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TrueBlue cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.3M in Q3 2026 · −$72.3M over twelve months

Operating cash flow−$26.1M
Capital spending−$2.2M
Free cash flow−$28.3M
Cash / net income-2.8×
Cash conversion cycle44 days

Analysis

In Q3 2026, TrueBlue generated −$26.1M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of −$28.3M.

Over the twelve months to Sep 27, 2026, operating cash flow was −$60.8M; the largest uses were operating cash flow ($60.8M), capital spending ($11.5M), taxes on employees’ shares ($781K); besides operations, cash came from net borrowing (+) / repaid (−) ($34.1M), other investing ($27.2M); the cash balance fell by $12.5M.

Operating cash flow was −$26.1M against net income of $9.2M — -2.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$59.8M, depreciation & amortization +$6.8M, stock-based pay +$2.6M.

Its cash conversion cycle was 44 days (receivables 52 + inventory 0 − payables 8).

Free cash flow

TrueBlue: free cash flow by quarterTrueBlue: free cash flow by quarter$854KQ4 2024−$26.8MQ1 2025−$16.1MQ2 2025−$23.4MQ3 2025−$7.5MQ4 2025−$12.6MQ1 2026−$24.0MQ2 2026−$28.3MQ3 2026
Operating cash flow less capital spending.
TrueBlue: operating cash flow against capital spendingTrueBlue: operating cash flow against capital spendingOperating cash flowCapital spending$6.1M$5.3MQ4 2024−$22.1M$4.7MQ1 2025−$11.8M$4.3MQ2 2025−$19.8M$3.6MQ3 2025−$4.4M$3.1MQ4 2025−$9.8M$2.8MQ1 2026−$20.6M$3.4MQ2 2026−$26.1M$2.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$26.1M, Capital spending $2.2M.

Capital allocation, year by year

TrueBlue: where the cash came from (up) and went (down), by fiscal yearTrueBlue: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $20.4MFY2021: Shares issued $1.1MFY2021: Capital spending −$35.0MFY2021: Buybacks −$16.7M$21.6MFY2021FY2022: Operating cash flow $121MFY2022: Shares issued $980KFY2022: Capital spending −$30.6MFY2022: Buybacks −$60.9M$121MFY2022FY2023: Operating cash flow $34.8MFY2023: Shares issued $856KFY2023: Capital spending −$31.3MFY2023: Buybacks −$34.2M$35.6MFY2023FY2024: Operating cash flow −$17.1MFY2024: Net borrowing $7.6MFY2024: Shares issued $738KFY2024: Asset sales $3.1MFY2024: Capital spending −$24.2MFY2024: Buybacks −$21.3M$11.4MFY2024FY2025: Operating cash flow −$58.0MFY2025: Net borrowing $58.2MFY2025: Shares issued $454KFY2025: Asset sales $400KFY2025: Capital spending −$15.7MFY2025: Acquisitions −$30.1M$59.1MFY2025
Over these 5 years operating cash flow totalled $101M; the largest uses were capital spending ($137M) and buybacks ($133M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$19.8M
Debt$102M
Net debt$82.5M
Cash runway3 months

TrueBlue is burning cash: its operations consume cash, a free cash flow of −$72.3M a year at the current rate against $19.8M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

TrueBlue: sources (+) and uses (−) of cash, Q3 2026TrueBlue: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$26.1MNet borrowing (+) / repaid (−)$19.9MOther investing$7.7MCapital spending−$2.2MCash drawn (+) / kept (−)$718KExchange rates−$57KTaxes on employees’ shares−$24KOther financing−$7K
TrueBlue: sources (+) and uses (−) of cash, TTM to Q3 2026TrueBlue: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$60.8MNet borrowing (+) / repaid (−)$34.1MOther investing$27.2MCash drawn (+) / kept (−)$12.5MCapital spending−$11.5MTaxes on employees’ shares−$781KOther financing−$518KExchange rates−$485KShares issued$298K

From profit to cash

TrueBlue: net income to operating cash flow, Q3 2026TrueBlue: net income to operating cash flow, Q3 2026Net income$9.2MDepreciation & amortization$6.8MStock-based pay$2.6MDeferred taxes$9KOther non-cash−$1.3MReceivables−$59.8MPrepaid and other assets−$2.5MOther liabilities−$875KOperating cash flow−$26.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202652—844
Q2 202653—944
Q1 202656—1145
Q4 202554—1043
Q3 202550—1040
Q2 202551—1140
Q1 202553—1340
Q4 202452—1339

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$26.1M−$2.2M——$19.9M—$718K−$28.3M
Q2 2026−$20.6M−$3.4M——$8.5M$45K$5.3M−$24.0M
Q1 2026−$9.8M−$2.8M——$8.1M$162K−$293K−$12.6M
Q4 2025−$4.4M−$3.1M——−$2.4M$91K$6.8M−$7.5M
Q3 2025−$19.8M−$3.6M−$41K—$14.4M$107K$1.7M−$23.4M
Q2 2025−$11.8M−$4.3M−$96K—−$4.0M$186K$11.7M−$16.1M
Q1 2025−$22.1M−$4.7M−$30.0M—$50.2M$70K−$3.1M−$26.8M
Q4 2024$6.1M−$5.3M—$8K$7.6M$174K−$11.8M$854K

TrueBlue: income statement and cash flow

TrueBlue, Q3 2026: revenue $521M (+21% year over year), operating margin 2.3%. The chart follows the revenue to costs, profit and cash.

TrueBlue: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.