ROBERT HALF REPORTS FOURTH-QUARTER FINANCIAL RESULTS
MENLO PARK, Calif., Jan. 29, 2026 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the fourth quarter ended December 31, 2025.
For the three months ended December 31, 2025, net income was $32 million, or $0.32 per share, on revenues of $1.302 billion. For the three months ended December 31, 2024, net income was $54 million, or $0.53 per share, on revenues of $1.382 billion.
For the year ended December 31, 2025, net income was $133 million, or $1.33 per share, on revenues of $5.379 billion. For the year ended December 31, 2024, net income was $252 million, or $2.44 per share, on revenues of $5.796 billion.
"For the fourth quarter of 2025, global enterprise revenues were $1.302 billion, down 6 percent from last year's fourth quarter on a reported basis and down 7 percent on an adjusted basis," said M. Keith Waddell, president and chief executive officer at Robert Half. "We are very pleased to see talent solutions and enterprise revenues return to positive sequential growth on a same-day constant currency basis for the first time in over three years. Weekly revenue trends during the quarter continued to show positive momentum, which extended into the first three weeks of January. Our revenues and earnings exceeded the midpoint of our previous fourth-quarter guidance.
"We thank our global workforce for their continued dedication, which once again earned Robert Half recognition by Fortune ® as one of the World's Most Admired Companies™. We are proud of our unique position as the only company in our industry to be awarded this distinction for nearly three decades. We were also recognized as one of Forbes' World's Top Companies for Women and chosen by Newsweek as one of America's Most Responsible Companies," Waddell concluded.
Robert Half management will conduct a conference call today at 5 p.m. EST. The prepared remarks for this call are available now in the Investor Center of the Robert Half website ( www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number is 800-330-6710 (+1-213-279-1505 outside the United States and Canada). The confirmation code to access the call is 3700616.
A recording of this call will be available for audio replay beginning at approximately 8 p.m. EST on January 29 and ending after 12 months. To access the replay, visit https://webcasts.com/RobertHalfQ42025. The conference call also will be archived in audio format on the Company's website at roberthalf.com.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti ®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the last 12 months, Robert Half has been recognized as one of America's Most Innovative Companies by Fortune and, with Protiviti, has been named as a Fortune ® World's Most Admired Company™ and one of the 100 Best Companies to Work For.
Certain information contained in Management's Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company's corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing; on internal controls, diligence or processes that are evolving; on representations reviewed or provided by third parties; and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management's current expectations, currently available information and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond our control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America ("U.S.") or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company's ability to attract candidates; the development, proliferation and adoption of artificial intelligence ("AI") by the Company and the third parties it serves; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company's services, or the Company's ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its engagement professionals, or for events impacting its engagement professionals on clients' premises; the possibility that adverse publicity could impact the Company's ability to attract and retain clients and candidates; the success of the Company in attracting, training and retaining qualified management personnel and other staff employees; the Company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company's SEC filings; the impact of extreme weather conditions on the Company and its candidates and clients; the ability of the Company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the Company will incur as a result of health care or other reform legislation may adversely affect the Company's profit margins or the demand for the Company's services; the possibility that the Company's computer and communications hardware and software systems could be damaged or their service interrupted or that the Company could experience a cybersecurity breach; and the possibility that the Company may fail to maintain adequate financial and management controls, and as a result suffer errors in its financial reporting.
Additionally, with respect to Protiviti, other risks and uncertainties include the facts that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for broad-based consulting, regulatory compliance, technology services, public sector or other high-demand advisory services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's other filings with the U.S. Securities and Exchange Commission.
Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Except as required by law, the Company undertakes no obligation to update information in this report, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so.
A copy of this release is available at www.roberthalf.com/investor-center.
