CBIZ Inc. reported third‑quarter 2025 results, showing revenue of $693.8 million, a 58.1% increase from the $438.9 million reported in Q3 2024. Net income for the quarter was $30.1 million, down 14.1% from $35.5 million in the same period last year, while adjusted net income rose to $63.5 million and adjusted earnings per share reached $1.01, up 8.5% from $0.93 in Q3 2024.
Operating expenses climbed to $603.7 million, pushing the operating margin to 8.5% from 11.5% in Q3 2024. The decline in margin is largely attributable to higher interest expense, a result of the increased debt load from the Marcum acquisition. Adjusted EBITDA for the quarter was $120 million, reflecting the company’s focus on cost control amid integration costs.
Revenue growth was driven by the Marcum acquisition, which added $200 million in recurring revenue and increased the Financial Services segment by 80% to $350 million. The non‑recurring services segment grew 12% to $120 million, supported by stronger demand in data‑center consulting and tax advisory services.
For the nine months ended September 30, 2025, CBIZ generated $2.215 billion in revenue, up 63.7% year‑over‑year, and $194.9 million in net income. Adjusted net income for the period reached $271.9 million and adjusted EBITDA hit $475.6 million. The company reaffirmed its full‑year 2025 guidance of $2.8 billion to $2.95 billion in revenue and $3.60 to $3.65 in adjusted EPS.
CBIZ’s net debt stood at approximately $1.6 billion at quarter‑end, reflecting the financing of the Marcum deal. Management highlighted the continued integration of Marcum’s workforce and technology platforms, noting that the synergies are expected to accelerate in the second half of the year. The company also emphasized its investment in AI‑driven analytics to enhance service delivery across its middle‑market client base.
The results underscore CBIZ’s strategy of consolidating the professional services market, positioning it to leverage technology and scale to capture growth in the middle‑market segment. The company’s focus on integrating Marcum and expanding its AI capabilities is expected to sustain its competitive advantage in an industry that is increasingly driven by digital transformation and consolidation.
CBIZ’s earnings beat analyst expectations for adjusted EPS, which were $0.90, and the company’s guidance remains unchanged, indicating confidence in its growth trajectory.
The company’s performance reflects a balance between revenue expansion from the Marcum acquisition and the cost pressures associated with higher debt and integration expenses, providing a clear view of its operational priorities for the remainder of the year.
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