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TrueBlue Reports Second Quarter 2025 Results

TACOMA, Wash.--(BUSINESS WIRE)-- TrueBlue (NYSE:TBI) today announced its second quarter results for 2025.

Second Quarter 2025 Financial Highlights

• Revenue of $396 million, flat compared to the prior year period
  • $16 million of revenue from the January HSP acquisition
• Net loss of $0 million compared to net loss of $105 million in the prior year period
  • Prior year included $100 million in non-cash impairment and tax valuation charges
  • SG&A expense improved 7 percent to $90 million compared to $97 million in the prior year period
  • Adjusted EBITDA¹ increased to $3 million compared to $1 million in the prior year period
• Cash of $22 million, debt of $54 million and $79 million of borrowing availability, for total liquidity of $101 million at period end
  • Reduced debt by $4 million and increased working capital by $14 million during the quarter

Commentary

鈥淲e are encouraged to see positive momentum with double-digit growth for our skilled businesses, overall signs of stabilization and a return to company-wide growth expected in the third quarter,鈥� said Taryn Owen, President and CEO of TrueBlue. 鈥淎s customers navigate today鈥檚 complex business landscape, our teams are focused on retaining and expanding existing relationships, winning new business, and delivering flexible, high-quality solutions tailored to our clients鈥� changing needs.鈥�

Ms. Owen continued, 鈥淲e continue to support our clients with excellent service, and advance our strategic priorities to capture market share, enhance operational efficiency, and maximize our long-term profitability. We are strengthening our position in skilled trades while building momentum in attractive markets like healthcare and energy, in addition to higher-value, professional roles. We are strategically investing in our innovative, proprietary technologies to address evolving user needs, while leveraging inherent strengths that drive competitive advantage and deliver long-term, profitable growth for shareholders. We are energized by the opportunities ahead as we maintain our strategic focus and unwavering commitment to deliver top-line growth and margin expansion.鈥�

Results

Second quarter revenue was $396 million, flat compared to revenue of $396 million in the second quarter of 2024. Net loss per diluted share was $0.01 compared to net loss per diluted share of $3.45 in the prior year period. Adjusted net loss¹ per diluted share was $0.07 compared to adjusted net loss per diluted share of $0.35 in the prior year period.

2025 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 2025 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Monday, Aug. 4, 2025.

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 transforming the way organizations connect with talent in an ever-changing world of work. As The People Company庐, we put people first 鈥� connecting job seekers with meaningful opportunities while delivering smart, scalable workforce solutions for enterprises across industries and worldwide. Powered by innovative technology and decades of expertise, our brands 鈥� PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals 鈥� offer flexible staffing, workforce management, and recruitment solutions that propel businesses and careers. Discover how we鈥檙e shaping the future of work at .

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 stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management鈥檚 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) factors relating to any unsolicited offer (鈥淥ffer鈥�) to purchase the shares of the Company, actions taken by the Company or its stockholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company鈥檚 business, or other developments involving such an Offer and the activist shareholders or others who disagree with the composition of the board, our strategy, or the way the Company is managed; (3) our ability to maintain profit margins, (4) our ability to attract and retain clients, (5) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (6) our ability to successfully execute on business strategies and further digitalize our business model, (7) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (8) new laws, regulations, and government incentives that could affect our operations or financial results, (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (10) our ability to successfully integrate acquired businesses, and (11) the timing and amount of common stock repurchases, if any, which will be determined at management鈥檚 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鈥檚 most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at under the Investor Relations section or the SEC鈥檚 website at . 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.

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 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.

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.

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Investor Relations

[email protected]

Source: TrueBlue