ATTACHED:
Summary of Operations
Supplemental Financial Information
Non-GAAP Financial Measures
ROBERT HALF INC
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
Service revenues
$ 1,302,379
$ 1,382,372
$ 5,378,506
$ 5,795,837
Costs of services
812,816
846,274
3,376,193
3,548,607
Gross margin
489,563
536,098
2,002,313
2,247,230
Selling, general and administrative expenses
467,112
471,630
1,925,852
2,005,756
Operating income
22,451
64,468
76,461
241,474
Income from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses)
(20,988)
(5,740)
(106,092)
(94,079)
Interest income, net
(3,478)
(5,128)
(11,799)
(22,118)
Income before income taxes
46,917
75,336
194,352
357,671
Provision for income taxes
15,161
21,046
61,362
106,073
Net income
$ 31,756
$ 54,290
$ 132,990
$ 251,598
Diluted net income per share
$ 0.32
$ 0.53
$ 1.33
$ 2.44
Weighted average shares:
Basic
99,508
101,549
100,116
102,661
Diluted
99,669
102,008
100,312
103,028
ROBERT HALF INC
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting
$ 535,229
$ 574,898
$ 2,207,152
$ 2,454,119
Administrative and customer support
153,032
172,783
642,939
741,468
Technology
156,383
158,009
625,179
634,062
Elimination of intersegment revenues (1)
(123,797)
(120,176)
(485,187)
(471,777)
Total contract talent solutions
720,847
785,514
2,990,083
3,357,872
Permanent placement talent solutions
102,571
108,099
439,500
487,204
Protiviti
478,961
488,759
1,948,923
1,950,761
Total service revenues
$ 1,302,379
$ 1,382,372
$ 5,378,506
$ 5,795,837
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.
December 31,
2025
2024
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents
$ 464,435
$ 537,583
Accounts receivable, net
$ 748,457
$ 772,285
Total assets
$ 2,856,276
$ 2,854,405
Total current liabilities
$ 1,384,506
$ 1,285,739
Total stockholders' equity
$ 1,275,857
$ 1,378,003
Year Ended
December 31,
2025
2024
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation
$ 50,031
$ 52,053
Capitalized cloud computing implementation costs
$ 28,522
$ 29,210
Capital expenditures
$ 53,155
$ 56,318
Open market repurchases of common stock (shares)
1,702
3,507
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expenses; adjusted operating income; and adjusted revenue growth rates.
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income, include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
Three Months Ended December 31,
Relationships
Year Ended December 31,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Gross Margin
Contract talent solutions
$ 282,340
$ 306,758
$ 282,340
$ 306,758
39.2 %
39.1 %
39.2 %
39.1 %
$ 1,166,761
$ 1,316,524
$ 1,166,761
$ 1,316,524
39.0 %
39.2 %
39.0 %
39.2 %
Permanent placement talent solutions
102,390
107,866
102,390
107,866
