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TBI

TrueBlue, Inc.

TBI

TrueBlue, Inc. • NYSE
$4.90 ▼ -2.39% (-0.12)
Market Cap $146.70 M
52w High $9.05
52w Low $3.45
Dividend Yield 0%
P/E -5.05
Volume 67.33K
Outstanding Shares 29.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $431.266M ▲ $98.038M ▲ $-1.916M ▼ -0.444% ▼ $-0.064 ▼ $7.199M ▲
Q2-2025 $396.299M ▲ $96.505M ▼ $-160K ▲ -0.04% ▲ $-0.01 ▲ $4.761M ▲
Q1-2025 $370.254M ▼ $100.465M ▼ $-14.348M ▼ -3.875% ▼ $-0.48 ▼ $-7.313M ▼
Q4-2024 $385.953M ▲ $112.95M ▲ $-11.705M ▼ -3.033% ▼ $-0.4 ▼ $-3.458M ▼
Q3-2024 $382.357M $106.94M $-7.635M -1.997% $-0.26 $64K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.893M ▼ $690.527M ▲ $386.188M ▲ $304.339M ▼
Q2-2025 $21.899M ▼ $672.784M ▼ $367.592M ▼ $305.192M ▲
Q1-2025 $23.059M ▲ $692.471M ▲ $390.254M ▲ $302.217M ▼
Q4-2024 $22.536M ▲ $675.376M ▼ $360.017M ▼ $315.359M ▼
Q3-2024 $14.505M $702.376M $375.224M $327.152M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-160K ▲ $-11.794M ▲ $4.177M ▲ $-4.251M ▼ $-11.708M ▼ $-16.05M ▲
Q1-2025 $-14.348M ▼ $-22.115M ▼ $-23.968M ▼ $49.369M ▲ $3.056M ▼ $-26.795M ▼
Q4-2024 $-11.705M ▼ $6.131M ▲ $-1.015M ▼ $7.678M ▲ $11.824M ▲ $854K ▲
Q3-2024 $-7.635M ▲ $-7.127M ▼ $3.873M ▲ $-4.246M ▲ $-7.581M ▲ $-12.722M ▼
Q2-2024 $-104.71M $-1.823M $-6.23M $-6.857M $-14.863M $-7.727M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
PeopleManagement
PeopleManagement
 $150.00M ▲$140.00M ▼$130.00M ▼$130.00M ▲
PeopleReady
PeopleReady
 $210.00M ▲$190.00M ▼$210.00M ▲$250.00M ▲
PeopleScout
PeopleScout
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended down from its recent peak, and the latest year shows a clear slowdown in demand versus a couple of years ago. Gross profit has fallen along with sales, and operating results have slipped into loss territory after previously modest profitability. Net income has swung between small profits and losses over the last five years, reflecting the cyclicality of staffing and the company’s sensitivity to shifts in client hiring. Overall, the story is one of pressured margins, uneven earnings, and a business that has not yet converted its technology investments into consistently strong profits.

Balance Sheet

Balance Sheet The balance sheet shows a gradual shrinking of the asset base and shareholder equity over time, which is consistent with weaker recent performance and some capital being used rather than built. Debt levels appear relatively modest compared with total assets and equity, suggesting no heavy reliance on borrowing, but the cash balance has moved down from prior years and now looks leaner. This combination points to a company that is not over-leveraged but has less financial cushion than before, making future cash generation and cost discipline more important.

Cash Flow

Cash Flow Cash generation has been choppy. Operating cash flow was solid in some earlier years but turned negative most recently, mirroring the shift to losses on the income statement. Free cash flow followed a similar path: generally positive but modest in better years and slipping into the red in the latest period. Capital spending has stayed fairly small and steady, so the main driver of weaker cash flow is the underlying business performance rather than heavy investment outlays. Sustained improvement in working capital and profitability would be needed to restore a healthier, more predictable cash profile.

Competitive Edge

Competitive Edge TrueBlue operates in a very competitive, price-sensitive staffing market, going up against much larger global players. Its edge comes from a focused approach to blue‑collar and on‑demand staffing through JobStack, and higher-end recruitment outsourcing via Affinix. These proprietary platforms give the company a more digital, data-driven way to match workers and jobs, which can improve client service and worker experience. At the same time, rivals are also investing heavily in similar technologies, so TrueBlue’s differentiation depends on how quickly and effectively it can scale adoption of its tools, maintain service quality, and prove tangible value to clients across economic cycles.

Innovation and R&D

Innovation and R&D The company is clearly leaning into technology as a core strategy rather than a side project. JobStack and Affinix embed artificial intelligence, mobile access, and analytics into staffing and recruiting, helping automate matching, onboarding, and ongoing workforce management. This kind of innovation can lower costs, speed up placements, and deepen relationships with both clients and workers. However, technology in staffing is becoming a crowded field, and large competitors can also pour significant resources into similar platforms. For TrueBlue, the key will be continuous enhancement of these tools, integration across brands, and visible operational gains that justify ongoing investment even when the broader market is soft.

Summary

TrueBlue combines a technology-forward model with a cyclical, low-margin industry, and that tradeoff shows in the numbers. The company has meaningful digital assets and specialized brands that position it well for on‑demand and outsourced recruiting solutions, but recent years highlight weaker revenue, thin margins, and inconsistent cash flow. The balance sheet is not heavily indebted, yet the reduced cash cushion and lower equity base underscore the importance of returning to sustainable profitability. Going forward, the central question for observers is whether the firm’s tech platforms can drive enough differentiation and efficiency to stabilize growth, lift margins, and smooth out the impact of economic swings in client hiring demand.

NEWS

November 17, 2025 · 8:00 AM UTC

TrueBlue's Leading Technology Recognized with Three 2025 Globee® Awards, Including Business Product of the Year

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November 3, 2025 · 4:05 PM UTC

TrueBlue Reports Third Quarter 2025 Results

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November 3, 2025 · 8:00 AM UTC

TrueBlue's PeopleReady Appoints New Sales Leadership to Further Advance Growth

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October 21, 2025 · 8:00 AM UTC

TrueBlue to Announce Third Quarter 2025 Results

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October 20, 2025 · 8:00 AM UTC

TrueBlue Recognized as a Top RPO Provider on HRO Today's Baker's Dozen List

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