# EDGAR Filing Document

**Accession Number:** 0000768899
**File Stem:** 0000768899-25-000112
**Filing Date:** 2025-11
**Character Count:** 67532
**Document Hash:** ccef1003f5ecf5bbee8fd54d88bdbb6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000768899-25-000112.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0000768899-25-000112

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251103

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TrueBlue, Inc.
- **CENTRAL INDEX KEY:** 0000768899
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HELP SUPPLY SERVICES [7363]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 911287341
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14543
- **FILM NUMBER:** 251444206

**BUSINESS ADDRESS:**
- **STREET 1:** 1015 A STREET
- **CITY:** TACOMA
- **STATE:** WA
- **ZIP:** 98402
- **BUSINESS PHONE:** 253-383-9101

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2910
- **STREET 2:** 1015 A. ST.
- **CITY:** TACOMA
- **STATE:** WA
- **ZIP:** 98402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LABOR READY INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DICKS HAMBURGERS INC
- **DATE OF NAME CHANGE:** 19900329

?xml version='1.0' encoding='ASCII'? tbi-20251103

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): November 3, 2025** 

![636706_TB_Logo_CLR_JPG.jpg](tbi-20251103_g1.jpg)

**TrueBlue, Inc.** 

**(Exact Name of Registrant as Specified in Its Charter)**

**Washington** 

**(State or Other Jurisdiction**

**of Incorporation)**

---

| | |
|:---|:---|
| **001-14543** | **91-1287341** |
| **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**1015 A Street, Tacoma, Washington 98402** 

(Address of principal executive offices) (Zip Code)

**Registrant's telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;(253) 383-9101** 

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, no par value** | **TBI** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

------

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On November 3, 2025, TrueBlue, Inc. (the "company") issued a press release (the "Press Release") reporting its financial results for the third quarter ended September 28, 2025, and certain outlook information for the fourth quarter and fiscal year 2025, a copy of which is attached hereto as Exhibit 99.1 and the contents of which are incorporated herein by this reference. Also attached to this report as Exhibit 99.2 is a slide presentation relating to the financial results for the third quarter and fiscal year ended September 28, 2025 (the "Earnings Results Presentation"), which will be discussed by management of the company on a live conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Monday, November 3, 2025. The Earnings Results Presentation is also available on the company's website at www.trueblue.com.

In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Press Release and the Earnings Results Presentation) shall not be deemed "Filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Press Release or the Earnings Results Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

We are also attaching our Investor Roadshow Presentation to this report as Exhibit 99.3, which we will reference in our Q3 2025 earnings results discussion and which may be used in future investor conferences. The Investor Roadshow Presentation is also available on the company's website at www.trueblue.com.

In accordance with General Instruction B.2. of Form 8-K, the information contained above in this report (including the Investor Roadshow Presentation) shall not be deemed "Filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall the Investor Roadshow Presentation be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed a determination or an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)Exhibits**

---

| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** | **Filed Herewith** |
| 99.1 | <u>[Press Release dated November 3, 2025](a3q2025pressrelease.htm)</u> | X |
| 99.2 | <u>[Earnings Results Presentation for](a3q2025earningspresentat.htm)[November](a3q2025earningspresentat.htm)[3](a3q2025earningspresentat.htm)[, 2025 conference call](a3q2025earningspresentat.htm)</u> | X |
| 99.3 | <u>[Investor Roadshow Presentation](a2025-11_investorxroadsh.htm)</u> | X |
| 104 | Cover page interactive data file - The cover page from this Current Report on Form 8-K is formatted as Inline XBRL | X |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | TRUEBLUE, INC. | TRUEBLUE, INC. |
| | | (Registrant) | (Registrant) |
| Date: | November 3, 2025 | By: | */s/ Carl R. Schweihs* |
|  |  |  | **Carl R. Schweihs** |
|  |  |  | **Chief Financial Officer and Executive Vice President** |

---

## Exhibit 99.1

**TRUEBLUE REPORTS THIRD QUARTER 2025 RESULTS**

**TACOMA, WASH. - Nov. 3, 2025** -- TrueBlue (NYSE:TBI) today announced its third quarter results for 2025.

**Third Quarter 2025 Financial Highlights**

• Revenue of $431 million, up 13 percent compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $14 million of revenue from the January HSP acquisition

• Net loss of $2 million improved from net loss of $8 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ SG&A expense improved 8 percent to $92 million compared to $100 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA<sup>1</sup> increased to $11 million compared to $5 million in the prior year period

• Cash of $20 million, debt of $68 million and $75 million of borrowing availability, for total liquidity of $95 million at period end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased working capital by $19 million during the quarter.

**Commentary**

"Our third quarter performance exceeded expectations as business trends continued to stabilize and we gained traction with our strategic focus," said Taryn Owen, President and CEO of TrueBlue. "We've made meaningful progress advancing our growth strategy, including enhanced performance in attractive end markets, most notably within our skilled businesses where energy sector revenue more than doubled and our commercial driver business delivered its fifth consecutive quarter of double-digit growth."

Ms. Owen continued, "This quarter underscores the progress we're making on our long-term enterprise strategy, as we continue to strengthen performance, anticipate market shifts, and advance toward sustainable, profitable growth. Our key priorities are taking hold as we further expand in high-growth markets, accelerate our digital transformation, and optimize our sales function to capitalize on growth opportunities and deliver greater shareholder value as the market rebounds."

**Results**

Third quarter revenue was $431 million, an increase of 13 percent compared to revenue of $382 million in the third quarter of 2024. Net loss per diluted share was $0.06 compared to net loss per diluted share of $0.26 in the prior year period. Adjusted net income<sup>1</sup> per diluted share was $0.03 compared to adjusted net loss per diluted share of $0.11 in the prior year period.

