BBSI

MKT CAP:$768M

Barrett Business Services, Inc.

Market Cap

$768M

Industrials·Staffing & Employment Services·🇺🇸 United States·NASDAQ

Industrials·Staffing·🇺🇸·NASDAQ

Stock Price

$30.47-$5.92 (-16.27%)

Apr 24, 2026

Company Details

Barrett Business Services, Inc. provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consult...

CEO

Gary Edward Kramer Jr.

IPO Date

Jun 11, 1993

Website

www.bbsi.com

Key Metrics TTM

Revenue

$1.2B

+8.4% YoY

Net Income

$54M

EPS (Diluted)

$2.09

Free Cash Flow

$47M

Revenue / Share

$48.12

Gross Margin

21.0%

Operating Margin

5.0%

Net Margin

4.4%

FCF Margin

3.8%

P/S

0.6x

P/E

14.1x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$1.2B+8.4%EPS $2.09

Q4 2025

Feb 25, 2026

$321M+5.3%EPS $0.64

Q3 2025

Nov 5, 2025

$319M+8.4%EPS $0.79

Q2 2025

Aug 6, 2025

$308M+10.0%EPS $0.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$246M	$40M	-$1M
Q2 22	$262M	$67M	$23M
Q3 22	$274M	$67M	$22M
Q4 22	$272M	$61M	$15M
Q1 23	$255M	$42M	-$1M
Q2 23	$265M	$67M	$22M
Q3 23	$273M	$68M	$22M
Q4 23	$277M	$66M	$18M
Q1 24	$266M	$40M	-$5M
Q2 24	$280M	$68M	$20M
Q3 24	$294M	$74M	$23M
Q4 24	$305M	$71M	$21M
Q1 25	$293M	$43M	-$4M
Q2 25	$308M	$73M	$23M
Q3 25	$319M	$77M	$25M
Q4 25	$321M	$68M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	0.8x	17.9x
Q2 22	0.8x	17.5x
Q3 22	0.7x	16.6x
Q4 22	0.7x	16.2x
Q1 23	0.7x	16.1x
Q2 23	0.7x	16.4x
Q3 23	0.7x	16.1x
Q4 23	0.7x	15.2x
Q1 24	0.7x	15.5x
Q2 24	0.7x	15.6x
Q3 24	0.7x	15.1x
Q4 24	0.7x	14.5x
Q1 25	0.7x	14.7x
Q2 25	0.6x	14.3x
Q3 25	0.6x	14.0x
Q4 25	0.6x	14.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$30M	-$37M
Q2 22	-$7M	-$9M
Q3 22	$34M	$31M
Q4 22	$31M	$26M
Q1 23	-$27M	-$30M
Q2 23	$3M	$507.0K
Q3 23	$33M	$31M
Q4 23	$57M	$54M
Q1 24	$9M	$6M
Q2 24	-$51M	-$56M
Q3 24	-$935.0K	-$4M
Q4 24	$53M	$50M
Q1 25	$5M	$697.0K
Q2 25	-$54M	-$58M
Q3 25	$38M	$34M
Q4 25	$76M	$71M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$2M
Q3 22	$3M
Q4 22	$5M
Q1 23	$3M
Q2 23	$3M
Q3 23	$2M
Q4 23	$4M
Q1 24	$3M
Q2 24	$5M
Q3 24	$3M
Q4 24	$3M
Q1 25	$5M
Q2 25	$4M
Q3 25	$4M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+12.8%	+9.6%
Q2 22	+12.4%	+12.4%
Q3 22	+10.9%	+9.7%
Q4 22	+6.0%	+5.7%
Q1 23	+3.4%	+3.4%
Q2 23	+0.9%	+1.7%
Q3 23	-0.2%	-0.2%
Q4 23	+1.7%	+0.5%
Q1 24	+4.4%	+5.6%
Q2 24	+5.7%	+6.6%
Q3 24	+7.7%	+7.9%
Q4 24	+10.2%	+9.9%
Q1 25	+10.1%	+9.7%
Q2 25	+10.0%	+9.8%
Q3 25	+8.4%	+8.6%
Q4 25	+5.3%	+6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.7%
Q2 22	$2M	0.7%
Q3 22	$2M	0.7%
Q4 22	$2M	0.7%
Q1 23	$2M	0.8%
Q2 23	$2M	0.7%
Q3 23	$2M	0.8%
Q4 23	$0	0.0%
Q1 24	$2M	0.8%
Q2 24	$0	0.0%
Q3 24	$2M	0.8%
Q4 24	$0	0.0%
Q1 25	$3M	0.9%
Q2 25	$2M	0.7%
Q3 25	$3M	0.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$40M
Q2 22	$42M
Q3 22	$43M
Q4 22	$44M
Q1 23	$41M
Q2 23	$44M
Q3 23	$44M
Q4 23	$46M
Q1 24	$42M
Q2 24	$46M
Q3 24	$49M
Q4 24	$49M
Q1 25	$45M
Q2 25	$48M
Q3 25	$50M
Q4 25	$48M

Revenue Segments

Quarter	Professional Employer Service Fees	Staffing Services
Q1 22	$217M	$29M
Q2 22	$232M	$30M
Q3 22	$245M	$29M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$46M	$81M	$127M
Q2 22	$34M	$77M	$111M
Q3 22	$59M	$73M	$132M
Q4 22	$91M	$68M	$160M
Q1 23	$53M	$80M	$133M
Q2 23	$48M	$85M	$133M
Q3 23	$42M	$88M	$129M
Q4 23	$71M	$81M	$152M
Q1 24	$51M	$72M	$124M
Q2 24	$40M	$70M	$110M
Q3 24	$14M	$83M	$97M
Q4 24	$55M	$66M	$122M
Q1 25	$32M	$67M	$99M
Q2 25	$26M	$64M	$90M
Q3 25	$48M	$62M	$110M
Q4 25	$95M	$97M	$192M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	30M	-1.1%	-1.3%
Q2 22	29M	-2.3%	-4.5%
Q3 22	29M	-2.4%	-6.3%
Q4 22	28M	-1.1%	-6.8%
Q1 23	28M	-0.9%	-6.5%
Q2 23	28M	-1.6%	-5.8%
Q3 23	27M	-1.2%	-4.7%
Q4 23	27M	-0.8%	-4.4%
Q1 24	26M	-2.5%	-5.9%
Q2 24	27M	+1.8%	-2.7%
Q3 24	27M	-0.1%	-1.6%
Q4 24	27M	-0.4%	-1.2%
Q1 25	26M	-3.1%	-1.8%
Q2 25	26M	+1.6%	-2.1%
Q3 25	26M	+0.2%	-1.8%
Q4 25	26M	-1.9%	-3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2.0K	122K
Q2 22	$2.2K	122K
Q3 22	$2.3K	122K
Q4 22	$2.1K	127K
Q1 23	$2.0K	127K
Q2 23	$2.1K	127K
Q3 23	$2.1K	127K
Q4 23	$2.1K	131K
Q1 24	$2.0K	131K
Q2 24	$2.1K	131K
Q3 24	$2.3K	131K
Q4 24	$83.3K	4K
Q1 25	$80.0K	4K
Q2 25	$84.1K	4K
Q3 25	$87.2K	4K
Q4 25	$87.8K	4K

Revenue / Employee