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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 8-K
_______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 9, 2026
_______________________________________________________
KORN FERRY
(Exact name of registrant as specified in its charter)
_______________________________________________________
Delaware 001-14505 95-2623879
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1900 Avenue of the Stars, Suite 1225
Los Angeles, California 90067
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (310) 552-1834
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 $0.01 per share KFY New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company            o
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. o On March 9, 2026, Korn Ferry issued a press release announcing its third quarter fiscal year 2026 results.



Item 2.02 Results of Operations and Financial Condition.
A copy of the press release is attached hereto as Exhibit 99.1. The information in this Item 2.02 and the exhibit hereto are furnished to, but not filed with, the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Press Release, dated March 9, 2026.
Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KORN FERRY
(Registrant)
Date: March 9, 2026
/s/ Robert P. Rozek
(Signature)
Name: Robert P. Rozek
Title: Executive Vice President, Chief Financial Officer and
Chief Corporate Officer

EX-99.1 2 kfy-20260131xex991q3fy26.htm EX-99.1 Document

Exhibit 99.1
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FOR IMMEDIATE RELEASE Contacts:
Investor Relations: Tiffany Louder, (214) 310-8407
Media: Dan Gugler, (310) 226-2645
Korn Ferry Announces Third Quarter Fiscal 2026
Results of Operations
Highlights
▪Korn Ferry reports Q3 FY'26 fee revenue of $717.4 million, an increase of 7% year-over-year with growth in all solutions.
▪Net income attributable to Korn Ferry increased 12% year-over-year, with a margin of 9.1%.
▪Adjusted EBITDA increased 8% year-over-year, with a margin of 17.2%.
▪Diluted and adjusted diluted earnings per share were up 12% and 8% year-over-year, respectively.
▪Estimated remaining fees under existing contracts at the end of the third quarter was $1.9 billion, up 11% year-over-year, led by Digital +16%, Consulting +12% and RPO +10%.
Los Angeles, CA, March 9, 2026 – Korn Ferry (NYSE: KFY), a global consulting firm, today announced third quarter fee revenue of $717.4 million. In addition, third quarter diluted earnings per share was $1.23 and adjusted diluted earnings per share was $1.28.
“Our strong quarterly performance continues to reflect the evolution of our firm,” said Gary D. Burnison, CEO, Korn Ferry. “Today the world is enveloped by unprecedented levels of change – shifts in population, demographics and technological advancement that are converging to exert great impact on the way people live, work and consume. This environment provides tremendous opportunity for Korn Ferry.
“I am pleased with the synchronization of our expertise, globality and solutions to solve our clients’ toughest performance challenges. Most of all, I am energized by our talented colleagues around the world who are committed to enabling people and organizations to Be More Than,” added Burnison. “Success begins and ends with talent. As such, we are proud to be a Founding Partner of the LA28 Olympic and Paralympic Games, powering the people who power the Olympic Games.”
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Selected Financial Results
(dollars in millions, except per share amounts) (a)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 717.4  $ 668.7  $ 2,147.7  $ 2,018.0 
Total revenue $ 725.0  $ 676.5  $ 2,170.4  $ 2,041.3 
Estimated remaining fees under existing contracts (b)
$ 1,850.8  $ 1,669.4  $ 1,850.8  $ 1,669.4 
Net income attributable to Korn Ferry
$ 65.3  $ 58.4  $ 204.3  $ 181.8 
Net income attributable to Korn Ferry margin
9.1  % 8.7  % 9.5  % 9.0  %
Basic earnings per share
$ 1.25  $ 1.12  $ 3.91  $ 3.46 
Diluted earnings per share
$ 1.23  $ 1.10  $ 3.84  $ 3.40 
Adjusted Results (c):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 123.1  $ 114.5  $ 368.3  $ 342.7 
Adjusted EBITDA margin 17.2  % 17.1  % 17.1  % 17.0  %
Adjusted net income attributable to Korn Ferry (d)
$ 67.7  $ 63.3  $ 207.4  $ 191.1 
Adjusted basic earnings per share (d)
$ 1.30  $ 1.21  $ 3.97  $ 3.64 
Adjusted diluted earnings per share (d)
$ 1.28  $ 1.19  $ 3.89  $ 3.57 
______________________
(a)Numbers may not total due to rounding.
