CBZ

CBIZ, Inc.

NYSE · INDUSTRIALS · SERVICES-BUSINESS SERVICES, NEC

54.85

−0.03 −0.06%

USD · close Oct 21

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MKT CAP $3BP/E 26.8DIV YIELD —FCF YIELD —REV TTM —NET INCOME $122.1M +12.0%NET DEBT $1.4B52W 25.14 – 55.50SEC XBRL · TTM TO Invalid Date

How CBZ rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

45%

of sentences unchanged

Added

181

new sentences

Dropped

167

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Length

+830

words, now 14,249

New in FY2025

(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 9,500 team members across more than 140 locations in 23 major markets coast to coast.
Business Strategy Since the Company’s founding in 1996, CBIZ has been committed to building an organization that offers unparalleled services and expertise across its industries, addressing its clients' most critical, time-sensitive needs while delivering forward-thinking solutions and actionable insights.
The Company has completed acquisitions of organizations seeking a broader national platform and enhanced client service capabilities, possess strong leadership, and demonstrate a cultural fit.
Our team members are committed to our clients’ success and take pride in their deep and longstanding client relationships.
They combine the scale of national resources with local delivery to provide clients with specialized expertise and technical depth.
CBIZ continues to cultivate a culture designed to attract, develop, and retain top talent in support of long-term growth.
CBIZ continues to be recognized as an employer of choice and in 2025, received 120 workplace awards from local, national, and industry publications, associations, and organizations.
Financial Services Benefits and Insurance Services National Practices Accounting and Tax Employee Benefits Consulting Information Technology Managed Networking and Hardware Services Financial Advisory Payroll / Human Capital Management National Technology Property and Casualty Insurance Government Health Care Consulting Retirement and Investment Services Financial Services The table below is a summary of examples of services provided through our Financial Services Practice Group: Service Lines Examples of Services Offered Accounting and Tax • Traditional accounting • Transaction services • Tax compliance • Tax consulting • State and local tax Financial Advisory • Transaction advisory • Risk advisory • Forensic consulting & litigation • Financial accounting & advisory • Valuation National Technology • Cloud & infrastructure solutions • Cybersecurity, GRC & DFIR services • Enterprise performance & technology • Strategic IT consulting Government Health Care Consulting • Government health care compliance • Government health care consulting The leaders for each service line report to the President of the Financial Services Practice Group.
Independence restrictions and state accountancy laws and regulations preclude us from rendering audit and attest services.
Internal audit services are not attest services and are performed for clients by CBIZ.
Accordingly, we maintain joint-referral relationships and administrative service agreements (each, an “ASA”, and collectively, the "ASAs") with independent licensed Certified Public Accounting firms (each, a "CPA firm", and collectively, the “CPA firms”) pursuant to which audit and attest services may be provided by such CPA firms.
At December 31, 2025, we maintained ASAs with four CPA firms.
("CBIZ CPAs"), formerly known as Mayer Hoffman McCann, P.C., an independent national CPA firm headquartered in New York, NY.
CBIZ CPAs has 421 stockholders as of December 31, 2025.
CBIZ CPAs maintains an eleven member Board of Directors.
There are no board members of CBIZ CPAs who hold senior officer positions at CBIZ and none of the senior leaders of the Financial Services Divisions are shareholders in CBIZ CPAs.
Our association with CBIZ CPAs provides clients the access to the multi-state resources and expertise of a national CPA firm.
We also have an ASA with Myers and Stauffer LC (“MSLC”), an independent national governmental health care consulting CPA firm headquartered in Kansas City, Missouri.
At December 31, 2025, MSLC has 43 equity members, all of whom are also our employees.
The ASAs have remaining terms ranging up to 49 years, are renewable upon mutual agreement of the parties, and contain rights of extension and termination.
