Randstad earnings improved in the third quarter of 2026, with organic revenue growth of 3.9% and underlying EBITA rising 10% to €211 million. The staffing company reported revenue of €6.115 billion on October 21, 2026, as stronger US demand and cost discipline helped offset continued pressure on gross margin.
Key Takeaways
- Underlying EBITA margin rose 20 basis points to 3.5%, despite a 60-basis-point decline in gross margin.
- US Operational revenue grew 19%, while European Professional demand remained uneven.
- Management expects broadly stable gross margin and a slight seasonal increase in operating expenses in Q4.
Table of Contents
- Randstad earnings improve despite gross-margin pressure
- US growth strengthens, but Europe remains mixed
- Digital marketplaces support higher productivity
- Q4 outlook points to stable gross margin
- Conclusion
Randstad earnings improve despite gross-margin pressure
Randstad’s Q3 2026 results announcement put operating profit at €177 million and net income at €110 million. Those reported measures are distinct from underlying EBITA of €211 million and adjusted net income of €133 million.
Underlying EBITA increased by €20 million from a year earlier and €29 million from the second quarter. Operating expenses fell €13 million sequentially to €878 million and were also lower organically year over year. Randstad’s internal full-time-equivalent workforce was stable sequentially and 3% smaller than a year earlier.
The improvement came despite gross profit increasing only 1%. Gross margin fell 60 basis points year over year, although that decline narrowed from 70 basis points in Q2 and 80 basis points in Q1. Faster growth among large clients accounted for 30 basis points of pressure, while a Dutch collective labor agreement change diluted group gross margin by another 15–20 basis points.
The contrast between higher operating profitability and a lower gross margin shows the importance of cost control and productivity to the quarter’s earnings improvement. Integration costs and one-offs totaled €15 million, mainly related to Belgium, Germany and France.
| Item | Details |
|---|---|
| Q3 underlying free cash flow | €250 million |
| Days sales outstanding | 57.4 days, down 0.2 days sequentially |
| Net debt | Down €73 million year over year |
| Leverage ratio | Declined to 1.5 |
| 2026 effective tax-rate outlook | Toward the higher end of the 30%–32% range |
US growth strengthens, but Europe remains mixed
North America’s underlying EBITA margin reached 5.3%, up 70 basis points year over year. US Operational revenue grew 19%, US Professional returned to growth at 3%, and the Digital specialization was flat.
Chief Financial Officer Jorge Vazquez attributed roughly €10 million of incremental EBITA to the Operational business, supported by digital marketplaces and delivery centers serving large clients. Career mobility and outplacement also contributed, while Digital and Professional no longer weighed on the improvement.
European performance was less uniform. Dutch organic revenue rose 3%, and Iberia grew 8%, including 9% growth in Spain. France’s revenue declined 3%, although volume growth returned in September. Chief Executive Sander van ’t Noordende said there were encouraging pockets of European Professional demand, but it was too early to call a broad recovery.
Digital marketplaces support higher productivity
Randstad recorded 2.3 million self-scheduled shifts through its digital marketplaces and 1.5 million AI conversations with talent. Management said approximately 17%–18% of the business was now on the marketplace model.
Across the group, talent working per internal full-time-equivalent employee increased 6% year over year. In the United States, the improvement exceeded 20%. Van ’t Noordende said the marketplace allows additional client orders to be filled at relatively low marginal cost when sufficient talent is available.
These figures describe operating activity and productivity, rather than a separately disclosed AI profit contribution. Management is continuing to expand the model, with Spain and India going live and nearly all UK Operational business now on the marketplace.
Q4 outlook points to stable gross margin
For the fourth quarter, management expects gross margin to remain broadly stable sequentially. Operating expenses are expected to rise slightly as the favorable holiday-season effect in Q3 reverses; Vazquez said the underlying cost base would be flat.
The year-over-year comparison base is expected to become approximately 100 basis points easier. Separately, management expects the Dutch collective labor agreement’s gross-margin impact to annualize as Randstad enters Q1 2027, narrowing the year-over-year gap.
Van ’t Noordende cited improving October trends in the results announcement. That is an early trading indication, not a completed fourth-quarter result or a quantified revenue forecast.
Conclusion
Randstad’s third-quarter improvement combined stronger US activity with lower costs, while European demand remained uneven. Fourth-quarter results will show whether the improving October trends translate into further growth while gross margin holds broadly stable, as management expects.
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