What is Kelly Services' operating income?

Kelly Services' total operating income in 2025 was -$69.80 million, based on the following breakdown: Total Gross Profit: $853 million Total Operating Expenses: $922.80 million

Kelly Services (KELYB) Financials

$20.88 -0.09 (-0.43%)

Closing price 05/29/2026 03:59 PM Eastern

Extended Trading

$19.40 -1.48 (-7.09%)

As of 05/29/2026 07:54 PM Eastern

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Annual Income Statements for Kelly Services

This table shows Kelly Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	54	121	72	23	112	-72	156	-63	36	-0.60	-254
Consolidated Net Income / (Loss)	54	121	72	23	112	-72	156	-63	36	-0.60	-254
Net Income / (Loss) Continuing Operations	54	121	72	23	112	-72	156	-63	36	-0.60	-254
Total Pre-Tax Income	63	150	82	-9.40	116	-107	186	-71	25	-22	-79
Total Operating Income	67	63	83	87	82	-94	49	15	24	-15	-70
Total Gross Profit	920	906	954	972	968	828	919	1,012	961	883	853
Total Revenue	5,518	5,277	5,374	5,514	5,356	4,516	4,910	4,965	4,836	4,332	4,251
Operating Revenue	5,518	5,277	5,374	5,514	5,356	4,516	4,910	4,965	4,836	4,332	4,251
Total Cost of Revenue	4,598	4,371	4,420	4,542	4,387	3,688	3,991	3,954	3,874	3,449	3,398
Operating Cost of Revenue	4,598	4,371	4,420	4,542	4,387	3,688	3,991	3,954	3,874	3,449	3,398
Total Operating Expenses	854	843	871	885	887	921	871	997	937	898	923
Selling, General & Admin Expense	854	843	871	885	883	806	871	944	935	818	826
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	19	0.00	-1.60	-4.10
Impairment Charge	-	-	0.00	0.00	16	148	0.00	41	2.40	86	102
Other Special Charges / (Income)	-	-	0.00	0.00	-12	-32	0.00	-6.20	0.00	-5.40	-1.00
Total Other Income / (Expense), net	-3.50	87	-1.60	-97	35	-13	137	-86	0.60	-6.80	-9.00
Other Income / (Expense), net	-3.50	87	-1.60	-97	-1.20	3.40	15	-19	0.60	-6.80	-9.00
Income Tax Expense	8.70	30	13	-27	0.40	-34	35	-7.90	-12	-21	175
Basic Earnings per Share	$1.39	$3.10	$1.84	$0.59	$2.85	($1.83)	$3.93	($1.64)	$0.99	($0.02)	($7.24)
Weighted Average Basic Shares Outstanding	37.80M	38.10M	38.30M	38.80M	39.10M	39.30M	39.40M	38.10M	35.90M	35.50M	35.10M
Diluted Earnings per Share	$1.39	$3.08	$1.81	$0.58	$2.84	($1.83)	$3.91	($1.64)	$0.98	($0.02)	($7.24)
Weighted Average Diluted Shares Outstanding	37.90M	38.40M	39M	39.10M	39.20M	39.30M	39.50M	38.10M	36.30M	35.50M	35.10M
Weighted Average Basic & Diluted Shares Outstanding	38.70M	39M	38.90M	38.80M	39.12M	39.30M	39.40M	37.17M	35.29M	34.89M	34.21M

This table shows Kelly Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	6.60	11	26	4.60	0.80	-32	5.80	19	-150	-129	-5.90
Consolidated Net Income / (Loss)	6.60	11	26	4.60	0.80	-32	5.80	19	-150	-129	-5.90
Net Income / (Loss) Continuing Operations	6.60	11	26	4.60	0.80	-32	5.80	19	-150	-129	-5.90
Total Pre-Tax Income	1.70	4.90	30	5.70	-1.80	-56	7.60	20	-104	-2.60	-6.70
Total Operating Income	0.10	7.30	27	12	2.60	-57	11	22	-102	-0.70	-5.10
Total Gross Profit	229	238	206	214	222	242	237	226	194	197	196
Total Revenue	1,118	1,232	1,045	1,058	1,038	1,191	1,165	1,102	935	1,049	1,041
Operating Revenue	1,118	1,232	1,045	1,058	1,038	1,191	1,165	1,102	935	1,049	1,041
Total Cost of Revenue	890	994	839	844	816	950	928	876	741	852	844
Operating Cost of Revenue	890	994	839	844	816	950	928	876	741	852	844
Total Operating Expenses	228	231	179	202	219	298	226	203	296	198	202
Selling, General & Admin Expense	228	231	191	192	219	217	226	207	194	199	199
Impairment Charge	0.00	-	-	5.50	0.00	-	0.00	0.00	102	-	2.20
Total Other Income / (Expense), net	1.60	-2.40	3.00	-6.50	-4.40	1.10	-3.20	-2.30	-1.60	-1.90	-1.60
Other Income / (Expense), net	1.60	-2.40	3.00	-6.50	-4.40	1.10	-3.20	-2.30	-1.60	-1.90	-1.60
Income Tax Expense	-4.90	-6.50	4.00	1.10	-2.60	-24	1.80	0.90	46	126	-0.80
Basic Earnings per Share	$0.18	$0.32	$0.71	$0.13	$0.02	($0.88)	$0.16	$0.52	($4.26)	($3.66)	($0.17)
Weighted Average Basic Shares Outstanding	35.40M	35.90M	35.40M	35.50M	35.60M	35.50M	35M	35.20M	35.30M	35.10M	34.40M
Diluted Earnings per Share	$0.18	$0.31	$0.70	$0.12	$0.02	($0.86)	$0.16	$0.52	($4.26)	($3.66)	($0.17)
Weighted Average Diluted Shares Outstanding	35.80M	36.30M	35.80M	35.90M	36M	35.50M	35.50M	35.70M	35.30M	35.10M	34.40M
Weighted Average Basic & Diluted Shares Outstanding	35.28M	35.29M	35.52M	35.57M	35.61M	34.89M	35.20M	35.25M	35.34M	34.21M	34.67M

