rhi-20260331

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

______________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM to .

Commission File Number 1-10427

ROBERT HALF INC.

(Exact name of registrant as specified in its charter)


Delaware		94-1648752
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2884 Sand Hill Road
Suite 200
Menlo Park,	California	94025
(Address of principal executive offices)		(zip-code)

Registrant’s telephone number, including area code: (650) 234-6000


Securities registered pursuant to Section 12(b) of the Act
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	RHI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of April 30, 2026:

102,293,589 shares of $0.001 par value Common Stock

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(in thousands, except share amounts)


	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	278,387	$	464,435
Accounts receivable, net	776,361		748,457
Employee deferred compensation trust assets	758,778		773,938
Other current assets	155,966		132,192
Total current assets	1,969,492		2,119,022
Property and equipment, net	129,729		128,814
Right-of-use assets	206,550		203,050

Goodwill	250,977		251,469
Noncurrent deferred income taxes	123,539		134,317
Other noncurrent assets	23,415		19,604
Total assets	$	2,703,702	$	2,856,276
LIABILITIES
Accounts payable and accrued expenses	$	145,681	$	159,418
Accrued payroll and benefit costs	314,877		382,020
Employee deferred compensation plan obligations	737,960		771,630
Income taxes payable	1,206		1,644

Current operating lease liabilities	69,163		69,794
Total current liabilities	1,268,887		1,384,506

Noncurrent operating lease liabilities	182,815		175,744
Other noncurrent liabilities	20,769		20,169
Total liabilities	1,472,471		1,580,419
Commitments and Contingencies (Note K)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value; authorized 5,000,000 shares; none issued	—		—
Common stock, $0.001 par value; authorized 260,000,000 shares; issued and outstanding 102,293,590 shares and 101,140,684 shares	102		101
Additional paid-in capital	1,264,330		1,304,939
Accumulated other comprehensive loss	(33,201)		(29,183)
Retained earnings	—		—
Total stockholders’ equity	1,231,231		1,275,857
Total liabilities and stockholders’ equity	$	2,703,702	$	2,856,276

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)


	Three Months Ended March 31,
	2026		2025

Service revenues	$	1,300,179	$	1,351,907
Costs of services	820,270		852,862
Gross margin	479,909		499,045
Selling, general and administrative expenses	442,998		460,163
Operating income	36,911		38,882
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expenses - Note A)	8,227		20,171

Interest income, net	(2,758)		(3,572)
Income before income taxes	31,442		22,283
Provision for income taxes	17,652		4,933
Net income	$	13,790	$	17,350

Net income per share:
Basic	$	0.14	$	0.17
Diluted	$	0.14	$	0.17

Weighted average shares:
Basic	99,622		100,666
Diluted	99,899		101,015

Dividends declared per share	$	0.59	$	0.59

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in thousands)


	Three Months Ended March 31,
	2026		2025
COMPREHENSIVE INCOME (LOSS):
Net income	$	13,790	$	17,350
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(4,014)		11,433
Foreign defined benefit plan adjustments, net of tax	(4)		39
Total other comprehensive income (loss)	(4,018)		11,472
Total comprehensive income (loss)	$	9,772	$	28,822

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except per share amounts)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total
	Shares	Par Value
Balance at December 31, 2025	101,141	$	101	$	1,304,939	$	(29,183)	$	—	$	1,275,857
Net income	—	—		—		—		13,790		13,790
Other comprehensive income (loss)	—	—		—		(4,018)		—		(4,018)
Dividends declared ($0.59 per share)	—	—		(51,867)		—		(7,780)		(59,647)
Net issuances of restricted stock	1,402	1		(1)		—		—		—
Stock-based compensation	—	—		11,259		—		—		11,259
Repurchases of common stock	(249)	—		—		—		(6,010)		(6,010)
Balance at March 31, 2026	102,294	$	102	$	1,264,330	$	(33,201)	$	—	$	1,231,231