(b)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(c)Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, gain on modification of an office lease, restructuring charges, net and management separation charges when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Integration/acquisition costs $ 1.6  $ 2.1  $ 4.4  $ 7.1 
Restructuring charges, net $ —  $ 1.3  $ —  $ 1.9 
Impairment of fixed assets $ —  $ 0.5  $ —  $ 0.5 
Impairment of right-of-use assets
$ —  $ 2.5  $ —  $ 2.5 
Gain on modification of office lease
$ —  $ —  $ (13.9) $ — 
______________________
(d) Adjusted net income attributable to Korn Ferry, Adjusted basic earnings per share and Adjusted diluted earnings per share are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Accelerated depreciation on Digital platform
$ 1.7  $ —  $ 13.8  $ — 
Integration/acquisition costs $ 1.6  $ 2.1  $ 4.4  $ 7.1 
Restructuring charges, net $ —  $ 1.3  $ —  $ 1.9 
Impairment of fixed assets $ —  $ 0.5  $ —  $ 0.5 
Impairment of right-of-use assets
$ —  $ 2.5  $ —  $ 2.5 
Gain on modification of office lease
$ —  $ —  $ (13.9) $ — 
Tax effect on the adjusted items
$ (0.9) $ (1.6) $ (1.2) $ (2.7)
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The Company reported fee revenue in Q3 FY'26 of $717.4 million, an increase of 7% year-over-year (up 4% at constant currency). Fee revenue grew in all solutions year-over-year, led by Executive Search at 13%, followed by Professional Search & Interim and Consulting, both at 5%.
Net income attributable to Korn Ferry was $65.3 million with a margin of 9.1% in Q3 FY'26, compared to Q3 FY'25 net income attributable to Korn Ferry of $58.4 million with a margin of 8.7%, an increase of 40bps. Net income attributable to Korn Ferry increased from the year-ago quarter primarily due to an increase in fee revenue and the impact of adjusted items in item (d) above, partially offset by an increase in compensation and benefits expenses.
Adjusted EBITDA was $123.1 million in Q3 FY'26 compared to $114.5 million in Q3 FY'25. Adjusted EBITDA margin was 17.2% in Q3 FY'26, essentially flat compared to the year-ago quarter. The increase in Adjusted EBITDA was due to an increase in fee revenue, partially offset by an increase in compensation and benefits expenses.
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Results by Solution
Selected Consulting Data
(dollars in millions) (a)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 166.9  $ 158.7  $ 509.7  $ 493.3 
Total revenue $ 170.2  $ 161.4  $ 518.8  $ 501.5 
Estimated remaining fees under existing contracts (b)
$ 407.3  $ 364.6  $ 407.3  $ 364.6 
Ending number of consultants and execution staff (c)
1,524  1,632  1,524  1,632 
Hours worked in thousands (d)
317  344  1,060  1,137 
Average bill rate (e)
$ 470  $ 461  $ 464  $ 434 
Adjusted Results (f):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 28.4  $ 28.0  $ 87.5  $ 86.4 
Adjusted EBITDA margin 17.0  % 17.7  % 17.2  % 17.5  %
______________________
(a)Numbers may not total due to rounding.
(b)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(c)Represents number of employees originating, delivering and executing consulting services.
(d)The number of hours worked by consultant and execution staff during the period.
(e)The amount of fee revenue divided by the number of hours worked by consultants and execution staff.
(f)Adjusted results exclude the following:
Third Quarter
Year to Date
FY’26 FY’25 FY’26 FY’25
Restructuring charges, net $ —  $ 1.3  $ —  $ 1.7 
Gain on modification of office lease
$ —  $ —  $ (4.1) $ — 
Fee revenue was $166.9 million in Q3 FY'26 compared to $158.7 million in Q3 FY'25, an increase of $8.2 million or 5% (up 2% on a constant currency basis). The year-over-year increase in Consulting fee revenue was primarily driven by a 2% increase in average bill rates.
Adjusted EBITDA was $28.4 million in Q3 FY'26 compared to $28.0 million in the year-ago quarter. Adjusted EBITDA margin was 17.0% in Q3 FY'26 compared to 17.7% in the year-ago quarter.
