CBIZ, Inc. (CBZ) FY2025 10-K Annual Report
CBIZ, Inc. (CBZ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CBIZ, Inc. FY2025 10-K Analysis
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
CBIZ, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.8B
▲ +52.1% YoY
Net Income
$115M
▲ +181.3% YoY
Gross Margin
12.9%
▲ +282bp YoY
Operating Margin
8.5%
▲ +442bp YoY
Net Margin
4.2%
▲ +192bp YoY
ROE
6.6%
▲ +425bp YoY
Total Assets
$4.4B
▼ -1.4% YoY
EPS (Diluted)
$1.83
▲ +134.6% YoY
Operating Cash Flow
$192M
▲ +55.6% YoY
Source: XBRL data from CBIZ, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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