TRUEBLUE REPORTS SECOND QUARTER 2026 RESULTS

TACOMA, WASH. - Aug. 4, 2026 -- TrueBlue (NYSE:TBI) today announced its second quarter results for 2026.

Second Quarter 2026 Financial Highlights

•Revenue of $443 million, up 12 percent compared to the prior year period
•Net loss of $3.4 million compared to net loss of $0.2 million in the prior year period
◦Includes a non-cash loss of $3 million on assets held-for-sale
◦SG&A expense improved 7 percent to $84 million compared to $90 million in the prior year period
◦Adjusted EBITDA1 improved to $11 million compared to $3 million in the prior year period
•Cash of $23 million, debt of $82 million and $56 million of unused borrowing base, for total liquidity of $79 million at period end
◦Increased working capital by $22 million.

Commentary

“We delivered a strong second quarter, exceeding expectations and continuing to build momentum through disciplined execution,” said Taryn Owen, President and CEO of TrueBlue. “Our results reflect continued strength in skilled verticals and an encouraging return to growth in our core on-demand business, contributing to overall double-digit revenue growth and improved profitability.”

Ms. Owen continued, “We are strengthening our market position, capturing demand in attractive, high-growth end markets, and unlocking efficiencies that position us well to capitalize on the growth opportunities ahead. We remain confident in our path to deliver long-term sustainable value for our shareholders.”

Results

Second quarter revenue was $443 million, a 12 percent increase compared to the prior year period. Net loss per diluted share was $0.11 compared to $0.01 in the prior year period. Adjusted net income1 per diluted share was $0.06 compared to adjusted net loss per diluted share of $0.07 in the prior year period.

2026 Outlook

TrueBlue is providing certain forward-looking information to help investors form their estimates, which can be found in the quarterly earnings presentation filed today.

Management will discuss second quarter 2026 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Tuesday, Aug. 4, 2026.

The quarterly earnings presentation and webcast can be accessed on the Investor Relations section of the TrueBlue website: investor.trueblue.com.

About TrueBlue

TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first–advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands–PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals–provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed and scale to the changing world of work. Learn more at www.trueblue.com.

1 Refer to the financial statements accompanying this release for more information regarding non-GAAP terms.



Forward-looking statements and non-GAAP financial measures

This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding market expansion and stabilization in demand, and operational efficiencies, including from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) our ability to maintain profit margins, (3) our ability to attract and retain clients, (4) factors relating to any unsolicited offer (“Offer”) to purchase the shares of the Company, actions taken by the Company or its shareholders in response to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer, on the Company’s business, or other developments involving such an Offer; (5) actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or a proxy contest for the election of directors at our annual meeting of shareholders; (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) our ability to successfully execute on business strategies and further digitalize our business model, (8) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (9) new laws, regulations, and government incentives that could affect our operations or financial results, (10) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (11) our ability to successfully integrate acquired businesses, and (12) the timing and amount of common stock repurchases, if any, which will be determined at management’s discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC’s website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.
In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our U.S. GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

Contact

Investor Relations
InvestorRelations@trueblue.com


TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 weeks ended
26 weeks ended
(in thousands, except per share data)Jun 28, 2026Jun 29, 2025Jun 28, 2026Jun 29, 2025
Revenue from services$443,001 $396,299 $841,567 $766,553 
Cost of services351,419 302,735 670,966 586,647 
Gross profit91,582 93,564 170,601 179,906 
Selling, general and administrative expense83,831 89,798 171,130 184,419 
Depreciation and amortization (exclusive of depreciation included in cost of services)5,887 6,507 11,798 12,351 
Loss on assets held-for-sale3,026 — 3,026 — 
Goodwill and intangible asset impairment charge— 200 3,656 200 
Loss from operations(1,162)(2,941)(19,009)(17,064)
Interest and other income (expense), net
(1,320)2,903 (2,692)3,096 
Loss before tax expense(2,482)(38)(21,701)(13,968)
Income tax expense887 122 1,463 540 
Net loss$(3,369)$(160)$(23,164)$(14,508)
Net loss per common share:
Basic$(0.11)$(0.01)$(0.76)$(0.49)
Diluted$(0.11)$(0.01)$(0.76)$(0.49)
Weighted average shares outstanding:
Basic30,414 29,856 30,280 29,777 
Diluted30,414 29,856 30,280 29,777 


TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)Jun 28, 2026Dec 28, 2025
ASSETS
Cash and cash equivalents$23,253 $24,510 
Accounts receivable, net267,770 241,233 
Other current assets27,332 31,866 
Total current assets318,355 297,609 
Property and equipment, net66,393 73,117 
Restricted cash, cash equivalents and investments
118,818 136,588 
Goodwill and intangible assets, net55,709 60,591 
Other assets, net63,689 70,762 
Total assets$622,964 $638,667 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued expenses$31,693 $36,111 
Accrued wages and benefits69,135 61,736 
Current portion of workers’ compensation claims reserve23,114 24,193 
Other current liabilities15,419 16,493 
Total current liabilities139,361 138,533 
Workers’ compensation claims reserve, less current portion62,859 72,551 
Long-term debt82,400 65,800 
Other long-term liabilities83,678 87,226 
Total liabilities368,298 364,110 
Shareholders’ equity254,666 274,557 
Total liabilities and shareholders’ equity$622,964 $638,667 


























TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
26 weeks ended
(in thousands)Jun 28, 2026Jun 29, 2025
Cash flows from operating activities:
Net loss$(23,164)$(14,508)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of services)
13,680 14,312 
Non-cash loss on assets held-for-sale3,026 — 
Goodwill and intangible asset impairment charge3,656 200 
Provision for credit losses376 435 
Stock-based compensation3,846 4,421 
Deferred income taxes209 (113)
Non-cash lease expense5,244 5,524 
Other operating activities(3,130)(1,438)
Changes in operating assets and liabilities:
Accounts receivable(26,913)2,260 
Income taxes receivable and payable(582)279 
Other assets8,857 8,592 
Accounts payable and other accrued expenses(3,806)(10,199)
Accrued wages and benefits7,399 (10,808)
Workers’ compensation claims reserve(10,771)(30,340)
Operating lease liabilities(5,824)(5,688)
Other liabilities(2,460)3,162 
Net cash used in operating activities
(30,357)(33,909)
Cash flows from investing activities:
Capital expenditures(6,203)(8,936)
Acquisition of business, net of cash acquired— (30,140)
Purchases of restricted held-to-maturity investments(7,718)— 
Sales and maturities of restricted held-to-maturity investments
24,001 19,285 
Other4 — 
Net cash provided by (used in) investing activities
10,084 (19,791)
Cash flows from financing activities:
Net proceeds from employee stock purchase plans207 256 
Common stock repurchases for taxes upon vesting of restricted stock(633)(942)
Net change in revolving credit facility16,600 46,200 
Other(498)(396)
Net cash provided by financing activities
15,676 45,118 
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents(443)(70)
Net change in cash, cash equivalents, and restricted cash and cash equivalents(5,040)(8,652)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period44,020 61,100 
Cash, cash equivalents and restricted cash and cash equivalents, end of period$38,980 $52,448 


TRUEBLUE, INC.
SEGMENT DATA
(Unaudited)

13 weeks ended
(in thousands)Jun 28, 2026Jun 29, 2025
Revenue from services:
PeopleReady$262,310 $213,226 
PeopleManagement133,839 133,895 
PeopleSolutions46,852 49,178 
Total company$443,001 $396,299 
Segment profit (1):
PeopleReady$8,561 $1,530 
PeopleManagement4,958 4,101 
PeopleSolutions
4,828 2,534 
Total segment profit18,347 8,165 
Corporate unallocated expense(6,919)(5,520)
Total company Adjusted EBITDA (2)
11,428 2,645 
Third-party processing fees for hiring tax credits (3)— 60 
Amortization of software as a service assets (4)(1,259)(1,036)
Acquisition/integration costs(10)(153)
Loss on assets held-for-sale(3,026)— 
Goodwill and intangible asset impairment charge— (200)
Workforce reduction costs(640)(3,445)
COVID-19 government subsidies, net— 8,573 
Other adjustments, net (5)(842)(1,883)
EBITDA (2)
5,651 4,561 
Depreciation and amortization (6)(6,813)(7,502)
Interest and other income (expense), net
(1,320)2,903 
Loss before tax expense(2,482)(38)
Income tax expense(887)(122)
Net loss$(3,369)$(160)
(1)We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes loss on assets held-for-sale, goodwill and intangible asset impairment charges, depreciation and amortization expense, unallocated corporate general and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing.
(2)See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.
(3)These third-party processing fees are associated with generating hiring tax credits.
(4)Amortization of software as a service assets is reported in selling, general and administrative expense.
(5)Other adjustments for the 13 weeks ended June 28, 2026 and June 29, 2025 include non-routine professional fees and other expenses.
(6)Includes software depreciation reported in cost of services.