This table details how cash moves in and out of Kelly Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	-41	-12	2.60	5.10	-9.10	197	-109	43	5.20	-122	-7.90
Net Cash From Operating Activities	25	40	71	61	102	186	85	-76	77	27	123
Net Cash From Continuing Operating Activities	25	40	71	61	102	186	85	-76	77	27	123
Net Income / (Loss) Continuing Operations	54	121	72	23	112	-72	156	-63	36	-0.60	-254
Consolidated Net Income / (Loss)	54	121	72	23	112	-72	156	-63	36	-0.60	-254
Depreciation Expense	22	21	23	26	32	24	30	33	34	40	42
Amortization Expense	-	-	0.00	0.00	22	21	21	19	16	11	11
Non-Cash Adjustments To Reconcile Net Income	6.90	-70	12	101	-19	150	-134	147	17	82	113
Changes in Operating Assets and Liabilities, net	-58	-32	-36	-89	-45	63	11	-213	-27	-105	211
Net Cash From Investing Activities	-18	11	-61	-30	-94	9.80	-181	168	-14	-362	22
Net Cash From Continuing Investing Activities	-18	11	-61	-30	-94	9.80	-181	168	-14	-362	22
Purchase of Property, Plant & Equipment	-17	-13	-25	-26	-20	-16	-11	-12	-15	-11	-8.50
Acquisitions	-0.50	0.00	-37	0.00	-86	-39	-213	-143	0.00	-432	0.00
Sale of Property, Plant & Equipment	-	-	0.00	0.00	14	56	0.00	10	0.00	4.30	1.00
Divestitures	0.00	23	-	0.00	0.00	1.20	0.00	120	0.00	77	22
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	5.90	197	0.00	0.00	6.40
Other Investing Activities, net	-0.20	0.00	0.80	0.80	-0.70	7.80	38	-3.90	1.20	0.00	1.60
Net Cash From Financing Activities	-44	-69	-3.40	-27	-16	-8.10	-8.10	-51	-60	215	-161
Net Cash From Continuing Financing Activities	-44	-69	-3.40	-27	-16	-8.10	-8.10	-51	-60	215	-161
Repayment of Debt	-35	-56	-0.10	-7.80	-1.00	-1.90	-0.40	0.60	-0.90	-1,102	-1,736
Repurchase of Common Equity	-	-	-	-	-	0.00	0.00	-35	-42	-10	-10
Payment of Dividends	-7.70	-11	-12	-12	-12	-3.00	-4.00	-11	-11	-11	-11
Issuance of Debt	0.20	-	10	-	-	-	-	0.00	0.00	1,340	1,598
Other Financing Activities, net	-1.80	-2.20	-1.80	-6.90	-3.20	-3.20	-3.70	-5.60	-5.50	-2.50	-2.30
Other Net Changes in Cash	-	6.30	-3.80	-	-0.90	9.40	-4.80	2.30	2.20	-2.10	8.30
Cash Interest Paid	-	-	-	-	-	-	-	-	2.80	10	12
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	8.90	11	4.50

This table details how cash moves in and out of Kelly Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Change in Cash & Equivalents	-8.00	41	41	-163	-5.20	5.20	-11	-10	11	2.30	-8.20
Net Cash From Operating Activities	10	43	-26	58	-20	15	24	95	-25	29	-25
Net Cash From Continuing Operating Activities	10	43	-26	58	-20	15	24	95	-25	29	-25
Net Income / (Loss) Continuing Operations	6.60	11	26	4.60	0.80	-32	5.80	19	-150	-129	-5.90
Consolidated Net Income / (Loss)	6.60	11	26	4.60	0.80	-32	5.80	19	-150	-129	-5.90
Depreciation Expense	8.40	8.30	8.00	9.60	11	12	11	11	11	10	9.90
Amortization Expense	4.00	3.80	2.20	2.40	3.10	3.00	2.60	2.80	2.70	2.80	2.60
Non-Cash Adjustments To Reconcile Net Income	3.30	6.90	-9.70	11	5.30	75	6.40	-0.10	105	1.30	7.10
Changes in Operating Assets and Liabilities, net	-12	13	-52	30	-41	-43	-1.90	63	6.40	143	-39
Net Cash From Investing Activities	-3.10	-3.30	72	-425	-2.40	-6.10	3.20	22	-2.80	0.40	-1.20
Net Cash From Continuing Investing Activities	-3.10	-3.30	72	-425	-2.40	-6.10	3.20	22	-2.80	0.40	-1.20
Purchase of Property, Plant & Equipment	-3.10	-2.90	-3.70	-3.00	-2.40	-2.00	-2.50	-2.00	-2.30	-1.70	-1.10
Sale and/or Maturity of Investments	-	-2.00	-	-	-	-	6.40	-	-	-	0.00
Other Investing Activities, net	-	1.60	1.10	0.80	0.10	75	-0.70	1.70	-0.50	1.10	-0.10
Net Cash From Financing Activities	-11	-3.00	-4.70	206	16	-2.50	-40	-133	41	-30	24
Net Cash From Continuing Financing Activities	-11	-3.00	-4.70	206	16	-2.50	-40	-133	41	-30	24
Repayment of Debt	-0.20	-	-0.10	-169	-452	-481	-447	-493	-360	-436	-361
Payment of Dividends	-2.70	-2.70	-2.70	-2.70	-2.80	-2.70	-2.80	-2.70	-2.80	-2.70	-2.70
Issuance of Debt	-	-	0.00	-	470	491	412	362	404	420	390
Other Financing Activities, net	-0.90	-0.30	-1.90	-0.20	-0.20	-0.20	-1.80	-0.10	-	-0.40	-1.40
Other Net Changes in Cash	-3.70	4.10	-0.60	-	-	-	1.30	-	-	-	-5.80

This table presents Kelly Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Total Assets	1,940	2,028	2,378	2,314	2,481	2,562	2,894	2,664	2,582	2,632	2,251
Total Current Assets	1,227	1,215	1,384	1,401	1,406	1,550	1,589	1,715	1,627	1,366	1,268
Cash & Equivalents	42	30	33	35	26	223	113	154	126	39	33
Accounts Receivable	1,139	1,138	1,287	1,293	1,282	1,265	1,423	1,492	1,161	1,256	1,189
Prepaid Expenses	46	47	65	72	77	61	53	70	49	71	47
Plant, Property, & Equipment, net	89	81	86	86	43	41	35	28	25	26	21
Total Noncurrent Assets	624	733	908	828	1,032	971	1,270	921	930	1,241	962
Goodwill	90	88	107	107	128	3.50	115	151	151	304	202
Intangible Assets	-	-	-	-	-	-	-	-	138	256	226
Noncurrent Deferred & Refundable Income Taxes	189	180	183	199	229	282	303	300	321	330	163
Other Noncurrent Operating Assets	335	349	500	400	558	567	729	470	321	350	370
Total Liabilities & Shareholders' Equity	1,940	2,028	2,378	2,314	2,481	2,562	2,894	2,664	2,582	2,632	2,251
Total Liabilities	1,044	1,016	1,227	1,155	1,216	1,359	1,558	1,410	1,328	1,398	1,274
Total Current Liabilities	816	771	926	898	884	926	1,095	1,129	1,020	827	822
Accounts Payable	406	455	538	541	504	537	687	723	646	614	631
Accrued Expenses	-	-	-	-	-	-	-	23	22	19	21
Current Deferred & Payable Income Tax Liabilities	60	51	65	63	65	53	51	51	17	18	16
Current Employee Benefit Liabilities	295	265	313	292	293	316	339	316	156	164	141
Other Current Liabilities	-	-	-	0.00	20	20	18	15	8.40	12	12
Total Noncurrent Liabilities	228	245	301	257	332	433	463	281	308	571	452
Long-Term Debt	-	-	-	-	-	-	-	-	0.00	239	102
Noncurrent Employee Benefit Liabilities	181	203	228	213	233	248	257	215	258	274	298
Other Noncurrent Operating Liabilities	47	42	73	44	99	127	148	66	50	58	53
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	895	1,012	1,152	1,160	1,265	1,203	1,336	1,254	1,254	1,235	977
Total Preferred & Common Equity	895	1,012	1,152	1,160	1,265	1,203	1,336	1,254	1,254	1,235	977
Total Common Equity	895	1,012	1,147	1,160	1,265	1,203	1,336	1,254	1,254	1,235	977
Common Stock	66	69	32	65	63	61	64	67	69	73	75
Retained Earnings	814	924	984	1,138	1,239	1,163	1,315	1,216	1,242	1,230	965
Treasury Stock	-44	-39	-	-26	-21	-17	-15	-20	-57	-61	-64
Accumulated Other Comprehensive Income / (Loss)	61	59	131	-17	-16	-4.20	-28	-8.50	0.20	-6.90	0.30

