Robert Half International: 2Q26 Results in line with a Healthy 3Q26 Guidance, Signaling a Recovery

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Robert Half International: 2Q26 Results in line with a Healthy 3Q26 Guidance, Signaling a Recovery

J P M O R G A N North America Equity Research

24 July 2026

Robert Half International Neutral

RHI, RHI US

2Q26 Results in line with a Healthy 3Q26 Guidance, Price (23 Jul 26):$37.85

Signaling a Recovery ▲Price Target (Dec-27):$40.00 Prior (Dec-26):$29.00

Thursday evening, professional services provider Robert Half (RHI) announced a

2Q26 EPS of $0.26, which was in line with guidance of $0.20 to $0.30 and a tick Business & Information Services

below our JPMe of $0.27. Total revenues declining -2.8% y/y o/cc SDB landed Andrew C. Steinerman AC

ahead of our -3.6% y/y o/cc SDB estimate. Revenue was again supported by (1-212) 622-2527

improving performance in the Contract Staffing and Permanent Placement segments, andrew.steinerman@jpmorgan.com

while Protiviti demonstrated some softness. Operating margins in Contract Staffing Rohan Kalra

landed in-line with our JPMe, while Protiviti landed below our JPMe, and Permanent (1-212) 622-0879

rohan.kalra@jpmorgan.com

Placement landed above. Robert Half’s 3Q26 guide for ~flat% y/y o/cc SDB revenues

Alexander E.M. Hess, CFA

at the midpoint was higher than our roughly -1% y/y o/cc SDB pre-print JPMe .

(1-212) 622-8331

Robert Half continues to reiterate that the technology segment is the strongest alexander.hess@jpmorgan.com

practice group within talent solutions, while Protiviti remains pressured by J.P. Morgan Securities LLC

ongoing lower anti-money laundering (AML) enforcement.

• Talent Solutions poised for growth in 3Q26: Talent Solutions revenue Key Changes (FYE Dec)

delivered the third consecutive quarter of sequential growth, led largely by the Prev Cur Δ

Technology segment, which management called out as the strongest Adj.