TrueBlue (NYSE: TBI) grows Q1 2026 revenue but still posts net loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
TrueBlue, Inc. reported first-quarter 2026 results with higher revenue but a wider loss. Revenue from services was $399 million, up 8% from $370 million a year earlier, including 7% organic growth and $4 million from the HSP acquisition. Net loss widened to $19.8 million, or $0.66 per diluted share, compared with a $14.3 million loss, mainly reflecting a $3.7 million non-cash goodwill impairment and lower gross margin. Adjusted net loss was $12.4 million, or $0.41 per diluted share, while adjusted EBITDA improved to a $3.1 million loss from a $3.9 million loss. SG&A expense fell 8% to $87 million and adjusted SG&A dropped to $83.1 million, or 20.8% of revenue. Liquidity at period end totaled $60 million, with $24 million in cash, $74 million of debt and $36 million unused on the borrowing base. For Q2 2026, the company guides revenue to $405–$430 million and expects lower gross margin but continued SG&A discipline.
Positive
- None.
Negative
- None.
Insights
Revenue growth returned, but profitability remains pressured despite cost cuts.
TrueBlue delivered Q1 2026 revenue of $399M, up 8%, with organic growth of 7% and contribution from the HSP acquisition. Segment data show growth led by the PeopleReady and PeopleSolutions businesses, while PeopleManagement revenue declined modestly.
Despite higher sales, the company posted a net loss of $19.8M and net loss margin of 5.0%, hurt by a $3.7M non-cash goodwill impairment and lower gross margin from workers’ compensation reserve dynamics and mix shift toward skilled energy work. However, adjusted EBITDA improved to a $3.1M loss and adjusted net loss margin edged slightly better.
Cost discipline is evident: SG&A fell $7.3M year over year and adjusted SG&A dropped to 20.8% of revenue. Liquidity of $60M and a revolving credit facility borrowing base provide flexibility. The Q2 2026 outlook for revenue of $405M–$430M and guided SG&A of $85M–$89M suggests management expects continued growth with ongoing margin work.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $399M
Q1 2026 Net Loss: $19.8M
Q1 2026 Net Loss per Share: $0.66
+5 more
8 metrics
Q1 2026 Revenue
$399M
Revenue from services for 13 weeks ended Mar 29, 2026
Q1 2026 Net Loss
$19.8M
Net loss for 13 weeks ended Mar 29, 2026
Q1 2026 Net Loss per Share
$0.66
Basic and diluted net loss per common share
Q1 2026 Adjusted EBITDA
-$3.1M
Adjusted EBITDA for 13 weeks ended Mar 29, 2026
Total Liquidity
$60M
Cash, debt and unused borrowing base at Mar 29, 2026
Q2 2026 Revenue Outlook
$405M–$430M
Guided revenue range, up 2%–8% vs prior year
Adjusted SG&A Expense
$83.1M
Q1 2026 adjusted SG&A, 20.8% of revenue
Goodwill Impairment
$3.7M
Non-cash goodwill impairment charge in Q1 2026
Key Terms
Adjusted EBITDA, goodwill impairment charge, Workforce reduction costs, recruitment process outsourcing, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA improved to -$3 million compared to -$4 million in the prior year period"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
goodwill impairment charge financial
"Includes a non-cash goodwill impairment charge of $4 million"
Goodwill impairment charge is an accounting write-down taken when the extra value a company recorded from buying another business — things like reputation, customer relationships or brand name — is later judged to be worth less than originally paid. For investors it matters because the charge reduces reported profits and shareholder equity, often signaling that an acquisition didn’t deliver expected benefits and prompting closer scrutiny of future cash flow and management decisions.