This table presents Kelly Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	10/2/2022	4/2/2023	7/2/2023	10/1/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	2,682	2,589	2,595	2,550	2,395	2,628	2,689	2,595	2,512	2,393	2,255
Total Current Assets	1,730	1,633	1,628	1,592	1,437	1,311	1,358	1,351	1,253	1,280	1,299
Cash & Equivalents	-	-	125	-	201	38	33	28	18	30	26
Accounts Receivable	1,520	1,439	1,424	1,388	1,153	1,194	1,249	1,251	1,181	1,196	1,216
Prepaid Expenses	83	82	80	86	83	79	76	72	54	54	57
Plant, Property, & Equipment, net	25	29	29	29	26	27	27	24	23	22	19
Total Noncurrent Assets	927	928	938	930	933	1,291	1,305	1,220	1,236	1,091	937
Goodwill	161	151	151	151	151	373	374	304	304	202	202
Intangible Assets	-	-	-	-	133	272	264	248	241	234	219
Noncurrent Deferred & Refundable Income Taxes	301	302	308	315	319	302	308	331	337	289	158
Other Noncurrent Operating Assets	465	475	479	463	331	343	358	337	354	366	358
Total Liabilities & Shareholders' Equity	2,682	2,589	2,595	2,550	2,395	2,628	2,689	2,595	2,512	2,393	2,255
Total Liabilities	1,429	1,341	1,353	1,314	1,119	1,348	1,407	1,354	1,246	1,278	1,287
Total Current Liabilities	1,143	1,051	1,055	1,025	798	812	841	823	827	807	819
Accounts Payable	735	685	693	648	581	595	605	597	614	605	622
Accrued Expenses	24	23	23	23	22	19	18	18	19	19	21
Current Deferred & Payable Income Tax Liabilities	48	53	54	54	20	18	22	17	20	18	17
Current Employee Benefit Liabilities	321	276	271	288	166	168	185	179	162	153	147
Other Current Liabilities	14	14	14	13	8.40	12	12	12	12	12	11
Total Noncurrent Liabilities	286	290	298	289	321	536	566	532	419	472	468
Long-Term Debt	-	-	-	-	-	210	228	205	74	118	131
Noncurrent Employee Benefit Liabilities	216	226	234	226	270	267	277	268	288	298	288
Other Noncurrent Operating Liabilities	70	64	64	63	51	58	61	59	57	55	49
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,253	1,248	1,242	1,236	1,277	1,280	1,282	1,241	1,266	1,115	969
Total Preferred & Common Equity	1,253	1,248	1,242	1,236	1,277	1,280	1,282	1,241	1,266	1,115	969
Total Common Equity	1,253	1,248	1,242	1,236	1,277	1,280	1,282	1,241	1,266	1,115	969
Common Stock	65	65	68	68	66	68	71	69	73	74	70
Retained Earnings	1,220	1,224	1,229	1,233	1,265	1,267	1,265	1,233	1,250	1,097	957
Treasury Stock	-12	-35	-51	-57	-53	-52	-52	-56	-55	-55	-57
Accumulated Other Comprehensive Income / (Loss)	-20	-6.20	-3.40	-7.70	-0.50	-2.50	-1.30	-5.60	-0.60	-0.80	-0.90

