Rising revenue but wider loss as TrueBlue (NYSE: TBI) reports Q4 2025 results
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
TrueBlue, Inc. reported fourth-quarter 2025 revenue of $418 million, an 8% increase driven by 5% organic growth and contributions from the HSP acquisition. Despite higher sales, the company posted a net loss of $31.5 million, widened by an $18.4 million non-cash impairment tied to a Chicago support center sublease and lower gross margin from reduced workers’ compensation benefits and mix shifts toward renewable energy work.
Adjusted EBITDA was $2.4 million versus $8.9 million a year earlier, while SG&A fell 11% to $95 million as cost actions took hold. For full-year 2025, revenue reached $1.616 billion, up 3%, with net loss improving to $48.0 million from $125.7 million and adjusted net loss at $20.4 million. The company ended the year with $25 million in cash, $66 million of debt, total liquidity of $92 million, and increased borrowing capacity following a credit facility amendment. Management guided first-quarter 2026 revenue to $381–$406 million, expecting gross margin pressure from prior-year reserve benefits not repeating but further SG&A reductions.
Positive
- None.
Negative
- None.
Insights
Revenue is growing modestly, but profitability and margins remain under pressure.
TrueBlue delivered Q4 2025 revenue of
However, Q4 net loss widened to
For 2025 overall, net loss narrowed to
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 18, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction
of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (253 ) 383-9101
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On February 18, 2026, TrueBlue, Inc. (the “company”) issued a press release (the “Press Release”) reporting its financial results for the fourth quarter ended December 28, 2025, and certain outlook information for the first quarter and fiscal year 2026, a copy of which is attached hereto as Exhibit 99.1 and the contents of which are incorporated herein by this reference. Also attached to this report as Exhibit 99.2 is a slide presentation relating to the financial results for the fourth quarter and fiscal year ended December 28, 2025 (the “Earnings Results Presentation”), which will be discussed by management of the company on a live conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Wednesday, February 18, 2026. The Earnings Results Presentation is also available on the company’s website at www.trueblue.com.
In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Press Release and the Earnings Results Presentation) shall not be deemed “Filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Press Release or the Earnings Results Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
| Item 7.01. | Regulation FD Disclosure. | ||||
We are also attaching our Investor Roadshow Presentation to this report as Exhibit 99.3, which we will reference in our Q4 2025 earnings results discussion and which may be used in future investor conferences. The Investor Roadshow Presentation is also available on the company’s website at www.trueblue.com.
In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Investor Roadshow Presentation) shall not be deemed “Filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Investor Roadshow Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
| Item 9.01. | Financial Statements and Exhibits. | ||||
(d)Exhibits
| Exhibit Number | Exhibit Description | Filed Herewith | ||||||
| 99.1 | Press Release dated February 18, 2026 | X | ||||||
| 99.2 | Earnings Results Presentation for February 18, 2025 conference call | X | ||||||
| 99.3 | Investor Roadshow Presentation | X | ||||||
| 104 | Cover page interactive data file - The cover page from this Current Report on Form 8-K is formatted as Inline XBRL | X | ||||||
SIGNATURE
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 hereunto duly authorized.
| TRUEBLUE, INC. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | February 18, 2026 | By: | /s/ Carl R. Schweihs | |||||||||||
Carl R. Schweihs | ||||||||||||||
Chief Financial Officer and Executive Vice President | ||||||||||||||
TRUEBLUE REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS
TACOMA, WASH. - Feb. 18, 2025 -- TrueBlue (NYSE:TBI) today announced its fourth quarter and full-year results for 2025.
Fourth Quarter 2025 Financial Highlights
•Revenue of $418 million, up 8 percent compared to the prior year period
◦$14 million of revenue from the January 2025 HSP acquisition
•Net loss of $32 million compared to net loss of $12 million in the prior year period
◦Includes non-cash impairment charge of $18 million on right-of-use and long-lived assets associated with the Chicago support center sublease
◦SG&A expense improved 11 percent to $95 million compared to $107 million in the prior year period
◦Adjusted EBITDA1 of $2 million compared to $9 million in the prior year period
•Cash of $25 million, debt of $66 million and $68 million of borrowing availability, for total liquidity of $92 million at period end
◦Reduced debt by $2 million and increased working capital by $2 million during the quarter.
◦Credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term.
Commentary
“We delivered our second consecutive quarter of organic revenue growth driven by continued momentum in our skilled businesses and greater stability in broader demand trends,” said Taryn Owen, President and CEO of TrueBlue. “As we continue to drive top-line growth, we remain equally focused on further improving our profitability, lowering operating costs and building a more efficient, agile organization.”
Ms. Owen continued, “Throughout 2025, we executed on our strategic priorities with discipline and focus, building a strong foundation for sustainable, profitable growth. We are executing a clear strategy to improve margins and drive consistent revenue growth, underscoring our commitment to generate long-term, sustainable value for all TrueBlue shareholders.”
Results
Fourth quarter revenue was $418 million, an 8 percent increase compared to the prior year period. Net loss per diluted share was $1.05 compared to net loss per diluted share of $0.40 in the prior year period. Adjusted net loss1 per diluted share was $0.25 compared to adjusted net loss per diluted share of $0.02 in the prior year period.
Full-year revenue was $1.6 billion, a 3 percent increase compared to the prior year period. Net loss per diluted share was $1.61 compared to net loss per diluted share of $4.17 in the prior year period. Adjusted net loss per diluted share was $0.68 compared to adjusted net loss per diluted share of $0.46 in the prior year period.
2026 Outlook
TrueBlue is providing certain forward-looking information to help investors form their estimates, which can be found in the quarterly earnings presentation filed today.
Management will discuss fourth quarter 2025 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Wednesday, Feb. 18, 2025.
The quarterly earnings presentation and webcast can be accessed on the Investor Relations section of the TrueBlue website: investor.trueblue.com.
About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help
businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. Learn more at www.trueblue.com.
1 Refer to the financial statements accompanying this release for more information regarding non-GAAP terms.
Forward-looking statements and non-GAAP financial measures
This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy context for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the Company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.
In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our U.S. GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.