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total
	Shares	Par Value
Balance at December 31, 2024	102,199	$	102	$	1,418,150	$	(65,138)	$	24,889	$	1,378,003
Net income	—	—		—		—		17,350		17,350
Other comprehensive income (loss)	—	—		—		11,472		—		11,472
Dividends declared ($0.59 per share)	—	—		(60,163)		—		—		(60,163)
Net issuances of restricted stock	823	1		(1)		—		—		—
Stock-based compensation	—	—		16,705		—		—		16,705
Repurchases of common stock	(858)	(1)		(7,905)		—		(42,239)		(50,145)
Balance at March 31, 2025	102,164	$	102	$	1,366,786	$	(53,666)	$	—	$	1,313,222

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	13,790	$	17,350
Adjustments to reconcile net income to net cash used in operating activities:
Allowance for credit losses	1,611		1,232
Depreciation	12,285		13,006
Amortization of cloud computing implementation costs	6,171		8,308
Amortization of intangible assets	214		304
Realized and unrealized (income) loss from investments held in employee deferred compensation trusts	9,947		22,111
Stock-based compensation	11,259		16,705
Deferred income taxes	10,778		3,967
Changes in operating assets and liabilities:
Accounts receivable	(31,610)		(8,305)
Capitalized cloud computing implementation costs	(8,289)		(6,160)
Accounts payable and accrued expenses	(15,678)		(23,244)
Accrued payroll and benefit costs	(66,148)		(48,462)
Employee deferred compensation plan obligations	(33,670)		(29,948)
Income taxes payable	1,377		3,784
Other assets and liabilities, net	(24,376)		(29,995)
Net cash flows used in operating activities	(112,339)		(59,347)

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(8,495)		(12,394)
Investments in employee deferred compensation trusts	(25,436)		(42,420)
Proceeds from employee deferred compensation trust redemptions	30,649		22,106

Net cash flows used in investing activities	(3,282)		(32,708)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repurchases of common stock	(6,119)		(49,935)
Dividends paid	(61,719)		(61,290)
Net cash flows used in financing activities	(67,838)		(111,225)
Effect of exchange rate fluctuations	(2,589)		8,170
Change in cash and cash equivalents	(186,048)		(195,110)
Cash and cash equivalents at beginning of period	464,435		537,583
Cash and cash equivalents at end of period	$	278,387	$	342,473

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Non-cash items:


Fund exchanges within employee deferred compensation trusts	$	42,063	$	53,230

The accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

are an integral part of these financial statements.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

Note A—Summary of Significant Accounting Policies

Nature of Operations. Robert Half Inc. (the “Company”) is a specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. Robert Half® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and provides executive search services. Robert Half is also the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business, and technology consulting solutions. The Company operates in North America, South America, Europe, Asia and Australia. The Company is a Delaware corporation.

Basis of Presentation. The unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company are prepared in conformity with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.”) and the rules of the Securities and Exchange Commission (“SEC”). The comparative year-end Condensed Consolidated Statement of Financial Position data presented was derived from audited financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial position and results of operations for the periods presented have been included. These Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2025, included in its Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for a full year.

Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. As of March 31, 2026, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, income and other taxes, and assumptions used in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions. Actual results and outcomes may differ from management’s estimates and assumptions.

Service Revenues. The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. Revenues are recognized when promised goods or services are delivered to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. See Note C—“Revenue Recognition” for further discussion of the revenue recognition accounting policy.

Costs of Services. Direct costs of contract talent solutions consist of payroll, payroll taxes, and benefit costs for the Company’s engagement professionals, as well as reimbursable expenses. Direct costs of permanent placement talent solutions consist of reimbursable expenses. Protiviti direct costs of services include professional staff payroll, payroll taxes and benefit costs, as well as reimbursable expenses.

Advertising Costs. The Company expenses all advertising costs as incurred. Advertising costs were $9.6 million and $12.0 million for the three months ended March 31, 2026, and 2025, respectively.

(Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s employee deferred compensation plan obligations change and adjustments are recorded in selling, general and administrative expenses or, in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company, and therefore no effect on reported net income. The Company’s (income) loss from investments held in employee deferred compensation trusts consists of unrealized and realized gains and losses, and dividend income from trust investments, and is presented separately on the Condensed Consolidated Statements of Operations.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):


	Three Months Ended March 31,
		2026		2025
Dividend income		$	(1,720)	$	(1,940)
Realized and unrealized losses		9,947		22,111
(Income) loss from investments held in employee deferred compensation trusts (which is completely offset by related costs and expense)		$	8,227	$	20,171

The following table presents the Company’s decrease in employee deferred compensation costs and expense related to changes in the fair value of trust assets for its nonqualified employee deferred compensation plans (in thousands):


	Three Months Ended March 31,
		2026		2025
Decrease in employee deferred compensation costs and expense related to changes in the fair value of trust assets		$	(8,227)	$	(20,171)

Comprehensive Income (Loss). Comprehensive income (loss) includes net income and certain other items that are recorded directly to stockholders’ equity. The Company’s only sources of other comprehensive income (loss) are foreign currency translation and foreign defined benefit plan adjustments.

Fair Value of Financial Instruments. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows:

Level 1: observable inputs for identical assets or liabilities, such as quoted prices in active markets

Level 2: inputs other than the quoted prices in active markets that are observable either directly or indirectly

Level 3: unobservable inputs in which there is little or no market data, which requires management’s best estimates and assumptions that market participants would use in pricing the asset or liability

The carrying value of cash and cash equivalents, net accounts receivable, and accounts payable and accrued expenses approximates fair value because of their short-term nature. The Company holds mutual funds and money market funds to satisfy its obligations under its employee deferred compensation plans which are carried at fair value based on quoted market prices in active markets for identical assets (Level 1).

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

The following table summarizes the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):


			Fair Value Measurements Using
	Balance at March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	99,880	$	99,880	—	—

Employee deferred compensation trust assets
Money market funds	$	140,884	$	140,884	—	—
Mutual funds - bonds	47,197		47,197		—	—
Mutual funds - stocks	438,552		438,552		—	—
Mutual funds - blend	132,145		132,145		—	—
Total employee deferred compensation trust assets	$	758,778	$	758,778	—	—

			Fair Value Measurements Using
	Balance at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	276,809	$	276,809	—	—

Employee deferred compensation trust assets
Money market funds	$	141,760	$	141,760	—	—
Mutual funds - bonds	44,496		44,496		—	—
Mutual funds - stocks	453,065		453,065		—	—
Mutual funds - blend	134,617		134,617		—	—
Total employee deferred compensation trust assets	$	773,938	$	773,938	—	—

Certain items, such as goodwill and other intangible assets, are recognized or disclosed at fair value on a non-recurring basis. The Company determines the fair value of these items using Level 3 inputs. There are inherent limitations when estimating the fair value of financial instruments, and the fair values reported are not necessarily indicative of the amounts that would be realized in current market transactions.

Allowance for Credit Losses. The Company is exposed to credit losses resulting from the inability of its customers to make required payments. The Company establishes an allowance for these potential credit losses based on its review of customers’ credit profiles, historical loss statistics, prepayments, recoveries, age of customer receivable balances and current business conditions. The Company considers risk characteristics of trade receivables based on asset type and geographical locations to evaluate trade receivables on a collective basis. The Company applies credit loss estimates to these pooled receivables to determine expected credit losses.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

The following table sets forth the activity in the allowance for credit losses from December 31, 2025, through March 31, 2026 (in thousands):


	Allowance for Credit Losses




Balance as of December 31, 2025	$	19,415
Charges to expense	1,611
Deductions	(1,819)
Other, including foreign currency translation adjustments	(175)
Balance as of March 31, 2026	$	19,032

Note B—New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Financial Instruments Credit Losses Disclosures. In July 2025, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments, Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. All entities with this practical expedient are to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. This guidance is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted the new guidance as of January 1, 2026, and elected the practical expedient for the calculation of current expected credit losses. The impact of this adoption was not material to the Company’s consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Statement Disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income, Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements. This guidance is effective for public filers for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

Internal-Use Software Disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles, Goodwill and Other, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU removes all references to software development project stages so that the guidance is neutral to different software development methods. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements and related disclosures.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

Note C—Revenue Recognition

The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. Revenues are recognized when promised goods or services are delivered to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Service revenues, as presented on the Condensed Consolidated Statements of Operations, represent services rendered to customers less variable consideration, such as sales adjustments and allowances. Reimbursements, including those related to travel and out-of-pocket expenses, are also included in service revenues, and equivalent amounts of reimbursable expenses are included in costs of services.

