CBIZ Reports Third Quarter and Nine Month 2025 Results
CBIZ (NYSE:CBZ) reported third quarter 2025 revenue of $693.8M, up 58.1% year-over-year, and nine-month revenue of $2.215B, up 63.7%. Third-quarter GAAP net income was $30.1M (GAAP EPS $0.48), down versus prior year, while Adjusted net income was $63.5M and Adjusted EPS was $1.01, up 8.5% year-over-year. Adjusted EBITDA was $120.0M in Q3 (+57.4%) and $475.6M for nine months (+92.9%).
Management cited favorable Marcum acquisition synergies and issued 2025 guidance: total revenue $2.8B–$2.95B, effective tax rate ~29%, diluted shares 64.5–65.0M, GAAP EPS $1.97–$2.02, Adjusted EPS $3.60–$3.65, and Adjusted EBITDA $450M–$456M. A conference call was scheduled for Oct 29, 2025 at 5:00 p.m. ET with a webcast replay available on the company investor site.
CBIZ (NYSE:CBZ) ha riportato nel terzo trimestre 2025 entrate di 693,8 milioni di dollari, in aumento del 58,1% rispetto all'anno precedente, e entrate cumulate nei nove mesi di 2,215 miliardi di dollari, in aumento del 63,7%. L"utile netto GAAP del terzo trimestre è stato di 30,1 milioni di dollari (EPS GAAP 0,48 USD), in diminuzione rispetto all'anno precedente, mentre l"utile netto rettificato è stato di 63,5 milioni di dollari e l"EPS rettificato è di 1,01 dollari, in aumento dell'8,5% anno su anno. L"EBITDA rettificato è stato di 120,0 milioni di dollari nel terzo trimestre (+57,4%) e 475,6 milioni di dollari nei nove mesi (+92,9%).
La direzione ha citato sinergie favorevoli dall'acquisizione Marcum e ha pubblicato le previsioni per il 2025: entrate totali di 2,8–2,95 miliardi di dollari, tasso di imposta effettivo circa 29%, azioni diluite 64,5–65,0 milioni, EPS GAAP 1,97–2,02 dollari, EPS rettificato 3,60–3,65 dollari, e EBITDA rettificato 450–456 milioni di dollari. Si è in programma una conference call per il 29 ottobre 2025 alle 17:00 ET con una replica webcast disponibile sul sito degli investitori dell'azienda.
CBIZ (NYSE:CBZ) informó ingresos del tercer trimestre de 2025 de $693.8M, un aumento del 58.1% interanual, y ingresos de los primeros nueve meses de $2.215B, un aumento del 63.7%. La ganancia neta GAAP del tercer trimestre fue de $30.1M (EPS GAAP $0.48), menor frente al año anterior, mientras que la ganancia neta ajustada fue de $63.5M y el EPS ajustado fue de $1.01, un aumento del 8.5% interanual. El EBITDA ajustado fue de $120.0M en el 3T (+57.4%) y $475.6M para los nueve meses (+92.9%).
La dirección señaló sinergias favorables de la adquisición Marcum y emitiró un guidance para 2025: ingresos totales de $2.8B–$2.95B, tasa impositiva efectiva ~29%, acciones diluidas 64.5–65.0M, EPS GAAP $1.97–$2.02, EPS ajustado $3.60–$3.65, y EBITDA ajustado $450M–$456M. Una conferencia telefónica estaba programada para el 29 de octubre de 2025 a las 5:00 p.m. ET, con una reproducción en la web disponible en el sitio de inversionistas de la empresa.
CBIZ (NYSE:CBZ)는 2025년 제3분기 매출이 $693.8M로 전년동기 대비 58.1% 증가했고, 9개월 매출은 $2.215B로 63.7% 증가했다고 발표했습니다. 제3분기 GAAP 순이익은 $30.1M(GAAP 주당순이익 $0.48)으로 전년 대비 감소했으나, 조정 순이익은 $63.5M, 조정 주당순이익은 $1.01로 전년 대비 8.5% 증가했습니다. 조정 EBITDA는 3분기에 $120.0M(+57.4%), 9개월 합산은 $475.6M(+92.9%)입니다.
경영진은 Marcum 인수로 얻은 시너지를 언급했고 2025년 가이던스를 발표했습니다: 총매출 $2.8B–$2.95B, 실효세율 약 29%, 희석주식수 64.5–65.0M, GAAP EPS $1.97–$2.02, 조정 EPS $3.60–$3.65, 조정 EBITDA $450M–$456M. 2025년 10월 29일 동부표준시 5:00pm에 컨퍼런스콜이 예정되었으며 회사의 투자자 사이트에서 웹캐스트 재방송을 이용할 수 있습니다.
CBIZ (NYSE:CBZ) a enregistré au troisième trimestre 2025 un chiffre d'affaires de 693,8 M$, en hausse de 58,1% sur un an, et des revenus sur neuf mois de 2,215 Md$, en hausse de 63,7%. Le bénéfice net GAAP du troisième trimestre s'élève à 30,1 M$ (EPS GAAP 0,48$), en baisse par rapport à l'année précédente, tandis que le bénéfice net ajusté est de 63,5 M$ et l'EPS ajusté de 1,01$, en hausse de 8,5% sur un an. L'EBITDA ajusté est de 120,0 M$ au T3 (+57,4%) et 475,6 M$ sur neuf mois (+92,9%).
La direction a cité des synergies favorables liées à l'acquisition Marcum et a publié les prévisions 2025: revenus totaux 2,8–2,95 Md$, taux d'imposition effectif environ 29%, actions diluées 64,5–65,0 M, EPS GAAP 1,97–2,02$, EPS ajusté 3,60–3,65$, et EBITDA ajusté 450–456 M$. Une conférence téléphonique était prévue le 29 octobre 2025 à 17h00 ET, avec une rediffusion Web disponible sur le site investisseurs de l'entreprise.
