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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): December 9, 2025
_______________________________________________________
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 December 9, 2025, Korn Ferry issued a press release announcing its second 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 December 9, 2025.
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: December 9, 2025
/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-20251031xex991q2fy26.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 Second Quarter Fiscal 2026
Results of Operations
Highlights
▪Korn Ferry reports Q2 FY'26 fee revenue of $721.7 million, an increase of 7% year-over-year, 6% at constant currency.
◦Fee revenue grew 10% and 17% year-over-year in Executive Search and Professional Search & Interim, respectively.
▪Net income attributable to Korn Ferry was $72.4 million, an increase of 19% year-over-year, with a margin of 10.0%, an increase of 100bps year-over-year.
▪Adjusted EBITDA was $124.8 million, an increase of 7% year-over-year, with a margin of 17.3%, essentially flat year-over-year.
▪Diluted and adjusted diluted earnings per share were $1.36 and $1.33 in Q2 FY'26, up 19% and 10% year-over-year, respectively.
▪Estimated remaining fees under existing contracts at the end of the second quarter was $1.842 billion, up 20% year-over-year.
Los Angeles, CA, December 9, 2025 – Korn Ferry (NYSE: KFY), a global consulting firm, today announced second quarter fee revenue of $721.7 million. In addition, second quarter diluted earnings per share was $1.36 and adjusted diluted earnings per share was $1.33.
“Our performance during the quarter was outstanding, as we achieved our fourth consecutive quarter of accelerated growth, led by our Marquee and Diamond accounts“ said Gary D. Burnison, CEO, Korn Ferry. “In a world defined by disruption, digitization and economic fluctuation, organizations require more than static strategies. They need the ability to adapt, align and act. Korn Ferry sits at the intersection of these opportunities, unlocking the potential in people and organizations—synchronizing strategy, operations and talent to accelerate performance, fuel growth and inspire a legacy of change.”

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Selected Financial Results
(dollars in millions, except per share amounts) (a)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 721.7  $ 674.4  $ 1,430.3  $ 1,349.3 
Total revenue $ 729.8  $ 682.0  $ 1,445.3  $ 1,364.7 
Estimated remaining fees under existing contracts (b)
$ 1,842.4  $ 1,530.4  $ 1,842.4  $ 1,530.4 
Net income attributable to Korn Ferry
$ 72.4  $ 60.8  $ 139.0  $ 123.4 
Net income attributable to Korn Ferry margin
10.0  % 9.0  % 9.7  % 9.1  %
Basic earnings per share
$ 1.38  $ 1.16  $ 2.66  $ 2.34 
Diluted earnings per share
$ 1.36  $ 1.14  $ 2.61  $ 2.30 
Adjusted Results (c):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 124.8  $ 117.0  $ 245.2  $ 228.2 
Adjusted EBITDA margin 17.3  % 17.4  % 17.1  % 16.9  %
Adjusted net income attributable to Korn Ferry (d)
$ 70.5  $ 64.7  $ 139.7  $ 127.8 
Adjusted basic earnings per share (d)
$ 1.35  $ 1.23  $ 2.67  $ 2.42 
Adjusted diluted earnings per share (d)
$ 1.33  $ 1.21  $ 2.63  $ 2.38 
______________________
(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 lease modification, 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):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (13.9) $ —  $ (13.9) $ — 
Integration/acquisition costs $ 1.3  $ 3.9  $ 2.8  $ 5.0 
Restructuring charges, net $ —  $ 0.6  $ —  $ 0.6 
______________________
(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):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (13.9) $ —  $ (13.9) $ — 
Accelerated depreciation on Digital platform
$ 10.2  $ —  $ 12.2  $ — 
Integration/acquisition costs $ 1.3  $ 3.9  $ 2.8  $ 5.0 
Restructuring charges, net $ —  $ 0.6  $ —  $ 0.6 
Tax effect on the adjusted items
$ 0.5  $ (0.6) $ (0.4) $ (1.1)
The Company reported fee revenue in Q2 FY'26 of $721.7 million, an increase of 7% year-over-year (up 6.0% at constant currency).
Net income attributable to Korn Ferry was $72.4 million with a margin of 10.0% in Q2 FY'26, compared to Q2 FY'25 net income attributable to Korn Ferry of $60.8 million with a margin of 9.0%, an increase of 100bps. 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 increases in compensation and benefits expenses and cost of services.
