Total Revenue

10% YoY increase (Q4 2025: $1,427.3M vs Q4 2024: $1,295.1M " " " " " )

Strong overall revenue growth is driven by higher client penetration in Human Capital Management and PEO/Insurance solutions, building on trends seen in prior quarters. Earlier periods were impacted by the winding down of the Employee Retention Tax Credit (ERTC) program (reducing growth by 3% in Q3 2024 " " " ) and its subsequent expiration (Q3 2025 " " " " ), which has now been offset by robust HCM performance.

Management Solutions Revenue

12% YoY increase (Q4 2025: $1,041.8M vs Q4 2024: $930.3M " " " " )

Enhanced revenue growth in Management Solutions stems from a continued rise in the number of clients and deeper product penetration. While Q3 2024 showed a modest 2% increase " " " " and Q3 2025 improved to 5% " " " " " , the Q4 2025 results reflect improved pricing and client performance overcoming earlier headwinds from reduced ancillary service revenue due to ERTC winding down.

Interest on Funds Held for Clients

18% YoY increase (Q4 2025: $45.2M vs Q4 2024: $38.2M " " " )

The interest revenue recovery is notable after mixed trends in prior quarters—Q3 2024 experienced a 25% gain driven by higher average interest rates " " " while Q3 2025 saw a 2% decline due to lower rates. " " " The Q4 2025 improvement suggests a rebound in market interest rates, contributing to the 18% YoY gain.