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FOR IMMEDIATE RELEASEContacts:
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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$124.8 $117.0 $245.2 $228.2 
Adjusted EBITDA margin17.3 %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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$30.3 $29.1 $59.1 $58.4 
Adjusted EBITDA margin17.5 %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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 consultants231 260 231 260 
Subscription & License fee revenue$36.2 $34.6 $73.4 $68.7 
Adjusted Results (c):
Second QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$28.7 $29.2 $56.3 $55.8 
Adjusted EBITDA margin31.6 %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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 consultants569 555 569 555 
Average number of consultants572 557 565 549 
Engagements billed3,762 3,566 5,826 5,474 
New engagements (d)
1,633 1,567 3,229 3,123 
Adjusted Results (e):
Second QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$57.8 $51.4 $115.2 $100.8 
Adjusted EBITDA margin25.6 %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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$30.2 $27.2 $58.2 $52.9 
Adjusted EBITDA margin21.4 %22.5 %21.2 %21.8 %
_____________________
(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)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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’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 QuarterYear to Date
FY’26FY’25FY’26FY’25
Adjusted EBITDA$14.2 $12.9 $28.6 $25.4 
Adjusted EBITDA margin15.7 %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 QuarterYear to Date
FY’26FY’25FY’26FY’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
LowHigh
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,
2025202420252024
(unaudited)
Fee revenue$721,699 $674,365 $1,430,312 $1,349,311 
Reimbursed out-of-pocket engagement expenses8,101 7,595 15,031 15,410 
Total revenue729,800 681,960 1,445,343 1,364,721 
Compensation and benefits462,034 437,427 923,445 889,202 
General and administrative expenses50,250 64,541 114,124 124,540 
Reimbursed expenses8,101 7,595 15,031 15,410 
Cost of services79,087 64,657 156,281 132,201 
Depreciation and amortization31,573 19,688 54,259 39,266 
Restructuring charges, net— 576 — 576 
Total operating expenses631,045 594,484 1,263,140 1,201,195 
Operating income98,755 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 taxes100,067 87,241 192,751 173,851 
Income tax provision26,645 24,898 51,895 47,252 
Net income73,422 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:
Basic51,745 51,957 51,606 51,953 
Diluted52,517 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,
20252024% Change 20252024% Change
Fee revenue:
Consulting$172,841 $166,771 3.6%$342,803 $334,641 2.4%
Digital91,029 92,893 (2.0%)180,227 181,073 (0.5%)
Executive Search:
North America142,105 129,891 9.4%281,759 264,643 6.5%
EMEA51,900 46,788 10.9%105,681 92,769 13.9%
Asia Pacific24,131 21,464 12.4%48,832 42,043 16.1%
Latin America7,815 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 & Interim141,099 121,107 16.5%275,000 242,848 13.2%
RPO90,779 87,595 3.6%182,078 176,1153.4%
Total fee revenue721,699 674,365 7.0%1,430,312 1,349,311 6.0%
Reimbursed out-of-pocket engagement expenses8,101 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 securities39,509 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, respectively607,303 565,255 
Income taxes and other receivables75,254 38,394 
Unearned compensation67,603 61,649 
Prepaid expenses and other assets54,989 41,488 
Total current assets1,606,237 1,750,138 
Marketable securities, non-current237,227 233,626 
Property and equipment, net176,506 173,610 
Operating lease right-of-use assets, net131,861 152,712 
Cash surrender value of company-owned life insurance policies, net of loans270,984 252,621 
Deferred income taxes127,324 144,560 
Goodwill948,284 948,832 
Intangible assets, net57,901 70,193 
Unearned compensation, non-current137,290 106,965 
Investments and other assets29,319 27,967 
Total assets$3,722,933 $3,861,224 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$53,032 $58,884 
Income taxes payable23,243 23,079 
Compensation and benefits payable355,256 530,473 
Operating lease liability, current32,996 38,573 
Other accrued liabilities284,722 304,589 
Total current liabilities749,249 955,598 
Deferred compensation and other retirement plans476,882 477,770 
Operating lease liability, non-current118,563 131,762 
Long-term debt398,145 397,736 
Deferred tax liabilities6,276 5,981 
Other liabilities24,033 20,238 
Total liabilities1,773,148 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, respectively355,151 364,425 
Retained earnings1,675,964 1,588,274 
Accumulated other comprehensive loss, net(86,960)(86,243)
Total Korn Ferry stockholders' equity1,944,155 1,866,456 
Noncontrolling interest5,630 5,683 
Total stockholders' equity1,949,785 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,
2025202420252024
Net income attributable to Korn Ferry
$72,399 $60,800 $139,035 $123,404 
Net income attributable to non-controlling interest1,023 1,543 1,821 3,195 
Net income73,422 62,343 140,856 126,599 
Income tax provision26,645 24,898 51,895 47,252 
Income before provision for income taxes100,067 87,241 192,751 173,851 
Interest expense, net5,763 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 interest0.1%0.2%0.1%0.3%
Income tax provision3.7%3.7%3.6%3.5%
Interest expense, net0.8%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 margin17.3%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,
20252024
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 revenueTotal revenueAdjusted EBITDAAdjusted EBITDA marginFee revenueTotal revenueAdjusted EBITDAAdjusted EBITDA margin
Consulting$172,841 $175,930 $30,264 17.5 %$166,771 $169,384 $29,106 17.5 %
Digital91,029 91,237 28,732 31.6 %92,893 93,038 29,188 31.4 %
Executive Search:
North America142,105 143,566 41,954 29.5 %129,891 131,419 36,907 28.4 %
EMEA51,900 52,212 8,771 16.9 %46,788 47,132 7,487 16.0 %
Asia Pacific24,131 24,264 5,319 22.0 %21,464 21,540 4,432 20.6 %
Latin America7,815 7,819 1,734 22.2 %7,856 7,859 2,552 32.5 %
Total Executive Search225,951 227,861 57,778 25.6 %205,999 207,950 51,378 24.9 %
Professional Search & Interim141,099 142,505 30,201 21.4 %121,107 121,988 27,203 22.5 %
RPO90,779 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,
20252024
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 revenueTotal revenueAdjusted EBITDAAdjusted EBITDA marginFee revenueTotal revenueAdjusted EBITDAAdjusted EBITDA margin
Consulting$342,803 $348,629 $59,073 17.2 %$334,641 $340,151 $58,400 17.5 %
Digital180,227 180,482 56,339 31.3 %181,073 181,249 55,811 30.8 %
Executive Search:
North America281,759 284,781 83,194 29.5 %264,643 267,506 72,005 27.2 %
EMEA105,681 106,293 17,914 17.0 %92,769 93,408 14,752 15.9 %
Asia Pacific48,832 49,103 10,854 22.2 %42,043 42,244 8,650 20.6 %
Latin America13,932 13,958 3,274 23.5 %15,179 15,185 5,350 35.2 %
Total Executive Search450,204 454,135 115,236 25.6 %414,634 418,343 100,757 24.3 %
Professional Search & Interim275,000 277,646 58,228 21.2 %242,848 244,718 52,909 21.8 %
RPO182,078 184,451 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 %