TrueBlue | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 443 M

Revenue: As of FY2026 Q2, the actual value is USD 443 M, beating the estimate of USD 416.16 M.

EPS: As of FY2026 Q2, the actual value is USD -0.11, beating the estimate of USD -0.15.

EBIT: As of FY2026 Q2, the actual value is USD -1.162 M.

Overall Financial Performance (Q2 2026)

TrueBlue, Inc. reported a net loss of - $3.4 million for the second quarter of 2026, which included a non-cash loss of - $3 million on assets held-for-sale, compared to a net loss of - $0.2 million in the prior year period. Total revenue for Q2 2026 was $443 million, an increase of 12% from $396 million in the prior year. The net loss margin was -0.8% for Q2 2026, an 80 basis point decrease from 0.0% in Q2 2025. Gross profit for the 13 weeks ended June 28, 2026, was $91,582 thousand, a decrease from $93,564 thousand for the prior year period. The gross margin for Q2 2026 was 20.7%, declining by 3 percentage points primarily due to workers’ compensation and government subsidies benefits in the prior year and a shift in business mix. Selling, general and administrative (SG&A) expense improved by 7% to $84 million, down from $90 million in the prior year period, driven by disciplined cost management. Loss from operations for the 13 weeks ended June 28, 2026, was - $1,162 thousand, an improvement from - $2,941 thousand in the prior year period. EBITDA for the 13 weeks ended June 28, 2026, was $5,651 thousand, up from $4,561 thousand in the prior year period. Adjusted EBITDA significantly improved to $11.4 million in Q2 2026, up 332% from $2.6 million in Q2 2025. The Adjusted EBITDA margin was 2.6% for Q2 2026, an increase of 190 basis points from 0.7% in Q2 2025. Adjusted net income was $1,800 thousand for the 13 weeks ended June 28, 2026, compared to an adjusted net loss of - $2,167 thousand for the prior year period. Adjusted net income per diluted share was $0.06 in Q2 2026, versus - $0.07 in Q2 2025. The Adjusted net income margin for Q2 2026 was 0.4%, an improvement of 90 basis points from -0.5% in Q2 2025. Adjusted SG&A expense was $81,118 thousand for the 13 weeks ended June 28, 2026, down from $88,853 thousand for the prior year period.

Segment Revenue (13 weeks ended June 28, 2026 vs. June 29, 2025)

• PeopleReady: Revenue was $262,310 thousand, an increase from $213,226 thousand.
• PeopleManagement: Revenue was $133,839 thousand, showing no change from $133,895 thousand in the prior year.
• PeopleSolutions: Revenue was $46,852 thousand, a decrease from $49,178 thousand.

Segment Profit (13 weeks ended June 28, 2026 vs. June 29, 2025)

• PeopleReady: Segment profit was $8,561 thousand, up from $1,530 thousand, with a segment profit margin of 3.3%, an increase of 260 basis points.
• PeopleManagement: Segment profit increased by 21% to $4,958 thousand, up from $4,101 thousand, and the segment profit margin was 3.7%, up 60 basis points.
• PeopleSolutions: Segment profit was $4,828 thousand, an increase of 91% from $2,534 thousand, with a segment profit margin of 10.3%, up 510 basis points.
• Total segment profit: Total segment profit was $18,347 thousand, up from $8,165 thousand.

Cash Flow (26 weeks ended June 28, 2026 vs. June 29, 2025)

Net cash used in operating activities was - $30,357 thousand, an improvement from - $33,909 thousand in the prior year period. Net cash provided by investing activities was $10,084 thousand, compared to net cash used in investing activities of - $19,791 thousand in the prior year period. Net cash provided by financing activities was $15,676 thousand, down from $45,118 thousand in the prior year period.

Liquidity and Balance Sheet

At period end, TrueBlue, Inc. had cash of $23 million, debt of $82 million, and $56 million of unused borrowing base, resulting in total liquidity of $79 million. Working capital increased by $22 million. Cash and cash equivalents were $23,253 thousand as of June 28, 2026, compared to $24,510 thousand as of December 28, 2025. Long-term debt was $82,400 thousand as of June 28, 2026, compared to $65,800 thousand as of December 28, 2025. The company’s capital priorities include strategic investments for organic growth, debt reduction to strengthen liquidity, and returning excess capital to shareholders through share repurchases.

Operational Metrics (Unique)

TrueBlue, Inc. has connected over 10 million people with work and served over 3 million clients. The company has repurchased $133 million in shares over the last five years.

Outlook and Guidance

For Q3 2026, TrueBlue, Inc. anticipates revenue between $461 million and $481 million, representing a 7% to 11% increase year-over-year. The gross margin is projected to be between 20.4% and 20.8%, with SG&A expected to be between $85 million and $89 million. For the full fiscal year 2026, capital expenditures are forecast to be between $10 million and $14 million, and depreciation is expected to range from $23 million to $27 million. TrueBlue, Inc. expects to achieve $1.6 billion in revenue by 2025 and projects a reduction in SG&A from $501 million in 2022 to $371 million in 2025, driven by operational efficiencies and digital transformation.