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Barrett Business Services (BBSI) investor relations material
Barrett Business Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue increased 8.4% to $318.9 million, driven by a 9.9% rise in PEO services and a 6.1% increase in average WSEs.
Net income rose to $20.6 million ($0.79 per diluted share), up from $19.6 million ($0.74 per share) in Q3 2024.
Gross billings increased 8.6% year-over-year to $2.32 billion in Q3 2025.
Growth was driven by new client sales, expanded product adoption, and high client retention.
Gross margin for Q3 2025 was $76.8 million (24.0% of revenue), slightly down as a percentage of revenue due to higher payroll taxes and benefits.
Financial highlights
Nine-month 2025 revenue totaled $919.2 million, up 9.5% year-over-year; net income reached $38.1 million, up from $36.2 million.
PEO gross billings rose 8.8% to $2.3 billion, while staffing revenues declined 10% to $19 million.
Average billing per WSE per day increased 2.5% year-over-year, reflecting wage growth.
SG&A expense increased by 2%, below the rate of billings and margin growth.
Cash, cash equivalents, and restricted cash at September 30, 2025, were $66.0 million, down $16.5 million from year-end 2024.
Outlook and guidance
Full-year gross billings growth expected between 8.5% and 9.5%.
Year-end WSEs projected to increase 6% to 8%.
Gross margin as a percent of gross billings expected between 2.9% and 3.0%.
Effective annual tax rate forecasted at 26% to 27%.
Management expects continued quarterly fluctuations due to seasonality, payroll tax limits, and workers' compensation claims.
Asset-light model's WSE growth contribution for 2026?
Client hiring trends: transitory or sustained impact?
IT product roadmap: target client segments impact?
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Next Barrett Business Services earnings date
Q4 202526 Feb, 2026
Next Barrett Business Services earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Barrett Business Services Inc. provides human resource management solutions, primarily through its professional employer organization (PEO) services. The company offers payroll processing, employee benefits, risk management, and compliance services to small and medium-sized businesses. BBSI focuses on helping businesses manage their workforce and streamline administrative functions to improve operational efficiency. The company is headquartered in Vancouver, Washington, and its shares are listed on the NASDAQ.
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