Three-Year Financial Review · 2023 — 2025
Three years.
A new company.
Revenue grew 72%. EBITDA grew 236%. Net income grew 383%. Mission Staffing didn't just get bigger — it became fundamentally more profitable.
Revenue grew 72%. EBITDA grew 236%. Net income grew 383%. Mission Staffing didn't just get bigger — it became fundamentally more profitable.
Mission Staffing's three-year trajectory tells a story most staffing firms would envy. Revenue grew 72%. EBITDA grew 236%. Net income grew 383%. Every line moved in the right direction, but the speed at which they diverged is what matters.
The 2025 full-year numbers confirm what 2024 first hinted at: this is a structurally better business. Operating expenses have compressed from 26.3% of revenue to 21.9% — 440 basis points of durable operating leverage.
And the segment story is clearer now. Temp is the engine. Its EBITDA tripled to $4.45M, contributing 72% of total company EBITDA in 2025. Perm remains the high-margin specialist — smaller, but punching above its weight on a per-dollar basis.
A 3× gap between revenue growth and EBITDA growth is what operating leverage looks like when it's working. The 2025 actuals confirm it's durable.
Temp segment tripled from 2023 and now drives 72% of total EBITDA. Perm contributed early, Temp is finishing strong.
Temp EBITDA added $2.3M in 2025 alone — more than the entire company generated in 2023.
From 8.4% to 16.3% in two years.
Perm doubled in two years. Temp grew 62%. Both segments grew faster in 2025 than in 2024 — rare in this cycle.
Perm share: 27.0% → 28.8% → 31.6%. Slow, steady structural mix lift.
Perm GM normalized to 40.1%. Temp GM expanded to 37.3%. The gap is closing.
Fixed-cost absorption is doing the work. OpEx grew 44% over two years while revenue grew 72%.
440 basis points of leverage captured since 2023.
Payroll grew ~28% over two years — well below revenue's 72% growth.
Revenue doubled. EBITDA up 360%. Growth rate accelerating.
Revenue up 62%. EBITDA up 204%. Now the bigger profit driver.
Combined P&L, cash basis. Three years of full-year actuals.
All figures in USD · Cash basis · Years ended December 31
| Line Item | 2023 | 2024 | 2025 | 2-Yr CAGR | 23→25 Δ |
|---|---|---|---|---|---|
| Total Service Revenue | $21,970,383 | $27,391,792 | $37,839,636 | 31.2% | +72.2% |
| Perm placement revenue | 5,932,727 | 7,890,743 | 11,942,380 | 41.9% | +101.3% |
| Temp & consulting revenue | 16,037,656 | 19,501,049 | 25,897,256 | 27.1% | +61.5% |
| Cost of Services | (14,360,306) | (17,098,655) | (23,386,792) | 27.6% | +62.9% |
| Gross Margin | $7,610,077 | $10,293,137 | $14,452,844 | 37.8% | +89.9% |
| Total Operating Expenses | (5,769,924) | (6,528,937) | (8,283,982) | 19.8% | +43.6% |
| Other Income | 164 | — | 17,484 | — | — |
| EBITDA | $1,840,317 | $3,764,200 | $6,186,346 | 83.3% | +236.2% |
| EBITDA margin | 8.4% | 13.7% | 16.3% | — | +790 bps |
| Interest, Taxes, D&A | (804,516) | (199,387) | (1,178,930) | — | — |
| Net Income | $1,035,801 | $3,564,813 | $5,007,416 | 119.9% | +383.4% |
Revenue grew 72% from 2023 to 2025; EBITDA grew 236%. That 3× gap is the cleanest signal available that the business has structural operating leverage — not just scale, but scale with improving unit economics.
Temp EBITDA tripled from $1.46M to $4.45M — contributing 72% of total company EBITDA in 2025. This is a reversal from the 2024 narrative where Perm drove the margin breakout.
Consultant payroll taxes as a % of consultant payroll: 8.5% (2023), 18.3% (2024), 8.9% (2025). 2024 was the anomaly. The normal rate is ~8-9%, and that's what's delivering the margin expansion now.
Internal payroll & related costs: $4.38M → $4.61M → $5.61M. Meanwhile revenue went from $22M to $37.8M. Producer leverage is real — each team member is generating significantly more revenue.
Perm revenue YoY growth: 33% (2024) → 51% (2025). While everyone expected the perm tailwind to fade, it actually accelerated. Worth understanding: new verticals, new producers, or market share gains?
Net income as % of revenue went from 4.7% (2023) to 13.2% (2025). With $3K in annual depreciation and zero interest, virtually every dollar of EBITDA converts to cash. A rare profile.