CBZ CBIZ, Inc.
FY2025 10-K
CBIZ, Inc. (CBZ) filed its fiscal year 2025 10-K annual report with the SEC on Feb 26, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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%
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
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