Under the ASAs, we provide a range of services to the CPA firms, including (but not limited to): administrative functions such as office management, bookkeeping and accounting; preparation of marketing and promotional materials; and providing office space, computer equipment, systems support and administrative and professional staff.
Fees earned by us under the ASAs are recorded as revenue in the accompanying Consolidated Statements of Comprehensive Income and totaled approximately $651.2 million, $306.5 million and $259.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, a majority of which is related to services rendered to privately-held clients and governmental agencies.
Benefits and Insurance Services The table below is a summary of examples of services provided through our Benefit and Insurance Services Practice Group: Service Lines Examples of Services Offered Employee Benefit Consulting • Benefit consulting • Benefit administration • Actuarial services Payroll / Human Capital Management • Payroll services • Total rewards data analytics • Full HCM solution • Talent and compensation consulting Property and Casualty Insurance • Property and casualty insurance brokerage • Risk management services • Program and specialty insurance brokerage • Individual insurance brokerage Retirement and Investment Services • Retirement plan consulting • Retirement plan administration • Retirement investment services • Actuarial services The leaders for each service line report to the President of Benefits and Insurance Services practice group.
The aggregate compensation related to these arrangements received during the years ended December 31, 2025, 2024 and 2023 was approximately 1% of consolidated CBIZ revenue for the respective periods.
Revenue Revenue by practice group for the years ended December 31, 2025, 2024 and 2023 is provided in the table below (in thousands) along with a discussion of certain external relationships and regulatory factors that currently impact those segments.
Year End December 31, 2025 % 2024 % 2023 % Financial Services $ 2,301,462 83.4 % $ 1,362,539 75.1 % $ 1,160,686 73.0 % Benefits and Insurance Services 409,633 14.9 % 401,048 22.1 % 382,605 24.0 % National Practices 46,896 1.7 % 49,885 2.8 % 47,903 3.0 % Total CBIZ revenue $ 2,757,991 100.0 % $ 1,813,472 100.0 % $ 1,591,194 100.0 % Our revenue growth model includes both organic and inorganic components: recurring revenue with high client retention, new client wins, cross-serving additional services to our existing clients, and inorganic strategic acquisitions. • Recurring Revenue with High Client Retention .
A significant portion of our revenue is recurring in nature, reflecting the essential services we provide to our clients on an ongoing basis.
We maintain strong client relations which drives high retention by consistently creating value and helping clients achieve their goals, take advantage of opportunities, and address critical challenges. • New client wins.
As a leading national provider of professional services to middle-market businesses, we offer a breadth of services and depth of expertise that helps differentiate us from our competitors.
We combine these offerings with a strong commitment to exceptional client service and a focus on building long-term client relationships to attract new clients. • Cross-serving .
Cross-serving enables us to offer and deliver multiple services to existing clients.
Our professionals identify cross-serving opportunities and, through internal coordination across business service lines, we provide more comprehensive solutions that leverage our diverse and integrated capabilities.
Serving as our clients’ preferred partner allows us to respond to evolving needs with tailored, multi-disciplinary services. • Strategic Acquisitions .
Since our founding, we have pursued growth through strategic acquisitions.
We pursue acquisitions to enter attractive geographic markets, strengthen our presence in existing markets, add services expertise within existing offerings, expand into higher growth industries and service niches and access top talent.
Guided by defined criteria, we identify and pursue highly regarded, best-in-class financial, insurance, and advisory firms that desire a greater national platform and enhanced client service capabilities.
Our target companies exhibit strong leadership, maintain a positive market reputation, align culturally to CBIZ's values, commit to exceptional client service, and have a client base with cross-serving potential.
In 2025, we completed one business acquisition in the fourth quarter that is immaterial to the consolidated financial statements.

