The beat on adjusted EPS and continued revenue growth are positive, but the widening net loss and margin compression signal ongoing structural headwinds. Watch Q2 guidance on gross margin and debt levels; a further miss on margins could pressure the stock.
Price Chart
Executive Summary
TrueBlue reported Q1 2026 revenue of $399M, up 8% YoY, and adjusted net loss per share of -$0.41, which beat the Street consensus of -$0.45 by 8.9%. However, GAAP net loss widened to -$19.8M from -$14.3M, gross margin contracted 3.5pp to 19.8%, and the company recorded a $3.7M goodwill impairment. Management guided Q2 2026 revenue of $405M-$430M (+2-8% YoY) but expects gross margin to decline further due to workers' comp normalization and mix shift.
Key Financial Metrics
Key Facts
- Revenue $399M, +8% YoY (7% organic)
- Adjusted net loss per share -$0.41 vs consensus -$0.45 (beat)
- GAAP net loss -$19.8M vs -$14.3M YoY; diluted EPS -$0.66
- Gross margin fell to 19.8% from 23.3%, driven by lower workers' comp benefit and mix
- Adjusted EBITDA improved to -$3.0M from -$3.9M
- SG&A down 8% to $87M on cost discipline
- Q2 2026 revenue guidance $405M-$430M (+2-8%) with gross margin 21.1%-21.5%
- Recorded $3.7M non-cash goodwill impairment charge
- Cash $24M, debt $74M, total liquidity $60M
Financial Impact
Revenue up 8% but net loss widened by $5.5M; adjusted EPS beat by $0.04
Risk Factors
- Gross margin contraction may persist as workers' comp normalization continues
- High debt ($74M) relative to liquidity ($60M) limits financial flexibility
- Competition and economic slowdown could pressure staffing demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000768899-26-000018 |
| Document: tbi-20260505.htm | 0000768899-26-000018 |
| Document: a2026-05investorroadshow.htm | 0000768899-26-000018 |
| Document: a1q2026earningspresentat.htm | 0000768899-26-000018 |
| Document: 0000768899-26-000018-index-headers.html | 0000768899-26-000018 |
| Document: 0000768899-26-000018-index.html | 0000768899-26-000018 |
| Document: 0000768899-26-000018.txt | 0000768899-26-000018 |
| 8-K Data (Synthetic) | 0000768899-26-000018 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $9.83 | awaiting T+5 | — | $9.83 (−0.00%) |
Oct 19, 2026 7d ago | SC 13G/A | $8.15 $9.83 | ▲ +20.61% | ▲ +20.76% | $9.83 (+20.61%) |
Aug 4, 2026 11w ago | 8-K | $9.90 $9.92 | ▲ +0.20% | ▼ −0.15% | $9.83 (−0.71%) |
May 6, 2026 24w ago | 8-K | $6.01 $5.81 | ▼ −3.33% | ▼ −4.83% | $9.83 (+63.56%) |
May 5, 2026 24w ago | 8-K | $6.05 $5.28 | ▼ −12.73% | ▼ −13.86% | $9.83 (+62.48%) |
Apr 13, 2026 28w ago | 8-K | $3.65 $4.50 | ▲ +23.29% | ▲ +19.99% | $9.83 (+169.32%) |
Mar 3, 2026 33w ago | DEFA14A | $4.27 $3.87 | ▼ −9.37% | ▼ −8.03% | $9.83 (+130.21%) |
Mar 3, 2026 33w ago | DFAN14A | $4.27 $3.87 | ▲ +9.37% | ▲ +8.03% | $9.83 (−130.21%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.83 (+185.76%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.83 (+185.76%) |
US Market Status
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