TRUEBLUE, INC.
NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS

In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.
Non-GAAP measureDefinitionPurpose of adjusted measures
Adjusted net income (loss) and
Adjusted net income (loss) per diluted share
Net loss and net loss per diluted share, excluding:
–non-cash amortization of intangibles,
–acquisition/integration costs,
–non-cash loss on assets held-for-sale,
–non-cash goodwill and intangible asset impairment charge,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–other adjustments, net.

–Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
–Used by management to assess performance and effectiveness of our business strategies.
–Provides a measure, among others, used in the determination of incentive compensation for management.
EBITDA and
Adjusted EBITDA
EBITDA excludes from net loss:
–income tax expense,
–interest and other (income) expense, net, and
–non-cash depreciation and amortization.

Adjusted EBITDA further excludes:
–third-party processing fees for hiring tax credits,
–amortization of software as a service assets,
–acquisition/integration costs,
–non-cash loss on assets held-for-sale,
–non-cash goodwill and intangible asset impairment charge,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–other adjustments, net.
–Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.
–Used by management to assess performance and effectiveness of our business strategies.
–Provides a measure, among others, used in the determination of incentive compensation for management.
Adjusted SG&A expense
Selling, general and administrative expense excluding:
–third-party processing fees for hiring tax credits,
–amortization of software as a service assets,
–acquisition/integration costs,
–workforce reduction costs,
–COVID-19 government subsidies, net, and
–other adjustments, net.

–Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.


1.RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
(Unaudited)
13 weeks ended
(in thousands, except for per share data)Jun 28, 2026Jun 29, 2025
Net loss$(3,369)$(160)
Non-cash amortization of intangible assets651 885 
Acquisition/integration costs10 153 
Non-cash loss on assets held-for-sale3,026 — 
Non-cash goodwill and intangible asset impairment charge— 200 
Workforce reduction costs (1)
640 3,445 
COVID-19 government subsidies, net (2)— (8,573)
Other adjustments, net (3)842 1,883 
Adjusted net income (loss)$1,800 $(2,167)
Adjusted net income (loss) per diluted share$0.06 $(0.07)
Diluted weighted average shares outstanding31,523 29,856 
Margin / % of revenue:
Net loss(0.8)%—%
Adjusted net income (loss)0.4%(0.5)%
2.RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA
(Unaudited)
13 weeks ended
(in thousands)Jun 28, 2026Jun 29, 2025
Net loss$(3,369)$(160)
Income tax expense887 122 
Interest and other (income) expense, net
1,320 (2,903)
Non-cash depreciation and amortization (4)6,813 7,502 
EBITDA5,651 4,561 
Third-party processing fees for hiring tax credits (5)— (60)
Amortization of software as a service assets (6)1,259 1,036 
Acquisition/integration costs10 153 
Non-cash loss on assets held-for-sale3,026 — 
Non-cash goodwill and intangible asset impairment charge— 200 
Workforce reduction costs (1)
640 3,445 
COVID-19 government subsidies, net (2)— (8,573)
Other adjustments, net (3)842 1,883 
Adjusted EBITDA $11,428 $2,645 
Margin / % of revenue:
Net loss(0.8)%—%
Adjusted EBITDA 2.6%0.7%


3.RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE
(Unaudited)
13 weeks ended
(in thousands)Jun 28, 2026Jun 29, 2025
Selling, general and administrative expense$83,831 $89,798 
Third-party processing fees for hiring tax credits (5)— 60 
Amortization of software as a service assets (6)(1,259)(1,036)
Acquisition/integration costs(10)(153)
Workforce reduction costs (1)
(602)(3,311)
COVID-19 government subsidies, net (2)— 5,378 
Other adjustments, net (3)(842)(1,883)
Adjusted SG&A expense$81,118 $88,853 
% of revenue:
Selling, general and administrative expense18.9%22.7%
Adjusted SG&A expense18.3%22.4%
(1)Workforce reduction costs were reported as $0.1 million in cost of services and $0.6 million in selling, general and administrative expense for the 13 weeks ended June 28, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $3.3 million in selling, general and administrative expense for the 13 weeks ended June 29, 2025.
(2)COVID-19 government subsidies net of related fees for the 13 weeks ended June 29, 2025 were $8.6 million with $3.2 million reported in cost of services and $5.4 million in selling, general and administrative expense.
(3)Other adjustments for the 13 weeks ended June 28, 2026 and June 29, 2025 include non-routine professional fees and other expenses.
(4)Includes software depreciation reported in cost of services.
(5)These third-party processing fees are associated with generating hiring tax credits.
(6)Amortization of software as a service assets is reported in selling, general and administrative expense.