Average billing per WSE increased by 1.7%, reflecting wage inflation partially offset by lower average hours worked.
BBSI reported gross billings of $2.23 billion in Q2 2025, a 10.1% increase year-over-year, driven primarily by PEO gross billings growth of 10.3%.
Investment income declined by $700,000 due to lower average interest rates and a balloon premium payment reducing restricted cash.
Net income per diluted share rose to $0.70 from $0.62 in the prior year quarter, reflecting strong revenue growth and operating leverage.
Staffing revenues declined 12% to $17 million, underperforming expectations due to client reluctance to fill staffing orders amid macroeconomic uncertainty.
Workers' compensation program continued to perform well with favorable prior year claim adjustments of $8.8 million, consistent with prior year.
Worksite employees (WSEs) grew by 8% year-over-year, supported by a record addition of 10,100 WSEs from new clients and strong client retention.
Adjusted EBITDA reached a record $86.4 million, up 1.4% year-over-year, with an adjusted EBITDA margin of 22.7%, down 120 basis points but 24.7% excluding unfavorable foreign currency.
Free cash flow for the quarter was $56 million after $12 million in capital expenditures; for the first 9 months, free cash flow was $103 million, 71% of adjusted net income.
Gross profit increased 10.9% year-over-year to $145.7 million, with gross margin expanding 150 basis points to 38.3%.
Mueller Water Products reported a 6.6% increase in consolidated net sales to $380.3 million for Q3 2025, setting a new quarterly record.
Net income per diluted share increased 6.3% to $0.34, also a third quarter record.
Operating income increased 10% to $73.7 million, including $1 million of strategic reorganization charges excluded from adjusted results.
Segment-wise, WFS net sales increased 4.1% to $216.6 million, with adjusted operating income up 4.7%. WMS net sales increased 10.2% to $163.7 million, with adjusted operating income up 12.6%.
Total debt stood at $451 million with $372 million in cash and equivalents, net debt leverage ratio below 1, and $535 million total liquidity.
Cabot Corporation reported Q3 fiscal 2025 adjusted earnings per share of $1.90, down 1% year-over-year but in line with Q2 results.
Cash balance stood at $239 million with liquidity of approximately $1.4 billion; net debt-to-EBITDA ratio was 1.3x at quarter end.
Discretionary free cash flow was $114 million for the quarter.
Operating cash flow was strong at $249 million, funding $61 million in capital expenditures and enabling $64 million returned to shareholders via dividends and share repurchases.
Performance Chemicals segment EBIT increased 4% year-over-year, driven by higher gross profit per ton despite 8% lower volumes.
Reinforcement Materials segment EBIT declined 6% year-over-year to $128 million, primarily due to 8% lower volumes driven by tariffs and macroeconomic weakness.
Year-to-date operating tax rate was 28%, with an expected range of 27% to 29% for fiscal 2025.
Adjusted EBITDA was $111.6 million or 11.8% of revenue, down from $115.9 million or 12.2% in the prior year quarter.
Billable headcount decreased 2% year-over-year and 2.9% sequentially, with declines in Economic Consulting and Strategic Communications partially offset by growth in FLC and Corporate Finance & Restructuring.
Earnings per share were $2.13 compared to $2.34 in the prior year quarter and $1.74 in Q1 2025, with sequential EPS growth driven by a $0.55 special charge in Q1.
Free cash flow was $38.3 million compared to $125.2 million in the prior year quarter.
FTI Consulting reported second quarter 2025 revenues of $943.7 million, slightly down from $949.2 million in the prior year quarter but up 5.1% sequentially from Q1 2025.
Net cash provided by operating activities was $55.7 million, down from $135.2 million in Q2 2024, impacted by increased forgivable loan issuances and tax payments.
Net income decreased to $71.7 million from $83.9 million year-over-year, primarily due to lower revenue, increased direct costs including forgivable loan amortization, FX losses, and a higher effective tax rate.
Segment highlights included record revenues and adjusted EBITDA in Corporate Finance & Restructuring and Strategic Communications, strong performance in Forensic and Litigation Consulting despite regulatory headwinds, and declines in Economic Consulting and Technology segments.
SG&A expenses decreased slightly year-over-year to $202.2 million or 21.4% of revenues, but increased sequentially due to non-recurring legal settlements in Q1.
Total debt net of cash increased to $317.2 million from negative $166.4 million a year ago, primarily due to share repurchases and forgivable loan issuances.
Dafinchi