CBIZ (NYSE:CBZ) meldete für das dritte Quartal 2025 einen Umsatz von $693,8 Mio., ein Anstieg um 58,1% gegenüber dem Vorjahr, und einen Umsatz für die ersten neun Monate von $2,215 Mrd., ein Anstieg um 63,7%. Der GAAP-Nettoertrag im Drittquartal betrug $30,1 Mio. (GAAP EPS $0,48) und lag damit gegenüber dem Vorjahr, während der bereinigte Nettogewinn $63,5 Mio. und der bereinigte EPS $1,01 betrugen, jeweils Zuwächse von 8,5% gegenüber dem Vorjahr. Der bereinigte EBITDA lag im Q3 bei $120,0 Mio. (+57,4%) und bei $475,6 Mio. für neun Monate (+92,9%).
Das Management verwies auf positive Synergien durch die Marcum-Übernahme und veröffentlichte die Guidance für 2025: Gesamtumsatz von $2,8–$2,95 Mrd., effektiver Steuersatz ca. 29%, verwässerte Aktien 64,5–65,0 Mio., GAAP EPS $1,97–$2,02, bereinigtes EPS $3,60–$3,65 und bereinigtes EBITDA $450–$456 Mio.. Eine Konferenzschaltung war für den 29. Oktober 2025 um 17:00 Uhr ET vorgesehen, mit einer Webcast-Wiederholung auf der Investorenseite des Unternehmens.
CBIZ (NYSE:CBZ) أبلغت عن إيرادات الربع الثالث من 2025 بلغت 693.8 مليون دولار، بارتفاع 58.1% على أساس سنوي، وإيرادات التسعة أشهر تبلغ 2.215 مليار دولار، بارتفاع 63.7%. كان صافي الدخل وفق مبادئ المحاسبة المقبولة عمومًا للربع الثالث 30.1 مليون دولار (ربحية السهم GAAP $0.48)، منخفضًا مقارنة بالعام الماضي، بينما كان صافي الدخل المعدل 63.5 مليون دولار وEPS المعدل $1.01، بارتفاع 8.5% على أساس سنوي. EBITDA المعدل كان $120.0 مليون في الربع الثالث (+57.4%) و$475.6 مليون للمدة التسعة أشهر (+92.9%).
أشار الإدارة إلى توافقات ناشئة من اندماج Marcum وأصدرت توجيهات 2025: إيرادات كلية $2.8B–$2.95B، معدل الضريبة الفعلي نحو 29%، الأسهم المُخفَّضة 64.5–65.0 مليون، EPS GAAP $1.97–$2.02، EPS المعدل $3.60–$3.65، وEBITDA المعدل $450M–$456M. تم جدولة اتصال هاتفي للمؤتمرات في 29 أكتوبر 2025 الساعة 5:00 مساءً بتوقيت شرق الولايات المتحدة مع إعادة بث عبر الويب متاح على موقع المستثمرين بالشركة.
CBIZ（NYSE:CBZ） 报告2025年第三季度收入为$693.8M，同比增长58.1%，九个月收入为$2.215B，同比增长63.7%。第三季度GAAP净利润为$30.1M（GAAP每股收益$0.48），较上年下降，而调整后净利润为$63.5M，调整后每股收益为$1.01，同比增长8.5%。第三季度调整后EBITDA为$120.0M（+57.4%），九个月调整后EBITDA为$475.6M（+92.9%）。
管理层提到Marcum并购带来的有利协同并发布了2025年的指引：总收入$2.8B–$2.95B，有效税率约29%，摊薄后股票数64.5–65.0M，GAAP每股收益$1.97–$2.02，调整后每股收益$3.60–$3.65，调整后EBITDA $450M–$456M。定于2025年10月29日东部时间17:00举行电话会议，投资者网站提供网络回放。
- Q3 revenue of $693.8M (+58.1% YoY)
- Nine-month revenue of $2.215B (+63.7% YoY)
- Q3 Adjusted EBITDA of $120.0M (+57.4% YoY)
- Nine-month Adjusted EBITDA of $475.6M (+92.9% YoY)
- Nine-month Adjusted EPS of $4.27 (+35.6% YoY)
- Q3 GAAP net income of $30.1M (down 14.1% YoY)
- Q3 GAAP diluted EPS $0.48 (down 31.4% YoY)
- 2025 Adjusted EBITDA guidance $450M–$456M below nine-month run-rate of $475.6M
Insights
Strong top-line and adjusted-profit expansion, mixed with weaker GAAP quarterly EPS.
CBIZ reported large revenue gains:
Adjusted profitability rose meaningfully: Q3 Adjusted EBITDA
The outlook provides concrete ranges: revenue
Acquisition appears accretive on adjusted metrics; near‑term GAAP dilution and guidance nuances warrant attention.
Management cites validation of the Marcum acquisition and "better than expected synergies." Adjusted net income and adjusted EPS improved versus prior year, supporting accretion on an adjusted basis: Q3 adjusted net income rose to
Risks and dependencies remain explicit in the results: Q3 GAAP EPS declined to
THIRD QUARTER HIGHLIGHTS:
- TOTAL REVENUE OF
$693.8M , UP58.1% - NET INCOME OF
$30.1M , DOWN14.1% ; GAAP EPS OF$0.48 , DOWN31.4% - ADJUSTED EBITDA OF
$120.0M , UP57.4% ; ADJUSTED DILUTED EPS OF$1.01 , UP8.5%
NINE MONTH HIGHLIGHTS:
- TOTAL REVENUE OF
$2.2B , UP63.7% - NET INCOME OF
$194.9M , UP47.9% ; GAAP EPS OF$3.06 , UP16.8% - ADJUSTED EBITDA OF
$475.6M , UP92.9% ; ADJUSTED DILUTED EPS OF$4.27 , UP35.6%
CLEVELAND, Oct. 29, 2025 (GLOBE NEWSWIRE) -- CBIZ, Inc., (NYSE: CBZ) (“CBIZ” or the “Company”), a leading national professional services advisor, today announced results for the third quarter ended September 30, 2025.
