
RHI$45.87▲ 21.7%Robert Half kept raising its dividend as profit fell. Now it pays out more than it earns
Robert Half's stock jumped 21.7% after it said its staffing business grew for the first time since 2022, by its adjusted measure. In the first nine months of 2026, it paid $179.8 million in dividends and earned $90.0 million.
KeyVex News··5 min readFact-checked against 7 public records
KeyVex News··5 min readFact-checked against 7 public records
RHI$45.87▲ 21.7%Close, Oct. 23. Prices from Tiingo.The short versionTap to readTap to close
- Companies usually pay dividends out of profit. Robert Half did in every year from 2011 through 2024. In 2025 it paid $238.2 million in dividends and earned $133.0 million.
- In the first nine months of 2026, it paid $179.8 million in dividends. Its business brought in $47.1 million after capital spending and other investments. A gap like that is covered from cash or borrowing.
- Robert Half's cash fell to $321.3 million at Sept. 30, from $464.4 million at the end of 2025 and $365.3 million a year earlier. It nearly stopped buying back its own shares.
- Its fourth-quarter forecast is $0.36 to $0.46 a share, below the $0.59 dividend it pays each quarter. Its second-quarter report says it expects the cash its business generates to cover dividends.
- Next: the fourth-quarter dividend. Last year the board announced it on Oct. 30, at $0.59, paid Dec. 15. Its yearly dividend had risen every year from 2008 through 2025.
The jump: Robert Half, the staffing and consulting company, said after the market closed on Oct. 22 that its staffing business grew from a year earlier for the first time since 2022, on an adjusted basis.8-KEDGAR The next day its stock rose 21.7% to $45.87, its highest close since May 29, 2025.Chart data
The payout: Robert Half kept raising its dividend while its profit fell in 2023, 2024 and 2025.XBRL Since 2025 it has paid out more than it earned. In the first nine months of 2026, its business brought in $47.1 million after capital spending and other investments, and it paid $179.8 million in dividends.8-K
The forecast: Robert Half expects to earn $0.36 to $0.46 a share in the fourth quarter, finance chief Michael Buckley said on the Oct. 22 call.Call That is above the $0.32 it earned a year earlier and below the $0.59 dividend it pays each quarter.8-K10-Q Its second-quarter report to the SEC, a 10-Q, says it expects the cash its business generates to be enough to pay its dividends.10-Q
Robert Half's stock and the story's key datesDaily close, Jan. 2, 2025 to Oct. 23, 2026 ▼ 33.0%Show chartHide chart
What the results showed
Third-quarter revenue was $1.359 billion, against $1.354 billion a year earlier. Profit rose to $49.9 million, or $0.49 a share, from $42.9 million, or $0.43.8-K That was its first rise in quarterly earnings a share since 2022, chief executive Keith Waddell said on the call.Call
Permanent placements, the fees it earns when a client hires a candidate outright, grew 6% on the company's adjusted basis. Protiviti, its consulting arm, shrank 3% on the same basis, Buckley said.Call Waddell described the improvement in staffing as "a steady rise that we have seen for a few quarters now."Call
He also said clients were still spending selectively. Recoveries usually start with what he called a "clearing event," and "we have not yet had" one, he said.Call On the same call, Baird analyst Mark Marcon asked how well the business would hold up if the economy weakened, given fuel prices, interest rates and the geopolitical backdrop. Waddell answered that low unemployment and clients' trouble finding skilled people leave Robert Half better placed than in past cycles.Call
The Oct. 23 gain of 21.7% was its second biggest in a single day since at least October 2016.Chart data
How the dividend got ahead of profit
Robert Half has paid a quarterly dividend since April 2004.10-K Its dividend a share rose every year from 2008, when it was $0.44, through 2025, when it reached $2.36.XBRL
Profit peaked at $657.9 million in 2022 and fell to $133.0 million in 2025. That year Robert Half paid $238.2 million in dividends. It was the first year since 2010 that dividends paid were larger than profit.XBRL10-K
View the data
| Year | Profit (net income) | Dividends paid |
|---|---|---|
| 2025 | $133M | $238M |
| 2024 | $252M | $220M |
| 2023 | $411M | $206M |
| 2022 | $658M | $189M |
| 2021 | $599M | $171M |
| 2020 | $306M | $156M |
| 2019 | $454M | $146M |
| 2018 | $434M | $136M |
| 2017 | $291M | $121M |
| 2016 | $343M | $114M |
| 2015 | $358M | $108M |
| 2014 | $306M | $98M |
| 2013 | $252M | $89M |
| 2012 | $210M | $84M |
| 2011 | $150M | $80M |
| 2010 | $66M | $77M |
| 2009 | $37M | $72M |
| 2008 | $250M | $69M |
Dividends paid are cash paid in each year. Source: Robert Half's 10-K filings, as reported in its XBRL data at the SEC.