Contract talent solutions revenues. Contract talent solutions revenues from contracts with customers are recognized in the amount to which the Company has a right to invoice when the services are rendered by the Company’s engagement professionals. The substantial majority of engagement professionals placed on assignment by the Company are the Company’s legal employees while they are working on assignments. The Company pays all related costs of employment, including workers’ compensation insurance, state and federal unemployment taxes, social security, and certain fringe benefits. The Company assumes the risk of acceptability of its employees to its customers.

The Company records contract talent solutions revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by customers. Fees paid to time management or vendor management service providers selected by clients are recorded as a reduction of revenues, as the Company is not the primary obligor with respect to those services.

Permanent placement talent solutions revenues. Permanent placement talent solutions revenues from contracts with customers are primarily recognized when employment candidates accept offers of permanent employment. The Company has a substantial history of estimating the financial impact of permanent placement candidates who do not remain with its clients through the 90-day guarantee period. These amounts are established based primarily on historical data and are recorded as liabilities. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement talent solutions services are charged to employment candidates.

Protiviti revenues. Protiviti’s consulting services are generally provided on a time-and-material basis, fixed-fee basis, or unit basis. Revenues earned under time-and-material arrangements and fixed-fee arrangements are recognized using a proportional performance method. Revenue is measured using cost incurred relative to total estimated cost for the engagement to measure progress toward satisfying the Company’s performance obligations. Cost incurred represents work performed and thereby best depicts the transfer of control to the customer. Protiviti’s consulting services generally contain one or more performance obligation(s) which are satisfied over a period of time. Revenues are recognized over time as the performance obligations are satisfied, because the services provided do not have any alternative use to the Company, and contracts generally include language giving the Company an enforceable right to payment for services provided to date. Unit-based revenues are recognized when the service has transferred to the customer. Revenue is recognized based on unit price multiplied by the number of units delivered and based on specific terms outlined in contracts.

The Company periodically evaluates the need to provide for any losses on these projects, and losses are recognized when it is probable that a loss will be incurred.

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

The following table presents the Company’s revenues disaggregated by functional specialization and segments (in thousands):


	Three Months Ended March 31,
	2026		2025
Contract talent solutions
Finance and accounting	$	538,753	$	562,933
Administrative and customer support	149,335		165,627
Technology	153,758		152,542
Elimination of intersegment revenues (a)	(116,830)		(117,897)
Total contract talent solutions	725,016		763,205
Permanent placement talent solutions	109,004		112,091
Protiviti	466,159		476,611
Total service revenues	$	1,300,179	$	1,351,907

(a) 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.

Payment terms in the Company’s contracts vary by the type and location of the Company’s customer and the services offered. The term between invoicing and when payment is due is not significant.

Contracts with multiple performance obligations are recognized as performance obligations are delivered, and contract value is allocated based on relative stand-alone selling values of the services and products in the arrangement. As of March 31, 2026, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $179.3 million. Of this amount, $166.9 million is expected to be recognized within the next 12 months. As of March 31, 2025, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $227.4 million.

