• Reported GAAP EPS of $0.65 • Reported revenue of $321.13M up 5.35% YoY • BBSI expects 2026 gross billings growth of 3% to 5%, average WSEs growth of 2% to 4%, and gross margin as a percent of gross billings between 2.70% and 2.85%.
Bullish
BBSI achieved strong revenue and gross billings growth, driven by new client wins and high benefits retention. BBSI maintained a debt-free status, increased cash, and repurchased stock.
Bearish
BBSI saw moderating same-customer sales and Q4 net income decline. Gross margin compressed in Q4 and for the full year, with evolving workers' compensation market dynamics.