Robert Half (NYSE: RHI) sees lower H1 2026 earnings as Protiviti slows
Robert Half Inc. reported softer results for Q2 and the first half of 2026 amid a mixed labor market. Q2 2026 service revenues were $1.34 billion, down 2.4% year over year, and first-half 2026 service revenues were $2.64 billion, a 3.1% decline from the prior year. Q2 net income was $26.3 million and first-half net income was $40 million, with diluted EPS of $0.26 for Q2 and $0.40 year-to-date.
Segment trends were uneven. Contract talent solutions revenue fell modestly, permanent placement revenue grew slightly, and Protiviti revenue and margins declined, reflecting fewer large regulatory engagements despite higher bill rates. Cash and cash equivalents were $324.7 million with no borrowings under a $100 million credit agreement, while operating cash flow for the first half was a modest outflow. The company maintained its quarterly dividend of $0.59 per share and announced another $0.59 dividend payable in September 2026.
Positive
- None.
Negative
- Profitability weakened: first-half 2026 net income declined to $40 million from $58.3 million, with Q2 Protiviti gross margin falling to 13.5% (18.5% adjusted) as revenue and utilization declined.
Filing Explained
As of June 30, 2026, litigation exposure remained unquantified while lease commitments totaled $240,809 thousand present value plus $63.7 million not yet commenced.
This Form 10-Q is an unaudited interim report. Its main additional structural disclosures are unresolved litigation exposure and lease commitments, rather than a completed financing or ownership change.
In the Gentry case, the court’s May 4, 2026 phase-one ruling found Robert Half liable for unpaid interview wages, liquidated damages, and some PAGA penalties; the damages phase has not yet determined an amount.
The company states that the outcome and loss range are not currently feasible to predict, so no amount has been provided in the financial statements. A requested permanent injunction could require interview-time payments after the damages trial, but the filing does not say that relief has been granted.
As of
The 2025 Credit Agreement matures in
The next specified Gentry milestones are the permanent-injunction hearing on
Key Figures
Q2 2026 service revenues: $1.34 billion
H1 2026 service revenues: $2.64 billion
Q2 2026 net income: $26.3 million
+5 more
8 metrics
Q2 2026 service revenues
$1.34 billion
Three months ended June 30, 2026, down 2.4% year over year
H1 2026 service revenues
$2.64 billion
Six months ended June 30, 2026, a 3.1% decrease from prior year
Q2 2026 net income
$26.3 million
Three months ended June 30, 2026
H1 2026 net income
$40 million
Six months ended June 30, 2026, versus $58.3 million a year earlier
Cash and cash equivalents
$324.7 million
Balance at June 30, 2026
Net cash from operating activities
$(3.6) million
Six months ended June 30, 2026
Quarterly dividend per share
$0.59
Declared each quarter in the first half of 2026 and again on August 3, 2026
Shares outstanding
102,361,828 shares
Common stock outstanding as of July 31, 2026
Key Terms
Secured Overnight Financing Rate, Private Attorneys General Act, nonqualified employee deferred compensation plans, adjusted gross margin
4 terms
Secured Overnight Financing Rate financial
"calculated according to the adjusted term Secured Overnight Financing Rate"
A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.
Private Attorneys General Act regulatory
"other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorneys General Act"
nonqualified employee deferred compensation plans financial
"plans for its nonqualified employee deferred compensation plans"
adjusted gross margin financial
"supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
Earnings Snapshot
Q2 2026 service revenues: $1.34 billion
Three and six months ended June 30, 2026
Q2 2026 service revenues
$1.34 billion
decreased 2.4% from $1.37 billion in Q2 2025
H1 2026 service revenues
$2.64 billion
decreased 3.1% from $2.72 billion in H1 2025
Q2 2026 net income
$26.3 million
down from $41.0 million in Q2 2025
H1 2026 net income
$40 million
down from $58.3 million in H1 2025
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FAQ
How did Robert Half (RHI) perform financially in Q2 2026?
Robert Half reported Q2 2026 revenue of $1.34 billion and net income of $26.3 million. Revenue declined 2.4% year over year, and diluted EPS was $0.26, reflecting lower profitability mainly from softer demand and margin pressure in certain segments.
What were Robert Half (RHI)'s segment results for Q2 2026?
Contract talent solutions revenue was $747 million, permanent placement $118 million, and Protiviti $471 million. Contract talent solutions declined 1.6%, permanent placement grew 2.9%, and Protiviti fell 4.9%, driven by fewer billable hours despite higher average bill rates.
What is Robert Half (RHI)'s cash and debt position as of June 30, 2026?
Robert Half held $324.7 million of cash and cash equivalents and had no borrowings under its $100 million credit agreement. The company was in compliance with its covenants and generated first-half operating cash flow of negative $3.6 million, reflecting working capital movements.
What dividends did Robert Half (RHI) pay and declare in 2026?
Robert Half declared dividends of $0.59 per share in each of Q1 and Q2 2026, totaling $1.18 per share year-to-date. On August 3, 2026, it announced another quarterly dividend of $0.59 per share, payable September 15, 2026, to shareholders of record on August 25, 2026.
How did Robert Half (RHI)'s international operations perform in the first half of 2026?
International revenue was $615 million for the first half of 2026, up 3.4% from $594 million. International operations represented 23.3% of total revenue, with mixed segment trends and foreign currency movements affecting reported and adjusted growth rates.
What non-GAAP measures does Robert Half (RHI) highlight in its 2026 results?
Robert Half presents adjusted gross margin, adjusted selling, general and administrative expenses, adjusted operating income, and adjusted revenue growth rates. These metrics reclassify deferred compensation trust investment results and neutralize billing-day and currency effects to focus on underlying operating performance.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q
______________________
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE QUARTERLY PERIOD ENDED June 30, 2026
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE TRANSITION PERIOD FROM to .
Commission File Number 1-10427
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| (Address of principal executive offices) | (zip-code) | ||||||||||
Registrant’s telephone number, including area code: (650 ) 234-6000
| Securities registered pursuant to Section 12(b) of the Act | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | ||||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
| Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of July 31, 2026:
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBERT HALF INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(in thousands, except share amounts)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable, net | |||||||||||
| Employee deferred compensation trust assets | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Right-of-use assets | |||||||||||
| Goodwill | |||||||||||
| Noncurrent deferred income taxes | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES | |||||||||||
| Accounts payable and accrued expenses | $ | $ | |||||||||
| Accrued payroll and benefit costs | |||||||||||
| Employee deferred compensation plan obligations | |||||||||||
| Income taxes payable | |||||||||||
| Current operating lease liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Noncurrent operating lease liabilities | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
| Commitments and Contingencies (Note K) | |||||||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Retained earnings | |||||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
are an integral part of these financial statements.
2
ROBERT HALF INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Service revenues | $ | $ | $ | $ | |||||||||||||||||||
Costs of services | |||||||||||||||||||||||
| Gross margin | |||||||||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||||||||
Operating (loss) income | ( | ( | |||||||||||||||||||||
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A) | ( | ( | ( | ( | |||||||||||||||||||
| Interest income, net | ( | ( | ( | ( | |||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||
| Provision for income taxes | |||||||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
| Weighted average shares: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Dividends declared per share | $ | $ | $ | $ | |||||||||||||||||||
The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
are an integral part of these financial statements.
3
ROBERT HALF INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | ( | ( | |||||||||||||||||||||
| Foreign defined benefit plan adjustments, net of tax | ( | ( | |||||||||||||||||||||
| Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
| Total comprehensive income (loss) | $ | $ | $ | $ | |||||||||||||||||||
The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
are an integral part of these financial statements.
4
ROBERT HALF INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per share amounts)
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||||||
| Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Net issuances of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Repurchases of common stock | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Net issuances of restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Repurchases of common stock | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||||||
| Shares | Par Value | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net issuances of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Repurchases of common stock | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
| Net issuances of restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Repurchases of common stock | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
are an integral part of these financial statements.
5
ROBERT HALF INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
| Allowance for credit losses | |||||||||||
| Depreciation | |||||||||||
| Amortization of cloud computing implementation costs | |||||||||||
| Amortization of intangible assets | |||||||||||
Realized and unrealized income from investments held in employee deferred compensation trusts | ( | ( | |||||||||
| Stock-based compensation | |||||||||||
| Deferred income taxes | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
| Accounts receivable | ( | ( | |||||||||
| Capitalized cloud computing implementation costs | ( | ( | |||||||||
| Accounts payable and accrued expenses | ( | ||||||||||
| Accrued payroll and benefit costs | |||||||||||
| Employee deferred compensation plan obligations | |||||||||||
| Income taxes payable | ( | ||||||||||
| Other assets and liabilities, net | ( | ( | |||||||||
Net cash flows (used in) provided by operating activities | ( | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Investments in employee deferred compensation trusts | ( | ( | |||||||||
| Proceeds from employee deferred compensation trust redemptions | |||||||||||
| Payments for acquisitions, net of cash acquired | ( | ||||||||||
| Net cash flows used in investing activities | ( | ( | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Repurchases of common stock | ( | ( | |||||||||
| Dividends paid | ( | ( | |||||||||
| Net cash flows used in financing activities | ( | ( | |||||||||
| Effect of exchange rate fluctuations | ( | ||||||||||
| Change in cash and cash equivalents | ( | ( | |||||||||
| Cash and cash equivalents at beginning of period | |||||||||||
| Cash and cash equivalents at end of period | $ | $ | |||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
| Non-cash items: | |||||||||||
| Fund exchanges within employee deferred compensation trusts | $ | $ | |||||||||
The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
are an integral part of these financial statements.
6
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Note A—Summary of Significant Accounting Policies
Nature of Operations. Robert Half Inc. (the “Company”) is a specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. Robert Half® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and provides executive search services. Robert Half is also the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business, and technology consulting solutions. The Company operates in North America, South America, Europe, Asia and Australia. The Company is a Delaware corporation.
Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation.
Service Revenues. The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. Revenues are recognized when promised goods or services are delivered to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. See Note C—“Revenue Recognition” for further discussion of the revenue recognition accounting policy.
Costs of Services. Direct costs of contract talent solutions consist of payroll, payroll taxes, and benefit costs for the Company’s engagement professionals, as well as reimbursable expenses. Direct costs of permanent placement talent solutions consist of reimbursable expenses. Protiviti direct costs of services include professional staff payroll, payroll taxes and benefit costs, as well as reimbursable expenses.
(Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s employee deferred compensation plan obligations change and adjustments are recorded in selling, general and administrative expenses or, in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company, and therefore no effect on reported net income. The Company’s (income) loss from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments, and is presented separately on the Condensed Consolidated Statements of Operations.