99.8 %
99.8 %
99.8 %
99.8 %
438,705
486,219
438,705
486,219
99.8 %
99.8 %
99.8 %
99.8 %
Total talent solutions
384,730
414,624
384,730
414,624
46.7 %
46.4 %
46.7 %
46.4 %
1,605,466
1,802,743
1,605,466
1,802,743
46.8 %
46.9 %
46.8 %
46.9 %
Protiviti
104,833
121,474
109,413
122,560
21.9 %
24.9 %
22.8 %
25.1 %
396,847
444,487
420,609
463,250
20.4 %
22.8 %
21.6 %
23.7 %
Total
$ 489,563
$ 536,098
$ 494,143
$ 537,184
37.6 %
38.8 %
37.9 %
38.9 %
$ 2,002,313
$ 2,247,230
$ 2,026,075
$ 2,265,993
37.2 %
38.8 %
37.7 %
39.1 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 282,340
39.2 %
$ 102,390
99.8 %
$ 384,730
46.7 %
$ 104,833
21.9 %
$ 489,563
37.6 %
$ 306,758
39.1 %
$ 107,866
99.8 %
$ 414,624
46.4 %
$ 121,474
24.9 %
$ 536,098
38.8 %
Adjustments (1)
—
—
—
—
—
—
4,580
0.9 %
4,580
0.3 %
—
—
—
—
—
—
1,086
0.2 %
1,086
0.1 %
As Adjusted
$ 282,340
39.2 %
$ 102,390
99.8 %
$ 384,730
46.7 %
$ 109,413
22.8 %
$ 494,143
37.9 %
$ 306,758
39.1 %
$ 107,866
99.8 %
$ 414,624
46.4 %
$ 122,560
25.1 %
$ 537,184
38.9 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025
Year Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 1,166,761
39.0 %
$ 438,705
99.8 %
$ 1,605,466
46.8 %
$ 396,847
20.4 %
$ 2,002,313
37.2 %
$ 1,316,524
39.2 %
$ 486,219
99.8 %
$ 1,802,743
46.9 %
$ 444,487
22.8 %
$ 2,247,230
38.8 %
Adjustments (1)
—
—
—
—
—
—
23,762
1.2 %
23,762
0.5 %
—
—
—
—
—
—
18,763
0.9 %
18,763
0.3 %
As Adjusted
$ 1,166,761
39.0 %
$ 438,705
99.8 %
$ 1,605,466
46.8 %
$ 420,609
21.6 %
$ 2,026,075
37.7 %
$ 1,316,524
39.2 %
$ 486,219
99.8 %
$ 1,802,743
46.9 %
$ 463,250
23.7 %
$ 2,265,993
39.1 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
Three Months Ended December 31,
Relationships
Year Ended December 31,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Selling, General and
Administrative Expenses
Contract talent solutions
$ 289,910
$ 294,387
$ 275,199
$ 290,348
40.2 %
37.5 %
38.2 %
37.0 %
$ 1,191,837
$ 1,252,588
$ 1,118,140
$ 1,186,006
39.9 %
37.3 %
37.4 %
35.3 %
Permanent placement talent solutions
102,017
102,619
100,320
102,004
99.5 %
94.9 %
97.8 %
94.4 %
425,774
448,901
417,141
440,167
96.9 %
92.1 %
94.9 %
90.3 %
Total talent solutions
391,927
397,006
375,519
392,352
47.6 %
44.4 %
45.6 %
43.9 %
1,617,611
1,701,489
1,535,281
1,626,173
47.2 %
44.3 %
44.8 %
42.3 %
Protiviti
75,185
74,624
75,185
74,624
15.7 %
15.3 %
15.7 %
15.3 %
308,241
304,267
308,241
304,267
15.8 %
15.6 %
15.8 %
15.6 %
Total
$ 467,112
$ 471,630
$ 450,704
$ 466,976
35.9 %
34.1 %
34.6 %
33.8 %
$ 1,925,852
$ 2,005,756
$ 1,843,522
$ 1,930,440
35.8 %
34.6 %
34.3 %
33.3 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 289,910
40.2 %
$ 102,017
99.5 %
$ 391,927
47.6 %
$ 75,185
15.7 %
$ 467,112
35.9 %
$ 294,387
37.5 %
$ 102,619
94.9 %
$ 397,006
44.4 %