**2025 Outlook**

TrueBlue is providing certain forward-looking information to help investors form their estimates, which can be found in the quarterly earnings presentation filed today.

Management will discuss third quarter 2025 results on a webcast at 2:00 p.m. PT (5:00 p.m. ET), today, Monday, **Nov. 3, 2025**.

The quarterly earnings presentation and webcast can be accessed on the Investor Relations section of the TrueBlue website: investor.trueblue.com.

**About TrueBlue**

------

<sup>1</sup> Refer to the financial statements accompanying this release for more information regarding non-GAAP terms.

**Forward-looking statements and non-GAAP financial measures**

This document contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer ("Offer") to purchase the shares of the Company, actions taken by the Company or its stockholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company's business, or other developments involving such an Offer and the activist shareholders or others who disagree with the composition of the board, our strategy, or the way the Company is managed; (3) our ability to maintain profit margins, (4) our ability to attract and retain clients, (5) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (6) our ability to successfully execute on business strategies and further digitalize our business model, (7) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (8) new laws, regulations, and government incentives that could affect our operations or financial results, (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (10) our ability to successfully integrate acquired businesses, and (11) the timing and amount of common stock repurchases, if any, which will be determined at management's discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC.

In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our U.S. GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

**Contact**

Investor Relations

InvestorRelations@trueblue.com

------

**TRUEBLUE, INC.**

**SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS**

***(Unaudited)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **13 weeks ended** | **13 weeks ended** | **39 weeks ended** | **39 weeks ended** |
|<br>***(in thousands, except per share data)*** | **Sep 28, 2025** | **Sep 29, 2024** | **Sep 28, 2025** | **Sep 29, 2024** |
| Revenue from services | $**431266** | $382357 | $**1197819** | $1181440 |
| Cost of services | **333374** | 282320 | **920021** | 877594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **97892** | 100037 | **277798** | 303846 |
| Selling, general and administrative expense | **91728** | 99973 | **276147** | 303928 |
| Depreciation and amortization | **6310** | 6967 | **18661** | 22616 |
| Goodwill and intangible asset impairment charge | **—** |  | **200** | 59674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | **(146)** | (6903) | **(17210)** | (82372) |
| Interest and other income (expense), net | **(1059)** | 521 | **2037** | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss before tax expense** | **(1205)** | (6382) | **(15173)** | (78511) |
| Income tax expense | **711** | 1253 | **1251** | 35532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | $**(1916)** | $(7635) | $**(16424)** | $(114043) |
| **Net loss per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**(0.06)** | $(0.26) | $**(0.55)** | $(3.75) |
| &nbsp;&nbsp;&nbsp;Diluted | $**(0.06)** | $(0.26) | $**(0.55)** | $(3.75) |
| **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **29896** | 29704 | **29817** | 30384 |
| &nbsp;&nbsp;&nbsp;Diluted | **29896** | 29704 | **29817** | 30384 |

---

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**TRUEBLUE, INC.**

**SUMMARY CONSOLIDATED BALANCE SHEETS**

***(Unaudited)*** 

---

| | | |
|:---|:---|:---|
| ***(in thousands)*** | **Sep 28, 2025** | **Dec 29, 2024** |
| **ASSETS** | | |
| Cash and cash equivalents | $**19893** | $22536 |
| Accounts receivable, net | **251873** | 214704 |
| Other current assets | **41476** | 39853 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **313242** | 277093 |
| Property and equipment, net | **81843** | 89602 |
| Restricted cash, cash equivalents and investments | **149691** | 179916 |
| Goodwill and intangible assets, net | **61027** | 30406 |
| Other assets, net | **84724** | 98359 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**690527** | $675376 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Accounts payable and other accrued expenses | $**39447** | $45599 |
| Accrued wages and benefits | **67395** | 61380 |
| Current portion of workers' compensation claims reserve | **27805** | 34729 |
| Other current liabilities | **21055** | 18417 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **155702** | 160125 |
| Workers' compensation claims reserve, less current portion | **75090** | 105063 |
| Long-term debt, less current portion | **68200** | 7600 |
| Other long-term liabilities | **87196** | 87229 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **386188** | 360017 |
| Shareholders' equity | **304339** | 315359 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**690527** | $675376 |

---

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**TRUEBLUE, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(Unaudited)***