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Adjusted EBITDA was $124.8 million in Q2 FY'26 compared to $117.0 million in Q2 FY'25. Adjusted EBITDA margin was 17.3% in Q2 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 increases in compensation and benefits expenses and cost of services.
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Results by Solution
Selected Consulting Data
(dollars in millions) (a)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 172.8  $ 166.8  $ 342.8  $ 334.6 
Total revenue $ 175.9  $ 169.4  $ 348.6  $ 340.2 
Estimated remaining fees under existing contracts (b)
$ 373.0  $ 352.2  $ 373.0  $ 352.2 
Ending number of consultants and execution staff (c)
1,537  1,646  1,537  1,646 
Hours worked in thousands (d)
376  398  743  793 
Average bill rate (e)
$ 460  $ 419  $ 461  $ 422 
Adjusted Results (f):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 30.3  $ 29.1  $ 59.1  $ 58.4 
Adjusted EBITDA margin 17.5  % 17.5  % 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:
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (4.1) $ —  $ (4.1) $ — 
Restructuring charges, net $ —  $ 0.4  $ —  $ 0.4 
Fee revenue was $172.8 million in Q2 FY'26 compared to $166.8 million in Q2 FY'25, an increase of $6.0 million or 4% (up 3% on a constant currency basis). The year-over-year increase in Consulting fee revenue was primarily driven by a 10% increase in average bill rates.
Adjusted EBITDA was $30.3 million in Q2 FY'26 compared to $29.1 million in the year-ago quarter. Adjusted EBITDA margin in the quarter was 17.5%, flat year-over-year.
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Selected Digital Data
(dollars in millions) (a)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 91.0  $ 92.9  $ 180.2  $ 181.1 
Total revenue $ 91.2  $ 93.0  $ 180.5  $ 181.2 
Estimated remaining fees under existing contracts (b)
$ 397.2  $ 371.7  $ 397.2  $ 371.7 
Ending number of consultants 231  260  231  260 
Subscription & License fee revenue $ 36.2  $ 34.6  $ 73.4  $ 68.7 
Adjusted Results (c):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 28.7  $ 29.2  $ 56.3  $ 55.8 
Adjusted EBITDA margin 31.6  % 31.4  % 31.3  % 30.8  %
______________________
(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:
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (2.0) $ —  $ (2.0) $ — 
Fee revenue was $91.0 million in Q2 FY'26 compared to $92.9 million in Q2 FY'25, a decrease of $1.9 million or 2% (down 3% on a constant currency basis).
Adjusted EBITDA was $28.7 million in Q2 FY'26, compared to $29.2 million in the year-ago quarter. Adjusted EBITDA margin was 31.6%, essentially flat compared to the year-ago quarter.
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Selected Executive Search Data(a)
(dollars in millions) (b)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 226.0  $ 206.0  $ 450.2  $ 414.6 
Total revenue $ 227.9  $ 208.0  $ 454.1  $ 418.3 
Estimated remaining fees under existing contracts (c)
$ 72.8  $ 62.2  $ 72.8  $ 62.2 
Ending number of consultants 569  555  569  555 
Average number of consultants 572  557  565  549 
Engagements billed 3,762  3,566  5,826  5,474 
New engagements (d)
1,633  1,567  3,229  3,123 
Adjusted Results (e):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 57.8  $ 51.4  $ 115.2  $ 100.8 
Adjusted EBITDA margin 25.6  % 24.9  % 25.6  % 24.3  %
______________________
(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:
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (3.7) $ —  $ (3.7) $ — 
Restructuring charges, net $ —  $ 0.2  $ —  $ 0.2 
Fee revenue was $226.0 million in Q2 FY'26 compared to $206.0 million in Q2 FY'25, an increase of $20.0 million or 10% (up 9% 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 North America, EMEA and APAC regions.
Adjusted EBITDA was $57.8 million in Q2 FY'26 compared to $51.4 million in the year-ago quarter, an increase of 12% year-over-year. Adjusted EBITDA margin increased by 70bps to 25.6% in Q2 FY'26. The increase in Adjusted EBITDA and Adjusted EBITDA margin was due to higher fee revenue, partially offset by an increase in compensation and benefits expense.
