Randstad (RAND) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was €5.8 billion, down 1.2% year-over-year, with underlying EBITA at €191 million and a margin of 3.3%.

• Digital transformation and operational discipline drove performance, with digital marketplaces now generating €4 billion annually, 15% of total business.

• Celebrated 65-year anniversary, emphasizing heritage, talent, and digital focus.

• The Partner for Talent strategy focused on delivery excellence and future positioning.

Financial highlights

• Gross profit declined 5% year-over-year to €1,069 million, with gross margin at 18.4%.

• Operating expenses decreased 5% year-over-year to €878 million; opex as a percentage of revenue at 15.1%.

• Free cash flow for Q3 was €244 million, with year-to-date at €385 million, up €126 million year-over-year.

• Adjusted net income was €120 million; reported net income was €83 million, down 22% year-over-year.

• Leverage ratio was 1.6; net debt at €1,220 million, down €232 million sequentially.

Outlook and guidance

• Q4 2025 expected to deliver similar profitability to Q3, with slightly higher gross margin and operating expenses due to seasonality.

• Early October volume trends are consistent with Q3.

• Ongoing structural cost optimization and investments in growth segments to continue.