7
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Dividend income | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Realized and unrealized gains | ( | ( | ( | ( | ||||||||||||||||||||||
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expense) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
The following table presents the Company’s increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Increase in employee deferred compensation costs and expense related to changes in the fair value of trust assets | $ | $ | $ | $ | ||||||||||||||||||||||
Comprehensive Income (Loss). Comprehensive income (loss) includes net income and certain other items that are recorded directly to stockholders’ equity. The Company’s only sources of other comprehensive income (loss) are foreign currency translation and foreign defined benefit plan adjustments.
Fair Value of Financial Instruments. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows:
Level 1: observable inputs for identical assets or liabilities, such as quoted prices in active markets
Level 2: inputs other than the quoted prices in active markets that are observable either directly or indirectly
Level 3: unobservable inputs in which there is little or no market data, which requires management’s best estimates and assumptions that market participants would use in pricing the asset or liability
The carrying value of cash and cash equivalents, net accounts receivable, and accounts payable and accrued expenses approximates fair value because of their short-term nature. The Company holds mutual funds and money market funds to satisfy its obligations under its employee deferred compensation plans which are carried at fair value based on quoted market prices in active markets for identical assets (Level 1).
8
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
The following table summarizes the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):
| Fair Value Measurements Using | |||||||||||||||||||||||
Balance at June 30, 2026 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | |||||||||||||||||||||
| Employee deferred compensation trust assets | |||||||||||||||||||||||
| Money market funds | $ | $ | |||||||||||||||||||||
| Mutual funds - bonds | |||||||||||||||||||||||
| Mutual funds - stocks | |||||||||||||||||||||||
| Mutual funds - blend | |||||||||||||||||||||||
| Total employee deferred compensation trust assets | $ | $ | |||||||||||||||||||||
| Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2025 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | |||||||||||||||||||||
| Employee deferred compensation trust assets | |||||||||||||||||||||||
| Money market funds | $ | $ | |||||||||||||||||||||
| Mutual funds - bonds | |||||||||||||||||||||||
| Mutual funds - stocks | |||||||||||||||||||||||
| Mutual funds - blend | |||||||||||||||||||||||
| Total employee deferred compensation trust assets | $ | $ | |||||||||||||||||||||
Certain items, such as goodwill and other intangible assets, are recognized or disclosed at fair value on a non-recurring basis. The Company determines the fair value of these items using Level 3 inputs. There are inherent limitations when estimating the fair value of financial instruments, and the fair values reported are not necessarily indicative of the amounts that would be realized in current market transactions.
Allowance for Credit Losses. The Company is exposed to credit losses resulting from the inability of its customers to make required payments. The Company establishes an allowance for these potential credit losses based on its review of customers’ credit profiles, historical loss statistics, prepayments, recoveries, age of customer receivable balances and current business conditions. The Company considers risk characteristics of trade receivables based on asset type and geographical locations to evaluate trade receivables on a collective basis. The Company applies credit loss estimates to these pooled receivables to determine expected credit losses.
9
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
The following table sets forth the activity in the allowance for credit losses from December 31, 2025, through June 30, 2026 (in thousands):
| Allowance for Credit Losses | |||||
Balance as of December 31, 2025 | $ | ||||
| Charges to expense | |||||
| Deductions | ( | ||||
| Other, including foreign currency translation adjustments | ( | ||||
Balance as of June 30, 2026 | $ | ||||
Note B—New Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Financial Instruments Credit Losses Disclosures. In July 2025, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments, Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. All entities with this practical expedient are to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. This guidance is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted the new guidance as of January 1, 2026, and elected the practical expedient for the calculation of current expected credit losses. The impact of this adoption was not material to the Company’s consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements Not Yet Adopted
Income Statement Disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income, Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements. This guidance is effective for public filers for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
Internal-Use Software Disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles, Goodwill and Other, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU remove all references to software development project stages so that the guidance is neutral to different software development methods. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
10
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note C—Revenue Recognition
The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. Revenues are recognized when promised goods or services are delivered to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Service revenues, as presented on the Condensed Consolidated Statements of Operations, represent services rendered to customers less variable consideration, such as sales adjustments and allowances. Reimbursements, including those related to travel and out-of-pocket expenses, are also included in service revenues, and equivalent amounts of reimbursable expenses are included in costs of services.
Contract talent solutions revenues. Contract talent solutions revenues from contracts with customers are recognized in the amount to which the Company has a right to invoice when the services are rendered by the Company’s engagement professionals. The substantial majority of engagement professionals placed on assignment by the Company are the Company’s legal employees while they are working on assignments. The Company pays all related costs of employment, including workers’ compensation insurance, state and federal unemployment taxes, social security, and certain fringe benefits. The Company assumes the risk of acceptability of its employees to its customers.
The Company records contract talent solutions revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers. Fees paid to time management or vendor management service providers selected by clients are recorded as a reduction of revenues, as the Company is not the primary obligor with respect to those services.
Permanent placement talent solutions revenues. Permanent placement talent solutions revenues from contracts with customers are primarily recognized when employment candidates accept offers of permanent employment. The Company has a substantial history of estimating the financial impact of permanent placement candidates who do not remain with its clients through the 90 -day guarantee period. These amounts are established based primarily on historical data and are recorded as liabilities. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement talent solutions services are charged to employment candidates.
Protiviti revenues. Protiviti’s consulting services are generally provided on a time-and-material basis, fixed-fee basis, or unit basis. Revenues earned under time-and-material arrangements and fixed-fee arrangements are recognized using a proportional performance method. Revenue is measured using cost incurred relative to total estimated cost for the engagement to measure progress toward satisfying the Company’s performance obligations. Cost incurred represents work performed and thereby best depicts the transfer of control to the customer. Protiviti’s consulting services generally contain one or more performance obligation(s) which are satisfied over a period of time. Revenues are recognized over time as the performance obligations are satisfied, because the services provided do not have any alternative use to the Company, and contracts generally include language giving the Company an enforceable right to payment for services provided to date. Unit-based revenues are recognized when the service has transferred to the customer. Revenue is recognized based on unit price multiplied by the number of units delivered and based on specific terms outlined in contracts.
The Company periodically evaluates the need to provide for any losses on these projects, and losses are recognized when it is probable that a loss will be incurred.
11
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
The following table presents the Company’s revenues disaggregated by functional specialization and segments (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Contract talent solutions | |||||||||||||||||||||||
| Finance and accounting | $ | $ | $ | $ | |||||||||||||||||||
| Administrative and customer support | |||||||||||||||||||||||
| Technology | |||||||||||||||||||||||
| Elimination of intersegment revenues (a) | ( | ( | ( | ( | |||||||||||||||||||
| Total contract talent solutions | |||||||||||||||||||||||
| Permanent placement talent solutions | |||||||||||||||||||||||
| Protiviti | |||||||||||||||||||||||
| Total service revenues | $ | $ | $ | $ | |||||||||||||||||||
(a) 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.
Payment terms in the Company’s contracts vary by the type and location of the Company’s customer and the services offered. The term between invoicing and when payment is due is not significant.
Contracts with multiple performance obligations are recognized as performance obligations are delivered, and contract value is allocated based on relative stand-alone selling values of the services and products in the arrangement. As of June 30, 2026, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $194.8 million. Of this amount, $180.3 million is expected to be recognized within the next 12 months. As of June 30, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $213.7 million.
Contract liabilities are recorded when cash payments are received or due in advance of performance and are reflected in accounts payable and accrued expenses on the unaudited Condensed Consolidated Statements of Financial Position. The following table sets forth the activity in contract liabilities from December 31, 2025, through June 30, 2026 (in thousands):
| Contract Liabilities | |||||||||||||||||
| Balance as of December 31, 2025 | $ | ||||||||||||||||
| Payments in advance of satisfaction of performance obligations | |||||||||||||||||
| Revenue recognized | ( | ||||||||||||||||
| Other, including translation adjustments | ( | ||||||||||||||||
Balance as of June 30, 2026 | $ | ||||||||||||||||
12
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note D—Other Current Assets
Other current assets consisted of the following (in thousands):
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Prepaid expenses | $ | $ | ||||||||||||
Unamortized cloud computing implementation costs, current | ||||||||||||||
| Other | ||||||||||||||
| Other current assets | $ | $ | ||||||||||||
Note E—Property and Equipment, Net
Property and equipment consisted of the following (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| Computer hardware | $ | $ | |||||||||||||||
| Computer software | |||||||||||||||||
| Furniture and equipment | |||||||||||||||||
| Leasehold improvements | |||||||||||||||||
| Property and equipment, cost | |||||||||||||||||
| Accumulated depreciation | ( | ( | |||||||||||||||
| Property and equipment, net | $ | $ | |||||||||||||||
Note F—Leases
The Company has operating leases for corporate and field offices, and certain equipment. The Company’s leases have remaining lease terms of less than one year to 10 years, some of which include options to extend the leases for up to seven years , and some of which include options to terminate the leases within one year . Operating lease expense was $18.8 million and $38.1 million for the three and six months ended June 30, 2026, respectively, and $19.8 million and $39.8 million for the three and six months ended June 30, 2025, respectively.
Supplemental cash flow information related to leases consisted of the following (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash paid for operating lease liabilities | $ | $ | |||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Supplemental balance sheet information related to leases consisted of the following:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Weighted average remaining lease term for operating leases | |||||||||||
| Weighted average discount rate for operating leases | % | % | |||||||||
13
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Future minimum lease payments under noncancelable leases as of June 30, 2026, were as follows (in thousands):
2026 (excluding the six months ended June 30, 2026) | $ | |||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 | ||||||||
| Thereafter | ||||||||
| Less: Imputed interest | ( | |||||||
| Present value of operating lease liabilities (a) | $ | |||||||
(a) Includes the current portion of $66.5 million for operating leases.
As of June 30, 2026, the Company had additional future minimum lease obligations totaling $63.7 million under executed operating lease contracts that had not yet commenced. These operating leases include agreements for corporate and field office facilities with lease terms of less than one year to 11 years.
Note G—Goodwill
The following table sets forth the activity in goodwill from December 31, 2025 through June 30, 2026 (in thousands):
| Goodwill | |||||||||||||||||||||||
| Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||
Balance as of December 31, 2025 | $ | $ | $ | $ | |||||||||||||||||||
| Foreign currency translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Balance as of June 30, 2026 | $ | $ | $ | $ | |||||||||||||||||||
The Company completed its annual assessment of the recoverability of goodwill during the three months ended June 30, 2026, and determined there were no events or circumstances that would more likely than not reduce the fair value of the Company’s reporting units below their carrying value.