Contact
Investor Relations
InvestorRelations@trueblue.com
TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 weeks ended | 52 weeks ended | ||||||||||||||||||||||
| (in thousands, except per share data) | Dec 28, 2025 | Dec 29, 2024 | Dec 28, 2025 | Dec 29, 2024 | |||||||||||||||||||
| Revenue from services | $ | 418,178 | $ | 385,953 | $ | 1,615,997 | $ | 1,567,393 | |||||||||||||||
| Cost of services | 328,134 | 283,406 | 1,248,155 | 1,161,000 | |||||||||||||||||||
| Gross profit | 90,044 | 102,547 | 367,842 | 406,393 | |||||||||||||||||||
| Selling, general and administrative expense | 94,940 | 106,942 | 371,087 | 410,870 | |||||||||||||||||||
| Depreciation and amortization | 6,162 | 6,008 | 24,823 | 28,624 | |||||||||||||||||||
| Goodwill and intangible asset impairment charge | — | — | 200 | 59,674 | |||||||||||||||||||
Right-of-use and other long-lived asset impairment charge | 18,366 | — | 18,366 | — | |||||||||||||||||||
| Loss from operations | (29,424) | (10,403) | (46,634) | (92,775) | |||||||||||||||||||
Interest and other income (expense), net | (1,034) | 390 | 1,003 | 4,251 | |||||||||||||||||||
| Loss before tax expense | (30,458) | (10,013) | (45,631) | (88,524) | |||||||||||||||||||
| Income tax expense | 1,078 | 1,692 | 2,329 | 37,224 | |||||||||||||||||||
| Net loss | $ | (31,536) | $ | (11,705) | $ | (47,960) | $ | (125,748) | |||||||||||||||
| Net loss per common share: | |||||||||||||||||||||||
| Basic | $ | (1.05) | $ | (0.40) | $ | (1.61) | $ | (4.17) | |||||||||||||||
| Diluted | $ | (1.05) | $ | (0.40) | $ | (1.61) | $ | (4.17) | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 29,945 | 29,561 | 29,849 | 30,177 | |||||||||||||||||||
| Diluted | 29,945 | 29,561 | 29,849 | 30,177 | |||||||||||||||||||
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (in thousands) | Dec 28, 2025 | Dec 29, 2024 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 24,510 | $ | 22,536 | |||||||
| Accounts receivable, net | 241,233 | 214,704 | |||||||||
| Other current assets | 31,866 | 39,853 | |||||||||
| Total current assets | 297,609 | 277,093 | |||||||||
| Property and equipment, net | 73,117 | 89,602 | |||||||||
Restricted cash, cash equivalents and investments | 136,588 | 179,916 | |||||||||
| Goodwill and intangible assets, net | 60,591 | 30,406 | |||||||||
| Other assets, net | 70,762 | 98,359 | |||||||||
| Total assets | $ | 638,667 | $ | 675,376 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Accounts payable and other accrued expenses | $ | 36,111 | $ | 45,599 | |||||||
| Accrued wages and benefits | 61,736 | 61,380 | |||||||||
| Current portion of workers’ compensation claims reserve | 24,193 | 34,729 | |||||||||
| Other current liabilities | 16,493 | 18,417 | |||||||||
| Total current liabilities | 138,533 | 160,125 | |||||||||
| Workers’ compensation claims reserve, less current portion | 72,551 | 105,063 | |||||||||
| Long-term debt, less current portion | 65,800 | 7,600 | |||||||||
| Other long-term liabilities | 87,226 | 87,229 | |||||||||
| Total liabilities | 364,110 | 360,017 | |||||||||
| Shareholders’ equity | 274,557 | 315,359 | |||||||||
| Total liabilities and shareholders’ equity | $ | 638,667 | $ | 675,376 | |||||||
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
52 weeks ended | |||||||||||
| (in thousands) | Dec 28, 2025 | Dec 29, 2024 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (47,960) | $ | (125,748) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of services) | 28,852 | 29,561 | |||||||||
| Goodwill and intangible asset impairment charge | 200 | 59,674 | |||||||||
Right-of-use and other long-lived asset impairment charge | 18,366 | — | |||||||||
| Provision for credit losses | 2,811 | 2,321 | |||||||||
| Stock-based compensation | 7,256 | 7,591 | |||||||||
| Deferred income taxes | (552) | 34,060 | |||||||||
| Non-cash lease expense | 11,013 | 12,402 | |||||||||
| Other operating activities | (5,038) | (5,137) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (15,463) | 35,731 | |||||||||
| Income taxes receivable and payable | 4,094 | 3,196 | |||||||||
| Other assets | 15,767 | 22,766 | |||||||||
| Accounts payable and other accrued expenses | (11,102) | (8,908) | |||||||||
| Accrued wages and benefits | (10,014) | (19,147) | |||||||||
| Workers’ compensation claims reserve | (43,049) | (56,723) | |||||||||
| Operating lease liabilities | (11,651) | (12,324) | |||||||||
| Other liabilities | (1,572) | 3,627 | |||||||||
Net cash used in operating activities | (58,042) | (17,058) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (15,678) | (24,151) | |||||||||
| Acquisition of business, net of cash acquired | (30,149) | — | |||||||||
| Proceeds from business divestiture, net | 400 | 3,099 | |||||||||
| Payments for company-owned life insurance | (2) | (4,000) | |||||||||
| Proceeds from company-owned life insurance | 300 | — | |||||||||
| Purchases of restricted held-to-maturity investments | (10,877) | (11,242) | |||||||||
| Maturities of restricted held-to-maturity investments | 39,944 | 33,841 | |||||||||
Net cash used in investing activities | (16,062) | (2,453) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Purchases and retirement of common stock | — | (21,293) | |||||||||
| Net proceeds from employee stock purchase plans | 454 | 738 | |||||||||
| Common stock repurchases for taxes upon vesting of restricted stock | (1,097) | (2,325) | |||||||||
| Net change in revolving credit facility | 58,200 | 7,600 | |||||||||
| Other | (414) | (1,807) | |||||||||
Net cash provided by (used in) financing activities | 57,143 | (17,087) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (119) | (1,608) | |||||||||
| Net change in cash, cash equivalents, and restricted cash and cash equivalents | (17,080) | (38,206) | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, beginning of period | 61,100 | 99,306 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, end of period | $ | 44,020 | $ | 61,100 | |||||||
TRUEBLUE, INC.
