Free cash flow remains structurally negative, exemplified by a $26.8 million outflow in 2025Q1 and a persistent disconnect between net income and operating cash flow.
TrueBlue, Inc. (TBI) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -60.77M | -58.04M | -17.06M | 34.75M | 120.5M | 20.44M | 152.53M | 94.54M | 125.69M | 99.85M | 261.75M | 74.03M | 46.17M | 86.07M | 52.32M | 30.59M | 41.97M | 33.6M | 92.44M | 98.65M | 108.15M | 105.44M | 63.72M | 33.8M | 41.73M | 56.94M | 39.12M | -4.1M | 13.4M | 11.3M | -7.1M |
| Operating CF Margin % | - | -3.59% | -1.09% | 1.82% | 5.35% | 0.94% | 8.26% | 3.99% | 5.03% | 3.98% | 9.52% | 2.75% | 2.12% | 5.16% | 3.77% | 2.32% | 3.65% | 3.3% | 6.68% | 7.12% | 8.02% | 8.53% | 6.1% | 3.79% | 4.84% | 6.21% | 4.01% | -0.48% | 2.21% | 3.37% | -4.34% |
| Operating CF Growth % | -221.74% | -240.26% | -149.08% | -71.16% | 489.55% | -86.6% | 61.34% | -24.78% | 25.88% | -61.85% | 253.57% | 60.34% | -46.35% | 64.49% | 71.05% | -27.12% | 24.9% | -63.65% | -6.3% | -8.78% | 2.57% | 65.47% | 88.54% | -19.02% | -26.71% | 45.57% | 1054.1% | -130.6% | 18.58% | 259.15% | -91.48% |
| Net Income | -45.45M | -47.96M | -125.75M | -14.17M | 62.27M | 61.63M | -141.84M | 63.07M | 65.75M | 55.46M | -15.25M | 71.25M | 65.67M | 44.92M | 33.63M | 30.79M | 19.84M | 8.8M | -4.16M | 66.2M | 76.47M | 62.02M | 36.31M | 17.53M | 11.59M | 9.21M | 10.06M | 24.6M | 19.8M | 7M | 1.9M |
| Depreciation & Amortization | 30.24M | 28.85M | 29.56M | 25.82M | 29.27M | 27.56M | 32.03M | 37.55M | 41.05M | 46.12M | 46.69M | 41.84M | 29.47M | 20.47M | 18.89M | 16.38M | 16.47M | 17.03M | 16.77M | 12.22M | 10.36M | 10.09M | 10.9M | 9.28M | 9.63M | 8.34M | 7.38M | 4.8M | 6.1M | 4M | 1.8M |
| Stock-Based Compensation | 8.11M | 7.26M | 7.59M | 13.91M | 9.69M | 13.94M | 9.11M | 9.77M | 13.88M | 7.74M | 9.36M | 11.1M | 11.05M | 8.41M | 7.92M | 7.43M | 7.16M | 7.07M | 7.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 22K | -552K | 34.06M | -9.9M | 3.93M | 752K | -26.79M | 1.26M | -1.93M | 2.44M | -25.36M | 5.18M | 12.66M | -3.84M | 3.09M | -1.91M | 5.32M | 2.77M | 2.96M | -8.7M | -3.17M | -658K | 14.17M | -2.1M | -393K | 1.04M | -4.45M | -6.5M | -4M | -3.8M | 200K |
| Other Non-Cash Items | 29.91M | 27.35M | 69.26M | 23.22M | 25.24M | 18.97M | 196M | 20.97M | 15.2M | 8.87M | 119.76M | 7.58M | 12.71M | 14.18M | 8.94M | 6.17M | 7.96M | 11.21M | 70.06M | 15.48M | 10.06M | 17.39M | 12.39M | 12.09M | 11.7M | 16.76M | 15.85M | 16.9M | 8.3M | 5.7M | 700K |
| Working Capital Changes | -83.6M | -72.99M | -31.78M | -4.12M | -9.91M | -102.42M | 84.02M | -38.09M | -8.25M | -20.78M | 126.54M | -62.91M | -85.4M | 1.93M | -20.14M | -28.27M | -14.77M | -13.27M | -906K | 13.05M | 14.36M | 16.61M | -10.05M | -3M | 9.22M | 21.59M | 10.27M | -43.9M | -16.8M | -1.6M | -13.8M |
| Change in Receivables | -77.75M | -11.37M | 35.73M | 56.76M | 34.77M | -81.62M | 57.15M | 5.45M | 11.64M | -28.48M | 112.78M | -95.93M | -77.63M | -4.18M | -20.41M | -51.82M | -11.6M | -10.41M | 36.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 19.14M | 33.56M | -39.63M | -14.87M | 19.32M | 6.79M | -11.7M | 1.01M | -161K | -5.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.64M | -11.1M | -8.91M | -19.21M | -1.5M | 16.43M | -6.56M | 6.92M | 2.85M | -10.57M | -4.1M | 29.98M | -10.36M | -3.59M | 1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 15.63M | -16.06M | -2.45M | -32.32M | -20.95M | -16.22M | -34.41M | -25.08M | -20.52M | -30.9M | -143.22M | -105.03M | -318.44M | -125.27M | -26.15M | -26.94M | -3.4M | -16.75M | -25.43M | -6.33M | -1.81M | -115.9M | -19.84M | -24.03M | -85.99M | -34.28M | -18.34M | -14.2M | -9.2M | -4.9M | -11M |
