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Dec 31, 2025
CBIZ Q4 2025 Earnings Report
CBIZ Q4 2025 Earnings Report
Key Takeaways
CBIZ reported a significant revenue increase in Q4 2025, driven by the integration of the Marcum acquisition, which is now nearly complete. While the company recorded a GAAP net loss for the quarter due to integration and transaction-related costs, adjusted metrics showed progress, and management issued a positive outlook for 2026 focusing on margin expansion and strong free cash flow.
Total revenue for Q4 increased 17.9% year-over-year to $542.7 million.
The integration of Marcum is nearly complete, with synergies tracking ahead of original plans.
GAAP diluted loss per share improved to $1.28 compared to a loss of $1.53 in the prior year quarter.
The company authorized an additional 5 million shares for repurchase in February 2026.
Management expects 2026 revenue to grow to between $2.8 billion and $2.9 billion.
Revenue by Segment
Forward Guidance
CBIZ expects 2026 to be a year of growth and improved profitability following the foundational work of the Marcum integration.
Positive Outlook
- Expected total revenue between $2.8 billion and $2.9 billion.
- Adjusted EPS projected to grow to $3.75 - $3.85.
- Adjusted EBITDA expected to reach $450 million - $460 million.
- Strong Free Cash Flow conversion expected at $270 million - $290 million.
- Anticipated low to mid-single digit organic revenue growth.
Challenges Ahead
- Effective tax rate expected to be approximately 28.5%.
- Ongoing sensitivity to revenue fluctuations.
- Potential for slower payments on accounts receivable.
- Risks associated with the integration of Marcum assets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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