SEGMENT DATA
(Unaudited)
13 weeks ended | 52 weeks ended | ||||||||||||||||||||||
| (in thousands) | Dec 28, 2025 | Dec 29, 2024 | Dec 28, 2025 | Dec 29, 2024 | |||||||||||||||||||
| Revenue from services: | |||||||||||||||||||||||
| PeopleReady | $ | 229,920 | $ | 207,687 | $ | 883,887 | $ | 868,549 | |||||||||||||||
| PeopleManagement | 142,158 | 145,738 | 544,448 | 542,201 | |||||||||||||||||||
PeopleSolutions (1) | 46,100 | 32,528 | 187,662 | 156,643 | |||||||||||||||||||
| Total company | $ | 418,178 | $ | 385,953 | $ | 1,615,997 | $ | 1,567,393 | |||||||||||||||
Segment profit (loss) (2): | |||||||||||||||||||||||
| PeopleReady | $ | (121) | $ | 7,404 | $ | 6,534 | $ | 5,783 | |||||||||||||||
| PeopleManagement | 6,225 | 5,695 | 17,772 | 15,119 | |||||||||||||||||||
PeopleSolutions | 2,661 | 1,301 | 11,332 | 12,152 | |||||||||||||||||||
| Total segment profit | 8,765 | 14,400 | 35,638 | 33,054 | |||||||||||||||||||
| Corporate unallocated expense | (6,376) | (5,501) | (23,884) | (21,887) | |||||||||||||||||||
Total company Adjusted EBITDA (3) | 2,389 | 8,899 | 11,754 | 11,167 | |||||||||||||||||||
Third-party processing fees for hiring tax credits (4) | (60) | (90) | (150) | (240) | |||||||||||||||||||
Amortization of software as a service assets (5) | (1,202) | (1,752) | (4,394) | (6,162) | |||||||||||||||||||
| Acquisition/integration costs | (27) | — | (932) | — | |||||||||||||||||||
| Goodwill and intangible asset impairment charge | — | — | (200) | (59,674) | |||||||||||||||||||
| Impairment charge on right-of-use and long-lived assets | (18,366) | — | (18,366) | — | |||||||||||||||||||
Workforce reduction costs (6) | (3,989) | (960) | (9,361) | (7,329) | |||||||||||||||||||
PeopleReady technology upgrade costs (7) | — | (8,318) | — | (8,807) | |||||||||||||||||||
COVID-19 government subsidies, net (8) | — | — | 8,573 | 9,652 | |||||||||||||||||||
| Other adjustments, net (9) | (974) | (1,237) | (4,706) | (1,821) | |||||||||||||||||||
EBITDA (3) | (22,229) | (3,458) | (17,782) | (63,214) | |||||||||||||||||||
| Depreciation and amortization (10) | (7,195) | (6,945) | (28,852) | (29,561) | |||||||||||||||||||
Interest and other income (expense), net | (1,034) | 390 | 1,003 | 4,251 | |||||||||||||||||||
| Loss before tax expense | (30,458) | (10,013) | (45,631) | (88,524) | |||||||||||||||||||
| Income tax expense | (1,078) | (1,692) | (2,329) | (37,224) | |||||||||||||||||||
| Net loss | $ | (31,536) | $ | (11,705) | $ | (47,960) | $ | (125,748) | |||||||||||||||
(1)PeopleSolutions segment includes previously reported PeopleScout segment as well as Healthcare Staffing Professionals Inc. acquired on January 31, 2025.
(2)We evaluate performance based on segment revenue and segment profit (loss). Segment profit (loss) includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit (loss) excludes depreciation and amortization expense, unallocated corporate general and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing.
(3)See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.
(4)These third-party processing fees are associated with generating hiring tax credits.
(5)Amortization of software as a service assets is reported in selling, general and administrative expense.
(6)Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.
(7)Costs associated with upgrading legacy PeopleReady technology.
(8)COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.
(9)Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.
(10)Includes software depreciation reported in cost of services.
TRUEBLUE, INC.
NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS
In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.
| Non-GAAP measure | Definition | Purpose of adjusted measures | ||||||||||||
| Adjusted net loss and Adjusted net loss per diluted share | Net loss and net loss per diluted share, excluding: –gain on divestiture, –non-cash amortization of intangibles, –acquisition/integration costs, –non-cash goodwill and intangible asset impairment charge, –non-cash right-of-use and other long-lived asset impairment charge, –workforce reduction costs, –PeopleReady technology upgrade costs, –COVID-19 government subsidies, net, –other adjustments, net, and –tax effect of the adjustments and deferred tax asset valuation allowance. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. –Used by management to assess performance and effectiveness of our business strategies. –Provides a measure, among others, used in the determination of incentive compensation for management. | ||||||||||||
| EBITDA and Adjusted EBITDA | EBITDA excludes from net loss: –income tax expense, –interest and other (income) expense, net, and –non-cash depreciation and amortization. Adjusted EBITDA further excludes: –third-party processing fees for hiring tax credits, –amortization of software as a service assets, –acquisition/integration costs, –non-cash goodwill and intangible asset impairment charge, –non-cash right-of-use and other long-lived asset impairment charge, –workforce reduction costs, –PeopleReady technology upgrade costs, –COVID-19 government subsidies, net, and –other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. –Used by management to assess performance and effectiveness of our business strategies. –Provides a measure, among others, used in the determination of incentive compensation for management. | ||||||||||||
| Adjusted SG&A expense | Selling, general and administrative expense excluding: –third-party processing fees for hiring tax credits, –amortization of software as a service assets, –acquisition/integration costs, –workforce reduction costs, –PeopleReady technology upgrade costs, –COVID-19 government subsidies, net, and –other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. | ||||||||||||