| Capital Expenditures | -11.53M | -15.68M | -24.15M | -31.28M | -30.63M | -35.01M | -27.07M | -28.12M | -17.05M | -21.96M | -29.04M | -18.39M | -16.92M | -13M | -17.83M | -9.71M | -7.05M | -13.15M | -26.14M | -21.04M | -13.01M | -5.26M | -5.25M | -4.42M | -2.52M | -6.54M | -18.42M | -12.4M | -9.5M | -4M | -5.7M |
| CapEx % of Revenue | 0.65% | 0.97% | 1.54% | 1.64% | 1.36% | 1.61% | 1.47% | 1.19% | 0.68% | 0.88% | 1.06% | 0.68% | 0.78% | 0.78% | 1.28% | 0.74% | 0.61% | 1.29% | 1.89% | 1.52% | 0.96% | 0.43% | 0.5% | 0.5% | 0.29% | 0.71% | 1.89% | 1.46% | 1.57% | 1.19% | 3.49% |
| Acquisitions | 32K | -29.75M | 3.1M | 0 | -9.68M | 35.01M | 27.07M | 215K | -12.15M | 30.44M | -72.48M | -67.5M | -305.88M | -77.56M | 15.66M | 0 | 0 | 0 | -22.39M | -76.9M | 0 | -45.96M | -9.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.14M | 298K | -4M | -685K | 9.68M | -30.74M | -29.48M | -12.21M | 8.69M | -8.94M | -19.77M | 30.88M | -14.75M | -13.95M | -8.32M | 61.7M | 3.65M | -3.6M | 12.16M | 11.07M | 9.16M | -24.37M | -17.96M | -15.66M | -62.2M | -27.74M | 85K | -1.8M | 300K | -900K | -5.3M |
| Cash from Financing | 33.1M | 57.14M | -17.09M | -37.58M | -64.69M | -19.13M | -92.5M | -82.92M | -75.02M | -75.33M | -115.12M | 42.79M | 169.78M | 32.37M | -6.17M | -57.22M | -767K | -1.21M | -14.01M | -145.05M | -81.14M | 6.32M | 423K | 2.33M | 64.12M | -9.62M | -1.48M | 9.3M | -100K | -1.9M | 30.4M |
| Debt Issued (Net) | 17.5M | 58.2M | 7.6M | 0 | 0 | 0 | -37.1M | -42.9M | -38.3M | -18.87M | -108.03M | 44.01M | 169.73M | 25.32M | 0 | -302K | -382K | -394K | -250K | -909K | -1.21M | -2.33M | -2.75M | 1.76M | 67.87M | -7.91M | 8.01M | 5.8M | -700K | -1.1M | -4M |
| Equity Issued (Net) | 150K | -643K | -23.62M | -38.34M | -65.42M | -19.92M | -54.78M | -41.05M | -38.22M | -39.81M | -8.6M | -3.87M | -3.11M | -2.8M | -2.38M | -58.71M | 1.05M | -880K | -12.51M | -145.59M | -83.45M | 8.65M | 7.37M | 585K | -797K | -1.71M | -9.42M | 3.6M | 600K | -700K | 34.4M |
| Dividends Paid | 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 | -66K | 0 | -100K | 0 | 0 |
| Share Repurchases | -148K | -1.1M | -23.62M | -38.34M | -65.42M | -19.92M | -54.78M | -41.05M | -38.22M | -39.81M | -8.6M | -3.87M | -3.11M | -2.8M | -6.54M | -58.71M | -1.57M | -880K | -16M | -150.31M | -88.74M | 0 | 0 | -4.96M | -3.69M | -3.06M | -11.68M | -1.4M | -1.9M | -1.4M | 0 |
| Other Financing | 15.45M | -414K | -1.07M | 756K | 727K | 790K | -618K | 1.03M | 1.5M | -16.65M | 1.51M | 2.64M | 3.17M | 9.85M | -3.8M | 1.79M | -1.44M | 66K | -1.25M | 1.45M | 3.53M | 0 | -4.2M | -22K | -2.96M | 0 | 0 | -100K | 100K | -100K | 0 |
| Net Change in Cash | -1.14M | -17.08M | -38.21M | -10.17M | 32.45M | -15.43M | 26.24M | -12.52M | 28.62M | -6.19M | 5.19M | 12.07M | -103.69M | -7.51M | 20.2M | -53.84M | 38.78M | 16.27M | 51.09M | -50.94M | 25.79M | -5.4M | 45.7M | 13.86M | 20.39M | 12.82M | 19.2M | -9.1M | 3.9M | 4.5M | 12.3M |
| Free Cash Flow | -72.31M | -73.72M | -41.21M | 3.48M | 89.88M | -14.57M | 125.47M | 66.42M | 108.64M | 77.89M | 232.71M | 55.64M | 29.25M | 73.06M | 34.5M | 20.88M | 34.92M | 20.45M | 66.3M | 77.61M | 95.14M | 100.18M | 58.47M | 29.38M | 39.22M | 50.41M | 20.7M | -16.5M | 3.9M | 7.3M | -12.8M |
| FCF Margin % | -4.06% | -4.56% | -2.63% | 0.18% | 3.99% | -0.67% | 6.8% | 2.8% | 4.35% | 3.1% | 8.46% | 2.06% | 1.35% | 4.38% | 2.48% | 1.59% | 3.04% | 2.01% | 4.79% | 5.6% | 7.05% | 8.1% | 5.6% | 3.3% | 4.55% | 5.5% | 2.12% | -1.94% | 0.64% | 2.18% | -7.83% |
| FCF Growth % | -10.61% | -78.89% | -1284.85% | -96.13% | 717.03% | -111.61% | 88.89% | -38.86% | 39.47% | -66.53% | 318.26% | 90.18% | -59.96% | 111.8% | 65.2% | -40.21% | 70.76% | -69.15% | -14.58% | -18.42% | -5.03% | 71.33% | 99.03% | -25.09% | -22.2% | 143.55% | 225.44% | -523.08% | -46.58% | 157.03% | -107.15% |
| FCF per Share | -2.22 | -2.47 | -1.37 | 0.11 | 2.69 | -0.41 | 3.55 | 1.70 | 2.70 | 1.88 | 5.59 | 1.34 | 0.71 | 1.80 | 0.87 | 0.49 | 0.80 | 0.48 | 1.54 | 1.69 | 1.80 | 1.86 | 1.12 | 0.58 | 0.94 | 1.24 | 0.49 | -0.38 | 0.10 | 0.18 | -0.35 |
