RHI NYSE Russell 1000 Earnings call
Robert Half (RHI) · Q2 2026 results and valuation
Share price: $42.22 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026
Net income up 90.8% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+90.8%
Net income vs Q1 2026
Outlook given
Net income 26.3M vs 13.8M
Revenue +2.8%
Against the same quarter last year (Q2 2025) it is −35.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Global Enterprise revenues were $1.336 billion in the second quarter of 2026, which decreased by 2% compared to the second quarter of last year.
Valuation
Is Robert Half undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −9.4% growth a year (3-year revenue growth), the model's fair value is $18.69 a share — the stock trades 126% above it. Today's price assumes 3.8% growth a year.
Current price
$42.22
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.8% for 10 yrs
Fair value / share
$18.69
Buy below
$14.02
Price vs fair value
Overvalued 126%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Talent solutions revenues were $660 million, which decreased 1% from the prior year's second quarter.
Source quote
“Talent Solutions revenues were $660 million, down 1% from the prior year's second quarter. U.S. Non-U.S.”
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Key theme
Billing days decreased from 63.2 in the second quarter of 2025 to 63.1 in the second quarter of 2026.
Source quote
“In the second quarter of 2026, there were 63.1 billing days compared to 63.2 billing days in the second quarter... We conduct Talent Solutions operations throughout offices in the United States and 18 other countries. The third quarter of 2026 has 64.6 billing days compared to 64.2 billing days in the third quarter of 2025.”
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Guidance
The company expects sequential revenue growth in Protiviti's other key solution areas during the third quarter because demand remains healthy and the pipeline is strong.
Source quote
“Demand across Protiviti's other key solution areas remains healthy, and the pipeline is strong, and we expect sequential revenue growth in those practices during the third quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Lower sequential revenues result in negative operating leverage such that fourth quarter operating margins have historically been 0.5 to 1.5 percentage points lower sequentially than third quarter margins.”
“Our unique combination of award-winning, high-tech capabilities and high-touch expertise positions us well to help clients navigate a dynamic business environment and connect them with a specialized talent and consulting...”
“And if you look at FSI and non-FSI, non-FSI is already growing and is expected to continue to grow.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.34B | 1.30B | +2.8% | 1.37B | −2.4% |
| Gross profit | 474.0M | 479.9M | −1.2% | 509.5M | −7.0% |
| Operating income | -62.3M | 36.9M | Turned loss | 1.5M | Turned loss |
| Net income | 26.3M | 13.8M | +90.8% | 41.0M | −35.8% |
| EPS | 0.26 | 0.14 | +85.7% | 0.41 | −36.6% |
| P/E today 29.8 | 26.7 | 19.5 | +7.2 | 23.5 | +3.2 |
Topics
Most discussed now
- Client engagement remained strong throughout the quarter with job orders and project activity increasing across many markets, particularly…
- Robert Half feels good given it has already had three straight
- Everybody worries about inflation everybody worries about renewed
- Underlying wage inflation has come down and so have bill rates just like kind of post-COVID when wage inflation flared...
- I feel good about future margin upside from where Robert Half is, principally about mix.
Faded since Q1 2026
- Fading Risk and compliance would be 20% and business process improvement and a couple of other small make up the other...
- Dropped Resource levels in small and midsized businesses, which represent the majority of Robert Half's client base remain lean following several…
- Fading Adjusted gross margin, SG&A and operating income reflect the combining of investment gains and losses related to employee deferred…
- Fading Economic uncertainties related to the conflicts in the Middle East and higher energy costs have not yet significantly impacted client...
Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K