Financial Analysis

COMMITMENTS AND CONTINGENCIES Workers compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) December 28, 2025 December 29, 2024 Cash collateral held by workers compensation insurance carriers $ 3,376 $ 18,082 Cash and cash equivalents held in Trust 11,424 15,406 Investments held in Trust 70,601 99,506 Letters of credit (1) 3,385 2,605 Surety bonds (2) 21,116 19,831 Total collateral commitments $ 109,902 $ 155,430 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days notice. Operating leases We have contractual commitments in the form of operating leases related to office space, vehicles and equipment. Our leases have remaining terms of up to 11 years. Most leases include one or more options to renew, which can extend the lease term up to 10 years. The exercise of lease renewal options is at our sole discretion. Typically, at the commencement of a lease, we are not reasonably certain we will exercise renewal opt …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEFINED CONTRIBUTION PLANS We offer both qualified and non-qualified defined contribution plans to eligible employees. Participating employees may elect to defer and contribute a portion of their eligible compensation. The plans offer discretionary matching contributions. The liability for the non-qualified plan was $44.8 million and $43.3 million as of December 28, 2025 and December 29, 2024, respectively, of which $5.2 million and $5.2 million have been included in accrued wages and benefits on our Consolidated Balance Sheets. The net expense related to our qualified and non-qualified deferred compensation plans totaled $2.2 million, $3.3 million and $4.1 million for fiscal 2025, 2024 and 2023, respectively, and is recorded in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss). The net expense includes changes in cash surrender value of the company-owned life insurance policies held to support the deferred compensation liability, premiums incurred for and proceeds received from company-owned life insurance, unrealized gains (losses) on deferred compensation liabilities, as well as our discretionary matching contributions. Refer to Note 4: Restricted Cash, Cash Equivalents and Investments for additional details on deferred compensation assets.

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LONG-TERM DEBT We have a revolving credit agreement with Bank of America, N.A., PNC Bank, N.A., HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and Key Bank, N.A. dated as of February 9, 2024 (the Revolving Credit Facility). The Revolving Credit Facility provides for a revolving line of credit of up to $255.0 million, and matures on February 9, 2029. We have an option to increase the amount to $405.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $25.0 million sub-limit for Swingline loans and a $25.0 million sub-limit for letters of credit. On June 27, 2025, we entered into the first amendment to our credit agreement, which modified the definition of Consolidated EBITDA in our financial covenants to exclude certain workforce reduction and lease exit costs for a limited period, as well as certain other provisions of the Revolving Credit Facility. As of December 28, 2025, $65.8 million was drawn on the Revolving Credit Facility, which included $40.0 million of one-month Term Secured Overnight Financing Rate (SOFR) Loans, a $5.0 million Base Rate Loan, and $20.8 million of Swingline loans. An additional $11.4 million was utilized by outstanding standby letters of credit, leaving $177.8 million unused under the Revolving Credit Facility. We are constrained by our most restrictive covenant, making $67.6 million available for additional borrowing. As of December 29, 2024, $7.6 million was drawn on the Revolving Credit Facility as a Swingline loan …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION We record stock-based compensation expense for restricted stock awards, restricted stock units, performance share units (collectively, stock-based awards), and shares purchased under an employee stock purchase plan (ESPP). Refer to Note 1: Summary of Significant Accounting Policies for more information on how we measure and recognize stock-based compensation expense. Our 2016 Omnibus Incentive Plan (Incentive Plan), effective May 11, 2016, applies to directors, officers, employees and consultants of the company and permits the granting of nonqualified and incentive stock options, restricted stock awards, performance share units (PSUs), restricted stock units (RSUs) and stock appreciation rights. At the time of adoption, there were 1.5 million shares available for issuance. Additional shares were authorized under the Incentive Plan of 1.8 million shares on May 9, 2018, 0.7 million shares on May 11, 2023, 0.8 million shares on May 15, 2024, and 1.5 million shares on May 14, 2025. Stock-based awards Under the Incentive Plan, stock-based awards are granted to the Board, executive officers and key