--- title: "CBIZ | 10-K: FY2025 Revenue Beats Estimate at USD 2.758 T" type: "News" locale: "en" url: "https://longbridge.com/en/news/277055112.md" datetime: "2026-02-26T14:08:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277055112.md) - [en](https://longbridge.com/en/news/277055112.md) - [zh-HK](https://longbridge.com/zh-HK/news/277055112.md) --- # CBIZ | 10-K: FY2025 Revenue Beats Estimate at USD 2.758 T Revenue: As of FY2025, the actual value is USD 2.758 T, beating the estimate of USD 2.793 B. EPS: As of FY2025, the actual value is USD 1.83, missing the estimate of USD 1.928. EBIT: As of FY2025, the actual value is USD 268.05 B. #### Consolidated Financial Performance - **Net Income**: - 2025: $115,444 thousand - 2024: $41,038 thousand - 2023: $120,968 thousand - **Operating Expenses**: - 2025: $2,402,598 thousand (87.1% of revenue) - 2024: $1,631,003 thousand (89.9% of revenue) - Excluding non-qualified deferred compensation plan (NQDCP) impact: - 2025: $2,382,282 thousand (86.4% of revenue) - 2024: $1,612,227 thousand (88.9% of revenue) - **Gross Margin**: - 2025: $355,393 thousand - 2024: $182,469 thousand - 2023: $223,204 thousand - Excluding NQDCP impact: - 2025: $375,709 thousand (13.6% of revenue) - 2024: $201,245 thousand (11.1% of revenue) - **Operating Income**: - 2025: $234,010 thousand - 2024: $73,716 thousand - 2023: $165,239 thousand - Excluding NQDCP impact: - 2025: $257,306 thousand (9.3% of revenue) - 2024: $94,859 thousand (5.2% of revenue) - **Corporate General & Administrative (G&A) Expenses**: - 2025: $121,383 thousand (4.4% of revenue) - 2024: $108,753 thousand (6.0% of revenue) - Excluding NQDCP impact: - 2025: $118,403 thousand (4.3% of revenue) - 2024: $106,386 thousand (5.9% of revenue) - **Interest Expense**: - 2025: -$107,215 thousand - 2024: -$34,379 thousand - 2023: -$20,131 thousand - **Gain on Sale of Operations, net**: - 2025: $711 thousand - 2024: $4,932 thousand - 2023: $176 thousand - **Other Income, net**: - 2025: $33,329 thousand - 2024: $13,538 thousand - 2023: $21,019 thousand - Excluding NQDCP impact: - 2025: $10,033 thousand (0.4% of revenue) - 2024: -$7,605 thousand (-0.4% of revenue) - **Income Before Income Tax Expense**: - 2025: $160,835 thousand - 2024: $57,807 thousand - 2023: $166,303 thousand - Excluding NQDCP impact: - 2025: $115,444 thousand (4.2% of revenue) - 2024: $57,807 thousand (3.2% of revenue) - **Income Tax Expense**: - 2025: $45,391 thousand (28.2% effective tax rate) - 2024: $16,769 thousand (29.0% effective tax rate) - 2023: $45,335 thousand (27.3% effective tax rate) #### Financial Services Segment - **Revenue**: - 2025: $2,301,462 thousand (83.4% of total CBIZ revenue), a 68.9% increase from 2024 - 2024: $1,362,539 thousand (75.1% of total CBIZ revenue) - 2023: $1,160,686 thousand (73.0% of total CBIZ revenue) - The increase in 2025 was driven by the Marcum LLP acquisition, with traditional accounting and tax-related services increasing by $796.9 million, advisory services by $94.0 million, national technology services by $46.1 million, and government healthcare consulting services by $1.9 million . - **Fees Earned under Administrative Service Agreements (ASAs)**: - 2025: $651.2 million - 2024: $306.5 million - 2023: $259.6 million - **Operating Expenses**: - 2025: $1,964,869 thousand, a 61.9% increase from 2024 - 2024: $1,213,621 thousand - Operating expense as a percentage of revenue: - 2025: 85.4% - 2024: 89.1% - **Gross Margin / Operating Income**: - 2025: $336,593 thousand, a 126.0% increase from 2024 - 2024: $148,918 thousand - **Gross Margin Percentage**: - 2025: 14.6% - 2024: 10.9% - **Income Before Income Tax Expense**: - 2025: $334,614 thousand, a 123.8% increase from 2024 - 2024: $149,540 thousand #### Benefits and Insurance Services Segment - **Revenue**: - 2025: $409,633 thousand (14.9% of total CBIZ revenue), a 2.1% increase from 2024 - 2024: $401,048 thousand (22.1% of total CBIZ revenue) - 2023: $382,605 thousand (24.0% of total CBIZ revenue) - The increase in 2025 was primarily due to an $11.2 million increase in employee benefit and retirement benefit services and a $6.1 million increase from payroll and human capital related services, partially offset by an $8.7 million decrease in property and casualty services . - **Operating Expenses**: - 2025: $334,696 thousand, a 2.0% increase