Workforce reduction costs financial
"Workforce reduction costs were reported as $0.1 million in cost of services and $1.0 million in selling, general and administrative expense"
recruitment process outsourcing financial
"Global RPO High margin and poised for growth • Nascent market with no single dominant player"
A service where a company outsources all or part of its hiring activities to an external specialist that manages sourcing, screening, interviewing and onboarding candidates. Think of it like hiring a catering company to handle every meal at an event so the host can focus on other tasks; for investors, it matters because it can lower and stabilize recruiting costs, speed workforce scaling, improve hiring quality, and shift hiring risk off the company’s balance sheet.
non-GAAP financial measures financial
"In addition, we use several non-GAAP financial measures when presenting our financial results"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $399M · Guidance included
Q1 2026
Revenue
$399M
+8% year over year
Net loss
$19.8M
NM vs $14.3M prior year
Net loss per diluted share
$0.66
NM vs $0.48 prior year
Adjusted net loss
$12.4M
NM vs $11.7M prior year
Adjusted EBITDA
-$3.1M
Improved from -$3.9M prior year
Guidance
For Q2 2026, TrueBlue guides revenue to $405M–$430M, gross margin to 21.1%–21.5%, SG&A to $85M–$89M, and expects about $3M of EBITDA adjustments.
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): May 5, 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 May 5, 2026, TrueBlue, Inc. (the “company”) issued a press release (the “Press Release”) reporting its financial results for the first quarter ended March 29, 2026, and certain outlook information for the second 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 first quarter and fiscal year ended March 29, 2026 (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 Tuesday, May 5, 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 Q1 2026 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 May 5, 2026 | X | ||||||
| 99.2 | Earnings Results Presentation for May 5, 2026 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: | May 5, 2026 | By: | /s/ Carl R. Schweihs | |||||||||||
Carl R. Schweihs | ||||||||||||||
Chief Financial Officer and Executive Vice President | ||||||||||||||
TRUEBLUE REPORTS FIRST QUARTER 2026 RESULTS
TACOMA, WASH. - May 5, 2026 -- TrueBlue (NYSE:TBI) today announced its first quarter results for 2026.
First Quarter 2026 Financial Highlights
•Revenue of $399 million, up 8 percent compared to the prior year period
◦7 percent organic growth excluding $4 million of inorganic revenue from the January 2025 HSP acquisition
•Net loss of $20 million compared to net loss of $14 million in the prior year period
◦Includes a non-cash goodwill impairment charge of $4 million
◦SG&A expense improved 8 percent to $87 million compared to $95 million in the prior year period
◦Adjusted EBITDA1 improved to -$3 million compared to -$4 million in the prior year period
•Cash of $24 million, debt of $74 million and $36 million unused on our borrowing base, for total liquidity of $60 million at period end
Commentary
“We delivered first quarter results toward the high end of expectations, driven by continued expansion in skilled verticals alongside stabilizing demand trends and sustained operational and cost discipline,” said Taryn Owen, President and CEO of TrueBlue. “We are making meaningful progress advancing our long-term growth strategy and remain focused on top-line growth with enhanced profitability.”
Ms. Owen continued, “We are leveraging an enhanced sales model to strengthen and expand our market position while unlocking technological and operational efficiencies to deliver sustainable, profitable growth. Our initiatives are taking hold, driving improved performance and positioning us to realize the significant growth opportunities that lie ahead.”
Results
First quarter revenue was $399 million, an 8 percent increase compared to the prior year period. Net loss per diluted share was $0.66 compared to net loss per diluted share of $0.48 in the prior year period. Adjusted net loss1 per diluted share was $0.41 compared to adjusted net loss per diluted share of $0.40 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 first quarter 2026 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Tuesday, May 5, 2026.