| FCF Conversion (FCF/Net Income) | 1.59x | 1.21x | 0.14x | -2.45x | 1.94x | 0.33x | -1.08x | 1.50x | 1.91x | 1.80x | -17.16x | 1.04x | 0.70x | 1.92x | 1.56x | 0.99x | 2.12x | 3.82x | -22.23x | 1.49x | 1.41x | 1.70x | 1.75x | 1.93x | 3.60x | 6.18x | 3.89x | -0.18x | 0.68x | 1.61x | -10.14x |
| Interest Paid | 3.44M | 4.62M | 1.04M | 1.03M | 1.12M | 1.43M | 0 | 2.43M | 4.37M | 3.81M | 4.08M | 3.5M | 2.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 914K | 0 | 211K | 5.17M | 9.98M | 9.77M | 0 | 12.17M | 12.9M | 4.59M | 10.31M | 34.4M | 9.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TBI stock.
TrueBlue, Inc. (TBI) generated $-58.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TrueBlue, Inc. (TBI) reported negative free cash flow of $73.7M in 2025, indicating capital requirements exceeded cash from operations.
TrueBlue, Inc. (TBI) spent $15.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TrueBlue, Inc. (TBI) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent Operating Cash Burn
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
According to historical cash flow statements, TBI exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme levels, such as 73.71 in 2025Q2, indicating that reported losses are consistently exacerbated by significant cash outflows from operations.
The wide variance between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the true severity of the company's cash burn. Investors should monitor this divergence, as it implies that the company's accounting losses are not merely paper-based but are reflective of a fundamental inability to generate positive cash from its core staffing activities.
Negative Free Cash Flow Trajectory
As reported in financial filings, TBI's free cash flow trajectory has remained consistently negative over the last ten quarters, with the company recording a cash outflow of $26.8 million in 2025Q1, highlighting a structural inability to fund operations through internal cash generation during this cycle.
The persistent negative FCF margins suggest that the company is currently reliant on its existing balance sheet liquidity rather than operational self-sufficiency. This trend warrants investigation into whether the current cost structure is sustainable or if further liquidity-preserving measures will be required if the industrial staffing environment does not improve.
Working Capital Volatility and Pressure
Based on the provided cash flow data, working capital changes have been a significant drag on liquidity, with a notable $27.4 million outflow in 2025Q3, suggesting that the company is struggling to manage its collection cycles effectively amidst a softening industrial demand environment.
The erratic nature of working capital movements implies that TBI's cash position is highly sensitive to the payment behavior of its industrial clients. If these outflows continue, it may indicate that the company is forced to extend credit terms to maintain market share, further straining its already limited cash reserves.
Capital Intensity Amidst Revenue Decline
Data from recent SEC filings shows that TBI continues to allocate capital toward maintenance and digital initiatives, with CapEx/Revenue ratios reaching as high as 1.8% in 2024Q1, even as the company faces a contracting revenue base and negative operating margins.
The decision to maintain capital spending levels during a period of negative profitability suggests a management commitment to the JobStack platform, though the lack of immediate cash flow return is concerning. Analysts should evaluate whether these investments are truly driving efficiency or if they represent a sunk cost that the company cannot afford in the current environment.