from 2024 - 2024: $328,272 thousand - Operating expense as a percentage of revenue: - 2025: 81.7% - 2024: 81.9% - **Gross Margin / Operating Income**: - 2025: $74,937 thousand, a 3.0% increase from 2024 - 2024: $72,776 thousand - **Gross Margin Percentage**: - 2025: 18.3% - 2024: 18.1% - **Income Before Income Tax Expense**: - 2025: $76,073 thousand, a 4.3% increase from 2024 - 2024: $72,925 thousand #### National Practices Segment - **Revenue**: - 2025: $46,896 thousand (1.7% of total CBIZ revenue), a -6.0% decrease from 2024 - 2024: $49,885 thousand (2.8% of total CBIZ revenue) - 2023: $47,903 thousand (3.0% of total CBIZ revenue) - The decrease in revenue and operating expenses was attributed to the sale of CBIZ KA Consulting Services, LLC in 2024 . - **Operating Expenses**: - 2025: $42,033 thousand, a -5.8% decrease from 2024 - 2024: $44,625 thousand - Operating expense as a percentage of revenue: - 2025: 89.6% - 2024: 89.4% - **Gross Margin / Operating Income**: - 2025: $4,863 thousand, a -7.5% decrease from 2024 - 2024: $5,260 thousand - **Gross Margin Percentage**: - 2025: 10.4% - 2024: 10.5% - **Income Before Income Tax Expense**: - 2025: $5,988 thousand, a -41.2% decrease from 2024 - 2024: $10,189 thousand #### Cash Flow and Capital Resources - **Net Cash Provided by Operating Activities**: - 2025: $192,485 thousand - 2024: $123,692 thousand - 2023: $153,507 thousand - **Net Cash Used in Investing Activities**: - 2025: -$15,853 thousand - 2024: -$1,129,283 thousand - 2023: -$79,393 thousand - **Net Cash Provided by (Used in) Financing Activities**: - 2025: -$145,712 thousand - 2024: $1,035,613 thousand - 2023: -$77,111 thousand - **Bank Debt**: - 2025: $1,472,400 thousand - 2024: $1,420,900 thousand - **Stockholders’ Equity**: - 2025: $1,762,067 thousand - 2024: $1,779,983 thousand - **Total Capital**: - 2025: $3,234,467 thousand - 2024: $3,200,883 thousand - **Weighted Average Blended Interest Rate (2024 Credit Facilities)**: - 2025: 6.56% (range 3.54% - 6.84%) - 2024: 6.00% (range 1.93% - 6.84%) - **Available Funds under 2024 Credit Facilities**: - 2025: Approximately $415.5 million - **Days Sales Outstanding (DSO)**: - 2025: 71 days - 2024: 73 days #### Unique Metrics - **Goodwill and Other Intangible Assets, net**: - 2025: $2,869,790 thousand - 2024: $2,945,470 thousand - Goodwill at December 31, 2025: $2,329,799 thousand - **Amortization expense for client lists and other intangible assets**: - 2025: $74.9 million - 2024: $32.7 million - 2023: $23.8 million - **Share Repurchases (under Share Repurchase Program)**: - 2025: 1.5 million shares for $109.1 million (under ROFR Agreement) and 0.9 million shares for $50.9 million (open market) - 2024: No open market repurchases - **Shares Repurchased for Tax Withholding**: - 2025: 0.1 million shares for $7.8 million - 2024: 0.2 million shares for $11.5 million - **Contingent Purchase Price Liabilities**: - 2025: -$40,248 thousand - 2024: -$96,967 thousand - **Net expense from change in fair value of contingent purchase price liabilities**: - 2025: $2.6 million - 2024: $7.0 million - 2023: $2.7 million - **Interest Rate Swaps (notional value)**: - 2025: $500.0 million #### Outlook / Guidance \[CBIZ 公司\]’s primary objective is to fund organic growth acceleration and meet working capital needs, including investments in client service delivery and emerging technology . Following the completion of the Transaction, the company’s second priority is to pay down debt to be within a net leverage ratio range of 2.0x and 2.5x over time . \[CBIZ 公司\] also plans to continue making strategic acquisitions and considers share repurchases a prudent use of financial resources . ### Related Stocks - [CBZ.US](https://longbridge.com/en/quote/CBZ.US.md) ## Related News & Research - [CBIZ Elevates Peter Scavuzzo to Oversee Unified Technology Organization | CBZ Stock News](https://longbridge.com/en/news/282711452.md) - [CBIZ Insider Sale: Trust Move or Warning Sign?](https://longbridge.com/en/news/279183948.md) - [Is Kawasaki Heavy Industries’ (TSE:7012) Stock Split a Shift in Its Long-Term Equity Strategy?](https://longbridge.com/en/news/282423634.md) - [Sonoco Products declares $0.54 dividend](https://longbridge.com/en/news/282891233.md) - [Honeywell International Earnings Preview: What to Expect](https://longbridge.com/en/news/282458125.md)