Barrett Business Services, Inc. (BBSI) reported a financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $1.24 billion, marking an increase of 8.4% from $1.14 billion in 2024. The growth was primarily driven by a 9.9% rise in Professional Employer Services (PEO) revenue, which totaled $1.17 billion, while staffing services revenue decreased by 11.3% to $72 million. Net income for the year was $54.4 million, up from $53 million in the previous year, resulting in diluted earnings per share of $2.08 compared to $1.98 in 2024.
The company experienced significant operational changes, including a 6.7% increase in average worksite employees (WSEs), which averaged 138,218 in 2025. The total number of WSEs at year-end was 138,605, reflecting a 4.9% increase from the previous year. BBSI's decentralized organizational structure, which allows local teams to align closely with client needs, continues to differentiate the company in the competitive landscape of business management solutions.
BBSI's strategic focus on enhancing its service offerings and expanding its geographic footprint is evident in its operations across 45 branches in various states, with California accounting for approximately 72% of total revenues. The company has also made investments in technology, including its myBBSI platform, which supports payroll processing and human resource management for clients. The company aims to penetrate new markets while strengthening existing operations, leveraging client referrals as a key growth driver.
The filing also highlighted the company's financial health, with cash and cash equivalents increasing to $126.3 million by the end of 2025, up from $82.6 million in 2024. BBSI's total assets reached $779.1 million, compared to $745.5 million in the prior year. The company maintained a strong balance sheet with no outstanding borrowings on its revolving credit facility, which has a limit of $50 million. Looking ahead, BBSI anticipates continued revenue growth, driven by its commitment to providing high-quality service and expanding its client base, despite potential economic challenges and regulatory changes in its primary market of California.
About BARRETT BUSINESS SERVICES INC
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