Randstad (RAND) Q2 2026 earnings summary

Executive summary

• Achieved 1.9% organic revenue growth in Q2 2026, with revenues of €5.9 billion and underlying EBITA of €182 million, up 6-8% year-over-year, and a 3.1% margin.

• Net income rose 79% year-over-year to €84 million, with adjusted net income up 30% to €109 million.

• Growth was broad-based, led by strong U.S. Operational segment, Southern Europe, e-commerce, healthcare, and logistics.

• Transformation initiatives, including digital marketplace rollout and Partner for Talent strategy, drove productivity and profitability.

• Secured €1.3 billion in new client wins through the 10 by 10 by 10 initiative in H1.

Financial highlights

• Organic revenue grew 1.9% year-over-year to €5,897 million; underlying EBITA margin at 3.1%.

• Adjusted net income for the quarter was €109 million, up 30% year-over-year.

• Underlying gross margin was 18.2%, down from 18.9% in Q2 2025, mainly due to mix and margin pressure.

• Operating expenses down 3-4% year-over-year to €889 million.

• Free cash flow for the quarter was €39 million, down from €82 million in Q2 2025, impacted by higher working capital and tax payments.

Outlook and guidance

• Q3 gross margin expected to be modestly down sequentially due to seasonality and client mix; operating expenses projected to decrease.

• Growth momentum continued into early Q3 2026, with most markets in growth and activity improving.

• Positive growth and profit trajectory expected to continue, with further scalability and productivity gains.

• Free cash flow anticipated to improve in the second half as bonus and holiday outflows subside.

• 0.3 additional working days expected in Q3 2026.