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Selected Professional Search & Interim Data
(dollars in millions) (a)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 141.1  $ 121.1  $ 275.0  $ 242.8 
Total revenue $ 142.5  $ 122.0  $ 277.6  $ 244.7 
Permanent Placement:
Fee revenue $ 56.2  $ 52.8  $ 110.9  $ 105.0 
Estimated remaining fees under existing contracts (b)
$ 15.9  $ 14.2  $ 15.9  $ 14.2 
Engagements billed
1,843  1,740  2,918  2,844 
New engagements (c)
1,004  947  1,967  1,919 
Ending number of consultants
301  292  301  292 
Interim:
Fee revenue $ 84.9  $ 68.3  $ 164.1  $ 137.8 
Estimated remaining fees under existing contracts (b)
$ 96.5  $ 70.9  $ 96.5  $ 70.9 
Average bill rate (d)
$ 142  $ 140  $ 140  $ 137 
Average weekly billable consultants (e)
1,237  980  1,227  1,024 
Adjusted Results (f):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 30.2  $ 27.2  $ 58.2  $ 52.9 
Adjusted EBITDA margin 21.4  % 22.5  % 21.2  % 21.8  %
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(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:
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (2.6) $ —  $ (2.6) $ — 
Integration/acquisition costs $ 1.3  $ 1.4  $ 2.8  $ 2.5 
Fee revenue was $141.1 million in Q2 FY'26 compared to $121.1 million in Q2 FY'25, an increase of $20.0 million or 17% (up 16% at constant currency). Fee revenue increased primarily due to higher fee revenue from Interim associated with the acquisition of Trilogy International effective November 1, 2024.
Adjusted EBITDA was $30.2 million in Q2 FY'26 compared to $27.2 million in the year-ago quarter. Adjusted EBITDA margin was 21.4% in Q2 FY'26, a decrease of 110bps compared to the year-ago quarter. Adjusted EBITDA increased due to an increase in fee revenue, partially offset by an increase in cost of services. Adjusted EBITDA margin decreased due to the growth in fee revenue from Interim services which have lower margins than permanent placement.
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Selected Recruitment Process Outsourcing ("RPO") Data
(dollars in millions) (a)
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Fee revenue $ 90.8  $ 87.6  $ 182.1  $ 176.1 
Total revenue $ 92.3  $ 89.6  $ 184.5  $ 180.3 
Estimated remaining fees under existing contracts (b)
$ 886.9  $ 659.2  $ 886.9  $ 659.2 
RPO new business (c) $ 253.0  $ 101.1  $ 352.3  $ 204.7 
Adjusted Results (d):
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Adjusted EBITDA $ 14.2  $ 12.9  $ 28.6  $ 25.4 
Adjusted EBITDA margin 15.7  % 14.7  % 15.7  % 14.4  %
______________________
(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:
Second Quarter Year to Date
FY’26 FY’25 FY’26 FY’25
Gain on modification of office lease
$ (1.5) $ —  $ (1.5) $ — 
Fee revenue was $90.8 million in Q2 FY'26 compared to $87.6 million in Q2 FY'25, an increase of $3.2 million or 4% (up 3% at constant currency). RPO fee revenue increased primarily due to new logo clients in North America.
Adjusted EBITDA was $14.2 million in Q2 FY'26 compared to $12.9 million in the year-ago quarter. Adjusted EBITDA margin increased 100bps to 15.7% in Q2 FY'26. The increase in Adjusted EBITDA and Adjusted EBITDA margin both resulted from an increase in fee revenue.

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Outlook
Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:
▪Q3 FY’26 fee revenue is expected to be in the range of $680 million and $694 million; and
▪Q3 FY’26 diluted earnings per share is expected to range between $1.15 to $1.21.
On a consolidated adjusted basis:
▪Q3 FY’26 adjusted diluted earnings per share is expected to be in the range from $1.19 to $1.25.
Q3 FY’26
Earnings Per Share Outlook
Low High
Consolidated diluted earnings per share $ 1.15  $ 1.21 
Integration/acquisition costs and accelerated depreciation on Digital platform
0.05  0.05 
Tax rate impact
(0.01) (0.01)
Consolidated adjusted diluted earnings per share(1)
$ 1.19  $ 1.25 
______________________
(1)Consolidated adjusted diluted earnings per share is a non-GAAP financial measure that excludes the items listed in the table.
