Robert Half Inc. (RHI) Income Statement

30Y historyFree accessUpdated daily

Revenue declined 7.2% year-over-year to $5.38B with quarterly growth improving from -14.0% to -2.4%, but operating margin collapsed to -4.7% in 2026Q2 from 5.1% in 2024Q2, reflecting sticky SG&A costs that have not kept pace with the downturn.

Annual statement

RHI Income Statement

Robert Half Inc. (RHI) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	5.29B	5.38B	5.8B	6.39B	7.24B	6.46B	5.11B	6.07B	5.8B	5.27B	5.25B	5.09B	4.7B	4.25B	4.11B	3.78B	3.18B	3.04B	4.6B	4.65B	4.01B	3.34B	2.68B	1.97B	1.9B	2.45B	2.7B	2.08B	1.79B	1.3B	898.6M
Revenue Growth %	-4.95%	-7.2%	-9.33%	-11.68%	12.02%	26.47%	-15.89%	4.73%	10.13%	0.31%	3.05%	8.52%	10.58%	3.28%	8.85%	18.96%	4.56%	-34%	-0.97%	15.75%	20.22%	24.77%	35.48%	3.68%	-22.34%	-9.13%	29.69%	16.08%	37.62%	44.99%	42.98%
Cost of Goods Sold	3.35B	3.38B	3.55B	3.82B	4.14B	3.77B	3.1B	3.55B	3.39B	3.1B	3.09B	2.98B	2.77B	2.52B	2.46B	2.29B	1.98B	1.93B	2.69B	2.67B	2.32B	1.97B	1.62B	1.25B	1.19B	1.44B	1.49B	1.19B	1.05B	772.7M	538.8M
COGS % of Revenue	-	62.77%	61.23%	59.72%	57.25%	58.28%	60.61%	58.43%	58.45%	58.92%	58.85%	58.5%	59.04%	59.42%	59.89%	60.56%	62.39%	63.65%	58.41%	57.43%	57.79%	58.87%	60.52%	63.2%	62.48%	58.56%	55.09%	56.95%	58.63%	59.31%	59.96%
Gross Profit	1.95B	2B	2.25B	2.58B	3.09B	2.7B	2.01B	2.53B	2.41B	2.16B	2.16B	2.11B	1.92B	1.72B	1.65B	1.49B	1.19B	1.1B	1.91B	1.98B	1.69B	1.37B	1.06B	726.74M	714.74M	1.02B	1.21B	896.1M	741.8M	530.2M	359.8M
Gross Margin %	36.8%	37.23%	38.77%	40.28%	42.75%	41.72%	39.39%	41.57%	41.55%	41.08%	41.15%	41.5%	40.96%	40.58%	40.11%	39.44%	37.61%	36.35%	41.59%	42.57%	42.21%	41.13%	39.48%	36.8%	37.52%	41.44%	44.91%	43.05%	41.37%	40.69%	40.04%
Gross Profit Growth %	-	-10.9%	-12.73%	-16.78%	14.76%	33.96%	-20.3%	4.78%	11.38%	0.15%	2.19%	9.96%	11.6%	4.49%	10.7%	24.75%	8.19%	-42.32%	-3.25%	16.74%	23.39%	29.99%	45.35%	1.68%	-29.69%	-16.14%	35.28%	20.8%	39.91%	47.36%	45.26%
Operating Expenses	1.94B	1.93B	2B	2.11B	2.12B	1.95B	1.67B	1.96B	1.82B	1.65B	1.61B	1.53B	1.43B	1.33B	1.31B	1.24B	1.08B	1.04B	1.5B	1.5B	1.24B	991.82M	825.41M	717.63M	715.82M	828.81M	921.06M	667.5M	526.2M	375.5M	258.4M
OpEx % of Revenue	-	35.81%	34.59%	33.01%	29.25%	30.2%	32.61%	32.24%	31.43%	31.29%	30.62%	30.11%	30.38%	31.24%	31.77%	32.84%	34%	34.2%	32.59%	32.3%	31.01%	29.71%	30.85%	36.34%	37.58%	33.79%	34.12%	32.07%	29.35%	28.82%	28.76%
Selling, General & Admin	1.94B	1.93B	2B	2.11B	2.12B	1.95B	1.67B	1.96B	1.82B	1.65B	1.61B	1.53B	1.43B	1.32B	1.31B	1.24B	1.08B	1.04B	1.5B	1.5B	1.24B	991.49M	824.38M	707.35M	709.54M	823.48M	864.42M	628.4M	501.6M	357.8M	246.5M
SG&A % of Revenue	-	35.81%	34.59%	32.97%	29.25%	30.2%	32.61%	32.24%	31.4%	31.26%	30.59%	30.1%	30.37%	31.2%	31.76%	32.84%	33.98%	34.15%	32.54%	32.24%	30.99%	29.7%	30.81%	35.82%	37.25%	33.57%	32.02%	30.19%	27.98%	27.46%	27.43%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	10.65M	76.46M	241.47M	464.59M	976.75M	742.5M	346.57M	566.83M	587.22M	515.72M	553.22M	580.48M	496.63M	396.58M	343.05M	249.26M	114.59M	65.32M	414.12M	477.28M	449.45M	381.23M	230.9M	9.11M	-1.09M	187.76M	291.19M	228.6M	210M	150.5M	99.2M
