ROBERT HALF REPORTS FOURTH-QUARTER FINANCIAL RESULTS
Rhea-AI Summary
Robert Half (NYSE: RHI) reported Q4 2025 net income of $32M ($0.32/share) on revenues of $1.302B, versus Q4 2024 net income of $54M on $1.382B. Full-year 2025 net income was $133M ($1.33/share) on $5.379B revenue.
The company noted reported Q4 revenue down ~6% year-over-year and adjusted down 7%, sequential same-day constant-currency growth in talent solutions, and results above the midpoint of prior guidance.
Positive
- Q4 results exceeded the midpoint of prior fourth-quarter guidance
- Sequential same-day constant-currency growth returned for talent solutions and enterprise revenues
- Protiviti revenue held roughly flat at about $1.949B for the year
Negative
- Q4 reported revenue declined by 6% year-over-year
- Q4 diluted net income fell ~41% to $0.32 per share versus $0.53 in prior year
- Full-year net income declined ~47% to $133M from $252M in 2024
Market Reaction
Following this news, RHI has gained 8.16%, reflecting a notable positive market reaction. The stock is currently trading at $29.30. This price movement has added approximately $207M to the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
RHI was down 2.88% with above-average volume while key staffing peers like TNET (-5.41%), NSP (-8.26%), and MAN (-4.55%) also declined. Despite this broad weakness, the momentum scanner did not flag a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 22 | Q3 2025 earnings | Negative | -4.3% | Q3 2025 revenue and EPS declined versus Q3 2024, pressuring shares. |
| Jul 23 | Q2 2025 earnings | Negative | -6.0% | Q2 2025 revenue and profit fell year over year amid weaker hiring demand. |
| Apr 23 | Q1 2025 earnings | Negative | -3.1% | Q1 2025 earnings and revenue dropped versus 2024 on softer business confidence. |
| Mar 25 | Workforce survey | Neutral | -2.6% | Burnout survey highlighted staffing challenges without direct financial impact. |
| Jan 29 | Q4 2024 earnings | Negative | -6.6% | Q4 and full-year 2024 results showed lower revenue and earnings than 2023. |
Recent earnings reports have typically featured year-over-year revenue and earnings declines and were followed by negative price reactions on the first trading day.
Over the last four quarters, Robert Half’s earnings releases have shown declining revenues and net income versus prior-year periods, including Q1–Q3 2025. For example, Q3 2025 revenue was $1.354B with net income $42.9M, down from 2024 levels, and Q2 2025 net income of $41M also trailed 2024. The prior Q4 2024 release highlighted lower full-year 2024 earnings versus 2023. Today’s Q4 2025 announcement continues that trend with lower quarterly and full-year figures than 2024.
Historical Comparison
In the past five earnings-related releases, RHI moved an average of ±4.54% in the first session. Today’s reaction can be viewed against that typical post-earnings volatility.
Across 2024–2025, quarterly earnings updates have shown a pattern of declining revenues and net income versus prior-year periods, culminating in today’s Q4 and full-year 2025 results.
Market Pulse Summary
The stock is up +8.2% following this news. A strong positive reaction aligns with the pattern that earnings days have historically driven sizable moves of about ±4.54%. However, prior reports frequently showed declining revenue and net income versus earlier periods, as seen through FY 2024 and Q1–Q3 2025. If enthusiasm followed this Q4 2025 release, investors would still need to weigh ongoing top- and bottom-line pressure and the stock’s position well below its 52-week high.
Key Terms
forward-looking statements regulatory
artificial intelligence technical
sarbanes-oxley regulatory
non-gaap financial measures financial
foreign currency exchange rates financial
billing days financial
deferred compensation plans financial
gross margin financial
AI-generated analysis. Not financial advice.
For the three months ended December 31, 2025, net income was
For the year ended December 31, 2025, net income was
"For the fourth quarter of 2025, global enterprise revenues were
"We thank our global workforce for their continued dedication, which once again earned Robert Half recognition by Fortune® as one of the World's Most Admired Companies™. We are proud of our unique position as the only company in our industry to be awarded this distinction for nearly three decades. We were also recognized as one of Forbes' World's Top Companies for Women and chosen by Newsweek as one of America's Most Responsible Companies," Waddell concluded.