1.RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE
(Unaudited)
13 weeks ended | 52 weeks ended | ||||||||||||||||||||||
| (in thousands, except for per share data) | Dec 28, 2025 | Dec 29, 2024 | Dec 28, 2025 | Dec 29, 2024 | |||||||||||||||||||
| Net loss | $ | (31,536) | $ | (11,705) | $ | (47,960) | $ | (125,748) | |||||||||||||||
Gain on divestiture | — | — | — | (716) | |||||||||||||||||||
| Non-cash amortization of intangible assets | 650 | 489 | 2,586 | 4,051 | |||||||||||||||||||
| Acquisition/integration costs | 27 | — | 932 | — | |||||||||||||||||||
| Non-cash goodwill and intangible asset impairment charge | — | — | 200 | 59,674 | |||||||||||||||||||
Non-cash right-of-use and other long-lived asset impairment charge | 18,366 | — | 18,366 | — | |||||||||||||||||||
Workforce reduction costs (1) | 3,989 | 960 | 9,361 | 7,329 | |||||||||||||||||||
PeopleReady technology upgrade costs (2) | — | 8,318 | — | 8,807 | |||||||||||||||||||
COVID-19 government subsidies, net (3) | — | — | (8,573) | (9,652) | |||||||||||||||||||
| Other adjustments, net (4) | 974 | 1,237 | 4,706 | 1,821 | |||||||||||||||||||
| Tax effect of adjustments and deferred tax asset valuation allowance (5) | — | — | — | 40,540 | |||||||||||||||||||
| Adjusted net loss | $ | (7,530) | $ | (701) | $ | (20,382) | $ | (13,894) | |||||||||||||||
| Adjusted net loss per diluted share | $ | (0.25) | $ | (0.02) | $ | (0.68) | $ | (0.46) | |||||||||||||||
| Diluted weighted average shares outstanding | 29,945 | 29,561 | 29,849 | 30,177 | |||||||||||||||||||
| Margin / % of revenue: | |||||||||||||||||||||||
| Net loss | (7.5)% | (3.0)% | (3.0)% | (8.0)% | |||||||||||||||||||
| Adjusted net loss | (1.8)% | (0.2)% | (1.3)% | (0.9)% | |||||||||||||||||||
2.RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA
(Unaudited)
13 weeks ended | 52 weeks ended | ||||||||||||||||||||||
| (in thousands) | Dec 28, 2025 | Dec 29, 2024 | Dec 28, 2025 | Dec 29, 2024 | |||||||||||||||||||
| Net loss | $ | (31,536) | $ | (11,705) | $ | (47,960) | $ | (125,748) | |||||||||||||||
| Income tax expense | 1,078 | 1,692 | 2,329 | 37,224 | |||||||||||||||||||
Interest and other (income) expense, net | 1,034 | (390) | (1,003) | (4,251) | |||||||||||||||||||
| Non-cash depreciation and amortization (6) | 7,195 | 6,945 | 28,852 | 29,561 | |||||||||||||||||||
| EBITDA | (22,229) | (3,458) | (17,782) | (63,214) | |||||||||||||||||||
| Third-party processing fees for hiring tax credits (7) | 60 | 90 | 150 | 240 | |||||||||||||||||||
| Amortization of software as a service assets (8) | 1,202 | 1,752 | 4,394 | 6,162 | |||||||||||||||||||
| Acquisition/integration costs | 27 | — | 932 | — | |||||||||||||||||||
| Non-cash goodwill and intangible asset impairment charge | — | — | 200 | 59,674 | |||||||||||||||||||
Non-cash right-of-use and other long-lived asset impairment charge | 18,366 | — | 18,366 | — | |||||||||||||||||||
Workforce reduction costs (1) | 3,989 | 960 | 9,361 | 7,329 | |||||||||||||||||||
PeopleReady technology upgrade costs (2) | — | 8,318 | — | 8,807 | |||||||||||||||||||
COVID-19 government subsidies, net (3) | — | — | (8,573) | (9,652) | |||||||||||||||||||
| Other adjustments, net (4) | 974 | 1,237 | 4,706 | 1,821 | |||||||||||||||||||
| Adjusted EBITDA | $ | 2,389 | $ | 8,899 | $ | 11,754 | $ | 11,167 | |||||||||||||||
| Margin / % of revenue: | |||||||||||||||||||||||
| Net loss | (7.5)% | (3.0)% | (3.0)% | (8.0)% | |||||||||||||||||||
| Adjusted EBITDA | 0.6% | 2.3% | 0.7% | 0.7% | |||||||||||||||||||
3.RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE
(Unaudited)
13 weeks ended | 52 weeks ended | ||||||||||||||||||||||
| (in thousands) | Dec 28, 2025 | Dec 29, 2024 | Dec 28, 2025 | Dec 29, 2024 | |||||||||||||||||||
| Selling, general and administrative expense | $ | 94,940 | $ | 106,942 | $ | 371,087 | $ | 410,870 | |||||||||||||||
| Third-party processing fees for hiring tax credits (7) | (60) | (90) | (150) | (240) | |||||||||||||||||||
| Amortization of software as a service assets (8) | (1,202) | (1,752) | (4,394) | (6,162) | |||||||||||||||||||
| Acquisition/integration costs | (27) | — | (932) | — | |||||||||||||||||||
Workforce reduction costs (1) | (3,832) | (919) | (8,814) | (6,813) | |||||||||||||||||||
PeopleReady technology upgrade costs (2) | — | (8,318) | — | (8,807) | |||||||||||||||||||
COVID-19 government subsidies, net (3) | — | — | 5,378 | 6,759 | |||||||||||||||||||
| Other adjustments, net (4) | (974) | (1,237) | (4,706) | (1,821) | |||||||||||||||||||
| Adjusted SG&A expense | $ | 88,845 | $ | 94,626 | $ | 357,469 | $ | 393,786 | |||||||||||||||
| % of revenue: | |||||||||||||||||||||||
| Selling, general and administrative expense | 22.7% | 27.7% | 23.0% | 26.2% | |||||||||||||||||||
| Adjusted SG&A expense | 21.2% | 24.5% | 22.1% | 25.1% | |||||||||||||||||||
(1)Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024.
(2)Costs associated with upgrading legacy PeopleReady technology.
(3)COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense.
(4)Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses.
(5)The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended December 28, 2025 and December 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 52 weeks ended December 29, 2024, a valuation allowance of $55.3 million was recorded against our U.S. federal, state and foreign deferred tax assets.
(6)Includes software depreciation reported in cost of services.
(7)These third-party processing fees are associated with generating hiring tax credits.
(8)Amortization of software as a service assets is reported in selling, general and administrative expense.