---

| | | |
|:---|:---|:---|
| | **39 weeks ended** | **39 weeks ended** |
|<br>***(in thousands)*** | **Sep 28, 2025** | **Sep 29, 2024** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;Net loss | $**(16424)** | $(114043) |
| &nbsp;&nbsp;**Adjustments to reconcile net loss to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization (inclusive of depreciation included in cost of services) | **21657** | 22616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and intangible asset impairment charge | **200** | 59674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **1119** | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **5629** | 5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(356)** | 34694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | **8291** | 9145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | **(3643)** | (5052) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(24411)** | 25802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable and payable | **3151** | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | **5233** | 8719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued expenses | **(7693)** | (18771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages and benefits | **(4355)** | (15640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workers' compensation claims reserve | **(36898)** | (30069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | **(8614)** | (9236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **3440** | 1500 |
| **Net cash used in operating activities** | **(53674)** | (23189) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | **(12552)** | (18874) |
| &nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | **(30181)** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from business divestiture, net | **400** | 2928 |
| &nbsp;&nbsp;&nbsp;Payments for company-owned life insurance | **(2)** | (4000) |
| &nbsp;&nbsp;&nbsp;Purchases of restricted held-to-maturity investments | **(3935)** | (10180) |
| &nbsp;&nbsp;&nbsp;Maturities of restricted held-to-maturity investments | **30178** | 28688 |
| **Net cash used in investing activities** | **(16092)** | (1438) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases and retirement of common stock | **—** | (21301) |
| &nbsp;&nbsp;&nbsp;Net proceeds from employee stock purchase plans | **363** | 564 |
| &nbsp;&nbsp;&nbsp;Common stock repurchases for taxes upon vesting of restricted stock | **(973)** | (2221) |
| &nbsp;&nbsp;&nbsp;Net change in revolving credit facility | **60600** |  |
| &nbsp;&nbsp;&nbsp;Other | **(401)** | (1807) |
| **Net cash provided by (used in) financing activities** | **59589** | (24765) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | **(134)** | (638) |
| **Net change in cash, cash equivalents, and restricted cash and cash equivalents** | **(10311)** | (50030) |
| **Cash, cash equivalents and restricted cash and cash equivalents, beginning of period** | **61100** | 99306 |
| **Cash, cash equivalents and restricted cash and cash equivalents, end of period** | $**50789** | $49276 |

---

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**TRUEBLUE, INC.**

**SEGMENT DATA** 

***(Unaudited)***

---

| | | |
|:---|:---|:---|
| | **13 weeks ended** | **13 weeks ended** |
|<br>***(in thousands)*** | **Sep 28, 2025** | **Sep 29, 2024** |
| **Revenue from services:** | | |
| &nbsp;&nbsp;&nbsp;PeopleReady | $**251436** | $214792 |
| &nbsp;&nbsp;&nbsp;PeopleManagement | **132863** | 130852 |
| &nbsp;&nbsp;PeopleSolutions (1) | **46967** | 36713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total company** | $**431266** | $382357 |
| **Segment profit** (2): |  |  |
| &nbsp;&nbsp;&nbsp;PeopleReady | $**8099** | $3043 |
| &nbsp;&nbsp;&nbsp;PeopleManagement | **4552** | 3278 |
| &nbsp;&nbsp;PeopleSolutions | **4185** | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment profit** | **16836** | 8863 |
| &nbsp;&nbsp;&nbsp;Corporate unallocated expense | **(6194)** | (4184) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total company Adjusted EBITDA** (3) | **10642** | 4679 |
| &nbsp;&nbsp;Third-party processing fees for hiring tax credits (4) | **(60)** | 30 |
| &nbsp;&nbsp;Amortization of software as a service assets (5) | **(1063)** | (1615) |
| &nbsp;&nbsp;&nbsp;Acquisition/integration costs | **(42)** |  |
| &nbsp;&nbsp;Workforce reduction costs (6) | **(527)** | (2809) |
| &nbsp;&nbsp;PeopleReady technology upgrade costs (7) | **—** | (65) |
| &nbsp;&nbsp;&nbsp;Other adjustments, net (8) | **(1751)** | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;**EBITDA** (2) | **7199** | 64 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (9) | **(7345)** | (6967) |
| &nbsp;&nbsp;Interest and other income (expense), net | **(1059)** | 521 |
| &nbsp;&nbsp;&nbsp;Loss before tax expense | **(1205)** | (6382) |
| &nbsp;&nbsp;&nbsp;Income tax expense | **(711)** | (1253) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | $**(1916)** | $(7635) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)PeopleSolutions segment includes previously reported PeopleScout segment as well as Healthcare Staffing Professionals Inc. acquired on January 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit (loss) excludes depreciation and amortization expense, unallocated corporate general and administrative expense, interest expense, other income, income taxes, and other adjustments not considered to be ongoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)See the Non-GAAP Financial Measures table on the next page for definitions of EBITDA and Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)These third-party processing fees are associated with generating hiring tax credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Amortization of software as a service assets is reported in selling, general and administrative expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Workforce reduction costs of $0.5 million for the 13 weeks ended September 28, 2025 were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense. Workforce reduction costs of $2.8 million for the 13 weeks ended September 29, 2024 were reported as $0.2 million in cost of services and $2.6 million in selling, general and administrative expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Costs associated with upgrading legacy PeopleReady technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Other adjustments for the 13 weeks ended September 28, 2025 include non-routine professional fees and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Includes software depreciation reported in cost of services.

------

**TRUEBLUE, INC.**

**NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS** 

In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

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| | | |
|:---|:---|:---|
| **Non-GAAP measure** | **Definition** | **Purpose of adjusted measures** |
| ***Adjusted net income (loss) and<br>Adjusted net income (loss) per diluted share*** | Net loss and net loss per diluted share, excluding:<br>–gain on divestiture,<br>–amortization of intangibles,<br>–acquisition/integration costs,<br>–workforce reduction costs,<br>–PeopleReady technology upgrade costs,<br>–other adjustments, net, and<br>–tax effect of the adjustments and deferred tax asset valuation allowance. | &nbsp;&nbsp;&nbsp;–Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.<br>–Used by management to assess performance and effectiveness of our business strategies. <br>–Provides a measure, among others, used in the determination of incentive compensation for management. |
| ***EBITDA and <br>Adjusted EBITDA*** | &nbsp;&nbsp;&nbsp;EBITDA excludes from net loss:<br>–income tax expense,<br>–interest and other (income) expense, net, and<br>–depreciation and amortization.<br>Adjusted EBITDA further excludes: <br>–third-party processing fees for hiring tax credits,<br>–amortization of software as a service assets,<br>–acquisition/integration costs,<br>–workforce reduction costs,<br>–PeopleReady technology upgrade costs, and<br>–other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.<br>–Used by management to assess performance and effectiveness of our business strategies. <br>–Provides a measure, among others, used in the determination of incentive compensation for management. |
| ***Adjusted SG&A expense*** | &nbsp;&nbsp;&nbsp;Selling, general and administrative expense excluding:<br>–third-party processing fees for hiring tax credits,<br>–amortization of software as a service assets,<br>–acquisition/integration costs,<br>–workforce reduction costs,<br>–PeopleReady technology upgrade costs, and<br>–other adjustments, net. | –Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. |

