Enterprise Revenue and Sequential Momentum
Q4 2025 global enterprise revenues of $1.302B; reported revenue down 6% YoY and adjusted down 7% YoY, but talent solutions and enterprise returned to positive sequential growth on a same-day constant currency basis for the first time since early 2022 with positive weekly revenue momentum into January.
Strong Operating Cash Flow and Capital Returns
Cash flow provided by operations in Q4 was $183M, an 18% increase versus Q4 2024; the company paid a $0.59/share dividend in December ($59M total) and free cash flow for 2025 covered the dividend while enabling ~$100M of share repurchases during the year.
Protiviti Revenue Stability and International Strength
Protiviti Q4 revenues were $479M; on an adjusted basis Protiviti revenues were down 3% YoY, with non-U.S. Protiviti up 9% YoY, indicating geographic resilience outside the U.S.
Improving Pricing Trends on Contract Roles
Contract talent solutions bill rates increased 3.2% YoY (adjusted for mix/currency/country), supporting gross margin stability in contract staffing (contract margin 39.2% vs 39.1% prior year).
Talent Solutions Gross Margin Resilience
Overall talent solutions gross margin was 46.7% of applicable revenues in Q4 versus 46.4% a year ago; contract-to-hire revenues remained stable at 3.2% of contract revenues.
Adjusted Operating Profit and Segment Profitability
Q4 adjusted operating income was $43M (3.3% of revenues); Protiviti adjusted operating income was $34M (7.1% of Protiviti revenues), demonstrating ongoing segment-level profitability.
Corporate Recognition and Strategic Positioning
Company and Protiviti received several external recognitions (Fortune 'Most Admired Companies' 29th consecutive year; Protiviti on Glassdoor 'Best Places to Work' for third consecutive year) and management highlighted structural tailwinds (aging workforce, SMB lean staffing) and AI-driven service demand opportunities.