Companies · TBI
TrueBlue, Inc.
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Latest analysis
Updated Nov 4, 2026
TrueBlue posts 21% Q3 revenue growth; energy doubling and OnDemand inflection signal margin expansion ahead
TrueBlue delivered $521M in Q3 revenue, up 21% YoY and well above guidance, driven by energy project work doubling and PeopleReady OnDemand posting its second consecutive quarter of growth following strategic sales investments. Despite gross margin compression to 20.5% from 22.7% due to outsized energy mix (lower pass-through margins but higher absolute profitability), operating leverage surged with SG&A down 3% on 21% revenue growth, producing adjusted EBITDA of $21M (up from $11M) and signaling the operational discipline required to sustain expansion. Management guides Q4 revenue 20–24% YoY, implying PeopleReady segment growth of 37% at the high end, as wins in OnSite and skilled trades compound through 2027.
Tone: bullishRevenue
$1.6B
TBI 10-K · FY 2025
Employees
3,500
Revenue growth YoY
+3.1%
Founded
1989
Profile
TBI 10-K Item 1 · Feb 18, 2026TrueBlue, Inc. is a Tacoma-based provider of specialized workforce solutions operating across three segments: PeopleReady (contingent general and skilled labor), PeopleManagement (on-site workforce management and commercial driving), and PeopleSolutions (RPO, MSP, talent advisory, and healthcare staffing). The company connects employers with contingent and permanent talent across the U.S., Canada, the U.K., and Australia, supported by proprietary technology platforms including JobStack, Stafftrack, and Affinix.
Read filing description ↓ Collapse description ↑
TrueBlue, Inc. began operations in 1989 and is a leading provider of specialized workforce solutions that connect employers and talent. Backed by decades of experience, an extensive national footprint, expansive talent network, deep local market insight, and global recruitment process outsourcing ('RPO') reach, TrueBlue delivers total workforce solutions helping clients improve quality, streamline operations and meet evolving talent demands. In fiscal 2025, we connected approximately 291,000 people with work and served approximately 53,000 clients. Our operations are managed as three business segments: PeopleReady, PeopleManagement and PeopleSolutions. PeopleReady provides clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce, across a broad range of industries including construction, transportation, manufacturing, retail, hospitality and energy. PeopleManagement provides and manages contingent associates at clients' facilities through our Staff Management | SMX and SIMOS Insourcing Solutions branded services, specializing in labor-intensive manufacturing, warehousing and distribution, as well as commercial driving through our Centerline Drivers brand. PeopleSolutions provides RPO, managed service provider solutions and talent advisory services through our PeopleScout brand, as well as healthcare staffing through our Healthcare Staffing Professionals brand. Our business strategy is focused on accelerating business growth to capture market share, while enhancing our long-term profitability through enhancing our sales function, expansion in high-growth and under-penetrated end markets, and accelerating innovation with technology and operational excellence.
Primary products
- On-demand contingent general and skilled labor staffing (PeopleReady)
- JobStack mobile app
- PeopleReady Skilled Trades
- RenewableWorks
- Stafftrack hiring and workforce management software
- Staff Management | SMX on-site workforce management
Business segments
End markets
Geographies
“We have a competitive advantage from our service history, our specialized approach in serving the industries of our clients, and our mobile apps, which connect associates with jobs and create virtual marketplaces between our associates and clients.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total company revenue grew 3.1% to $1.6 billion for fiscal year 2025, primarily driven by the acquisition of Healthcare Staffing Professionals, Inc. and growth in skilled businesses, partially offset by declines in on-demand, on-site and permanent hiring.
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