---

------

**1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE** 

**(*Unaudited*)**

---

| | | | |
|:---|:---|:---|:---|
| | **13 weeks ended** | **13 weeks ended** | **13 weeks ended** |
|<br>***(in thousands, except for per share data)*** | **Sep 28, 2025** | **Sep 28, 2025** | **Sep 29, 2024** |
| Net loss | **$** | **(1916)** | (7635) |
| Gain on divestiture | **—** | **—** | 29 |
| Amortization of intangible assets | **650** | **650** | 672 |
| Acquisition/integration costs | **42** | **42** |  |
| Workforce reduction costs (1) | **527** | **527** | 2809 |
| PeopleReady technology upgrade costs (2) | **—** | **—** | 65 |
| Other adjustments, net (3) | **1751** | **1751** | 156 |
| Tax effect of adjustments and deferred tax asset valuation allowance (4) | **—** | **—** | 573 |
| &nbsp;&nbsp;&nbsp;**Adjusted net income (loss)** | **$** | **1054** | (3331) |
| &nbsp;&nbsp;&nbsp;**Adjusted net income (loss) per diluted share** | **$** | **0.03** | (0.11) |
| **Diluted weighted average shares outstanding** | **30283** | **30283** | 29704 |
| **Margin / % of revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | **(0.4)%** | **(0.4)%** | (2.0)% |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) | **0.2%** | **0.2%** | (0.9)% |

---

**2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA** 

**(*Unaudited*)**

---

| | | |
|:---|:---|:---|
| | **13 weeks ended** | **13 weeks ended** |
|<br>***(in thousands)*** | **Sep 28, 2025** | **Sep 29, 2024** |
| Net loss | **(1916)** | (7635) |
| Income tax expense | **711** | 1253 |
| Interest and other (income) expense, net | **1059** | (521) |
| Depreciation and amortization (5) | **7345** | 6967 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **7199** | 64 |
| Third-party processing fees for hiring tax credits (6) | **60** | (30) |
| Amortization of software as a service assets (7) | **1063** | 1615 |
| Acquisition/integration costs | **42** |  |
| Workforce reduction costs (1) | **527** | 2809 |
| PeopleReady technology upgrade costs (2) | **—** | 65 |
| Other adjustments, net (3) | **1751** | 156 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **10642** | 4679 |
| **Margin / % of revenue:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | **(0.4)%** | (2.0)% |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | **2.5%** | 1.2% |

---

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**3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **13 weeks ended** | **13 weeks ended** | **13 weeks ended** | **13 weeks ended** |
|<br>***(in thousands)*** | **Sep 28, 2025** | **Sep 28, 2025** | **Sep 29, 2024** | **Sep 29, 2024** |
| Selling, general and administrative expense | **$** | **91728** | $| 99973 |
| Third-party processing fees for hiring tax credits (6) | **(60)** | **(60)** | 30 | 30 |
| Amortization of software as a service assets (7) | **(1063)** | **(1063)** | (1615) | (1615) |
| Acquisition/integration costs | **(42)** | **(42)** |  |  |
| Workforce reduction costs (1) | **(374)** | **(374)** | (2601) | (2601) |
| PeopleReady technology upgrade costs (2) | **—** | **—** | (65) | (65) |
| Other adjustments, net (3) | **(1751)** | **(1751)** | (156) | (156) |
| &nbsp;&nbsp;&nbsp;**Adjusted SG&A expense** | **$** | **88438** | $| 95566 |
| **% of revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expense | **21.3%** | **21.3%** | 26.1% | 26.1% |
| &nbsp;&nbsp;&nbsp;Adjusted SG&A expense | **20.5%** | **20.5%** | 25.0% | 25.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Workforce reduction costs of $0.5 million for the 13 weeks ended September 28, 2025 were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense. Workforce reduction costs of $2.8 million for the 13 weeks ended September 29, 2024 were reported as $0.2 million in cost of services and $2.6 million in selling, general and administrative expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Costs associated with upgrading legacy PeopleReady technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Other adjustments for the 13 weeks ended September 28, 2025 include non-routine professional fees and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended September 28, 2025 and September 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 13 weeks ended September 29, 2024, a valuation allowance of $0.6 million was recorded against our foreign deferred tax assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Includes software depreciation reported in cost of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)These third-party processing fees are associated with generating hiring tax credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Amortization of software as a service assets is reported in selling, general and administrative expense.