$ 74,624
15.3 %
$ 471,630
34.1 %
Adjustments (1)
(14,711)
(2.0 %)
(1,697)
(1.7 %)
(16,408)
(2.0 %)
—
—
(16,408)
(1.3 %)
(4,039)
(0.5 %)
(615)
(0.5 %)
(4,654)
(0.5 %)
—
—
(4,654)
(0.3 %)
As Adjusted
$ 275,199
38.2 %
$ 100,320
97.8 %
$ 375,519
45.6 %
$ 75,185
15.7 %
$ 450,704
34.6 %
$ 290,348
37.0 %
$ 102,004
94.4 %
$ 392,352
43.9 %
$ 74,624
15.3 %
$ 466,976
33.8 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025
Year Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 1,191,837
39.9 %
$ 425,774
96.9 %
$ 1,617,611
47.2 %
$ 308,241
15.8 %
$ 1,925,852
35.8 %
$ 1,252,588
37.3 %
$ 448,901
92.1 %
$ 1,701,489
44.3 %
$ 304,267
15.6 %
$ 2,005,756
34.6 %
Adjustments (1)
(73,697)
(2.5 %)
(8,633)
(2.0 %)
(82,330)
(2.4 %)
—
—
(82,330)
(1.5 %)
(66,582)
(2.0 %)
(8,734)
(1.8 %)
(75,316)
(2.0 %)
—
—
(75,316)
(1.3 %)
As Adjusted
$ 1,118,140
37.4 %
$ 417,141
94.9 %
$ 1,535,281
44.8 %
$ 308,241
15.8 %
$ 1,843,522
34.3 %
$ 1,186,006
35.3 %
$ 440,167
90.3 %
$ 1,626,173
42.3 %
$ 304,267
15.6 %
$ 1,930,440
33.3 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment income is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
ADJUSTED OPERATING INCOME (UNAUDITED):
(in thousands)
Three Months Ended December 31,
Relationships
Year Ended December 31,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Operating Income (Loss)
Contract talent solutions
$ (7,570)
$ 12,371
$ 7,141
$ 16,410
(1.1 %)
1.6 %
1.0 %
2.1 %
$ (25,076)
$ 63,936
$ 48,621
$ 130,518
(0.8 %)
1.9 %
1.6 %
3.9 %
Permanent placement talent solutions
373
5,247
2,070
5,862
0.4 %
4.9 %
2.0 %
5.4 %
12,931
37,318
21,564
46,052
2.9 %
7.7 %
4.9 %
9.5 %
Total talent solutions
(7,197)
17,618
9,211
22,272
(0.9 %)
2.0 %
1.1 %
2.5 %
(12,145)
101,254
70,185
176,570
(0.4 %)
2.6 %
2.0 %
4.6 %
Protiviti
29,648
46,850
34,228
47,936
6.2 %
9.6 %
7.1 %
9.8 %
88,606
140,220
112,368
158,983
4.5 %
7.2 %
5.8 %
8.1 %
Total
$ 22,451
$ 64,468
$ 43,439
$ 70,208
1.7 %
4.7 %
3.3 %
5.1 %
$ 76,461
$ 241,474
$ 182,553
$ 335,553
1.4 %
4.2 %
3.4 %
5.8 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating income (loss) for the three months ended December 31, 2025 and 2024:
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating Income (Loss)
As Reported
$ (7,570)
(1.1 %)
$ 373
0.4 %
$ (7,197)
(0.9 %)
$ 29,648
6.2 %
$ 22,451
1.7 %
$ 12,371
1.6 %
$ 5,247
4.9 %
$ 17,618
2.0 %
$ 46,850
9.6 %
$ 64,468
4.7 %
Adjustments (1)
14,711
2.1 %
1,697
1.6 %
16,408
2.0 %
4,580
0.9 %
20,988
1.6 %
4,039
0.5 %
615
0.5 %
4,654
0.5 %
1,086
0.2 %
5,740
0.4 %
As Adjusted
$ 7,141
1.0 %
$ 2,070
2.0 %
$ 9,211
1.1 %
$ 34,228
7.1 %
$ 43,439
3.3 %
$ 16,410
2.1 %
$ 5,862
5.4 %
$ 22,272
2.5 %
$ 47,936
9.8 %
$ 70,208
5.1 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating income (loss) for the years ended December 31, 2025 and 2024:
