Robert Half (RHI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues were $1.302 billion, down 6% year-over-year; net income was $32 million, or $0.32 per share, down from $0.53 in Q4 2024.

• Sequential same-day constant currency growth returned for the first time in over three years, with positive weekly revenue momentum extending into January 2026.

• Cash flow from operations reached $183 million, the highest quarter of the year and up 18% from Q4 2024.

• Full-year 2025 revenues totaled $5.379 billion, with net income of $133 million ($1.33 per share), compared to $5.796 billion and $252 million ($2.44 per share) in 2024.

• Revenues and earnings exceeded the midpoint of previous Q4 guidance.

Financial highlights

• Adjusted Talent Solutions revenues declined 9% year-over-year; U.S. Talent Solutions down 9%, non-U.S. down 8%.

• Protiviti global revenues were $479 million; adjusted revenues down 3% year-over-year, with U.S. down 6% and non-U.S. up 9%.

• Q4 2025 gross margin was $489.6 million (37.6% of revenue), down from $536.1 million (38.8%) in Q4 2024.

• Adjusted operating income for Q4 2025 was $43.4 million (3.4% margin), versus $70.2 million (5.8%) in Q4 2024.

• Cash and cash equivalents at year-end 2025 were $464.4 million, down from $537.6 million at year-end 2024.

Outlook and guidance

• Q1 2026 revenue guidance: $1.26–$1.36 billion; midpoint is 5% lower year-over-year on an adjusted basis.

• Q1 income per share guidance: $0.08–$0.18.

• Adjusted revenue growth for 2026: Talent Solutions down 4%–8%, Protiviti flat to down 4%, overall down 3%–6%.

• Adjusted gross margin guidance: Contract Talent 38%–40%, Protiviti 18%–21%, overall 35%–38%.

• Q1 tax rate expected at 56%–58% due to stock compensation and non-deductible items; normalizing to 33%–35% for the rest of 2026.