Filing Flows › Barrett Business Services (BBSI) › Q4 2025
Barrett Business Services (BBSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Barrett Business Services (BBSI) reported revenue of $321M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +0.7% from the quarter before. Operating margin was 5.8%, net earnings $16.4M (5.1% of revenue).
Barrett Business Services, Q4 2025: revenue $321M (+5% year over year), operating margin 5.8%, net earnings $16.4M, operating cash flow $76.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $321M | +0.7% | +5% |
| Gross profit | $68.3M | -11% | -4% |
| Operating profit | $18.5M | -25% | -10% |
| Net earnings | $16.4M | -20% | -2% |
| Operating cash flow | $76.1M | +98% | +43% |
| Free cash flow | $70.6M | +107% | +41% |
What changed
Revenue was $321.1M in Q4 2025, up 5% year over year and up 1% from the previous quarter. Professional Employer Services was the largest line at 95% of revenue.
Gross margin was 21.3%, down 2.2 points from a year earlier. Operating profit was $18.5M, a 5.8% margin (down 1.0 points year over year). Operating profit fell $2.1M even though revenue rose $16.3M versus a year earlier, so costs grew faster than sales. Operating expenses fell 2% while revenue rose 5%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $16.4M, down 2% year over year. The effective tax rate was 21.4%.
Operating cash flow was $76.1M (up 43% year over year), 464% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $55.0M. Capital expenditures of $5.5M left free cash flow of $70.6M.
Questions
What was Barrett Business Services' revenue in the fourth quarter 2025?
Barrett Business Services (BBSI) reported revenue of $321M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +0.7% from the quarter before.
Was Barrett Business Services profitable in the fourth quarter 2025?
Operating profit was $18.5M (5.8% of revenue) and net earnings $16.4M.