CBIZ Q4 Revenue Climbs 18% to $543M with $35M Synergies; Raises 2026 Guidance
CBIZ posted Q4 revenue of $543 million, up 18% year-over-year including 2% organic growth, and delivered adjusted EBITDA of $447 million with 530 basis points of margin expansion fueled by $35 million in synergies. It guided 2026 revenue of $2.8–2.9 billion (2–5% growth) and $450–460 million adjusted EBITDA.
1. Fourth Quarter Financial Performance
In the fourth quarter CBIZ generated $543 million in revenue, up 18% year-over-year driven by the Marcum acquisition and 2% organic growth. Adjusted EBITDA rose to $447 million, with a 530 basis-point margin expansion supported by $35 million in realized synergies.
2. Integration Progress and Efficiency
Management reported that integration of Marcum is largely complete, enabling focus on cross-selling, pricing discipline, and technology-enabled scale. Offshore delivery is set to increase from 6% to 10% of hours in 2026, while AI and automation initiatives aim to drive further cost efficiencies.
3. 2026 Outlook and Capital Allocation
For 2026 CBIZ forecasted $2.8–2.9 billion in revenue (2–5% growth), $450–460 million in adjusted EBITDA, $3.75–3.85 in adjusted EPS, and $270–290 million in free cash flow. The company plans $70–80 million of integration spending, up to $160 million in share repurchases to target net leverage of 2.0–2.5x.