“We are pleased with our third quarter results, which were largely in line with our expectations. Our core, recurring essential businesses continued to perform well, and improved market conditions also resulted in improved growth within our non-recurring businesses,” said Jerry Grisko, CBIZ President and CEO.
“We are seeing strong validation of the Marcum acquisition, including better than expected synergies, and are well positioned to drive sustainable long-term growth as we bring our unique value proposition to our clients and prospects in the high-growth U.S. middle market."
For the third quarter of 2025, CBIZ recorded revenue of
Excluding acquisition-related integration expenses, amortization of intangible assets, and other non-recurring gains and losses, Adjusted net income was
For the nine months ended September 30, 2025, CBIZ recorded revenue of
For the nine months ended September 30, 2025, Adjusted net income was
2025 Outlook
The Company expects:
- Total revenue within a range of
$2.8 billion to$2.95 billion - Effective tax rate of approximately
29% - Weighted average fully diluted share count within a range of 64.5 to 65.0 million shares
- GAAP fully diluted earnings per share to be within a range of
$1.97 t o$2.02 - Adjusted fully diluted earnings per share within a range of
$3.60 t o$3.65 - Adjusted EBITDA within a range of
$450 million to$456 million
Conference Call
CBIZ will host a conference call today at 5 p.m. (ET) to discuss its third quarter financial results. The call will be webcast, and an archived replay will be available at https://cbiz.gcs-web.com/investor-overview. Participants can register for the conference call at https://dpregister.com/sreg/10203902/1002b28f89e.
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle-market businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers actionable insights to help clients anticipate what is next and discover new ways to accelerate growth. CBIZ has more than 10,000 team members across more than 160 locations in 22 major markets coast to coast. For more information, visit www.cbiz.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact included in this release, including, without limitation, our “2025 Outlook,” regarding our financial position, business strategy and plans and objectives for future performance are forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are commonly identified by the use of such terms and phrases as “will,” “could,” “can,” “may,” “strive,” “hope,” “intend,” “believe,” “estimate,” “continue,” “plan,” “expect,” “project,” “anticipate,” “outlook,” “foreseeable future,” “seek” and words or phrases of similar import in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated services, sales efforts, expenses, and financial results.
From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Any or all of our forward-looking statements in this release and in any other public statements that we make, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to: payments on accounts receivable may be slower than expected, or amounts due on receivables or notes may not be fully collectible; our business could be adversely affected if Marcum LLP (“Marcum”) does not perform to our expectations or we underestimate the liabilities we have assumed; we are dependent on the services of our executive officers, and other key employees, the loss of whom may have a material adverse effect on our business, financial condition and results of operations; restrictions imposed by independence requirements and conflict of interest rules, as well as the nature and terms of our current administrative service agreements, limit our ability to provide services to clients of the attest firms with which we have contractual relationships and the ability of such attest firms to provide attestation services to our clients; our goodwill and other intangible assets could become impaired, which could lead to material non-cash charges against earnings and a material impact on our results of operations and financial condition; certain liabilities resulting from acquisitions are estimated and could lead to a material impact on our results of operations; we may fail to realize the anticipated benefits of acquisitions, or they may prove disruptive and could result in the combined business failing to meet our expectations; recent Securities & Exchange Commission ("SEC") and Public Company Accounting Oversight Board sanctions against Marcum may adversely impact our performance and reputation; if we are unable to implement and maintain effective internal control over financial reporting following the acquisition of Marcum (the “Transaction”), we may fail to prevent or detect material misstatements in our financial statements, in which case investors could lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may decline; we may not be able to acquire and finance additional businesses, which could limit our ability to pursue our business strategy; we will incur transaction, integration, and restructuring costs in connection with our acquisition program; governmental regulations and interpretations are subject to changes, which could have a material adverse effect on our financial condition; continuing uncertainty in the current economic and geopolitical environment could lead to continuing softness in demand for certain of our services; changes in the United States healthcare environment, including new healthcare legislation, may adversely affect the revenue and margins in our healthcare benefit business; we are subject to risks relating to processing customer transactions for our payroll and other transaction processing businesses; cyberattacks or other security breaches involving our computer systems or the systems of one or more of our vendors could materially and adversely affect our business; we are subject to risk as it relates to software that we license from third parties; we are reliant on information processing systems and any failure or disruptions of these systems could have a material adverse effect on our business, financial condition and results of operations; we could be held liable for errors and omissions; the business services industry is competitive and fragmented, if we are unable to compete effectively, our business, financial condition and results of operations could be negatively impacted; given our levels of share-based compensation, our tax rate may vary significantly depending on our stock price; rapid technological changes could significantly impact our competitive position, client relationships and operating results and our ability to realize the anticipated benefits of the Transaction; climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs; the adverse impact of legislative and regulatory changes in the U.S. and globally, including as a result of the One Big Beautiful Bill Act, on the our tax rate, accounting practices, operations and results; the widespread outbreak of a communicable illness or any other public health crisis could adversely affect our business, financial condition and results of operations; we require a significant amount of cash for interest payments on our debt and to expand our business as planned; terms of our amended and restated credit agreement providing for
Such forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Should one or more of these risks materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or implied.
