Cash flow is volatile due to working capital swings, with FCF ranging from $150.7M in Q2 2026 to -$93.4M in Q1 2025, while capital expenditures remain minimal at under 1% of revenue.
CBIZ, Inc. (CBZ) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 289.83M | 192.49M | 123.69M | 153.51M | 126.13M | 131.15M | 146.84M | 98.19M | 105.25M | 71.93M | 71.04M | 47.39M | 43.92M | -1.52M | 54.05M | 58.27M | 53.33M | 49.43M | 41.07M | 30.13M | 28.22M | 52.82M | 20.43M | 39.57M | 42.3M | 56.25M | 17.45M | -17.6M | 30.8M | 4.7M | 13.2M |
| Operating CF Margin % | - | 6.98% | 6.82% | 9.65% | 8.93% | 11.87% | 15.23% | 10.35% | 11.42% | 8.41% | 8.88% | 6.31% | 6.1% | -0.22% | 7.05% | 7.94% | 7.28% | 6.68% | 5.83% | 4.68% | 4.69% | 9.44% | 3.93% | 7.72% | 8.39% | 10.68% | 3.3% | -3.22% | 8.73% | 4.3% | 36.87% |
| Operating CF Growth % | 215.17% | 55.62% | -19.42% | 21.7% | -3.83% | -10.69% | 49.56% | -6.71% | 46.32% | 1.25% | 49.92% | 7.9% | 2993.15% | -102.81% | -7.24% | 9.27% | 7.88% | 20.37% | 36.31% | 6.78% | -46.58% | 158.6% | -48.38% | -6.46% | -24.8% | 222.41% | 199.13% | -157.14% | 555.32% | -64.39% | 388.89% |
| Net Income | 122.12M | 115.44M | 41.04M | 120.97M | 105.35M | 70.89M | 78.3M | 70.71M | 61.57M | 50.38M | 40.06M | 35M | 30.41M | 24.99M | 31.07M | 28.01M | 26.97M | 32.09M | 32.6M | 34.84M | 24.4M | 18.67M | 16.05M | 15.32M | -76.85M | -16M | -107.26M | 11.4M | 39.4M | 12.8M | 4.4M |
| Depreciation & Amortization | 95.55M | 98.27M | 48.06M | 36.27M | 32.9M | 27.08M | 23.14M | 22.34M | 23.68M | 23.06M | 22.1M | 20.39M | 19.83M | 18.88M | 21.39M | 20.34M | 20.33M | 20.5M | 15.11M | 15.97M | 16.43M | 15.16M | 16.43M | 17.16M | 20.66M | 42.08M | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 36.53M | 26M | 13.84M | 12.29M | 14.69M | 11.41M | 8.87M | 7.25M | 6.87M | 5.71M | 5.72M | 5.73M | 6.21M | 5.66M | 5.89M | 5.95M | 5.31M | 4.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 21.57M | 4.63M | -8.62M | 11.27M | 13.88M | 9.23M | -770K | 9.7M | 5.78M | 3.67M | 4.83M | 1.73M | 2.04M | -416K | -1.72M | -2.9M | -2.08M | 245K | -1.04M | -824K | -2.51M | -2.48M | -2.82M | 2.1M | -3.69M | -1.72M | -1.49M | -8.8M | -3.3M | -1M | 0 |
| Other Non-Cash Items | -231.74M | 19.78M | 5.98M | 1.75M | 1.36M | -724K | 2.31M | -437K | 2.21M | 312K | 2.58M | 6.01M | 4.1M | -32.93M | 5.88M | 5.07M | 8.91M | 11.1M | 10.94M | 3.86M | 2.67M | 6.57M | 4.06M | 8.24M | 86.28M | 8.72M | 164.99M | 37.1M | 8.1M | -9.5M | -2.6M |
| Working Capital Changes | 245.8M | -71.64M | 23.4M | -29.04M | -42.04M | 13.27M | 35M | -11.39M | 5.15M | -11.2M | -4.26M | -21.48M | -18.68M | -17.7M | -8.47M | 1.79M | -6.11M | -19.25M | -12.29M | -13.98M | -15.69M | 11.44M | -12.58M | -7.66M | 9.99M | 16.05M | -38.78M | -57.3M | -13.4M | 2.4M | 11.4M |
