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CBIZ (CBZ) investor relations material
CBIZ Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Third-quarter revenue rose 58.1% year-over-year to $693.8M, with nine-month revenue up 63.7% to $2.2B, driven by the Marcum acquisition and successful integration, leadership retention, and expanded capabilities in key markets.
Net income for Q3 2025 was $30.1M ($0.48 per diluted share), down from $35.1M in Q3 2024, while nine-month net income increased to $194.9M ($3.06 per share) from $131.8M year-over-year.
Integration efforts included standardized processes, co-location of teams, and significant investments in technology, AI, and offshoring resources, with Marcum acquisition synergies exceeding $50M by 2027.
Retention of top talent and key clients has been strong, maintaining a ~90% client retention rate and supporting long-term growth.
The business model emphasizes essential, recurring services, strong cash flows, and a broad, diverse client base.
Financial highlights
Q3 2025 revenue was $693.8M (up 58.1% YoY); nine-month revenue reached $2.2B (up 63.7% YoY).
Adjusted EBITDA for Q3 was $120M (margin 17.3%), and $475.6M year-to-date (margin 21.5%).
Adjusted diluted EPS for Q3 was $1.01, up 8.5%; for nine months, $4.27, up 35.6%.
Interest expense rose to $28M in Q3 due to higher debt from the acquisition; operating expenses for Q3 were $603.7M (+65.0% YoY).
Q3 GAAP EPS dropped 31.4% to $0.48; nine-month GAAP EPS rose 16.8% to $3.06.
Outlook and guidance
2025 revenue guidance is $2.8B–$2.95B, with GAAP EPS of $1.97–$2.02 and adjusted EPS of $3.60–$3.65.
Adjusted EBITDA forecast for 2025 is $450M–$456M; effective tax rate projected at 29%, with diluted share count 64.5–65.0M.
Long-term goals include 8–10% annual revenue growth and 1.5x–2x earnings growth.
Expected 6–8% pro forma Q4 revenue growth year-over-year, adjusted for acquisition-related items.
Synergy goal from the acquisition increased to $50M+, with $35M expected in 2025 and most of the remainder in 2026.
Expected duration of Marcum integration costs?
Drivers behind the rising DSO trend?
Marcum acquisition: synergy vs. risk outlook?
Updated synergy goal: What's the 2025 realization?
Debt repayment target: Why the 2027 shift?
B&I segment: What caused Q3 revenue softness?
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Frequently asked questions
CBIZ, Inc. provides professional business services, products, and solutions that help its clients succeed economically. The company is nationally recognized as one of the leading providers of accounting, tax and consulting services to small and medium-sized businesses. CBIZ's primary service offerings include accounting and tax, financial advisory services (including valuation services and mergers and acquisitions), employee benefit plan services, payroll, health care consulting, human capital services (including managed HR, recruiting, and talent management), property and casualty insurance brokerage (including risk management), benefits and insurance consulting services (including captive insurance and healthcare reform compliance), private client services (including trust administration and investment management), retirement plan consulting and administration, technology solutions (including hosted IT solutions), and property appraisal. CBIZ combines its resources with those of Mayer Hoffman McCann P.C., which delivers accounting solutions to clients across the nation through MHM's network of offices throughout the United States.
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