Revenue

6 Months Ended

Dec. 31, 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				Six Months Ended
	December 31,				December 31,
Types of Revenues	2025		2024		2025		2024
HCM	$	2,235.9	$	2,131.9	$	4,391.5	$	4,157.3
HRO, excluding PEO zero-margin benefits pass-throughs	979.3		943.2		1,890.8		1,808.4
PEO zero-margin benefits pass-throughs	1,126.2		1,055.2		2,257.2		2,104.4
Global	709.3		645.3		1,399.5		1,284.9
Interest on funds held for clients	308.6		272.8		595.5		526.1
Total Revenues	$	5,359.3	$	5,048.4	$	10,534.5	$	9,881.1

Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2025:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	2,238.5	$	—	$	(2.6)	$	2,235.9
HRO, excluding PEO zero-margin benefits pass-throughs	353.8		626.2		(0.7)		979.3
PEO zero-margin benefits pass-throughs	—		1,126.2		—		1,126.2
Global	709.3		—		—		709.3
Interest on funds held for clients	305.8		2.8		—		308.6
Total Segment Revenues	$	3,607.4	$	1,755.2	$	(3.3)	$	5,359.3

Reconciliation of disaggregated revenue to our reportable segments for the three months ended December 31, 2024:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	2,134.4	$	—	$	(2.5)	$	2,131.9
HRO, excluding PEO zero-margin benefits pass-throughs	338.5		605.6		(0.9)		943.2
PEO zero-margin benefits pass-throughs	—		1,055.2		—		1,055.2
Global	645.3		—		—		645.3
Interest on funds held for clients	270.3		2.5		—		272.8
Total Segment Revenues	$	3,388.5	$	1,663.3	$	(3.4)	$	5,048.4

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2025:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	4,396.7	$	—	$	(5.2)	$	4,391.5
HRO, excluding PEO zero-margin benefits pass-throughs	712.3		1,180.1		(1.6)		1,890.8
PEO zero-margin benefits pass-throughs	—		2,257.2		—		2,257.2
Global	1,399.5		—		—		1,399.5
Interest on funds held for clients	590.1		5.4		—		595.5
Total Segment Revenues	$	7,098.6	$	3,442.7	$	(6.8)	$	10,534.5

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2024:

Types of Revenues	Employer Services		PEO		Other		Total
HCM	$	4,162.0	$	—	$	(4.7)	$	4,157.3
HRO, excluding PEO zero-margin benefits pass-throughs	681.3		1,128.6		(1.5)		1,808.4
PEO zero-margin benefits pass-throughs	—		2,104.4		—		2,104.4
Global	1,284.9		—		—		1,284.9
Interest on funds held for clients	521.3		4.8		—		526.1
Total Segment Revenues	$	6,649.5	$	3,237.8	$	(6.2)	$	9,881.1

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 six months ended December 31, 2025 were as follows:

Contract Liability
Contract liability, July 1, 2025	$	520.2
Recognition of revenue included in beginning of year contract liability	(72.7)
Contract liability, net of revenue recognized on contracts during the period	66.1
Currency translation adjustments	1.0
Contract liability, December 31, 2025	$	514.6