Note H—Other Noncurrent Assets
Other noncurrent assets consisted of the following (in thousands):
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Unamortized cloud computing implementation costs, noncurrent | $ | $ | ||||||||||||
| Other intangible assets, net | ||||||||||||||
| Other noncurrent assets | $ | $ | ||||||||||||
14
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note I—Accrued Payroll and Benefit Costs
Accrued payroll and benefit costs consisted of the following (in thousands):
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Payroll and benefits | $ | $ | |||||||||||||||||||||
| Payroll taxes | |||||||||||||||||||||||
| Workers’ compensation | |||||||||||||||||||||||
| Accrued payroll and benefit costs | $ | $ | |||||||||||||||||||||
Note J—Employee Deferred Compensation Plan Obligations
The Company provides various qualified defined contribution 401(k) plans covering eligible employees. The plans offer a savings feature with the Company matching employee contributions. Assets of this plan are held by an independent trustee for the sole benefit of participating employees.
Nonqualified plans are provided for employees on a discretionary basis, including those not eligible for the qualified plans. These plans include provisions for salary deferrals and discretionary contributions. The asset value of the nonqualified plans was $850.6 million and $773.9 million as of June 30, 2026 and December 31, 2025, respectively. The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans. The liability value for the nonqualified plans was $827.3 million and $771.6 million as of June 30, 2026 and December 31, 2025, respectively.
Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $9.8 million and $16.8 million for the three and six months ended June 30, 2026, respectively, and $11.6 million and $25.3 million for the three and six months ended June 30, 2025, respectively.
The Company has statutory defined contribution plans and defined benefit plans outside the U.S., which are not material.
Note K—Commitments and Contingencies
On March 23, 2015, Plaintiff Jessica Gentry, on her own behalf and on behalf of a putative class of allegedly similarly situated individuals, filed a complaint against the Company in the Superior Court of California, San Francisco County, which was subsequently amended on October 23, 2015. The complaint alleges that a putative class of current and former employees of the Company working in California since March 13, 2010, were denied compensation for the time they spent interviewing “for temporary and permanent employment opportunities” as well as performing activities related to the interview process. Gentry seeks recovery on her own behalf and on behalf of the putative class in an unspecified amount for this allegedly unpaid compensation. Gentry also seeks recovery of an unspecified amount for the alleged failure of the Company to provide her and the putative class with accurate wage statements. Gentry also seeks an unspecified amount of other damages, attorneys’ fees and statutory penalties, including penalties for allegedly not paying all wages due upon separation to former employees and statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorneys General Act (“PAGA”). On January 4, 2016, the Court denied a motion by the Company to compel all of Gentry’s claims, except the PAGA claim, to individual arbitration. On March 8, 2024, the Court issued an order certifying: (1) a class of California-based temporary employees who attended at least one uncompensated interview with a third-party client at any time since March 13, 2010; (2) a subclass of class members who held a prior temporary job assignment before interviewing for a subsequent assignment; and (3) a subclass of class members who are no longer employed by the Company (i.e., a “waiting time penalties” subclass). The first phase of the trial on the issue of liability commenced on November 3, 2025. Closing arguments were delivered on January 23, 2026, and final briefs submitted. On May 4, 2026, the court issued its statement of decision after court trial on phase one of the trial. This is a two-phase trial. The decision is an interim order covering the liability issues tried in phase one of the case. The second phase of the trial is the damages phase. The final ruling and judgment will not be issued until after the conclusion of trial on damages, which is currently set for May 2027. They will both be subject to appeal. In its May 4, 2026, ruling, the court found candidate interviews to be compensable and the Company liable for
15
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
unpaid wages, liquidated damages and some PAGA penalties. Due in part to conflicting legal decisions and the uncertainty of the law in this area, the court found the Company was not willful in its failure to pay for interviews so did not find the Company liable for waiting time penalties or non-compliant wage statements. The amount of damages for unpaid wages, liquidated damages and PAGA penalties will be determined in the damages phase of the trial set to begin on May 3, 2027. On June 11, 2026, Gentry Petitioned for Writ of Mandate (“Writ”) to the California Court of Appeal seeking a reversal of the Superior Court’s ruling that the Company was not liable for waiting time penalties or non-compliant wage statements. The Court of Appeal notified the parties on June 24, 2026, that it declined Gentry’s Writ. On June 18, 2026, Gentry filed a Motion for Determination of entitlement to Permanent Injunctive Relief seeking an order to require the Company to start the payment of interview time pay to all employees interviewing for temporary and permanent employment opportunities effective upon the close of the damages trial in May 2027. The hearing on the permanent injunction motion is set for September 24, 2026. The Company maintains its position that it has meritorious defenses to the allegations asserted by Gentry, and the Company intends to continue to vigorously defend against the litigation including an appeal of a final judgment. At this stage of the litigation, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from this proceeding and, accordingly, no amounts have been provided in the Company’s Financial Statements.
On April 6, 2018, Plaintiff Shari Dorff, on her own behalf and on behalf of a putative class of allegedly similarly situated individuals, filed a complaint against the Company in the Superior Court of California, County of Los Angeles. In addition to certain claims individual to Plaintiff Dorff, the complaint alleges that salaried recruiters based in California have been misclassified as exempt employees and seeks an unspecified amount for: unpaid wages resulting from such alleged misclassification; alleged failure to provide a reasonable opportunity to take meal periods and rest breaks; alleged failure to pay wages on a timely basis both during employment and upon separation; alleged failure to comply with California requirements regarding wage statements and record-keeping; and alleged improper denial of expense reimbursement. Plaintiff Dorff also seeks an unspecified amount of other damages, attorneys’ fees and penalties, including but not limited to statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by PAGA. On April 8, 2026, Dorff’s motion for certification of a class was heard by the Court. On April 20, 2026, the Court issued an order denying Dorff’s motion for certification of a class. On June 1, 2026, the Court severed Dorff’s individual employment discrimination related claims from her individual misclassification claim and her collective PAGA claims. Trial on Dorff’s individual misclassification claim is set for January 11, 2027. No trial date was set for Dorff’s other individual claims and no trial date was set for Dorff’s collective PAGA claims. At this stage of the litigation, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from this proceeding and, accordingly, no amounts have been provided in the Company’s Financial Statements. The Company believes it has meritorious defenses to the allegations and the Company intends to continue to vigorously defend against the litigation.
The Company is involved in a number of other lawsuits arising in the ordinary course of business. While management does not expect any of these other matters to have a material adverse effect on the Company’s results of operations, financial position or cash flows, litigation is subject to certain inherent uncertainties.
Legal costs associated with the resolution of claims, lawsuits and other contingencies are expensed as incurred.
16
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note L—Stockholders’ Equity
Stock Repurchase Program. As of June 30, 2026, the Company is authorized to repurchase, from time to time, up to 5.6 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions. The number and the cost of common stock shares repurchased during the six months ended June 30, 2026 and 2025, are reflected in the following table (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Common stock repurchased (in shares) | |||||||||||
| Common stock repurchased | $ | $ | |||||||||
Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes. The number and the cost of employee stock plan repurchases made during the six months ended June 30, 2026 and 2025, are reflected in the following table (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Repurchases related to employee stock plans (in shares) | |||||||||||
| Repurchases related to employee stock plans | $ | $ | |||||||||
The repurchased shares are held in treasury and are presented as if constructively retired. Treasury stock is accounted for using the cost method. Treasury stock activity for the six months ended June 30, 2026 and 2025 (consisting of purchases of shares for the treasury), is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.
Note M—Net Income Per Share
The calculation of net income per share for the three and six months ended June 30, 2026 and 2025, is reflected in the following table (in thousands, except per share amounts):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Basic: | |||||||||||||||||||||||
Weighted average shares | |||||||||||||||||||||||
| Diluted: | |||||||||||||||||||||||
Weighted average shares | |||||||||||||||||||||||
| Dilutive effect of potential common shares | |||||||||||||||||||||||
| Diluted weighted average shares | |||||||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
17
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note N—Business Segments
The Company has three reportable segments: contract talent solutions, permanent placement talent solutions and Protiviti. Operating segments are defined as components of the Company for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), a position currently held by the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The contract talent solutions reportable segment results from the aggregation of three operating segments with similar economic and qualitative characteristics: finance and accounting, administrative and customer support, and technology. The contract talent solutions and permanent placement talent solutions segments provide specialized engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles. The Protiviti segment provides business and technology risk consulting and internal audit services.
The CODM uses segment income to evaluate performance and allocate resources to each segment. Segment income excludes interest income, income taxes and the impacts of the (income) loss from investments held in employee deferred compensation trusts, along with the related compensation costs and expenses. The CODM considers variances between actual results and expectations as well as historical trends for segment income when making decisions about allocating capital and personnel resources to each segment.
The accounting policies of the segments are set forth in Note A—“Summary of Significant Accounting Policies.”
The following tables provide a reconciliation of service revenues and segment income by reportable segment to consolidated results (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Contract Talent Solutions | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Service revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Segment costs of services(2) | |||||||||||||||||||||||
Compensation expenses(3) | |||||||||||||||||||||||
Other(4) | |||||||||||||||||||||||
| Segment selling, general and administrative expenses | |||||||||||||||||||||||
| Segment income | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Permanent Placement Talent Solutions | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Service revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Segment costs of services(2) | |||||||||||||||||||||||
Compensation expenses(3) | |||||||||||||||||||||||
Other(4) | |||||||||||||||||||||||
| Segment selling, general and administrative expenses | |||||||||||||||||||||||
| Segment income | $ | $ | $ | $ | |||||||||||||||||||
18
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Protiviti | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Service revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Segment costs of services(2) | |||||||||||||||||||||||
Compensation expenses(3) | |||||||||||||||||||||||
Other(4) | |||||||||||||||||||||||
| Segment selling, general and administrative expenses | |||||||||||||||||||||||
| Segment income | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Combined Segment | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Service revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Costs of services(2) | |||||||||||||||||||||||
Compensation expenses(3) | |||||||||||||||||||||||
Other(4) | |||||||||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||||||||
| Combined segment income | |||||||||||||||||||||||
| Interest income, net | ( | ( | ( | ( | |||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
(1)Service revenues presented above are shown net of eliminations of intersegment revenues. Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $121.4 million and $238.2 million for the three and six months ended June 30, 2026, respectively, and $119.8 million and $237.7 million for the three and six months ended June 30, 2025, respectively. Service revenues related to the intersegment activity are reflected in the Protiviti segment.