Robert Half management will conduct a conference call today at 5 p.m. EST. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number is 800-330-6710 (+1-213-279-1505 outside
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EST on January 29 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ42025. The conference call also will be archived in audio format on the Company's website at roberthalf.com.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the last 12 months, Robert Half has been recognized as one of America's Most Innovative Companies by Fortune and, with Protiviti, has been named as a Fortune® World's Most Admired Company™ and one of the 100 Best Companies to Work For.
Certain information contained in Management's Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company's corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing; on internal controls, diligence or processes that are evolving; on representations reviewed or provided by third parties; and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management's current expectations, currently available information and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of
Additionally, with respect to Protiviti, other risks and uncertainties include the facts that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for broad-based consulting, regulatory compliance, technology services, public sector or other high-demand advisory services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's other filings with the
Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Except as required by law, the Company undertakes no obligation to update information in this report, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so.
A copy of this release is available at www.roberthalf.com/investor-center.
ATTACHED: | Summary of Operations Supplemental Financial Information Non-GAAP Financial Measures |
ROBERT HALF INC SUMMARY OF OPERATIONS (in thousands, except per share amounts)
| |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | ||||||
Service revenues | $ 1,302,379 | $ 1,382,372 | $ 5,378,506 | $ 5,795,837 | |||
Costs of services | 812,816 | 846,274 | 3,376,193 | 3,548,607 | |||
Gross margin | 489,563 | 536,098 | 2,002,313 | 2,247,230 | |||
Selling, general and administrative expenses | 467,112 | 471,630 | 1,925,852 | 2,005,756 | |||
Operating income | 22,451 | 64,468 | 76,461 | 241,474 | |||
Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses) | (20,988) | (5,740) | (106,092) | (94,079) | |||
Interest income, net | (3,478) | (5,128) | (11,799) | (22,118) | |||
Income before income taxes | 46,917 | 75,336 | 194,352 | 357,671 | |||
Provision for income taxes | 15,161 | 21,046 | 61,362 | 106,073 | |||
Net income | $ 31,756 | $ 54,290 | $ 132,990 | $ 251,598 | |||
Diluted net income per share | $ 0.32 | $ 0.53 | $ 1.33 | $ 2.44 | |||
Weighted average shares: | |||||||
Basic | 99,508 | 101,549 | 100,116 | 102,661 | |||
Diluted | 99,669 | 102,008 | 100,312 | 103,028 | |||
ROBERT HALF INC SUPPLEMENTAL FINANCIAL INFORMATION (in thousands)
| |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | ||||||
SERVICE REVENUES INFORMATION | |||||||
Contract talent solutions | |||||||
Finance and accounting | $ 535,229 | $ 574,898 | |||||
Administrative and customer support | 153,032 | 172,783 | 642,939 | 741,468 | |||
Technology | 156,383 | 158,009 | 625,179 | 634,062 | |||
Elimination of intersegment revenues (1) | (123,797) | (120,176) | (485,187) | (471,777) | |||
Total contract talent solutions | 720,847 | 785,514 | 2,990,083 | 3,357,872 | |||
Permanent placement talent solutions | 102,571 | 108,099 | 439,500 | 487,204 | |||
Protiviti | 478,961 | 488,759 | 1,948,923 | 1,950,761 | |||
Total service revenues | |||||||
(1) | Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line. |
December 31, | ||||
2025 | 2024 | |||
(Unaudited) | ||||
SELECTED BALANCE SHEET INFORMATION: | ||||
Cash and cash equivalents | $ 464,435 | $ 537,583 | ||
Accounts receivable, net | $ 748,457 | $ 772,285 | ||
Total assets | ||||
Total current liabilities | ||||
Total stockholders' equity | ||||
Year Ended | ||||
2025 | 2024 | |||
(Unaudited) | ||||
SELECTED CASH FLOW INFORMATION: | ||||
Depreciation | $ 50,031 | $ 52,053 | ||
Capitalized cloud computing implementation costs | $ 28,522 | $ 29,210 | ||
Capital expenditures | $ 53,155 | $ 56,318 | ||
Open market repurchases of common stock (shares) | 1,702 | 3,507 | ||
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income, include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
- Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments.
- Foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES ADJUSTED GROSS MARGIN (UNAUDITED): (in thousands)
| |||||||||||||||||||||||||||||||
Three Months Ended December 31, | Relationships | Year Ended December 31, | Relationships | ||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||
Contract talent solutions | $ 282,340 | $ 306,758 | $ 282,340 | $ 306,758 | 39.2 % | 39.1 % | 39.2 % | 39.1 % | 39.0 % | 39.2 % | 39.0 % | 39.2 % | |||||||||||||||||||
Permanent placement talent solutions | 102,390 | 107,866 | 102,390 | 107,866 | 99.8 % | 99.8 % | 99.8 % | 99.8 % | 438,705 | 486,219 | 438,705 | 486,219 | 99.8 % | 99.8 % | 99.8 % | 99.8 % | |||||||||||||||
Total talent solutions | 384,730 | 414,624 | 384,730 | 414,624 | 46.7 % | 46.4 % | 46.7 % | 46.4 % | 1,605,466 | 1,802,743 | 1,605,466 | 1,802,743 | 46.8 % | 46.9 % | 46.8 % | 46.9 % | |||||||||||||||
Protiviti | 104,833 | 121,474 | 109,413 | 122,560 | 21.9 % | 24.9 % | 22.8 % | 25.1 % | 396,847 | 444,487 | 420,609 | 463,250 | 20.4 % | 22.8 % | 21.6 % | 23.7 % | |||||||||||||||
Total | $ 489,563 | $ 536,098 | $ 494,143 | $ 537,184 | 37.6 % | 38.8 % | 37.9 % | 38.9 % | 37.2 % | 38.8 % | 37.7 % | 39.1 % | |||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Gross Margin | |||||||||||||||||||||||||||||
As Reported | $ 282,340 | 39.2 % | $ 102,390 | 99.8 % | $ 384,730 | 46.7 % | $ 104,833 | 21.9 % | $ 489,563 | 37.6 % | $ 306,758 | 39.1 % | $ 107,866 | 99.8 % | $ 414,624 | 46.4 % | $ 121,474 | 24.9 % | $ 536,098 | 38.8 % | |||||||||
Adjustments (1) | — | — | — | — | — | — | 4,580 | 0.9 % | 4,580 | 0.3 % | — | — | — | — | — | — | 1,086 | 0.2 % | 1,086 | 0.1 % | |||||||||
As Adjusted | $ 282,340 | 39.2 % | $ 102,390 | 99.8 % | $ 384,730 | 46.7 % | $ 109,413 | 22.8 % | $ 494,143 | 37.9 % | $ 306,758 | 39.1 % | $ 107,866 | 99.8 % | $ 414,624 | 46.4 % | $ 122,560 | 25.1 % | $ 537,184 | 38.9 % | |||||||||
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Gross Margin | |||||||||||||||||||||||||||||
As Reported | $ 1,166,761 | 39.0 % | $ 438,705 | 99.8 % | $ 1,605,466 | 46.8 % | 20.4 % | $ 2,002,313 | 37.2 % | $ 1,316,524 | 39.2 % | $ 486,219 | 99.8 % | $ 1,802,743 | 46.9 % | 22.8 % | $ 2,247,230 | 38.8 % | |||||||||||
Adjustments (1) | — | — | — | — | — | — | 23,762 | 1.2 % | 23,762 | 0.5 % | — | — | — | — | — | — | 18,763 | 0.9 % | 18,763 | 0.3 % | |||||||||
As Adjusted | $ 1,166,761 | 39.0 % | $ 438,705 | 99.8 % | $ 1,605,466 | 46.8 % | 21.6 % | $ 2,026,075 | 37.7 % | $ 1,316,524 | 39.2 % | $ 486,219 | 99.8 % | $ 1,802,743 | 46.9 % | 23.7 % | $ 2,265,993 | 39.1 % | |||||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED): (in thousands)
| |||||||||||||||||||||||||||||||
Three Months Ended December 31, | Relationships | Year Ended December 31, | Relationships | ||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||
