iCFO – What Surprised Us Most in the 2025 Data
As we finalized our newest benchmark release reflecting 2025 performance data across more than 1 million U.S. businesses and 2,500+ industries, we expected gradual shifts.
Instead, several patterns genuinely surprised us. Here are a few that stood out.
1. Some professional service industries suddenly became much stronger
Several professional service categories showed meaningful improvements in earnings power — a shift we did not anticipate at this scale.
Tax Preparation Services (541213)
ROAI: 21.7% → 30.6%
One possible explanation: AI and automation may already be changing service-business economics. Firms may be producing more output without proportionally increasing labor or assets.
2. Construction generated more revenue, but weaker returns
Several construction categories moved in the opposite direction — higher activity without stronger profitability.
New Single-Family Housing Construction (236115)
ROAI: 4.1% → 2.1% — while sales per employee remained relatively stable
Labor costs, financing pressure, and pricing competition may be playing a role. Higher activity did not necessarily translate into stronger profitability.
3. Higher revenue per employee did not always mean stronger performance
Across multiple industries, businesses generated more sales per employee while profit measures weakened. Revenue growth can sometimes hide deteriorating operating performance — which is exactly why benchmarking requires more than a single ratio.
4. Traditional profitability measures and ROAI sometimes told different stories
Utilities produced one of the most interesting examples we saw.
Electric Power Distribution (221122)
ROAI: 5.1% → 6.0% — while Return on Assets moved lower
Traditional metrics suggested deterioration. ROAI suggested improving operational earning power. Sometimes the metric changes the story.
Read more about ROAI and why it often tells a different story →
The most interesting part?
Many of these shifts would be difficult to spot from company financials alone. Industry context matters — and the 2025 data is showing us how much can change in a short period of time.
Explore updated 2025 benchmark data across 2,500+ industries
Source: Analytics by iCFO — analysis of 1M+ U.S. private companies using firm-level financial data, 2021–2025 industry benchmarks.
This analysis is part of the iCFO Finsights series, an ongoing benchmark initiative for advisors, investors, and financial professionals.