Consequently, no forward-looking statement can be guaranteed. A more detailed description of risk factors may be found in our periodic filings with the SEC, including in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024. All forward-looking statements made in this release are made only as of the date hereof, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised, however, to consult any further disclosures we make on related subjects in the current, quarterly, periodic and annual reports we file with the SEC.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (“EPS”), and Adjusted EBITDA, which are non-GAAP measures. These non-GAAP measures are adjusted to exclude the impact of the Transaction, integration costs, amortization of acquired intangible assets, and other significant non-operating related gains and losses management does not consider ongoing in nature.
The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making, and to evaluate results relative to employee compensation targets. We believe that these non-GAAP financial measures provide meaningful supplemental information to stockholders, debt holders, and other interested parties in assessing our performance. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance by excluding significant acquisition expenses, certain one-time non-recurring items, and gains and losses that management does not consider ongoing in nature. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key measures used by management in its financial and operational decision-making and (2) they are used by our stockholders and analyst community to determine the health of our business.
Management provides specific information regarding the GAAP amounts excluded from or included in these non-GAAP financial measures. Additionally, management provides reconciliations of these non-GAAP financial measures to their most comparable financial measures in accordance with GAAP. Please see the sections captioned “GAAP Reconciliation” within the Appendix for the reconciliations.
| CBIZ, INC. | |||||||||||||
| FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 | |||||||||||||
| (In thousands, except percentages and per share data) | |||||||||||||
| Three Months Ended September 30, | |||||||||||||
| 2025 | % | 2024 | % | ||||||||||
| Revenue | $ | 693,818 | 100.0 | % | $ | 438,884 | 100.0 | % | |||||
| Operating expenses(1) | 603,689 | 87.0 | 365,971 | 83.4 | |||||||||
| Gross margin | 90,129 | 13.0 | 72,913 | 16.6 | |||||||||
| Corporate general and administrative expenses(1) | 31,265 | 4.5 | 23,227 | 5.3 | |||||||||
| Operating income | 58,864 | 8.5 | 49,686 | 11.3 | |||||||||
| Other (expense) income: | |||||||||||||
| Interest expense | (27,960 | ) | (4.0 | ) | (4,968 | ) | (1.1 | ) | |||||
| Gain on sale of operations, net | 1,124 | 0.2 | 4,953 | 1.1 | |||||||||
| Other income, net(1) (2) | 8,378 | 1.2 | 1,300 | 0.3 | |||||||||
| Total other expense, net | (18,458 | ) | (2.7 | ) | 1,285 | 0.3 | |||||||
| Income before income tax expense | 40,406 | 5.8 | 50,971 | 11.6 | |||||||||
| Income tax expense | 10,260 | 15,887 | |||||||||||
| Net income | $ | 30,146 | 4.3 | % | $ | 35,084 | 8.0 | % | |||||
| Diluted earnings per share | $ | 0.48 | $ | 0.70 | |||||||||
| Diluted weighted average common shares outstanding | 62,699 | 50,401 | |||||||||||
| Other data: | |||||||||||||
| Adjusted EBITDA(3) | $ | 120,028 | 17.3 | % | $ | 76,256 | 17.4 | % | |||||
| Adjusted Diluted EPS(3) | $ | 1.01 | $ | 0.93 | |||||||||
| (1) | CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a rabbi trust and invested as directed by the employee. Income and expenses related to the deferred compensation plan are included in "Operating expenses" and "Corporate general and administrative expenses," and are directly offset by deferred compensation gains or losses in "Other income (expense), net." The deferred compensation plan has no impact on "Income before income tax expense." |
| Income and expenses related to the deferred compensation plan for the three months ended September 30, 2025, and 2024, are as follows (in thousands, except percentages): |
| Three Months Ended September 30, | |||||||||||
| 2025 | % of Revenue | 2024 | % of Revenue | ||||||||
| Operating expenses | $ | 7,847 | 1.1 | % | $ | 7,305 | 1.7 | % | |||
| Corporate general & administrative expenses | 1,076 | 0.2 | % | 1,064 | 0.2 | % | |||||
| Other income, net | 8,923 | 1.3 | % | 8,369 | 1.9 | % | |||||
| Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the three months ended September 30, 2025, and 2024, are as follows (in thousands, except percentages): |
| Three Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||
| As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | ||||||||||||||||||
| Gross margin | $ | 90,129 | $ | 7,847 | $ | 97,976 | 14.1 | % | $ | 72,913 | $ | 7,305 | $ | 80,218 | 18.3 | % | |||||||||
| Operating income | 58,864 | 8,923 | 67,787 | 9.8 | % | 49,686 | 8,369 | 58,055 | 13.2 | % | |||||||||||||||
| Other income, net | 8,378 | (8,923 | ) | (545 | ) | (0.1 | )% | 1,300 | (8,369 | ) | (7,069 | ) | (1.6 | )% | |||||||||||
| Income before income tax expense | 40,406 | — | 40,406 | 5.8 | % | 50,971 | — | 50,971 | 11.6 | % | |||||||||||||||