Earnings Conference Call Webcast
The earnings conference call will be held today at 12:00 PM (EST) 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 impacts of sunsetting our Digital platform, 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, 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 expansion 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 integration/acquisition costs, restructuring charges, gain on modification of an office lease and cost associated with accelerated depreciation on our Digital platform, net of income tax effect;
•Adjusted basic and diluted earnings per share, adjusted to exclude integration/acquisition costs, restructuring charges, gain on modification of an office lease and cost associated with accelerated depreciation on our Digital platform, 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, gain on modification of an office lease and restructuring charges, 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 charges 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 charges, 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 and 4) accelerated depreciation associated with the decision to sunset our Digital platform. 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
 October 31,
Six Months Ended
 October 31,
2025 2024 2025 2024
(unaudited)
Fee revenue $ 721,699  $ 674,365  $ 1,430,312  $ 1,349,311 
Reimbursed out-of-pocket engagement expenses 8,101  7,595  15,031  15,410 
Total revenue 729,800  681,960  1,445,343  1,364,721 
Compensation and benefits 462,034  437,427  923,445  889,202 
General and administrative expenses 50,250  64,541  114,124  124,540 
Reimbursed expenses 8,101  7,595  15,031  15,410 
Cost of services 79,087  64,657  156,281  132,201 
Depreciation and amortization 31,573  19,688  54,259  39,266 
Restructuring charges, net —  576  —  576 
Total operating expenses 631,045  594,484  1,263,140  1,201,195 
Operating income 98,755  87,476  182,203  163,526 
Other income, net
7,075  5,391  19,827  19,896 
Interest expense, net (5,763) (5,626) (9,279) (9,571)
Income before provision for income taxes 100,067  87,241  192,751  173,851 
Income tax provision 26,645  24,898  51,895  47,252 
Net income 73,422  62,343  140,856  126,599 
Net income attributable to noncontrolling interest (1,023) (1,543) (1,821) (3,195)
Net income attributable to Korn Ferry
$ 72,399  $ 60,800  $ 139,035  $ 123,404 
Earnings per common share attributable to Korn Ferry:
Basic $ 1.38  $ 1.16  $ 2.66  $ 2.34 
Diluted $ 1.36  $ 1.14  $ 2.61  $ 2.30 
Weighted-average common shares outstanding:
Basic 51,745  51,957  51,606  51,953 
Diluted 52,517  52,750  52,557  52,864 





KORN FERRY AND SUBSIDIARIES
FINANCIAL SUMMARY BY REPORTING SEGMENT
(dollars in thousands)
(unaudited)
Three Months Ended October 31, Six Months Ended October 31,
2025 2024 % Change 2025 2024 % Change
Fee revenue:
Consulting $ 172,841  $ 166,771  3.6 % $ 342,803  $ 334,641  2.4 %
Digital 91,029  92,893  (2.0 %) 180,227  181,073  (0.5 %)
Executive Search:
North America 142,105  129,891  9.4 % 281,759  264,643  6.5 %
EMEA 51,900  46,788  10.9 % 105,681  92,769  13.9 %
Asia Pacific 24,131  21,464  12.4 % 48,832  42,043  16.1 %
Latin America 7,815  7,856  (0.5 %) 13,932  15,179  (8.2 %)
Total Executive Search (a)
225,951  205,999  9.7 % 450,204  414,634  8.6 %
Professional Search & Interim 141,099  121,107  16.5 % 275,000  242,848  13.2 %
RPO 90,779  87,595  3.6 % 182,078  176,115 3.4 %
Total fee revenue 721,699  674,365  7.0 % 1,430,312  1,349,311  6.0 %
Reimbursed out-of-pocket engagement expenses 8,101  7,595  6.7 % 15,031  15,410  (2.5 %)
Total revenue $ 729,800  $ 681,960  7.0 % $ 1,445,343  $ 1,364,721  5.9 %
(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)
October 31,
2025
April 30,
2025 (1)
(unaudited)
ASSETS
Cash and cash equivalents $ 761,579  $ 1,006,964 
Marketable securities 39,509  36,388 
Receivables due from clients, net of allowance for doubtful accounts of $43,418 and $40,461 at October 31, 2025 and April 30, 2025, respectively 607,303  565,255 
Income taxes and other receivables 75,254  38,394 
Unearned compensation 67,603  61,649 
Prepaid expenses and other assets 54,989  41,488 
Total current assets 1,606,237  1,750,138 
Marketable securities, non-current 237,227  233,626 
Property and equipment, net 176,506  173,610 
Operating lease right-of-use assets, net 131,861  152,712 