Operating Margin %	0.2%	1.42%	4.17%	7.27%	13.49%	11.49%	6.78%	9.33%	10.12%	9.79%	10.54%	11.39%	10.58%	9.34%	8.34%	6.6%	3.61%	2.15%	9%	10.27%	11.2%	11.42%	8.63%	0.46%	-0.06%	7.66%	10.79%	10.98%	11.71%	11.55%	11.04%
Operating Income Growth %	-	-68.34%	-48.02%	-52.44%	31.55%	114.24%	-38.86%	-3.47%	13.86%	-6.78%	-4.7%	16.89%	25.23%	15.6%	37.62%	117.53%	75.43%	-84.23%	-13.23%	6.19%	17.9%	65.11%	2433.97%	937.5%	-100.58%	-35.52%	27.38%	8.86%	39.53%	51.71%	45.67%
EBITDA	80.19M	126.49M	330.79M	563.56M	1.03B	796.96M	410.07M	632.46M	653.17M	581.21M	617.54M	580.67M	497.18M	445.35M	391.77M	249.42M	115M	66.78M	416.73M	548.72M	510.54M	461.04M	303.2M	75.02M	71.22M	260.88M	347.83M	267.7M	234.6M	168.2M	111.1M
EBITDA Margin %	1.52%	2.35%	5.71%	8.82%	14.17%	12.33%	8.03%	10.41%	11.26%	11.04%	11.76%	11.4%	10.59%	10.49%	9.53%	6.6%	3.62%	2.2%	9.06%	11.81%	12.72%	13.81%	11.33%	3.8%	3.74%	10.64%	12.89%	12.86%	13.08%	12.91%	12.36%
EBITDA Growth %	-66.06%	-61.76%	-41.3%	-45.06%	28.72%	94.35%	-35.16%	-3.17%	12.38%	-5.88%	6.35%	16.79%	11.64%	13.68%	57.07%	116.89%	72.21%	-83.98%	-24.05%	7.48%	10.74%	52.06%	304.18%	5.33%	-72.7%	-25%	29.93%	14.11%	39.48%	51.4%	45.23%
D&A (Non-Cash Add-back)	69.54M	50.03M	89.31M	98.97M	49.06M	54.45M	63.5M	65.63M	65.95M	65.49M	64.31M	192K	557K	48.77M	48.72M	153K	411K	1.46M	2.62M	71.44M	61.09M	79.81M	72.31M	65.9M	72.31M	73.12M	56.64M	39.1M	24.6M	17.7M	11.9M
EBIT	79.78M	194.35M	357.67M	576.58M	975.09M	742.5M	345.35M	565.47M	598.71M	515.72M	553.22M	580.48M	496.63M	397.58M	343.05M	249.26M	114.59M	70.11M	424.62M	494.5M	449.45M	381.23M	235.87M	9.11M	-1.09M	187.76M	291.19M	228.6M	215.6M	154.7M	101.4M
Net Interest Income	10.76M	11.8M	22.12M	23.97M	8.01M	197K	1.34M	5.13M	4.38M	1.8M	888K	550K	724K	1M	1.2M	951K	579K	-1.44M	5.16M	13.1M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	10.76M	11.8M	22.12M	23.97M	8.01M	197K	1.34M	5.13M	4.38M	1.8M	888K	550K	724K	1M	1.2M	951K	579K	1.44M	5.16M	17.2M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	457K	0	4.1M	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	172.02M	117.89M	116.2M	111.99M	-79.8M	61.27M	75.31M	58.68M	2.68M	1.8M	888K	550K	724K	1M	-17.8M	951K	579K	-17K	5.16M	10.53M	16.75M	10.95M	3.77M	-7.67M	-1.7M	3.18M	10.44M	6.1M	11.2M	8.3M	4.4M
Pretax Income	182.67M	194.35M	357.67M	576.58M	896.96M	803.78M	421.88M	625.51M	591.6M	517.52M	554.11M	581.03M	497.35M	397.58M	344.25M	250.22M	115.17M	66.76M	419.28M	490.4M	466.2M	392.17M	234.66M	11.71M	3.5M	196.28M	301.63M	234.7M	221.2M	158.8M	103.6M
Pretax Margin %	3.45%	3.61%	6.17%	9.02%	12.39%	12.44%	8.26%	10.3%	10.2%	9.83%	10.55%	11.4%	10.59%	9.36%	8.37%	6.62%	3.63%	2.2%	9.11%	10.56%	11.62%	11.75%	8.77%	0.59%	0.18%	8%	11.17%	11.28%	12.34%	12.19%	11.53%
