The strong beat and accelerating revenue growth (12% vs 8% in Q1) confirm the turnaround thesis. Focus on Q3 guidance midpoint ($471M vs Q2 $443M) implies further sequential acceleration. Watch for continued margin expansion as SG&A leverage improves; any reduction in debt from operating cash flow would further strengthen the balance sheet.
Price Chart
Executive Summary
TrueBlue reported Q2 2026 revenue of $443M (+12% YoY) and adjusted EPS of $0.06, significantly beating consensus estimates of -$0.10, driven by 23% revenue growth in PeopleReady and strong operating leverage. Adjusted EBITDA improved to $11M from $3M a year ago, and the company guided Q3 revenue of $461M-$481M (+7-11% YoY), signaling continued momentum.
Key Financial Metrics
Key Facts
- Revenue $443M, up 12% YoY, beating $416.2M consensus by 6.4%
- Adjusted EPS $0.06 vs consensus -$0.10 (160% beat), turning positive from -$0.07 adjusted loss a year ago
- PeopleReady segment revenue surged 23% YoY to $262M on strength in energy and on-demand businesses
- Adjusted EBITDA improved to $11.4M from $2.6M, margin +190 bps to 2.6%
- SG&A reduced 7% YoY to $84M, reflecting disciplined cost management
- Q3 revenue guidance of $461M-$481M implies +7-11% YoY growth
- Total liquidity of $79M ($23M cash + $56M unused borrowing base), up from $60M in Q1
- Non-cash $3M loss on assets held-for-sale and $0.2M impairment charge included in GAAP net loss
Financial Impact
Revenue beat by $27M (6.4% vs consensus), adjusted EPS beat by $0.16 (160%), strong margin expansion and improved cash flow trajectory
Risk Factors
- Gross margin declined 300 bps to 20.7% due to mix shift into lower-margin energy work and absence of prior-year workers' comp and COVID subsidy benefits
- GAAP net loss of $3.4M persists despite adjusted profitability, driven by non-cash charges and higher interest expense
- Debt increased to $82.4M from $65.8M at year end, though liquidity remains adequate
- Labor market slowdown or recession could pressure end-market demand, especially in PeopleSolutions (-5% revenue Y/Y)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000768899-26-000025 |
| Document: tbi-20260804.htm | 0000768899-26-000025 |
| Document: a2026-08investorroadshow.htm | 0000768899-26-000025 |
| Document: a2q2026earningspresentat.htm | 0000768899-26-000025 |
| Document: 0000768899-26-000025-index-headers.html | 0000768899-26-000025 |
| Document: 0000768899-26-000025-index.html | 0000768899-26-000025 |
| Document: 0000768899-26-000025.txt | 0000768899-26-000025 |
| 8-K Data (Synthetic) | 0000768899-26-000025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $9.83 | awaiting T+5 | — | $9.55 (−2.90%) |
Oct 19, 2026 7d ago | SC 13G/A | $8.15 $9.83 | ▲ +20.61% | ▲ +20.76% | $9.55 (+17.12%) |
Aug 4, 2026 11w ago | 8-K | $9.90 $9.92 | ▲ +0.20% | ▼ −0.15% | $9.55 (−3.59%) |
May 6, 2026 24w ago | 8-K | $6.01 $5.81 | ▼ −3.33% | ▼ −4.83% | $9.55 (+58.82%) |
May 5, 2026 24w ago | 8-K | $6.05 $5.28 | ▼ −12.73% | ▼ −13.86% | $9.55 (+57.77%) |
Apr 13, 2026 28w ago | 8-K | $3.65 $4.50 | ▲ +23.29% | ▲ +19.99% | $9.55 (+161.51%) |
Mar 3, 2026 33w ago | DEFA14A | $4.27 $3.87 | ▼ −9.37% | ▼ −8.03% | $9.55 (+123.54%) |
Mar 3, 2026 33w ago | DFAN14A | $4.27 $3.87 | ▲ +9.37% | ▲ +8.03% | $9.55 (−123.54%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.55 (+177.47%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.55 (+177.47%) |
US Market Status
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