| (2) | Included in "Other income, net" for the three months ended September 30, 2025, and 2024, is expense of |
| (3) | Refer to the schedules reconciling Adjusted Diluted EPS and Adjusted EBITDA to the most directly comparable GAAP financial measures at the end of this release, and for additional information as to the usefulness of the non-GAAP financial measures to stockholders and investors. |
| CBIZ, INC. | ||||||||||||||
| FINANCIAL HIGHLIGHTS (UNAUDITED) | ||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 | ||||||||||||||
| (In thousands, except percentages and per share data) | ||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||
| 2025 | % | 2024 | % | |||||||||||
| Revenue | $ | 2,215,328 | 100.0 | % | $ | 1,353,193 | 100.0 | % | ||||||
| Operating expenses(1) | 1,809,188 | 81.7 | 1,108,824 | 81.9 | ||||||||||
| Gross margin | 406,140 | 18.3 | 244,369 | 18.1 | ||||||||||
| Corporate general and administrative expenses(1) | 86,972 | 3.9 | 63,988 | 4.7 | ||||||||||
| Operating income | 319,168 | 14.4 | 180,381 | 13.4 | ||||||||||
| Other (expense) income: | ||||||||||||||
| Interest expense | (80,983 | ) | (3.7 | ) | (15,363 | ) | (1.1 | ) | ||||||
| Gain on sale of operations, net | 1,124 | 0.1 | 4,953 | 0.4 | ||||||||||
| Other income, net(1) (2) | 31,786 | 1.4 | 13,207 | 1.0 | ||||||||||
| Total other (expense) income, net | (48,073 | ) | (2.2 | ) | 2,797 | 0.3 | ||||||||
| Income before income tax expense | 271,095 | 12.2 | 183,178 | 13.7 | ||||||||||
| Income tax expense | 76,234 | 51,417 | ||||||||||||
| Net income | $ | 194,861 | 8.8 | % | $ | 131,761 | 9.7 | % | ||||||
| Diluted earnings per share | $ | 3.06 | $ | 2.62 | ||||||||||
| Diluted weighted average common shares outstanding | 63,609 | 50,359 | ||||||||||||
| Other data: | ||||||||||||||
| Adjusted EBITDA(3) | $ | 475,597 | 21.5 | % | $ | 246,491 | 18.2 | % | ||||||
| Adjusted Diluted EPS(3) | $ | 4.27 | $ | 3.15 | ||||||||||
| (1) | CBIZ sponsors a deferred compensation plan, under which a CBIZ employee's compensation deferral is held in a rabbi trust and invested as directed by the employee. Income and expenses related to the deferred compensation plan are included in "Operating expenses" and "Corporate general and administrative expenses," and are directly offset by deferred compensation gains or losses in "Other income (expense), net." The deferred compensation plan has no impact on "Income before income tax expense." |
| Income and expenses related to the deferred compensation plan for the nine months ended September 30, 2025, and 2024, are as follows (in thousands, except percentages): |
| Nine Months Ended September 30, | |||||||||||
| 2025 | % of Revenue | 2024 | % of Revenue | ||||||||
| Operating expenses | $ | 17,132 | 0.8 | % | $ | 18,164 | 1.3 | % | |||
| Corporate general and administrative expenses | 2,415 | 0.1 | % | 2,444 | 0.2 | % | |||||
| Other income, net | 19,547 | 0.9 | % | 20,608 | 1.5 | % | |||||
| Excluding the impact of the above-mentioned income and expenses related to the deferred compensation plan, the operating results for the nine months ended September 30, 2025, and 2024, are as follows (in thousands, except percentages): |
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | As Reported | Deferred Compensation Plan | Adjusted | % of Revenue | |||||||||||||||||
| Gross margin | $ | 406,140 | $ | 17,132 | $ | 423,272 | 19.1 | % | $ | 244,369 | $ | 18,164 | $ | 262,533 | 19.4 | % | ||||||||
| Operating income | 319,168 | 19,547 | 338,715 | 15.3 | % | 180,381 | 20,608 | 200,989 | 14.9 | % | ||||||||||||||
| Other income, net | 31,786 | (19,547 | ) | 12,239 | 0.6 | % | 13,207 | (20,608 | ) | (7,401 | ) | (0.5 | )% | |||||||||||
| Income before income tax expense | 271,095 | — | 271,095 | 12.2 | % | 183,178 | — | 183,178 | 13.5 | % | ||||||||||||||
| (2) | Included in "Other income, net" for the nine months ended September 30, 2025, and 2024, is expense of |
| (3) | Refer to the schedules reconciling Adjusted Diluted EPS and Adjusted EBITDA to the most directly comparable GAAP financial measures at the end of this release and for additional information as to the usefulness of the non-GAAP financial measures to stockholders and investors. |
| CBIZ, INC. | |||||||||||||||
| FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||
| SELECT SEGMENT DATA | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Financial Services | $ | 578,522 | $ | 322,295 | $ | 1,862,002 | $ | 1,004,158 | |||||||
| Benefits and Insurance Services | 103,387 | 104,040 | 318,292 | 309,867 | |||||||||||
| National Practices | 11,909 | 12,549 | 35,034 | 39,168 | |||||||||||
| Total Revenue | $ | 693,818 | $ | 438,884 | $ | 2,215,328 | $ | 1,353,193 | |||||||
| Gross Margin | |||||||||||||||
| Financial Services | $ | 94,681 | $ | 61,656 | $ | 383,210 | $ | 215,149 | |||||||
| Benefits and Insurance Services | 19,305 | 21,075 | 64,845 | 60,022 | |||||||||||
| National Practices | 1,224 | 1,448 | 3,603 | 4,106 | |||||||||||
| Operating expenses - unallocated(1): | |||||||||||||||
| Other expense | (17,234 | ) | (3,961 | ) | (28,386 | ) | (16,744 | ) | |||||||
| Deferred compensation | (7,847 | ) | (7,305 | ) | (17,132 | ) | (18,164 | ) | |||||||
