TBI
TrueBlue, Inc.4.8300
+0.0300+0.63%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Margin upside, energy details surface
Q&A surfaced granular margin upside, with incremental margins eyed north of historical 15-20% as demand rebounds, while energy now claims 15% of revenue—up from 10%—bolstered by multimillion-dollar wins and a healthy pipeline spanning renewables and beyond. Renewables, a third of PeopleReady, carry pass-through costs dragging gross margins yet deliver high EBITDA. No M&A pursuit; cash flow positivity trumps tuck-ins. Pricing pressure persists—pay up 3.8%, bills 2.5%—but discipline reins it in. Organic trends stabilized sequentially outside skilled lines, though customers stay cautious. Energy durability matters next.
Key Stats
Market Cap
144.61MP/E (TTM)
-Basic EPS (TTM)
-0.97Dividend Yield
0%Recent Filings
8-K
Q4 revenue up 8%
10-K
FY2025 results
TrueBlue's FY2025 revenue climbed 3.1% to $1.6B, fueled by the early-year Healthcare Staffing Professionals acquisition and gains in skilled trades like energy and driving, yet gross margins shrank 310bps to 22.8% from mix shift and weaker workers' comp adjustments. Q4 saw a $18.4M non-cash hit from impairing Chicago office assets amid hybrid work push, while SG&A fell 9.7% on cost cuts; net loss narrowed to $48M from $126M. PeopleSolutions soared 19.8% on acquisition strength, PeopleReady edged up 1.8%, PeopleManagement flat at 0.4%. Debt hit $65.8M with $92M liquidity; $33.5M remains for buybacks. Economic softness crimps contingent demand.
8-K
TrueBlue converts to ABL facility
TrueBlue switched its $255M cash-flow revolver to a $175M asset-based facility on January 30, 2026, swapping financial covenants for a borrowing base of 90% investment-grade accounts plus 85% non-investment-grade plus 80% unbilled, less reserves. Lenders approved after confirming $50M excess availability as of December 31, 2025. Line shrinks but retains $150M accordion option.
8-K
Capone named Chief Accounting Officer
TrueBlue appointed Brian Capone as Senior Vice President and Chief Accounting Officer effective January 12, 2026, succeeding Carl Schweihs, who remains CFO. Capone brings extensive experience from Avaya, embecta, and Cantel. He gets $315,000 base salary, plus future equity and cash incentives. Smooth transition. No conflicts disclosed.
8-K
TrueBlue counters EHS nominations
TrueBlue fired back at EHS Management's director nominations for the 2026 annual meeting, spotlighting recent board additions of William Greenblatt and William Seward plus two planned retirements. The company touts its strategic push into skilled markets, cost cuts, and digital upgrades for profitable growth. Proxy fight brews. Shareholders need do nothing yet.
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