## Exhibit 99.2

![](a3q2025earningspresentat001.jpg)

Q3 2025 EARNINGS

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![](a3q2025earningspresentat002.jpg)

2 Forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer ("Offer") to purchase the shares of the Company, actions taken by the Company or its stockholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company's business, or other developments involving such an Offer and the activist shareholders or others who disagree with the composition of the board, our strategy, or the way the Company is managed; (3) our ability to maintain profit margins, (4) our ability to attract and retain clients, (5) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (6) our ability to successfully execute on business strategies and further digitalize our business model, (7) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (8) new laws, regulations, and government incentives that could affect our operations or financial results, (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (10) our ability to successfully integrate acquired businesses, and (11) the timing and amount of common stock repurchases, if any, which will be determined at management's discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated. In addition, we use several non-GAAP financial measures when presenting our financial results in this presentation. Please refer to the reconciliations between our U.S. GAAP and non-GAAP financial measures in the appendix to this presentation and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

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![](a3q2025earningspresentat003.jpg)

3 Q3 2025 Overview Total revenue was $431 million, up 13% vs. prior year ▪ Organic1 revenue grew 9% ▪ Building off stabilizing business trends and delivering double-digit growth in our skilled businesses Net loss of $2 million improved from net loss of $8 million in Q3 2024 ▪ Gross margin was down 4 percentage points primarily due to changes in business mix with outsized growth in renewable energy work and, as expected, lower workers' compensation benefit from prior year reserves ▪ SG&A improved 8% driven by disciplined cost management ▪ Adjusted EBITDA2 increased to $11 million v. $5 million in Q3 2024 Solid liquidity position ▪ Cash of $20 million, debt of $68 million and $75 million of borrowing availability for total liquidity of $95 million ▪ Increased working capital by $19 million during the quarter 1 Organic results exclude the impact of Healthcare Staffing Professionals, acquired Jan. 31, 2025. 2 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods.

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![](a3q2025earningspresentat004.jpg)

4 Financial summary Amounts in millions, except per share data Q3 2025 Q3 2024 Change Revenue $431 $382 +13 % 9% organic1 Net loss -$1.9 -$7.6 NM Net loss per diluted share -$0.06 -$0.26 NM Net loss margin -0.4 % -2.0 % +160 bps Adjusted net income (loss)2 $1.1 -$3.3 NM Adj. net income (loss) per diluted share $0.03 -$0.11 NM Adj. net income (loss) margin 0.2 % -0.9 % +110 bps Adjusted EBITDA $10.6 $4.7 +127 % Adjusted EBITDA margin 2.5 % 1.2 % +130 bps NM - Not meaningful 1 Organic results exclude the impact of Healthcare Staffing Professionals, acquired Jan. 31, 2025. 2 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.

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![](a3q2025earningspresentat005.jpg)

5 Gross margin and SG&A bridges Gr os s m ar gi n 26.2% -1.9% -1.4% -0.2% 22.7% Q3 2024 Mix Workers' Compensation Software depreciation Q3 2025 SG &A $100 -$7 -$1 $92 Q3 2024 Core business Q3 2025 Amounts in millions 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer to the adjusted EBITDA reconciliation in the appendix to this presentation for more information. Adjusted EBITDA exclusions1

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![](a3q2025earningspresentat006.jpg)

6 Q3 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $251 $133 $47 % Change +17% +2% +28% Segment profit1 $8 $5 $4 % Change +166% +39% +65% % Margin 3.2% 3.4% 8.9% Change +180 bps +90 bps +200 bps Notes: ▪ Revenue: • Outperformance in our skilled business and the energy vertical specifically, paired with overall stabilizing business trends ▪ Margin: ▪ Expansion primarily due to disciplined cost management and improved operating leverage as revenue increased ▪ Revenue: • Growth in commercial driving services partially offset by lower on-site client volumes • Momentum building with on-site business securing $27M in annualized new business wins ▪ Margin: ▪ Expansion due to disciplined cost management and improved operating leverage as revenue increased ▪ Revenue: • -11% on an organic basis2 with HSP contributing $14 million • Reduced client hiring volumes due to uncertainty around workforce needs ▪ Margin: ▪ Expansion primarily due to strategic cost actions 1 We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. 2 Organic results exclude the impact of Healthcare Staffing Professionals, acquired Jan. 31, 2025.

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![](a3q2025earningspresentat007.jpg)

7 Solid balance sheet with ample liquidity $0 $0 -$8 -$68 $293 $86 $119 $75 $72 $62 $23 $20 Debt Borrowing availability Cash 2022 2023 2024 Q3 2025 Amounts in millions Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant. 2 Buyback ratio calculated as the dollar value of share repurchases during the period divided by our market capitalization at the beginning of the fiscal period. Liquidity Share repurchases 1 $61 $34 $21 $0 6% 5% 4% —% Share repurchases Buyback ratio 2022 2023 2024 YTD Q3 2025 2

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![](a3q2025earningspresentat008.jpg)

Outlook

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![](a3q2025earningspresentat009.jpg)

9 Select outlook information Item Q4 2025 Commentary Revenue $399M to $424M +4% to +10% vs. prior year Assumes current market conditions continue into Q4 and includes +4 percentage points of inorganic growth from the acquisition of HSP. Gross margin -410 to -370 bps vs. prior year Gross margin decline due primarily to prior year workers' compensation reserve adjustments not expected to repeat at the same level and changes in business mix. Refer to the EBITDA adjustments below for additional information on expected costs. SG&A $91M to $95M -15% to -11% vs. prior year Reduction in core SG&A driven by disciplined cost management. Refer to the EBITDA adjustments below for additional information on expected expense. EBITDA adjustments1 $3M • $1M in SaaS amortization included in SG&A • $1M in software depreciation included in cost of services • $1M in other SG&A adjustments Shares 29.9M Reflects approximate basic weighted average shares outstanding and does not include the impact of any potential share repurchases. Item FY 2025 Commentary CapEx2 $17M to $19M Depreciation expected to be $25M to $27M and includes $4M of software depreciation reported in cost of services. Income Tax Expense $1M to $3M Minimal income tax expense expected due to the valuation allowance in effect. 1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 2 Includes planned investments in software as a service (SaaS) assets capitalized in other long-term assets with the related amortization recorded in SG&A.