Q4 2025 Earnings
2 Forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism- related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy context for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the Company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated. In addition, we use several non-GAAP financial measures when presenting our financial results in this presentation. Please refer to the reconciliations between our U.S. GAAP and non-GAAP financial measures in the appendix to this presentation and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.
3 Q4 2025 Overview Total revenue of $418 million was up 8% ▪ Organic1 revenue grew 5% ▪ Strong performance in our skilled businesses and broader trends continue to stabilize Net loss of $32 million compared to net loss of $12 million in Q4 2024 ▪ Includes non-cash impairment charge of $18 million on right-of-use and long-lived assets associated with the Chicago support center sublease ▪ Gross margin was down 5 percentage points primarily due to lower workers’ compensation benefit from prior year reserves and changes in business mix with outsized growth in renewable energy work ▪ SG&A improved 11% driven by disciplined cost management ▪ Adjusted EBITDA2 of $2 million compared to $9 million in Q4 2024 Solid liquidity position ▪ Cash of $25 million, debt of $66 million and $68 million of borrowing availability for total liquidity of $92 million ▪ Reduced debt by $2 million and increased working capital by $2 million during the quarter ▪ Credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term 1 Organic results exclude the impact of Healthcare Staffing Professionals, Inc. (HSP), acquired Jan. 31, 2025. HSP contributed $14 million in revenue for Q4 2025. 2 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods.
4 Financial summary Amounts in millions, except per share data Q4 2025 Change FY 2025 Change Revenue $418 +8 % $1,616 +3 % 5% organic1 flat organic Net loss -$31.5 NM -$48.0 NM Net loss per diluted share -$1.05 NM -$1.61 NM Net loss margin -7.5 % -450 bps -3.0 % +500 bps Adjusted net loss2 -$7.5 NM -$20.4 NM Adj. net loss per diluted share -$0.25 NM -$0.68 NM Adj. net loss margin -1.8 % -160 bps -1.3 % -40 bps Adjusted EBITDA $2.4 -73 % $11.8 +5 % Adjusted EBITDA margin 0.6 % -170 bps 0.7 % 0 bps NM - Not meaningful 1 Organic results exclude the impact of Healthcare Staffing Professionals, Inc. (HSP), acquired Jan. 31, 2025. HSP contributed $14 million in revenue for Q4 2025 and $55 million for FY 2025. 2 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.
5 Gross margin and SG&A bridges G ro ss m ar gi n 26.6% -2.9% -2.2% 21.5% Q4 2024 Workers’ Compensation Mix Q4 2025 SG &A $107 -$6 -$6 $95 Q4 2024 Core business Q4 2025 Amounts in millions 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to the adjusted EBITDA reconciliation in the appendix to this presentation for more information. Adjusted EBITDA exclusions1
6 Q4 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $230 $142 $46 % Change +11% -2% +42% Segment profit1 $0 $6 $3 % Change -102% +9% +105% % Margin -0.1% 4.4% 5.8% Change -370 bps +50 bps +180 bps Notes: • Revenue: • Outperformance in the energy vertical paired with overall stabilizing business trends • Margin: • As expected, favorable prior year workers’ compensation reserve adjustments did not repeat at the same level • Changes in mix also contributed to contraction with outsized growth in renewable energy work • Revenue: • Growth in commercial driving services offset by lower on-site client volumes • Momentum building with 13 new sites launched and continued success in new business wins • Margin: • Expansion due to disciplined cost management • Revenue: • Flat on an organic basis2 with HSP contributing $14 million • Trends showing signs of stabilizing with new business wins and expansions • Margin: • Expansion primarily due to strategic cost actions 1 We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. 2 Organic results exclude the impact of Healthcare Staffing Professionals, Inc. (HSP), acquired Jan. 31, 2025. HSP contributed $14 million in revenue for Q4 2025.
7 Solid balance sheet and focused capital strategy Amounts in millions $93 $66 $25 $68 Liquidity Debt Borrowing availability1 Cash Ample liquidity Balanced capital priorities • Strategic investments to accelerate organic growth • Reduce debt to strengthen liquidity position and drive enhanced financial flexibility • Excess capital returned to shareholders through share repurchases Note: Figures may not sum to consolidated totals due to rounding. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant as of period end. The credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term. 2
8 Outlook
9 Select outlook information Item Q1 2026 Commentary Revenue $381M to $406M +3% to +9% vs. prior year Assumes current market conditions continue into Q1 and includes +1 percentage point of inorganic growth from the acquisition of HSP. Gross margin -350 to -310 bps vs. prior year Gross margin decline due primarily to prior year workers’ compensation reserve adjustments not expected to repeat at the same level and changes in business mix. Refer to the EBITDA adjustments below for additional information on expected costs. SG&A $86M to $90M -9% to -5% vs. prior year Reduction in core SG&A driven by disciplined cost management. Refer to the EBITDA adjustments below for additional information on expected expense. EBITDA adjustments1 $3M • $1M in SaaS amortization included in SG&A • $1M in software depreciation included in cost of services • $1M in other SG&A adjustments Shares 30.2M Reflects approximate basic weighted average shares outstanding and does not include the impact of any potential share repurchases. Item FY 2026 Commentary CapEx2 $13M to $17M Depreciation expected to be $27M to $31M and includes $4M of software depreciation reported in cost of services. Income Tax Expense $1M to $5M Minimal income tax expense expected due to the valuation allowance in effect. 1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 2 Includes planned investments in software as a service (SaaS) assets capitalized in other long-term assets with the related amortization recorded in SG&A.
