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CBIZ (CBZ) investor relations material
CBIZ Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 62.7% year-over-year to $683.5M, with net income of $41.9M, up 111.9%, driven by the Marcum acquisition and resilient core services.
Six-month revenue reached $1.52B, up 66.4%, with net income of $164.7M ($2.58 per diluted share).
Marcum acquisition is highlighted as transformative, expanding scale, capabilities, and market reach, and is expected to be accretive in 2025.
72% of YTD 2025 revenue is from recurring services, supporting strong and consistent cash flows.
The client base exceeds 135,000, with a 90%+ retention rate and a focus on middle-market businesses.
Financial highlights
Q2 2025 revenue was $684M; first half revenue $1.5B, up 63% and 66% year-over-year, mainly due to the acquisition.
Adjusted EBITDA for Q2 rose 128% to $117.2M; first half adjusted EBITDA was $356M, margin 23.4%.
Adjusted diluted EPS rose 64% to $0.95 in Q2 and 47% to $3.26 for the first half.
Interest expense increased by $22M in Q2 and $43M year-to-date due to higher debt from the acquisition.
Q2 included a $12.5M legal settlement gain in other income.
Outlook and guidance
2025 revenue expected between $2.8B and $2.95B, with adjusted EPS guidance of $3.60–$3.65.
Adjusted EBITDA forecasted at $450M–$456M.
Market conditions from the first half are expected to persist through year-end, with recurring services providing stability.
Adjusted EBITDA and EPS guidance supported by revenue and cost initiatives.
Long-term annual goals include 8%-10% revenue growth and 1.5x-2x earnings growth beyond 2025.
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