Trueblue SEC Filings

TrueBlue, Inc. executive reports small share disposition

An executive officer of TrueBlue, Inc. (TBI), serving as EVP and President - PeopleScout, reported a routine change in holdings. On 12/01/2025, the officer disposed of 360 shares of common stock in a transaction coded "F," which typically reflects shares withheld to cover taxes related to equity compensation. The shares were valued at $5.15 per share. After this transaction, the officer beneficially owns 102,295 shares of TrueBlue common stock directly.

EHS Management LLC and affiliates have launched an activist campaign at TrueBlue, Inc., announcing plans to nominate their own director slate for the 2026 annual shareholder meeting using a WHITE proxy card. EHS argues that TrueBlue’s operations and finances are deteriorating, pointing to Q3 results where revenue reportedly rose by $49 million year over year while gross profit fell by $2 million, and to continued organic declines in key segments.

EHS highlights guidance of approximately 2–3% organic revenue growth in the fourth quarter against a prior-year decline of 22%, and notes free cash flow burn of $17 million in the quarter and $40 million year-to-date, with available liquidity cited at $95 million. The group criticizes the Healthcare Staffing Professionals acquisition as underperforming its prior $75–$85 million revenue guidance and contends the Board did not engage with a February 2025 acquisition proposal at $12.30 per share from HireQuest while the stock is around $5. EHS Azure beneficially owns 190,131 TrueBlue shares, and Eric H. Su beneficially owns 519,373 shares.

TrueBlue, Inc. reported that its board of directors has appointed and elected William Greenblatt and William Seward as new directors, effective January 5, 2026. The board approved these appointments on December 1, 2025 after an extensive search that involved an independent recruitment firm and shareholder input.

Greenblatt brings founding and leadership experience from Montague Street Capital and Sterling Check Corporation, along with multiple nonprofit and academic board roles. Seward is currently Executive Vice President and Chief Operating Officer of Vestis Corporation and previously held senior leadership roles over several decades at UPS, as well as at Stericycle.

Both new directors will receive the same compensation as other non-employee directors and may participate in TrueBlue’s Equity Retainer and Deferred Compensation Plan for Non-Employee Directors. The board currently expects to return to a size of nine directors as of the 2026 Annual Meeting of Shareholders by nominating nine directors for election.

TrueBlue, Inc. (TBI) received a Schedule 13G from Charles Schwab Investment Management, Inc. reporting beneficial ownership of 1,519,233 shares of common stock, representing 5.07% of the class as of 09/30/2025.

The filer is an investment adviser and reports sole voting power and sole dispositive power over the same 1,519,233 shares. The filing states the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

TrueBlue, Inc. (TBI) reported an insider transaction by its EVP and CFO on a Form 4. The filing shows a transaction coded F on 11/01/2025 for 1,130 shares of common stock at $4.74 per share.

Following the transaction, the executive beneficially owned 171,620 shares directly. The reported total includes approximately 9,560 shares acquired through the TrueBlue, Inc. Employee Stock Purchase Plan.

TrueBlue, Inc. reported Q3 2025 results with revenue from services of $431,266,000 and a net loss of $1,916,000. Gross profit was $97,892,000 and income from operations was a slight loss of $146,000. For the first thirty‑nine weeks, revenue totaled $1,197,819,000 with a net loss of $16,424,000.

The company closed the HSP acquisition on January 31, 2025 for cash consideration of $35.2 million. HSP contributed $41.9 million of revenue and $1.1 million of income from operations year‑to‑date. TrueBlue recognized payroll tax credits of $3.2 million in cost of services and $6.0 million in SG&A, and reversed $2.1 million of related interest.

As of September 28, 2025, long‑term debt was $68.2 million on the revolving credit facility; cash and cash equivalents were $19,893,000 and restricted cash and investments were $149,691,000. Workers’ compensation reserves, net of discount, were $102,895,000. A shareholder rights agreement was adopted on May 14, 2025. Subsequent to quarter‑end, a Chicago support center sublease was executed; the company expects a material non‑cash impairment in Q4 2025 related to that asset group.

TrueBlue, Inc. (TBI) furnished an 8-K announcing a press release with financial results for the third quarter ended September 28, 2025 and outlook for the fourth quarter and fiscal year 2025. The company also provided an earnings slide deck and an investor roadshow presentation.

Management will discuss the results on a live conference call at 2:00 p.m. Pacific Time on November 3, 2025. Materials were furnished under Regulation FD. Exhibits include 99.1 (press release), 99.2 (earnings presentation), and 99.3 (investor roadshow).

Boston Partners filed a Schedule 13G reporting beneficial ownership of 1,611,515 shares of TrueBlue, Inc. common stock, representing 5.39% of the class as of 09/30/2025.

The firm reports sole voting power over 1,611,515 shares and sole dispositive power over 1,611,515 shares, with no shared voting or dispositive power. The shares are held for the discretionary accounts of certain clients, and Boston Partners is classified as an investment adviser (IA).

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

The Vanguard Group filed Amendment No. 17 to Schedule 13G for TrueBlue, Inc. (TBI), reporting beneficial ownership of 1,631,027 common shares, representing 5.45% of the class as of September 30, 2025.

The filing shows 0 shares with sole voting power and 186,011 with shared voting power. Vanguard reports 1,435,865 shares with sole dispositive power and 195,162 with shared dispositive power. Vanguard certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.