TrueBlue, Inc.TBI
TrueBlue, Inc. Segments Disclosure
SEGMENT INFORMATION
Segment information
Our operating segments and reportable segments are described below:
Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, transportation, manufacturing, retail, hospitality and energy.
Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP:
•OnSite: On-site management and recruitment for the contingent industrial workforce of manufacturing, warehousing and distribution facilities; and
•Centerline: Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries.
Our PeopleSolutions reportable segment provides professional and specialized talent acquisition solutions, as well as workforce management and compliance services.
During the fiscal first quarter of 2025, as a result of the Healthcare Staffing Professionals, Inc. acquisition, we renamed our historical ‘PeopleScout’ reportable segment to ‘PeopleSolutions’. During the fiscal second quarter of 2025, we eliminated PeopleScout MSP as an operating segment for segment reporting purposes, as our chief operating decision-maker (“CODM”) no longer regularly reviews the operating results of PeopleScout MSP, consistent with our strategy to simplify our operational structure.
The following tables present our revenue from services by segment, with a reconciliation to total company revenue. The tables also present significant segment expense categories regularly provided to the CODM and included in the calculation of segment profit. Refer to Note 1: Summary of Significant Accounting Policies for definition of segment profit. Cost of services and SG&A expense for the individual segments, as presented in the tables below, exclude certain costs and benefits that are also excluded from the calculation of segment profit. Lastly, the tables include a reconciliation of segment profit to loss before tax expense (benefit).
| 2025 | ||||||||||||||
| (in thousands) | PeopleReady | PeopleManagement | PeopleSolutions | Total company | ||||||||||
Revenue from services | $ | 883,887 | $ | 544,448 | $ | 187,662 | $ | 1,615,997 | ||||||
Cost of services | 661,586 | 460,004 | 125,184 | |||||||||||
Selling, general and administrative expense | 215,767 | 66,672 | 51,146 | |||||||||||
Total segment profit | $ | 6,534 | $ | 17,772 | $ | 11,332 | $ | 35,638 | ||||||
| Corporate unallocated | (23,884) | |||||||||||||
| Third-party processing fees for hiring tax credits | (150) | |||||||||||||
| Amortization of software as a service assets | (4,394) | |||||||||||||
| Acquisition/integration costs | (932) | |||||||||||||
| Goodwill and intangible asset impairment charge | (200) | |||||||||||||
Right-of-use and other long-lived asset impairment charge | (18,366) | |||||||||||||
COVID-19 government subsidies, net of fees | 8,573 | |||||||||||||
Workforce reduction costs | (9,361) | |||||||||||||
Other costs, net | (4,706) | |||||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of services) | (28,852) | |||||||||||||
| Loss from operations | (46,634) | |||||||||||||
| Interest and other income (expense), net | 1,003 | |||||||||||||
| Loss before tax expense (benefit) | $ | (45,631) | ||||||||||||
| 2024 | ||||||||||||||
| (in thousands) | PeopleReady | PeopleManagement | PeopleSolutions | Total company | ||||||||||
Revenue from services | $ | 868,549 | $ | 542,201 | $ | 156,643 | $ | 1,567,393 | ||||||
Cost of services | 614,860 | 456,096 | 91,484 | |||||||||||
Selling, general and administrative expense | 247,906 | 70,986 | 53,007 | |||||||||||
Total segment profit | $ | 5,783 | $ | 15,119 | $ | 12,152 | $ | 33,054 | ||||||
| Corporate unallocated | (21,887) | |||||||||||||
| Third-party processing fees for hiring tax credits | (240) | |||||||||||||
| Amortization of software as a service assets | (6,162) | |||||||||||||
| Goodwill and intangible asset impairment charge | (59,674) | |||||||||||||
| PeopleReady technology upgrade costs | (8,807) | |||||||||||||
COVID-19 government subsidies, net of fees | 9,652 | |||||||||||||
