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KELYB

Kelly Services, Inc.

KELYB

Kelly Services, Inc. • NASDAQ
$8.45 ▼ -3.98% (-0.35)
Market Cap $298.07 M
52w High $15.50
52w Low $8.32
Dividend Yield 0.30%
P/E -1.9
Volume 3
Outstanding Shares 35.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $935M ▼ $296.1M ▲ $-150.1M ▼ -16.053% ▼ $-4.26 ▼ $-93.2M ▼
Q2-2025 $1.102B ▼ $203.3M ▼ $19M ▲ 1.724% ▲ $0.54 ▲ $34.7M ▲
Q1-2025 $1.165B ▼ $225.7M ▼ $5.8M ▲ 0.498% ▲ $0.16 ▲ $32.5M ▼
Q4-2024 $1.191B ▲ $298.2M ▲ $-31.8M ▼ -2.67% ▼ $-0.87 ▼ $35.3M ▲
Q3-2024 $1.038B $219.1M $800K 0.077% $0.02 $16.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.1M ▲ $2.393B ▼ $1.278B ▲ $1.115B ▼
Q2-2025 $18M ▼ $2.512B ▼ $1.246B ▼ $1.266B ▲
Q1-2025 $28.2M ▼ $2.595B ▼ $1.354B ▼ $1.24B ▲
Q4-2024 $39M ▲ $2.632B ▼ $1.398B ▼ $1.235B ▼
Q3-2024 $32.8M $2.689B $1.407B $1.282B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $19M ▲ $95.4M ▲ $21.5M ▲ $-133.2M ▼ $-10M ▲ $93.4M ▲
Q1-2025 $5.8M ▲ $23.9M ▲ $3.2M ▲ $-39.5M ▼ $-11.1M ▼ $21.4M ▲
Q4-2024 $-31.8M ▼ $15M ▲ $-6.1M ▼ $-2.5M ▼ $5.2M ▲ $13M ▲
Q3-2024 $800K ▼ $-20.3M ▼ $-2.4M ▲ $15.7M ▼ $-5.2M ▲ $-22.7M ▼
Q2-2024 $4.5M $57.7M $-425.2M $206.3M $-163.3M $54.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Education
Education
 $0 ▲$310.00M ▲$270.00M ▼$140.00M ▼
Science Engineering Technology
Science Engineering Technology
 $0 ▲$320.00M ▲$320.00M ▲$300.00M ▼
Service
Service
 $1.19Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Kelly’s income statement shows a mature, low‑margin staffing business going through a tough revenue patch. Sales have eased back from recent highs, and profits sit very close to break‑even, with small gains in some years and small losses in others. Operating performance has been inconsistent, which suggests the company is still working to offset industry pressures such as wage inflation, pricing pressure, and cyclical demand. Overall, it looks more like a steady, volume‑driven business under margin pressure than a high‑profit growth story, with execution on its strategic shift becoming important to stabilize earnings.

Balance Sheet

Balance Sheet The balance sheet appears generally conservative. Total assets and shareholder equity have stayed fairly steady over the past few years, which signals a stable underlying franchise rather than one rapidly expanding or shrinking. Debt levels remain modest, even though borrowings ticked up recently, suggesting the company is not heavily leveraged. Cash on hand is not especially large, so there is some dependence on ongoing cash generation and credit lines, but the overall financial structure looks reasonably balanced and not overly risky.

Cash Flow

Cash Flow Cash flow paints a picture of a business that usually generates cash, but not in abundance. Operating cash flow has been positive in most years, with only one notable weak year, and free cash flow has typically stayed in positive territory after relatively small capital spending needs. This is typical for a staffing model, which is not very capital‑intensive. The main sensitivity is not big investment projects, but swings in working capital and profitability. As long as operations remain stable, the cash profile looks adequate, though not especially strong.

Competitive Edge

Competitive Edge Kelly operates in a highly competitive, commoditized industry, but it is deliberately tilting toward more specialized and higher‑value niches. Its long history and global brand help it win client trust, while its focus on STEM fields, semiconductors, renewable energy, and government work can support better pricing and stickier relationships. The shift from basic staffing toward outcome‑based, consultative solutions and managed services gives it some differentiation versus pure volume players. That said, it still faces intense competition from other global staffing firms, and its advantage rests on execution in these chosen specialties rather than an unassailable moat.

Innovation and R&D

Innovation and R&D Kelly is notably leaning into technology and specialization to refresh its model. Internal AI tools like its GRACE assistant, digital hiring processes, and modern recruitment systems from acquisitions are aimed at making placements faster, smarter, and more scalable. The company is also investing in higher‑skill segments, upskilling programs, and recruitment process outsourcing, including via deals like Motion Recruitment Partners and Sevenstep. These moves suggest an active innovation agenda in an industry that has often been slow to modernize, but there is execution risk around integrating new platforms, aligning cultures, and turning these tools into consistently higher margins.

Summary

Overall, Kelly Services looks like a traditional staffing company in the middle of a strategic makeover. Financially, it is stable but not strongly profitable, with thin margins, modest cash generation, and a conservative balance sheet. Competitively, it is trying to escape the most commoditized parts of the market by focusing on specialized talent, outcome‑based solutions, and technology‑enabled services. The opportunity lies in successfully turning this strategy into more resilient growth and better margins; the main risks are ongoing industry cyclicality, pricing pressure, and the challenge of executing multiple technology and integration initiatives at once. Investors and stakeholders may want to watch whether profitability, cash flow, and client wins in the targeted high‑value segments start to show clear, sustained improvement over time.

NEWS

November 6, 2025 · 7:30 AM UTC

Kelly Reports Third-Quarter 2025 Earnings

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October 28, 2025 · 7:34 AM UTC

KellyOCG Named MSP and Services Procurement Leader by Everest Group

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October 23, 2025 · 7:30 AM UTC

Kelly Announces Third-Quarter 2025 Conference Call

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October 15, 2025 · 11:29 AM UTC

KellyOCG® + Sevenstep Rates No. 1 in Size of Deal, No.

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October 14, 2025 · 9:39 AM UTC

Kelly Recognized as a Leader and Star Performer in Business Professional and Industrial Staffing by Everest Group

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