidated earnings before income taxes					$	4,472.5


Nine Months Ended March 31, 2025	Employer Services		PEO Services		Total
Revenues from external customers	$	9,534.6	$	5,018.2	$	14,552.8
Interest on funds held for clients	873.2		8.1		881.3
Intercompany revenues	9.6		—		9.6
Total segment revenues	10,417.4		5,026.3		15,443.7

Reconciliation of revenues:
Intercompany eliminations					(9.6)
Total consolidated revenues					$	15,434.1

Less segment expenses: (a)
Selling and marketing	1,591.9		266.1
Zero-margin benefits pass-through costs	—		3,194.4
Worker's compensation coverage and state unemployment taxes	—		532.9
Other segment expenses (b)	4,978.2		302.3
Total segment earnings before income taxes	3,847.3		730.6		4,577.9

Reconciliation of earnings before income taxes:
Other (c)					(458.5)
Total consolidated earnings before income taxes					$	4,119.4

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intercompany expenses are included in the amounts shown.

(b) Other segment expenses for both reportable segments include operating, research and development, depreciation and amortization, and other general and administrative expenses.

(c) Other represents certain corporate overhead charges and expenses that have not been allocated to the reportable segments, including corporate functions, legal settlements, company-wide severance initiatives, non-recurring gains and losses, the elimination of intercompany transactions, and interest income and expense.


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2026		2025		2026		2025
Employer Services	$	131.6	$	129.8	$	393.2	$	383.7
PEO Services	0.5		1.7		1.7		5.0
Other	14.3		15.6		43.8		48.0
Total depreciation and amortization	$	146.4	$	147.1	$	438.7	$	436.7