Year Ended December 31, 2025
Year Ended December 31, 2024
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating Income (Loss)
As Reported
$ (25,076)
(0.8 %)
$ 12,931
2.9 %
$ (12,145)
(0.4 %)
$ 88,606
4.5 %
$ 76,461
1.4 %
$ 63,936
1.9 %
$ 37,318
7.7 %
$ 101,254
2.6 %
$ 140,220
7.2 %
$ 241,474
4.2 %
Adjustments (1)
73,697
2.4 %
8,633
2.0 %
82,330
2.4 %
23,762
1.3 %
106,092
2.0 %
66,582
2.0 %
8,734
1.8 %
75,316
2.0 %
18,763
0.9 %
94,079
1.6 %
As Adjusted
$ 48,621
1.6 %
$ 21,564
4.9 %
$ 70,185
2.0 %
$ 112,368
5.8 %
$ 182,553
3.4 %
$ 130,518
3.9 %
$ 46,052
9.5 %
$ 176,570
4.6 %
$ 158,983
8.1 %
$ 335,553
5.8 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in operating income (loss). The non-GAAP financial adjustments shown in the table above are to reclassify investment income from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates
(As Reported)
Non-GAAP Year-Over-Year Growth Rates
(As Adjusted)
2024
2025
2024
2025
Q3
Q4
Q1
Q2
Q3
Q4
Q3
Q4
Q1
Q2
Q3
Q4
Global
Finance and accounting
-9.2
-9.5
-12.3
-10.8
-9.9
-6.9
-10.5
-9.8
-10.0
-10.8
-10.7
-7.8
Administrative and customer support
-9.2
-8.8
-17.2
-13.0
-11.1
-11.4
-10.8
-9.4
-15.2
-13.3
-12.1
-12.5
Technology
-6.1
-3.5
-3.4
0.3
-1.5
-1.0
-7.6
-4.1
-1.3
0.4
-1.9
-1.2
Elimination of intersegment revenues (1)
21.6
18.9
4.5
2.9
1.1
3.0
19.4
17.8
6.8
2.5
0.2
2.2
Total contract talent solutions
-11.9
-11.5
-14.0
-11.1
-10.1
-8.2
-13.2
-11.8
-11.8
-11.1
-10.9
-9.0
Permanent placement talent solutions
-11.9
-11.1
-10.2
-12.5
-10.7
-5.1
-13.2
-11.4
-7.8
-12.6
-11.4
-5.9
Total talent solutions
-11.9
-11.4
-13.5
-11.3
-10.2
-7.9
-13.2
-11.7
-11.3
-11.3
-11.0
-8.6
Protiviti
6.4
5.3
2.7
1.8
-2.6
-2.0
4.5
4.5
4.7
1.5
-3.4
-2.8
Total
-6.3
-6.1
-8.4
-7.0
-7.5
-5.8
-7.7
-6.6
-6.2
-7.1
-8.3
-6.6
United States
Contract talent solutions
-12.4
-10.3
-11.8
-10.7
-10.3
-9.5
-13.7
-11.2
-10.7
-10.7
-10.4
-9.2
Permanent placement talent solutions
-9.0
-9.6
-8.5
-13.2
-11.3
-5.8
-10.4
-10.4
-7.3
-13.2
-11.4
-5.5
Total talent solutions
-12.0
-10.2
-11.4
-11.0
-10.4
-9.0
-13.3
-11.1
-10.3
-11.0
-10.5
-8.8
Protiviti
9.3
6.6
2.3
-0.7
-5.5
-5.9
7.6
5.6
3.6
-0.7
-5.6
-5.6
Total
-5.2
-4.7
-6.9
-7.4
-8.6
-7.9
-6.7
-5.7
-5.7
-7.4
-8.7
-7.6
International
Contract talent solutions
-10.6
-15.2
-20.7
-12.5
-9.7
-4.0
-11.7
-13.9
-16.2
-12.9
-12.4
-8.7
Permanent placement talent solutions
-18.6
-14.7
-14.5
-10.6
-9.0
-3.5
-19.8
-13.7
-10.1
-11.2
-11.2
-7.0
Total talent solutions
-11.9
-15.1
-19.8
-12.2
-9.6
-3.9
-13.0
-13.9
-15.3
-12.6
-12.2
-8.4
Protiviti
-5.6
0.2
4.4
13.1
11.1
14.7
-8.1
-0.4
7.9
10.7
7.5
9.1
Total
-10.2
-10.9
-13.6
-5.3
-3.8
1.8
-11.7
-10.2
-9.4
-6.3
-6.7
-3.0
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line item.
