Quarterly ResultMay 6, 2026, 04:07 PM
Barrett Business Services Q1 Net Loss $(14.8)M; Revenue Up 5% to $307M
AI Summary
Barrett Business Services reported a Q1 2026 net loss of $14.8 million, or $(0.59) per diluted share, primarily due to an $11.6 million tax-effected, non-recurring charge from a U.S. Tax Court decision on prior-year tax credits. Excluding this charge, the net loss was $3.2 million, or $(0.13) per diluted share. Revenues increased 5% to $307.0 million, and gross billings rose 3% to $2.16 billion. The company reiterated its full-year 2026 outlook, including gross billings growth of 3% to 5% and average WSE growth of 2% to 4%.
Key Highlights
- Net loss of $14.8 million, or $(0.59) per diluted share, due to a one-time tax charge.
- Net loss excluding the one-time tax charge was $3.2 million, or $(0.13) per diluted share.
- Revenues increased 5% to $307.0 million compared to $292.6 million in Q1 2025.
- Gross billings increased 3% to $2.16 billion compared to $2.09 billion in Q1 2025.
- Average worksite employees (WSEs) increased 1.9% year-over-year.
- Repurchased $20.1 million of common stock (700,926 shares) in the first quarter.
- Declared a regular quarterly cash dividend of $0.08 per share.
- Reiterated 2026 outlook: gross billings growth of 3% to 5% and average WSE growth of 2% to 4%.