CBIZ, Inc.CBZ
CBIZ, Inc. Segments Disclosure
SEGMENT DISCLOSURES
(1) - Other costs, gains, and losses, net primarily consist of travel and entertainment costs, computer and technology related costs, depreciation and amortization expenses, and other discretionary costs.
Our business units have been aggregated into three practice groups: (i) Financial Services, (ii) Benefits and Insurance Services and (iii) National Practices, based on the following factors: similarity of the products and services provided to clients, similarity of the regulatory environment in which they operate; and similarity of economic conditions affecting long-term performance. The business units are managed along these segment lines.
A general description of services provided by practice groups is provided in the table below.
| 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 Heath Care Consulting | Retirement and Investment Services | |||||||||||||
Corporate and Other - Included in Corporate and Other are operating expenses that are not directly allocated to the individual business units. These expenses primarily consist of certain healthcare costs, gains or losses attributable to assets held in our non-qualified deferred compensation plan, stock-based compensation, consolidation and integration charges, certain professional fees, certain advertising costs and other various expenses.
The discrete financial information of those practice groups are available and regularly reviewed by the Chief Operating Decision Maker ("CODM"). The CODM, who is our CEO, allocates resources to and assesses the performance of each practice group using information about their respective revenue and income (loss) before income tax expense (benefit), excluding those costs listed above, which are reported in the “Corporate and Other”.
Upon consolidation, intercompany accounts and transactions are eliminated, thus inter-segment revenue is not included in the measure of profit or loss for the practice groups. The CODM does not evaluate practice groups using discrete asset information, and we do not identify or allocate assets by practice groups.
We operate in the United States and Canada and revenue generated from such operations during the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 2,756,176 | $ | 1,811,113 | $ | 1,589,478 | |||||||||||
| Canada | 1,815 | 2,359 | 1,716 | ||||||||||||||
| Total revenue | $ | 2,757,991 | $ | 1,813,472 | $ | 1,591,194 | |||||||||||
There is no one customer that represents a significant portion of our revenue.
The practice groups respective revenue and pre-tax income, significant segment expenses, and a reconciliation of segment profit or loss measure to the consolidated income before income tax expense for the years ended December 31, 2025, 2024 and 2023 are presented below (in thousands).
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Total | ||||||||||||||||||||
| Revenue from external customers | $ | 2,301,462 | $ | 409,633 | $ | 46,896 | $ | 2,757,991 | |||||||||||||||
| Significant expenses: | |||||||||||||||||||||||
| Personnel costs | 1,551,063 | 258,849 | 41,528 | 1,851,440 | |||||||||||||||||||
| Facility costs | 95,231 | 13,227 | 8 | 108,466 | |||||||||||||||||||
Other costs, gains, and losses, net (1) | 320,554 | 61,484 | (628) | 381,410 | |||||||||||||||||||
| Total segment expense | 1,966,848 | 333,560 | 40,908 | 2,341,316 | |||||||||||||||||||
| Segment income before income tax expenses | 334,614 | 76,073 | 5,988 | 416,675 | |||||||||||||||||||
| Corporate & other: | |||||||||||||||||||||||
| Unallocated corporate operating expenses | 61,000 | ||||||||||||||||||||||
| General & administrative expenses | 121,383 | ||||||||||||||||||||||
| Interest expense | 107,215 | ||||||||||||||||||||||
| Other income, net | (33,758) | ||||||||||||||||||||||
| Consolidated income before income tax expenses | $ | 160,835 | |||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Total | ||||||||||||||||||||
| Revenue from external customers | $ | 1,362,539 | $ | 401,048 | $ | 49,885 | $ | 1,813,472 | |||||||||||||||
| Significant expenses: | |||||||||||||||||||||||
| Personnel costs | 972,730 | 257,166 | 42,913 | 1,272,809 | |||||||||||||||||||
| Facility costs | 55,178 | 12,481 | 177 | 67,836 | |||||||||||||||||||
Other costs, gains, and losses, net (1) | 185,091 | 58,476 | (3,394) | 240,173 | |||||||||||||||||||
| Total segment expense | 1,212,999 | 328,123 | 39,696 | 1,580,818 | |||||||||||||||||||
| Segment income before income tax expenses | 149,540 | 72,925 | 10,189 | 232,654 | |||||||||||||||||||
| Corporate & other: | |||||||||||||||||||||||
| Unallocated corporate operating expenses | 44,485 | ||||||||||||||||||||||
| General & administrative expenses | 108,753 | ||||||||||||||||||||||
| Interest expense | 34,374 | ||||||||||||||||||||||
| Other income, net | (12,765) | ||||||||||||||||||||||
| Consolidated income before income tax expenses | $ | 57,807 | |||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||
| Financial Services | Benefits and Insurance Services | National Practices | Total | ||||||||||||||||||||
| Revenue from external customers | $ | 1,160,686 | $ | 382,605 | $ | 47,903 | $ | 1,591,194 | |||||||||||||||
| Significant expenses: | |||||||||||||||||||||||
| Personnel costs | 793,791 | 242,340 | 40,949 | 1,077,080 | |||||||||||||||||||
| Facility costs | 44,444 | 12,196 | 250 | 56,890 | |||||||||||||||||||
Other costs, gains, and losses, net (1) | 134,623 | 53,916 | 1,860 | 190,399 | |||||||||||||||||||
| Total segment expense | 972,858 | 308,452 | 43,059 | 1,324,369 | |||||||||||||||||||
| Segment income before income tax expenses | 187,828 | 74,153 | 4,844 | 266,825 | |||||||||||||||||||
| Corporate & other: | |||||||||||||||||||||||
| Unallocated corporate operating expenses | 39,344 | ||||||||||||||||||||||
| General & administrative expenses | 57,965 | ||||||||||||||||||||||
| Interest expense | 20,129 | ||||||||||||||||||||||
| Other income, net | (16,916) | ||||||||||||||||||||||
| Consolidated income before income tax expenses | $ | 166,303 | |||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Mar 8, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.