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 market expansion and stabilization in demand, and operational efficiencies, including 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) our ability to maintain profit margins, (3) our ability to attract and retain clients, (4) 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; (5) 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; (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 | |||||||||||
| (in thousands, except per share data) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Revenue from services | $ | 398,566 | $ | 370,254 | |||||||
| Cost of services | 319,547 | 283,912 | |||||||||
| Gross profit | 79,019 | 86,342 | |||||||||
| Selling, general and administrative expense | 87,299 | 94,621 | |||||||||
| Depreciation and amortization | 5,911 | 5,844 | |||||||||
Goodwill impairment charge | 3,656 | — | |||||||||
| Loss from operations | (17,847) | (14,123) | |||||||||
Interest and other income (expense), net | (1,372) | 193 | |||||||||
| Loss before tax expense | (19,219) | (13,930) | |||||||||
| Income tax expense | 576 | 418 | |||||||||
| Net loss | $ | (19,795) | $ | (14,348) | |||||||
| Net loss per common share: | |||||||||||
| Basic | $ | (0.66) | $ | (0.48) | |||||||
| Diluted | $ | (0.66) | $ | (0.48) | |||||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 30,145 | 29,698 | |||||||||
| Diluted | 30,145 | 29,698 | |||||||||
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (in thousands) | Mar 29, 2026 | Dec 28, 2025 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 24,132 | $ | 24,510 | |||||||
| Accounts receivable, net | 246,343 | 241,233 | |||||||||
| Other current assets | 30,821 | 31,866 | |||||||||
| Total current assets | 301,296 | 297,609 | |||||||||
| Property and equipment, net | 69,462 | 73,117 | |||||||||
Restricted cash, cash equivalents and investments | 129,229 | 136,588 | |||||||||
| Goodwill and intangible assets, net | 56,362 | 60,591 | |||||||||
| Other assets, net | 64,319 | 70,762 | |||||||||
| Total assets | $ | 620,668 | $ | 638,667 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Accounts payable and other accrued expenses | $ | 39,811 | $ | 36,111 | |||||||
| Accrued wages and benefits | 65,681 | 61,736 | |||||||||
| Current portion of workers’ compensation claims reserve | 22,931 | 24,193 | |||||||||
| Other current liabilities | 15,442 | 16,493 | |||||||||
| Total current liabilities | 143,865 | 138,533 | |||||||||
| Workers’ compensation claims reserve, less current portion | 65,170 | 72,551 | |||||||||
| Long-term debt, less current portion | 73,900 | 65,800 | |||||||||
| Other long-term liabilities | 81,651 | 87,226 | |||||||||
| Total liabilities | 364,586 | 364,110 | |||||||||
| Shareholders’ equity | 256,082 | 274,557 | |||||||||
| Total liabilities and shareholders’ equity | $ | 620,668 | $ | 638,667 | |||||||
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
13 weeks ended | |||||||||||
| (in thousands) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (19,795) | $ | (14,348) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of services) | 6,867 | 6,810 | |||||||||
Goodwill impairment charge | 3,656 | — | |||||||||
| Provision for credit losses | 1,074 | 250 | |||||||||
| Stock-based compensation | 1,793 | 2,060 | |||||||||
| Deferred income taxes | 195 | — | |||||||||
| Non-cash lease expense | 2,613 | 2,753 | |||||||||
| Other operating activities | 1,982 | 1,486 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (6,052) | 9,133 | |||||||||
| Income taxes receivable and payable | — | 373 | |||||||||
| Other assets | 7,003 | 7,150 | |||||||||
| Accounts payable and other accrued expenses | 4,002 | (9,580) | |||||||||
| Accrued wages and benefits | 3,946 | (5,418) | |||||||||
| Workers’ compensation claims reserve | (8,643) | (16,865) | |||||||||
| Operating lease liabilities | (3,034) | (3,035) | |||||||||
| Other liabilities | (5,386) | (2,884) | |||||||||
Net cash used in operating activities | (9,779) | (22,115) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (2,829) | (4,680) | |||||||||
| Acquisition of business, net of cash acquired | — | (30,044) | |||||||||
| Purchases of restricted held-to-maturity investments | (7,718) | — | |||||||||
Sales and maturities of restricted held-to-maturity investments | 13,768 | 10,756 | |||||||||
Net cash provided by (used in) investing activities | 3,221 | (23,968) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net proceeds from employee stock purchase plans | 162 | 70 | |||||||||
| Common stock repurchases for taxes upon vesting of restricted stock | (597) | (895) | |||||||||
| Net change in revolving credit facility | 8,100 | 50,200 | |||||||||
| Other | (491) | (6) | |||||||||
Net cash provided by financing activities | 7,174 | 49,369 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (323) | (230) | |||||||||
| Net change in cash, cash equivalents, and restricted cash and cash equivalents | 293 | 3,056 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, beginning of period | 44,020 | 61,100 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents, end of period | $ | 44,313 | $ | 64,156 | |||||||
TRUEBLUE, INC.
