Short answer
CBIZ, Inc. (CBZ) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $2.8B (+52.1% year over year) and net income of $115M.
- Top risk flagged: Regulatory risk: Independence and attestation service restrictions under Sarbanes-Oxley, SEC, and PCAOB rules limiting services to SEC-reporting attest clients, with CBIZ CPAs now subject to PCAOB inspection
FY2025 key financial metrics · XBRL
- Revenue
- $2.8B
- +52.1% YoY
- Net income
- $115M
- +181.3% YoY
- Operating margin
- 8.5%
- +4.4 pp YoY
- Gross margin
- 12.9%
- +2.8 pp YoY
- EPS (diluted)
- $1.83
- +134.6% YoY
- ROE
- 6.6%
- +4.2 pp YoY
- Operating cash flow
- $192M
- +55.6% YoY
Source: XBRL data from the CBIZ, Inc. (CBZ) FY2025 10-K on SEC EDGAR. USD.
CBIZ, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Multi-disciplinary professional services advisor offering accounting, tax, advisory, benefits, insurance, and technology solutions to middle-market businesses
- Increased Financial Services revenue to $2.30B (83.4% of total), up from $1.36B in 2024, driven by strategic acquisitions and expanded CPA firm partnerships
- Human capital focus with 9,500+ employees across 140+ locations, 2025 award recognition includes 120 workplace awards highlighting culture and talent retention
- Maintains ASAs with four CPA firms including CBIZ CPAs (421 stockholders) and MSLC (43 equity members), consolidating variable interest entities for accounting purposes
- Completed one immaterial acquisition in Q4 2025 continuing growth by acquisition strategy targeting geographic expansion and service expertise
Management Discussion & Analysis
- Revenue $2,758.0M in 2025, up 52.1% ($944.5M) YoY; Financial Services best growth, up 68.9% to $2,301.5M; National Practices down 6.0% to $46.9M
- Operating margin improved to 9.3% in 2025 from 5.2% in 2024; Financial Services margin 14.6% vs 10.9%; Benefits and Insurance margin stable at ~18.3%
- Net income $115.4M in 2025, up 181.3% from $41.0M in 2024; EPS $1.83 vs $0.78 in 2024
- Cash flow from operations $192.5M up from $123.7M; Share repurchases $168.8M total in 2025; Capex $17.0M; Debt $1,472.4M outstanding as of Dec 31, 2025
- Management authorized share repurchase program for up to 5.0M shares, with focus on debt reduction to net leverage 2.0x–2.5x and strategic acquisitions
Risk Factors
- Regulatory risk: Independence and attestation service restrictions under Sarbanes-Oxley, SEC, and PCAOB rules limiting services to SEC-reporting attest clients, with CBIZ CPAs now subject to PCAOB inspection
- Macroeconomic threat: Economic downturn causing slower accounts receivable payments, risking liquidity, with professional services historically having high receivable days outstanding
- Operational vulnerability: Integration risks from Marcum acquisition including potential underestimated liabilities and challenges in integrating attest and non-attest business assets
- Competitive disruption: Increased SEC-reporting attest clients raises regulatory scrutiny and independence challenges, potentially reducing revenues due to required service terminations
- Financial risk: Goodwill and intangible assets of $2.87 billion as of December 31, 2025, subject to impairment risk leading to significant non-cash charges impacting earnings
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