| Total Gross Margin | $ | 90,129 | $ | 72,913 | $ | 406,140 | $ | 244,369 | |||||||
| As a % of Revenue | 13.0 | % | 16.6 | % | 18.3 | % | 18.1 | % | |||||||
| (1) | Represents operating expenses not directly allocated to individual businesses, including stock-based compensation, consolidation and integration charges, and certain advertising expenses. "Operating expenses - unallocated" also includes gains or losses attributable to the assets held in a rabbi trust associated with the Company's deferred compensation plan. These gains or losses do not impact "Income before income tax expense" as they are directly offset by the same adjustment to "Other income (expense), net" in the Consolidated Statements of Comprehensive Income. Net gains or losses recognized from adjustments to the fair value of the assets held in the rabbi trust are recorded as compensation expense (income) in "Operating expenses" and “Corporate, general and administrative expenses,” and offset in "Other income (expense), net." |
| CBIZ, INC. | |||||||
| SELECT CASH FLOW DATA (UNAUDITED) | |||||||
| (In thousands) | |||||||
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Net income | $ | 194,861 | $ | 131,761 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Gain on sale of operations, net | (1,124 | ) | (4,953 | ) | |||
| Depreciation and amortization expense | 74,313 | 28,593 | |||||
| Bad debt expense, net of recoveries | 3,216 | 2,099 | |||||
| Adjustments to contingent earnout liability, net | 1,984 | 6,340 | |||||
| Stock-based compensation expense | 19,572 | 7,431 | |||||
| Other noncash adjustments | 14,071 | 5,276 | |||||
| Net income, after adjustments to reconcile net income to net cash provided by operating activities | 306,893 | 176,547 | |||||
| Changes in assets and liabilities, net of acquisitions and divestitures | (258,047 | ) | (108,379 | ) | |||
| Net cash provided by operating activities | 48,846 | 68,168 | |||||
| Net cash used in investing activities | (16,913 | ) | (24,911 | ) | |||
| Net cash used in financing activities | (75,233 | ) | (85,222 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | (43,300 | ) | (41,965 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of year | $ | 187,170 | $ | 157,148 | |||
| Cash, cash equivalents and restricted cash at end of period | $ | 143,870 | $ | 115,183 | |||
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet: | |||||||
| Cash and cash equivalents | $ | 16,969 | $ | 1,076 | |||
| Restricted cash | 44,455 | 43,104 | |||||
| Cash equivalents included in funds held for clients | 82,446 | 71,003 | |||||
| Total cash, cash equivalents and restricted cash | $ | 143,870 | $ | 115,183 | |||
| CBIZ, INC. | |||||||
| SELECT FINANCIAL DATA AND RATIOS (UNAUDITED) | |||||||
| (In thousands, except percentages, DSO, and per share data) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Cash and cash equivalents | $ | 16,969 | $ | 13,826 | |||
| Restricted cash | 44,455 | 38,661 | |||||
| Accounts receivable, net | 719,554 | 534,858 | |||||
| Other current assets | 96,655 | 72,528 | |||||
| Current assets before funds held for clients | 877,633 | 659,873 | |||||
| Funds held for clients | 127,782 | 175,853 | |||||
| Goodwill and other intangible assets, net | 2,885,727 | 2,945,470 | |||||
| Total assets | 4,545,144 | 4,470,883 | |||||
| Current liabilities before client fund obligations, excluding short-term debt | 447,846 | 463,697 | |||||
| Client fund obligations | 127,590 | 175,928 | |||||
| Total short-term debt, net | 66,323 | 66,177 | |||||
| Total long-term debt, net | 1,502,639 | 1,333,755 | |||||
| Total liabilities | 2,673,345 | 2,690,900 | |||||
| Treasury stock | (1,046,152 | ) | (910,601 | ) | |||
| Total stockholders' equity | 1,871,799 | 1,779,983 | |||||
| Debt to equity | 83.8 | % | 78.6 | % | |||
| Days sales outstanding (DSO)(1) | 94 | 73 | |||||
| Shares outstanding | 54,104 | 50,198 | |||||
| Basic weighted average common shares outstanding | 62,360 | 52,375 | |||||
| Diluted weighted average common shares outstanding | 62,699 | 52,661 | |||||
| (1) | DSO is provided for continuing operations and represents accounts receivable, net, at the end of the period, divided by trailing twelve-months daily revenue. The Company has included DSO data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company's ability to collect on receivables in a timely manner. DSO should not be regarded as an alternative or replacement to any measurement of performance under GAAP. DSO on September 30, 2024, was 97. |
| CBIZ, INC. | |||||||||||||||||||||||
| GAAP RECONCILIATION | |||||||||||||||||||||||
| Net Income (Loss) and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income (Loss), Adjusted Diluted EPS and Adjusted EBITDA(1) | |||||||||||||||||||||||
| (Unaudited. Amounts in thousands, except per share data) | |||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Corporate & Other | Consolidated | EPS | ||||||||||||||||||
| Net income (loss) | $ | 94,062 | $ | 19,347 | $ | 2,348 | $ | (85,611 | ) | $ | 30,146 | $ | 0.48 | ||||||||||
| Adjustments: | |||||||||||||||||||||||
| Integration costs related to acquisitions(2) | 10,340 | 228 | — | 18,071 | 28,639 | 0.47 | |||||||||||||||||
| Amortization of acquired intangible assets | 17,090 | 1,658 | — | — | 18,748 | 0.30 | |||||||||||||||||