SEGMENT DATA
(Unaudited)
13 weeks ended | |||||||||||
| (in thousands) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Revenue from services: | |||||||||||
| PeopleReady | $ | 225,053 | $ | 189,305 | |||||||
| PeopleManagement | 127,257 | 135,532 | |||||||||
PeopleSolutions (1) | 46,256 | 45,417 | |||||||||
| Total company | $ | 398,566 | $ | 370,254 | |||||||
Segment profit (loss) (2): | |||||||||||
| PeopleReady | $ | (3,302) | $ | (2,974) | |||||||
| PeopleManagement | 3,254 | 2,894 | |||||||||
PeopleSolutions | 2,663 | 1,952 | |||||||||
| Total segment profit | 2,615 | 1,872 | |||||||||
| Corporate unallocated expense | (5,665) | (5,794) | |||||||||
Total company Adjusted EBITDA (3) | (3,050) | (3,922) | |||||||||
Third-party processing fees for hiring tax credits (4) | 100 | (90) | |||||||||
Amortization of software as a service assets (5) | (1,259) | (1,093) | |||||||||
| Acquisition/integration costs | (16) | (710) | |||||||||
Goodwill impairment charge | (3,656) | — | |||||||||
Workforce reduction costs (6) | (1,069) | (1,400) | |||||||||
| Other adjustments, net (7) | (2,030) | (98) | |||||||||
EBITDA (3) | (10,980) | (7,313) | |||||||||
| Depreciation and amortization (8) | (6,867) | (6,810) | |||||||||
Interest and other income (expense), net | (1,372) | 193 | |||||||||
| Loss before tax expense | (19,219) | (13,930) | |||||||||
| Income tax expense | (576) | (418) | |||||||||
| Net loss | $ | (19,795) | $ | (14,348) | |||||||
(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 goodwill impairment charges, 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 $0.1 million in cost of services and $1.0 million in selling, general and administrative expense for the 13 weeks ended March 29, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $1.3 million in selling, general and administrative expense for the 13 weeks ended March 30, 2025.
(7)Other adjustments for the 13 weeks ended March 29, 2026 includes non-routine professional fees and other expenses.
(8)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: –non-cash amortization of intangibles, –acquisition/integration costs, –non-cash goodwill impairment charge, –workforce reduction costs, and –other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. –Used by management to assess performance and effectiveness of our business strategies. –Provides a measure, among others, used in the determination of incentive compensation for management. | ||||||||||||
| EBITDA and Adjusted EBITDA | EBITDA excludes from net 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 impairment charge, –workforce reduction costs, and –other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. –Used by management to assess performance and effectiveness of our business strategies. –Provides a measure, among others, used in the determination of incentive compensation for management. | ||||||||||||
| Adjusted SG&A expense | Selling, general and administrative expense excluding: –third-party processing fees for hiring tax credits, –amortization of software as a service assets, –acquisition/integration costs, –workforce reduction costs, and –other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. | ||||||||||||
1.RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE
(Unaudited)
13 weeks ended | |||||||||||
| (in thousands, except for per share data) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Net loss | $ | (19,795) | $ | (14,348) | |||||||
| Non-cash amortization of intangible assets | 650 | 401 | |||||||||
| Acquisition/integration costs | 16 | 710 | |||||||||
Non-cash goodwill impairment charge | 3,656 | — | |||||||||
Workforce reduction costs (1) | 1,069 | 1,400 | |||||||||
| Other adjustments, net (2) | 2,030 | 98 | |||||||||
| Adjusted net loss | $ | (12,374) | $ | (11,739) | |||||||
| Adjusted net loss per diluted share | $ | (0.41) | $ | (0.40) | |||||||
| Diluted weighted average shares outstanding | 30,145 | 29,698 | |||||||||
| Margin / % of revenue: | |||||||||||
| Net loss | (5.0)% | (3.9)% | |||||||||
| Adjusted net loss | (3.1)% | (3.2)% | |||||||||
2.RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA
(Unaudited)
13 weeks ended | |||||||||||
| (in thousands) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Net loss | $ | (19,795) | $ | (14,348) | |||||||