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![](a3q2025earningspresentat010.jpg)

Appendix

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![](a3q2025earningspresentat011.jpg)

11 NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP measure Definition Purpose of adjusted measures Adjusted net income (loss) and Adjusted net income (loss) per diluted share Net loss and net loss per diluted share, excluding: – gain on divestiture, – amortization of intangibles, – acquisition/integration costs, – workforce reduction costs, – PeopleReady technology upgrade costs, – other adjustments, net, and – tax effect of the adjustments and deferred tax asset valuation allowance. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. EBITDA and Adjusted EBITDA EBITDA excludes from net loss: – income tax expense, – interest and other (income) expense, net, and – depreciation and amortization. Adjusted EBITDA further excludes: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – acquisition/integration costs, – workforce reduction costs, – PeopleReady technology upgrade costs, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. – Used by management to assess performance and effectiveness of our business strategies. – Provides a measure, among others, used in the determination of incentive compensation for management. Adjusted SG&A expense Selling, general and administrative expense excluding: – third-party processing fees for hiring tax credits, – amortization of software as a service assets, – acquisition/integration costs, – workforce reduction costs, – PeopleReady technology upgrade costs, and – other adjustments, net. – Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

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![](a3q2025earningspresentat012.jpg)

12 1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Sep 28, 2025 Sep 29, 2024 Net loss $(1,916) $(7,635) Gain on divestiture — 29 Amortization of intangible assets 650 672 Acquisition/integration costs 42 — Workforce reduction costs (1) 527 2,809 PeopleReady technology upgrade costs (2) — 65 Other adjustments, net (3) 1,751 156 Tax effect of adjustments and deferred tax asset valuation allowance (4) — 573 Adjusted net income (loss) $1,054 $(3,331) Adjusted net income (loss) per diluted share $0.03 $(0.11) Diluted weighted average shares outstanding 30,283 29,704 Margin / % of revenue: Net loss (0.4) % (2.0) % Adjusted net income (loss) 0.2 % (0.9) % Refer to the last slide of the appendix for footnotes.

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![](a3q2025earningspresentat013.jpg)

13 2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 28, 2025 Sep 29, 2024 Net loss $(1,916) $(7,635) Income tax expense 711 1,253 Interest and other (income) expense, net 1,059 (521) Depreciation and amortization (5) 7,345 6,967 EBITDA 7,199 64 Third-party processing fees for hiring tax credits (6) 60 (30) Amortization of software as a service assets (7) 1,063 1,615 Acquisition/integration costs 42 — Workforce reduction costs (1) 527 2,809 PeopleReady technology upgrade costs (2) — 65 Other adjustments, net (3) 1,751 156 Adjusted EBITDA $10,642 $4,679 Margin / % of revenue: Net loss (0.4) % (2.0) % Adjusted EBITDA 2.5 % 1.2 %

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![](a3q2025earningspresentat014.jpg)

14 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 28, 2025 Sep 29, 2024 Selling, general and administrative expense $91,728 $99,973 Third-party processing fees for hiring tax credits (6) (60) 30 Amortization of software as a service assets (7) (1,063) (1,615) Acquisition/integration costs (42) — Workforce reduction costs (1) (374) (2,601) PeopleReady technology upgrade costs (2) — (65) Other adjustments, net (3) (1,751) (156) Adjusted SG&A expense $88,438 $95,566 % of revenue: Selling, general and administrative expense 21.3 % 26.1 % Adjusted SG&A expense 20.5 % 25.0 %

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![](a3q2025earningspresentat015.jpg)

15 Footnotes: 1. Workforce reduction costs of $0.5 million for the 13 weeks ended September 28, 2025 were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense. Workforce reduction costs of $2.8 million for the 13 weeks ended September 29, 2024 were reported as $0.2 million in cost of services and $2.6 million in selling, general and administrative expense. 2. Costs associated with upgrading legacy PeopleReady technology. 3. Other adjustments for the 13 weeks ended September 28, 2025 include non-routine professional fees and other expenses. 4. The tax effect includes the application of our statutory rate of 26% to all taxable / deductible adjustments. For the 13 weeks ended September 28, 2025 and September 29, 2024, there was no tax effect associated with the adjustments due to the valuation allowance recorded against our deferred tax assets. For the 13 weeks ended September 29, 2024, a valuation allowance of $0.6 million was recorded against our foreign deferred tax assets. 5. Includes software depreciation reported in cost of services. 6. These third-party processing fees are associated with generating hiring tax credits. 7. Amortization of software as a service assets is reported in selling, general and administrative expense.

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## Exhibit 99.3

![](a2025-11_investorxroadsh001.jpg)

November 2025 Investor Roadshow Presentation

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![](a2025-11_investorxroadsh002.jpg)

2 Forward-Looking Statements This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding stabilization in demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, which can be negatively impacted by factors such as rising interest rates, inflation, changes in government policies, political instability, epidemics and global trade uncertainty, (2) factors relating to any unsolicited offer ("Offer") to purchase the shares of the Company, actions taken by the Company or its stockholders in respect to such an Offer, and the effects of such an Offer, or the completion or failure to complete an Offer on the Company's business, or other developments involving such an Offer and the activist shareholders or others who disagree with the composition of the board, our strategy, or the way the Company is managed; (3) our ability to maintain profit margins, (4) our ability to attract and retain clients, (5) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (6) our ability to successfully execute on business strategies and further digitalize our business model, (7) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (8) new laws, regulations, and government incentives that could affect our operations or financial results, (9) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, (10) our ability to successfully integrate acquired businesses, and (11) the timing and amount of common stock repurchases, if any, which will be determined at management's discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities and Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