(2)Segment costs of services consist of direct payroll, payroll taxes and benefit costs, as well as reimbursable expenses. Direct costs related to the intersegment activity are reflected in the Protiviti segment, including the costs of candidate payroll, fringe benefits and incremental recruiter compensation. For further information on costs of services, see Note A—“Summary of Significant Accounting Policies.”
(3)Includes payroll and applicable taxes, employee incentive compensation and other employee costs that are not included in direct costs as noted above.
(4)Other selling, general and administrative expenses is comprised of advertising, as well as other allocated expenses including lease expense, depreciation, cloud computing service costs and overhead costs. These costs are allocated to the individual segments based on an internal allocation method.
The following table represents depreciation expense by segment (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Depreciation expense | ||||||||||||||||||||||||||
| Contract talent solutions | $ | $ | $ | $ | ||||||||||||||||||||||
| Permanent placement talent solutions | ||||||||||||||||||||||||||
| Protiviti | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
19
ROBERT HALF INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
June 30, 2026
Note O—Subsequent Events
On August 3, 2026, the Company announced the following:
| Quarterly dividend per share | $ | ||||
| Declaration date | August 3, 2026 | ||||
| Record date | August 25, 2026 | ||||
| Payment date | September 15, 2026 | ||||
20
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 the Company’s 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 United States of America (“U.S.”) or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company’s ability to attract candidates; the development, proliferation and adoption of artificial intelligence (“AI”) by the Company and the third parties it serves; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company’s services, or the Company’s ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its engagement professionals, or for events impacting its engagement professionals on clients’ premises; the possibility that adverse publicity could impact the Company’s ability to attract and retain clients and candidates; the success of the Company in attracting, training and retaining qualified management personnel and other staff employees; the Company’s ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company’s reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company’s SEC filings; the impact of extreme weather conditions on the Company and its candidates and clients; the ability of the Company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the Company will incur as a result of health care or other reform legislation may adversely affect the Company’s profit margins or the demand for the Company’s services; the possibility that the Company’s computer and communications hardware and software systems could be damaged or their service interrupted or that the Company could experience a cybersecurity breach; and the possibility that the Company may fail to maintain adequate financial and management controls, and as a result suffer errors in its financial reporting. Additionally, with respect to Protiviti, other risks and uncertainties include the fact 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. 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.
Executive Overview
The Company’s service revenues for the first half of 2026 were $2.64 billion, a decrease of 3.1% from the prior year. Net income was $40 million, and diluted net income per share was $0.40. Although the Company’s results were impacted by the ongoing macroeconomic uncertainty that affected client and candidate confidence, we believe market conditions are becoming increasingly conducive to our business. As confidence continues to improve, even modest increases in hiring activity can drive incremental demand for our services.
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Protiviti is navigating continued shifts in the financial services regulatory enforcement environment in the U.S. This shift is influencing the nature of its work, with relatively fewer large-scale regulatory remediation engagements and increased demand for efficiency-oriented solutions, including the application of advanced technologies.
Demand for the Company’s contract talent solutions, permanent placement talent solutions and Protiviti is largely dependent upon general economic and labor trends, both domestically and abroad. The U.S. real gross domestic product increased at an annual rate of 1.5% during the second quarter 2026, compared to an increase of 2.0% during the first quarter of 2026.
The U.S. job market remains resilient with overall unemployment at 4.2%, as of June 30, 2026. Labor supply constraints remain. Particularly noteworthy is that the unemployment rate for college-educated professionals is holding steady at just 2.7%, with even lower rates prevailing among specialized accounting, finance and technology roles. Broader labor market indicators continue to point to underlying demand for skilled talent, and job openings continue to run above historical averages. While clients continue to approach hiring thoughtfully, the Company sees steady progress in client interactions and activity. These interactions suggest that clients remain resilient, although geopolitical and macroeconomic uncertainty persists, and inflation remains a concern including the potential effects of escalating tensions in the Middle East. Organizations continue to focus on initiatives that drive productivity, growth and long-term competitiveness which contributes to ongoing demand for the Company’s services.
The Company continues to invest in technology and innovation, including AI. Major focus areas include providing a world-class digital experience for clients and candidates that is seamlessly connected to the Company’s specialized professional recruiters. Also, the Company will continue to leverage its proprietary data assets to enhance the AI tools its recruiters use to discover, assess and select talent for its clients, and the AI tools recruiters use to effectively target leads for additional revenue. Protiviti continues to invest in and deploy AI-enabled solutions by integrating AI into its existing offerings while aiming to enhance its own AI infrastructure.
Artificial intelligence continues to complement – not replace – the work performed by the professionals the Company places. The Company is also seeing growing demand for candidates who combine deep domain expertise with AI fluency and the judgment required to apply these technologies effectively and responsibly, including verifying the accuracy of their outcomes. The rapid adoption of generative AI by job seekers has also changed the recruiting landscape, increasing application volumes and making candidate evaluation more complex. This underscores the importance of the Company's proprietary candidate insights, specialized recruiting expertise and proven ability to identify highly-skilled talent.
The Company monitors various economic indicators and business trends in all of the countries in which it operates to anticipate demand for the Company’s services. These trends are evaluated to determine the appropriate level of investment, including personnel, which will best position the Company for success in the current and future global macroeconomic environment. The Company’s investments in headcount are typically structured to proactively support and align with expected revenue growth trends and productivity metrics. Visibility into future revenues is limited not only due to the dependence on macroeconomic and labor market conditions noted above, but also because of the relatively short duration of the Company’s client engagements. Accordingly, the Company’s headcount and other investments are typically assessed on at least a quarterly basis. During the first half of 2026, the Company’s headcount remained relatively flat for its contract talent solutions segment, as well as administrative headcount, when compared to prior year-end levels, while its permanent placement talent solutions segment and Protiviti headcount decreased.
Critical Accounting Policies and Estimates
The Company’s most critical accounting policies and estimates are those that involve subjective decisions or assessments and are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There were no material changes to the Company’s critical accounting policies or estimates for the six months ended June 30, 2026.
Recent Accounting Pronouncements
See Note B—“New Accounting Pronouncements” to the Company’s Condensed Consolidated Financial Statements included under Part I—Item 1 of this report.
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Results of Operations
The Company analyzes its operating results for three reportable segments: contract talent solutions, permanent placement talent solutions and Protiviti. The contract talent solutions and permanent placement talent solutions segments provide engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, administrative and customer support, and executive search. The Protiviti segment provides internal audit, risk, business and technology consulting solutions.
Demand for the Company’s services is largely dependent upon global economic and labor trends. Because of the inherent difficulty in predicting economic trends, future demand for the Company’s services cannot be forecast with certainty.
The Company’s talent solutions segments conduct operations through offices in the U.S. and 18 other countries, while Protiviti has offices in the U.S. and 13 other countries.
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Non-GAAP Financial Measures
The financial results of the Company are prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”) and the rules of the SEC. To help readers understand the Company’s financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expenses; adjusted operating income; and adjusted revenue growth rates.
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.
Refer to Item 3. “Quantitative and Qualitative Disclosures About Market Risk” of this report for further discussion of the impact of foreign currency exchange rates on the Company’s results of operations and financial condition.
Three Months Ended June 30, 2026 and 2025
Service Revenues. The Company’s revenues were $1.34 billion for the three months ended June 30, 2026, a decrease of 2.4% compared to $1.37 billion for the three months ended June 30, 2025. Revenues from U.S. operations decreased 2.9% to $1.03 billion (77.3% of total revenue) for the three months ended June 30, 2026, compared to $1.06 billion (77.7% of total revenue) for the three months ended June 30, 2025. Revenues from international operations decreased 1.0% to $303 million (22.7% of total revenue) for the three months ended June 30, 2026, compared to $306 million (22.3% of total revenue) for the three months ended June 30, 2025. Contributing factors for each reportable segment are discussed below in further detail.
Contract talent solutions revenues were $747 million for the three months ended June 30, 2026, decreasing by 1.6% compared to revenues of $760 million for the three months ended June 30, 2025. Key drivers of contract talent solutions revenues include average hourly bill rates and the number of hours worked by the Company’s engagement professionals on client engagements. The decrease in contract talent solutions revenues for the three months ended June 30, 2026, was primarily due to a 2.8% decrease in the number of hours worked by the Company’s engagement professionals, offset by a 1.2% increase in average bill rates. On an adjusted basis, contract talent solutions revenues decreased 2.1% for the second quarter of 2026 compared to the second quarter of 2025. In the U.S., revenues in the second quarter of 2026 decreased 2.1% on a reported basis, and decreased 1.8% on an adjusted basis, compared to the second quarter of 2025. International revenues for the second quarter of 2026 decreased 0.1% on a reported basis, and decreased 3.5% on an adjusted basis, compared to the second quarter of 2025.
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Permanent placement talent solutions revenues were $118 million for the three months ended June 30, 2026, increasing by 2.9% compared to revenues of $115 million for the three months ended June 30, 2025. Key drivers of permanent placement talent solutions revenues consist of the number of candidate placements and average fees earned per placement. The increase in permanent placement talent solutions revenues for the three months ended June 30, 2026, was due to a 5.5% increase in average fees earned per placement, partially offset by a 2.6% decrease in the number of placements. On an adjusted basis, permanent placement talent solutions revenues increased 2.5% for the second quarter of 2026 compared to the second quarter of 2025. In the U.S., revenues for the second quarter of 2026 increased 6.0% on a reported basis, and increased 6.3% on an adjusted basis, compared to the second quarter of 2025. International revenues for the second quarter of 2026 decreased 4.8% on a reported basis, and decreased 7.1% on an adjusted basis, compared to the second quarter of 2025. Historically, demand for permanent placement talent solutions is even more sensitive to economic and labor market conditions than demand for contract talent solutions, and this is expected to continue.
Protiviti revenues were $471 million for the three months ended June 30, 2026, decreasing by 4.9% compared to revenues of $495 million for the three months ended June 30, 2025. Key drivers of Protiviti revenues are the billable hours worked on client engagements and average hourly bill rates. The decrease in Protiviti revenues for the three months ended June 30, 2026, was due to a 19.9% decrease in billable hours, partially offset by a 15.0% increase in average hourly bill rates. The increase in average bill rate largely reflects changes in the composition and number of professional staff, as well as differences in their respective billing rates. As engagements shift from large, highly leveraged projects to smaller engagements with less leverage, average bill rates increase. On an adjusted basis, Protiviti revenues decreased 5.0% for the second quarter of 2026 compared to the second quarter of 2025. In the U.S., revenues in the second quarter of 2026 decreased 5.8% on a reported basis, and decreased 5.5% on an adjusted basis, compared to the second quarter of 2025. International revenues for the second quarter of 2026 decreased 1.2% on a reported basis, and decreased 3.1% on an adjusted basis, compared to the second quarter of 2025.