This table displays calculated financial ratios and metrics derived from Kelly Services' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/3/2016	1/1/2017	12/31/2017	12/30/2018	12/29/2019	1/3/2021	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.80%	-4.37%	1.85%	2.60%	-2.87%	-15.68%	8.72%	1.13%	-2.61%	-10.42%	-1.87%
EBITDA Growth	109.56%	100.00%	-38.95%	-83.91%	700.60%	-133.38%	356.12%	-58.35%	56.58%	-61.33%	-187.93%
EBIT Growth	230.89%	136.87%	-45.42%	-111.51%	957.45%	-211.91%	170.95%	-106.25%	722.50%	-187.95%	-259.82%
NOPAT Growth	91.47%	-12.14%	39.01%	-12.91%	33.24%	-180.37%	160.16%	-73.72%	242.89%	-129.76%	-362.25%
Net Income Growth	127.00%	124.54%	-40.73%	-68.02%	390.83%	-164.06%	316.81%	-140.04%	158.24%	-101.65%	-42,250.00%
EPS Growth	127.87%	121.58%	-41.23%	-67.96%	389.66%	-164.44%	313.66%	-141.94%	159.76%	-102.04%	-36,100.00%
Operating Cash Flow Growth	136.14%	58.50%	76.56%	-13.28%	66.45%	82.00%	-54.30%	-189.76%	200.52%	-64.93%	355.76%
Free Cash Flow Firm Growth	100.82%	11,350.17%	-189.93%	191.79%	-154.19%	633.10%	-201.43%	104.66%	1,306.29%	-437.17%	177.60%
Invested Capital Growth	6.74%	-3.53%	16.62%	-0.66%	11.77%	-23.29%	27.65%	0.10%	-8.60%	42.57%	-27.15%
Revenue Q/Q Growth	0.67%	-2.89%	2.24%	-0.14%	-1.42%	-2.09%	0.18%	-0.33%	-0.03%	-0.94%	-3.23%
EBITDA Q/Q Growth	36.15%	-3.66%	10.36%	-82.22%	32.91%	63.41%	-15.57%	-38.83%	-0.40%	-66.70%	66.97%
EBIT Q/Q Growth	55.28%	-3.92%	12.23%	-113.66%	49.81%	46.88%	-26.27%	-115.15%	2.47%	-156.74%	40.21%
NOPAT Q/Q Growth	39.89%	-17.18%	-3.44%	-14.31%	-39.58%	-4.00%	11.20%	-39.71%	65.82%	-119.59%	44.52%
Net Income Q/Q Growth	46.99%	-10.65%	-2.85%	-64.50%	57.20%	8.16%	44.81%	-718.81%	51.04%	-101.41%	-61.74%
EPS Q/Q Growth	46.32%	-10.98%	-2.69%	-64.42%	56.91%	9.41%	43.22%	-920.00%	55.56%	-101.74%	-63.06%
Operating Cash Flow Q/Q Growth	-32.53%	-27.09%	57.68%	-13.64%	-0.10%	-23.93%	16,900.00%	-32.24%	11.48%	-51.27%	12.48%
Free Cash Flow Firm Q/Q Growth	-94.17%	20.02%	-33.13%	119.67%	-156.06%	-23.50%	26.44%	107.57%	285.02%	-133.76%	83.15%
Invested Capital Q/Q Growth	0.87%	-1.86%	-0.05%	-4.53%	0.12%	7.35%	-0.77%	-11.77%	-18.55%	-2.88%	-13.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.68%	17.18%	17.75%	17.63%	18.08%	18.33%	18.72%	20.38%	19.88%	20.37%	20.07%
EBITDA Margin	1.55%	3.24%	1.94%	0.30%	2.51%	-0.99%	2.34%	0.96%	1.55%	0.67%	-0.60%
Operating Margin	1.21%	1.20%	1.55%	1.59%	1.53%	-2.07%	0.99%	0.30%	0.50%	-0.35%	-1.64%
EBIT Margin	1.15%	2.84%	1.52%	-0.17%	1.51%	-2.00%	1.30%	-0.08%	0.51%	-0.51%	-1.85%
Profit (Net Income) Margin	0.98%	2.29%	1.33%	0.42%	2.10%	-1.59%	3.18%	-1.26%	0.75%	-0.01%	-5.98%
Tax Burden Percent	85.13%	80.69%	87.64%	-243.62%	96.56%	67.42%	84.02%	87.78%	146.18%	2.74%	322.46%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	144.42%	118.40%	290.31%	1,780.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.77%	20.04%	15.67%	0.00%	0.34%	0.00%	18.89%	0.00%	-46.18%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.60%	5.72%	7.48%	6.07%	7.66%	-6.60%	4.02%	0.94%	3.37%	-0.87%	-3.94%
ROIC Less NNEP Spread (ROIC-NNEP)	-51.95%	-94.30%	6.52%	32.10%	-13.24%	-3.91%	-36.40%	38.39%	2.93%	-43.47%	-156.36%
Return on Net Nonoperating Assets (RNNOA)	-0.38%	6.95%	-0.86%	-4.08%	1.61%	0.77%	8.28%	-5.77%	-0.47%	0.82%	-19.04%
Return on Equity (ROE)	6.22%	12.67%	6.62%	1.98%	9.27%	-5.84%	12.30%	-4.83%	2.90%	-0.05%	-22.98%
Cash Return on Invested Capital (CROIC)	0.08%	9.31%	-7.87%	6.73%	-3.46%	19.75%	-20.27%	0.84%	12.36%	-35.97%	27.47%
Operating Return on Assets (OROA)	3.28%	7.55%	3.71%	-0.40%	3.36%	-3.58%	2.35%	-0.14%	0.95%	-0.84%	-3.23%
Return on Assets (ROA)	2.79%	6.09%	3.25%	0.98%	4.69%	-2.86%	5.72%	-2.25%	1.39%	-0.02%	-10.41%
Return on Common Equity (ROCE)	6.22%	12.67%	6.60%	1.98%	9.27%	-5.84%	12.30%	-4.83%	2.90%	-0.05%	-22.98%
Return on Equity Simple (ROE_SIMPLE)	6.01%	11.94%	6.22%	1.98%	8.89%	-5.99%	11.68%	-4.98%	2.90%	-0.05%	0.00%
Net Operating Profit after Tax (NOPAT)	58	51	70	61	82	-66	39	10	36	-11	-49
NOPAT Margin	1.04%	0.96%	1.31%	1.11%	1.52%	-1.45%	0.80%	0.21%	0.73%	-0.24%	-1.15%
Net Nonoperating Expense Percent (NNEP)	58.55%	100.02%	0.95%	-26.03%	20.90%	-2.69%	40.42%	-37.45%	0.44%	42.61%	152.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.83%	2.83%	-0.72%	-4.53%
Cost of Revenue to Revenue	83.32%	82.82%	82.25%	82.37%	81.92%	81.67%	81.28%	79.62%	80.12%	79.63%	79.93%
SG&A Expenses to Revenue	15.47%	15.98%	16.20%	16.05%	16.49%	17.84%	17.73%	19.00%	19.33%	18.89%	19.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.47%	15.98%	16.20%	16.05%	16.55%	20.40%	17.73%	20.08%	19.38%	20.72%	21.71%
Earnings before Interest and Taxes (EBIT)	63	150	82	-9.40	81	-90	64	-4.00	25	-22	-79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	171	104	17	135	-45	115	48	75	29	-26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.62	0.79	0.85	0.64	0.65	0.64	0.47	0.50	0.60	0.38	0.31
Price to Tangible Book Value (P/TBV)	0.69	0.87	0.94	0.70	0.73	0.64	0.52	0.56	0.78	0.70	0.56
Price to Revenue (P/Rev)	0.10	0.15	0.18	0.13	0.15	0.17	0.13	0.13	0.16	0.11	0.07
Price to Earnings (P/E)	10.30	6.65	13.58	32.30	7.35	0.00	4.06	0.00	20.63	0.00	0.00
Dividend Yield	1.37%	1.31%	1.19%	1.58%	1.42%	1.53%	0.62%	1.68%	1.41%	2.28%	3.48%
Earnings Yield	9.71%	15.04%	7.36%	3.10%	13.61%	0.00%	24.63%	0.00%	4.85%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.62	0.76	0.82	0.58	0.61	0.50	0.36	0.43	0.62	0.47	0.36
Enterprise Value to Revenue (EV/Rev)	0.10	0.12	0.15	0.11	0.13	0.10	0.08	0.09	0.13	0.15	0.09
Enterprise Value to EBITDA (EV/EBITDA)	6.53	3.85	7.98	34.84	5.09	0.00	3.46	9.78	8.34	23.09	0.00