| Income tax expense | 576 | 418 | |||||||||
Interest and other (income) expense, net | 1,372 | (193) | |||||||||
| Non-cash depreciation and amortization (3) | 6,867 | 6,810 | |||||||||
| EBITDA | (10,980) | (7,313) | |||||||||
| Third-party processing fees for hiring tax credits (4) | (100) | 90 | |||||||||
| Amortization of software as a service assets (5) | 1,259 | 1,093 | |||||||||
| Acquisition/integration costs | 16 | 710 | |||||||||
Non-cash goodwill impairment charge | 3,656 | — | |||||||||
Workforce reduction costs (1) | 1,069 | 1,400 | |||||||||
| Other adjustments, net (2) | 2,030 | 98 | |||||||||
| Adjusted EBITDA | $ | (3,050) | $ | (3,922) | |||||||
| Margin / % of revenue: | |||||||||||
| Net loss | (5.0)% | (3.9)% | |||||||||
| Adjusted EBITDA | (0.8)% | (1.1)% | |||||||||
3.RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE
(Unaudited)
13 weeks ended | |||||||||||
| (in thousands) | Mar 29, 2026 | Mar 30, 2025 | |||||||||
| Selling, general and administrative expense | $ | 87,299 | $ | 94,621 | |||||||
| Third-party processing fees for hiring tax credits (4) | 100 | (90) | |||||||||
| Amortization of software as a service assets (5) | (1,259) | (1,093) | |||||||||
| Acquisition/integration costs | (16) | (710) | |||||||||
Workforce reduction costs (1) | (1,017) | (1,297) | |||||||||
| Other adjustments, net (2) | (2,030) | (98) | |||||||||
| Adjusted SG&A expense | $ | 83,077 | $ | 91,333 | |||||||
| % of revenue: | |||||||||||
| Selling, general and administrative expense | 21.9% | 25.6% | |||||||||
| Adjusted SG&A expense | 20.8% | 24.7% | |||||||||
(1)Workforce reduction costs were reported as $0.1 million in cost of services and $1.0 million in selling, general and administrative expense for the 13 weeks ended March 29, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $1.3 million in selling, general and administrative expense for the 13 weeks ended March 30, 2025.
(2)Other adjustments for the 13 weeks ended March 29, 2026 includes non-routine professional fees and other expenses.
(3)Includes software depreciation reported in cost of services.
(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.
Q1 2026 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 market expansion and stabilization in demand, and operational efficiencies, including 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) our ability to maintain profit margins, (3) our ability to attract and retain clients, (4) 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; (5) 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; (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 Q1 2026 Overview Total revenue of $399 million was up 8% ▪ Organic1 revenue grew 7% ▪ Strong performance in our skilled businesses while broader demand trends continue to stabilize Net loss of $20 million compared to net loss of $14 million in Q1 2025 ▪ Includes a non-cash goodwill impairment charge of $4 million ▪ Gross margin was down 4 percentage points primarily due to lower workers’ compensation benefit from prior year reserves and changes in business mix with outsized growth in skilled energy work ▪ SG&A improved 8% driven by disciplined cost management ▪ Adjusted EBITDA2 improved to -$3 million compared to -$4 million in Q1 2025 Solid liquidity position ▪ Cash of $24 million, debt of $74 million and $36 million unused on our borrowing base for total liquidity of $60 million 1 Organic results exclude the impact of Healthcare Staffing Professionals, Inc. (“HSP”), acquired Jan. 31, 2025. HSP contributed $4 million of inorganic revenue in Q1 2026. 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 Q1 2026 Q1 2025 Change Revenue $399 $370 +8 % 7% organic1 Net loss -$19.8 -$14.3 NM Net loss per diluted share -$0.66 -$0.48 NM Net loss margin -5.0 % -3.9 % -110 bps Adjusted net loss2 -$12.4 -$11.7 NM Adj. net loss per diluted share -$0.41 -$0.40 NM Adj. net loss margin -3.1 % -3.2 % +10 bps Adjusted EBITDA -$3.1 -$3.9 NM Adjusted EBITDA margin -0.8 % -1.1 % +30 bps NM - Not meaningful 1 Organic results exclude the impact of Healthcare Staffing Professionals, Inc. (“HSP”), acquired Jan. 31, 2025. HSP contributed $4 million of inorganic revenue in Q1 2026. 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.