The non-GAAP financial measures included in the table above adjust for the following items:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. The foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations are removed from the revenue growth rate calculation. A reconciliation of the non-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein, on Pages 10-12.
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – GLOBAL
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Finance and accounting
As Reported
-9.2
-9.5
-12.3
-10.8
-9.9
-6.9
Billing Days Impact
-1.5
-0.8
1.3
0.4
-0.2
0.3
Currency Impact
0.2
0.5
1.0
-0.4
-0.6
-1.2
As Adjusted
-10.5
-9.8
-10.0
-10.8
-10.7
-7.8
Administrative and customer support
As Reported
-9.2
-8.8
-17.2
-13.0
-11.1
-11.4
Billing Days Impact
-1.5
-0.8
1.3
0.4
0.0
0.3
Currency Impact
-0.1
0.2
0.7
-0.7
-1.0
-1.4
As Adjusted
-10.8
-9.4
-15.2
-13.3
-12.1
-12.5
Technology
As Reported
-6.1
-3.5
-3.4
0.3
-1.5
-1.0
Billing Days Impact
-1.5
-0.7
1.4
0.5
-0.1
0.3
Currency Impact
0.0
0.1
0.7
-0.4
-0.3
-0.5
As Adjusted
-7.6
-4.1
-1.3
0.4
-1.9
-1.2
Elimination of intersegment revenues
As Reported
21.6
18.9
4.5
2.9
1.1
3.0
Billing Days Impact
-1.9
-1.0
1.6
0.5
-0.1
0.4
Currency Impact
-0.3
-0.1
0.7
-0.9
-0.8
-1.2
As Adjusted
19.4
17.8
6.8
2.5
0.2
2.2
Total contract talent solutions
As Reported
-11.9
-11.5
-14.0
-11.1
-10.1
-8.2
Billing Days Impact
-1.4
-0.7
1.3
0.4
-0.2
0.3
Currency Impact
0.1
0.4
0.9
-0.4
-0.6
-1.1
As Adjusted
-13.2
-11.8
-11.8
-11.1
-10.9
-9.0
Permanent placement talent solutions
As Reported
-11.9
-11.1
-10.2
-12.5
-10.7
-5.1
Billing Days Impact
-1.4
-0.7
1.3
0.5
-0.1
0.3
Currency Impact
0.1
0.4
1.1
-0.6
-0.6
-1.1
As Adjusted
-13.2
-11.4
-7.8
-12.6
-11.4
-5.9
Total talent solutions
As Reported
-11.9
-11.4
-13.5
-11.3
-10.2
-7.9
Billing Days Impact
-1.4
-0.7
1.2
0.4
-0.2
0.4
Currency Impact
0.1
0.4
1.0
-0.4
-0.6
-1.1
As Adjusted
-13.2
-11.7
-11.3
-11.3
-11.0
-8.6
Protiviti
As Reported
6.4
5.3
2.7
1.8
-2.6
-2.0
Billing Days Impact
-1.7
-0.8
1.5
0.4
-0.2
0.3
Currency Impact
-0.2
0.0
0.5
-0.7
-0.6
-1.1
As Adjusted
4.5
4.5
4.7
1.5
-3.4
-2.8
Total
As Reported
-6.3
-6.1
-8.4
-7.0
-7.5
-5.8
Billing Days Impact
-1.4
-0.8
1.4
0.4
-0.2
0.3
Currency Impact
0.0
0.3
0.8
-0.5
-0.6
-1.1
As Adjusted
-7.7
-6.6