Enterprise Value to EBIT (EV/EBIT)	8.83	4.40	10.19	0.00	8.50	0.00	6.22	0.00	25.11	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	9.70	13.04	11.85	9.57	8.40	0.00	10.09	45.20	17.60	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.05	16.43	11.76	9.53	6.70	2.31	4.68	0.00	8.15	24.90	3.04
Enterprise Value to Free Cash Flow (EV/FCFF)	776.82	8.01	0.00	8.62	0.00	2.20	0.00	50.57	4.80	0.00	1.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.10
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.10
Financial Leverage	0.01	-0.07	-0.13	-0.13	-0.12	-0.20	-0.23	-0.15	-0.16	-0.02	0.12
Leverage Ratio	2.23	2.08	2.04	2.03	1.98	2.04	2.15	2.15	2.09	2.10	2.21
Compound Leverage Factor	2.23	2.08	2.04	2.03	2.86	2.42	6.24	38.19	2.09	2.10	2.21
Debt to Total Capital	5.84%	0.00%	0.88%	0.19%	0.15%	0.02%	0.00%	0.06%	0.00%	16.24%	9.45%
Short-Term Debt to Total Capital	5.84%	0.00%	0.88%	0.19%	0.15%	0.02%	0.00%	0.06%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.24%	9.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.16%	100.00%	98.70%	99.81%	99.85%	99.98%	100.00%	99.94%	100.00%	83.76%	90.55%
Debt to EBITDA	0.65	0.00	0.10	0.13	0.01	-0.01	0.00	0.01	0.00	8.26	-4.00
Net Debt to EBITDA	0.05	0.00	-1.34	-9.19	-1.05	7.60	0.00	-3.19	0.00	6.91	-2.70
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.26	-4.00
Debt to NOPAT	0.96	0.00	0.15	0.04	0.02	0.00	0.00	0.07	0.00	-22.65	-2.09
Net Debt to NOPAT	0.07	0.00	-1.99	-2.52	-1.73	5.21	0.00	-14.77	0.00	-18.96	-1.41
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-22.65	-2.09
Altman Z-Score	4.11	4.22	3.66	3.70	3.63	2.92	2.85	3.03	3.20	2.72	2.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.23%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.58	1.49	1.56	1.59	1.67	1.45	1.52	1.59	1.65	1.54
Quick Ratio	1.45	1.51	1.42	1.48	1.48	1.61	1.40	1.46	1.26	1.57	1.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.72	82	-74	68	-37	196	-199	9.26	130	-439	341
Operating Cash Flow to CapEx	149.70%	315.75%	287.80%	239.84%	1,648.39%	0.00%	758.93%	-4,015.79%	501.31%	395.59%	1,634.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.86	2.66	2.44	2.35	2.23	1.79	1.80	1.79	1.84	1.66	1.74
Accounts Receivable Turnover	4.88	4.63	4.43	4.27	4.16	3.55	3.65	3.41	3.65	3.59	3.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	60.67	62.19	64.40	63.97	82.78	107.40	128.69	157.38	184.57	171.90	183.62
Accounts Payable Turnover	11.95	10.16	8.90	8.42	8.40	7.09	6.52	5.61	5.66	5.48	5.46
Days Sales Outstanding (DSO)	74.81	78.76	82.35	85.39	87.76	102.95	99.93	107.13	100.09	101.79	104.93
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	30.54	35.94	40.99	43.33	43.44	51.48	55.98	65.11	64.51	66.66	66.88
Cash Conversion Cycle (CCC)	44.26	42.83	41.36	42.06	44.33	51.47	43.95	42.02	35.59	35.13	38.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	899	868	1,012	1,005	1,123	862	1,100	1,101	1,007	1,435	1,045
Invested Capital Turnover	6.34	5.97	5.72	5.47	5.03	4.55	5.01	4.51	4.59	3.55	3.43
Increase / (Decrease) in Invested Capital	57	-32	144	-6.70	118	-262	238	1.10	-95	429	-390
Enterprise Value (EV)	558	659	833	585	685	430	398	468	625	670	373
Market Capitalization	554	803	972	740	826	772	634	621	751	469	304
Book Value per Share	$23.57	$26.46	$29.84	$29.83	$32.33	$30.61	$33.92	$33.05	$35.54	$34.67	$27.63
Tangible Book Value per Share	$21.20	$24.15	$27.05	$27.07	$29.06	$30.52	$31.01	$29.07	$27.35	$18.93	$15.51
Total Capital	951	1,012	1,162	1,162	1,266	1,203	1,336	1,255	1,254	1,474	1,078
Total Debt	56	0.00	10	2.20	1.90	0.30	0.00	0.70	0.00	239	102
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	239	102
Net Debt	3.90	-144	-140	-154	-141	-341	-236	-153	-126	200	69
Capital Expenditures (CapEx)	17	13	25	26	6.20	-40	11	1.90	15	6.80	7.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	425	414	436	470	498	401	381	433	481	500	414
Debt-free Net Working Capital (DFNWC)	467	444	468	505	524	624	494	587	607	539	447
Net Working Capital (NWC)	411	444	458	503	522	624	494	586	607	539	447
Net Nonoperating Expense (NNE)	3.72	-70	-1.35	38	-31	6.48	-117	73	-0.88	-9.97	205
Net Nonoperating Obligations (NNO)	3.90	-144	-140	-154	-141	-341	-236	-153	-247	200	69
Total Depreciation and Amortization (D&A)	22	21	23	26	54	45	51	52	50	51	53
Debt-free, Cash-free Net Working Capital to Revenue	7.69%	7.84%	8.11%	8.52%	9.29%	8.89%	7.76%	8.73%	9.94%	11.54%	9.73%
Debt-free Net Working Capital to Revenue	8.46%	8.40%	8.71%	9.16%	9.77%	13.82%	10.05%	11.82%	12.55%	12.44%	10.50%
Net Working Capital to Revenue	7.45%	8.40%	8.52%	9.12%	9.74%	13.82%	10.05%	11.81%	12.55%	12.44%	10.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.39	$3.10	$1.84	$0.59	$2.85	($1.83)	$3.93	($1.64)	$0.99	($0.02)	($7.24)
Adjusted Weighted Average Basic Shares Outstanding	37.80M	38.10M	38.30M	38.80M	39.10M	39.30M	39.40M	38.10M	35.90M	35.50M	35.10M
Adjusted Diluted Earnings per Share	$1.39	$3.08	$1.81	$0.58	$2.84	($1.83)	$3.91	($1.64)	$0.98	($0.02)	($7.24)
Adjusted Weighted Average Diluted Shares Outstanding	37.90M	38.40M	39M	39.10M	39.20M	39.30M	39.50M	38.10M	36.30M	35.50M	35.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.99M	38.24M	38.43M	38.87M	39.12M	39.30M	39.40M	37.17M	35.29M	34.89M	34.21M
Normalized Net Operating Profit after Tax (NOPAT)	58	51	70	61	85	15	39	35	19	46	22
Normalized NOPAT Margin	1.04%	0.96%	1.31%	1.11%	1.59%	0.34%	0.80%	0.70%	0.39%	1.06%	0.51%
Pre Tax Income Margin	1.15%	2.84%	1.52%	-0.17%	2.17%	-2.36%	3.78%	-1.43%	0.51%	-0.51%	-1.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.31%	8.86%	16.20%	51.53%	10.59%	-4.17%	2.56%	-16.96%	30.22%	-1,816.67%	-4.33%
Augmented Payout Ratio	14.31%	8.86%	16.20%	51.53%	10.59%	-4.17%	2.56%	-72.96%	146.15%	-3,483.33%	-8.26%