A reconciliation of the non-GAAP year-over-year revenue growth rates to the as reported year-over-year revenue growth rates for the three months ended June 30, 2026, is presented in the following table:
| Global | United States | International | |||||||||||||||
Contract talent solutions | |||||||||||||||||
| As Reported | -1.6 | % | -2.1 | % | -0.1 | % | |||||||||||
| Billing Days Impact | 0.2 | % | 0.3 | % | -0.5 | % | |||||||||||
| Currency Impact | -0.7 | % | ― | -2.9 | % | ||||||||||||
| As Adjusted | -2.1 | % | -1.8 | % | -3.5 | % | |||||||||||
| Permanent placement talent solutions | |||||||||||||||||
| As Reported | 2.9 | % | 6.0 | % | -4.8 | % | |||||||||||
| Billing Days Impact | 0.1 | % | 0.3 | % | -0.4 | % | |||||||||||
| Currency Impact | -0.5 | % | ― | -1.9 | % | ||||||||||||
| As Adjusted | 2.5 | % | 6.3 | % | -7.1 | % | |||||||||||
Protiviti | |||||||||||||||||
| As Reported | -4.9 | % | -5.8 | % | -1.2 | % | |||||||||||
| Billing Days Impact | 0.2 | % | 0.3 | % | -0.5 | % | |||||||||||
| Currency Impact | -0.3 | % | ― | -1.4 | % | ||||||||||||
| As Adjusted | -5.0 | % | -5.5 | % | -3.1 | % | |||||||||||
Gross Margin. The Company’s gross margin dollars were $474 million for the three months ended June 30, 2026, decreasing 7.0% from $509 million for the three months ended June 30, 2025. Contributing factors for each reportable segment are discussed below in further detail.
Gross margin dollars for contract talent solutions represent revenues less costs of services, which consist of payroll, payroll taxes and benefit costs for engagement professionals, and reimbursable expenses. The key drivers of gross margin are: i) pay-bill spreads, which represent the differential between wages paid to engagement professionals and amounts billed to clients; ii) fringe costs, which are primarily composed of payroll taxes and benefit costs; and iii) conversion revenues, which are earned when a contract position converts to a permanent position with the Company’s client.
Gross margin dollars for contract talent solutions were $292 million for the three months ended June 30, 2026, decreasing by 1.7% from $297 million for the three months ended June 30, 2025. As a percentage of revenues, gross margin dollars for contract talent solutions were 39.1% in both the second quarter of 2026 and 2025.
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Gross margin dollars for permanent placement talent solutions represent revenues less reimbursable expenses. Gross margin dollars for permanent placement talent solutions were $118 million for the three months ended June 30, 2026, increasing 2.9% from $115 million for the three months ended June 30, 2025. Because reimbursable expenses for permanent placement talent solutions are de minimis, the increase in gross margin dollars is substantially explained by the increase in revenues previously discussed.
Gross margin dollars for Protiviti represent revenues less costs of services, which consist primarily of professional staff payroll, payroll taxes, benefit costs and reimbursable expenses. The primary drivers of Protiviti’s gross margin are: i) the relative composition of and number of professional staff and their respective pay and bill rates; and ii) staff utilization, which is the relationship of time spent on client engagements in proportion to the total time available for the Company’s Protiviti staff. Gross margin dollars for Protiviti were $64 million for the three months ended June 30, 2026, decreasing 34.6% from $97 million for the three months ended June 30, 2025. As a percentage of revenues, reported gross margin dollars for Protiviti were 13.5% in the second quarter of 2026, down from 19.7% in the second quarter of 2025. As a percentage of revenues, adjusted gross margin dollars for Protiviti were 18.5% in the second quarter of 2026, down from 22.3% in the second quarter of 2025. The year-over-year decrease in adjusted gross margin percentage was primarily due to cost reduction charges incurred in the quarter, as well as the relative composition of and number of professional staff and their respective pay and bill rates.
The Company’s gross margin by reporting segment is summarized as follows (in thousands):
| Three Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 292,422 | $ | 297,367 | $ | 292,422 | $ | 297,367 | 39.1 | % | 39.1 | % | 39.1 | % | 39.1 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 117,823 | 114,551 | 117,823 | 114,551 | 99.9 | % | 99.9 | % | 99.9 | % | 99.9 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 63,782 | 97,556 | 87,170 | 110,357 | 13.5 | % | 19.7 | % | 18.5 | % | 22.3 | % | |||||||||||||||||||||||||||||||||||
| Total | $ | 474,027 | $ | 509,474 | $ | 497,415 | $ | 522,275 | 35.5 | % | 37.2 | % | 37.2 | % | 38.1 | % | |||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 292,422 | 39.1 | % | $ | 117,823 | 99.9 | % | $ | 63,782 | 13.5 | % | $ | 474,027 | 35.5 | % | |||||||||||||||||||
| Adjustments (1) | — | — | — | — | 23,388 | 5.0 | % | 23,388 | 1.7 | % | |||||||||||||||||||||||||
| As Adjusted | $ | 292,422 | 39.1 | % | $ | 117,823 | 99.9 | % | $ | 87,170 | 18.5 | % | $ | 497,415 | 37.2 | % | |||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 297,367 | 39.1 | % | $ | 114,551 | 99.9 | % | $ | 97,556 | 19.7 | % | $ | 509,474 | 37.2 | % | |||||||||||||||||||
| Adjustments (1) | — | — | — | — | 12,801 | 2.6 | % | 12,801 | 0.9 | % | |||||||||||||||||||||||||
| As Adjusted | $ | 297,367 | 39.1 | % | $ | 114,551 | 99.9 | % | $ | 110,357 | 22.3 | % | $ | 522,275 | 38.1 | % | |||||||||||||||||||
(1)Changes in the Company’s deferred compensation obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
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Selling, General and Administrative Expenses. The Company’s selling, general and administrative expenses consist primarily of staff compensation, advertising, lease expense, depreciation, cloud computing service costs and overhead costs. The Company’s reported selling, general and administrative expenses were $536 million for the three months ended June 30, 2026, increasing by 5.6% from $508 million for the three months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses were 40.1% in the second quarter of 2026, up from 37.1% in the second quarter of 2025. The Company’s adjusted selling, general and administrative expenses were $459 million for the three months ended June 30, 2026, down 0.9% from $463 million for the three months ended June 30, 2025. As a percentage of revenues, adjusted selling, general and administrative expenses were 34.3% in the second quarter of 2026, up from 33.8% in the second quarter of 2025. Contributing factors for each reportable segment are discussed below in further detail.
Selling, general and administrative expenses for contract talent solutions, on a reported basis, were $343 million for the three months ended June 30, 2026, increasing by 7.6% from $319 million for the three months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses for contract talent solutions were 45.9% in the second quarter of 2026, up from 42.0% in the second quarter of 2025. As a percentage of revenues, adjusted selling, general and administrative expenses for contract talent solutions were 36.7% in both the second quarter of 2026 and 2025.
Selling, general and administrative expenses for permanent placement talent solutions were $116 million for the three months ended June 30, 2026, increasing by 4.3% from $111 million for the three months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses for permanent placement talent solutions services were 98.3% in the second quarter of 2026, up from 97.0% in the second quarter of 2025. As a percentage of revenues, adjusted selling, general and administrative expenses for permanent placement talent solutions were 90.6% in the second quarter of 2026, down from 92.7% in the second quarter of 2025, due primarily to positive leverage as revenues increased.
Selling, general and administrative expenses for Protiviti were $77 million for the three months ended June 30, 2026, decreasing by 0.7% from $78 million for the three months ended June 30, 2025. As a percentage of revenues, selling, general and administrative expenses for Protiviti services were 16.4% in the second quarter of 2026, up from 15.7% in the second quarter of 2025, due primarily to negative leverage as revenues decreased.
The Company’s selling, general and administrative expenses by reportable segment are summarized as follows (in thousands):
| Three Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 343,038 | $ | 318,871 | $ | 274,618 | $ | 278,944 | 45.9 | % | 42.0 | % | 36.7 | % | 36.7 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 115,999 | 111,218 | 106,929 | 106,292 | 98.3 | % | 97.0 | % | 90.6 | % | 92.7 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 77,289 | 77,845 | 77,289 | 77,845 | 16.4 | % | 15.7 | % | 16.4 | % | 15.7 | % | |||||||||||||||||||||||||||||||||||
| Total | $ | 536,326 | $ | 507,934 | $ | 458,836 | $ | 463,081 | 40.1 | % | 37.1 | % | 34.3 | % | 33.8 | % | |||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 343,038 | 45.9 | % | $ | 115,999 | 98.3 | % | $ | 77,289 | 16.4 | % | $ | 536,326 | 40.1 | % | |||||||||||||||||||
| Adjustments (1) | (68,420) | (9.2 | %) | (9,070) | (7.7 | %) | — | — | (77,490) | (5.8 | %) | ||||||||||||||||||||||||
| As Adjusted | $ | 274,618 | 36.7 | % | $ | 106,929 | 90.6 | % | $ | 77,289 | 16.4 | % | $ | 458,836 | 34.3 | % | |||||||||||||||||||
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| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 318,871 | 42.0 | % | $ | 111,218 | 97.0 | % | $ | 77,845 | 15.7 | % | $ | 507,934 | 37.1 | % | |||||||||||||||||||
| Adjustments (1) | (39,927) | (5.3 | %) | (4,926) | (4.3 | %) | — | — | (44,853) | (3.3 | %) | ||||||||||||||||||||||||
| As Adjusted | $ | 278,944 | 36.7 | % | $ | 106,292 | 92.7 | % | $ | 77,845 | 15.7 | % | $ | 463,081 | 33.8 | % | |||||||||||||||||||
(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) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
Operating (Loss) Income. The Company’s operating (loss) income consists of gross margin less selling, general and administrative expenses. The Company’s reported operating loss was $62 million for the three months ended June 30, 2026, compared to operating income of $2 million for the three months ended June 30, 2025. As a percentage of revenues, reported operating (loss) income was (4.7)% in the second quarter of 2026, down from 0.1% in the second quarter of 2025. The Company’s adjusted operating income was $39 million for the three months ended June 30, 2026, down 34.8% from $59 million for the three months ended June 30, 2025. As a percentage of revenues, adjusted operating income was 2.9% in the second quarter of 2026, down from 4.3% in the second quarter of 2025. Since operating (loss) income is defined as gross margin less selling, general and administrative expenses, the year over year change is explained by factors previously discussed.
