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CBIZ Reports Second-Quarter 2025 Results

SECOND-QUARTER HIGHLIGHTS:

• TOTAL REVENUE OF $683.5M, UP 62.7%
• NET INCOME OF $41.9M, UP 111.9%; GAAP EPS OF $0.66, UP 69.2%;
• ADJUSTED EBITDA OF $117.2M, UP 127.9%; ADJUSTED DILUTED EPS OF $0.95, UP 63.8%

SIX-MONTH HIGHLIGHTS:

• TOTAL REVENUE OF $1.5B, UP 66.4%
• NET INCOME OF $164.7M, UP 70.4%; GAAP EPS OF $2.58, UP 34.4%;
• ADJUSTED EBITDA OF $355.6M, UP 108.9%; ADJUSTED DILUTED EPS OF $3.26, UP 46.8%

CLEVELAND, July 30, 2025 (GLOBE NEWSWIRE) -- CBIZ, Inc., (NYSE: CBZ) (鈥淐BIZ鈥� or the 鈥淐ompany鈥�), a leading national professional services advisor, today announced results for the second quarter ended June听30, 2025.

鈥淲e鈥檙e pleased to deliver strong earnings in the second quarter and year-to-date demonstrating the strength and resilience of our business model amidst challenging market conditions,鈥� said Jerry Grisko, CBIZ President and CEO.

鈥淭his has been a monumental time for our business, our clients, our industry and especially our team members with the Marcum acquisition being among the most important and value-creating strategic decisions in our history. With a high proportion of essential, recurring services, strong client retention, robust free cash flow, and disciplined cost management, we鈥檙e well-positioned for future growth.鈥�

For the second quarter of 2025, CBIZ recorded revenue of $683.5 million, an increase of $263.5 million, or 62.7%, compared with $420.0 million听reported for the same period in 2024. Net income was $41.9 million, or $0.66 per diluted share, for the second quarter of 2025, compared with $19.8 million, or $0.39 per diluted share, for the same period a year ago.

Excluding acquisition-related integration expenses, amortization of intangible assets, and other non-recurring gains and losses, Adjusted net income was $60.5 million in the second quarter of 2025, compared with Adjusted net income of $29.5 million for the same period a year ago. Adjusted earnings per share were $0.95 for the second quarter of 2025, an increase of 63.8%, compared with Adjusted earnings per share of $0.58 for the same period a year ago. Adjusted EBITDA for the second quarter of 2025 was $117.2 million, up 127.9%, compared with $51.4 million for the same period in 2024.

For the six months ended June 30, 2025, CBIZ recorded revenue of $1,521.5 million, an increase of $607.2 million or 66.4%, over the $914.3 million recorded for the same period in 2024. Net income was $164.7 million, or $2.58 per diluted share, for the six months ended June 30, 2025, compared with $96.7 million, or $1.92 per diluted share, for the same period a year ago.

For the six months ended June 30, 2025, Adjusted net income was $208.4 million, compared with Adjusted net income of $111.7 million for the same period a year ago. Adjusted earnings per share was $3.26 for the six months ended June 30, 2025, an increase of 46.8%, compared with Adjusted earnings per share of $2.22 for the same period a year ago. Adjusted EBITDA for the six months ended June 30, 2025, was $355.6 million, compared with $170.2 million for the same period in 2024.

2025 Outlook

The Company expects:

• Total revenue within a range of $2.8 billion to $2.95 billion
• Effective tax rate of approximately 29%
• Weighted average fully diluted share count within a range of 64.5 to 65.0 million shares
• GAAP fully diluted earnings per share to be within a range of $1.97 to $2.02
• Adjusted fully diluted earnings per share within a range of $3.60 to $3.65
• Adjusted EBITDA within a range of $450 million to $456 million

Conference Call

CBIZ will host a conference call today at 5 p.m. (ET) to discuss its second-quarter financial results. The call will be webcast, and an archived replay will be available at . Participants can register for the conference call at .

About CBIZ

CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle-market businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers actionable insights to help clients anticipate what is next and discover new ways to accelerate growth. CBIZ has more than 10,000 team members across more than 160 locations in 22 major markets coast to coast. For more information, visit .

Forward-Looking Statements

This release contains 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933, as amended (the 鈥淪ecurities Act鈥�), and Section 21E of the Securities Exchange Act of 1934, as amended (the 鈥淓xchange Act鈥�). All statements other than statements of historical fact included in this release, including, without limitation, our 鈥�2025 Outlook,鈥� regarding our financial position, business strategy and plans and objectives for future performance are forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are commonly identified by the use of such terms and phrases as 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渃an,鈥� 鈥渕ay,鈥� 鈥渟trive,鈥� 鈥渉ope,鈥� 鈥渋ntend,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥減lan,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥渁nticipate,鈥� 鈥渙utlook,鈥� 鈥渇oreseeable future,鈥� 鈥渟eek鈥� and words or phrases of similar import in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated services, sales efforts, expenses, and financial results.