This table displays calculated financial ratios and metrics derived from Kelly Services' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	34,888,046.00	35,203,059.00	35,251,785.00	-	34,211,528.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	34,888,046.00	35,203,059.00	35,251,785.00	-	34,211,528.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.17	0.54	-4.26	-	-0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.27%	-0.13%	-17.60%	-13.12%	-7.15%	-3.34%	11.46%	4.19%	-9.93%	-11.91%	-10.66%
EBITDA Growth	271.95%	-1.73%	57.48%	-4.32%	-12.06%	-341.76%	-47.00%	87.57%	-829.84%	125.79%	-72.64%
EBIT Growth	108.02%	13.95%	134.65%	1.79%	-205.88%	-1,234.69%	-74.50%	249.12%	-5,661.11%	95.32%	-188.16%
NOPAT Growth	102.59%	1,864.00%	152.66%	18.57%	368.79%	-333.70%	-64.48%	115.28%	-4,026.92%	98.77%	-143.31%
Net Income Growth	140.74%	1,366.67%	136.70%	-38.67%	-87.88%	-378.95%	-77.52%	313.04%	-18,862.50%	-305.03%	-201.72%
EPS Growth	141.86%	875.00%	141.38%	-40.00%	-88.89%	-377.42%	-77.14%	333.33%	-21,400.00%	-325.58%	-206.25%
Operating Cash Flow Growth	327.27%	22.32%	-88.89%	56.37%	-303.00%	-65.36%	193.73%	65.34%	-24.63%	90.67%	-206.28%
Free Cash Flow Firm Growth	108.28%	5,514.20%	199.84%	-306.84%	-1,976.57%	-519.21%	-270.63%	146.41%	184.44%	183.11%	202.22%
Invested Capital Growth	-0.99%	-8.60%	-13.76%	29.99%	19.57%	42.57%	31.67%	-8.93%	-18.55%	-27.15%	-24.24%
Revenue Q/Q Growth	-8.15%	10.21%	-15.18%	1.19%	-1.83%	14.74%	-2.20%	-5.42%	-15.14%	12.21%	-0.81%
EBITDA Q/Q Growth	-23.78%	20.57%	135.29%	-55.75%	-29.94%	-431.45%	151.58%	56.60%	-372.59%	111.71%	-45.28%
EBIT Q/Q Growth	-69.64%	188.24%	508.16%	-80.87%	-131.58%	-2,988.89%	113.67%	161.84%	-621.11%	97.49%	-157.69%
NOPAT Q/Q Growth	-95.32%	4,274.58%	36.62%	-57.57%	-81.51%	-2,280.77%	120.77%	157.17%	-437.19%	99.31%	-628.57%
Net Income Q/Q Growth	-12.00%	72.73%	126.32%	-82.17%	-82.61%	-4,075.00%	118.24%	227.59%	-890.00%	14.19%	95.42%
EPS Q/Q Growth	-10.00%	72.22%	125.81%	-82.86%	-83.33%	-4,400.00%	118.60%	225.00%	-919.23%	14.08%	95.36%
Operating Cash Flow Q/Q Growth	-72.90%	333.00%	-158.89%	326.27%	-135.18%	173.89%	59.33%	299.16%	-126.52%	213.04%	-188.81%
Free Cash Flow Firm Q/Q Growth	-91.87%	773.33%	74.51%	-266.83%	26.20%	-95.10%	28.97%	145.37%	34.28%	92.03%	-12.64%
Invested Capital Q/Q Growth	10.62%	-18.55%	6.92%	34.94%	1.75%	-2.88%	-1.26%	-6.67%	-9.00%	-13.13%	2.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.44%	19.33%	19.68%	20.21%	21.36%	20.28%	20.30%	20.47%	20.75%	18.78%	18.87%
EBITDA Margin	1.26%	1.38%	3.83%	1.67%	1.19%	-3.45%	1.82%	3.01%	-9.68%	1.01%	0.56%
Operating Margin	0.01%	0.59%	2.56%	1.15%	0.25%	-4.76%	0.93%	2.01%	-10.92%	-0.07%	-0.49%
EBIT Margin	0.15%	0.40%	2.85%	0.54%	-0.17%	-4.67%	0.65%	1.81%	-11.09%	-0.25%	-0.64%
Profit (Net Income) Margin	0.59%	0.93%	2.47%	0.44%	0.08%	-2.67%	0.50%	1.72%	-16.05%	-12.28%	-0.57%
Tax Burden Percent	388.24%	232.65%	86.58%	80.70%	-44.44%	57.19%	76.32%	95.48%	144.74%	4,953.85%	88.06%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-288.24%	-132.65%	13.42%	19.30%	0.00%	0.00%	23.68%	4.52%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.14%	6.32%	8.81%	3.23%	0.57%	-11.82%	2.53%	6.23%	-25.05%	-0.16%	-1.14%
ROIC Less NNEP Spread (ROIC-NNEP)	-269.94%	9.12%	6.22%	-18.91%	-0.48%	-45.54%	22.63%	4.31%	-80.44%	-95.45%	-2.79%
Return on Net Nonoperating Assets (RNNOA)	0.50%	-1.45%	-0.49%	-0.36%	-0.04%	0.86%	-0.22%	0.39%	-9.53%	-11.63%	-0.36%
Return on Equity (ROE)	0.63%	4.87%	8.32%	2.87%	0.53%	-10.97%	2.31%	6.62%	-34.58%	-11.79%	-1.49%
Cash Return on Invested Capital (CROIC)	2.72%	12.36%	19.02%	-21.93%	-13.85%	-35.97%	-29.09%	8.28%	13.88%	27.47%	22.77%
Operating Return on Assets (OROA)	0.28%	0.73%	5.28%	0.92%	-0.29%	-7.76%	1.16%	3.16%	-19.17%	-0.43%	-1.10%
Return on Assets (ROA)	1.09%	1.71%	4.57%	0.74%	0.13%	-4.44%	0.89%	3.02%	-27.75%	-21.37%	-0.96%
Return on Common Equity (ROCE)	0.63%	4.87%	8.32%	2.87%	0.53%	-10.97%	2.31%	6.62%	-34.58%	-11.79%	-1.49%
Return on Equity Simple (ROE_SIMPLE)	1.95%	0.00%	4.02%	3.78%	3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.39	17	23	9.85	1.82	-40	8.24	21	-71	-0.49	-3.57
NOPAT Margin	0.03%	1.38%	2.22%	0.93%	0.18%	-3.33%	0.71%	1.92%	-7.64%	-0.05%	-0.34%
Net Nonoperating Expense Percent (NNEP)	270.08%	-2.79%	2.59%	22.13%	1.04%	33.72%	-20.10%	1.92%	55.39%	95.29%	1.66%
Return On Investment Capital (ROIC_SIMPLE)	-	1.35%	-	-	-	-2.69%	0.57%	1.58%	-5.79%	-0.05%	-0.32%
Cost of Revenue to Revenue	79.56%	80.67%	80.32%	79.79%	78.64%	79.72%	79.70%	79.53%	79.25%	81.22%	81.13%
SG&A Expenses to Revenue	20.43%	18.74%	18.23%	18.11%	21.10%	18.25%	19.38%	18.81%	20.79%	18.92%	19.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.43%	18.74%	17.12%	19.05%	21.11%	25.04%	19.38%	18.45%	31.67%	18.84%	19.36%
Earnings before Interest and Taxes (EBIT)	1.70	4.90	30	5.70	-1.80	-56	7.60	20	-104	-2.60	-6.70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	17	40	18	12	-41	21	33	-91	11	5.80
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	0.60	0.69	0.59	0.59	0.38	0.36	0.32	0.42	0.31	0.31
Price to Tangible Book Value (P/TBV)	0.59	0.78	0.88	1.19	1.17	0.70	0.66	0.56	0.68	0.56	0.55
Price to Revenue (P/Rev)	0.13	0.16	0.19	0.17	0.17	0.11	0.10	0.09	0.11	0.07	0.07
Price to Earnings (P/E)	26.35	20.63	17.10	15.65	17.63	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	1.67%	1.41%	1.21%	1.41%	1.42%	2.28%	2.32%	2.59%	2.28%	3.48%	3.42%
Earnings Yield	3.80%	4.85%	5.85%	6.39%	5.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.51	0.62	0.63	0.64	0.64	0.47	0.44	0.35	0.46	0.36	0.38
Enterprise Value to Revenue (EV/Rev)	0.13	0.13	0.15	0.21	0.22	0.15	0.14	0.10	0.13	0.09	0.10
