TrueBlue, Inc., together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleSolutions. The PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and energy industries. The PeopleManagement segment offers contingent, on-site industrial staffing, and commercial driver services, which includes on-site management and recruitment for the contingent industrial workforce of manufacturing, warehousing, and distribution facilities; and recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries under the Staff Management, SIMOS Insourcing Solutions, and Centerline Drivers brands. The PeopleSolutions segment provides recruitment process outsourcing, talent advisory services, and managed service provider solutions including sourcing, screening, hiring, and onboarding services; operates Affinix, a technology platform for sourcing, screening, and delivering a permanent workforce to its clients; talent advisory solutions, such as employer branding, recruitment marketing, talent insights, candidate assessment, and talent acquisition strategy consulting services; and contingent labor programs, including vendor selection, performance management, compliance monitoring, and risk management. TrueBlue, Inc. was formerly known as Labor Ready, Inc. and changed its name to TrueBlue, Inc. in December 2007. The company was incorporated in 1985 and is headquartered in Tacoma, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.6B | $1M | $-48M | $-74M | -17.5% | 3.1% | - |
| 2024 | $1.6B | $-4M | $-126M | $-41M | -39.9% | -17.8% | - |
| 2023 | $1.9B | $11M | $-14M | $3M | -3.1% | -15.4% | -122.8% |
| 2022 | $2.3B | $101M | $62M | $90M | 12.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,254.18 | 1,906.24 | 1,567.39 | 1,616 |
| Cost Of Revenue | 1,652.04 | 1,400.18 | 1,161 | 1,248.15 |
| Gross Profit | 602.14 | 506.06 | 406.39 | 367.84 |
| Operating Expense | 529.96 | 520.42 | 439.49 | 395.91 |
| Operating Income | 72.19 | -14.37 | -33.10 | -28.07 |
| EBITDA | 101.46 | 11.46 | -3.54 | 0.78 |
| EBIT | 72.19 | -14.37 | -33.10 | -28.07 |
| Pretax Income | 73.42 | -20.64 | -88.52 | -45.63 |
| Tax Provision | 11.14 | -6.47 | 37.22 | 2.33 |
| Net Income | 62.27 | -14.17 | -125.75 | -47.96 |
| Net Income Common Stockholders | 62.27 | -14.17 | -125.75 | -47.96 |
| Total Expenses | 2,182 | 1,920.61 | 1,600.49 | 1,644.07 |
| Selling General And Administration | 500.69 | 494.60 | 410.87 | 371.09 |
| Normalized EBITDA | 101.46 | 20.94 | 56.13 | 19.35 |
| Normalized Income | 62.27 | -7.66 | -78.61 | -33.29 |
| Basic EPS | 1.89 | -0.45 | -4.17 | 0 |
| Diluted EPS | 1.86 | -0.45 | -4.17 | 0 |
| Tax Effect Of Unusual Items | 0 | -2.97 | -12.53 | -3.90 |
| Tax Rate For Calcs | 0.15 | 0.31 | 0.21 | 0.21 |
| Total Unusual Items | 0 | -9.48 | -59.67 | -18.57 |
| Total Unusual Items Excluding Goodwill | 0 | -9.48 | -59.67 | -18.57 |
| Net Income From Continuing Operation Net Minority Interest | 62.27 | -14.17 | -125.75 | -47.96 |
| Reconciled Depreciation | 29.27 | 25.82 | 29.56 | 28.85 |
| Reconciled Cost Of Revenue | 1,652.04 | 1,400.18 | 1,160.06 | 1,244.13 |
| Net Interest Income | 1.23 | 3.21 | 4.25 | 1 |
| Net Income From Continuing And Discontinued Operation | 62.27 | -14.17 | -125.75 | -47.96 |
| Total Operating Income As Reported | 72.19 | -23.85 | -92.78 | -46.63 |
| Diluted Average Shares | 33.45 | 31.32 | 30.18 | 0 |
| Basic Average Shares | 32.89 | 31.32 | 30.18 | 0 |
| Diluted NI Availto Com Stockholders | 62.27 | -14.17 | -125.75 | -47.96 |
| Net Income Including Noncontrolling Interests | 62.27 | -14.17 | -125.75 | -47.96 |
| Net Income Continuous Operations | 62.27 | -14.17 | -125.75 | -47.96 |
| Other Income Expense | 0 | -9.48 | -59.67 | -18.57 |
| Special Income Charges | 0 | -9.48 | -59.67 | -18.57 |
| Impairment Of Capital Assets | 0 | 9.48 | 59.67 | 18.57 |
| Net Non Operating Interest Income Expense | 1.23 | 3.21 | 4.25 | 1 |
| Total Other Finance Cost | -1.23 | -3.21 | -4.25 | -1 |
| Depreciation Amortization Depletion Income Statement | 29.27 | 25.82 | 28.62 | 24.82 |
| Depreciation And Amortization In Income Statement | 29.27 | 25.82 | 28.62 | 24.82 |
| Operating Revenue | 2,254.18 | 1,906.24 | 1,567.39 | 1,616 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TrueBlue, Inc.this co. | TBI | $149M | - | 0.54 | -17.5% | -31.74 |
| HireQuest, Inc. | HQI | $164M | 24.88 | 2.40 | 9.3% | 16.04 |
| NET Power Inc. | NPWR | $161M | - | 0.75 | -108.1% | -0.57 |
| Resources Connection, Inc. | RGP | $140M | - | 0.75 | -92.6% | 11.99 |
| Atlantic International Corp. | ATLN | $140M | - | -3.06 |
| 185.2% |
| -5.02 |
| Mammoth Energy Services, Inc. | TUSK | $138M | - | 0.54 | 1.8% | -1.24 |
| SKYX Platforms Corp. | SKYX | $135M | - | -9.02 | -8118.2% | -6.62 |
| The Eastern Company | EML | $134M | 22.70 | 1.08 | 5.7% | 9.14 |
| DMC Global Inc. | BOOM | $129M | - | 0.53 | -4.2% | 9.35 |
| Peer Median | - | 23.79 | 0.64 | -1.2% | 4.29 | |