Earnings Releases·Nov 4, 2026, 4:08 PM ET

Barrett Business Services, Inc. — Third Quarter 2026 Earnings Summary

Revenues rose 5% year-over-year to $334.1 million and gross billings increased 3% to $2.40 billion, though net income declined to $16.8 million ($0.69/share) from $20.6 million ($0.79/share) due to lower gross margins (3.0% vs. 3.3%) and higher workers' compensation expenses.
The company returned $50+ million in capital to shareholders year-to-date, including $9.0 million in stock repurchases and $1.9 million in dividends, while maintaining a debt-free balance sheet with $73.7 million in unrestricted cash.
Full-year 2026 guidance projects gross billings growth of 3% to 4% and average WSE growth of 1% to 2%, with an expected gross margin of 2.70% to 2.75%.
Management highlighted improving workers' compensation market conditions and successful rate increases as key drivers for growth into 2027, despite soft client hiring trends.