10 Appendix
11 NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP measure Definition Purpose of adjusted measures Adjusted net loss and Adjusted net loss per diluted share Net loss and net loss per diluted share, excluding: – gain on divestiture, – non-cash amortization of intangibles, – acquisition/integration costs, – non-cash goodwill and intangible asset impairment charge, – non-cash right-of-use and other long-lived asset impairment charge, – workforce reduction costs, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, – other adjustments, net, and – tax effect of the adjustments and deferred tax asset valuation allowance. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. EBITDA and Adjusted EBITDA EBITDA excludes from net loss: – income tax expense, – interest and other (income) expense, net, and – non-cash depreciation and amortization. Adjusted EBITDA further excludes: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – acquisition/integration costs, – non-cash goodwill and intangible asset impairment charge, – non-cash right-of-use and other long-lived asset impairment charge, – workforce reduction costs, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. Adjusted SG&A expense Selling, general and administrative expense excluding: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – acquisition/integration costs, – workforce reduction costs, – PeopleReady technology upgrade costs, – COVID-19 government subsidies, net, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
12 1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE (Unaudited) 13 weeks ended 52 weeks ended (in thousands, except for per share data) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Net loss $ (31,536) $ (11,705) $ (47,960) $ (125,748) Gain on divestiture — — — (716) Non-cash amortization of intangible assets 650 489 2,586 4,051 Acquisition/integration costs 27 — 932 — Non-cash goodwill and intangible asset impairment charge — — 200 59,674 Non-cash right-of-use and other long-lived asset impairment charge 18,366 — 18,366 — Workforce reduction costs (1) 3,989 960 9,361 7,329 PeopleReady technology upgrade costs (2) — 8,318 — 8,807 COVID-19 government subsidies, net (3) — — (8,573) (9,652) Other adjustments, net (4) 974 1,237 4,706 1,821 Tax effect of adjustments and deferred tax asset valuation allowance (5) — — — 40,540 Adjusted net loss $ (7,530) $ (701) $ (20,382) $ (13,894) Adjusted net loss per diluted share $ (0.25) $ (0.02) $ (0.68) $ (0.46) Diluted weighted average shares outstanding 29,945 29,561 29,849 30,177 Margin / % of revenue: Net loss (7.5) % (3.0) % (3.0) % (8.0) % Adjusted net loss (1.8) % (0.2) % (1.3) % (0.9) % Refer to the last slide of the appendix for footnotes.
13 2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended 52 weeks ended (in thousands) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Net loss $ (31,536) $ (11,705) $ (47,960) $ (125,748) Income tax expense 1,078 1,692 2,329 37,224 Interest and other (income) expense, net 1,034 (390) (1,003) (4,251) Non-cash depreciation and amortization (6) 7,195 6,945 28,852 29,561 EBITDA (22,229) (3,458) (17,782) (63,214) Third-party processing fees for hiring tax credits (7) 60 90 150 240 Amortization of software as a service assets (8) 1,202 1,752 4,394 6,162 Acquisition/integration costs 27 — 932 — Non-cash goodwill and intangible asset impairment charge — — 200 59,674 Non-cash right-of-use and other long-lived asset impairment charge 18,366 — 18,366 — Workforce reduction costs (1) 3,989 960 9,361 7,329 PeopleReady technology upgrade costs (2) — 8,318 — 8,807 COVID-19 government subsidies, net (3) — — (8,573) (9,652) Other adjustments, net (4) 974 1,237 4,706 1,821 Adjusted EBITDA $ 2,389 $ 8,899 $ 11,754 $ 11,167 Margin / % of revenue: Net loss (7.5) % (3.0) % (3.0) % (8.0) % Adjusted EBITDA 0.6 % 2.3 % 0.7 % 0.7 %
14 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended 52 weeks ended (in thousands) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Selling, general and administrative expense $ 94,940 $ 106,942 $ 371,087 $ 410,870 Third-party processing fees for hiring tax credits (7) (60) (90) (150) (240) Amortization of software as a service assets (8) (1,202) (1,752) (4,394) (6,162) Acquisition/integration costs (27) — (932) — Workforce reduction costs (1) (3,832) (919) (8,814) (6,813) PeopleReady technology upgrade costs (2) — (8,318) — (8,807) COVID-19 government subsidies, net (3) — — 5,378 6,759 Other adjustments, net (4) (974) (1,237) (4,706) (1,821) Adjusted SG&A expense $ 88,845 $ 94,626 $ 357,469 $ 393,786 % of revenue: Selling, general and administrative expense 22.7 % 27.7 % 23.0 % 26.2 % Adjusted SG&A expense 21.2 % 24.5 % 22.1 % 25.1 %
15 Footnotes: 1. Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. Workforce reduction costs were reported as $0.1 million in cost of services and $0.9 million in selling, general and administrative expense for the 13 weeks ended December 29, 2024 and $0.5 million in cost of services and $6.8 million in selling, general and administrative expense for the 52 weeks ended December 29, 2024. 2. Costs associated with upgrading legacy PeopleReady technology. 3. COVID-19 government subsidies net of related fees were reported as $3.2 million in cost of services and $5.4 million in selling, general and administrative expense for the 52 weeks ended December 28, 2025. For the 52 weeks ended December 29, 2024, COVID-19 government subsidies net of related fees were reported as $2.9 million in cost of services and $6.8 million in selling, general and administrative expense. 4. Other adjustments for the 13 and 52 weeks ended December 28, 2025 include non-routine professional fees and other expenses. Other adjustments for the 13 and 52 weeks ended December 29, 2024 include lease exit costs and other expenses. 5. The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended December 28, 2025 and December 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 52 weeks ended December 29, 2024, a valuation allowance of $55.3 million was recorded against our U.S. federal, state and foreign deferred tax assets. 6. Includes software depreciation reported in cost of services. 7. These third-party processing fees are associated with generating hiring tax credits. 8. Amortization of software as a service assets is reported in selling, general and administrative expense.
TrueBlue, Inc. (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first — advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands — PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals — provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work.
Investor Roadshow February 2026
2 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (3) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy context for the election of directors at our annual meeting of shareholders; (4) our ability to maintain profit margins, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the Company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.
