What changed in this filing

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Item 1. Business

2026-02-12 compared with 2025-02-13 · 37 added, 28 removed, 133 unchanged (33% of the section changed)

5 unchanged sentences

In 1996, Kelly established the industry’s first Managed Service Provider (“MSP”) program.

Three years later, the Company launched specialized offerings in engineering, IT and education.

Three years later, the Company launched specialized offerings in engineering, information technology and education.

After successfully establishing industry-leading positions in each of these attractive markets, Kelly initiated a strategic plan to drive greater value creation by refocusing its portfolio on specialties.

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and Kelly International.

This model optimized Kelly’s structure and capabilities based on market opportunity and the unique needs of employers and talent in each specialty to enable organic growth.

To enhance specialization in higher margin, higher growth specialties, Kelly also pursued an aggressive approach to driving inorganic growth in SET, Education and OCG.

By monetizing non-core assets and redeploying available capital, Kelly completed several strategic acquisitions over the years, including Teachers On Call;

By monetizing non-core assets (Persol Holdings Co., Ltd.

in 2022 and EMEA staffing operations in 2024, among other transactions) and redeploying available capital, Kelly completed several strategic acquisitions over the years, including Teachers On Call;

Global Technology Associates (“GTA”);

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In 2024, Kelly completed the sale of its European staffing operations within the Company’s International business unit, further sharpening its focus on specialty outcome-based and staffing services in North America, while maintaining global recruitment process outsourcing (“RPO”) and MSP capabilities.

In 2025, Kelly integrated its P&I and OCG specialty areas, responding to a shift in large enterprise demand toward integrated workforce solutions and enabling a more streamlined and efficient go-to-market approach.

In addition, the Company launched a multi-year strategic initiative to integrate all of the businesses into one enterprise system.

The first phase of integrating the SET business was completed and went live in early 2026.

Today, Kelly remains one of the largest providers of temporary and permanent staffing services, outcome-based solutions, RPO, MSP and payroll process outsourcing (“PPO”).

The Company delivers these differentiated offerings through four specialty business units, each a leader in the respective markets on which they are focused:

The Company delivers these differentiated offerings through three specialty business units, each a leader in the respective markets on which they are focused:

Kelly Education;

Kelly Professional & Industrial;

Kelly Science, Engineering & Technology;

and KellyOCG.

and Kelly Enterprise Talent Management.

Business Objectives

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Description of Business Segments and Services

Kelly is a global specialty talent solutions company operating in four specialized business units, which are also our reportable segments.

This structure enables us to serve the specialized needs of both talent and customers while building deep industry expertise and connections.

• Professional & Industrial – delivers temporary staffing, outcome-based and permanent placement services.

P&I is focused on industrial, contact center, and office and clerical specialties in North America.

Its offerings include our KellyConnect and Skilled Professional Solutions offerings.

Kelly is a global specialty talent solutions company operating in three specialized business units, which are also our reportable segments.

This structure enables the Company to serve the specialized needs of both talent and customers while building deep industry expertise and connections.

• Enterprise Talent Management – delivers temporary staffing, outcome-based and permanent placement services focused on light industrial, contact center and office and clerical specialties in North America across a variety of industries and includes products such as Business Process Outsourcing, KellyConnect and Skilled Professional Solutions offerings.

ETM also provides global talent supply chain and workforce talent solutions, including MSP, RPO and PPO solutions to customers on a global basis.

RPO includes our RocketPower and Sevenstep brands as well as our proprietary technology platform, Kelly Helix.

• Science, Engineering & Technology – provides highly specialized skills to a variety of industries through temporary staffing, outcome-based and permanent placement services.

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It includes the CTC, PTS, Greenwood/Asher and Teachers On Call brands.

• Outsourcing & Consulting Group – provides global talent supply chain and workforce solutions, including MSP, RPO, and PPO solutions to customers on a global basis.

It includes our RocketPower brand as well as our proprietary technology platform, Kelly Helix.

Financial information regarding our reportable segments is included in the Segment Disclosures footnote in the notes to our consolidated financial statements presented in Part II, Item 8 of this report.

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Headquartered in the United States, Kelly provides workforce solutions to a diverse group of local, regional and global clients in the Americas, Europe and the Asia-Pacific region across a variety of industries.

In 2024, together with our supplier partners, we placed more than 400,000 workers with a variety of customers around the globe.

