TrueBlue Inc

trueblue.com

What Do They Do?

Connects employers with on-demand general and skilled temporary workers across construction, transportation and manufacturing.

How Do They Make Money?

Clients pay for staffing and recruiting services as they are provided; substantially all contracts have payment terms of 90 days or less, and contingent staffing charges are based on hours worked or units supplied.

revenue

Segment	Share	How money arrives
PeopleReady Usage-based	55% FY2022: 56%	Usage-based
PeopleManagement Usage-based	34% FY2022: 29%	Usage-based
PeopleScout Usage-based	12% FY2022: 14%	Usage-based

Who Are Their Customers?

Employers from small businesses to Fortune 100 companies hire TrueBlue directly for temporary staffing, on-site workforce management and outsourced recruiting, across industries including construction, manufacturing and logistics.

Do Revenues Turn Into Profits?

No. It lost $48M in FY2025.

Operating income, FY2025

−3% of revenue

▼ −50% (Loss) vs FY2024 (−$92.8M, −6%)

Net income, FY2025

−3% of revenue

▼ −62% (Loss) vs FY2024 (−$125.7M, −8%)

Free cash flow, FY2025

−5% of revenue

▲ +79% (Loss) vs FY2024 (−$41.2M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +12%; vs $396.3M in Q2 FY2025
Net income: ▲ +2006% (Loss); vs −$160K in Q2 FY2025

PeopleReady share of revenue vs 53.8% in Q2 FY2025

Shrinking. Revenue fell 26% in 4 years, from $2.2B in FY2021 to $1.6B in FY2025, about 7% a year.

Healthcare staffing added The older report describes PeopleScout as a standalone segment offering recruitment outsourcing, managed services and talent advisory; the latest groups PeopleScout and healthcare staffing under PeopleSolutions, which also places healthcare professionals in temporary and permanent roles.

Revenue over time

PeopleReady PeopleManagement PeopleScout

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025

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