3 Investment Highlights Market leader in U.S. staffing and global RPO with increasingly diverse service offerings to meet evolving client needs Highly fragmented industry with strong secular growth drivers \ Enhancing sales functions, expanding in high-growth end-markets and high-value roles, accelerating digital transformation, and driving efficiencies to deliver long-term, profitable growth Strong balance sheet and cash flow to support future growth opportunities and the return of excess capital to shareholders Deep human capital expertise with proven success driving growth and delivering value to stakeholders Market Leader Attractive Industry Compelling Strategies Return of Capital Experienced Leadership Team
4 Leader in U.S. Staffing & Global Recruitment Process Outsourcing TBI Key Stats 2025 REVENUE SHARE REPURCHASES LAST FIVE YEARS PEOPLE CONNECTED WITH WORK CLIENTS SERVED MARKET POSITION IN U.S. INDUSTRIAL STAFFING NATIONWIDE COVERAGE $1.6B $133M 10M+ 3M+ TOP 5 50 STATES Total talent ecosystem delivering full spectrum of digitally-enabled, specialized workforce solutions OUR MISSION TO CONNECT PEOPLE AND WORK COMPANY OVERVIEW SOLUTIONS & VALUE PROPOSITION AWARDS & RECOGNITION • Leading provider of specialized workforce solutions, transforming the way employers and talent connect in an ever-changing world of work • Comprehensive suite of solutions across recruitment, attraction, assessment, and workforce management, offering scalable and customized delivery to fit each client’s footprint and operating model 35+ years of industry expertise Proprietary technology and national footprint End-to-end solutions and deep market expertise Award-winning capabilities to run employer branded campaigns U.S. Staffing Global RPO General and skilled workforce for temporary and on-site jobs Recruitment process outsourcing and talent advisory solutions
5 Solving Workforce Challenges A robust value proposition with high-touch, specialized, digitally enabled solutions for staffing and recruitment process outsourcing. Workforce Complexity Many factors, including globalization and the “gig” economy are changing the world of work requiring a disciplined approach to hiring. Artificial Intelligence Companies are seeking ways to becomemore nimble and efficient Deploying AI to source human capital will be a competitive differentiator. Digital Engagement The worker supply chain is becoming increasingly decentralized. TrueBlue’s digital strategy connects people anywhere at any time. Companies turn to human capital experts with innovative workforce solutions to solve growing talent challenges
6 v U.S. Temporary Industrial & Healthcare Staffing Large market with strong secular headwinds • Highly fragmented and benefits players of scale • Digital adoption expands the growth potential • Unique growth opportunity to fill key skilled trades and healthcare positions as population ages and retires • Industry rebounds quickly in early stages of recovery Global RPO High margin and poised for growth • Nascent market with no single dominant player • Traditionally sticky business model with high client retention and engagement • Strong history of double-digit industry growth • Industry poised for growth as companies seek new solutions to increasingly complex labor challenges Total addressable market of ~80 billon1 1 Source: Staffing Industry Analysts and Everest Group
7 Deep vertical expertise serving critical end markets & a diversified client base Transportation 24% Manufacturing 21% Energy 15% Construction 10% Professional Services 7% Retail 7% Healthcare 4% Hospitality 4% Other 8% 2024 Revenue by Vertical 2025 Revenue by Vertical Political climate favoring investments in domestic manufacturing facilities Structural skilled labor shortages in construction and transportation E-commerce growth heightens the need for worker flexibility and warehouse efficiency Growing scrutiny around workforce compliance Strong secular forces in healthcare with aging population
8 Portfolio of leading brands delivering scalable, specialized workforce solutions Contingent, on-site industrial staffing and commercial driver services On-demand general and skilled labor for industrial jobs Professional and specialized talent solutions including RPO, talent advisory and healthcare staffing 55% 34% 11% Proprietary technology and deep expertise in flexible, on-site and productivity-based staffing solutions National scale, rapid fulfillment and tech- enabled deployment via proprietary JobStackTM platform Digitally-enabled platform delivering healthcare staffing in U.S. and RPO solutions across the globe 20 – 25% Incremental Margin1 10 – 15% Incremental Margin 25 – 30% Incremental Margin PeopleReady PeopleManagement PeopleSolutions % of total 2025 revenue. 1 Average estimated segment profit margin associated with additional organic revenue.
9 Strong position to capitalize on growth opportunities People 3,000+ talented, dedicated and mission driven people Experience 35+ years of industry expertise and deep client relationships Technology Sophisticated technology providing a differentiated user experience and enabling sales Market Presence Significant scale and expansive market presence Tremendous strengths and assets to drive our success, capitalizing on growth opportunities, enhancing shareholder value and advancing our mission to connect people and work
10 Omnichannel Workforce Delivery—connecting employers and talent across the U.S. Localized staffing support through branches across all 50 states, connecting businesses with talent in their communities. Branch-Based Embedded teams manage high-volume staffing directly at client locations, delivering operational efficiency and workforce continuity. Embedded On-Site Mobile teams deployed to support construction sites, facility ramp-ups, retail setups, and field-based operations across the U.S. Project & Field-Based App-powered, self-serve access to talent—enabling real-time hiring and flexible workforce management anytime, anywhere. Mobile Talent Management Driving differentiated value for employers Delivering access, choice and opportunity to talent Specialized workforce solutions across contingent, skilled, and professional Compliance focused operations to reduce risk and drive continuity at scale Proprietary technology accelerates hiring and improves access to talent Broad access to roles across industries, regions, and experience levels Mobile platform gives talent control over when, where, and how they work Upskilling and assessments unlock growth and support long-term retention Layered for coverage and built for growth — meeting employers and talent wherever they are and wherever they are going *Maps are illustrative
11 Strategic, scalable RPO solutions for global talent needs Offerings that combine global scale, role-specific precision & creative workforce strategies trusted by leading employers worldwide Digitally-Enabled RPO Capabilities Full-Cycle RPO Comprehensive recruitment support from requisition through onboarding, helping organizations fill hard-to-fill professional roles and meet high-volume hiring needs. Recruiter On- Demand Experienced recruiters embedded within client teams to supplement in-house capacity and accelerate speed-to-hire Centralized management of contingent workforce programs driving cost control, risk reduction, and improved workforce visibility Managed Service Provider Project RPO Agile, time-bound recruitment support that helps organizations scale quickly for defined hiring initiatives Talent Advisory Strategic consulting across employer branding, candidate experience, and workforce planning to attract and retain talent Americas Europe Middle East & Africa Asia - Pacific Trusted Globally