Cash surrender value of company-owned life insurance policies, net of loans 270,984  252,621 
Deferred income taxes 127,324  144,560 
Goodwill 948,284  948,832 
Intangible assets, net 57,901  70,193 
Unearned compensation, non-current 137,290  106,965 
Investments and other assets 29,319  27,967 
Total assets $ 3,722,933  $ 3,861,224 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 53,032  $ 58,884 
Income taxes payable 23,243  23,079 
Compensation and benefits payable 355,256  530,473 
Operating lease liability, current 32,996  38,573 
Other accrued liabilities 284,722  304,589 
Total current liabilities 749,249  955,598 
Deferred compensation and other retirement plans 476,882  477,770 
Operating lease liability, non-current 118,563  131,762 
Long-term debt 398,145  397,736 
Deferred tax liabilities 6,276  5,981 
Other liabilities 24,033  20,238 
Total liabilities 1,773,148  1,989,085 
Stockholders' equity
Common stock: $0.01 par value, 150,000 shares authorized, 79,136 and 78,264 shares issued and 51,694 and 51,458 shares outstanding at October 31, 2025 and April 30, 2025, respectively 355,151  364,425 
Retained earnings 1,675,964  1,588,274 
Accumulated other comprehensive loss, net (86,960) (86,243)
Total Korn Ferry stockholders' equity 1,944,155  1,866,456 
Noncontrolling interest 5,630  5,683 
Total stockholders' equity 1,949,785  1,872,139 
Total liabilities and stockholders' equity $ 3,722,933  $ 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
October 31,
Six Months Ended
October 31,
2025 2024 2025 2024
Net income attributable to Korn Ferry
$ 72,399  $ 60,800  $ 139,035  $ 123,404 
Net income attributable to non-controlling interest 1,023  1,543  1,821  3,195 
Net income 73,422  62,343  140,856  126,599 
Income tax provision 26,645  24,898  51,895  47,252 
Income before provision for income taxes 100,067  87,241  192,751  173,851 
Interest expense, net 5,763  5,626  9,279  9,571 
Depreciation and amortization (1)
31,573  19,688  54,259  39,266 
Integration/acquisition costs (2)
1,325  3,896  2,833  4,972 
Gain on modification of office lease (3)
(13,907) —  (13,907) — 
Restructuring charges, net (4)
—  576  —  576 
Adjusted EBITDA $ 124,821  $ 117,027  $ 245,215  $ 228,236 
Net income attributable to Korn Ferry margin
10.0 % 9.0 % 9.7 % 9.1 %
Net income attributable to non-controlling interest 0.1 % 0.2 % 0.1 % 0.3 %
Income tax provision 3.7 % 3.7 % 3.6 % 3.5 %
Interest expense, net 0.8 % 0.9 % 0.7 % 0.7 %
Depreciation and amortization (1)
4.4 % 2.9 % 3.8 % 2.9 %
Integration/acquisition costs (2)
0.2 % 0.6 % 0.2 % 0.4 %
Gain on modification of office lease (3)
(1.9 %) % (1.0 %) %
Restructuring charges, net (4)
% 0.1 % % 0.0 %
Adjusted EBITDA margin 17.3 % 17.4 % 17.1 % 16.9 %
Net income attributable to Korn Ferry
$ 72,399  $ 60,800  $ 139,035  $ 123,404 
Accelerated depreciation on Digital platform (1)
10,173  —  12,150  — 
Integration/acquisition costs (2)
1,325  3,896  2,833  4,972 
Gain on modification of office lease (3)
(13,907) —  (13,907) — 
Restructuring charges, net (4)
—  576  —  576 
Tax effect on the adjusted items (5)
505  (585) (378) (1,145)
Adjusted net income attributable to Korn Ferry $ 70,495  $ 64,687  $ 139,733  $ 127,807 
Basic earnings per common share
$ 1.38  $ 1.16  $ 2.66  $ 2.34 
Accelerated depreciation on Digital platform (1)
0.20  —  0.24  — 
Integration/acquisition costs (2)
0.03  0.07  0.05  0.09 
Gain on modification of office lease (3)
(0.27) —  (0.27) — 
Restructuring charges, net (4)
—  0.01  —  0.01 
Tax effect on the adjusted items (5)
0.01  (0.01) (0.01) (0.02)
Adjusted basic earnings per share $ 1.35  $ 1.23  $ 2.67  $ 2.42 
Diluted earnings per common share
$ 1.36  $ 1.14  $ 2.61  $ 2.30 
Accelerated depreciation on Digital platform (1)
0.19  —  0.24  — 
Integration/acquisition costs (2)
0.03  0.07  0.05  0.09 
Gain on modification of office lease (3)
(0.26) —  (0.26) — 
Restructuring charges, net (4)
—  0.01  —  0.01 
Tax effect on the adjusted items (5)
0.01  (0.01) (0.01) (0.02)
Adjusted diluted earnings per share $ 1.33  $ 1.21  $ 2.63  $ 2.38 
Explanation of Non-GAAP Adjustments
(1)Depreciation and amortization includes $10.2 million and $12.2 million of accelerated depreciation associated with the decision to sunset our Digital platform in the three and six months ended October 31, 2025, respectively.
