Trueblue, Inc. · NYSE:TBI
Trueblue — Q1 2026 Earnings Presentation
16 slides from Trueblue's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings
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Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding market expansion a
Slide 3: Q1 2026 Overview
Q1 2026 Overview Total revenue of $399 million was up 8% ▪ Organic1 revenue grew 7% ▪ Strong performance in our skilled businesses while broader demand trends continue to stabilize Net loss of $20 million compared to net loss of $14 million in Q1 2025 ▪ Includes a non-cash goodwill impairment charge
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q1 2026 Q1 2025 Change Revenue $399 $370 +8% 7% organic1 Net loss -$19.8 -$14.3 NM Net loss per diluted share -$0.66 -$0.48 NM Net loss margin -5.0% -3.9% -110 bps Adjusted net loss2 -$12.4 -$11.7 NM Adj. net loss per diluted share -$0.41
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges Gross margin 23.3% 19.8% -2.2% -1.3% Q1 2025 Workers’ Mix Q1 2026 Compensation Amounts in millions $95 $1 $87 -$9 SG&A Q1 2025 Core business Adjusted EBITDA Q1 2026 exclusions1 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to
Slide 6: Q1 2026 Results by segment
Q1 2026 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $225 $127 $46 % Change +19% -6% +2% Segment profit1 -$3 $3 $3 % Change -11% +12% +36% % Margin -1.5% 2.6% 5.8% Change +10 bps +50 bps +150 bps • Revenue: • Revenue: • Revenue: Notes: • Outperformance
Slide 7: Solid balance sheet and focused capital strategy
Solid balance sheet and focused capital strategy Ample liquidity Balanced capital priorities Amounts in millions $74 • Strategic investments to accelerate organic growth $60 • Reduce debt to strengthen liquidity Unused borrowing position and drive enhanced base1 $36 financial flexibility • Excess ca
Slide 8: Outlook
Outlook 8
Slide 9: Select outlook information
Select outlook information Item Q2 2026 Commentary $405M to $430M Assumes current market conditions continue into Q2 and growth across all skilled Revenue +2% to +8% vs. prior year businesses. Gross margin decline due primarily to prior year workers’ compensation reserve adjustments 21.1% to 21.5% n
Slide 10: Appendix
Appendix 10
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our
Slide 12: Reconciliation of U.S. GAAP net loss to adjusted net loss
1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Mar 29, 2026 Mar 30, 2025 Net loss $ (19,795) $ (14,348) Non-cash amortization of intangible assets 650 401 Acquisition/integratio
Slide 13: Reconciliation of U.S. GAAP net loss to EBITDA and adjusted EBITDA
2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Mar 29, 2026 Mar 30, 2025 Net loss $ (19,795) $ (14,348) Income tax expense 576 418 Interest and other (income) expense, net 1,372 (193) Non-cash depreciation and amortization (3) 6,867 6,
Slide 14: Reconciliation of U.S. GAAP SG&A expense to adjusted SG&A expense
3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) 13 weeks ended (in thousands) Mar 29, 2026 Mar 30, 2025 Selling, general and administrative expense $ 87,299 $ 94,621 Third-party processing fees for hiring tax credits (4) 100 (90) Amorti
Slide 15: Footnotes
Footnotes: 1. Workforce reduction costs were reported as $0.1 million in cost of services and $1.0 million in selling, general and administrative expense for the 13 weeks ended March 29, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $1.3 million in selling, ge
Slide 16: TrueBlue, Inc. is a leading provider of specialized workforce solutions
TrueBlue, Inc. (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first — advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlu