巴瑞特商业服务 2025年度报告

BARRETT BUSINESS SERVICES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ State the aggregate market value of the common equity held by non-affiliates of the registrant: $1,025,988,565 at June 30, 2025Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: DOCUMENTS INCORPORATED BY REFERENCEPortions of the definitive Proxy Statement for the 2026 Annual Meeting of Stockholders are hereby incorporated by reference in Part III of Form 10-K. BARRETT BUSINESS SERVICES, INC.2025 ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PART I PageItem 1.Business2Item 1A.Risk Factors9Item 1B.Unresolved Staff Comments22Item 1C.Cybersecurity23Item 2.Properties24Item 3.Legal Proceedings25Item 4.Mine Safety Disclosures25PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities25Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 7A.Quantitative and Qualitative Disclosures About Market Risk34Item 8.Financial Statements and Supplementary Data35Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure64Item 9A.Controls and Procedures64Item 9B.Other Information67Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections67PART IIIItem 10.Directors, Executive Officers and Corporate Governance68Item 11.Executive Compensation68Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters68Item 13.Certain Relationships and Related Transactions, and Director Independence68Item 14.Principal Accountant Fees and Services68PART IVItem 15.Exhibits and Financial Statement Schedules69Item 16.Form 10-K Summary72Signatures73 Item 1.BUSINESS General Company Background Barrett Business Services, Inc. (“BBSI,” the “Company,” “our” or “we”), is a leading provider of business managementsolutions for small and mid-sized companies. The Company has developed a management platform that integrates aknowledge-based approach from the management consulting industry with tools from the human resource outsourcingindustry. This platform, through the effective leveraging of human capital, helps our business owner clients run theirbusinesses more effectively. We believe this platform, delivered through a decentralized organizational structure,differentiates BBSI from our competitors. BBSI was incorporated in Maryland in 1965. Certain statements below contain forward-looking information that is subject to risks and uncertainties. See “Forward-Looking Information” in I