5 Gross margin and SG&A bridges G ro ss m ar gi n 23.3% -2.2% -1.3% 19.8% Q1 2025 Workers’ Compensation Mix Q1 2026 SG &A $95 -$9 $1 $87 Q1 2025 Core business Q1 2026 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 Q1 2026 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $225 $127 $46 % Change +19% -6% +2% Segment profit1 -$3 $3 $3 % Change -11% +12% +36% % Margin -1.5% 2.6% 5.8% Change +10 bps +50 bps +150 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 • The workers’ compensation headwind was offset by cost actions resulting in overall margin improvement • Revenue: • Growth in commercial driving services offset by lower on- site client volumes • Momentum building with on- site business securing $13 million in annualized new business wins • Margin: • Expansion due to disciplined cost management • Revenue: • -7% on an organic basis2 with HSP contributing $4 million of inorganic revenue • New business wins and expansions signaling stabilizing trends • 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.
7 Solid balance sheet and focused capital strategy Amounts in millions $60 $74 $24 $36 Liquidity Debt Unused borrowing base1 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 under our revolving credit agreement is subject to a borrowing base determined by eligible receivable accounts less specified reserves.
8 Outlook
9 Select outlook information Item Q2 2026 Commentary Revenue $405M to $430M +2% to +8% vs. prior year Assumes current market conditions continue into Q2 and growth across all skilled businesses. Gross margin 21.1% to 21.5% -2.5 to -2.1 pp 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. Also note, $3M in cost of services government subsidies benefit in the prior year is not expected to repeat. Refer to the EBITDA adjustments below for additional information on expected costs. SG&A $85M to $89M -5% to -1% vs. prior year Reduction in core SG&A driven by disciplined cost management. Note, $5M in SG&A government subsidies benefit in the prior year is not expected to repeat. 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 30.4M Reflects approximate basic weighted average shares outstanding and does not include the impact of any potential share repurchases. Item FY 2026 Commentary CapEx2 $11M to $15M Depreciation expected to be $24M to $28M and includes $4M of software depreciation reported in cost of services. Income Tax Expense $0M to $4M 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: – non-cash amortization of intangibles, – acquisition/integration costs, – non-cash goodwill impairment charge, – workforce reduction costs, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. EBITDA and Adjusted EBITDA EBITDA excludes from net 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 impairment charge, – workforce reduction costs, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. Adjusted SG&A expense Selling, general and administrative expense excluding: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – acquisition/integration costs, – workforce reduction costs, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
12 1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Mar 29, 2026 Mar 30, 2025 Net loss $ (19,795) $ (14,348) Non-cash amortization of intangible assets 650 401 Acquisition/integration costs 16 710 Non-cash goodwill impairment charge 3,656 — Workforce reduction costs (1) 1,069 1,400 Other adjustments, net (2) 2,030 98 Adjusted net loss $ (12,374) $ (11,739) Adjusted net loss per diluted share $ (0.41) $ (0.40) Diluted weighted average shares outstanding 30,145 29,698 Margin / % of revenue: Net loss (5.0) % (3.9) % Adjusted net loss (3.1) % (3.2) % 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 (in thousands) Mar 29, 2026 Mar 30, 2025 Net loss $ (19,795) $ (14,348) Income tax expense 576 418 Interest and other (income) expense, net 1,372 (193) Non-cash depreciation and amortization (3) 6,867 6,810 EBITDA (10,980) (7,313) Third-party processing fees for hiring tax credits (4) (100) 90 Amortization of software as a service assets (5) 1,259 1,093 Acquisition/integration costs 16 710 Non-cash goodwill impairment charge 3,656 — Workforce reduction costs (1) 1,069 1,400 Other adjustments, net (2) 2,030 98 Adjusted EBITDA $ (3,050) $ (3,922) Margin / % of revenue: Net loss (5.0) % (3.9) % Adjusted EBITDA (0.8) % (1.1) %
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 (in thousands) Mar 29, 2026 Mar 30, 2025 Selling, general and administrative expense $ 87,299 $ 94,621 Third-party processing fees for hiring tax credits (4) 100 (90) Amortization of software as a service assets (5) (1,259) (1,093) Acquisition/integration costs (16) (710) Workforce reduction costs (1) (1,017) (1,297) Other adjustments, net (2) (2,030) (98) Adjusted SG&A expense $ 83,077 $ 91,333 % of revenue: Selling, general and administrative expense 21.9 % 25.6 % Adjusted SG&A expense 20.8 % 24.7 %
15 Footnotes: 1. Workforce reduction costs were reported as $0.1 million in cost of services and $1.0 million in selling, general and administrative expense for the 13 weeks ended March 29, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $1.3 million in selling, general and administrative expense for the 13 weeks ended March 30, 2025. 2. Other adjustments for the 13 weeks ended March 29, 2026 includes non-routine professional fees and other expenses. 3. Includes software depreciation reported in cost of services. 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.