The Company’s operating (loss) income by reporting segment is summarized as follows (in thousands):
| Three Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | (50,616) | $ | (21,504) | $ | 17,804 | $ | 18,423 | (6.8 | %) | (2.8 | %) | 2.4 | % | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Permanent placement talent solutions | 1,824 | 3,333 | 10,894 | 8,259 | 1.5 | % | 2.9 | % | 9.2 | % | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Protiviti | (13,507) | 19,711 | 9,881 | 32,512 | (2.9 | %) | 4.0 | % | 2.1 | % | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | (62,299) | $ | 1,540 | $ | 38,579 | $ | 59,194 | (4.7 | %) | 0.1 | % | 2.9 | % | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the three months ended June 30, 2026 and 2025:
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Operating (loss) income | |||||||||||||||||||||||||||||||||||
| As Reported | $ | (50,616) | (6.8 | %) | $ | 1,824 | 1.5 | % | $ | (13,507) | (2.9 | %) | $ | (62,299) | (4.7 | %) | |||||||||||||||||||
| Adjustments (1) | 68,420 | 9.2 | % | 9,070 | 7.7 | % | 23,388 | 5.0 | % | 100,878 | 7.6 | % | |||||||||||||||||||||||
| As Adjusted | $ | 17,804 | 2.4 | % | $ | 10,894 | 9.2 | % | $ | 9,881 | 2.1 | % | $ | 38,579 | 2.9 | % | |||||||||||||||||||
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| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Operating (loss) income | |||||||||||||||||||||||||||||||||||
| As Reported | $ | (21,504) | (2.8 | %) | $ | 3,333 | 2.9 | % | $ | 19,711 | 4.0 | % | $ | 1,540 | 0.1 | % | |||||||||||||||||||
| Adjustments (1) | 39,927 | 5.2 | % | 4,926 | 4.3 | % | 12,801 | 2.6 | % | 57,654 | 4.2 | % | |||||||||||||||||||||||
| As Adjusted | $ | 18,423 | 2.4 | % | $ | 8,259 | 7.2 | % | $ | 32,512 | 6.6 | % | $ | 59,194 | 4.3 | % | |||||||||||||||||||
(1)Changes in the Company’s employee deferred compensation plan obligations are included in operating (loss) income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
(Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s employee deferred compensation plan obligations change and adjustments are recorded in selling, general and administrative expenses, or in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by the equal and offsetting amount, leaving no net costs to the Company, and therefore no effect on reported net income. The Company’s (income) loss from investments held in employee deferred compensation trusts consists primarily of unrealized and realized gains and losses and dividend income from trust investments and is presented separately on the unaudited Condensed Consolidated Statements of Operations. The Company’s income from investments held in employee deferred compensation trusts was $101 million and $58 million for the three months ended June 30, 2026 and 2025, respectively. The income from trust investments during the second quarter of 2026 was due to positive market returns.
Provision for income taxes. The provision for income taxes was 35.2% and 33.3% for the three months ended June 30, 2026 and 2025, respectively. The higher tax rate for 2026 can be primarily attributed to lower tax credits and the increased impact of nondeductible expenses relative to lower pre-tax income.
Six Months Ended June 30, 2026 and 2025
Service Revenues. The Company’s revenues were $2.64 billion for the six months ended June 30, 2026, a decrease of 3.1% compared to $2.72 billion for the six months ended June 30, 2025. Revenues from U.S. operations decreased 5.0% to $2.02 billion (76.7% of total revenue) for the six months ended June 30, 2026, compared to $2.13 billion (78.2% of total revenue) for the six months ended June 30, 2025. Revenues from international operations increased 3.4% to $615 million (23.3% of total revenue) for the six months ended June 30, 2026, compared to $594 million (21.8% of total revenue) for the six months ended June 30, 2025. Contributing factors for each reportable segment are discussed below in further detail.
Contract talent solutions revenues were $1.47 billion for the six months ended June 30, 2026, decreasing by 3.3% compared to revenues of $1.52 billion for the six months ended June 30, 2025. Key drivers of contract talent solutions revenues include average hourly bill rates and the number of hours worked by the Company’s engagement professionals on client engagements. The decrease in contract talent solutions revenues for the six months ended June 30, 2026, was primarily due to a 5.0% decrease in the number of hours worked by the Company’s engagement professionals, partially offset by a 1.8% increase in average bill rates. On an adjusted basis, contract talent solutions revenues in the first half of 2026 decreased 4.5% compared to the first half of 2025. In the U.S., revenues in the first half of 2026 decreased 4.9% on a reported basis, and decreased 4.7% on an adjusted basis, compared to the first half of 2025. International revenues for the first half of 2026 increased 2.1% on a reported basis, and decreased 3.5% on an adjusted basis, compared to the first half of 2025.
Permanent placement talent solutions revenues were $227 million for the six months ended June 30, 2026, flat compared to revenues of $227 million for the six months ended June 30, 2025. Key drivers of permanent placement talent solutions revenues consist of the number of candidate placements and average fees earned per placement. Permanent placement talent solutions revenues for the six months ended June 30, 2026, were impacted by a 5.1% increase in average fees earned per placement, partially offset by a 5.0% decrease in the number of placements. On an adjusted basis, permanent placement talent solutions revenues decreased 1.1% for the first half of 2026 compared to the first half of 2025. In the U.S., revenues for the first half of 2026 were flat on a reported basis, and increased 0.3% on an adjusted basis, compared to the first half of 2025. International revenues for the first half of 2026 increased 0.2% on a reported basis, and decreased 4.1% on an adjusted basis,
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compared to the first half of 2025. Historically, demand for permanent placement talent solutions is even more sensitive to economic and labor market conditions than demand for contract talent solutions and this is expected to continue.
Protiviti revenues were $937 million for the six months ended June 30, 2026, decreasing by 3.6% compared to revenues of $972 million for the six months ended June 30, 2025. Key drivers of Protiviti revenues are the billable hours worked on client engagements and average hourly bill rates. The decrease in Protiviti revenues for the six months ended June 30, 2026, was due to a 12.9% decrease in billable hours, partially offset by a 9.3% increase in average hourly bill rates. The increase in average bill rate largely reflects changes in the composition and number of professional staff, as well as differences in their respective billing rates. As engagements shift from large, highly leveraged projects to smaller engagements with less leverage, average bill rates increase. On an adjusted basis, Protiviti revenues decreased 4.4% for the first half of 2026 compared to the first half of 2025. In the U.S., revenues in the first half of 2026 decreased 6.1% on a reported basis, and decreased 5.9% on an adjusted basis, compared to the first half of 2025. International revenues in the first half of 2026 increased 7.0% on a reported basis, and increased 2.2% on an adjusted basis, compared to the first half of 2025.
A reconciliation of the non-GAAP year-over-year revenue growth rates to the as reported year-over-year revenue growth rates for the six months ended June 30, 2026, is presented in the following table:
| Global | United States | International | |||||||||||||||
Contract talent solutions | |||||||||||||||||
| As Reported | -3.3 | % | -4.9 | % | 2.1 | % | |||||||||||
| Billing Days Impact | 0.1 | % | 0.2 | % | 0.0 | % | |||||||||||
| Currency Impact | -1.3 | % | ― | -5.6 | % | ||||||||||||
| As Adjusted | -4.5 | % | -4.7 | % | -3.5 | % | |||||||||||
| Permanent placement talent solutions | |||||||||||||||||
| As Reported | 0.1 | % | 0.0 | % | 0.2 | % | |||||||||||
| Billing Days Impact | 0.0 | % | 0.3 | % | 0.1 | % | |||||||||||
| Currency Impact | -1.2 | % | ― | -4.4 | % | ||||||||||||
| As Adjusted | -1.1 | % | 0.3 | % | -4.1 | % | |||||||||||
| Protiviti | |||||||||||||||||
| As Reported | -3.6 | % | -6.1 | % | 7.0 | % | |||||||||||
| Billing Days Impact | 0.1 | % | 0.2 | % | 0.0 | % | |||||||||||
| Currency Impact | -0.9 | % | ― | -4.8 | % | ||||||||||||
| As Adjusted | -4.4 | % | -5.9 | % | 2.2 | % | |||||||||||
Gross Margin. The Company’s gross margin dollars were $954 million for the six months ended June 30, 2026, down 5.4% from $1.01 billion for the six months ended June 30, 2025. Contributing factors for each reportable segment are discussed below in further detail.
Gross margin dollars for contract talent solutions represent revenues less costs of services, which consist of payroll, payroll taxes and benefit costs for engagement professionals, and reimbursable expenses. The key drivers of gross margin are: i) pay-bill spreads, which represent the differential between wages paid to engagement professionals and amounts billed to clients; ii) fringe costs, which are primarily composed of payroll taxes and benefit costs; and iii) conversion revenues, which are earned when a contract position converts to a permanent position with the Company’s client.
Gross margin dollars for contract talent solutions were $574 million for the six months ended June 30, 2026, down 3.4% from $594 million for the six months ended June 30, 2025. As a percentage of revenues, gross margin dollars for contract talent solutions were 39.0% in the first half of both 2026 and 2025.
Gross margin dollars for permanent placement talent solutions represent revenues less reimbursable expenses. Gross margin dollars for permanent placement talent solutions were $227 million for the six months ended June 30, 2026, flat compared to $227 million for the six months ended June 30, 2025.
30
Gross margin dollars for Protiviti represent revenues less costs of services, which consist primarily of professional staff payroll, payroll taxes, benefit costs and reimbursable expenses. The primary drivers of Protiviti’s gross margin are: i) the relative composition of and number of professional staff and their respective pay and bill rates; and ii) staff utilization, which is the relationship of time spent on client engagements in proportion to the total time available for the Company’s Protiviti staff. Gross margin dollars for Protiviti were $153 million for the six months ended June 30, 2026, down 18.4% from $188 million for the six months ended June 30, 2025. As a percentage of revenues, reported gross margin dollars for Protiviti were 16.3% in the first half of 2026, down from 19.3% in the first half of 2025. As a percentage of revenues, adjusted gross margin dollars for Protiviti were 18.6% in the first half of 2026, down from 20.2% in the first half of 2025. The year-over-year decrease in adjusted gross margin percentage was primarily due to the relative composition of and number of professional staff and their respective pay and bill rates as well as cost reduction charges incurred in the period.
