TrueBlue, Inc. reported a revenue increase of 12.8% for the third quarter of fiscal 2025, reaching $431.3 million compared to $382.4 million in the same period last year. The growth was primarily driven by strong demand in skilled labor sectors, particularly in energy and commercial driving, as well as contributions from the acquisition of Healthcare Staffing Professionals (HSP), which added approximately 3.7% to revenue growth. However, the company's gross profit margin declined to 22.7% from 26.2% year-over-year, attributed to a shift in revenue mix towards lower-margin staffing services and less favorable adjustments in workers' compensation reserves.
In terms of profitability, TrueBlue reported a net loss of $1.9 million for the quarter, an improvement from a loss of $7.6 million in the prior year. The company’s selling, general, and administrative (SG&A) expenses decreased by 8.2% to $91.7 million, reflecting effective cost management strategies. The income tax expense for the quarter was $0.7 million, with the company maintaining a valuation allowance against its U.S. federal and state deferred tax assets due to ongoing pre-tax losses.
Operationally, TrueBlue's PeopleReady segment saw a revenue increase of 17.1% to $251.4 million, while the PeopleManagement segment grew by 1.5% to $132.9 million. The PeopleSolutions segment, which includes HSP, experienced a significant revenue increase of 27.9% to $47.0 million, although organic revenue faced challenges due to labor market uncertainties. The company’s total assets as of September 28, 2025, stood at $690.5 million, with cash and cash equivalents of $19.9 million and outstanding debt of $68.2 million.
Looking ahead, TrueBlue anticipates revenue growth for the fourth quarter of fiscal 2025 to be between 4% and 10%, factoring in continued market conditions and the impact of HSP. The company expects gross profit margins to decline further due to changes in business mix and less favorable workers' compensation reserve adjustments. Additionally, SG&A expenses are projected to decrease compared to the prior year, reflecting ongoing cost management efforts. TrueBlue remains focused on optimizing its business model and enhancing operational efficiencies to drive future growth.
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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