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Selected Digital Data
(dollars in millions) (a)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 94.0  $ 90.8  $ 274.2  $ 271.9 
Total revenue $ 94.2  $ 90.8  $ 274.7  $ 272.1 
Estimated remaining fees under existing contracts (b)
$ 428.0  $ 369.6  $ 428.0  $ 369.6 
Ending number of consultants 225  249  225  249 
Subscription & License fee revenue $ 37.2  $ 34.5  $ 110.6  $ 103.2 
Adjusted Results (c):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 29.1  $ 28.4  $ 85.4  $ 84.2 
Adjusted EBITDA margin 31.0  % 31.3  % 31.2  % 31.0  %
______________________
(a)Numbers may not total due to rounding.
(b)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(c)Adjusted results exclude the following:
Third Quarter
Year to Date
FY’26 FY’25 FY’26 FY’25
Impairment of fixed assets $ —  $ 0.4  $ —  $ 0.4 
Gain on modification of office lease
$ —  $ —  $ (2.0) $ — 
Fee revenue was $94.0 million in Q3 FY'26 compared to $90.8 million in Q3 FY'25, an increase of $3.2 million or 4% (essentially flat on a constant currency basis). The year-over-year increase in Digital fee revenue was primarily driven by an 8% increase in Subscription & License fee revenue.
Adjusted EBITDA was $29.1 million in Q3 FY'26, compared to $28.4 million in the year-ago quarter. Adjusted EBITDA margin was 31.0%, a slight decline from the year-ago quarter.
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Selected Executive Search Data(a)
(dollars in millions) (b)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 231.9  $ 204.6  $ 682.2  $ 619.2 
Total revenue $ 233.8  $ 206.6  $ 687.9  $ 624.9 
Estimated remaining fees under existing contracts (c)
$ 68.6  $ 58.5  $ 68.6  $ 58.5 
Ending number of consultants 563  560  563  560 
Average number of consultants 566  558  562  551 
Engagements billed 3,737  3,540  7,648  7,211 
New engagements (d)
1,573  1,464  4,802  4,587 
Adjusted Results (e):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 58.2  $ 51.2  $ 173.4  $ 152.0 
Adjusted EBITDA margin 25.1  % 25.0  % 25.4  % 24.5  %
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(a)Executive Search is the sum of the individual Executive Search Reporting Segments described in our annual and quarterly reporting on Forms 10-K and 10-Q and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.
(b)Numbers may not total due to rounding.
(c)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(d)Represents new engagements opened in the respective period.
(e)Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that adjust for the following:
Third Quarter
Year to Date
FY’26 FY’25 FY’26 FY’25
Impairment of right-of-use assets
$ —  $ 2.5  $ —  $ 2.5 
Impairment of fixed assets $ —  $ 0.2  $ —  $ 0.2 
Gain on modification of office lease
$ —  $ —  $ (3.7) $ — 
Restructuring charges, net
$ —  $ —  $ —  $ 0.2 
Fee revenue was $231.9 million in Q3 FY'26 compared to $204.6 million in Q3 FY'25, an increase of $27.3 million or 13% (up 11% at constant currency). The year-over-year increase in fee revenue was driven by an increase in both the number of engagements billed and the weighted-average fee billed per engagement. The Company experienced fee revenue growth in all regions.
Adjusted EBITDA was $58.2 million in Q3 FY'26 compared to $51.2 million in the year-ago quarter, an increase of 14% year-over-year. Adjusted EBITDA margin was 25.1%, essentially flat compared to the year-ago quarter. The increase in Adjusted EBITDA was primarily due to an increase in fee revenue, partially offset by an increase in compensation and benefits expenses.
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Selected Professional Search & Interim Data
(dollars in millions) (a)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 137.0  $ 130.0  $ 412.0  $ 372.8 
Total revenue $ 138.2  $ 130.9  $ 415.8  $ 375.6 
Permanent Placement:
Fee revenue $ 51.7  $ 47.9  $ 162.6  $ 152.9 
Estimated remaining fees under existing contracts (b)
$ 15.3  $ 12.8  $ 15.3  $ 12.8 
Engagements billed
1,715  1,675  3,847  3,780 
New engagements (c)
901  883  2,868  2,802 
Ending number of consultants
292  296  292  296 
Interim:
Fee revenue $ 85.3  $ 82.1  $ 249.4  $ 219.9 
Estimated remaining fees under existing contracts (b)
$ 106.6  $ 111.5  $ 106.6  $ 111.5 
Average bill rate (d)
$ 149  $ 129  $ 143  $ 134 
Average weekly billable consultants (e)
1,257  1,324  1,238  1,124 
Adjusted Results (f):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 29.1  $ 27.3  $ 87.3  $ 80.2 
Adjusted EBITDA margin 21.2  % 21.0  % 21.2  % 21.5  %
_____________________
(a)Numbers may not total due to rounding.