| Litigation gain, net(3) | — | — | — | (293 | ) | (293 | ) | — | |||||||||||||||
| Gain on sale of operations, net | — | — | (1,124 | ) | — | (1,124 | ) | (0.02 | ) | ||||||||||||||
| Income tax effect related to adjustments | — | — | — | (12,635 | ) | (12,635 | ) | (0.22 | ) | ||||||||||||||
| Adjusted net income (loss) | $ | 121,492 | $ | 21,233 | $ | 1,224 | $ | (80,468 | ) | $ | 63,481 | $ | 1.01 | ||||||||||
| Interest expense | — | — | — | 27,960 | 27,960 | ||||||||||||||||||
| Income tax expense | — | — | — | 10,260 | 10,260 | ||||||||||||||||||
| Tax effect related to the adjustments above | — | — | — | 12,635 | 12,635 | ||||||||||||||||||
| Depreciation(4) | 4,014 | 525 | 1 | 1,152 | 5,692 | ||||||||||||||||||
| Adjusted EBITDA | $ | 125,506 | $ | 21,758 | $ | 1,225 | $ | (28,461 | ) | $ | 120,028 | ||||||||||||
| As a % of Revenue | 21.7 | % | 21.0 | % | 10.3 | % | N/A | 17.3 | % | ||||||||||||||
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Corporate & Other | Consolidated | EPS | ||||||||||||||||||
| Net income (loss) | $ | 61,671 | $ | 21,077 | $ | 6,401 | $ | (54,065 | ) | $ | 35,084 | $ | 0.70 | ||||||||||
| Adjustments: | |||||||||||||||||||||||
| Integration costs related to acquisitions(2) | (21 | ) | — | — | 368 | 347 | 0.01 | ||||||||||||||||
| Transaction costs(5) | 42 | — | — | 14,752 | 14,794 | 0.29 | |||||||||||||||||
| Amortization of acquired intangible assets | 4,019 | 2,036 | — | 6,055 | 0.12 | ||||||||||||||||||
| Litigation costs(3) | — | — | — | 543 | 543 | 0.01 | |||||||||||||||||
| Gain on sale of operations, net | — | — | (4,953 | ) | — | (4,953 | ) | (0.10 | ) | ||||||||||||||
| Income tax effect related to adjustments | — | — | — | (4,957 | ) | (4,957 | ) | (0.10 | ) | ||||||||||||||
| Adjusted net income (loss) | $ | 65,711 | $ | 23,113 | $ | 1,448 | $ | (43,359 | ) | $ | 46,913 | $ | 0.93 | ||||||||||
| Interest expense | — | — | — | 4,968 | 4,968 | ||||||||||||||||||
| Income tax expense | — | — | — | 15,887 | 15,887 | ||||||||||||||||||
| Tax effect related to the adjustments above | — | — | — | 4,957 | 4,957 | ||||||||||||||||||
| Depreciation | 1,829 | 568 | 6 | 1,128 | 3,531 | ||||||||||||||||||
| Adjusted EBITDA | 67,540 | 23,681 | 1,454 | (16,419 | ) | $ | 76,256 | ||||||||||||||||
| As a % of Revenue | 21.0 | % | 22.8 | % | 11.6 | % | N/A | 17.4 | % | ||||||||||||||
| (1) | This table reconciles Adjusted net income (loss), Adjusted diluted EPS, and Adjusted EBITDA to the most directly comparable GAAP financial measures. Adjusted net income (loss), Adjusted diluted EPS, and Adjusted EBITDA exclude the impact of the Transaction and other significant non-operating related gains and losses that management does not consider on-going in nature. Please refer to the 'Non-GAAP Financial Measures' section for further management discussion. |
| (2) | These costs include, but are not limited to, certain consulting, technology, personnel, as well as other integration costs related to acquisitions. Amounts reported for 2025 relate to the costs associated with the Transaction, and amounts reported in 2024 relate to the costs associated with the acquisitions of Erickson, Brown & Kloster, LLC and CompuData, Inc. |
| (3) | During the three months ended September 30, 2025, the Company recorded a |
| (4) | Depreciation expense reported for 2025 excluded |
| (5) | These costs include, but are not limited to, certain non-recurring legal and other professional service costs incurred in connection with the announced purchase of Marcum during the three months ended September 30, 2024. |
| CBIZ, INC. | |||||||||||||||||||||||
| GAAP RECONCILIATION | |||||||||||||||||||||||
| Net Income (Loss) and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income (Loss), Adjusted Diluted EPS and Adjusted EBITDA(1) | |||||||||||||||||||||||
| (Unaudited. Amounts in thousands, except per share data) | |||||||||||||||||||||||
| Nine months ended September 30, 2025 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Corporate & Other | Consolidated | EPS | ||||||||||||||||||
| Net income (loss) | $ | 382,750 | $ | 65,260 | $ | 4,727 | $ | (257,876 | ) | $ | 194,861 | $ | 3.06 | ||||||||||
| Adjustments: | |||||||||||||||||||||||
| Integration costs related to acquisitions(2) | 17,840 | 609 | — | 45,045 | 63,494 | 1.00 | |||||||||||||||||
| Amortization of acquired intangible assets | 51,071 | 5,133 | — | — | 56,204 | 0.88 | |||||||||||||||||
| Litigation gain, net(3) | — | — | — | (11,356 | ) | (11,356 | ) | (0.18 | ) | ||||||||||||||
| Gain on sale of operations, net | — | — | (1,124 | ) | — | (1,124 | ) | (0.02 | ) | ||||||||||||||
| Income tax effect related to adjustments | — | — | — | (30,151 | ) | (30,151 | ) | (0.47 | ) | ||||||||||||||
| Adjusted net income (loss) | $ | 451,661 | $ | 71,002 | $ | 3,603 | $ | (254,338 | ) | $ | 271,928 | $ | 4.27 | ||||||||||
| Interest expense | — | — | — | 80,983 | 80,983 | ||||||||||||||||||
| Income tax expense | — | — | — | 76,234 | 76,234 | ||||||||||||||||||
| Tax effect related to the adjustments above | — | — | — | 30,151 | 30,151 | ||||||||||||||||||
| Depreciation(4) | 11,360 | 1,608 | 4 | 3,329 | 16,301 | ||||||||||||||||||
