Everything in Observer
Financial Services
Business Description
CBIZ, Inc. (NYSE: CBZ) is a Cleveland, Ohio-headquartered professional services firm incorporated as Century Business Services, Inc. in 1997 and listed on the New York Stock Exchange under the ticker CBZ since that year, providing accounting, tax, advisory, benefits, insurance, and technology services to middle-market businesses from more than 160 U.S. offices across 22 major markets.
The firm operates across six service lines. The tax practice covers corporate structuring, R&D tax credits, and multi-state planning to minimize liabilities under shifting regulatory requirements. Accounting and audit services cover financial reporting and compliance, along with support for operational scaling. Advisory spans financial modeling, M&A support, and risk management. Benefits and HR consulting covers payroll and retirement planning; the group also designs benefits programs for employers. Insurance spans commercial coverage, employee benefits plans, and specialty risk programs. The technology division provides IT consulting and cybersecurity assessments, with cloud strategy rounding out the practice.
CBIZ maintains a dedicated Digital Assets and Blockchain practice serving cryptocurrency firms, blockchain developers, DeFi projects, and crypto mining and staking operations. That practice covers valuation of digital assets (cryptocurrency, NFTs, tokenized assets, and DeFi protocols), alongside audit, tax compliance, and advisory work. For mining-specific clients, CBIZ advises on optimizing tax deductions, energy cost allocations, and IRS reporting strategies. The group also assists with regulatory compliance under SEC and IRS requirements and tracks evolving global digital asset standards. CBIZ has published analysis on how proposed U.S. legislation would affect mining companies' reporting obligations to the IRS.
The November 2024 acquisition of the non-attest business of Marcum LLP (a $2.3 billion cash-and-stock transaction announced July 31, 2024 and closed November 1) was CBIZ's largest deal to date. Marcum's attest operations were concurrently acquired by CBIZ CPAs, the independent CPA firm with which CBIZ has maintained an Administrative Services Agreement for more than 25 years. The combined entity ranks seventh among U.S. accounting firms by revenue per Accounting Today's March 2025 ranking and now serves more than 135,000 clients.
Full-year 2025 revenue totaled $2.71 billion, a 52% increase over 2024's $1.81 billion. Adjusted EBITDA for 2025 was $447 million; adjusted EPS was $3.61. The firm employs more than 10,000 professionals. CBIZ has issued 2026 guidance of 2%, 5% revenue growth as Marcum integration approaches completion, with emphasis on margin improvement and free cash flow.
