Barrett Q2 revenue up 5.7% with PEO business driving growth
Barrett Q2 revenue up 5.7% with PEO business driving growth

Main article
Second-quarter revenue rose 5.7% at Barrett Business Services (NASDAQ: BBSI) to $279.7 million, with growth driven by the firm’s professional employer organization business.
Barrett’s PEO revenue rose 6.4% year over year to $259.9 million at the Vancouver, Washington-headquartered company. The average number of PEO employers was up 3.7% in the quarter to 128,734.
In temporary staffing, the company’s other business line, revenue fell 3.0% in the second quarter to $19.8 million.
“Our strong performance continued through the second quarter, with gross billings growth and new client adds keeping us on track to meet our full-year financial objectives,” President and CEO Gary Kramer said in a press release.
Barrett Business Services - Q2 2024
(US$ thousands) | Q2 2024 | Q2 2023 | % change |
Revenue | 279,651 | 264,630 | 5.7% |
Gross margin | 67,897 | 67,046 | 1.3% |
Gross margin percentage | 24.3% | 25.3% | - |
Net income | 16,701 | 17,016 | -1.9% |
Revenue by Business Line
(US$ thousands) | Q2 2024 | Q2 2023 | % change |
PEO services | 259,887 | 244,256 | 6.4% |
Staffing services | 19,764 | 20,374 | -3.0% |
Guidance
Barrett forecast gross billings growth of between 6% and 8% for full-year 2024 and growth of 4% to 5% in the average number of worksite employees.
Share Price
Shares in Barrett were up 0.25% to $36.53 as of 12:32 p.m. Eastern time today. They set a new 52-week high today when they reached $37.00.