| Change in Receivables | 144.04M | -27.1M | 48.22M | -36.09M | -61.11M | -17.04M | 6.71M | -15.53M | -10.67M | -13.85M | -19.19M | -15.28M | -6.25M | -11.12M | -14.23M | -1.57M | -12.74M | -10.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.02M | 7.73M | -8.35M | -2.42M | -5.25M | 1.11M | -616K | -2.72M | -5.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -12.99M | 443K | -18.85M | 2.21M | 14.36M | 3.31M | -8.8M | 9.83M | 974K | 3.74M | 10.22M | -1.29M | -3.83M | 1.17M | 4.13M | 4.21M | 5.26M | -2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -25.01M | -15.85M | -1.13B | -79.39M | -99.12M | -82.01M | -46.41M | -27.68M | -1.16M | -29.41M | -50.01M | -6.95M | -63.92M | 174.99M | -104.31M | -55.57M | -44.02M | -22.99M | -100.38M | -29.89M | -21.86M | -14.25M | -9.33M | -5.52M | -3.05M | -1.43M | 7.68M | -75.3M | -89.6M | -41.4M | -9.3M |
| Capital Expenditures | -3.83M | -16.96M | -12.91M | -23.05M | -8.64M | -8.98M | -11.58M | -13.87M | -14.62M | -11.89M | -4.14M | -7.39M | -4.84M | -6.21M | -4.07M | -4.26M | -2.7M | -4.05M | -9.74M | -7.72M | -8.91M | -6.9M | -8.44M | -10.61M | -8.16M | -12.93M | -20.14M | -76.7M | -85.6M | -2.3M | -300K |
| CapEx % of Revenue | 0.14% | 0.61% | 0.71% | 1.45% | 0.61% | 0.81% | 1.2% | 1.46% | 1.59% | 1.39% | 0.52% | 0.98% | 0.67% | 0.9% | 0.53% | 0.58% | 0.37% | 0.55% | 1.38% | 1.2% | 1.48% | 1.23% | 1.62% | 2.07% | 1.62% | 2.45% | 3.81% | 14.04% | 24.26% | 2.11% | 0.84% |
| Acquisitions | -1.91M | -95K | -1.09B | -53.11M | -79.14M | -57.02M | -71.43M | -11.74M | -29.08M | -28.05M | -42.08M | -11.7M | -41.44M | 191.19M | -91.77M | -27.52M | -49.4M | -20.18M | -96.82M | -57.79M | -22.09M | -12.48M | -2.63M | 1.74M | -1.43M | 12.34M | -8.97M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -13.29M | 4.88M | -27.56M | -7.57M | -3.96M | -3.9M | 2.56M | 1.19M | 48.74M | 17.29M | -2.21M | 16.9M | -10.23M | -9.23M | -9.66M | -15.66M | 8.08M | 1.24M | -24K | 465K | 9.13M | 5.13M | 1.74M | 3.35M | 6.54M | -842K | 2.19M | 1.4M | 6.4M | -23.3M | 600K |
| Cash from Financing | -270.78M | -145.71M | 1.04B | -77.11M | -17.34M | -69M | -76.61M | -54.55M | -109.38M | -45.59M | -18.38M | -40.57M | 20.21M | -173.6M | 49.55M | -1.81M | -15.76M | -26.86M | 56.84M | -1.07M | -2.29M | -34.95M | -9.6M | -36.61M | -37.24M | -66.45M | -33.9M | 98.2M | 80.3M | 15.6M | 35.7M |
| Debt Issued (Net) | -101.3M | 50.52M | 1.11B | 46.7M | 110.4M | 47.3M | 2.5M | -30M | -43M | -12.9M | -14.4M | 8.86M | 26.59M | -160.99M | 63.9M | -13.15M | 78.75M | -15.31M | 93.03M | 29.41M | 67.14M | -22.46M | 39.47M | -4.24M | -37.8M | -65.79M | -33.74M | 57M | 2.6M | 6.4M | -1M |
| Equity Issued (Net) | -78.37M | -160.08M | -11.51M | -73.83M | -129.83M | -100.49M | -58.54M | -27.16M | -17.48M | -19.73M | -9.14M | -36.48M | -28.14M | -26.47M | -5.72M | -9.51M | -86.21M | -13.35M | -41.41M | -33.41M | -68.83M | -12.49M | -49.07M | -32.65M | 550K | -295K | 141K | 43.79M | 83.8M | 8.4M | 38.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M |
