cbz-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________ to ________

Commission File Number 1-32961

CBIZ, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation

or organization)

5959 Rockside Woods, N. Suite 600 Independence, Ohio

(Address of principal executive offices)

22-2769024

(I.R.S. Employer

Identification No.)

44131

(Zip Code)

(216) 447-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	CBZ	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class of Common Stock			Outstanding at April 27, 2026
Common Stock, $0.01 par value			53,648,732

CBIZ, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION:		Page

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets (Unaudited) – March 3 1 , 202 6 and December 31, 202 5	3

		Condensed Consolidated Statements of Comprehensive Income (Unaudited) – Three Months Ended March 3 1 , 202 6 and 202 5	4

		Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) – Three Months Ended March 3 1 , 202 6 and 202 5	5

		Condensed Consolidated Statements of Cash Flows (Unaudited) – Thre e Months Ended March 3 1 , 202 6 and 202 5	6

		Notes to the Condensed Consolidated Financial Statements (Unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

	Item 4.	Controls and Procedures	32

PART II.	OTHER INFORMATION:

	Item 1.	Legal Proceedings	33

	Item 1A.	Risk Factors	33

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

	Item 3.	Defaults Upon Senior Securities	34

	Item 4.	Mine Safety Disclosures	34

	Item 5.	Other Information	34

	Item 6.	Exhibits	35

	Signature		36

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)


	March 31, 2026		December 31, 2025

ASSETS
Current assets:
Cash and cash equivalents	$	28,718	$	18,290
Restricted cash	40,622		38,234
Accounts receivable, net	769,442		555,995
Other current assets	77,639		79,693
Current assets before funds held for clients	916,421		692,212
Funds held for clients	152,862		207,037
Total current assets	1,069,283		899,249
Non-current assets:
Property and equipment, net	80,100		81,242
Goodwill and other intangible assets, net	2,856,166		2,869,790
Assets of deferred compensation plan	181,515		186,870
Right-of-use assets, net	408,593		334,048
Other non-current assets	34,303		38,329
Total non-current assets	3,560,677		3,510,279
Total assets	$	4,629,960	$	4,409,528
LIABILITIES
Current liabilities:
Accounts payable	$	86,743	$	90,934
Income taxes payable	60,596		11,008
Accrued personnel costs	120,240		197,534
Contingent purchase price liabilities	31,602		30,035
Lease liabilities	58,598		64,674
Short-term debt (1)	75,170		66,372
Other current liabilities	70,002		68,299
Current liabilities before client fund obligations	502,951		528,856
Client fund obligations	152,951		206,738
Total current liabilities	655,902		735,594
Non-current liabilities:
Long-term debt (1)	1,461,203		1,389,552
Income taxes payable	3,177		3,009
Deferred income taxes, net	29,577		7,141
Deferred compensation plan obligations	181,515		186,870
Contingent purchase price liabilities	4,375		10,213
Lease liabilities	395,356		307,905
Other non-current liabilities	4,679		7,177
Total non-current liabilities	2,079,882		1,911,867
Total liabilities	2,735,784		2,647,461
STOCKHOLDERS' EQUITY
Common stock	1,458		1,447
Additional paid in capital	1,831,208		1,830,866
Retained earnings	1,173,178		1,011,566
Treasury stock	(1,110,111)		(1,078,521)
Accumulated other comprehensive loss	(1,557)		(3,291)
Total stockholders’ equity	1,894,176		1,762,067
Total liabilities and stockholders’ equity	$	4,629,960	$	4,409,528

See the accompanying notes to the unaudited condensed consolidated financial statements

(1)See Note 5. Debt and Financing Arrangements for further discussion of the short-term and long-term debt.

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Revenue		$	848,579	$	838,014
Operating expenses		622,562		609,912
Gross margin		226,017		228,102
Corporate general and administrative expenses		29,568		28,070


Operating income		196,449		200,032
Other (expense) income:
Interest expense		(23,916)		(25,156)
Gain from acquisition related adjustments, net		57,955		—

Other expense, net		(4,016)		(1,966)
Total other income (expense), net		30,023		(27,122)
Income before income tax expense		226,472		172,910
Income tax expense		64,860		50,137
Net income		$	161,612	$	122,773


Earnings per share:



Basic		$	2.63	$	1.92



Diluted		$	2.63	$	1.91
Basic weighted average shares outstanding		61,424		63,843
Diluted weighted average shares outstanding		61,537		64,142
Comprehensive income:
Net income		$	161,612	$	122,773
Other comprehensive income (loss), net of tax		1,734		(1,235)
Comprehensive income		$	163,346	$	121,538

See the accompanying notes to the unaudited condensed consolidated financial statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands)


	Issued Common Shares	Treasury Shares	Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Total
December 31, 2025	144,654	90,274	$	1,447	$	1,830,866	$	1,011,566	$	(1,078,521)	$	(3,291)	$	1,762,067
Net income	—	—	—		—		161,612		—		—		161,612
Other comprehensive income, net of tax	—	—	—		—		—		—		1,734		1,734
Share repurchases	—	1,079	—		—		—		(28,963)		—		(28,963)
Indirect repurchase of shares for minimum tax withholding	—	82	—		—		—		(2,627)		—		(2,627)
Restricted stock units and awards	86	—	1		(1)		—		—		—		—
Performance share units	102	—	1		(1)		—		—		—		—

Stock-based compensation	—	—	—		7,530		—		—		—		7,530
Business acquisitions	892	—	9		(7,186)		—		—		—		(7,177)

March 31, 2026	145,734	91,435	$	1,458	$	1,831,208	$	1,173,178	$	(1,110,111)	$	(1,557)	$	1,894,176


	Issued Common Shares	Treasury Shares	Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
December 31, 2024	137,945	87,747	$	1,380	$	1,791,863	$	896,122	$	(910,601)	$	1,219	$	1,779,983
Net income	—	—	—		—		122,773		—		—		122,773
Other comprehensive loss, net of tax	—	—	—		—		—		—		(1,235)		(1,235)

Indirect repurchase of shares for minimum tax withholding	—	88	—		—		—		(7,726)		—		(7,726)
Restricted stock units and awards	78	—	1		(1)		—		—		—		—

Performance share units	124	—	1		(1)		—		—		—		—
Stock-based compensation	—	—	—		5,639		—		—		—		5,639
Business acquisitions	3,777	—	38		15,229		—		—		—		15,267

March 31, 2025	141,924	87,835	$	1,420	$	1,812,729	$	1,018,895	$	(918,327)	$	(16)	$	1,914,701

See the accompanying notes to the unaudited condensed consolidated financial statements

CBIZ, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	161,612	$	122,773
Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization expense	23,750		24,791
Bad debt expense, net of recoveries	1,409		417
Adjustment to contingent purchase price liabilities	195		502
Stock-based compensation expense	7,530		5,639
Deferred income taxes	14,660		4,320
Amortization of deferred financing fees	1,349		1,298
Other, net	837		(289)
Changes in assets and liabilities, net of acquisitions and divestitures:

SEC Form 10-Q filed by CBIZ Inc.