The Company’s gross margin by reportable segment are summarized as follows: (in thousands):
| Six Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 574,175 | $ | 594,300 | $ | 574,175 | $ | 594,300 | 39.0 | % | 39.0 | % | 39.0 | % | 39.0 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 226,549 | 226,412 | 226,549 | 226,412 | 99.8 | % | 99.8 | % | 99.8 | % | 99.8 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 153,212 | 187,807 | 174,596 | 196,569 | 16.3 | % | 19.3 | % | 18.6 | % | 20.2 | % | |||||||||||||||||||||||||||||||||||
| Total | $ | 953,936 | $ | 1,008,519 | $ | 975,320 | $ | 1,017,281 | 36.2 | % | 37.1 | % | 37.0 | % | 37.4 | % | |||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2026 and 2025 (in thousands):
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 574,175 | 39.0 | % | $ | 226,549 | 99.8 | % | $ | 153,212 | 16.3 | % | $ | 953,936 | 36.2 | % | |||||||||||||||||||
| Adjustments (1) | — | — | — | — | 21,384 | 2.3 | % | 21,384 | 0.8 | % | |||||||||||||||||||||||||
| As Adjusted | $ | 574,175 | 39.0 | % | $ | 226,549 | 99.8 | % | $ | 174,596 | 18.6 | % | $ | 975,320 | 37.0 | % | |||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Gross Margin | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 594,300 | 39.0 | % | $ | 226,412 | 99.8 | % | $ | 187,807 | 19.3 | % | $ | 1,008,519 | 37.1 | % | |||||||||||||||||||
| Adjustments (1) | — | — | — | — | 8,762 | 0.9 | % | 8,762 | 0.3 | % | |||||||||||||||||||||||||
| As Adjusted | $ | 594,300 | 39.0 | % | $ | 226,412 | 99.8 | % | $ | 196,569 | 20.2 | % | $ | 1,017,281 | 37.4 | % | |||||||||||||||||||
(1)Changes in the Company’s deferred compensation obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
31
Selling, General and Administrative Expenses. The Company’s selling, general and administrative expenses consist primarily of staff compensation, advertising, lease expense, depreciation, cloud computing service costs and overhead costs. The Company’s reported selling, general and administrative expenses were $979 million for the six months ended June 30, 2026, up 1.2% from $968 million for the six months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses were 37.1% in the first half of 2026, up from 35.6% in the first half of 2025. The Company’s adjusted selling, general and administrative expenses were $908 million for the six months ended June 30, 2026, down 3.3% from $939 million for the six months ended June 30, 2025. As a percentage of revenues, adjusted selling, general and administrative expenses were 34.4% in the first half of 2026, down from 34.5% in the first half of 2025. Contributing factors for each reportable segment are discussed below in further detail.
Selling, general and administrative expenses for contract talent solutions, on an as-reported basis, were $610 million for the six months ended June 30, 2026, increasing by 2.5% from $595 million for the six months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses for contract talent solutions were 41.4% in the first half of 2026, up from 39.1% in the first half of 2025. As a percentage of revenues, adjusted selling, general and administrative expenses for contract talent solutions were 37.2% in the first half of 2026, down from 37.4% in the first half of 2025.
Selling, general and administrative expenses for permanent placement talent solutions were $218 million for the six months ended June 30, 2026, increasing by 0.2% from $217 million for the six months ended June 30, 2025. As a percentage of revenues, reported selling, general and administrative expenses for permanent placement talent solutions were 96.0% in the first half of 2026, up from 95.8% in the first half of 2025. As a percentage of revenues, adjusted selling, general and administrative expenses for permanent placement talent solutions were 92.3% in the first half of 2026, down from 94.6% in the first half of 2025, due primarily to positive leverage as revenues increased.
Selling, general and administrative expenses for Protiviti were $151 million for the six months ended June 30, 2026, decreasing by 2.7% from $156 million for the six months ended June 30, 2025. As a percentage of revenues, selling, general and administrative expenses for Protiviti were 16.2% in the first half of 2026, up from 16.0% in the first half of 2025.
The Company’s selling, general and administrative expenses by reportable segment are summarized as follows (in thousands):
| Six Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 610,119 | $ | 595,083 | $ | 547,058 | $ | 569,186 | 41.4 | % | 39.1 | % | 37.2 | % | 37.4 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 217,805 | 217,353 | 209,599 | 214,529 | 96.0 | % | 95.8 | % | 92.3 | % | 94.6 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 151,400 | 155,661 | 151,400 | 155,661 | 16.2 | % | 16.0 | % | 16.2 | % | 16.0 | % | |||||||||||||||||||||||||||||||||||
| Total | $ | 979,324 | $ | 968,097 | $ | 908,057 | $ | 939,376 | 37.1 | % | 35.6 | % | 34.4 | % | 34.5 | % | |||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP selling, general and administrative expenses to reported selling, general and administrative expenses for the six months ended June 30, 2026 and 2025 (in thousands):
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 610,119 | 41.4 | % | $ | 217,805 | 96.0 | % | $ | 151,400 | 16.2 | % | $ | 979,324 | 37.1 | % | |||||||||||||||||||
| Adjustments (1) | (63,061) | (4.2 | %) | (8,206) | (3.7 | %) | — | — | (71,267) | (2.7 | %) | ||||||||||||||||||||||||
| As Adjusted | $ | 547,058 | 37.2 | % | $ | 209,599 | 92.3 | % | $ | 151,400 | 16.2 | % | $ | 908,057 | 34.4 | % | |||||||||||||||||||
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| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract Talent Solutions | Permanent Placement Talent Solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
| As Reported | $ | 595,083 | 39.1 | % | $ | 217,353 | 95.8 | % | $ | 155,661 | 16.0 | % | $ | 968,097 | 35.6 | % | |||||||||||||||||||
| Adjustments (1) | (25,897) | (1.7 | %) | (2,824) | (1.2 | %) | — | — | (28,721) | (1.1 | %) | ||||||||||||||||||||||||
| As Adjusted | $ | 569,186 | 37.4 | % | $ | 214,529 | 94.6 | % | $ | 155,661 | 16.0 | % | $ | 939,376 | 34.5 | % | |||||||||||||||||||
(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) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
Operating (Loss) Income. The Company’s operating (loss) income consists of gross margin less selling, general and administrative expenses. The Company’s reported operating loss was $25 million for the six months ended June 30, 2026, compared to operating income of $40 million for the six months ended June 30, 2025. As a percentage of revenues, reported operating (loss) income was (1.0)% in the first half of 2026, down from 1.5% in the first half of 2025. The Company’s adjusted operating income was $67 million for the six months ended June 30, 2026, down 13.7% from $78 million for the six months ended June 30, 2025. As a percentage of revenues, adjusted operating income was 2.6% in the first half of 2026, down from 2.9% in the first half of 2025. Since operating (loss) income is defined as gross margin less selling, general and administrative expenses, the year over year change is explained by factors previously discussed.
The Company’s operating (loss) income by reporting segment is summarized as follows (in thousands):
| Six Months Ended June 30, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | (35,944) | $ | (783) | $ | 27,117 | $ | 25,114 | (2.4 | %) | (0.1 | %) | 1.8 | % | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Permanent placement talent solutions | 8,744 | 9,059 | 16,950 | 11,883 | 3.9 | % | 4.0 | % | 7.5 | % | 5.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Protiviti | 1,812 | 32,146 | 23,196 | 40,908 | 0.2 | % | 3.3 | % | 2.5 | % | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | (25,388) | $ | 40,422 | $ | 67,263 | $ | 77,905 | (1.0 | %) | 1.5 | % | 2.6 | % | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the six months ended June 30, 2026 and 2025:
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Operating (loss) income | |||||||||||||||||||||||||||||||||||
| As Reported | $ | (35,944) | (2.4 | %) | $ | 8,744 | 3.9 | % | $ | 1,812 | 0.2 | % | $ | (25,388) | (1.0 | %) | |||||||||||||||||||
| Adjustments (1) | 63,061 | 4.2 | % | 8,206 | 3.6 | % | 21,384 | 2.3 | % | 92,651 | 3.6 | % | |||||||||||||||||||||||
| As Adjusted | $ | 27,117 | 1.8 | % | $ | 16,950 | 7.5 | % | $ | 23,196 | 2.5 | % | $ | 67,263 | 2.6 | % | |||||||||||||||||||
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| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
| Operating (loss) income | |||||||||||||||||||||||||||||||||||
| As Reported | $ | (783) | (0.1 | %) | $ | 9,059 | 4.0 | % | $ | 32,146 | 3.3 | % | $ | 40,422 | 1.5 | % | |||||||||||||||||||
| Adjustments (1) | 25,897 | 1.7 | % | 2,824 | 1.2 | % | 8,762 | 0.9 | % | 37,483 | 1.4 | % | |||||||||||||||||||||||
| As Adjusted | $ | 25,114 | 1.6 | % | $ | 11,883 | 5.2 | % | $ | 40,908 | 4.2 | % | $ | 77,905 | 2.9 | % | |||||||||||||||||||
(1)Changes in the Company’s employee deferred compensation plan obligations are included in operating (loss) income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss 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.
(Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s employee deferred compensation plan obligations change and adjustments are recorded in selling, general and administrative expenses, or in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by the equal and offsetting amount, leaving no net costs to the Company. The Company’s (income) loss from investments held in employee deferred compensation trusts consists primarily of unrealized and realized gains and losses, and dividend income from trust investments, and is presented separately on the unaudited Condensed Consolidated Statements of Operations. The Company’s income from investments held in employee deferred compensation trusts was $93 million and $37 million for the six months ended June 30, 2026 and 2025, respectively. The income from trust investments was due to positive market returns during the first half of 2026.
Provision for income taxes. The provision for income taxes was 44.3% and 30.3% for the six months ended June 30, 2026 and 2025, respectively. The higher tax rate for 2026 can be primarily attributed to a tax charge in the first quarter related to employee stock-based compensation grants, the majority of which vest in the first quarter, and the magnified impact of non-deductible tax items relative to lower pre-tax income.
Liquidity and Capital Resources
The change in the Company’s liquidity during the six months ended June 30, 2026 and 2025, is primarily the effect of funds used in operations, as well as funds used for capital expenditures, investment in employee deferred compensation trusts, net of redemptions from employee deferred compensation trusts, repurchases of common stock, and payment of dividends.
Cash and cash equivalents were $325 million and $381 million at June 30, 2026 and 2025, respectively. Operating activities used net cash flows of $4 million during the six months ended June 30, 2026, combined with $5 million and $127 million of net cash used in investing activities and financing activities, respectively. Operating activities provided net cash flows of $60 million during the six months ended June 30, 2025, offset by $49 million and $192 million of net cash used in investing activities and financing activities, respectively. Fluctuations in foreign currency exchange rates had the effect of decreasing reported cash and cash equivalents by $3 million during the six months ended June 30, 2026, compared to an increase of $24 million during the six months ended June 30, 2025.