Contract talent solutions | $ 289,910 | $ 294,387 | $ 275,199 | $ 290,348 | 40.2 % | 37.5 % | 38.2 % | 37.0 % | 39.9 % | 37.3 % | 37.4 % | 35.3 % | |||||||||||||||||||
Permanent placement talent solutions | 102,017 | 102,619 | 100,320 | 102,004 | 99.5 % | 94.9 % | 97.8 % | 94.4 % | 425,774 | 448,901 | 417,141 | 440,167 | 96.9 % | 92.1 % | 94.9 % | 90.3 % | |||||||||||||||
Total talent solutions | 391,927 | 397,006 | 375,519 | 392,352 | 47.6 % | 44.4 % | 45.6 % | 43.9 % | 1,617,611 | 1,701,489 | 1,535,281 | 1,626,173 | 47.2 % | 44.3 % | 44.8 % | 42.3 % | |||||||||||||||
Protiviti | 75,185 | 74,624 | 75,185 | 74,624 | 15.7 % | 15.3 % | 15.7 % | 15.3 % | 308,241 | 304,267 | 308,241 | 304,267 | 15.8 % | 15.6 % | 15.8 % | 15.6 % | |||||||||||||||
Total | $ 467,112 | $ 471,630 | $ 450,704 | $ 466,976 | 35.9 % | 34.1 % | 34.6 % | 33.8 % | 35.8 % | 34.6 % | 34.3 % | 33.3 % | |||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||
As Reported | 40.2 % | 99.5 % | $ 391,927 | 47.6 % | $ 75,185 | 15.7 % | $ 467,112 | 35.9 % | 37.5 % | 94.9 % | 44.4 % | $ 74,624 | 15.3 % | $ 471,630 | 34.1 % | ||||||||||||||
Adjustments (1) | (14,711) | (2.0 %) | (1,697) | (1.7 %) | (16,408) | (2.0 %) | — | — | (16,408) | (1.3 %) | (4,039) | (0.5 %) | (615) | (0.5 %) | (4,654) | (0.5 %) | — | — | (4,654) | (0.3 %) | |||||||||
As Adjusted | 38.2 % | 97.8 % | $ 375,519 | 45.6 % | $ 75,185 | 15.7 % | $ 450,704 | 34.6 % | 37.0 % | 94.4 % | 43.9 % | $ 74,624 | 15.3 % | $ 466,976 | 33.8 % | ||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent | Permanent | Total talent | Protiviti | Total | Contract talent | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||
As Reported | $ 1,191,837 | 39.9 % | 96.9 % | $ 1,617,611 | 47.2 % | $ 308,241 | 15.8 % | $ 1,925,852 | 35.8 % | $ 1,252,588 | 37.3 % | 92.1 % | $ 1,701,489 | 44.3 % | $ 304,267 | 15.6 % | $ 2,005,756 | 34.6 % | |||||||||||
Adjustments (1) | (73,697) | (2.5 %) | (8,633) | (2.0 %) | (82,330) | (2.4 %) | — | — | (82,330) | (1.5 %) | (66,582) | (2.0 %) | (8,734) | (1.8 %) | (75,316) | (2.0 %) | — | — | (75,316) | (1.3 %) | |||||||||
As Adjusted | $ 1,118,140 | 37.4 % | 94.9 % | $ 1,535,281 | 44.8 % | $ 308,241 | 15.8 % | $ 1,843,522 | 34.3 % | $ 1,186,006 | 35.3 % | 90.3 % | $ 1,626,173 | 42.3 % | $ 304,267 | 15.6 % | $ 1,930,440 | 33.3 % | |||||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES ADJUSTED OPERATING INCOME (UNAUDITED): (in thousands)
| |||||||||||||||||||||||||||||||
Three Months Ended December 31, | Relationships | Year Ended December 31, | Relationships | ||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Operating Income (Loss) | |||||||||||||||||||||||||||||||
Contract talent solutions | $ (7,570) | $ 12,371 | $ 7,141 | $ 16,410 | (1.1 %) | 1.6 % | 1.0 % | 2.1 % | $ (25,076) | $ 63,936 | $ 48,621 | $ 130,518 | (0.8 %) | 1.9 % | 1.6 % | 3.9 % | |||||||||||||||
