CBIZ, Inc. (CBZ) Income Statement

The reported figures reveal a pattern of extreme quarterly fluctuations, with growth rates ranging from -0.2% to 69.5% over the past ten quarters. This volatility suggests that revenue is heavily influenced by non-recurring events or seasonality, making the underlying growth trend difficult to discern. Investors should monitor whether this reflects acquisition activity or core business instability.

The gross margin data shows a stark contrast between quarters, with positive margins around 10-27% in most periods but negative margins in Q4 2024 and Q4 2025. This suggests that the company experiences periodic cost overruns or revenue recognition issues that severely impact gross profitability. The pattern may indicate a lack of pricing power or operational inefficiencies that warrant further investigation.

The operating margin swings are extreme, with negative operating income in Q4 2024 and Q4 2025, while other quarters show robust margins. This inconsistency suggests that fixed costs are not being managed effectively relative to revenue fluctuations, or that there are significant one-time charges. The lack of a stable operating leverage trend raises questions about the scalability of the business model.

The cost data reveals that COGS is not only high relative to revenue but also highly variable, leading to negative gross profits in some quarters. SG&A also fluctuates, with a notable increase in Q2 2026 to $50.3M from $29.6M in Q1 2026. This suggests that the company may be incurring unexpected expenses or that cost controls are not consistently effective, which could pressure future margins.