Contract liabilities are recorded when cash payments are received or due in advance of performance and are reflected in accounts payable and accrued expenses on the unaudited Condensed Consolidated Statements of Financial Position. The following table sets forth the activity in contract liabilities from December 31, 2025, through March 31, 2026 (in thousands):


	Contract Liabilities




Balance as of December 31, 2025	$	21,937
Payments in advance of satisfaction of performance obligations	9,865
Revenue recognized	(15,924)
Other, including translation adjustments	(92)
Balance as of March 31, 2026	$	15,786

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

Note D—Other Current Assets

Other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid expenses	$	82,814	$	55,899
Unamortized cloud computing implementation costs, current	17,945		19,826
Other	55,207		56,467
Other current assets	$	155,966	$	132,192

Note E—Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Computer hardware	$	108,422	$	107,138
Computer software	231,392		229,595
Furniture and equipment	92,336		95,028
Leasehold improvements	211,507		205,603

Property and equipment, cost	643,657		637,364
Accumulated depreciation	(513,928)		(508,550)
Property and equipment, net	$	129,729	$	128,814

Note F—Leases

The Company has operating leases for corporate and field offices, and certain equipment. The Company’s leases have remaining lease terms of less than one year to 10 years, some of which include options to extend the leases for up to seven years, and some of which include options to terminate the leases within one year. Operating lease expense was $19.3 million and $20.0 million for the three months ended March 31, 2026 and 2025, respectively.

Supplemental cash flow information related to leases consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities	$	21,306	$	19,579
Right-of-use assets obtained in exchange for new operating lease liabilities	$	25,196	$	24,171

Supplemental balance sheet information related to leases consisted of the following:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term for operating leases	5.0 years		4.6 years
Weighted average discount rate for operating leases	4.3	%	4.2	%

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

Future minimum lease payments under noncancelable leases as of March 31, 2026, were as follows (in thousands):


2026 (excluding the three months ended March 31, 2026)	$	61,769
2027	63,475
2028	48,434
2029	36,353
2030	25,184
Thereafter	48,132
Less: Imputed interest	(31,369)
Present value of operating lease liabilities (a)	$	251,978

(a) Includes the current portion of $69.2 million for operating leases.

As of March 31, 2026, the Company had additional future minimum lease obligations totaling $50.5 million under executed operating lease contracts that had not yet commenced. These operating leases include agreements for corporate and field office facilities with lease terms of less than one year to 11 years.

Note G—Goodwill

The following table sets forth the activity in goodwill from December 31, 2025 through March 31, 2026 (in thousands):


	Goodwill
	Contract talent solutions		Permanent placement talent solutions		Protiviti		Total
Balance as of December 31, 2025	$	135,698	$	26,406	$	89,365	$	251,469

Foreign currency translation adjustments	(145)		(28)		(319)		(492)
Balance as of March 31, 2026	$	135,553	$	26,378	$	89,046	$	250,977

Note H—Other Noncurrent Assets

Other noncurrent assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Unamortized cloud computing implementation costs, noncurrent	$	21,741	$	17,764
Other intangible assets, net	1,674		1,840
Other noncurrent assets	$	23,415	$	19,604

Note I—Accrued Payroll and Benefit Costs

Accrued payroll and benefit costs consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Payroll and benefits	$	287,020	$	333,270
Payroll taxes	15,709		36,366
Workers’ compensation	12,148		12,384
Accrued payroll and benefit costs	$	314,877	$	382,020

ROBERT HALF INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)

March 31, 2026

Note J—Employee Deferred Compensation Plan Obligations

The Company provides various qualified defined contribution 401(k) plans covering eligible employees. The plans offer a savings feature with the Company matching employee contributions. Assets of this plan are held by an independent trustee for the sole benefit of participating employees.

Nonqualified plans are provided for employees on a discretionary basis, including those not eligible for the qualified plans. These plans include provisions for salary deferrals and discretionary contributions. The asset value of the nonqualified plans was $758.8 million and $773.9 million as of March 31, 2026 and December 31, 2025, respectively. The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans. The liability value for the nonqualified plans was $738.0 million and $771.6 million as of March 31, 2026 and December 31, 2025, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $7.0 million and $13.8 million for the three months ended March 31, 2026 and 2025, respectively.

The Company has statutory defined contribution plans and defined benefit plans outside the U.S., which are not material.

Note K—

SEC Form 10-Q filed by Robert Half Inc.