(b)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(c)Represents new engagements opened in the respective period.
(d)Fee revenue from interim divided by the number of hours worked by consultants.
(e)The number of billable consultants based on a weekly average in the respective period.
(f)Adjusted results exclude the following:
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Integration/acquisition costs $ 1.6  $ 2.0  $ 4.4  $ 4.4 
Gain on modification of office lease
$ —  $ —  $ (2.6) $ — 
Fee revenue was $137.0 million in Q3 FY'26 compared to $130.0 million in Q3 FY'25, an increase of $7.0 million or 5% (up 3% at constant currency). Fee revenue increased due to higher fee revenues in both Permanent Placement and Interim. The year-over-year increase in permanent placement fee revenue was driven by an increase in both the number of engagements billed and the weighted-average fee billed per engagement. The year-over-year increase in interim fee revenue was primarily due to a 16% increase in average bill rate.
Adjusted EBITDA was $29.1 million in Q3 FY'26 compared to $27.3 million in the year-ago quarter. Adjusted EBITDA margin was 21.2%, essentially flat compared to the year-ago quarter. The increase in Adjusted EBITDA was due to an increase in fee revenue, partially offset by increases in compensation and benefits expenses and cost of services.
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Selected Recruitment Process Outsourcing ("RPO") Data
(dollars in millions) (a)
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 87.5  $ 84.7  $ 269.6  $ 260.8 
Total revenue $ 88.6  $ 86.9  $ 273.1  $ 267.1 
Estimated remaining fees under existing contracts (b)
$ 825.0  $ 752.4  $ 825.0  $ 752.4 
RPO new business (c) $ 54.4  $ 209.9  $ 406.7  $ 414.6 
Adjusted Results (d):
Third Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 13.6  $ 12.7  $ 42.2  $ 38.1 
Adjusted EBITDA margin 15.6  % 15.0  % 15.7  % 14.6  %
______________________
(a)Numbers may not total due to rounding.
(b)Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.
(c)Estimated total value of a contract at the point of execution of the contract.
(d)Adjusted results exclude the following:
Third Quarter
Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ —  $ —  $ (1.5) $ — 
Fee revenue was $87.5 million in Q3 FY'26 compared to $84.7 million in Q3 FY'25, an increase of $2.8 million or 3% (up 1% at constant currency). RPO fee revenue increased primarily due to new logo clients in North America.
Adjusted EBITDA was $13.6 million in Q3 FY'26 compared to $12.7 million in the year-ago quarter. Adjusted EBITDA margin increased 60bps to 15.6% in Q3 FY'26. The increase in Adjusted EBITDA and Adjusted EBITDA margin both resulted from an increase in fee revenue, partially offset by an increase in compensation and benefits expense.

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Outlook
Assuming no material negative impact from the recent Middle East conflict and that other worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:
▪Q4 FY’26 fee revenue is expected to be in the range of $730 million and $750 million; and
▪Q4 FY’26 diluted earnings per share is expected to range between $1.34 to $1.40.
Earnings Conference Call Webcast
The earnings conference call will be held today at 12:00 PM (EDT) and hosted by CEO Gary Burnison, CFO Robert Rozek, SVP Business Development & Analytics Gregg Kvochak and VP Investor Relations Tiffany Louder. The conference call will be webcast and available online at ir.kornferry.com. We will also post to the investor relations section of our website earnings slides, which will accompany our webcast, and other important information, and encourage you to review the information that we make available on our website.
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About Korn Ferry
Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.