12 Executing on a clear growth strategy in a massive untapped market v Market Expansion • Expand in high-growth and under-penetrated end markets and high-value roles • Capitalize on secular growth opportunities to deliver long- term, sustainable growth • Diversify our business to increase market share and revenue potential v Enhanced Sales Function • Strengthen sales model to drive scalable growth • Elevate sales capabilities to capture demand • Leverage strengths and synergies to deliver profitable growth vMaintain operational excellence and deliver efficiencies v Digital Transformation • Drive competitive advantage through proprietary innovation • Enhance client and talent engagement through data and automation • Unlock enterprise efficiency of scale
13 Enhance our sales function to accelerate growth and capture demand Strengthen sales model to drive scalable growth Elevate sales capabilities to capture demand Leverage strengths and synergies to deliver profitable growth • Increase sales focus and maximize reach to accelerate growth • Strategically expand sales team to target largest market opportunities • Expand strategic partnerships to unlock growth opportunities • Leverage data-driven insights to deepen engagement • Increase collaboration across well-established brands with deep expertise • Unlock the full value of our assets
14 Expanding our share in attractive end markets Expand in high-growth and under-penetrated end markets and high-value roles • Capture further growth opportunities in energy work leveraging strong market position and proven track record of success • Strategically expand our geographic presence, particularly with our skilled and healthcare staffing businesses Capitalize on secular growth opportunities to deliver long-term, sustainable growth • Well-positioned to fill structural staffing shortages in areas like skilled trades • Focused growth in attractive end markets like healthcare • Powerful secular forces that play to our strengths Diversify our business to increase market share and revenue potential • Targeting RPO expansion in higher skill placements and more attractive product offerings
15 Accelerating digital transformation across the enterprise Drive competitive advantage through proprietary innovation • Extend the reach of digitally enabled staffing and recruitment solutions to support scalable growth, cost efficiency and margin expansion Enhance client and talent engagement through data and automation • Expand value-added platform capabilities to elevate user experience, deepen engagement, and enhance profitability • Apply AI and behavioral data to deliver smarter, more personalized solutions that strengthen client and talent loyalty Unlock enterprise efficiency at scale • Advance modular deployment, automation, and analytics to improve decision velocity and enterprise-wide resource utilization
16 Delivering efficiencies and enhancing long-term profitability $501 $371 2022 SG&A 2025 SG&A *Amounts in millions Optimized fixed cost base drives high incremental margins Simplify organizational structure Enhance automation and technology Drive operational efficiencies Increase scalability and leverage DRIVING EFFICIENCIES ENHANCED LONG-TERM PROFITABILITY
17 $25 $68 $92 $66 Liquidity Debt Strong balance sheet and focused capital strategy *Amounts in millions Ample liquidity Balanced capital priorities Note: Figures may not sum to consolidated totals due to rounding. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant as of fiscal 2025 period end. The credit facility amendment effective January 30, 2026 increased our borrowing availability for the remainder of the agreement term. • Strategic investments to accelerate organic growth • Reduce debt to strengthen liquidity position and drive enhanced financial flexibility • Excess capital returned to shareholders through share repurchases Borrowing availability1 Cash
18 Leadership with deep expertise Taryn Owen President and Chief Executive Officer Carl Schweihs EVP and Chief Financial Officer Garrett Ferencz EVP and Chief Legal Officer Jerry Wimer SVP and President, PeopleManagement Jeff Dirks SVP and Chief Digital Officer Greg Netolicky SVP and Chief People Officer Caroline Sabetti SVP and Chief Marketing and Communications Officer Rick Betori EVP and President, PeopleSolutions
19 ® Mission Driven Connecting People and Work Attractive Industry Compelling Strategies Return of Capital \ Market Leader Attractive Industry Compelling Strategies Return of Capital Experienced Leadership Team TrueBlue Highlights
TrueBlue, Inc. (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first — advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands — PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals — provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work. Thank You.
FAQ
How did TrueBlue (TBI) perform in Q4 2025?
TrueBlue reported Q4 2025 revenue of $418 million, up 8% year over year, including 5% organic growth. However, it posted a net loss of $31.5 million, impacted by lower gross margins and an $18.4 million non-cash impairment related to a Chicago support center sublease.
What were TrueBlue (TBI)’s full-year 2025 financial results?
For 2025, TrueBlue generated $1.616 billion in revenue, a 3% increase from 2024. The company recorded a net loss of $48.0 million, an improvement from a $125.7 million loss, and reported adjusted net loss of $20.4 million and adjusted EBITDA of $11.8 million.
How strong is TrueBlue (TBI)’s liquidity and balance sheet?
At year-end 2025, TrueBlue held $25 million in cash, $66 million of debt, and $68 million of borrowing availability, giving total liquidity of $92 million. A credit facility amendment effective January 30, 2026 further increased borrowing availability for the remaining term of the agreement.
What guidance did TrueBlue (TBI) provide for Q1 2026?
TrueBlue guided Q1 2026 revenue to $381 million to $406 million, representing 3% to 9% growth versus the prior year. Management expects gross margin to decline 310–350 basis points, mainly because prior-year workers’ compensation reserve benefits are not expected to repeat and business mix is shifting.
How are TrueBlue (TBI)’s operating costs and margins trending?
In Q4 2025, SG&A declined to $95 million from $107 million, reflecting cost management and structural efficiencies. Despite this, adjusted EBITDA margin compressed to 0.6%, as gross margin fell about 5 percentage points on lower workers’ compensation benefits and mix shifts toward renewable energy work.
Which segments drove TrueBlue (TBI)’s Q4 2025 results?
Q4 2025 revenue reached $230 million at PeopleReady, $142 million at PeopleManagement, and $46 million at PeopleSolutions. PeopleReady grew 11% on strong energy work, PeopleManagement improved margin on disciplined costs, and PeopleSolutions’ revenue rose 42% helped by Healthcare Staffing Professionals, acquired January 31, 2025.
Filing Exhibits & Attachments
6 documentsPress Releases
Trueblue
NYSE:TBI
TBI Rankings
TBI Latest News
TBI Latest SEC Filings
Feb 18, 2026
[10-K] TrueBlue, Inc. Files Annual Report
Feb 6, 2026
[Form 4] TrueBlue, Inc. Insider Trading Activity
Feb 5, 2026
[Form 4] TrueBlue, Inc. Insider Trading Activity
Feb 5, 2026
[Form 4] TrueBlue, Inc. Insider Trading Activity
TBI Stock Data
117.06M
28.43M
Staffing & Employment Services
Services-help Supply Services
United States
TACOMA