Permanent placement talent solutions | 373 | 5,247 | 2,070 | 5,862 | 0.4 % | 4.9 % | 2.0 % | 5.4 % | 12,931 | 37,318 | 21,564 | 46,052 | 2.9 % | 7.7 % | 4.9 % | 9.5 % | |||||||||||||||
Total talent solutions | (7,197) | 17,618 | 9,211 | 22,272 | (0.9 %) | 2.0 % | 1.1 % | 2.5 % | (12,145) | 101,254 | 70,185 | 176,570 | (0.4 %) | 2.6 % | 2.0 % | 4.6 % | |||||||||||||||
Protiviti | 29,648 | 46,850 | 34,228 | 47,936 | 6.2 % | 9.6 % | 7.1 % | 9.8 % | 88,606 | 140,220 | 112,368 | 158,983 | 4.5 % | 7.2 % | 5.8 % | 8.1 % | |||||||||||||||
Total | $ 22,451 | $ 64,468 | $ 43,439 | $ 70,208 | 1.7 % | 4.7 % | 3.3 % | 5.1 % | $ 76,461 | $ 241,474 | $ 182,553 | $ 335,553 | 1.4 % | 4.2 % | 3.4 % | 5.8 % | |||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating income (loss) for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Operating Income (Loss) | |||||||||||||||||||||||||||||
As Reported | $ (7,570) | (1.1 %) | $ 373 | 0.4 % | $ (7,197) | (0.9 %) | $ 29,648 | 6.2 % | $ 22,451 | 1.7 % | $ 12,371 | 1.6 % | $ 5,247 | 4.9 % | $ 17,618 | 2.0 % | $ 46,850 | 9.6 % | $ 64,468 | 4.7 % | |||||||||
Adjustments (1) | 14,711 | 2.1 % | 1,697 | 1.6 % | 16,408 | 2.0 % | 4,580 | 0.9 % | 20,988 | 1.6 % | 4,039 | 0.5 % | 615 | 0.5 % | 4,654 | 0.5 % | 1,086 | 0.2 % | 5,740 | 0.4 % | |||||||||
As Adjusted | $ 7,141 | 1.0 % | $ 2,070 | 2.0 % | $ 9,211 | 1.1 % | $ 34,228 | 7.1 % | $ 43,439 | 3.3 % | $ 16,410 | 2.1 % | $ 5,862 | 5.4 % | $ 22,272 | 2.5 % | $ 47,936 | 9.8 % | $ 70,208 | 5.1 % | |||||||||
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating income (loss) for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||
Contract talent solutions | Permanent | Total talent | Protiviti | Total | Contract talent solutions | Permanent | Total talent | Protiviti | Total | ||||||||||||||||||||
$ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | $ | % of | ||||||||||
Operating Income (Loss) | |||||||||||||||||||||||||||||
As Reported | $ (25,076) | (0.8 %) | $ 12,931 | 2.9 % | $ (12,145) | (0.4 %) | $ 88,606 | 4.5 % | $ 76,461 | 1.4 % | $ 63,936 | 1.9 % | $ 37,318 | 7.7 % | 2.6 % | 7.2 % | $ 241,474 | 4.2 % | |||||||||||
Adjustments (1) | 73,697 | 2.4 % | 8,633 | 2.0 % | 82,330 | 2.4 % | 23,762 | 1.3 % | 106,092 | 2.0 % | 66,582 | 2.0 % | 8,734 | 1.8 % | 75,316 | 2.0 % | 18,763 | 0.9 % | 94,079 | 1.6 % | |||||||||
As Adjusted | $ 48,621 | 1.6 % | $ 21,564 | 4.9 % | $ 70,185 | 2.0 % | $ 112,368 | 5.8 % | $ 182,553 | 3.4 % | 3.9 % | $ 46,052 | 9.5 % | 4.6 % | 8.1 % | $ 335,553 | 5.8 % | ||||||||||||
(1) | Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in operating income (loss). The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes. |
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES REVENUE GROWTH RATES (%) (UNAUDITED):
| ||||||||||||||||||||||||
Year-Over-Year Growth Rates (As Reported) | Non-GAAP Year-Over-Year Growth Rates (As Adjusted) | |||||||||||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Global | ||||||||||||||||||||||||