Enterprise Value to EBITDA (EV/EBITDA)	8.43	8.34	7.55	10.47	10.87	23.09	61.49	18.04	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	26.13	25.11	16.11	22.09	24.53	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	29.64	17.60	13.71	17.43	17.54	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.23	8.15	10.46	10.88	17.15	24.90	8.22	4.07	5.06	3.04	5.53
Enterprise Value to Free Cash Flow (EV/FCFF)	18.78	4.80	3.06	0.00	0.00	0.00	0.00	4.03	2.96	1.10	1.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.16	0.18	0.19	0.16	0.06	0.11	0.10	0.13
Long-Term Debt to Equity	0.00	0.00	0.00	0.16	0.18	0.19	0.16	0.06	0.11	0.10	0.13
Financial Leverage	0.00	-0.16	-0.08	0.02	0.08	-0.02	-0.01	0.09	0.12	0.12	0.13
Leverage Ratio	2.10	2.09	1.97	2.07	2.08	2.10	1.98	2.02	2.12	2.21	2.20
Compound Leverage Factor	2.10	2.09	1.97	2.07	2.08	2.10	1.98	2.02	2.12	2.21	2.20
Debt to Total Capital	0.00%	0.00%	0.00%	14.12%	15.12%	16.24%	14.16%	5.54%	9.60%	9.45%	11.87%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	14.12%	15.11%	16.24%	14.16%	5.54%	9.60%	9.45%	11.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	85.88%	84.88%	83.76%	85.84%	94.46%	90.40%	90.55%	88.13%
Debt to EBITDA	0.00	0.00	0.00	2.37	2.62	8.26	20.06	2.89	-1.53	-4.00	-3.19
Net Debt to EBITDA	0.00	0.00	0.00	1.94	2.25	6.91	17.29	2.19	-1.14	-2.70	-2.56
Long-Term Debt to EBITDA	0.00	0.00	0.00	2.37	2.62	8.26	20.06	2.89	-1.53	-4.00	-3.19
Debt to NOPAT	0.00	0.00	0.00	3.94	4.23	-22.65	-9.40	-5.03	-1.34	-2.09	-2.18
Net Debt to NOPAT	0.00	0.00	0.00	3.23	3.62	-18.96	-8.10	-3.81	-1.00	-1.41	-1.75
Long-Term Debt to NOPAT	0.00	0.00	0.00	3.94	4.23	-22.65	-9.40	-5.03	-1.34	-2.09	-2.18
Altman Z-Score	3.13	3.17	3.50	2.94	2.83	2.68	2.83	2.91	2.79	2.87	2.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.55	1.59	1.80	1.61	1.61	1.65	1.64	1.52	1.59	1.54	1.59
Quick Ratio	1.35	1.26	1.70	1.52	1.52	1.57	1.55	1.45	1.52	1.49	1.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	112	195	-325	-240	-468	-333	151	203	389	340
Operating Cash Flow to CapEx	322.58%	1,493.10%	-689.19%	1,923.33%	-812.00%	750.00%	956.00%	1,135.71%	-1,100.00%	4,085.71%	-2,309.09%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.85	1.84	1.85	1.71	1.67	1.66	1.78	1.75	1.73	1.74	1.70
Accounts Receivable Turnover	3.33	3.65	3.56	3.40	3.32	3.59	3.70	3.79	3.59	3.48	3.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	180.16	184.57	170.52	160.17	158.15	171.90	180.96	181.29	180.77	183.62	194.20
Accounts Payable Turnover	5.59	5.66	5.84	5.54	5.58	5.48	6.01	5.91	5.78	5.46	5.44
Days Sales Outstanding (DSO)	109.72	100.09	102.53	107.28	110.05	101.79	98.55	96.41	101.54	104.93	109.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	65.31	64.51	62.45	65.88	65.41	66.66	60.77	61.77	63.14	66.88	67.11
Cash Conversion Cycle (CCC)	44.41	35.59	40.08	41.40	44.63	35.13	37.78	34.64	38.41	38.06	41.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,236	1,007	1,076	1,452	1,478	1,435	1,417	1,322	1,203	1,045	1,073
Invested Capital Turnover	3.90	4.59	3.97	3.47	3.22	3.55	3.57	3.24	3.28	3.43	3.31
Increase / (Decrease) in Invested Capital	-12	-95	-172	335	242	429	341	-130	-274	-390	-344
Enterprise Value (EV)	635	625	676	930	947	670	627	464	552	373	405
Market Capitalization	635	751	877	758	751	469	451	407	463	304	300
Book Value per Share	$34.91	$35.54	$36.07	$36.03	$36.04	$34.67	$35.56	$35.97	$31.63	$27.63	$28.31
Tangible Book Value per Share	$30.64	$27.35	$28.06	$17.88	$18.09	$18.93	$19.72	$20.48	$19.27	$15.51	$16.01
Total Capital	1,236	1,254	1,277	1,490	1,510	1,474	1,445	1,340	1,234	1,078	1,099
Total Debt	0.00	0.00	0.00	210	228	239	205	74	118	102	131
Total Long-Term Debt	0.00	0.00	0.00	210	228	239	205	74	118	102	131
Net Debt	0.00	-126	-201	172	196	200	176	56	88	69	105
Capital Expenditures (CapEx)	3.10	2.90	3.70	3.00	2.50	2.00	2.50	8.40	2.30	0.70	1.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	566	481	439	460	484	500	500	408	443	414	455
Debt-free Net Working Capital (DFNWC)	566	607	639	499	517	539	528	426	473	447	480
Net Working Capital (NWC)	566	607	639	499	517	539	528	426	473	447	480
Net Nonoperating Expense (NNE)	-6.21	5.58	-2.60	5.25	1.02	-7.89	2.44	2.20	79	128	2.33
Net Nonoperating Obligations (NNO)	0.00	-247	-201	172	196	200	176	56	88	69	105
Total Depreciation and Amortization (D&A)	12	12	10	12	14	15	14	13	13	13	13
Debt-free, Cash-free Net Working Capital to Revenue	11.70%	9.94%	9.51%	10.34%	11.07%	11.54%	11.23%	9.08%	10.09%	9.73%	11.02%
Debt-free Net Working Capital to Revenue	11.70%	12.55%	13.86%	11.20%	11.82%	12.44%	11.86%	9.48%	10.77%	10.50%	11.64%
Net Working Capital to Revenue	11.70%	12.55%	13.86%	11.20%	11.81%	12.44%	11.86%	9.48%	10.77%	10.50%	11.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.32	$0.71	$0.13	$0.02	($0.88)	$0.16	$0.52	($4.26)	($3.66)	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	35.40M	35.90M	35.40M	35.50M	35.60M	35.50M	35M	35.20M	35.30M	35.10M	34.40M
Adjusted Diluted Earnings per Share	$0.18	$0.31	$0.70	$0.12	$0.02	($0.86)	$0.16	$0.52	($4.26)	($3.66)	($0.17)
Adjusted Weighted Average Diluted Shares Outstanding	35.80M	36.30M	35.80M	35.90M	36M	35.50M	35.50M	35.70M	35.30M	35.10M	34.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.28M	35.29M	35.52M	35.57M	35.61M	34.89M	35.20M	35.25M	35.34M	34.21M	34.67M
Normalized Net Operating Profit after Tax (NOPAT)	0.07	5.11	13	9.85	1.89	-32	8.24	21	-0.07	-0.49	-2.03
Normalized NOPAT Margin	0.01%	0.41%	1.26%	0.93%	0.18%	-2.65%	0.71%	1.92%	-0.01%	-0.05%	-0.20%
Pre Tax Income Margin	0.15%	0.40%	2.85%	0.54%	-0.17%	-4.67%	0.65%	1.81%	-11.09%	-0.25%	-0.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.47%	30.22%	21.25%	22.31%	25.59%	-1,816.67%	-53.40%	-177.42%	-7.00%	-4.33%	-4.10%
Augmented Payout Ratio	253.94%	146.15%	67.84%	37.60%	25.59%	-3,483.33%	-53.40%	-177.42%	-7.00%	-8.26%	-4.10%

