Revenue

3 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

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
	September 30,
Types of Revenues	2025		2024
HCM	$	2,155.7	$	2,025.4
HRO, excluding PEO zero-margin benefits pass-throughs	911.4		865.2
PEO zero-margin benefits pass-throughs	1,131.0		1,049.2
Global	690.3		639.6
Interest on funds held for clients	286.8		253.3
Total Revenues	$	5,175.2	$	4,832.7

Reconciliation of disaggregated revenue to our reportable segments for the three months ended September 30, 2025:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	2,158.3	$	—	$	(2.6)	$	2,155.7
HRO, excluding PEO zero-margin benefits pass-throughs	358.4		553.9		(0.9)		911.4
PEO zero-margin benefits pass-throughs	—		1,131.0		—		1,131.0
Global	690.3		—		—		690.3
Interest on funds held for clients	284.2		2.6		—		286.8
Total Segment Revenues	$	3,491.2	$	1,687.5	$	(3.5)	$	5,175.2

Reconciliation of disaggregated revenue to our reportable segments for the three months ended September 30, 2024:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	2,027.6	$	—	$	(2.2)	$	2,025.4
HRO, excluding PEO zero-margin benefits pass-throughs	342.8		523.0		(0.6)		865.2
PEO zero-margin benefits pass-throughs	—		1,049.2		—		1,049.2
Global	639.6		—		—		639.6
Interest on funds held for clients	251.0		2.3		—		253.3
Total Segment Revenues	$	3,261.0	$	1,574.5	$	(2.8)	$	4,832.7

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 three months ended September 30, 2025 were as follows:

Contract Liability
Contract liability, July 1, 2025	$	520.2
Recognition of revenue included in beginning of year contract liability	(31.0)
Contract liability, net of revenue recognized on contracts during the period	30.1
Currency translation adjustments	1.3
Contract liability, September 30, 2025	$	520.6