Trueblue, Inc. · NYSE:TBI
Trueblue — Q3 2026 Earnings Presentation
16 slides from Trueblue's earnings presentation, Nov 4, 2026
Slide 1: TrueBlue Q3 2026 Earnings
trueblue THE PEOPLE COMPANY* Q3 2026 Earnings
Slide 2: Forward-looking statements and non-GAAP financial measures
2 Forward-looking statements and non-GAAP financial measures This presentation 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
Slide 3: Q3 2026 Overview
3 Q3 2026 Overview Total revenue of $521 million was up 21% ▪ Strong performance in our skilled businesses and continued growth in our core, on-demand business Net income of $9 million or $0.28 per share compared to net loss of $2 million or $0.06 per share in Q3 2025 ▪ Gross margin declined 2 perce
Slide 4: Financial summary
4 Financial summary Amounts in millions, except per share data Q3 2026 Q3 2025 Change Revenue $521 $431 +21 % Net income (loss) $9.2 -$1.9 NM Net income (loss) per diluted share $0.28 -$0.06 NM Net income (loss) margin 1.8 % -0.4 % +220 bps Adjusted net income1 $10.6 $1.1 NM Adj. net income per dilu
Slide 5: Gross margin and SG&A bridges
5 Gross margin and SG&A bridges G ro ss m ar gi n 22.7% -1.9% -0.3% 20.5% Q3 2025 Mix Workers’ compensation Q3 2026 SG &A $92 -$2 -$1 $89 Q3 2025 Core business Q3 2026 Amounts in millions 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to the adjusted EBITD
Slide 6: Q3 2026 Results by segment
6 Q3 2026 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $338 $135 $47 % Change +34% +2% +1% Segment profit1 $20 $6 $4 % Change +148% +31% +8% % Margin 5.9% 4.4% 9.5% Change +270 bps +100 bps +60 bps Notes: • Revenue: • Outperformance in the energy vertic
Slide 7: Solid balance sheet and focused capital strategy
7 Solid balance sheet and focused capital strategy Amounts in millions $86 $102 $20 $66 Liquidity Debt Unused borrowing capacity1 Cash Ample liquidity Balanced capital priorities • Strategic investments to accelerate organic growth • Reduce debt to strengthen liquidity position and drive enhanced fi
Slide 8: Outlook
8 Outlook
Slide 9: Select outlook information
9 Select outlook information Item Q4 2026 Commentary Revenue $499M to $519M +20% to +24% vs. prior year Assumes current market conditions continue into Q4 with improved trends across all three segments and continued strength in skilled businesses. Gross margin 19.8% to 20.2% -1.7 to -1.3 pp vs. prio
Slide 10: Appendix
10 Appendix
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
11 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 o
Slide 12: Reconciliation of GAAP net income to adjusted net income
12 1. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Sep 27, 2026 Sep 28, 2025 Net income (loss) $ 9,245 $ (1,916) Non-cash amortization of intangible assets 650 650 A
Slide 13: Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA
13 2. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 27, 2026 Sep 28, 2025 Net income (loss) $ 9,245 $ (1,916) Income tax expense 1,029 711 Interest and other (income) ex
Slide 14: Reconciliation of GAAP SG&A to Adjusted SG&A expense
14 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 27, 2026 Sep 28, 2025 Selling, general and administrative expense $ 89,082 $ 91,728 Third-party
Slide 15: Footnotes
15 Footnotes: 1. Workforce reduction costs were reported as $0.4 million in selling, general and administrative expense for the 13 weeks ended September 27, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expen
Slide 16: About TrueBlue, Inc.
TrueBlue, Inc. (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, TrueBlu