Operating margins have compressed to 2.8% in 2026Q1 as the company struggles with a sustained revenue contraction of 3.8% year-over-year.
| 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 | 5.33B | 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 % | -6.08% | -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 | 3.34B | 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 | 1.98B | 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 % | 37.23% | 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 | 1.91B | 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 | 1.91B | 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 | 74.49M | 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 % | 1.4% | 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 | 138.82M | 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 % | 2.61% | 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 % | -56.54% | -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) | 64.33M | 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 | 203.51M | 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 | 10.98M | 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 | 10.98M | 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 | 129.02M | 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 | 203.51M | 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 % | 3.82% | 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 | 74.08M | 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 % | 36.4% | 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 | 129.43M | 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 % | 2.43% | 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 % | -36.94% | -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) | 129.43M | 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) | 1.30 | 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 % | -35% | -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 | 99.9M | 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 | 99.62M | 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% | - | - | - | - | - | - | - | - |
Cyclical white-collar hiring slowdown
According to the company's recent quarterly filings, Robert Half has experienced a sustained revenue decline, with the most recent period showing a 3.8% year-over-year contraction, reflecting broader weakness in the professional staffing market and reduced corporate demand for high-end talent acquisition and consulting services.
The consistent negative growth trajectory suggests that the firm's specialized staffing model is currently facing significant headwinds from corporate budget tightening. Investors should monitor whether this trend represents a cyclical trough or a more permanent shift in how enterprises utilize external professional labor.
As reported in financial statements, the company's gross margin has fluctuated near 37%, yet operating margins have compressed significantly to 2.8% in 2026Q1, indicating that the firm is struggling to maintain profitability as revenue volumes decline across its core professional and consulting segments.
The narrowing gap between gross and operating margins suggests that the company's fixed cost base is not scaling down in proportion to the revenue decline. This lack of operational flexibility may indicate that management is prioritizing the retention of its specialized workforce over immediate margin protection.
Based on RHI's reported figures, operating income has demonstrated extreme volatility, falling to as low as $1.5 million in 2025Q2, which highlights a lack of effective operating leverage during periods of declining top-line performance and persistent overhead costs within the branch network.
The inability to protect operating income during revenue downturns suggests that the company's SG&A expenses are largely rigid. This structure warrants further investigation into whether the current branch-heavy model remains the most efficient way to capture market share in an increasingly digital recruitment environment.
Data from recent income statements reveals that net income has become increasingly decoupled from operating performance, with non-operating items and tax fluctuations potentially masking the underlying weakness in core staffing and consulting profitability as EPS growth remains consistently negative over the last ten quarters.
Short-term investors should be wary of the reliance on non-operating factors to support the bottom line while core operating margins remain at historical lows. The persistent decline in EPS suggests that the company's current business model may be facing structural challenges that go beyond simple economic cyclicality.
Quick answers to the most common questions about buying RHI stock.
For fiscal year 2025, Robert Half International Inc. (RHI) reported total revenue of $5.38B. This represents a 498.5% increase compared to $898.6M in 1996.
Robert Half International Inc. (RHI) is profitable, generating $133.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Robert Half International 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.
Robert Half International 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.