TrueBlue Revenue Growth Accelerates to 12 Percent

The Tip Desk · October 27, 2026 · 2 min read

Second-quarter revenue reached $443 million as adjusted EBITDA rose to $11.4 million from $2.6 million a year earlier.

TrueBlue (TBI), a provider of specialized workforce solutions, reported second-quarter revenue of $443 million, up 12 percent from a year earlier, after two consecutive quarters of 8 percent year-over-year growth.

Adjusted EBITDA was $11.4 million, or a 2.6 percent margin, compared with $2.6 million a year earlier. In the first quarter of 2026, adjusted EBITDA was a $3 million loss.

President and CEO Taryn Owen said the company exceeded expectations and pointed to strength in skilled verticals and a return to growth in the core on-demand business.

PeopleReady was the growth engine. Revenue in that segment rose 23 percent to $262 million, and segment profit increased 460 percent to $9 million, a 3.3 percent margin. The company said outperformance in the energy vertical paired with that on-demand rebound.

PeopleManagement revenue was $134 million, essentially unchanged, while segment profit rose 21 percent to $5 million, or a 3.7 percent margin. The company said growth in commercial driving services was offset by lower on-site client volumes, with momentum building from on-site wins and expansions. PeopleSolutions revenue declined 5 percent to $47 million as hiring volumes remained subdued; segment profit rose 91 percent to $5 million, a 10.3 percent margin. The company attributed the margin expansion primarily to strategic cost actions.

Gross margin compressed 3 percentage points to 20.7% from 23.6%. The company attributed the decline to workers’ compensation and government-subsidy benefits reported in the prior year that did not repeat, and to an anticipated mix shift with continued growth in skilled energy work.

Selling, general and administrative expense fell 7 percent to $84 million from $90 million, continuing the cost-reduction path after an 8 percent decline in the first quarter and an 11 percent decline in the fourth quarter of 2025.

Net loss was $3.4 million, or $0.11 a share, compared with a $0.2 million loss a year earlier. The result included a $3 million non-cash loss on assets held-for-sale. Adjusted net income was $1.8 million, or $0.06 a share, compared with an adjusted net loss of $2.2 million a year earlier.

Cash was $23 million and debt was $82 million at period end, with $56 million of unused borrowing base, for total liquidity of $79 million. Liquidity was $60 million at the end of the first quarter. The company said it increased working capital by $22 million.

TrueBlue said it is providing certain forward-looking information in its quarterly earnings presentation.