TrueBlue Q2 Revenue Jumps 12%, Adjusted EBITDA Surges to $11M; Guides Q3 Revenue Above Consensus
TBI has more than doubled off its 52-week low of $3.18.
Summary
TrueBlue reported Q2 2026 revenue of $443M (+12% YoY) and adjusted EBITDA of $11M, up from $3M a year ago. The company guided Q3 revenue to $461M–$481M, above consensus, driven by broad-based segment improvement.
Key Events · Earnings and Guidance · TBI
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Q2 Revenue +12% to $443M
Revenue rose 12% year-over-year to $443 million, driven by a return to growth in the core on-demand business and continued strength in skilled verticals like energy.
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Adjusted EBITDA Triples to $11M
Adjusted EBITDA improved to $11.4 million from $2.6 million in Q2 2025, reflecting operating leverage and cost discipline. Adjusted net income was $1.8 million, or $0.06 per diluted share.
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Q3 Revenue Guidance Above Consensus
The company guided Q3 2026 revenue to $461–$481 million, representing 7–11% growth year-over-year and implying continued momentum across all three segments.
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Gross Margin Pressure from Business Mix
Gross margin declined to 20.7% from 23.6% a year ago, primarily due to a shift in business mix toward lower-margin skilled energy work and the absence of prior-year workers' compensation and COVID subsidy benefits.
Analysis · TBI · Trade & Services
A meaningful operational turnaround is taking shape at TrueBlue, where Q2 revenue climbed 12% to $443 million and adjusted EBITDA more than tripled to $11 million. The core on-demand business returned to growth, while skilled verticals maintained their momentum. Looking ahead, Q3 revenue guidance of $461–$481 million implies 7–11% growth and exceeds expectations. This earnings beat and upbeat outlook arrive amid recent activist interest and a rejected acquisition offer, making the improved fundamentals a key counterpoint for investors.
At the time of this filing, TBI was trading at $8.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $233.8M. The 52-week trading range was $3.18 to $8.90. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.