| Share Repurchases | -78.37M | -160.08M | -11.51M | -73.83M | -129.83M | -100.49M | -58.54M | -27.16M | -17.48M | -19.73M | -9.14M | -36.48M | -28.14M | -26.47M | -5.72M | -9.51M | -86.21M | -13.35M | -41.41M | -38.11M | -74.52M | -16.67M | -50.42M | -33.58M | 0 | -410K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -91.11M | -36.15M | -61.38M | -49.98M | 2.08M | -15.82M | -20.57M | 2.61M | -48.9M | -12.96M | 5.16M | -12.95M | 21.76M | 13.86M | -8.63M | 20.86M | -8.29M | 1.8M | 5.22M | 2.94M | -597K | -41K | 0 | 0 | 0 | -365K | -304K | -2.59M | -2.8M | 800K | -1.5M |
| Net Change in Cash | -5.96M | 30.92M | 30.02M | -3M | 9.67M | -19.86M | 23.83M | 15.95M | -51.71M | -3.07M | 2.64M | -129K | 208K | -128K | -714K | 889K | -6.45M | -415K | -2.47M | -827K | 4.06M | 3.62M | 1.5M | -2.56M | 2.01M | -11.63M | -8.77M | 5.3M | 80.3M | 15.6M | 35.7M |
| Free Cash Flow | 286M | 175.53M | 110.78M | 130.46M | 117.49M | 122.17M | 135.27M | 84.31M | 90.62M | 60.04M | 66.9M | 40M | 39.08M | -7.73M | 49.98M | 54.01M | 50.63M | 45.39M | 31.32M | 22.41M | 19.31M | 45.92M | 11.98M | 28.95M | 34.14M | 43.32M | -2.69M | -94.3M | -54.8M | 2.4M | 12.9M |
| FCF Margin % | 10.33% | 6.36% | 6.11% | 8.2% | 8.32% | 11.06% | 14.03% | 8.89% | 9.83% | 7.02% | 8.36% | 5.33% | 5.43% | -1.12% | 6.52% | 7.36% | 6.91% | 6.14% | 4.45% | 3.48% | 3.21% | 8.21% | 2.3% | 5.65% | 6.77% | 8.22% | -0.51% | -17.26% | -15.53% | 2.2% | 36.03% |
| FCF Growth % | 172.21% | 58.45% | -15.08% | 11.03% | -3.83% | -9.68% | 60.44% | -6.97% | 50.94% | -10.26% | 67.27% | 2.34% | 605.84% | -115.46% | -7.46% | 6.68% | 11.54% | 44.9% | 39.8% | 16.05% | -57.95% | 283.14% | -58.61% | -15.19% | -21.19% | 1711.16% | 97.15% | -72.08% | -2383.33% | -81.4% | 960% |
| FCF per Share | 4.72 | 2.78 | 2.10 | 2.58 | 2.24 | 2.27 | 2.44 | 1.51 | 1.60 | 1.08 | 1.25 | 0.76 | 0.76 | -0.16 | 1.01 | 1.09 | 0.87 | 0.73 | 0.50 | 0.34 | 0.26 | 0.60 | 0.15 | 0.31 | 0.35 | 0.46 | -0.03 | -1.03 | -0.68 | 0.05 | 0.81 |
| FCF Conversion (FCF/Net Income) | 2.34x | 1.67x | 3.01x | 1.27x | 1.20x | 1.85x | 1.88x | 1.39x | 1.71x | 1.43x | 1.77x | 1.39x | 1.48x | -0.02x | 1.74x | 2.08x | 2.18x | 1.57x | 1.26x | 0.86x | 1.16x | 2.83x | 1.27x | 2.58x | -0.55x | -3.52x | -0.14x | -2.38x | 0.78x | 0.41x | 3.00x |
| Interest Paid | 0 | 0 | 25.69M | 19.13M | 7.42M | 3.35M | 4.74M | 5.56M | 6.34M | 6.12M | 6.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 37.54M | 39.98M | 27.82M | 17M | 25.94M | 17.5M | 15.33M | 25.09M | 19.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CBZ stock.
CBIZ, Inc. (CBZ) generated $192.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CBIZ, Inc. (CBZ) generated $175.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CBIZ, Inc. (CBZ) spent $17.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CBIZ, Inc. (CBZ) spent $160.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
CBIZ's operating cash flow to net income ratio swung from 15.1x in Q2 2026 to -0.16x in Q1 2026, per reported figures, indicating earnings quality is heavily influenced by working capital timing.