(2)Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.
(3)Gain on the modification of an office lease where the Company received lease incentives to shorten the lease term.
(4)Restructuring charges incurred to align our workforce to eliminate excess capacity resulting from challenging macroeconomic business environment.
(5)Tax effect on integration/acquisition costs, gain on modification of office lease, restructuring charges, net and accelerated depreciation on Digital platform.




KORN FERRY AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED
(dollars in thousands)
(unaudited)
Three Months Ended October 31,
2025 2024
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
$ 72,399  10.0  % $ 60,800  9.0  %
Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin
Consulting $ 172,841  $ 175,930  $ 30,264  17.5  % $ 166,771  $ 169,384  $ 29,106  17.5  %
Digital 91,029  91,237  28,732  31.6  % 92,893  93,038  29,188  31.4  %
Executive Search:
North America 142,105  143,566  41,954  29.5  % 129,891  131,419  36,907  28.4  %
EMEA 51,900  52,212  8,771  16.9  % 46,788  47,132  7,487  16.0  %
Asia Pacific 24,131  24,264  5,319  22.0  % 21,464  21,540  4,432  20.6  %
Latin America 7,815  7,819  1,734  22.2  % 7,856  7,859  2,552  32.5  %
Total Executive Search 225,951  227,861  57,778  25.6  % 205,999  207,950  51,378  24.9  %
Professional Search & Interim 141,099  142,505  30,201  21.4  % 121,107  121,988  27,203  22.5  %
RPO 90,779  92,267  14,220  15.7  % 87,595  89,600  12,899  14.7  %
Corporate —  —  (36,374)   —  —  (32,747)  
Consolidated
$ 721,699  $ 729,800  $ 124,821  17.3  % $ 674,365  $ 681,960  $ 117,027  17.4  %
Six Months Ended October 31,
2025 2024
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
$ 139,035  9.7  % $ 123,404  9.1  %
Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin Fee revenue Total revenue Adjusted EBITDA Adjusted EBITDA margin
Consulting $ 342,803  $ 348,629  $ 59,073  17.2  % $ 334,641  $ 340,151  $ 58,400  17.5  %
Digital 180,227  180,482  56,339  31.3  % 181,073  181,249  55,811  30.8  %
Executive Search:
North America 281,759  284,781  83,194  29.5  % 264,643  267,506  72,005  27.2  %
EMEA 105,681  106,293  17,914  17.0  % 92,769  93,408  14,752  15.9  %
Asia Pacific 48,832  49,103  10,854  22.2  % 42,043  42,244  8,650  20.6  %
Latin America 13,932  13,958  3,274  23.5  % 15,179  15,185  5,350  35.2  %
Total Executive Search 450,204  454,135  115,236  25.6  % 414,634  418,343  100,757  24.3  %
Professional Search & Interim 275,000  277,646  58,228  21.2  % 242,848  244,718  52,909  21.8  %
RPO 182,078  184,451  28,562  15.7  % 176,115  180,260  25,393  14.4  %
Corporate —  —  (72,223)   —  —  (65,034)  
Consolidated
$ 1,430,312  $ 1,445,343  $ 245,215  17.1  % $ 1,349,311  $ 1,364,721  $ 228,236  16.9  %