Forward-Looking Statements
Statements in this press release and our conference call that relate to our outlook, projections, goals, strategies, future plans and expectations, including statements relating to expected labor market conditions, expected demand for and relevance of our products and services, expected results of our business diversification strategy, impact of global events on our business, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as “believes”, “expects”, “anticipates”, “goals”, “estimates”, “guidance”, “may”, “should”, “could”, “will” or “likely”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry. The potential risks and uncertainties include those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, trade wars, interest rates, labor market conditions, global slowdowns, or recessions, competition, geopolitical tensions, including the recent Middle East conflict, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, our ability to maintain relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to corporate responsibility matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of recent workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property, our ability to enhance, develop and respond to new technology, including artificial intelligence, our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, treaties, or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the use of social media platforms, the ability to effect acquisitions and integrate acquired businesses, resulting organizational changes, our indebtedness, and those relating to the ultimate magnitude and duration of any pandemic or outbreaks. For a detailed description of risks and uncertainties that could cause differences from our expectations, please refer to Korn Ferry’s periodic filings with the Securities and Exchange Commission. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In particular, it includes:
•Adjusted net income attributable to Korn Ferry, adjusted to exclude accelerated depreciation on our Digital platform, integration/acquisition costs, restructuring charges, impairment of fixed assets, impairment of right-of-use assets and gain on modification of an office lease, net of income tax effect;
•Adjusted basic and diluted earnings per share, adjusted to exclude cost associated with accelerated depreciation on our Digital platform, integration/acquisition costs, restructuring charges, impairment of fixed assets, impairment of right-of-use assets and gain on modification of an office lease, net of income tax effect;
•Constant currency (calculated using a quarterly average) percentages that represent the percentage change that would have resulted had exchange rates in the prior period been the same as those in effect in the current period; and
•Consolidated and Executive Search Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, restructuring charges, impairment of fixed assets, impairment of right-of-use assets and gain on modification of an office lease, net when applicable, and Consolidated and Executive Search Adjusted EBITDA margin.
This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the
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Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn Ferry’s performance by excluding certain items that may not be indicative of Korn Ferry’s ongoing operating results. These non-GAAP financial measures are performance measures and are not indicative of the liquidity of Korn Ferry. These items, which are described in the footnotes in the attached reconciliations, represent 1) costs associated with previous acquisitions, such as legal and professional fees, retention awards and on-going integration expenses, 2) gain on modification of an office lease where the Company received lease incentives to shorten the lease term, 3) restructuring charges, net to align workforce to eliminate excess capacity resulting from challenging macroeconomic business environment, 4) accelerated depreciation associated with the decision to sunset our Digital platform, 5) impairment of fixed assets primarily due to software impairment charge in our Digital segment and 6) impairment of right-of-use assets due to the decision to terminate and sublease some of our offices. The use of non-GAAP financial measures facilitates comparisons to Korn Ferry’s historical performance. Korn Ferry includes non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn Ferry’s ongoing operations and financial and operational decision-making. Adjusted net income attributable to Korn Ferry, adjusted basic and diluted earnings per share and Consolidated and Executive Search Adjusted EBITDA, exclude certain charges that management does not consider on-going in nature and allows management and investors to make more meaningful period-to-period comparisons of the Company’s operating results. Management further believes that Consolidated and Executive Search Adjusted EBITDA is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes and capitalized asset values, all of which can vary substantially from company to company. In the case of constant currency percentages, management believes the presentation of such information provides useful supplemental information regarding Korn Ferry's performance as excluding the impact of exchange rate changes on Korn Ferry's financial performance allows investors to make more meaningful period-to-period comparisons of the Company’s operating results, to better identify operating trends that may otherwise be masked or distorted by exchange rate changes and to perform related trend analysis, and provides a higher degree of transparency of information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making.