Financials Breakdown Chart

Key Financial Trends

Kelly Services (NASDAQ: KELYA) has seen a sharp deterioration in operating performance over the last year, with Q1 2026 extending a weak trend of losses, negative operating cash flow, and rising reliance on debt financing. Revenue was roughly flat year over year, but margins weakened and cash generation remained under pressure. The balance sheet still shows meaningful equity, but leverage and working-capital strain are increasingly important watch points.

What stands out most:

Revenue held relatively steady in Q1 2026 at $1.04 billion, down only slightly from $1.05 billion in Q4 2025 and $1.04 billion in Q3 2025.
Gross profit in Q1 2026 was $196.4 million, showing the company is still generating a healthy spread above direct costs.
The balance sheet still carried $968.5 million of common equity at the end of Q1 2026, providing a sizable equity base.
Cash increased modestly quarter over quarter to $25.6 million from $30.1 million in Q3 2025 and $18.0 million in Q2 2025, even though operating performance was weak.
Management continues to support the dividend, but the quarterly payout is small relative to the company’s revenue base.
Depreciation and amortization remain meaningful non-cash add-backs, which help reported cash flow somewhat, though not enough to offset operating weakness in the latest quarter.
Q1 2026 was a loss-making quarter, with net loss of $5.9 million versus a $128.8 million loss in Q4 2025 and a $19.0 million profit in Q2 2025.
Operating cash flow was deeply negative in Q1 2026 at $(25.4 million), a major reversal from positive operating cash flow of $28.6 million in Q4 2025 and $95.4 million in Q2 2025.
Working-capital movement was a major drag in Q1 2026, with changes in operating assets and liabilities reducing cash by $39.1 million.
Debt remains a key concern: Kelly Services issued $389.5 million of debt in Q1 2026 while repaying $361.2 million, suggesting ongoing dependence on financing to manage liquidity.

Longer-term trend: Kelly Services has moved from profitability in early 2025 to more volatile and recently negative results. Revenue has generally ranged around the $935 million to $1.19 billion quarterly level over the past several years, but operating profitability has been inconsistent. The most recent quarters show that even with stable sales, cost pressure and special charges can quickly erase earnings.

Margins and profitability: In Q1 2026, operating income was a loss of $5.1 million, compared with a small profit in Q4 2025 and stronger performance in Q2 2025. That suggests margins remain fragile. The company also posted an impairment charge of $2.2 million in Q1 2026, adding to signs that asset or business-line pressure is still present.

Cash flow and capital allocation: The cash flow pattern has been uneven. Kelly Services produced solid operating cash flow in several 2025 quarters, but Q1 2026 saw a sharp reversal. Investing cash needs remain modest, but financing activity is heavy and debt-driven. That makes the balance sheet and refinancing strategy especially important for investors to monitor.

Balance sheet observations: Total assets were $2.26 billion in Q1 2026, with total liabilities of $1.29 billion. Current liabilities of $818.6 million are substantial relative to cash of just $25.6 million, so liquidity depends heavily on receivables and continued access to funding. Long-term debt stood at $130.5 million in Q1 2026, down from earlier 2025 levels, which is a positive, but debt usage remains material.

Bottom line: Kelly Services is not in immediate distress based on these figures, but the trend is not encouraging. Revenue is relatively stable, yet profitability has deteriorated and Q1 2026 operating cash flow was negative. Until the company shows a sustained return to positive operating income and consistent cash generation, the stock is likely to be viewed as a turnaround story with elevated financial risk.

05/31/26 09:41 PM ETAI Generated. May Contain Errors.

Kelly Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kelly Services' fiscal year ends in December. Their fiscal year 2025 ended on December 28, 2025.

Kelly Services' net income appears to be on a downward trend, with a most recent value of -$254.10 million in 2025, falling from $53.80 million in 2015. The previous period was -$600 thousand in 2024. See Kelly Services' forecast for analyst expectations on what's next for the company.

Kelly Services' total operating income in 2025 was -$69.80 million, based on the following breakdown:

Total Gross Profit: $853 million
Total Operating Expenses: $922.80 million

Over the last 10 years, Kelly Services' total revenue changed from $5.52 billion in 2015 to $4.25 billion in 2025, a change of -23.0%.

Kelly Services' total liabilities were at $1.27 billion at the end of 2025, a 8.8% decrease from 2024, and a 22.0% increase since 2015.

In the past 10 years, Kelly Services' cash and equivalents has ranged from $25.80 million in 2019 to $223 million in 2020, and is currently $33 million as of their latest financial filing in 2025.

Over the last 10 years, Kelly Services' book value per share changed from 23.57 in 2015 to 27.63 in 2025, a change of 17.2%.

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Financial statements for NASDAQ:KELYB last updated on 5/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kelly Services (KELYB) Financials

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