CBIZ, Inc. reported significant financial growth in its latest quarterly results, with revenue for the third quarter of 2025 reaching $693.8 million, a 58.1% increase from $438.9 million in the same period last year. For the nine months ending September 30, 2025, revenue surged to $2.22 billion, up 63.7% from $1.35 billion in 2024. The company attributed this growth primarily to contributions from newly acquired operations, which accounted for approximately $245.6 million and $835.2 million of the incremental revenue for the respective periods.
Despite the revenue increase, net income for the third quarter decreased to $30.1 million, or $0.48 per diluted share, compared to $35.1 million, or $0.70 per diluted share, in the prior year. For the nine-month period, net income rose to $194.9 million, or $3.06 per diluted share, from $131.8 million, or $2.62 per diluted share, in 2024. The decline in quarterly net income was attributed to increased operating expenses, which rose to $603.7 million from $366.0 million, driven by higher personnel costs and integration expenses related to recent acquisitions.
CBIZ's strategic developments included the acquisition of Marcum LLP, which significantly bolstered its revenue and operational capabilities. The company has focused on integrating this acquisition while managing its debt, which stood at $1.59 billion under the 2024 Credit Facilities as of September 30, 2025. The company has emphasized a strategy of maximizing cash flow to support working capital, pay down debt, and pursue future acquisitions.
Operationally, CBIZ reported a total of 62,360 basic weighted average shares outstanding for the third quarter, reflecting a substantial increase from the previous year. The company also noted a slight increase in its customer base and engagement metrics, although specific figures were not disclosed. The company’s total assets increased to $4.55 billion, up from $4.47 billion at the end of 2024, while total liabilities decreased slightly to $2.67 billion from $2.69 billion.
Looking ahead, CBIZ anticipates continued challenges in demand for its nonrecurring project-based services due to current economic conditions. The company remains committed to its acquisition strategy and plans to leverage its financial resources for future growth while managing its debt levels. The outlook for the remainder of 2025 suggests cautious optimism, with a focus on maintaining operational efficiency and capitalizing on strategic opportunities.
About CBIZ, Inc.
CBIZ, Inc. is a national professional services firm providing accounting, tax, financial advisory, benefits consulting, insurance brokerage, and technology solutions primarily to middle-market businesses across diverse industries. Its business model integrates multidisciplinary services through three practice groups—Financial Services, Benefits and Insurance Services, and National Practices—delivering comprehensive, locally supported expertise. CBIZ leverages strong client relationships, data-driven insights, and a broad service portfolio to address complex business needs and drive growth.
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