Workforce reduction costs | (7,329) | |||||||||||||
Other costs, net | (1,821) | |||||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of services) | (29,561) | |||||||||||||
| Loss from operations | (92,775) | |||||||||||||
| Interest and other income (expense), net | 4,251 | |||||||||||||
| Loss before tax expense (benefit) | $ | (88,524) | ||||||||||||
| 2023 | ||||||||||||||
| (in thousands) | PeopleReady | PeopleManagement | PeopleSolutions | Total Company | ||||||||||
Revenue from services | $ | 1,096,318 | $ | 580,591 | $ | 229,334 | $ | 1,906,243 | ||||||
Cost of services | 772,058 | 488,692 | 137,551 | |||||||||||
Selling, general and administrative expense | 297,654 | 84,936 | 64,861 | |||||||||||
Total segment profit | $ | 26,606 | $ | 6,963 | $ | 26,922 | $ | 60,491 | ||||||
| Corporate unallocated | (31,507) | |||||||||||||
| Third-party processing fees for hiring tax credits | (253) | |||||||||||||
| Amortization of software as a service assets | (4,117) | |||||||||||||
| Goodwill and intangible asset impairment charge | (9,485) | |||||||||||||
| PeopleReady technology upgrade costs | (1,342) | |||||||||||||
| Executive leadership transition costs | (5,788) | |||||||||||||
COVID-19 government subsidies, net of fees | (525) | |||||||||||||
Workforce reduction costs | (5,086) | |||||||||||||
Other costs, net | (417) | |||||||||||||
| Depreciation and amortization | (25,821) | |||||||||||||
| Loss from operations | (23,850) | |||||||||||||
| Interest and other income (expense), net | 3,205 | |||||||||||||
| Loss before tax expense (benefit) | $ | (20,645) | ||||||||||||
Asset information by reportable segment is not presented since we do not manage our segments on a balance sheet basis.
Domestic and international revenue
Our international operations are primarily in the United Kingdom, India, Canada and Australia. Revenue by region was as follows:
| (in thousands, except percentages) | 2025 | % | 2024 | % | 2023 | % | ||||||||||||||
| United States | $ | 1,514,778 | 93.7 | % | $ | 1,458,501 | 93.1 | % | $ | 1,750,427 | 91.8 | % | ||||||||
| International operations | 101,219 | 6.3 | 108,892 | 6.9 | 155,816 | 8.2 | ||||||||||||||
| Total revenue from services | $ | 1,615,997 | 100.0 | % | $ | 1,567,393 | 100.0 | % | $ | 1,906,243 | 100.0 | % | ||||||||
Concentrations of client risk
No single client represented more than 10.0% of total company revenue for fiscal 2025, 2024 or 2023. Client concentration for our reportable segments was as follows:
•No single client represented 10.0% or more of our PeopleReady reportable segment revenue for fiscal 2025, 2024, or 2023.
•No single client represented 10.0% or more of our PeopleManagement reportable segment revenue for fiscal 2025. One client represented 11.4% and 12.3% of our PeopleManagement reportable segment revenue for 2024 and 2023, respectively.
•One client represented 17.3% and 11.8% of our PeopleSolutions reportable segment revenue for fiscal 2025 and 2023, respectively. No single client represented 10.0% or more of our PeopleSolutions reportable segment revenue for fiscal 2024.
Domestic and international long-lived assets
A summary of long-lived assets information by region as of December 28, 2025 and December 29, 2024 was as follows:
| (in thousands, except percentages) | 2025 | % | 2024 | % | ||||||||||
| United States | $ | 96,595 | 90.1 | % | $ | 127,231 | 92.9 | % | ||||||
| International operations | 10,567 | 9.9 | 9,705 | 7.1 | ||||||||||
Total long-lived assets | $ | 107,162 | 100.0 | % | $ | 136,936 | 100.0 | % | ||||||
Long-lived assets consist of property and equipment, net and operating lease right-of-use assets, net. No single foreign country’s long-lived assets represented more than 10% of the consolidated long-lived assets of the company as of December 28, 2025 or December 29, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 24, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.