TrueBlue, Inc. reported a revenue increase of 11.8% for the second quarter of fiscal 2026, reaching $443.0 million compared to $396.3 million in the same period last year. However, the company's gross profit declined by 2.1% to $91.6 million, resulting in a gross profit margin of 20.7%, down from 23.6% a year earlier. The decline in gross profit margin was attributed to higher workers' compensation costs and a shift in revenue mix towards lower-margin staffing businesses. The company recorded a net loss of $3.4 million for the quarter, compared to a net loss of $0.2 million in the prior year.
In terms of operational performance, TrueBlue's PeopleReady segment saw significant growth, with revenue increasing by 23.0% to $262.3 million for the quarter, driven primarily by demand in the energy sector. Conversely, the PeopleManagement segment's revenue remained relatively stable at $133.8 million, while the PeopleSolutions segment experienced a decline of 4.7% to $46.9 million. The overall revenue growth was partially offset by declines in on-site and permanent hiring services, reflecting ongoing stabilization in business conditions.
The company also reported a non-cash loss of $3.0 million related to assets held-for-sale, specifically its Tacoma headquarters, which has been classified as held-for-sale since the criteria were met. Additionally, TrueBlue recorded a goodwill impairment charge of $3.7 million during the first quarter of fiscal 2026, primarily due to downward revisions in future projections for its Healthcare Staffing Professionals (HSP) reporting unit. As of June 28, 2026, the remaining goodwill balance for HSP was $13.7 million.
TrueBlue's financial position remains stable, with cash and cash equivalents totaling $23.3 million and outstanding debt of $82.4 million. The company has access to a revolving credit facility with a borrowing base of $150.0 million, leaving $56.2 million available for use. Looking ahead, TrueBlue aims to enhance its operational efficiency and profitability through disciplined cost management and continued investment in technology, including the transition to cloud-based solutions. The company remains focused on navigating market conditions and adapting to client demand for workforce solutions.
About TrueBlue, Inc.
TrueBlue, Inc. provides specialized workforce solutions through staffing, recruitment process outsourcing, and human resource management services. Its core segments—PeopleReady, PeopleScout, and PeopleManagement—serve diverse industries by connecting clients with contingent workers, skilled tradespeople, and permanent talent. The company leverages technology, mobile apps, and proprietary systems to enhance recruitment, workforce management, and client service, focusing on workforce flexibility, safety, and operational efficiency.
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