CBZ Research | Milton Maxwell

CBZ

CBIZ, Inc.

53.49

+0.11+0.21%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Q&A adds market sentiment color

2/25/26Feb 25, 2026

Q&A reinforced CBIZ's outlook but clarified H1 2025 softness stemmed from middle-market uncertainty, with H2 green shoots and pulse survey signaling confidence for 2026 projects like valuations and IPO advisory. Pricing held mid-single digits last year, expected steady ahead without guide uplift. Core accounting and B&I remain resilient; advisory lagged early but rebounded. Management detailed growth bridge via industry verticals expanding wallet share and new logos. Markets thawed late. Watch macro-driven project durability.

Key Stats

Market Cap

2.91B

P/E (TTM)

43.84

Basic EPS (TTM)

1.22

Dividend Yield

Recent Filings

10-K

FY2025 results

2/26/26Feb 26, 2026

CBIZ crushed FY2025 with revenue rocketing 52.1% to $2,758M, powered by the Marcum deal adding $914M, while Financial Services exploded 68.9% to $2,301M on accounting, tax, and advisory strength. Net income soared 181% to $115M, diluted EPS hit $1.83 on 63.2M shares—yet Q4 saw aggressive $621K share repurchases at ~$52 averaging open-market buys. Debt sits at $1,472M with $416M revolver room, prioritizing deleveraging to 2.0-2.5x net leverage. Acquisitions stayed light, one immaterial Q4 tuck-in. Reps repurchased shares. Slower receivables collections threaten cash flow.

8-K

CBIZ 2025 revenue up 52%

2/25/26Feb 25, 2026

CBIZ posted full-year 2025 revenue of $2.8B, up 52%, with net income $115.4M and Adjusted EBITDA $446.9M, fueled by Marcum acquisition. Integration nearly complete, synergies ahead of plan. 2026 outlook eyes 2-5% revenue growth to $2.8B-$2.9B, Adjusted EPS $3.75-$3.85. Cash flow surges.

8-K

CBIZ renews 5M share buyback

2/17/26Feb 17, 2026

CBIZ's Board authorized continuation of its annual share repurchase program on February 11, 2026, approving 5 million common shares through March 31, 2027. This replaces the prior program from February 11, 2025, allowing open-market, private, or Rule 10b5-1 buys funded by operating cash flow and credit facility borrowings. Repurchases remain discretionary. Program signals board confidence in valuation.

8-K

Spurio exits presidency

1/14/26Jan 14, 2026

CBIZ announced Chris Spurio's departure as President, Financial Services effective January 31, 2026. He'll consult through year-end. Leadership shift hits amid financial services push. Smooth transition expected.

8-K

CBIZ updates bylaws

11/17/25Nov 17, 2025

CBIZ amended its bylaws on November 12, 2025, modernizing stockholder meeting procedures, aligning with Delaware law, and shifting uncontested director elections to majority vote while keeping plurality for contested ones. New advance notice rules set nominations for the 2026 Annual Meeting between January 15 and February 14, 2026. Governance sharpened. Universal proxy compliance added.

About

CBIZ, Inc. provides financial, insurance, and advisory services in the United States and Canada. It operates through Financial Services, Benefits and Insurance Services, and National Practices segments. The Financial Services segment offers accounting and tax, financial advisory, national technology, and government healthcare consulting services. The Benefits and Insurance Services provides employee benefits consulting, payroll/human capital management, property and casualty insurance, and retirement and investment services. The National Practices segment offers information technology managed networking and hardware services. The company primarily serves small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises. CBIZ, Inc. was incorporated in 1987 and is headquartered in Independence, Ohio.

CEO

Mr. Jerome P. Grisko Jr.

IPO

4/27/1995

Website

https://www.cbiz.com

Employees

10,000

Sector

Industrials

Industry

Specialty Business Services