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![](a2025-11_investorxroadsh003.jpg)

3 Investment Highlights Return of Capital Market leader in U.S. staffing and global RPO with increasingly diverse service offerings to meet evolving client needs Highly fragmented industry with strong secular growth drivers Strong balance sheet and cash flow to support future growth opportunities and the return of excess capital to shareholders Accelerating digital transformation, expanding in high-growth end-markets and high-value roles, optimizing sales functions and driving efficiencies to deliver long-term, profitable growth Experienced Leadership Team Deep human capital expertise with proven success driving growth and delivering value to stakeholders

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![](a2025-11_investorxroadsh004.jpg)

4 TrueBlue: Leader in U.S. Staffing and Global Recruitment Process Outsourcing Total talent ecosystem delivering full spectrum of digitally-enabled, specialized workforce solutions Our Mission: Connecting people and work Company Overview  Leading provider of specialized workforce solutions, transforming the way employers and talent connect in an ever-changing world of work  Comprehensive suite of solutions across recruitment, attraction, assessment, and workforce management, offering scalable and customized delivery to fit each client's footprint and operating model Global RPO Recruitment process outsourcing and talent advisory solutions  35+ years of industry expertise  Proprietary technology and national footprint Solutions & Value Proposition U.S. Staffing General and skilled workforce for temporary and on-site jobs  End-to-end solutions and deep market expertise  Award-winning capabilities to run employer branded campaigns Awards & Recognition PeopleScout recognized as a global market leader in MSP and RPO TrueBlue recognized for its ethical business practices and compliance PeopleScout and PeopleReady named Leaders One of the largest industrial staffing providers in the U.S. TrueBlue earned the Top Workplaces Award by Energage Key Stats $1.6B 2024 Revenue ~336,000 People connected to work in 2024 Top 5 Market position in U.S. industrial staffing ~500 Branches nationwide $186M Share repurchases last five years ~55,000 Clients served annually

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![](a2025-11_investorxroadsh005.jpg)

5 Solving workforce challenges Companies turn to human capital experts with innovative workforce solutions to solve growing talent challenges A robust value proposition with high-touch, specialized, digitally enabled solutions for staffing and recruitment process outsourcing. Workforce Complexity Many factors, including globalization and the "gig" economy are changing the world of work requiring a disciplined approach to hiring. Artificial Intelligence Companies are seeking ways to become more nimble and efficient Deploying AI to source human capital will be a competitive differentiator. Digital Engagement The worker supply chain is becoming increasingly decentralized. TrueBlue's digital strategy connects people anywhere at any time.

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![](a2025-11_investorxroadsh006.jpg)

6 Total addressable market of ~90 billon1 U.S. Temporary Industrial & Healthcare Staffing: Large market with strong secular tailwinds Global RPO: High margin and poised for growth  Highly fragmented and benefits players of scale  Digital adoption expands the growth potential  Unique growth opportunity to fill key skilled trades and healthcare positions as population ages and retires  Industry rebounds quickly in early stages of recovery  Nascent market with no single dominant player  Traditionally sticky business model with high client retention and engagement  Strong history of double-digit industry growth  Industry poised for growth as companies seek new solutions to increasingly complex labor challenges 1 Source: Staffing Industry Analysts and Everest Group

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![](a2025-11_investorxroadsh007.jpg)

7 Deep vertical expertise serving critical end markets & a diversified client base Manufacturing 25% Transportation 20% Construction 14% Retail 11% Energy 9% Professional Services 8% Hospitality 6% Healthcare 1% Other 6% 2024 Revenue by Vertical Political climate favoring investments in domestic manufacturing facilities Structural skilled labor shortages in construction and transportation E-commerce growth heightens the need for worker flexibility and warehouse efficiency Growing scrutiny around workforce compliance Strong secular forces in healthcare with aging population 2024 Revenue by Vertical

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![](a2025-11_investorxroadsh008.jpg)

8 Portfolio of leading brands delivering scalable, specialized workforce solutions Contingent, on-site industrial staffing and commercial driver services On-demand general and skilled labor for industrial jobs Professional and specialized talent solutions including RPO, talent advisory and healthcare staffing 55% 35% 10% Proprietary technology and deep expertise in flexible, on-site and productivity-based staffing solutions National scale, rapid fulfillment and tech- enabled deployment via proprietary JobStackTM platform Digitally-enabled platform delivering healthcare staffing in U.S. and RPO solutions across the globe 20 – 25% Incremental Margin1 10 – 15% Incremental Margin 25 – 30% Incremental Margin PeopleReady PeopleManagement PeopleSolutions % of total 2024 revenue. 1 Average estimated segment profit margin associated with additional organic revenue.