Finance and accounting | -9.2 | -9.5 | -12.3 | -10.8 | -9.9 | -6.9 | -10.5 | -9.8 | -10.0 | -10.8 | -10.7 | -7.8 | ||||||||||||
Administrative and customer support | -9.2 | -8.8 | -17.2 | -13.0 | -11.1 | -11.4 | -10.8 | -9.4 | -15.2 | -13.3 | -12.1 | -12.5 | ||||||||||||
Technology | -6.1 | -3.5 | -3.4 | 0.3 | -1.5 | -1.0 | -7.6 | -4.1 | -1.3 | 0.4 | -1.9 | -1.2 | ||||||||||||
Elimination of intersegment revenues (1) | 21.6 | 18.9 | 4.5 | 2.9 | 1.1 | 3.0 | 19.4 | 17.8 | 6.8 | 2.5 | 0.2 | 2.2 | ||||||||||||
Total contract talent solutions | -11.9 | -11.5 | -14.0 | -11.1 | -10.1 | -8.2 | -13.2 | -11.8 | -11.8 | -11.1 | -10.9 | -9.0 | ||||||||||||
Permanent placement talent solutions | -11.9 | -11.1 | -10.2 | -12.5 | -10.7 | -5.1 | -13.2 | -11.4 | -7.8 | -12.6 | -11.4 | -5.9 | ||||||||||||
Total talent solutions | -11.9 | -11.4 | -13.5 | -11.3 | -10.2 | -7.9 | -13.2 | -11.7 | -11.3 | -11.3 | -11.0 | -8.6 | ||||||||||||
Protiviti | 6.4 | 5.3 | 2.7 | 1.8 | -2.6 | -2.0 | 4.5 | 4.5 | 4.7 | 1.5 | -3.4 | -2.8 | ||||||||||||
Total | -6.3 | -6.1 | -8.4 | -7.0 | -7.5 | -5.8 | -7.7 | -6.6 | -6.2 | -7.1 | -8.3 | -6.6 | ||||||||||||
Contract talent solutions | -12.4 | -10.3 | -11.8 | -10.7 | -10.3 | -9.5 | -13.7 | -11.2 | -10.7 | -10.7 | -10.4 | -9.2 | ||||||||||||
Permanent placement talent solutions | -9.0 | -9.6 | -8.5 | -13.2 | -11.3 | -5.8 | -10.4 | -10.4 | -7.3 | -13.2 | -11.4 | -5.5 | ||||||||||||
Total talent solutions | -12.0 | -10.2 | -11.4 | -11.0 | -10.4 | -9.0 | -13.3 | -11.1 | -10.3 | -11.0 | -10.5 | -8.8 | ||||||||||||
Protiviti | 9.3 | 6.6 | 2.3 | -0.7 | -5.5 | -5.9 | 7.6 | 5.6 | 3.6 | -0.7 | -5.6 | -5.6 | ||||||||||||
Total | -5.2 | -4.7 | -6.9 | -7.4 | -8.6 | -7.9 | -6.7 | -5.7 | -5.7 | -7.4 | -8.7 | -7.6 | ||||||||||||
International | ||||||||||||||||||||||||
Contract talent solutions | -10.6 | -15.2 | -20.7 | -12.5 | -9.7 | -4.0 | -11.7 | -13.9 | -16.2 | -12.9 | -12.4 | -8.7 | ||||||||||||
Permanent placement talent solutions | -18.6 | -14.7 | -14.5 | -10.6 | -9.0 | -3.5 | -19.8 | -13.7 | -10.1 | -11.2 | -11.2 | -7.0 | ||||||||||||
Total talent solutions | -11.9 | -15.1 | -19.8 | -12.2 | -9.6 | -3.9 | -13.0 | -13.9 | -15.3 | -12.6 | -12.2 | -8.4 | ||||||||||||
Protiviti | -5.6 | 0.2 | 4.4 | 13.1 | 11.1 | 14.7 | -8.1 | -0.4 | 7.9 | 10.7 | 7.5 | 9.1 | ||||||||||||
Total | -10.2 | -10.9 | -13.6 | -5.3 | -3.8 | 1.8 | -11.7 | -10.2 | -9.4 | -6.3 | -6.7 | -3.0 | ||||||||||||
(1) | Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line item. |
The non-GAAP financial measures included in the table above adjust for the following items:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. The foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations are removed from the revenue growth rate calculation. A reconciliation of the non-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein, on Pages 10-12.
