
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 2025Gross margin declined 2 percentage points primarily due to the anticipated shift in business mix with continued growth in attractive skilled energy work
SG&A improved 3% despite revenue growth - driven by disciplined cost management
Adjusted EBITDA1 improved to $21 million compared to $11 million in Q3 2025
Adjusted net income per share increased to $0.33 compared to $0.03 in Q3 2025
Solid liquidity positionCash of $20 million, debt of $102 million and $66 million of unused borrowing capacity for total liquidity of $86 million
Increased working capital by $35 million during the quarter
1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods. 3
Financial summaryAmounts 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 share | $0.33 | $0.03 | NM |
Adj. net income margin | 2.0% | 0.2% | +180 bps |
Adjusted EBITDA | $20.7 | $10.6 | +95% |
Adjusted EBITDA margin | 4.0% | 2.5% | +150 bps |
NM - Not meaningful 4
1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods.
Gross margin and SG&A bridgesGross margin
22.7%
-1.9% -0.3%
20.5%
Q3 2025 Mix Workers' compensation
Q3 2026
SG&A
Amounts in millions
$92
-$2 -$1
$89
Q3 2025 Core business
Adjusted EBITDA exclusions1
Q3 2026
1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to the adjusted EBITDA reconciliation in the appendix to this presentation for 5
more information.
Q3 2026 Results by segmentAmounts 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 |
Notes: |
|
|
|
1 We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly 6
attributable to the reportable segment.
Solid balance sheet and focused capital strategy Ample liquidity Balanced capital prioritiesAmounts in millions
$102
Strategic investments to accelerate
organic growth
Reduce debt to strengthen liquidity position and drive enhanced financial flexibility
Excess capital returned to shareholders through share repurchases
$86
Unused borrowing capacity1
Cash
$20
$66
Liquidity Debt
Note: Figures may not sum to consolidated totals due to rounding.
1 Borrowing under our revolving credit agreement is subject to a borrowing base determined by eligible receivable accounts less specified reserves. 7
Outlook8
Select outlook informationItem | Q4 2026 | Commentary |
Revenue | $499M to $519M +20% to +24% vs. prior year | Assumes current market conditions continue into Q4 with improved trends across all three segments and continued strength in skilled businesses. |
Gross margin | 19.8% to 20.2% -1.7 to -1.3 pp vs. prior year | Gross margin decline due primarily to changes in business mix. Refer to the EBITDA adjustments below for additional information on expected costs. |
SG&A | $90M to $94M -5% to -1% vs. prior year | Reduction in core SG&A driven by disciplined cost management. Refer to the EBITDA adjustments below for additional information on expected expense. |
EBITDA adjustments1 | $3M |
|
Shares | 30.5M | Reflects approximate basic weighted average shares outstanding and does not include the impact of any potential share repurchases. |
Item | FY 2026 | Commentary |
CapEx2 | $11M to $13M | Depreciation expected to be $24M to $26M and includes $4M of software depreciation reported in cost of services. |
Income Tax Expense | $3M to $5M | Minimal income tax expense expected due to the valuation allowance in effect. |
1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 9
2 Includes planned investments in software as a service ("SaaS") assets capitalized in other long-term assets with the related amortization recorded in SG&A.
Appendix10
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 financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.
Non-GAAP measure
Definition
Purpose of adjusted measures
Adjusted net income and Adjusted net income per diluted share
Net income (loss) and net income (loss) per diluted share, excluding:
non-cash amortization of intangibles,
acquisition/integration costs,
workforce reduction costs, and
other adjustments, net.
Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
Used by management to assess performance and effectiveness of our business strategies.
Provides a measure, among others, used in the determination of incentive compensation for management.
EBITDA and Adjusted EBITDA
EBITDA excludes from net income (loss):
income tax expense,
interest and other (income) expense, net, and
non-cash depreciation and amortization.
Adjusted EBITDA further excludes:
third-party processing fees for hiring tax credits,
non-cash amortization of software as a service assets,
acquisition/integration costs,
workforce reduction costs, and
other adjustments, net.
Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
Used by management to assess performance and effectiveness of our business strategies.
Provides a measure, among others, used in the determination of incentive compensation for management.
Adjusted SG&A expense Selling, general and administrative expense excluding:
third-party processing fees for hiring tax credits,
non-cash amortization of software as a service assets,
acquisition/integration costs,
workforce reduction costs, and
other adjustments, net.
Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
11
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
Acquisition/integration costs
-
42
Workforce reduction costs (1)
422
527
Other adjustments, net (2)
291
1,751
Adjusted net income
$ 10,608
$ 1,054
Adjusted net income per diluted share
$ 0.33
$ 0.03
Diluted weighted average shares outstanding
32,632
30,283
Margin / % of revenue:
Net income (loss)
1.8%
(0.4)%
Adjusted net income
2.0%
0.2%
Refer to the last slide of the appendix for footnotes. 12
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 amortization (3)
6,798
7,345
EBITDA
18,791
7,199
Third-party processing fees for hiring tax credits (4)
-
60
Non-cash amortization of software as a service assets (5)
1,245
1,063
Acquisition/integration costs
-
42
Workforce reduction costs (1)
422
527
Other adjustments, net (2)
291
1,751
Adjusted EBITDA
$ 20,749
$ 10,642
Margin / % of revenue:
Net income (loss)
1.8%
(0.4)%
Adjusted EBITDA
4.0%
2.5%
Refer to the last slide of the appendix for footnotes. 13
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 amortization of software as a service assets (5)
(1,245)
(1,063)
Acquisition/integration costs
-
(42)
Workforce reduction costs (1)
(418)
(374)
Other adjustments, net (2)
(291)
(1,751)
Adjusted SG&A expense
$ 87,128
$ 88,438
% of revenue:
Selling, general and administrative expense
17.1%
21.3%
Adjusted SG&A expense
16.7%
20.5%
Refer to the last slide of the appendix for footnotes. 14
Footnotes:
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 for the 13 weeks ended September 28, 2025.
Other adjustments for the 13 weeks ended September 27, 2026 and September 28, 2025 include non-routine professional fees and other expenses.
Includes software depreciation reported in cost of services.
These third-party processing fees are associated with generating hiring tax credits.
Amortization of software as a service assets is reported in selling, general and administrative expense.
15
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, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands - PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals - provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work.
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