CBIZ Q4 Revenue Falls 6.1% Short; Full-Year Sales Surge 52%
CBIZ’s Q4 CY2025 revenue was $542.7 million (+17.9%) but fell 6.1% short of estimates, with a non-GAAP loss of $0.70 per share versus a $0.66 forecast. For full-year 2025, revenue surged 52.1% to $2.8 billion, adjusted EPS rose 79.6% to $3.61, and 2026 guidance targets $2.8–2.9 billion revenue with $3.75–3.85 EPS.
1. Q4 CY2025 Financial Results
In the fourth quarter, CBIZ generated $542.7 million in revenue, up 17.9% year-over-year but 6.1% below consensus, and reported a non-GAAP loss of $0.70 per share compared with a $0.66 expected. Adjusted EBITDA was negative $28.7 million, representing a 5.3% margin, while operating margin contracted to –15.7%.
2. Full-Year 2025 Performance
For the full year, CBIZ posted $2.8 billion in revenue, a 52.1% increase driven largely by the Marcum acquisition, and net income climbed 181.3% to $115.4 million. Adjusted EBITDA rose 125.5% to $446.9 million, adjusted EPS jumped 79.6% to $3.61, operating cash flow reached $192.5 million, free cash flow was $175.5 million, and the company repurchased 2.5 million shares for $168 million.
3. 2026 Outlook and Strategic Priorities
CBIZ expects 2026 revenue of $2.8–2.9 billion (2–5% growth), adjusted EPS of $3.75–3.85, adjusted EBITDA of $450–460 million, and free cash flow of $270–290 million (≈60% conversion). Management highlights integration of Marcum, investments in offshoring, AI and industry verticals, and share-repurchase authorizations as key drivers of future profitability.