Trueblue (TBI) Q2 2026 earnings summary

Executive summary

• Revenue increased 12% year-over-year to $443 million in Q2 2026, driven by strong performance in skilled verticals, especially energy, and a rebound in the core on-demand business.

• Net loss widened to $3.4 million from $0.2 million prior year, impacted by a $3 million non-cash loss on assets held-for-sale and a $3.7 million goodwill impairment charge related to the HSP reporting unit.

• Adjusted EBITDA rose to $11 million from $3 million, reflecting improved profitability and cost discipline.

• SG&A expenses improved by 7% year-over-year, demonstrating operating leverage and disciplined cost management.

• Liquidity remained strong with $23 million in cash, $82 million in debt, and $56 million unused borrowing base, totaling $79 million in liquidity.

Financial highlights

• Q2 2026 revenue was $443 million, up 12% year-over-year, with gross margin at 20.7%, down from 23.6% due to non-recurring prior year benefits and revenue mix changes.

• Adjusted net income was $2 million, compared to a loss of $2 million in the prior year; adjusted EBITDA margin improved to 2.6% from 0.7%.

• Net loss margin was -0.8%, and adjusted net income margin improved to 0.4% from -0.5% year-over-year.

• SG&A expense reduced by 7% to $84 million, and working capital increased by $22 million.

• Cash at period end was $23 million, with total liquidity of $79 million.

Outlook and guidance

• Q3 2026 revenue expected between $461 million and $481 million, up 7% to 11% year-over-year, with gross margin projected at 20.4% to 20.8%.

• Segment guidance: PeopleReady +11% to +15%, PeopleManagement +3% to +8%, PeopleSolutions -6% to +3%.

• SG&A forecasted at $85 million to $89 million, a 3% to 7% reduction year-over-year.

• FY 2026 CapEx expected at $10 million to $14 million; minimal income tax expense anticipated.

• Management expressed confidence in capturing growth opportunities and delivering long-term value.