Operating activities—Net cash used in operating activities for the six months ended June 30, 2026, was $4 million. This was composed of net income of $40 million, offset by non-cash items of $10 million, and net cash used in changes in working capital of $34 million. Net cash provided by operating activities for the six months ended June 30, 2025, was $60 million. This was composed of net income of $58 million adjusted upward for non-cash items of $46 million, offset by net cash used in changes in working capital of $44 million.
Investing activities—Cash used in investing activities for the six months ended June 30, 2026, was $5 million. This was composed of capital expenditures of $16 million, and investments in employee deferred compensation trusts of $39 million, partially offset by proceeds from employee deferred compensation trust redemptions of $50 million. Cash used in investing activities for the six months ended June 30, 2025, was $49 million. This was composed of capital expenditures of $28 million, investments in employee deferred compensation trusts of $51 million, and payments for acquisitions of $10 million, partially offset by proceeds from employee deferred compensation trust redemptions of $40 million.
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Capital expenditures, including $16 million related to cloud computing implementations, for the six months ended June 30, 2026, totaled $32 million, approximately 78% of which represented investments in software initiatives and technology infrastructure, both of which are important to the Company’s sustainability and future growth opportunities. Capital expenditures for cloud computing arrangements are included in cash flows from operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. Capital expenditures included amounts spent on tenant improvements and furniture and equipment in the Company’s leased offices. The Company currently expects that 2026 capitalized expenditures will range from $50 million to $70 million, of which $45 million to $55 million relates to software initiatives and technology infrastructure, including capitalized costs relating to the implementation of cloud computing arrangements.
Financing activities—Cash used in financing activities for the six months ended June 30, 2026, was $127 million. This included repurchases of $6 million in common stock and $121 million in dividends paid to stockholders. Cash used in financing activities for the six months ended June 30, 2025, was $192 million. This included repurchases of $71 million in common stock and $121 million in dividends paid to stockholders.
As of June 30, 2026, the Company is authorized to repurchase, from time to time, up to 5.6 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions. There were no open market repurchases during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company repurchased 1.1 million shares, at a cost of $59 million, on the open market. Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes. During the six months ended June 30, 2026 and 2025, such repurchases totaled 0.3 million shares, at a cost of $6 million, and 0.2 million shares, at a cost of $11 million, respectively. Repurchases of shares have been funded with cash generated from operations and from cash reserves.
The Company’s working capital at June 30, 2026, included $325 million in cash and cash equivalents, and $821 million in net accounts receivable, both of which will be a significant source of ongoing liquidity and financial resilience. The Company expects that internally generated cash will be sufficient to support the working capital needs of the Company, the Company’s fixed payments, dividends, and other obligations on both a short-term and long-term basis.
There is limited visibility into future cash flows as the Company’s revenues and net income are largely dependent on macroeconomic conditions. The Company’s variable direct costs related to its contract talent solutions business will largely fluctuate in relation to its revenues.
The Company has a $100.0 million credit agreement (the “2025 Credit Agreement”) which matures in May 2030. Borrowings under the 2025 Credit Agreement will bear interest in accordance with the terms of the borrowing, which typically will be calculated according to the adjusted term Secured Overnight Financing Rate (“SOFR”), or an alternative base rate, plus an applicable margin. The 2025 Credit Agreement is subject to certain financial covenants, and the Company was in compliance with these covenants as of June 30, 2026. The Company had no cash borrowings under the Credit Agreement as of June 30, 2026, and maintained $10.3 million in standby letters of credit to satisfy workers’ compensation insurers’ collateral requirements.
On August 3, 2026, the Company announced a quarterly dividend of $0.59 per share to be paid to all shareholders of record as of August 25, 2026. The dividend will be paid on September 15, 2026.
Material Cash Requirements from Contractual Obligations
Leases. As of June 30, 2026, the Company reported current and long-term operating lease liabilities of $67 million and $174 million, respectively. These balances consist of the minimum rental commitments for July 2026 and thereafter, discounted to reflect the Company’s cost of borrowing, under noncancelable lease contracts executed as of June 30, 2026.
The majority of these leases are for real estate. In the event the Company vacates a location prior to the end of the lease term, the Company may be obliged to continue making lease payments. For further information, see Note F—“Leases” to the Company’s Condensed Consolidated Financial Statements included under Part I—Item 1 of this report.
Purchase Obligations. Purchase obligations are discussed in more detail in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the Company’s contractual purchase obligations during the first half of 2026.
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Employee Deferred Compensation Plan. As of June 30, 2026, the Company reported employee deferred compensation plan obligations of $827 million in its accompanying unaudited Condensed Consolidated Statements of Financial Position. The balances are due to employees based upon elections they make at the time of deferring their funds. The timing of these payments may change based upon factors including termination of the Company’s employment arrangement with a participant. These obligations are funded through contributions to investment trusts, whose assets as of June 30, 2026, exceeded the obligations. Assets of these plans are held by an independent trustee for the sole benefit of participating employees and consist of money market funds and mutual funds. For further information, see Note J—“Employee Deferred Compensation Plan Obligations” to the Company’s Condensed Consolidated Financial Statements included under Part I—Item 1 of this report.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
Because a portion of the Company’s service revenues are derived from its operations outside the U.S. and is denominated in local currencies, the Company is exposed to the impact of foreign currency fluctuations. The Company’s exposure to foreign currency exchange rates relates primarily to the Company’s foreign subsidiaries. Exchange rates impact the U.S. dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
For the six months ended June 30, 2026, approximately 23.3% of the Company’s revenues were generated outside of the U.S. These operations transact business in their functional currency, which is the same as their local currency. As a result, fluctuations in the value of foreign currencies against the U.S. dollar, particularly the Australian dollar, Brazilian real, British pound, Canadian dollar and Euro, have an impact on the Company’s reported results. Under GAAP, revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the monthly average exchange rates prevailing during the period. Consequently, as the value of the U.S. dollar changes relative to the currencies of the Company’s international markets, the Company’s reported results vary.
During the first six months of 2026, the U.S. dollar fluctuated, weakening against the Australian dollar, Brazilian real, British pound, Canadian dollar and Euro compared to the same period one year ago. Foreign currency exchange rates had the effect of increasing reported service revenues by $31.1 million, or 1.2%, in the first six months of 2026 compared to the same period one year ago. The fluctuation of the U.S. dollar also affected the reported level of expenses incurred in the Company’s international operations. Because substantially all the Company’s international operations generated revenues and incurred expenses within the same country and currency, the effect of higher reported revenues is largely offset by the increase in reported operating expenses. The effect of foreign currency exchange rates on reported net income was nominal in the first six months of 2026, compared to the same period one year ago. If currency exchange rates were to remain at June 30, 2026 levels throughout the remainder of 2026, the currency impact on the Company’s full-year reported revenues and operating expenses would be consistent with the first six months of 2026 results. These results will likely have an immaterial impact on reported net income.
For the one month ended July 31, 2026, the U.S. dollar strengthened against the Australian dollar, Canadian dollar and Euro, and weakened against the Brazilian real and British pound, since June 30, 2026. If foreign currency exchange rates were to remain at July 2026 levels throughout 2026, the currency impact on the Company’s full-year reported revenues would be unfavorable, offset by a favorable impact on operating expenses. These results will likely have an immaterial impact on reported net income.
Fluctuations in foreign currency exchange rates impact the U.S. dollar amount of the Company’s stockholders’ equity. The assets and liabilities of the Company’s international subsidiaries are translated into U.S. dollars at the exchange rates in effect at period end. The resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive loss. Although currency fluctuations impact the Company’s reported results and shareholders’ equity, such fluctuations generally do not affect cash flow or result in actual economic gains or losses. The Company generally has few cross-border transfers of funds, which consist of dividends from the Company’s foreign subsidiaries and transfers to and from the U.S. related to intercompany working capital requirements.
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ITEM 4. Controls and Procedures
Management, including the Company’s President and Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports the Company files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. In accordance with this review, no material changes to controls and procedures were made in the three months ended June 30, 2026.
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PART II—OTHER INFORMATION
ITEM 1. Legal Proceedings
Except for those developments above referenced in Note K – Commitment and Contingencies regarding the Gentry v Robert Half and the Dorff v. Robert Half class actions, there have been no material developments with regard to any of the legal proceedings previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 1A. Risk Factors
For a discussion of the Company’s potential risks and uncertainties, see the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”).
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
| Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans (b) | |||||||||||||||||||||||
| April 1, 2026 to April 30, 2026 | 532 | (a) | $ | 24.98 | — | 5,577,435 | ||||||||||||||||||||
| May 1, 2026 to May 31, 2026 | — | $ | — | — | 5,577,435 | |||||||||||||||||||||
June 1, 2026 to June 30, 2026 | 253 | (a) | $ | 32.39 | — | 5,577,435 | ||||||||||||||||||||
Total April 1, 2026 to June 30, 2026 | 785 | — | ||||||||||||||||||||||||
(a)Represents shares repurchased in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable withholding taxes.
(b)Commencing in October 1997, the Company’s Board of Directors has, at various times, authorized the repurchase, from time to time, of the Company’s common stock on the open market or in privately negotiated transactions depending on market conditions. Since plan inception, a total of 138,000,000 shares have been authorized for repurchase, of which 132,422,565 shares have been repurchased as of June 30, 2026.
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosure
Not applicable.
ITEM 5. Other Information
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ITEM 6. Exhibits
| 3.1 | Restated Certificate of Incorporation of Robert Half Inc., incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K dated July 17, 2023. | |||||||
| 3.2 | Amended and Restated By-Laws of Robert Half Inc., incorporated by reference to Exhibit 3.2 to Registrant’s Current Report on Form 10-Q dated May 2, 2024. | |||||||
| 31.1 | Rule 13a-14(a) Certification of Chief Executive Officer. | |||||||
| 31.2 | Rule 13a-14(a) Certification of Chief Financial Officer. | |||||||
| 32.1 | Section 1350 Certification of Chief Executive Officer. | |||||||
| 32.2 | Section 1350 Certification of Chief Financial Officer. | |||||||
| 101.1 | Part I, Item 1 of this Form 10-Q formatted in Inline XBRL. | |||||||
| 104 | Cover page of this Form 10-Q formatted in Inline XBRL and contained in Exhibit 101. | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ROBERT HALF INC. (Registrant) | |||||
/s/Michael C. Buckley | |||||
Michael C. Buckley Executive Vice President and Chief Financial Officer (Principal Financial Officer and duly authorized signatory) | |||||
Date: August 4, 2026
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