and 141 more.

Gone since FY2024

Risk Factors” will be important in determining future results.
Should one or more of these risks or assumptions materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected.
Consequently, no forward-looking statement can be guaranteed.
Our actual future results may vary materially, 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 United States Securities and Exchange Commission (the “SEC”).
Also note that we provide cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to our businesses in "Item 1.
(NYSE: CBZ) is a leading professional services advisor to middle-market businesses and organizations nationwide.
With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers forward-thinking insights and actionable solutions to help clients anticipate what is next and discover new ways to accelerate growth.
CBIZ remains one of the country's largest accounting, insurance, brokerage, and advisory providers.
Following the acquisition of Marcum LLP in 2024 (the "Transaction"), CBIZ has grown to a team of more than 10,000 team members across more than 160 locations in 22 major markets coast to coast.
Business Strategy Since the Company’s founding in 1996, CBIZ has been committed to building an organization that offers unparalleled services and expertise across its industries, addressing its clients' most critical, time-sensitive needs while delivering forward-thinking solutions based on innovative Company insights.
The Company has a long history and proven track record of integrating organizations that seek a more significant national platform and enhanced client service capabilities, possess strong leadership, and represent a cultural fit.
In July 2024, CBIZ announced the acquisition of Marcum representing the largest transaction in the Company’s history.
That acquisition closed in November 2024, augmenting the Company’s breadth of services and depth of expertise, making the combined entity the largest professional services provider of its kind in the U.S.
With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ is now able to deliver even more insights and actionable solutions to clients.
Our team members are committed to our clients’ success and take pride in their deep and longstanding relationships.
They provide national resources, expertise, and technical depth through local delivery and support.
CBIZ continues to focus on creating a culture that helps it attract and retain top talent and on being an employer of choice.
It has received national recognition for doing just that.
In 2024, the Company received a record 106 workplace awards from local, national, and industry publications and organizations.
Financial Services Benefits and Insurance Services National Practices Accounting and Tax Employee Benefits Consulting Information Technology Managed Networking and Hardware Services Financial Advisory Payroll / Human Capital Management National Technology Property and Casualty Insurance Government Health Care Consulting Retirement and Investment Services Financial Services The table below is a summary of examples of services provided through our Financial Services Practice Group: Service Lines Examples of Services Offered Accounting and Tax • Traditional accounting • Transaction services • Tax compliance • Tax consulting • State and local tax Financial Advisory • Transaction advisory • Risk advisory • Forensic consulting & litigation • Financial accounting & advisory • Valuation National Technology • Cloud & infrastructure solutions • Cybersecurity, GRC & DFIR services • Enterprise performance & technology • Strategic IT consulting Government Health Care Consulting • Government health care compliance • Government health care consulting The leader for each service line reports to the President of the Financial Services Practice Group.
Restrictions imposed by independence requirements and state accountancy laws and regulations preclude us from rendering audit and attest services (other than internal audit services).
As such, we maintain joint-referral relationships and administrative service agreements (“ASAs”) with independent licensed Certified Public Accounting (“CPA”) firms (the “CPA firms”) under which audit and attest services may be provided to our clients by such CPA firms.
At December 31, 2024, we maintained ASAs with four CPA firms.
One of our ASAs is with CBIZ CPAs, formerly known as Mayer Hoffman McCann, P.C., an independent national CPA firm headquartered in New York, NY.
CBIZ CPAs has 471 stockholders as of December 31, 2024.
CBIZ CPAs maintains a nine member Board of Directors.
There are no board members of CBIZ CPAs who hold senior officer positions at CBIZ.
Our association with CBIZ CPAs offers clients access to the multi-state resources and expertise of a national CPA firm.
We also have an ASA with Myers and Stauffer LC (“MSLC”), an independent national governmental health care consulting firm headquartered in Kansas City, Missouri.
MSLC has 20 equity members, all of whom are also our team members.
The ASAs have remaining terms ranging up to 50 years, are renewable upon agreement by both parties, and have certain rights of extension and termination.
Under these ASAs, we provide a range of services to the CPA firms, including (but not limited to): administrative functions such as office management, bookkeeping and accounting; preparing marketing and promotional materials; and providing office space, computer equipment, systems support and administrative and professional staff.
Fees earned by us under the ASAs are recorded as revenue in the accompanying Consolidated Statements of Comprehensive Income and totaled approximately $306.5 million, $259.6 million and $235.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, a majority of which is related to services rendered to privately-held clients and governmental agencies.
Benefits and Insurance Services The table below is a summary of examples of services provided through our Benefit and Insurance Services Practice Group: Service Lines Examples of Services Offered Employee Benefit Consulting • Benefit consulting • Benefit administration • Actuarial services Payroll / Human Capital Management • Payroll services • Total rewards data analytics • Full HCM solution • Talent and compensation consulting Property and Casualty Insurance • Property and casualty insurance brokerage • Risk management services • Program and specialty insurance brokerage • Individual insurance brokerage Retirement and Investment Services • Retirement plan consulting • Retirement plan administration • Retirement investment services • Actuarial services The leader for each service line reports to the President of Benefits and Insurance Services practice group.
The aggregate compensation related to these arrangements received during the years ended December 31, 2024, 2023 and 2022 was approximately 1% of consolidated CBIZ revenue for the respective periods.
Revenue Revenue by practice group for the years ended December 31, 2024, 2023 and 2022 is provided in the table below (in thousands) along with a discussion of certain external relationships and regulatory factors that currently impact those segments.
Year End December 31, 2024 % 2023 % 2022 % Financial Services $ 1,362,539 75.1 % $ 1,160,686 73.0 % $ 1,010,068 71.5 % Benefits and Insurance Services 401,048 22.1 % 382,605 24.0 % 358,007 25.4 % National Practices 49,885 2.8 % 47,903 3.0 % 43,904 3.1 % Total CBIZ revenue $ 1,813,472 100.0 % $ 1,591,194 100.0 % $ 1,411,979 100.0 % Our revenue growth model includes three components: internal organic growth, cross-serving additional services to our existing clients, and strategic acquisitions. • We capitalize on organic growth opportunities by creating value for our clients to help them achieve their goals, take advantage of their greatest opportunities or address their biggest challenges.
As a leading national provider of professional services to middle market businesses, we provide a breadth of services and depth of expertise by most competitors.
We combine these service offerings with a strong commitment to exceptional client service and building meaningful client relationships. • Cross-serving provides us with the opportunity to offer and deliver multiple services to our existing clients.

and 127 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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