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Sep 30
CBIZ Q3 2025 Earnings Report
CBIZ reported its third quarter 2025 earnings, with total revenue increasing by 58.1% and adjusted diluted EPS up by 8.5%, while GAAP net income and EPS decreased.
Key Takeaways
CBIZ delivered a strong third quarter in 2025, with total revenue reaching $693.8 million, a significant 58.1% increase year-over-year. Adjusted EBITDA also saw substantial growth of 57.4% to $120.0 million, and adjusted diluted EPS rose by 8.5% to $1.01. However, GAAP net income decreased by 14.1% to $30.1 million, and GAAP EPS fell by 31.4% to $0.48.
Total revenue for the third quarter of 2025 was $693.8 million, marking a 58.1% increase compared to the same period in 2024.
Adjusted EBITDA grew by 57.4% to $120.0 million, demonstrating strong operational performance.
Adjusted diluted EPS increased by 8.5% to $1.01, indicating improved profitability on an adjusted basis.
GAAP net income decreased by 14.1% to $30.1 million, and GAAP diluted EPS declined by 31.4% to $0.48.
CBIZ
CBIZ
CBIZ Revenue by Segment
Revenue by Segment
Financial Services Revenue
CapyFin.comBenefits and Insurance Services Revenue
CapyFin.comNational Practices Revenue
CapyFin.com Forward Guidance
CBIZ provided its full-year 2025 outlook, expecting total revenue between $2.8 billion and $2.95 billion, GAAP diluted EPS between $1.97 and $2.02, and Adjusted diluted EPS between $3.60 and $3.65. Adjusted EBITDA is projected to be between $450 million and $456 million.
Positive Outlook
- Expected total revenue within a range of $2.8 billion to $2.95 billion, indicating continued growth.
- Anticipated Adjusted diluted EPS within a range of $3.60 to $3.65, suggesting strong adjusted profitability.
- Projected Adjusted EBITDA within a range of $450 million to $456 million, reflecting healthy operational performance.
- Weighted average fully diluted share count expected to be stable within a range of 64.5 to 65.0 million shares.
- Effective tax rate of approximately 29% is expected.
Challenges Ahead
- GAAP fully diluted earnings per share guidance of $1.97 to $2.02 is lower than the adjusted EPS guidance, highlighting the impact of non-GAAP adjustments.
- The forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially.
- Potential for slower than expected payments on accounts receivable or uncollectible amounts due on receivables or notes.
- Business could be adversely affected if Marcum LLP does not perform to expectations or if liabilities from the acquisition are underestimated.
- Restrictions from independence requirements and conflict of interest rules may limit service provision to clients.
Revenue & Expenses
Visualization of income flow from segment revenue to net income