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![](a2025-11_investorxroadsh009.jpg)

9 Strong position to capitalize on growth opportunities People 4,000+ talented, dedicated and mission driven people Experience 35+ years of industry expertise and deep client relationships Technology Sophisticated technology providing a differentiated user experience and enabling sales Market Presence Significant scale and expansive market presence Tremendous strengths and assets to drive our success, capitalizing on growth opportunities, enhancing shareholder value and advancing our mission to connect people and work

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![](a2025-11_investorxroadsh010.jpg)

10 Omnichannel Workforce Delivery—connecting employers and talent across the U.S. Layered for coverage and built for growth — meeting employers and talent wherever they are and wherever they are going Localized staffing support through ~500 branches nationwide, connecting businesses with talent in their communities. Branch-Based Embedded teams manage high-volume staffing directly at client locations, delivering operational efficiency and workforce continuity. Embedded On-site Mobile teams deployed to support construction sites, facility ramp-ups, retail setups, and field-based operations across the U.S. Project & Field-Based App-powered, self-serve access to talent—enabling real-time hiring and flexible workforce management anytime, anywhere. Mobile Talent Management \*Maps are illustrative Driving differentiated value for employers Delivering access, choice and opportunity to talent  Specialized workforce solutions across contingent, skilled, and professional  Compliance focused operations to reduce risk and drive continuity at scale  Proprietary technology accelerates hiring and improves access to talent  Broad access to roles across industries, regions, and experience levels  Mobile platform gives talent control over when, where, and how they work  Upskilling and assessments unlock growth and support long-term retention

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11 Strategic, scalable RPO solutions for global talent needs Offerings that combine global scale, role-specific precision & creative workforce strategies trusted by leading employers worldwide Digitally-Enabled RPO Capabilities Full-Cycle RPO Comprehensive recruitment support from requisition through onboarding, helping organizations fill hard-to-fill professional roles and meet high-volume hiring needs. Recruiter On- Demand Experienced recruiters embedded within client teams to supplement in-house capacity and accelerate speed-to- hire Centralized management of contingent workforce programs driving cost control, risk reduction, and improved workforce visibility Managed Service Provider Project RPO Agile, time-bound recruitment support that helps organizations scale quickly for defined hiring initiatives Talent Advisory Strategic consulting across employer branding, candidate experience, and workforce planning to attract and retain talent Americas Europe Middle East & Africa Asia - Pacific Trusted Globally

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12 Executing on a clear growth strategy in a massive untapped market  Drive competitive advantage through proprietary innovation  Enhance client and talent engagement through data and automation  Unlock enterprise efficiency of scale  Enhance sales model to drive scalable growth  Elevate sales capabilities to capture demand  Leverage strengths and synergies to deliver profitable growth  Expand in high-growth and under-penetrated end markets and high-value roles  Capitalize on secular growth opportunities to deliver long- term, sustainable growth  Diversify our business to increase market share and revenue potential Digital Transformation Market Expansion Optimized Sales Function Maintain operational excellence and deliver efficiencies

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13 Accelerating digital transformation across the enterprise Drive competitive advantage through proprietary innovation • Extend the reach of digitally enabled staffing and recruitment solutions to support scalable growth, cost efficiency and margin expansion Enhance client and talent engagement through data and automation • Expand value-added platform capabilities to elevate user experience, deepen engagement, and enhance profitability • Apply AI and behavioral data to deliver smarter, more personalized solutions that strengthen client and talent loyalty Unlock enterprise efficiency at scale • Advance modular deployment, automation, and analytics to improve decision velocity and enterprise-wide resource utilization

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14 Expanding our share in attractive end markets Expand in high-growth and under-penetrated end markets and high-value roles • Strong position to capture further growth opportunities in energy work with a proven track record of success • Focused growth in attractive end markets like healthcare Capitalize on secular growth opportunities to deliver long- term, sustainable growth • Well-positioned to fill structural staffing shortages in areas like skilled trades • Powerful secular forces that play to our strengths Diversify our business to increase market share and revenue potential • Targeting RPO expansion in higher skill placements and more attractive product offerings Secular Growth Under- penetrated Diversify

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15 Optimizing our sales function to accelerate growth and capture demand Enhance sales model to drive scalable growth Leverage strengths and synergies to deliver profitable growth Elevate sales capabilities to capture demand Increase collaboration across well-established brands with deep expertise Unlock the full value of our assets Expand strategic partnerships to unlock growth opportunities Leverage data-driven insights to deepen engagement Increase sales focus and maximize reach to accelerate growth Strategically expand sales team to target largest market opportunities

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16 Delivering efficiencies and enhancing long-term profitability $501 $411 2022 SG&A 2024 SG&A Simplify organizational structure Enhance automation and technology Drive operational efficiencies Increase scalability and leverage \*Amounts in millions Optimized fixed cost base drives high incremental margins

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17 Strong balance sheet with ample liquidity $0 $0 $0 -$8 $294 $293 $86 $119 $50 $72 $62 $22 2021 2022 2023 2024 Debt Borrowing availability Cash \*Amounts in millions 1 $17 $61 $34 $21 2% 6% 5% 4% -20% -15% -10% -5% 0% 5% 10% 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 Share Repurchases Buyback ratio2 Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant. 2 Buyback ratio calculated as the dollar value of share repurchases during the period divided by our market capitalization at the beginning of the fiscal period.

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18 Focused capital strategy: Investing in technology and returning excess capital to shareholders Net debt reductions 8% Share repurchases 51%Capital expenditures 41% (2020 - 2024) Historical use of capitalCapital allocation priorities  Strategic technology investments to further digitalize our business model  Return excess capital to shareholders through share repurchases  Disciplined acquisition strategy to supplement organic revenue growth

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Leadership with deep expertise Taryn Owen President and Chief Executive Officer Carl Schweihs EVP and Chief Financial Officer Kristy Willis EVP and President, PeopleReady Rick Betori EVP and President, PeopleSolutions Jerry Wimer SVP and President, PeopleManagement Garrett Ferencz EVP and Chief Legal Officer Jeff Dirks SVP and Chief Digital Officer Greg Netolicky SVP and Chief People Officer Caroline Sabetti SVP and Chief Marketing and Communications Officer Maxie Juzang SVP and President, Healthcare Staffing Professionals 19

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TrueBlue Highlights 20 Mission Driven Connecting People and Work

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Thank you.

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