From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Any or all of our forward-looking statements in this release and in any other public statements that we make, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to: payments on accounts receivable may be slower than expected, or amounts due on receivables or notes may not be fully collectible; our business could be adversely affected if Marcum does not perform to our expectations or we underestimate the liabilities we have assumed; we are dependent on the services of our executive officers, and other key employees, the loss of whom may have a material adverse effect on our business, financial condition and results of operations; restrictions imposed by independence requirements and conflict of interest rules, as well as the nature and terms of our current administrative service agreements, limit our ability to provide services to clients of the attest firms with which we have contractual relationships and the ability of such attest firms to provide attestation services to our clients; our goodwill and other intangible assets could become impaired, which could lead to material non-cash charges against earnings and a material impact on our results of operations and financial condition; certain liabilities resulting from acquisitions are estimated and could lead to a material impact on our results of operations; we may fail to realize the anticipated benefits of acquisitions, or they may prove disruptive and could result in the combined business failing to meet our expectations; recent Securities & Exchange Commission ("SEC") and Public Company Accounting Oversight Board sanctions against Marcum may adversely impact our performance and reputation; if we are unable to implement and maintain effective internal control over financial reporting following the acquisition of Marcum (the Transaction), we may fail to prevent or detect material misstatements in our financial statements, in which case investors could lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may decline; we may not be able to acquire and finance additional businesses, which could limit our ability to pursue our business strategy; we will incur transaction, integration, and restructuring costs in connection with our acquisition program; governmental regulations and interpretations are subject to changes, which could have a material adverse effect on our financial condition; changes in the United States healthcare environment, including new healthcare legislation, may adversely affect the revenue and margins in our healthcare benefit business; we are subject to risks relating to processing customer transactions for our payroll and other transaction processing businesses; cyberattacks or other security breaches involving our computer systems or the systems of one or more of our vendors could materially and adversely affect our business; we are subject to risk as it relates to software that we license from third parties; we are reliant on information processing systems and any failure or disruptions of these systems could have a material adverse effect on our business, financial condition and results of operations; we could be held liable for errors and omissions; the business services industry is competitive and fragmented, if we are unable to compete effectively, our business, financial condition and results of operations could be negatively impacted; given our levels of share-based compensation, our tax rate may vary significantly depending on our stock price; rapid technological changes could significantly impact our competitive position, client relationships and operating results and our ability to realize the anticipated benefits of the Transaction; climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs; the widespread outbreak of a communicable illness or any other public health crisis could adversely affect our business, financial condition and results of operations; we require a significant amount of cash for interest payments on our debt and to expand our business as planned; terms of our amended and restated credit agreement providing for $2.0 billion in senior secured credit facilities, consisting of a $1.4 billion term loan and $600.0 million revolving credit facility, could adversely affect our ability to run our business and/or reduce stockholder returns; our failure to satisfy covenants in our debt instruments could cause a default under those instruments; our increased leverage following the Transaction may adversely impact our business; we may be more sensitive to revenue fluctuations than other companies, which could result in fluctuations in the market price of our common stock; the significant number of shares issuable as the stock consideration in the Transaction may adversely impact our stock price; the future issuance of additional shares could adversely affect the price of our common stock; there is volatility in our stock price; and the price of our common stock could be adversely impacted if we do not perform to expectations following the Transaction.

Such forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Should one or more of these risks materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or implied.

Consequently, no forward-looking statement can be guaranteed. A more detailed description of risk factors may be found in our periodic filings with the SEC, including in 鈥淚tem 1A. Risk Factors鈥� of our Annual Report on Form 10-K for the year ended December 31, 2024. All forward-looking statements made in this release are made only as of the date hereof, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised, however, to consult any further disclosures we make on related subjects in the current, quarterly, periodic and annual reports we file with the SEC.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (鈥淓PS鈥�), and Adjusted EBITDA, which are non-GAAP measures. These non-GAAP measures are adjusted to exclude the impact of the Transaction, integration costs, amortization of acquired intangible assets, and other significant non-operating related gains and losses management does not consider ongoing in nature.

The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making, and to evaluate results relative to employee compensation targets. We believe that these non-GAAP financial measures provide meaningful supplemental information to stockholders, debt holders, and other interested parties in assessing our performance. These non-GAAP financial measures also facilitate management鈥檚 internal comparisons to our historical performance by excluding significant acquisition expenses, certain one-time non-recurring items, and gains and losses that management does not consider ongoing in nature. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key measures used by management in its financial and operational decision-making and (2) they are used by our stockholders and analyst community to determine the health of our business.

Management provides specific information regarding the GAAP amounts excluded from or included in these non-GAAP financial measures. Additionally, management provides reconciliations of these non-GAAP financial measures to their most comparable financial measures in accordance with GAAP. Please see the sections captioned 鈥淕AAP Reconciliation鈥� within the Appendix for the reconciliations.

Contacts:

Media: Amy McGahan, Director of Corporate & Strategic Communications,
Investor Relations: Lori Novickis, Director, Corporate Relations,
CBIZ, Inc., Cleveland, Ohio, (216) 447-9000