Income Tax	67.89M	61.36M	106.07M	165.44M	239.04M	205.15M	115.61M	171.08M	157.31M	226.93M	210.72M	223.23M	191.42M	145.38M	134.3M	100.29M	49.1M	29.5M	169.09M	194.19M	183.02M	154.3M	94.06M	5.33M	1.33M	75.18M	115.52M	93.3M	89.6M	65.1M	42.5M
Effective Tax Rate %	37.17%	31.57%	29.66%	28.69%	26.65%	25.52%	27.4%	27.35%	26.59%	43.85%	38.03%	38.42%	38.49%	36.57%	39.01%	40.08%	42.63%	44.19%	40.33%	39.6%	39.26%	39.35%	40.08%	45.45%	38%	38.3%	38.3%	39.75%	40.51%	40.99%	41.02%
Net Income	114.78M	132.99M	251.6M	411.15M	657.92M	598.63M	306.28M	454.43M	434.29M	290.58M	343.39M	357.8M	305.93M	252.19M	209.94M	149.92M	66.07M	35.07M	250.18M	296.21M	283.18M	237.87M	140.6M	6.39M	2.17M	121.11M	186.1M	141.4M	131.6M	93.7M	61.1M
Net Margin %	2.17%	2.47%	4.34%	6.43%	9.09%	9.26%	5.99%	7.48%	7.49%	5.52%	6.54%	7.02%	6.52%	5.94%	5.11%	3.97%	2.08%	1.15%	5.44%	6.38%	7.06%	7.13%	5.25%	0.32%	0.11%	4.94%	6.89%	6.79%	7.34%	7.19%	6.8%
Net Income Growth %	-35.54%	-47.14%	-38.81%	-37.51%	9.9%	95.45%	-32.6%	4.64%	49.45%	-15.38%	-4.03%	16.95%	21.31%	20.13%	40.03%	126.92%	88.41%	-85.98%	-15.54%	4.6%	19.05%	69.18%	2100.38%	194.74%	-98.21%	-34.92%	31.61%	7.45%	40.45%	53.36%	51.61%
Net Income (Continuing)	114.78M	132.99M	251.6M	411.15M	657.92M	598.63M	306.28M	454.43M	434.29M	290.58M	343.39M	357.8M	305.93M	252.19M	209.94M	149.92M	66.07M	37.26M	250.18M	296.21M	283.18M	237.87M	140.6M	6.39M	2.17M	121.11M	186.1M	141.4M	131.6M	93.7M	61.1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.14	1.33	2.44	3.88	6.03	5.36	2.70	3.90	3.57	2.33	2.67	2.69	2.26	1.83	1.50	1.04	0.44	0.24	1.59	1.81	1.65	1.36	0.79	0.04	0.01	0.67	1.00	0.77	0.69	0.50	0.34
EPS Growth %	-34.29%	-45.49%	-37.11%	-35.66%	12.5%	98.52%	-30.77%	9.24%	53.22%	-12.73%	-0.74%	19.03%	23.5%	22%	44.23%	136.36%	83.33%	-84.91%	-12.15%	9.7%	21.32%	72.15%	1875%	300%	-98.51%	-33%	29.87%	11.59%	38%	47.06%	47.83%
EPS (Basic)	-	1.33	2.45	3.90	6.08	5.42	2.72	3.93	3.60	2.34	2.68	2.72	2.28	1.85	1.51	1.05	0.45	0.24	1.60	1.85	1.71	1.42	0.83	0.04	0.01	0.69	1.05	0.78	0.72	0.52	0.35
Diluted Shares Outstanding	100.31M	100.31M	103.03M	106.07M	109.17M	111.72M	113.32M	116.41M	121.6M	124.89M	128.77M	132.93M	135.54M	137.59M	139.41M	141.79M	144.03M	146.61M	152.53M	163.48M	171.71M	174.38M	176.87M	173.18M	177.79M	180.76M	186.1M	183.64M	190.72M	187.4M	179.71M
Basic Shares Outstanding	99.94M	100.12M	102.66M	105.53M	108.21M	110.48M	112.73M	115.66M	120.51M	124.15M	127.99M	131.75M	134.36M	136.15M	138.2M	140.48M	142.83M	145.91M	151.61M	159.77M	166M	167.66M	169.74M	168.72M	172.48M	175.52M	177.24M	181.28M	182.78M	180.19M	174.57M
Dividend Payout Ratio	-	179.13%	87.6%	50.08%	28.77%	28.5%	50.91%	32.05%	31.41%	41.64%	33.25%	30.06%	31.9%	35.36%	40.07%	53.56%	115.93%	205.75%	27.42%	22.12%	19.21%	20.09%	22.12%	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Persistent margin compression risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Contraction Persists Across Quarters

