TrueBlue's Q2 revenue climbs 12%, but margin erosion and impairment charges weigh on the bottom line
TBI has more than doubled off its 52-week low of $3.18.
Summary
TrueBlue's Q2 2026 revenue rose 12% to $443M, but gross margin fell to 20.7% and a $3.7M goodwill impairment contributed to a $3.4M net loss.
Key Events · Earnings and Guidance · TBI
-
Revenue Growth but Margin Compression
Q2 revenue grew 11.8% to $443M, but gross margin contracted 290 bps to 20.7% due to higher workers' comp costs and a shift toward lower-margin staffing.
-
Goodwill Impairment Charge
A $3.7M non-cash goodwill impairment was recorded for the HSP reporting unit, driven by downward revisions to future projections and a higher cost of capital.
-
Headquarters Write-Down
A $3.0M non-cash loss was recognized on the Tacoma headquarters held for sale, reflecting a revised fair value estimate of $8.7M.
-
Liquidity and Debt
Total liquidity stood at $79.5M ($23.3M cash + $56.2M unused revolver), but long-term debt increased to $82.4M from $65.8M at year-end.
Analysis · TBI · Trade & Services
A 12% jump in Q2 revenue to $443M, fueled by energy and commercial driving, was overshadowed by a sharp gross margin decline to 20.7% from 23.6% a year ago. Higher workers' compensation costs and a mix shift toward lower-margin staffing businesses squeezed profitability. The quarter also absorbed a $3.0M non-cash loss on the Tacoma headquarters held for sale and a $3.7M goodwill impairment charge for the HSP unit, pushing the net loss to $3.4M. While the top-line growth signals recovering demand, the margin erosion and impairment charges raise concerns about the quality of earnings and the carrying value of recent acquisitions. Liquidity remains adequate at $79.5M, but debt has risen to $82.4M.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 28.9% of the 1668 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
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 negative market sentiment and an importance score of 7 out of 10.