The extreme quarterly swings in OCF/NI, from 15.11 in Q2 2026 to -0.16 in Q1 2026, suggest that net income is not a reliable indicator of cash generation. The large working capital changes, such as -$236.9M in Q1 2026 and +$186.4M in Q4 2025, appear to drive these fluctuations, implying that accruals are a significant factor. Investors should monitor whether these swings reflect seasonal business patterns or more structural issues in cash conversion.
Free Cash Flow Exhibits Sharp Quarterly Volatility
CBIZ's free cash flow ranged from $150.7M in Q2 2026 to -$93.4M in Q1 2025, based on reported data, with FCF margins swinging from 22.1% to -11.2%, indicating unstable cash generation.
The FCF trajectory is highly erratic, with positive quarters followed by deep negative quarters, as seen in Q2 2026 ($150.7M) versus Q1 2026 (-$28.5M). This pattern suggests that CBIZ's cash flow is not steadily growing but rather subject to significant timing effects, likely from working capital and acquisition activity. The negative FCF in Q1 2025 and Q1 2026, despite positive net income in those quarters, underscores the disconnect between reported profitability and cash reality.
Working Capital Swings Dominate Cash Flow
Working capital changes ranged from +$225.1M in Q3 2025 to -$247.7M in Q1 2025, as per financial statements, indicating that cash flow is heavily influenced by short-term asset and liability movements.
The magnitude of working capital changes, often exceeding $200M in a single quarter, suggests that CBIZ's cash flow is highly sensitive to the timing of collections, payables, and possibly prepaid expenses. The negative working capital changes in Q1 quarters (e.g., -$236.9M in Q1 2026) may indicate a seasonal cash outflow, while positive changes in Q4 and Q3 (e.g., +$186.4M and +$225.1M) suggest cash inflows from unwinding those positions. This pattern implies that CBIZ's cash flow is not organically stable but rather dependent on working capital cycles.
Capital Expenditures Remain Light Relative to Revenue
CBIZ's capital expenditures averaged under 1% of revenue across the last ten quarters, per reported figures, indicating a low capital intensity business model with minimal fixed asset investment.
CapEx/Revenue ratios consistently below 1.2% suggest that CBIZ does not require significant capital investment to generate revenue, which is typical for service-oriented businesses. The low capital intensity means that free cash flow is largely driven by operating cash flow and working capital management rather than asset replacement or expansion. This may indicate that the company can allocate more cash to acquisitions or shareholder returns, but the volatile working capital still poses a risk to cash flow stability.
Capital Deployment Focused on Buybacks and Acquisitions
CBIZ allocated $31.6M to buybacks in Q2 2026 and $3.2M to acquisitions, while paying no dividends, based on reported data, indicating a preference for share repurchases and M&A over income distribution.
The cash flow statement shows no dividend payments, but significant buyback activity, with $31.6M in Q2 2026 and $56.5M in Q3 2025, suggesting management is returning capital to shareholders via repurchases. Acquisition-related cash outflows appear in some quarters (e.g., -$1.1B in Q4 2024), indicating that M&A is a major use of cash, though the amounts vary widely. This deployment strategy may be aimed at enhancing per-share metrics, but the large acquisition outflows could strain liquidity if not offset by operating cash flow.
Cumulative Earnings Outpace Cash Generation
Over the last ten quarters, CBIZ's cumulative net income of $327.1M exceeds cumulative operating cash flow of $428.1M, per reported figures, but the gap narrows when excluding working capital swings.
The cumulative operating cash flow of $428.1M is actually higher than cumulative net income of $327.1M, but this is largely due to massive working capital inflows in certain quarters (e.g., Q4 2025 and Q3 2025). Excluding working capital changes, operating cash flow would be significantly lower, suggesting that earnings quality is not as strong as the headline numbers imply. The divergence between net income and operating cash flow, particularly in quarters like Q1 2025 where net income was $122.8M but OCF was -$88.3M, indicates that accruals are a major factor in reported profitability.
What Could Invalidate the Base Case
The recurrence of negative gross margins and operating losses, as seen in Q4 2024 and Q4 2025, could indicate structural profitability issues, according to reported data.
The cash flow statement obscures the impact of non-cash items like stock-based compensation, which totaled $8.1M in Q2 2026, and the timing of acquisition-related payments. The large negative working capital changes in Q1 quarters may be masking underlying cash flow weakness, as operating cash flow turned negative in Q1 2025 and Q1 2026 despite positive net income. Investors should scrutinize whether the company's reliance on working capital swings and acquisitions is sustainable, as a slowdown in M&A or a shift in payment terms could expose cash flow fragility.