-6.2
-7.1
-8.3
-6.6
ROBERT HALF INC
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – UNITED STATES
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Contract talent solutions
As Reported
-12.4
-10.3
-11.8
-10.7
-10.3
-9.5
Billing Days Impact
-1.3
-0.9
1.1
0.0
-0.1
0.3
Currency Impact
―
―
―
―
―
―
As Adjusted
-13.7
-11.2
-10.7
-10.7
-10.4
-9.2
Permanent placement talent solutions
As Reported
-9.0
-9.6
-8.5
-13.2
-11.3
-5.8
Billing Days Impact
-1.4
-0.8
1.2
0.0
-0.1
0.3
Currency Impact
―
―
―
―
―
―
As Adjusted
-10.4
-10.4
-7.3
-13.2
-11.4
-5.5
Total talent solutions
As Reported
-12.0
-10.2
-11.4
-11.0
-10.4
-9.0
Billing Days Impact
-1.3
-0.9
1.1
0.0
-0.1
0.2
Currency Impact
―
―
―
―
―
―
As Adjusted
-13.3
-11.1
-10.3
-11.0
-10.5
-8.8
Protiviti
As Reported
9.3
6.6
2.3
-0.7
-5.5
-5.9
Billing Days Impact
-1.7
-1.0
1.3
0.0
-0.1
0.3
Currency Impact
―
―
―
―
―
―
As Adjusted
7.6
5.6
3.6
-0.7
-5.6
-5.6
Total
As Reported
-5.2
-4.7
-6.9
-7.4
-8.6
-7.9
Billing Days Impact
-1.5
-1.0
1.2
0.0
-0.1
0.3
Currency Impact
―
―
―
―
―
―
As Adjusted
-6.7
-5.7
-5.7
-7.4
-8.7
-7.6
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATE (%) RECONCILIATION (UNAUDITED):
Year-Over-Year Revenue Growth – INTERNATIONAL
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Contract talent solutions
As Reported
-10.6
-15.2
-20.7
-12.5
-9.7
-4.0
Billing Days Impact
-1.6
-0.4
0.6
1.4
0.0
0.1
Currency Impact
0.5
1.7
3.9
-1.8
-2.7
-4.8
As Adjusted
-11.7
-13.9
-16.2
-12.9
-12.4
-8.7
Permanent placement talent solutions
As Reported
-18.6
-14.7
-14.5
-10.6
-9.0
-3.5
Billing Days Impact
-1.6
-0.4
0.6
1.4
0.0
0.2
Currency Impact
0.4
1.4
3.8
-2.0
-2.2
-3.7
As Adjusted
-19.8
-13.7
-10.1
-11.2
-11.2
-7.0
Total talent solutions
As Reported
-11.9
-15.1
-19.8
-12.2
-9.6
-3.9
Billing Days Impact
-1.6
-0.5
0.6
1.4
0.0
0.1
Currency Impact
0.5
1.7
3.9
-1.8
-2.6
-4.6
As Adjusted
-13.0
-13.9
-15.3
-12.6
-12.2
-8.4
Protiviti
As Reported
-5.6
0.2
4.4
13.1
11.1
14.7
Billing Days Impact
-1.7
-0.4
0.7
1.7
0.0
0.1
Currency Impact
-0.8
-0.2
2.8
-4.1
-3.6
-5.7
As Adjusted
-8.1
-0.4
7.9
10.7
7.5
9.1
Total
As Reported
-10.2
-10.9
-13.6
-5.3
-3.8
1.8
Billing Days Impact
-1.6
-0.5
0.6
1.5
0.0
0.2
Currency Impact
0.1
1.2
3.6
-2.5
-2.9
-5.0
As Adjusted
-11.7
-10.2
-9.4
-6.3
-6.7
-3.0
SOURCE Robert Half