Slide 1: Q4 2025 Financial Results Conference Call
Q4 2025 Financial Results Conference Call Prepared Remarks From: M. Keith Waddell, President and Chief Executive Officer, Robert Half Inc. Michael C. Buckley, Chief Financial Officer, Robert Half Inc. January 29, 2026 1
Slide 2: Fourth-Quarter 2025 Financial Results Conference Call Disclaimer
Fourth-Quarter 2025 Financial Results Conference Call Prepared Remarks January 29, 2026 Disclaimer The statements made in the conference call speak only as of the date made, and listeners are cautioned that changes in general economic, business or other conditions or in the business condition, finan
Slide 3: Non-GAAP measures and Q4 2025 results overview
During this presentation, we may mention some non-GAAP financial measures and reference these figures as “adjusted.” Specifically, we present adjusted revenue growth rates, which remove the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rate
Slide 4: Return on invested capital and revenues
Return on invested capital for the Company was 10 percent in the fourth quarter. Now I’ll turn the call over to our CFO, Mike Buckley. Michael C. Buckley, CFO, Robert Half: Revenues Thank you, Keith. Hello, everyone. As Keith noted, global revenues were $1.302 billion in the fourth quarter. On an ad
Slide 5: Protiviti revenues and gross margin
period. U.S. Protiviti revenues were down 6 percent, while non-U.S. Protiviti revenues were up 9 percent compared to one year ago. Protiviti and its independently owned Member Firms serve clients through locations in the United States and 28 other countries. Gross Margin Turning now to gross margin:
Slide 6: SG&A and operating income
Fourth-quarter SG&A costs for Protiviti were 15.7 percent of Protiviti revenues, compared to 15.3 percent for the same quarter one year ago. Operating Income Operating income for the fourth quarter was $22 million. Adjusted operating income was $43 million in the quarter, or 3.3 percent of revenues.
Slide 7: January trends and first-quarter guidance
For the first three weeks in January, permanent placement revenues were down 9.4 percent compared to the same period in 2025. We provide this information so you have insight into some of the trends we saw during the fourth quarter and into January. But as you know, these are very brief time periods.
Slide 8: Major financial assumptions underlying guidance
The major financial assumptions underlying the midpoint of these estimates are as follows: Adjusted Revenue Growth, year-over-year: Talent solutions: Down 4% to 8% Protiviti: 0% to Down 4% Overall: Down 3% to 6% Adjusted Gross Margin percentage: Contract talent: 38% to 40% Protiviti: 18% to 21% Over
Slide 9: CEO remarks on macro environment and hiring
M. Keith Waddell, President and Chief Executive Officer, Robert Half: Thank you, Mike. Our fourth-quarter results reflect a return to sequential growth on a same-day, constant-currency basis for the first time since early 2022. Concerns around a near-term economic downturn have moderated, supported
Slide 10: AI and labor market commentary
unemployment rates will be pushed up heavily by AI over the next few years.” Also, feedback from our SMB clients indicates that potential future labor savings from AI are not a material factor in current headcount decisions. That said, as AI reshapes how work gets done and the skills required for ma
Slide 11: Q&A Session
one of Forbes’ World’s Top Companies for Women and chosen by Newsweek as one of America’s Most Responsible Companies. Now, Mike and I would be happy to answer your questions. Please ask just one question and a single follow-up, as needed. If there’s time, we’ll come back to you for additional questi