RHI's revenue declined 7.2% year-over-year to $5.38B, with quarterly growth rates improving from -14.0% to -2.4%, suggesting the downturn may be stabilizing but has not yet inflected.

The sequential improvement in revenue growth from -14.0% in 2024Q1 to -2.4% in 2026Q2 indicates a gradual easing of the contraction, yet the persistent negative growth underscores ongoing softness in white-collar hiring and project-based consulting demand. The stabilization appears more pronounced in recent quarters, but the lack of positive growth suggests that a full recovery is not yet underway. Investors should monitor whether this trend continues to improve or if the slowdown persists, as the staffing industry's cyclicality could delay a rebound.

Gross Margin Resilience Amidst Volume Decline

Gross margin held relatively steady at 35.5% in 2026Q2, down from 38.8% in 2024Q4, reflecting pricing power in specialized placements but also the impact of lower volumes on fixed cost absorption.

The gross margin compression of roughly 330 basis points from the 2024Q4 peak to the latest quarter suggests that while RHI maintains premium pricing in its niche verticals, the revenue decline has reduced the leverage on its cost base. The stability in gross margin relative to the sharp drop in operating margin indicates that the primary pressure lies in SG&A and other fixed costs rather than in the direct cost of services. This suggests that the company's specialized positioning provides some buffer, but the cyclical downturn is still eroding profitability.

Operating Leverage Reverses Sharply

Operating margin collapsed from 5.1% in 2024Q2 to -4.7% in 2026Q2, as SG&A expenses remained elevated relative to revenue, indicating a severe loss of operating leverage during the downturn.

The swing in operating income from $75.5M in 2024Q2 to -$62.3M in 2026Q2 highlights the high fixed-cost structure of RHI's branch network and internal sales force. SG&A expenses have not declined proportionally with revenue, leading to a negative operating margin in the most recent quarter. This suggests that management has been slow to rationalize costs, and unless revenue recovers or cost-cutting measures are implemented, operating margins may remain under pressure. The company's historical mid-single-digit operating margins appear distant, and the current trajectory warrants close monitoring.

Net Income Diverges from Operating Losses

Despite an operating loss of $62.3M in 2026Q2, net income was positive at $26.3M, likely due to non-operating items or tax benefits, raising questions about the quality of reported earnings.

The significant gap between operating income and net income in 2026Q2 suggests that non-operating gains, such as interest income or tax adjustments, are masking underlying operational weakness. This divergence may indicate that the company's core business is generating losses, while the bottom line is supported by items outside normal operations. Investors should scrutinize the components of net income to assess the sustainability of earnings, as the negative operating margin suggests that the core business is not currently profitable.

SG&A Overhead Remains Sticky

SG&A expenses have remained relatively flat at around $440-540M per quarter despite a 7% revenue decline, indicating that cost discipline has not kept pace with the demand downturn.

The lack of significant SG&A reduction in response to falling revenue suggests that RHI's cost structure is not fully variable, with fixed costs such as branch leases and sales salaries persisting. This has contributed to the severe operating margin compression, as the company has not adjusted its overhead to the lower revenue base. Management may need to undertake restructuring actions to align costs with demand, but such measures could take time to implement and may have short-term negative impacts.

Margin Recovery May Lag Revenue

The sharp decline in operating margin to -4.7% in 2026Q2, despite only a -2.4% revenue decline, suggests that even a modest revenue recovery may not restore profitability without significant cost actions.

Short-sellers could argue that RHI's operating leverage is now working against it, as the fixed cost base is too large for the current revenue level. The company's gross margin remains relatively healthy, but the operating margin has turned negative, indicating that the cost structure is misaligned. If revenue growth remains subdued, the company may face prolonged margin pressure, and the market's valuation could remain depressed. The lack of a confirmed EPS outcome for the latest quarter adds to the uncertainty, as investors cannot gauge management's confidence in a recovery.

RHI — Frequently Asked Questions

Quick answers to the most common questions about buying RHI stock.

What was Robert Half Inc.'s (RHI) revenue in 2025?

For fiscal year 2025, Robert Half Inc. (RHI) reported total revenue of $5.38B. This represents a 498.5% increase compared to $898.6M in 1996.

Is Robert Half Inc. (RHI) profitable?

Robert Half Inc. (RHI) is profitable, generating $133.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.

What is Robert Half Inc.'s operating profit margin?

Robert Half Inc. (RHI) reported an operating income of $76.5M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Robert Half Inc.'s gross profit and gross margin?

Robert Half Inc. (RHI) generated $2.00B in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.