employees. Stock-based awards granted to executive officers and key employees generally vest annually over three or four years. For fiscal 2025, RSUs granted to members of our Board vest on the one year anniversary of the grant date. Prior to fiscal 2025, RSUs granted to members of our Board vested in the fourth quarter of the same fiscal year in which the shares …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENT Accounts receivable, accounts payable and other accrued expenses, accrued wages and benefits and related taxes approximate their fair values due to the short-term maturities of these assets and liabilities. Our long-term debt is related to a revolving credit agreement and its carrying value approximates fair value as the interest rates are variable and reflect current market rates. Assets measured at fair value on a recurring basis Our assets measured at fair value on a recurring basis consisted of the following: December 28, 2025 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 24,510 $ 24,510 $ $ Restricted cash and cash equivalents 19,510 19,510 Cash, cash equivalents and restricted cash and cash equivalents (1) $ 44,020 $ 44,020 $ $ Municipal debt securities $ 7,836 $ $ 7,836 $ Corporate debt securities 50,334 50,334 Agency mortgage-backed securities 4,873 4,873 U.S. government and agency securities 7,973 7,973 Restricted investments classified as held-to-maturity (2) $ 71,016 $ $ 71,016 $ December 29, 2024 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 22,536 $ 22,536 $ $ Restricted cash and cash equivalents 38,564 38,564 Cash, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS Goodwill The following table reflects changes in the carrying amount of goodwill during the period by reportable segments: (in thousands) PeopleReady PeopleManagement PeopleSolutions Total company Balance at December 31, 2023 Goodwill before impairment $ 105,284 $ 81,092 $ 142,191 $ 328,567 Accumulated impairment charge (46,210) (79,601) (118,642) (244,453) Goodwill 59,074 1,491 23,549 84,114 Impairment charge (59,074) (59,074) Foreign currency translation (497) (497) Balance at December 29, 2024 Goodwill before impairment 105,284 81,092 141,694 328,070 Accumulated impairment charge (105,284) (79,601) (118,642) (303,527) Goodwill 1,491 23,052 24,543 Acquired goodwill (1) 17,338 17,338 Foreign currency translation 615 615 Balance at December 28, 2025 Goodwill before impairment 105,284 81,092 159,647 346,023 Accumulated impairment charge (105,284) (79,601) (118,642) (303,527) Goodwill $ $ 1,491 $ 41,005 $ 42,496 (1) Effective January 31, 2025, we acquired Healthcare Staffing Professionals, Inc. The goodwill associated with the acquisition has been assigned to the HSP reporting unit, and included within the PeopleSolutions reportable segment (previously known as PeopleScout) based on our purchase price allocation. Refer to Note 2: Acquisition for additional details. 2025 impairments Effective March 31, 2025 (the first day of our fiscal second quarter of 2025), we combined our PeopleScout RPO and PeopleScout MSP reporting units into one reporting un …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES U.S. and foreign components of loss before tax expense (benefit) was as follows: (in thousands) 2025 2024 2023 U.S. $ (51,101) $ (97,733) $ (27,773) Foreign 5,470 9,209 7,128 Loss before tax expense (benefit) $ (45,631) $ (88,524) $ (20,645) The provision for income taxes is comprised of the following: (in thousands) 2025 2024 2023 Current taxes: Federal $ (87) $ 150 $ 329 State 550 1,241 582 Foreign 2,515 1,771 2,817 Total current taxes 2,978 3,162 3,728 Deferred taxes: Federal 35 28,484 (8,109) State (172) 5,295 (1,383) Foreign (512) 283 (708) Total deferred taxes (649) 34,062 (10,200) Income tax expense (benefit): Federal (52) 28,634 (7,780) State 378 6,536 (801) Foreign 2,003 2,054 2,109 Total income tax expense (benefit) $ 2,329 $ 37,224 $ (6,472) Our tax provision and our effective tax rate are subject to variation due to several factors, including variability in our pre-tax and taxable income or loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, valuation allowances recorded on deferred tax assets, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items, tax credits, non-deductible expenses and valuation allowance on our effective tax rate can be greater when our pre-tax income or loss is lower. The it …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently adopted accounting pronouncements Income taxes In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, primarily to the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 (2025 for TrueBlue), on a prospective basis with retrospective application permitted. We have adopted the disclosure requirements of this ASU retrospectively, which are reflected in our expanded disclosures within Note 13: Income Taxes. Credit losses In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient for entities to assume the