In February the board kept the quarterly dividend at $0.59, the rate it had paid through 2025.10-KXBRL It did the same in August, for the dividend paid on Sept. 15.10-Q
Where the money came from
Buybacks nearly stopped. It spent $6.8 million on its own shares in the first nine months of 2026, against $92.1 million a year earlier.8-K It made no open-market repurchases in the first half of the year, its 10-Q says.10-Q
Its cash fell to $321.3 million at Sept. 30, from $464.4 million at the end of 2025.8-K10-K A year earlier, at Sept. 30, 2025, it had $365.3 million.8-K It also has a $100.0 million credit agreement that runs to May 2030, and it had no cash borrowings under it as of June 30, the 10-Q says.10-Q
The third quarter on its own was closer to even. The business produced $66 million of cash from operations, and the September dividend cost $59 million, Waddell said on the call.Call
The forecast against the dividend
The fourth-quarter forecast sits below the quarterly dividendShow chartHide chart
View the data
| Per share | Note | |
|---|---|---|
| Fourth-quarter forecast (Earnings a share, Oct. 22) | $0.36 to $0.46 | Midpoint $0.41 |
| Fourth quarter of 2025 (Earnings a share) | $0.32 | |
| Third quarter of 2026 (Earnings a share) | $0.49 | |
| Quarterly dividend (Paid each quarter since early 2025) | $0.59 |
Forecast as given on the Oct. 22 call. Sources: Robert Half's Oct. 22, 2026 and Jan. 29, 2026 results; its 10-Q.
The same 10-Q says Robert Half expects cash from its business to cover its dividends and other needs "on both a short-term and long-term basis." The next sentence says there is "limited visibility into future cash flows."10-Q Future dividends are subject to the final determination of the board, its 10-K says.10-K
What to watch
The fourth-quarter dividend. Last year's was announced on Oct. 30, 2025, at $0.59.
Fourth-quarter results. The 2025 results came out on Jan. 29, 2026.
The board's first dividend of 2027. It announced the first 2026 dividend on Feb. 12, 2026.
The paper trail
Robert Half's SEC filings cited in this story, Jan. 29 through Oct. 22, 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Jan. 29, 4:02 p.m. | 8-K | Robert Half | Fourth-quarter 2025 results: $0.32 a share; $133 million of profit for 2025. |
| Feb. 13, 3:14 p.m. | 10-K | Robert Half | 2025: $238.2 million of dividends paid; cash of $464.4 million at Dec. 31; the Feb. 12 dividend of $0.59. |
| Aug. 4, 2:09 p.m. | 10-Q | Robert Half | No open-market buybacks in the first half; the Aug. 3 dividend of $0.59; a $100.0 million credit agreement; cash expected to be enough for dividends. |
| Oct. 22, 4:05 p.m. | 8-K | Robert Half | Third-quarter results: $0.49 a share; $179.8 million of dividends and $90.0 million of profit in nine months; cash of $321.3 million. |
Sources
10 sources, 7 of them public records
Public records
- Robert Half Inc., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 22, 2026
- Robert Half Inc., Form 8-K filing index (acceptance time)SEC EDGAR · Oct. 22, 2026
- Robert Half Inc., Form 8-K, Exhibit 99.1: fourth-quarter 2025 resultsSEC EDGAR · Jan. 29, 2026
- Robert Half Inc., Form 10-K for the year ended Dec. 31, 2025SEC EDGAR · Feb. 13, 2026
- Robert Half Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 4, 2026
- Robert Half Inc., Form 10-Q for the quarter ended Sept. 30, 2025 (Oct. 30, 2025 dividend announcement)SEC EDGAR · Oct. 31, 2025
- Robert Half Inc., XBRL company facts (net income, dividends paid, dividends declared per share, cash)SEC · through Aug. 4, 2026
Reporting
- Robert Half (RHI) Q3 2026 earnings call transcriptThe Motley Fool · Oct. 22, 2026
Data
- End-of-day prices for RHI, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 23, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade and 8-K records for RHIKeyVex · through Oct. 23, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every Robert Half close in the chart's Story range is in its data table; "since at least October 2016" means within the ten years of closes KeyVex holds. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Robert Half's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Robert Half stock page, a selection of congressional trades, insider trades and 8-Ks: not every filing, and not only those tied to this story.
- Profit is net income as reported. Dividends paid are the cash dividends in each period's cash flow statement; the dividend a share is the amount declared. Yearly figures for 2008 to 2025 are from Robert Half's 10-K filings as tagged in its XBRL data at the SEC, rounded to $0.1 million. "Brought in after capital spending and other investments" is the line Robert Half's release calls net cash flows before financing activities.
- Adjusted growth rates are Robert Half's own: they remove changes in the number of billing days and in currency rates. The fourth-quarter forecast is the range the company gave on its Oct. 22 call, taken from a transcript published by The Motley Fool.




