TBI TrueBlue, Inc.

Overview and Growth

Fiscal 2025 results for TrueBlue, Inc. combined $1.62B of revenue with net loss of $47.96M and an operating cash outflow of $58.04M. The $1.62B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 3.1% above fiscal 2024 revenue of $1.57B, marking a year-over-year increase. The company reported diluted EPS of -$1.61, adding a shareholder-level measure to the absolute income figures considered below. The company employed $638.67M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 2.53x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $367.84M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 22.8% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $46.63M operating loss before non-operating and tax effects. The operating loss equaled 2.9% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $47.96M, extending the operating result through all remaining items. Net margin was -3.0%, reflecting a loss equal to 3.0% of reported revenue. Before income taxes, the company recorded a loss of $45.63M, bridging the operating result to the final net loss. The pretax loss equaled 2.8% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $2.33M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 17.5% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 7.5%.

Liquidity and Capital Structure

The company held $638.67M of assets against $364.11M of liabilities and $274.56M of equity, revealing how the asset base was financed. At period end, current assets of $297.61M compared with current liabilities of $138.53M, defining the company’s short-term resource position. The current ratio was 2.15x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $24.51M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 17.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $65.80M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.24x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 10.3%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 57.0%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 3.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $675.38M in fiscal 2024, the current asset base moved 5.4% and finished lower. Book equity was 12.9% lower than fiscal 2024 equity of $315.36M, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $58.04M, rather than cash generation from operations. The company spent $15.68M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $73.72M cash deficit after capital spending for the period. Free-cash-flow margin was -4.6%, reflecting a cash deficit equal to 4.6% of revenue after capital spending. The free-cash-flow deficit equaled 11.5% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 28, 2025. Analysis generated Sep 24, 2026.