| Adjusted EBITDA | $ | 463,021 | $ | 72,610 | $ | 3,607 | $ | (63,641 | ) | $ | 475,597 | ||||||||||||
| As a % of Revenue | 24.9 | % | 22.8 | % | 10.3 | % | N/A | 21.5 | % | ||||||||||||||
| Nine months ended September 30, 2024 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Corporate & Other | Consolidated | EPS | ||||||||||||||||||
| Net income (loss) | $ | 215,378 | $ | 60,111 | $ | 9,055 | $ | (152,783 | ) | $ | 131,761 | $ | 2.62 | ||||||||||
| Adjustments: | |||||||||||||||||||||||
| Integration costs related to acquisitions(2) | 236 | 169 | — | 854 | 1,259 | 0.03 | |||||||||||||||||
| Transaction costs(5) | 42 | — | — | 21,403 | 21,445 | 0.43 | |||||||||||||||||
| Amortization of acquired intangible assets | 11,935 | 6,083 | — | 1 | 18,019 | 0.36 | |||||||||||||||||
| Facility optimization costs(6) | — | — | — | 340 | 340 | 0.01 | |||||||||||||||||
| Gain on sale of operations, net | — | — | (4,953 | ) | — | (4,953 | ) | (0.10 | ) | ||||||||||||||
| Litigation costs(3) | — | — | — | 1,266 | 1,266 | 0.03 | |||||||||||||||||
| Income tax effect related to adjustments | — | — | — | (10,491 | ) | (10,491 | ) | (0.23 | ) | ||||||||||||||
| Adjusted net income (loss) | $ | 227,591 | $ | 66,363 | $ | 4,102 | $ | (139,410 | ) | $ | 158,646 | $ | 3.15 | ||||||||||
| Interest expense | — | — | — | 15,363 | 15,363 | ||||||||||||||||||
| Income tax expense | — | — | — | 51,417 | 51,417 | ||||||||||||||||||
| Tax effect related to the adjustments above | — | — | — | 10,491 | 10,491 | ||||||||||||||||||
| Depreciation | 5,410 | 1,716 | 24 | 3,424 | 10,574 | ||||||||||||||||||
| Adjusted EBITDA | 233,001 | 68,079 | 4,126 | (58,715 | ) | 246,491 | |||||||||||||||||
| As a % of Revenue | 23.2 | % | 22.0 | % | 10.5 | % | N/A | 18.2 | % | ||||||||||||||
| (1) | This table reconciles Adjusted net income (loss), Adjusted diluted EPS, and Adjusted EBITDA to the most directly comparable GAAP financial measures. Adjusted net income (loss), Adjusted diluted EPS, and Adjusted EBITDA exclude the impact of the Transaction and other significant non-operating related gains and losses that management does not consider on-going in nature. Please refer to the 'Non-GAAP Financial Measures' section for further management discussion. |
| (2) | These costs include, but are not limited to, certain consulting, technology, personnel, as well as other integration costs related to acquisitions. Amounts reported for 2025 relate to the costs associated with the Transaction, and amounts reported in 2024 relate to the costs associated with the acquisitions of Erickson, Brown & Kloster, LLC and CompuData, Inc. |
| (3) | During the nine months ended September 30, 2025, the Company recorded a gain of |
| (4) | Depreciation expense reported for 2025 excluded |
| (5) | These costs include, but are not limited to, certain non-recurring legal and other professional service costs incurred in connection with the announced purchase of Marcum during the nine months ended September 30, 2024. |
| (6) | These costs related to incremental non-recurring lease expenses incurred as a result of CBIZ's real estate optimization efforts. |
| CBIZ, INC. | |||||||||||||||
| GAAP RECONCILIATION | |||||||||||||||
| Full Year 2025 Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA Guidance | |||||||||||||||
| Full Year 2025 Guidance | |||||||||||||||
| (Amounts in millions except per share data) | |||||||||||||||
| Low | High | ||||||||||||||
| Amounts | EPS | Amounts | EPS | ||||||||||||
| GAAP Net Income | $ | 127.9 | $ | 1.97 | $ | 131.1 | $ | 2.02 | |||||||
| Amortization of acquired intangible assets(1) | 75.1 | 1.15 | 75.1 | 1.15 | |||||||||||
| Integration costs related to acquisitions(2) | 75.0 | 1.15 | 75.0 | 1.15 | |||||||||||
| Income tax effect related to adjustments | (43.5 | ) | (0.67 | ) | (43.5 | ) | (0.67 | ) | |||||||
| Adjusted Net Income | $ | 234.5 | $ | 3.60 | $ | 237.7 | $ | 3.65 | |||||||
| Depreciation | 22.1 | 22.1 | |||||||||||||
| Interest expense | 99.3 | 99.3 | |||||||||||||
| Income tax expense included the tax effect related to the adjustments above | 94.5 | 97.1 | |||||||||||||
| Adjusted EBITDA | $ | 450.4 | $ | 456.2 | |||||||||||
| (1) | These costs represent the amortization of the intangible assets, such as client lists, recognized as a result of applying Accounting Standards Codification Topic 850, Business Combinations. The amount of amortization expense recorded in each period is significantly affected by the size and timing of our acquisitions. |
| (2) | These costs include, but are not limited to, certain consulting, technology, personnel, as well as other operating and general administrative costs associated with the integration of the Marcum business. |
Contacts:
Media: Amy McGahan, Director of Corporate & Strategic Communications, amy.mcgahan@cbiz.com
Investor Relations: Lori Novickis, Director, Corporate Relations, lnovickis@cbiz.com
CBIZ, Inc., Cleveland, Ohio, (216) 447-9000
FAQ
What was CBZ (CBZ) total revenue for Q3 2025?
How did CBZ's Marcum acquisition affect Q3 2025 results for CBZ (CBZ)?
What full-year 2025 revenue guidance did CBZ (CBZ) provide on Oct 29, 2025?
What are CBZ's 2025 EPS and Adjusted EBITDA guidance ranges?
When and where was CBZ's Q3 2025 earnings call held?
