TrueBlue, Inc. · NYSE:TBI
TrueBlue — Q3 2026 Earnings Presentation
16 slides from TrueBlue's earnings presentation, November 2026
Slide 1: Q3 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: Q3 2026 Overview
Q3 2026 Overview Total revenue of $521 million was up 21% ▪ Strong performance in our skilled businesses and continued growth in our core, on-demand business Net income of $9 million or $0.28 per share compared to net loss of $2 million or $0.06 per share in Q3 2025 ▪ Gross margin declined 2 percent
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q3 2026 Q3 2025 Change Revenue $521 $431 +21% Net income (loss) $9.2 -$1.9 NM Net income (loss) per diluted share $0.28 -$0.06 NM Net income (loss) margin 1.8% -0.4% +220 bps Adjusted net income1 $10.6 $1.1 NM Adj. net income per diluted s
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges Gross margin 22.7% 20.5% -1.9% -0.3% Q3 2025 Mix Workers’ Q3 2026 compensation Amounts in millions $92 $89 -$2 -$1 SG&A Q3 2025 Core business Adjusted EBITDA Q3 2026 exclusions1 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer t
Slide 6: Q3 2026 Results by segment
Q3 2026 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $338 $135 $47 % Change +34% +2% +1% Segment profit1 $20 $6 $4 % Change +148% +31% +8% % Margin 5.9% 4.4% 9.5% Change +270 bps +100 bps +60 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 $102 • Strategic investments to accelerate $86 organic growth • Reduce debt to strengthen liquidity Unused position and drive enhanced borrowing $66 capacity1 financial flexibility • Exce
Slide 8: Outlook
Outlook 8
Slide 9: Select outlook information
Select outlook information Item Q4 2026 Commentary $499M to $519M Assumes current market conditions continue into Q4 with improved trends across all three Revenue +20% to +24% vs. prior year segments and continued strength in skilled businesses. 19.8% to 20.2% Gross margin decline due primarily to c
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 GAAP net income to adjusted net income
1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Sep 27, 2026 Sep 28, 2025 Net income (loss) $ 9,245 $ (1,916) Non-cash amortization of intangible assets 650 650 Acqu
Slide 13: Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA
2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Sep 27, 2026 Sep 28, 2025 Net income (loss) $ 9,245 $ (1,916) Income tax expense 1,029 711 Interest and other (income) expense, net 1,719 1,059 Non-cash depreciation and amortizat
Slide 14: Reconciliation of 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) Sep 27, 2026 Sep 28, 2025 Selling, general and administrative expense $ 89,082 $ 91,728 Third-party processing fees for hiring tax credits (4) — (60) Non-cash
Slide 15: Footnotes
Footnotes: 1. Workforce reduction costs were reported as $0.4 million in selling, general and administrative expense for the 13 weeks ended September 27, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense
Slide 16: TrueBlue, Inc. (NYSE: TBI) company description
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