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
| ||||||||||||
Year-Over-Year Revenue Growth – GLOBAL | ||||||||||||
Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||
Finance and accounting | ||||||||||||
As Reported | -9.2 | -9.5 | -12.3 | -10.8 | -9.9 | -6.9 | ||||||
Billing Days Impact | -1.5 | -0.8 | 1.3 | 0.4 | -0.2 | 0.3 | ||||||
Currency Impact | 0.2 | 0.5 | 1.0 | -0.4 | -0.6 | -1.2 | ||||||
As Adjusted | -10.5 | -9.8 | -10.0 | -10.8 | -10.7 | -7.8 | ||||||
Administrative and customer support | ||||||||||||
As Reported | -9.2 | -8.8 | -17.2 | -13.0 | -11.1 | -11.4 | ||||||
Billing Days Impact | -1.5 | -0.8 | 1.3 | 0.4 | 0.0 | 0.3 | ||||||
Currency Impact | -0.1 | 0.2 | 0.7 | -0.7 | -1.0 | -1.4 | ||||||
As Adjusted | -10.8 | -9.4 | -15.2 | -13.3 | -12.1 | -12.5 | ||||||
Technology | ||||||||||||
As Reported | -6.1 | -3.5 | -3.4 | 0.3 | -1.5 | -1.0 | ||||||
Billing Days Impact | -1.5 | -0.7 | 1.4 | 0.5 | -0.1 | 0.3 | ||||||
Currency Impact | 0.0 | 0.1 | 0.7 | -0.4 | -0.3 | -0.5 | ||||||
As Adjusted | -7.6 | -4.1 | -1.3 | 0.4 | -1.9 | -1.2 | ||||||
Elimination of intersegment revenues | ||||||||||||
As Reported | 21.6 | 18.9 | 4.5 | 2.9 | 1.1 | 3.0 | ||||||
Billing Days Impact | -1.9 | -1.0 | 1.6 | 0.5 | -0.1 | 0.4 | ||||||
Currency Impact | -0.3 | -0.1 | 0.7 | -0.9 | -0.8 | -1.2 | ||||||
As Adjusted | 19.4 | 17.8 | 6.8 | 2.5 | 0.2 | 2.2 | ||||||
Total contract talent solutions | ||||||||||||
As Reported | -11.9 | -11.5 | -14.0 | -11.1 | -10.1 | -8.2 | ||||||
Billing Days Impact | -1.4 | -0.7 | 1.3 | 0.4 | -0.2 | 0.3 | ||||||
Currency Impact | 0.1 | 0.4 | 0.9 | -0.4 | -0.6 | -1.1 | ||||||
As Adjusted | -13.2 | -11.8 | -11.8 | -11.1 | -10.9 | -9.0 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -11.9 | -11.1 | -10.2 | -12.5 | -10.7 | -5.1 | ||||||
Billing Days Impact | -1.4 | -0.7 | 1.3 | 0.5 | -0.1 | 0.3 | ||||||
Currency Impact | 0.1 | 0.4 | 1.1 | -0.6 | -0.6 | -1.1 | ||||||
As Adjusted | -13.2 | -11.4 | -7.8 | -12.6 | -11.4 | -5.9 | ||||||
Total talent solutions | ||||||||||||
As Reported | -11.9 | -11.4 | -13.5 | -11.3 | -10.2 | -7.9 | ||||||
Billing Days Impact | -1.4 | -0.7 | 1.2 | 0.4 | -0.2 | 0.4 | ||||||
Currency Impact | 0.1 | 0.4 | 1.0 | -0.4 | -0.6 | -1.1 | ||||||
As Adjusted | -13.2 | -11.7 | -11.3 | -11.3 | -11.0 | -8.6 | ||||||
Protiviti | ||||||||||||
As Reported | 6.4 | 5.3 | 2.7 | 1.8 | -2.6 | -2.0 | ||||||
Billing Days Impact | -1.7 | -0.8 | 1.5 | 0.4 | -0.2 | 0.3 | ||||||
Currency Impact | -0.2 | 0.0 | 0.5 | -0.7 | -0.6 | -1.1 | ||||||
As Adjusted | 4.5 | 4.5 | 4.7 | 1.5 | -3.4 | -2.8 | ||||||
Total | ||||||||||||
As Reported | -6.3 | -6.1 | -8.4 | -7.0 | -7.5 | -5.8 | ||||||
Billing Days Impact | -1.4 | -0.8 | 1.4 | 0.4 | -0.2 | 0.3 | ||||||
Currency Impact | 0.0 | 0.3 | 0.8 | -0.5 | -0.6 | -1.1 | ||||||
As Adjusted | -7.7 | -6.6 | -6.2 | -7.1 | -8.3 | -6.6 | ||||||
ROBERT HALF INC NON-GAAP FINANCIAL MEASURES REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
| ||||||||||||
Year-Over-Year Revenue Growth – | ||||||||||||
Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||
