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Specialty business services · Industrials · Fiscal year ends Dec 31
CBIZ reported revenue of $2.8B in the fiscal year ended Dec 2025, up 52.1% from the year before. Operating income was $234M, an operating margin of 8.5%, and net income was $115M. Operating cash flow of $192M less capital expenditure of $17M left free cash flow of $176M. Net debt was $1.4B.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,105 | 1,412 | 1,591 | 1,813 | 2,758 |
| Cost of revenue | 946 | 1,189 | 1,368 | 1,631 | 2,403 |
| Gross profit | 159 | 223 | 223 | 182 | 355 |
| Operating income | 72.7 | 168 | 165 | 73.7 | 234 |
| Interest expense | 3.9 | 8.0 | 20.1 | 34.4 | 107 |
| Pre-tax income | 93.0 | 141 | 166 | 57.8 | 161 |
| Income tax | 22.1 | 36.1 | 45.3 | 16.8 | 45.4 |
| Net income | 70.9 | 105 | 121 | 41.0 | 115 |
| Diluted EPS | 1.32 | 2.01 | 2.39 | 0.78 | 1.83 |
| Diluted shares | 53.7 | 52.4 | 50.6 | 52.7 | 63.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2.0 | 4.7 | 8.1 | 13.8 | 18.3 |
| Receivables | 242 | 334 | 380 | 535 | 556 |
| Current assets | 452 | 568 | 613 | 836 | 899 |
| Net PP&E | 43.4 | 45.2 | 57.0 | 88.2 | 81.2 |
| Goodwill | 741 | 820 | 865 | 2,331 | 2,330 |
| Total assets | 1,628 | 1,879 | 2,044 | 4,471 | 4,410 |
| Payables | 65.8 | 80.7 | 82.8 | 90.6 | 90.9 |
| Current liabilities | 423 | 512 | 512 | 706 | 736 |
| Short-term debt | – | – | 0.0 | 66.2 | 66.4 |
| Long-term debt | 155 | 264 | 311 | 1,334 | 1,390 |
| Total liabilities | 923 | 1,166 | 1,252 | 2,691 | 2,647 |
| Shareholders' equity | 705 | 713 | 792 | 1,780 | 1,762 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 131 | 126 | 154 | 124 | 192 |
| Capital expenditure | 9.0 | 8.6 | 23.1 | 12.9 | 17.0 |
| Free cash flow | 122 | 117 | 130 | 111 | 176 |
| Depreciation & amortisation | 27.1 | 32.9 | 36.3 | 48.1 | 98.3 |
| Stock-based compensation | 11.4 | 14.7 | 12.3 | 13.8 | 26.0 |
| Acquisitions | 66.7 | 79.1 | 53.1 | 1,088 | 1.6 |
| Share buybacks | 97.5 | 123 | 65.4 | 0.0 | 160 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.8% | 12.7% | 14.0% | 52.1% |
| Operating income growth (YoY) | – | 131.6% | −1.8% | −55.4% | 217.4% |
| EPS growth (YoY) | – | 52.3% | 18.9% | −67.4% | 134.6% |
| Gross margin | 14.4% | 15.8% | 14.0% | 10.1% | 12.9% |
| Operating margin | 6.6% | 11.9% | 10.4% | 4.1% | 8.5% |
| Net margin | 6.4% | 7.5% | 7.6% | 2.3% | 4.2% |
| Return on equityBlank when equity is negative | 10.1% | 14.8% | 15.3% | 2.3% | 6.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.0% | 12.3% | 10.8% | 2.0% | 6.4% |
| Free cash flow margin | 11.1% | 8.3% | 8.2% | 6.1% | 6.4% |
| Cash conversion (CFO ÷ net income) | 1.85x | 1.20x | 1.27x | 3.01x | 1.67x |
| Receivable days | 80 | 86 | 87 | 108 | 74 |
| Payable days | 25 | 25 | 22 | 20 | 14 |
| Interest cover | 18.8x | 20.9x | 8.21x | 2.14x | 2.18x |
| Debt ÷ equity | 0.22x | 0.37x | 0.39x | 0.79x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 153 | 259 | 303 | 1,386 | 1,438 |
| Current ratio | 1.07x | 1.11x | 1.20x | 1.18x | 1.22x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.