[Tables attached]
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KORN FERRY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended
 January 31,
Nine Months Ended
 January 31,
2026 2025 2026 2025
(unaudited)
Fee revenue $ 717,385  $ 668,729  $ 2,147,697  $ 2,018,040 
Reimbursed out-of-pocket engagement expenses 7,657  7,809  22,688  23,219 
Total revenue 725,042  676,538  2,170,385  2,041,259 
Compensation and benefits 456,823  425,319  1,380,268  1,314,521 
General and administrative expenses 65,944  65,325  180,068  189,865 
Reimbursed expenses 7,657  7,809  22,688  23,219 
Cost of services 80,607  78,047  236,888  210,248 
Depreciation and amortization 22,994  20,490  77,253  59,756 
Restructuring charges, net —  1,316  —  1,892 
Total operating expenses 634,025  598,306  1,897,165  1,799,501 
Operating income 91,017  78,232  273,220  241,758 
Other income, net
7,468  9,363  27,295  29,259 
Interest expense, net (5,663) (5,461) (14,942) (15,032)
Income before provision for income taxes 92,822  82,134  285,573  255,985 
Income tax provision 26,683  22,795  78,578  70,047 
Net income 66,139  59,339  206,995  185,938 
Net income attributable to noncontrolling interest (874) (925) (2,695) (4,120)
Net income attributable to Korn Ferry
$ 65,265  $ 58,414  $ 204,300  $ 181,818 
Earnings per common share attributable to Korn Ferry:
Basic $ 1.25  $ 1.12  $ 3.91  $ 3.46 
Diluted $ 1.23  $ 1.10  $ 3.84  $ 3.40 
Weighted-average common shares outstanding:
Basic 51,570  51,606  51,594  51,838 
Diluted 52,417  52,364  52,612  52,789 





KORN FERRY AND SUBSIDIARIES
FINANCIAL SUMMARY BY REPORTING SEGMENT
(dollars in thousands)
(unaudited)
Three Months Ended January 31, Nine Months Ended January 31,
2026 2025 % Change 2026 2025 % Change
Fee revenue:
Consulting $ 166,931  $ 158,704  5.2 % $ 509,734  $ 493,345  3.3 %
Digital 94,014  90,823  3.5 % 274,241  271,896  0.9 %
Executive Search:
North America 145,540  128,264  13.5 % 427,299  392,907  8.8 %
EMEA 55,318  47,840  15.6 % 160,999  140,609  14.5 %
Asia Pacific 24,073  21,664  11.1 % 72,905  63,707  14.4 %
Latin America 7,018  6,803  3.2 % 20,950  21,982  (4.7 %)
Total Executive Search (a)
231,949  204,571  13.4 % 682,153  619,205  10.2 %
Professional Search & Interim 137,017  129,957  5.4 % 412,017  372,805  10.5 %
RPO 87,474  84,674  3.3 % 269,552  260,789 3.4 %
Total fee revenue 717,385  668,729  7.3 % 2,147,697  2,018,040  6.4 %
Reimbursed out-of-pocket engagement expenses 7,657  7,809  (1.9 %) 22,688  23,219  (2.3 %)
Total revenue $ 725,042  $ 676,538  7.2 % $ 2,170,385  $ 2,041,259  6.3 %
(a)Total Executive Search is the sum of the individual Executive Search Reporting Segments and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.



KORN FERRY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
January 31,
2026
April 30,
2025 (1)
(unaudited)
ASSETS
Cash and cash equivalents $ 938,365  $ 1,006,964 
Marketable securities 38,367  36,388 
Receivables due from clients, net of allowance for doubtful accounts of $45,990 and $40,461 at January 31, 2026 and April 30, 2025, respectively 626,813  565,255 
Income taxes and other receivables 65,823  38,394 
Unearned compensation 65,882  61,649 
Prepaid expenses and other assets 53,225  41,488 
Total current assets 1,788,475  1,750,138 
Marketable securities, non-current 241,745  233,626 
Property and equipment, net 182,572  173,610 
Operating lease right-of-use assets, net 141,084  152,712 
Cash surrender value of company-owned life insurance policies, net of loans 285,516  252,621 
Deferred income taxes 134,199  144,560 
Goodwill 951,962  948,832 
Intangible assets, net 52,047  70,193 
Unearned compensation, non-current 128,310  106,965 
Investments and other assets 43,698  27,967 
Total assets $ 3,949,608  $ 3,861,224 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 60,034  $ 58,884 
Income taxes payable 23,313  23,079 
Compensation and benefits payable 457,225  530,473 
Operating lease liability, current 29,418  38,573 
Other accrued liabilities 319,565  304,589 
Total current liabilities 889,555  955,598 
Deferred compensation and other retirement plans 491,616  477,770 
Operating lease liability, non-current 132,633  131,762 
Long-term debt 398,354  397,736 
Deferred tax liabilities 6,436  5,981 
Other liabilities 23,049  20,238 
Total liabilities 1,941,643  1,989,085 
Stockholders' equity
Common stock: $0.01 par value, 150,000 shares authorized, 79,180 and 78,264 shares issued and 51,463 and 51,458 shares outstanding at January 31, 2026 and April 30, 2025, respectively 351,578  364,425 
Retained earnings 1,716,206  1,588,274 
Accumulated other comprehensive loss, net (65,337) (86,243)
Total Korn Ferry stockholders' equity 2,002,447  1,866,456 
Noncontrolling interest 5,518  5,683 
Total stockholders' equity 2,007,965  1,872,139 
Total liabilities and stockholders' equity $ 3,949,608  $ 3,861,224 
(1) Information is derived from audited financial statements included in our most recently filed Form 10-K.