current conditions as of the balance sheet date do not change for the remaining life of the asset when assessing expected credit losses on current accounts receivable and contract assets arising from transactions accounted for under Topic 606. This ASU is effective for fiscal years beginning after December 15, 2025 (fiscal 2026 for TrueBlue) and interim reporting periods within those annual reporting periods. If the practical expedient is elected, it will apply prospectively. We elected to early adopt the use of the practical expedient as of December 28, 2025. Use of the p …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 clients 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of business TrueBlue, Inc. (the company, TrueBlue, we, us and our) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity. We serve clients in a wide variety of industries through our PeopleReady segment which offers general, industrial and skilled trade contingent staffing, our PeopleManagement segment which offers contingent, on-site industrial staffing and commercial driver services, and our PeopleSolutions segment which offers recruitment process outsourcing (RPO), managed service provider (MSP), talent advisory solutions and skilled healthcare staffing solutions. Basis of presentation The consolidated financial statements (financial statements) include the accounts of TrueBlue and all of its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Fiscal period end The financial statements are presented on a 52/53-week fiscal year-end basis, with the last day of the fiscal year ending on the Sunday closest to the last day of December. In fiscal years consisting of 53 weeks, the final quarter consists of 14 weeks, while in fiscal years consisting of 52 weeks, all quarters consist of 13 weeks. Our 2023 fiscal year contained 53 weeks, with t …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS' EQUITY Common stock Shares of common stock outstanding include shares of unvested restricted stock. Unvested restricted stock included in reportable shares outstanding was 12.8 thousand and 8.2 thousand shares as of December 28, 2025 and December 29, 2024, respectively. On January 31, 2022, our Board authorized a $100.0 million addition to our share repurchase program for our outstanding common stock (2022 authorization). The share repurchase program does not obligate us to acquire any particular amount of common stock and does not have an expiration date. We may choose to purchase shares in the open market, from individual holders, through an accelerated share repurchase agreement or otherwise. Under the 2022 authorization, we repurchased shares, excluding excise tax, using $21.1 million and $33.9 million during fiscal 2024 and 2023, respectively. Prior to fiscal 2023, under the 2022 authorization, we used $11.0 million to repurchase shares, excluding excise tax. There were no share repurchases during fiscal 2025. The details of shares repurchased in the open market as part of the authorizations described above are as follows: Shares repurchased (in thousands) Year ended Authorization Amount authorized (in millions) Remaining available (in millions) 2025 2024 2023 2022 authorization $ 100.0 $ 33.5 1,967 1,877 Preferred stock We have authorized 20.0 million shares of blank check preferred stock. The blank check preferred stock is issuable in one or more series, …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

ACQUISITION Effective January 31, 2025, we acquired all of the outstanding equity interests of HSP. HSP is a long-term staffing and permanent hiring solutions provider, primarily focused on healthcare positions in the U.S. This acquisition allows us to expand revenue in the healthcare end-market while also diversifying our business. Under the terms of the share purchase agreement, the base purchase price of $42.0 million was adjusted for estimated unpaid pre-close liabilities of the selling shareholders, cash acquired, and estimated excess working capital. The purchase price allocated to acquired assets and liabilities was cash consideration of $35.2 million. The purchase price is s ubject to further adjustment based on HSPs final pre-close liabilities and working capital amounts . As part of the share purchase agreement, certain HSP employees can earn up to an additional $14.0 million based on the financial performance of the business over the next two years, which we have concluded should be treated as compensation expense. Any amounts probable of being paid out under the agreement are expensed over the required service period. We incurred acquisition-related costs of $0.8 million for the thirty-nine weeks ended September 28, 2025, which are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). The following table reflects our preliminary allocation of the purchase price to our best estimate of the fair value of assets ac …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Workers compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) September 28, 2025 December 29, 2024 Cash collateral held by workers compensation insurance carriers $ 3,349 $ 18,082 Cash and cash equivalents held in Trust 22,805 15,406 Investments held in Trust 73,331 99,506 Letters of credit (1) 2,585 2,605 Surety bonds (2) 21,116 19,831 Total collateral commitments $ 123,186 $ 155,430 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days notice. Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated and are immaterial. We also believe that the aggregate range of reasonably possible losses for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Compan …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT We have a revolving credit agreement with Bank of America, N.A., PNC Bank, N.A., HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and Key Bank, N.A. dated as of February 9, 2024 (the Revolving Credit Facility). The Revolving Credit Facility provides for a revolving line of credit of up to $255.0 million, and matures on February 9, 2029. We have an option to increase the amount to $405.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $25.0 million sub-limit for Swingline loans and a $25.0 million sub-limit for letters of credit. On June 27, 2025, we entered into the first amendment to our credit agreement (First Amendment), which modified the definition of Consolidated EBITDA in our financial covenants to exclude certain workforce reduction and lease exit costs for a limited period, as well as certain other provisions of the Revolving Credit Facility. As of September 28, 2025, $68.2 million was drawn on the Revolving Credit Facility, which included $55.0 million of one-month Term Secured Overnight Financing Rate (SOFR) Loans and $13.2 million of Swingline loans, while $7.8 million was utilized by outstanding standby letters of credit, leaving $179.0 million unused under the Revolving Credit Facility. We are constrained by our most restrictive covenant, making $75.2 million available for additional borrowing. As of December 29, 2024, $7.6 million was drawn on the Revolving Credit Facility as a Swingline loan and $2.7 million was u …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENT Assets measured at fair value on a recurring basis Our assets measured at fair value on a recurring basis consisted of the following: September 28, 2025 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 19,893 $ 19,893 $ $ Restricted cash and cash equivalents 30,896 30,896 Cash, cash equivalents and restricted cash and cash equivalents (1) $ 50,789 $ 50,789 $ $ Municipal debt securities $ 7,891 $ $ 7,891 $ Corporate debt securities 55,645 55,645 Agency mortgage-backed securities 5,124 5,124 U.S. government and agency securities 4,960 4,960 Restricted investments classified as held-to-maturity (2) $ 73,620 $ $ 73,620 $ December 29, 2024 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 22,536 $ 22,536 $ $ Restricted cash and cash equivalents 38,564 38,564 Cash, cash equivalents and restricted cash and cash equivalents (1) $ 61,100 $ 61,100 $ $ Municipal debt securities $ 22,355 $ $ 22,355 $ Corporate debt securities 63,512 63,512 Agency mortgage-backed securities 11,754 11,754 U.S. government and agency securities 971 971 Restricted investments classified as held-to-maturity (2) $ 98,592 $ $ 98,592 $ (1) Cash, cash equivalents and restric …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS Goodwill The following table reflects changes in the carrying amount of goodwill during the period by reportable segment: (in thousands) PeopleReady PeopleManagement PeopleSolutions Total company Balance at December 29, 2024 Goodwill before impairment $ 105,284 $ 81,092 $ 141,694 $ 328,070 Accumulated impairment charge (105,284) (79,601) (118,642) (303,527) Goodwill 1,491 23,052 24,543 Acquired goodwill (1) 17,308 17,308 Foreign currency translation 440 440 Balance at September 28, 2025 Goodwill before impairment 105,284 81,092 159,442 345,818 Accumulated impairment charge (105,284) (79,601) (118,642) (303,527) Goodwill $ $ 1,491 $ 40,800 $ 42,291 (1) Effective January 31, 2025, the company acquired HSP. The goodwill associated with the acquisition has been assigned to the HSP reporting unit, and included within the PeopleSolutions reportable segment (previously known as PeopleScout) based on our preliminary purchase price allocation. Refer to Note 2: Acquisition for additional details. Effective March 31, 2025 (the first day of our fiscal second quarter of 2025), we combined our PeopleScout RPO and PeopleScout MSP reporting units into one reporting unit, PeopleScout. This change coincided with the elimination of PeopleScout MSP as an operating segment within the PeopleSolutions reportable segment (refer to Note 13: Segment Information for additional details). Immediately before the combination, we tested the PeopleScout RPO reporting unit, with …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for any discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our full year pre-tax income or loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, valuation allowances recorded on deferred tax assets, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income or loss is lower. We recognize deferred tax assets to the extent we believe it is more likely than not the asset will be realized. Quarterly, management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets, including future reversals of existing taxable temporary differences, projected taxabl …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently adopted accounting standards There were no new accounting standards adopted during the thirty-nine weeks ended September 28, 2025 that had a material impact on our financial statements. Recently issued accounting standards and disclosure rules not yet adopted Income taxes In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, primarily to the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 (fiscal 2025 for TrueBlue), on a prospective basis with retrospective application permitted. Implementing this guidance will lead to changes in our income tax disclosures to adhere to the new requirements; however, it is not anticipated to have a material impact on our consolidated financial statements. Credit losses In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient for entities to assume the current conditions as of the balance sheet date do not change for the remaining life of the asset when assessing expected credit losses on current accounts receivable and contract assets arising from transactions accounted for under Topic 606. This ASU is effective for fiscal years be …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 clients 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 HSP 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial statement preparation The accompanying unaudited consolidated financial statements (financial statements) of TrueBlue, Inc. (the company, TrueBlue, we, us, and our) are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for the thirty-nine weeks ended September 28, 2025 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Fo …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS' EQUITY Changes in the balance of each component of shareholders equity during the reporting periods were as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Common stock shares Beginning balance 29,892 29,959 29,588 31,246 Purchases and retirement of common stock (478) (1,967) Net issuance under equity plans, including tax benefits 33 17 337 219 Ending balance 29,925 29,498 29,925 29,498 Common stock amount Beginning balance $ 1 $ 1 $ 1 $ 1 Current period activity Ending balance 1 1 1 1 Retained earnings Beginning balance 326,778 358,312 337,551 478,584 Net income (loss) (1,916) (7,635) (16,424) (114,043) Purchases and retirement of common stock (1) (4,315) (21,301) Net issuance under equity plans, including tax benefits 75 69 (611) (1,653) Stock-based compensation 1,208 832 5,629 5,676 Ending balance 326,145 347,263 326,145 347,263 Accumulated other comprehensive income (loss) Beginning balance, net of tax (21,587) (20,549) (22,193) (20,712) Foreign currency translation adjustment before reclassification (220) 437 386 1,573 Reclassified from accumulated other comprehensive income (loss) (2) (973) Foreign currency translation adjustment (220) 437 386 600 Ending balance, net of tax (21,807) (20,112) (21,807) (20,112) Total shareholders equity ending balance $ 304,339 $ 327,152 $ 304,339 $ 327,152 (1) Under applicable Washington State law, shares purchased are not displ …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENT Following the coronavirus pandemic, the Company shifted to a remote or hybrid work model for our headquarters and U.S.-based support teams, reducing the need for corporate office space. As a result, on October 6, 2025, we executed a sublease for our Chicago support center. The sublessee is expected to take possession of the space on April 1, 2026, and the sublease will remain in effect for the duration of the original lease term, concluding on June 29, 2036. Execution of the sublease will require us to reevaluate the long-lived asset group for the Chicago support center and test the new asset group for recoverability and impairment during the fiscal fourth quarter of 2025. The recoverability analysis involves comparing the carrying value of the asset group, which is approximately $24 million as of September 28, 2025, to the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the recoverability analysis fails, an impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its fair value. Until we complete our analysis, an estimate of a potential impairment cannot be made, however, we expect our analysis to result in a material non-cash impairment during the fiscal fourth quarter of 2025.

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