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 May 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 market expansion and stabilization in demand, and operational efficiencies, including 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) our ability to maintain profit margins, (3) our ability to attract and retain clients, (4) 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; (5) 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; (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 $24 $36 $60 $74 Liquidity Debt Strong balance sheet and focused capital strategy Amounts in millions Ample liquidity Balanced capital priorities Note: Figures are as of fiscal 2026 first quarter period end and may not sum to consolidated totals due to rounding. 1 Borrowing under our revolving credit agreement is subject to a borrowing base determined by eligible receivable accounts less specified reserves. • 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 Unused borrowing base1 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 Mike Kruszewski SVP and President, PeopleReady On-Demand Greg Netolicky SVP and Chief People Officer Caroline Sabetti SVP and Chief Marketing and Communications Officer Rick Betori EVP and President, PeopleScout Jeff Dirks SVP and Chief Digital Officer Jill Quinn SVP and President, Centerline and Skilled Trades Jerry Wimer SVP and President, On-Site Staffing
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 financially in Q1 2026?
TrueBlue reported Q1 2026 revenue of $399 million, up 8% from $370 million a year earlier. The company posted a net loss of $19.8 million, or $0.66 per diluted share, while adjusted EBITDA improved to a loss of $3.1 million from $3.9 million.
What were TrueBlue (TBI)'s key profitability metrics in Q1 2026?
TrueBlue’s net loss margin was 5.0%, compared with 3.9% in the prior year period. Adjusted net loss was $12.4 million, or $0.41 per diluted share. Adjusted EBITDA margin improved to negative 0.8% from negative 1.1%, reflecting better underlying operating performance.
What liquidity and debt position did TrueBlue (TBI) have at the end of Q1 2026?
At March 29, 2026, TrueBlue held $24 million in cash, $74 million of debt, and had $36 million unused on its borrowing base. This produced total liquidity of $60 million, combining cash on hand and available capacity under the revolving credit facility.
What outlook did TrueBlue (TBI) provide for Q2 2026?
For Q2 2026, TrueBlue expects revenue of $405–$430 million, or 2%–8% growth versus the prior year. The company guides gross margin to 21.1%–21.5% and SG&A expense to $85–$89 million, reflecting lower workers’ compensation benefits but continued cost discipline.
How did TrueBlue’s (TBI) segments perform in Q1 2026?
In Q1 2026, PeopleReady revenue rose to $225 million, PeopleManagement revenue was $127 million, and PeopleSolutions revenue was $46 million. Segment profit improved across PeopleManagement and PeopleSolutions, with margin expansion supported by disciplined cost management despite mixed revenue trends.
What non-GAAP measures does TrueBlue (TBI) emphasize and why?
TrueBlue highlights Adjusted net loss, EBITDA, Adjusted EBITDA, and Adjusted SG&A. These measures exclude items like goodwill impairment, workforce reduction costs, and certain fees to improve comparability, help assess business performance, and support internal decision-making and incentive compensation design.