KORN FERRY AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(dollars in thousands)
(unaudited)
Three Months Ended
January 31,
Nine Months Ended
January 31,
2026 2025 2026 2025
Net income attributable to Korn Ferry
$ 65,265  $ 58,414  $ 204,300  $ 181,818 
Net income attributable to non-controlling interest 874  925  2,695  4,120 
Net income 66,139  59,339  206,995  185,938 
Income tax provision 26,683  22,795  78,578  70,047 
Income before provision for income taxes 92,822  82,134  285,573  255,985 
Interest expense, net 5,663  5,461  14,942  15,032 
Depreciation and amortization (1)
22,994  20,490  77,253  59,756 
Integration/acquisition costs (2)
1,587  2,127  4,420  7,099 
Restructuring charges, net (3)
—  1,316  —  1,892 
Impairment of fixed assets (4)
—  509  —  509 
Impairment of right-of-use assets (5)
—  2,452  —  2,452 
Gain on modification of office lease (6)
—  —  (13,907) — 
Adjusted EBITDA $ 123,066  $ 114,489  $ 368,281  $ 342,725 
Net income attributable to Korn Ferry margin
9.1 % 8.7 % 9.5 % 9.0 %
Net income attributable to non-controlling interest 0.1 % 0.1 % 0.1 % 0.2 %
Income tax provision 3.8 % 3.4 % 3.6 % 3.5 %
Interest expense, net 0.8 % 0.8 % 0.7 % 0.7 %
Depreciation and amortization (1)
3.2 % 3.1 % 3.6 % 3.0 %
Integration/acquisition costs (2)
0.2 % 0.3 % 0.2 % 0.4 %
Restructuring charges, net (3)
% 0.2 % % 0.1 %
Impairment of fixed assets (4)
% 0.1 % % 0.0 %
Impairment of right-of-use assets (5)
% 0.4 % % 0.1 %
Gain on modification of office lease (6)
—  % —  % (0.6 %) —  %
Adjusted EBITDA margin 17.2 % 17.1 % 17.1 % 17.0 %
Net income attributable to Korn Ferry
$ 65,265  $ 58,414  $ 204,300  $ 181,818 
Accelerated depreciation on Digital platform (1)
1,696  —  13,846  — 
Integration/acquisition costs (2)
1,587  2,127  4,420  7,099 
Restructuring charges, net (3)
—  1,316  —  1,892 
Impairment of fixed assets (4)
—  509  —  509 
Impairment of right-of-use assets (5)
—  2,452  —  2,452 
Gain on modification of office lease (6)
—  —  (13,907) — 
Tax effect on the adjusted items (7)
(865) (1,555) (1,243) (2,700)
Adjusted net income attributable to Korn Ferry $ 67,683  $ 63,263  $ 207,416  $ 191,070 
Explanation of Non-GAAP Adjustments
(1)Depreciation and amortization includes $1.7 million and $13.8 million of accelerated depreciation associated with the decision to sunset our Digital platform in the three and nine months ended January 31, 2026, respectively.
(2)Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.
(3)Restructuring charges incurred to align our workforce to eliminate excess capacity resulting from challenging macroeconomic business environment.
(4)Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment.
(5)Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our offices.
(6)Gain on the modification of an office lease where the Company received lease incentives to shorten the lease term.
(7)Tax effect on accelerated depreciation on Digital platform, integration/acquisition costs, restructuring charges, net, impairment of fixed assets and right-of-use assets and gain on modification of office lease.




KORN FERRY AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED
(unaudited)

Three Months Ended
January 31,
Nine Months Ended
 January 31,
2026
2025
2026 2025
Basic earnings per common share
$ 1.25  $ 1.12  $ 3.91  $ 3.46 
Accelerated depreciation on Digital platform (1)
0.04  —  0.27  — 
Integration/acquisition costs (2)
0.03  0.04  0.08  0.14 
Restructuring charges, net (3)
—  0.02  —  0.03 
Impairment of fixed assets (4)
—  0.01  —  0.01 
Impairment of right-of-use assets (5)
—  0.05  —  0.05 
Gain on modification of office lease (6)
—  —  (0.27) — 
Tax effect on the adjusted items (7)
(0.02) (0.03) (0.02) (0.05)
Adjusted basic earnings per share $ 1.30  $ 1.21  $ 3.97  $ 3.64 
Diluted earnings per common share
$ 1.23  $ 1.10  $ 3.84  $ 3.40 
Accelerated depreciation on Digital platform (1)
0.04  —  0.26  — 
Integration/acquisition costs (2)
0.03  0.04  0.07  0.13 
Restructuring charges, net (3)
—  0.02  —  0.03 
Impairment of fixed assets (4)
—  0.01  —  0.01 
Impairment of right-of-use assets (5)
—  0.05  —  0.05 
Gain on modification of office lease (6)
—  —  (0.26) — 
Tax effect on the adjusted items (7)
(0.02) (0.03) (0.02) (0.05)
Adjusted diluted earnings per share $ 1.28  $ 1.19  $ 3.89  $ 3.57 
Explanation of Non-GAAP Adjustments
(1)Depreciation and amortization includes $1.7 million and $13.8 million of accelerated depreciation associated with the decision to sunset our Digital platform in the three and nine months ended January 31, 2026, respectively.
