Trueblue (TBI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 20.7% to $520.7M, the fifth consecutive quarter of growth; net income was $9.2M versus a $1.9M loss, and adjusted EBITDA was $20.7M versus $10.6M.

• Growth in skilled businesses and core on-demand staffing, alongside cost discipline and operating leverage, supported stronger profitability.

Financial highlights

• Gross profit increased 9.3% to $107.0M from $97.9M; SG&A declined 2.9% to $89.1M as revenue grew 20.7%.

• Adjusted net income was $10.6M versus $1.1M; adjusted diluted EPS was $0.33 versus $0.03, and diluted EPS was $0.28 versus a loss of $0.06.

• Operating income was $12.0M versus an operating loss of $0.1M; gross margin was 20.5% versus 22.7%.

• Nine-month revenue rose 13.7% to $1.362B; net loss narrowed to $13.9M from $16.4M, while operating loss narrowed to $7.0M from $17.2M.

Outlook and guidance

• Q4 revenue guidance is $499M–$519M, up 20%–24% YoY, assuming current market conditions and improving trends across segments continue.

• Q4 gross margin guidance is 19.8%–20.2%; SG&A guidance is $90M–$94M, including expected adjustments.

• Q4 outlook incorporates seasonal holiday and weather effects, particularly in PeopleReady skilled businesses; October trends resembled Q3 exit trends.

• FY 2026 CapEx guidance is $11M–$13M, depreciation is $24M–$26M, and income tax expense is $3M–$5M.