Contract talent solutions | ||||||||||||
As Reported | -12.4 | -10.3 | -11.8 | -10.7 | -10.3 | -9.5 | ||||||
Billing Days Impact | -1.3 | -0.9 | 1.1 | 0.0 | -0.1 | 0.3 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -13.7 | -11.2 | -10.7 | -10.7 | -10.4 | -9.2 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -9.0 | -9.6 | -8.5 | -13.2 | -11.3 | -5.8 | ||||||
Billing Days Impact | -1.4 | -0.8 | 1.2 | 0.0 | -0.1 | 0.3 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -10.4 | -10.4 | -7.3 | -13.2 | -11.4 | -5.5 | ||||||
Total talent solutions | ||||||||||||
As Reported | -12.0 | -10.2 | -11.4 | -11.0 | -10.4 | -9.0 | ||||||
Billing Days Impact | -1.3 | -0.9 | 1.1 | 0.0 | -0.1 | 0.2 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -13.3 | -11.1 | -10.3 | -11.0 | -10.5 | -8.8 | ||||||
Protiviti | ||||||||||||
As Reported | 9.3 | 6.6 | 2.3 | -0.7 | -5.5 | -5.9 | ||||||
Billing Days Impact | -1.7 | -1.0 | 1.3 | 0.0 | -0.1 | 0.3 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | 7.6 | 5.6 | 3.6 | -0.7 | -5.6 | -5.6 | ||||||
Total | ||||||||||||
As Reported | -5.2 | -4.7 | -6.9 | -7.4 | -8.6 | -7.9 | ||||||
Billing Days Impact | -1.5 | -1.0 | 1.2 | 0.0 | -0.1 | 0.3 | ||||||
Currency Impact | ― | ― | ― | ― | ― | ― | ||||||
As Adjusted | -6.7 | -5.7 | -5.7 | -7.4 | -8.7 | -7.6 | ||||||
ROBERT HALF INC. NON-GAAP FINANCIAL MEASURES REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
| ||||||||||||
Year-Over-Year Revenue Growth – INTERNATIONAL | ||||||||||||
Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||
Contract talent solutions | ||||||||||||
As Reported | -10.6 | -15.2 | -20.7 | -12.5 | -9.7 | -4.0 | ||||||
Billing Days Impact | -1.6 | -0.4 | 0.6 | 1.4 | 0.0 | 0.1 | ||||||
Currency Impact | 0.5 | 1.7 | 3.9 | -1.8 | -2.7 | -4.8 | ||||||
As Adjusted | -11.7 | -13.9 | -16.2 | -12.9 | -12.4 | -8.7 | ||||||
Permanent placement talent solutions | ||||||||||||
As Reported | -18.6 | -14.7 | -14.5 | -10.6 | -9.0 | -3.5 | ||||||
Billing Days Impact | -1.6 | -0.4 | 0.6 | 1.4 | 0.0 | 0.2 | ||||||
Currency Impact | 0.4 | 1.4 | 3.8 | -2.0 | -2.2 | -3.7 | ||||||
As Adjusted | -19.8 | -13.7 | -10.1 | -11.2 | -11.2 | -7.0 | ||||||
Total talent solutions | ||||||||||||
As Reported | -11.9 | -15.1 | -19.8 | -12.2 | -9.6 | -3.9 | ||||||
Billing Days Impact | -1.6 | -0.5 | 0.6 | 1.4 | 0.0 | 0.1 | ||||||
Currency Impact | 0.5 | 1.7 | 3.9 | -1.8 | -2.6 | -4.6 | ||||||
As Adjusted | -13.0 | -13.9 | -15.3 | -12.6 | -12.2 | -8.4 | ||||||
Protiviti | ||||||||||||
As Reported | -5.6 | 0.2 | 4.4 | 13.1 | 11.1 | 14.7 | ||||||
Billing Days Impact | -1.7 | -0.4 | 0.7 | 1.7 | 0.0 | 0.1 | ||||||
Currency Impact | -0.8 | -0.2 | 2.8 | -4.1 | -3.6 | -5.7 | ||||||
As Adjusted | -8.1 | -0.4 | 7.9 | 10.7 | 7.5 | 9.1 | ||||||
Total | ||||||||||||
As Reported | -10.2 | -10.9 | -13.6 | -5.3 | -3.8 | 1.8 | ||||||
Billing Days Impact | -1.6 | -0.5 | 0.6 | 1.5 | 0.0 | 0.2 | ||||||
Currency Impact | 0.1 | 1.2 | 3.6 | -2.5 | -2.9 | -5.0 | ||||||
As Adjusted | -11.7 | -10.2 | -9.4 | -6.3 | -6.7 | -3.0 | ||||||
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SOURCE Robert Half