(2)Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.
(3)Restructuring charges incurred to align our workforce to eliminate excess capacity resulting from challenging macroeconomic business environment.
(4)Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment.
(5)Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our offices.
(6)Gain on the modification of an office lease where the Company received lease incentives to shorten the lease term.
(7)Tax effect on accelerated depreciation on Digital platform, integration/acquisition costs, restructuring charges, net, impairment of fixed assets and right-of-use assets and gain on modification of office lease.




KORN FERRY AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED
(dollars in thousands)
(unaudited)
Three Months Ended January 31,
2026 2025
Net income attributable to
 Korn Ferry
Net income attributable to
 Korn Ferry margin
Net income attributable to
 Korn Ferry
Net income attributable to
 Korn Ferry margin
Consolidated
$ 65,265  9.1  % $ 58,414  8.7  %
Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin
Consulting $ 166,931  $ 170,202  $ 28,417  17.0  % $ 158,704  $ 161,382  $ 28,026  17.7  %
Digital 94,014  94,199  29,099  31.0  % 90,823  90,836  28,408  31.3  %
Executive Search:
North America 145,540  146,784  42,138  29.0  % 128,264  129,889  37,175  29.0  %
EMEA 55,318  55,784  9,459  17.1  % 47,840  48,087  7,845  16.4  %
Asia Pacific 24,073  24,218  5,331  22.1  % 21,664  21,794  4,504  20.8  %
Latin America 7,018  7,026  1,223  17.4  % 6,803  6,807  1,696  24.9  %
Total Executive Search 231,949  233,812  58,151  25.1  % 204,571  206,577  51,220  25.0  %
Professional Search & Interim 137,017  138,188  29,065  21.2  % 129,957  130,854  27,265  21.0  %
RPO 87,474  88,641  13,641  15.6  % 84,674  86,889  12,743  15.0  %
Corporate —  —  (35,307)   —  —  (33,173)  
Consolidated
$ 717,385  $ 725,042  $ 123,066  17.2  % $ 668,729  $ 676,538  $ 114,489  17.1  %
Nine Months Ended January 31,
2026
2025
Net income attributable to
 Korn Ferry
Net income attributable to
 Korn Ferry margin
Net income attributable to
 Korn Ferry
Net income attributable to
 Korn Ferry margin
Consolidated
$ 204,300  9.5  % $ 181,818  9.0  %
Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin
Consulting $ 509,734  $ 518,831  $ 87,490  17.2  % $ 493,345  $ 501,533  $ 86,426  17.5  %
Digital 274,241  274,681  85,438  31.2  % 271,896  272,085  84,219  31.0  %
Executive Search:
North America 427,299  431,565  125,332  29.3  % 392,907  397,395  109,180  27.8  %
EMEA 160,999  162,077  27,373  17.0  % 140,609  141,495  22,597  16.1  %
Asia Pacific 72,905  73,321  16,185  22.2  % 63,707  64,038  13,154  20.6  %
Latin America 20,950  20,984  4,497  21.5  % 21,982  21,992  7,046  32.1  %
Total Executive Search 682,153  687,947  173,387  25.4  % 619,205  624,920  151,977  24.5  %
Professional Search & Interim 412,017  415,834  87,293  21.2  % 372,805  375,572  80,174  21.5  %
RPO 269,552  273,092  42,203  15.7  % 260,789  267,149  38,136  14.6  %
Corporate —  —  (107,530)   —  —  (98,207)  
Consolidated
$ 2,147,697  $ 2,170,385  $ 368,281  17.1  % $ 2,018,040  $ 2,041,259  $ 342,725  17.0  %