In 2025, together with our supplier partners, we placed approximately 375,000 workers with a variety of customers around the globe.

Service Marks

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Customers use our services to supplement their existing workforce and generally hire permanent employees when long-term demand is expected to increase.

In addition, we generate a portion of our revenue through permanent placement fees, which typically have a higher gross margin than our staffing services.

In addition, we generate approximately 1% of our revenue through permanent placement fees, which typically have a higher gross margin than our staffing services.

Consequently, we may see improved demand for our services and generate larger increases in our revenue and gross profit from services when the economy grows.

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Our working capital requirements are primarily generated from our staffing businesses resulting from employee payroll which is generally paid weekly or monthly and customer accounts receivable which is generally outstanding for longer periods.

we operate as a managed service provider, our payment terms to suppliers are generally in line with payment terms from customers, which does not result in a significant use of working capital.

When we operate as a managed service provider, our payment terms to suppliers are generally in line with payment terms from

customers, which does not result in a significant use of working capital.

Based on the nature of our business, accounts receivable is our most significant asset with days sales outstanding (“DSO”) of 61 days as of December 28, 2025.

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Government Contracts

Although we conduct business under various federal, state and local government contracts, no one contract represents more than three percent of total company revenue in 2024.

Although we conduct business under various federal, state and local government contracts, no one contract represents more than two percent of total company revenue in 2025.

The worldwide workforce solutions industry is competitive and highly fragmented.

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Kelly seeks to address this requirement for our clients, enabling us to deliver talent wherever and whenever they need it around the world.

Artificial Intelligence

The Company employs a range of artificial intelligence (“AI”) technologies to support its talent related solutions.

These technologies are integrated into recruiting, applicant tracking, candidate screening and assessment, workforce analytics, and broader talent management processes.

The Company leverages both third-party AI solutions and internally developed proprietary tools, including the Company’s Kelly Helix platform, to enhance the efficiency, consistency, and scalability of these activities.

Corporate Sustainability

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We continue to advocate on behalf of the global workforce, improve our workplaces, contribute to the communities we serve and ensure our actions are socially, ethically and environmentally responsible.

More information about our corporate sustainability initiatives is available in our C orporate Sustainability and ESG Report - Growing with Purpose report on www.kellyservices.com

More information about our corporate sustainability initiatives is available in our C orporate Sustainability Report - Growing with Purpose report in the “About Kelly” section of our website www.kellyservices.com.

Our services are subject to a variety of complex federal and state laws and regulations in the countries where we operate.

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Internal Employees

As of December 29, 2024, we employed approximately 4,200 staff members in the United States and an additional 1,370 in our international locations.

As of December 28, 2025, we employed approximately 3,600 full-time staff members in the United States and an additional 1,300 in our international locations.

Kelly retention rates for high performing and high potential employees align with our comparable benchmark.

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Community Involvement .

Sustainability is at the core of our relationships with our global workforce, suppliers, customers, and other stakeholders.

Our programs and initiatives are dedicated to enhancing the well-being of our employees, their families and the communities they call home.

By focusing on social investment and nurturing shared values, we support sustainable development for the future rather than providing isolated aid.

Utilizing a technology platform to capture corporate volunteering, we empower our employees with volunteering and giving initiatives while increasing collaboration on social impact opportunities.

This allows our employees to actively participate in causes they are passionate about and align with our sustainability strategy.

Through our Equity@Work efforts, we are demonstrating our commitment to ensuring access to meaningful work and growth by creating alliances with like-minded companies, policy groups, and institutions.

These partnerships aim to positively impact how companies hire, advance and help more people thrive.

For more information about our corporate strategy of connecting people to meaningful work while contributing to a better society, please see our Corporate Sustainability and ESG Report - Growing with Purpose , which is available at www.kellyservices.com.

Sustainability is at the heart of our relationships with our global workforce, suppliers, customers, and other stakeholders.

Our programs and initiatives are dedicated to enhancing the well-being of our employees,

their families, and the communities they call home.

Through strategic investments and a focus on shared values, we strive to drive lasting positive change while fostering sustainable development.

We capture and track volunteering efforts through various platforms, empowering employees to engage in social impact initiatives and collaborate with colleagues.

Our Kelly Hands & Hearts corporate volunteering program, along with a dedicated paid Volunteer Day, provides additional opportunities for employees to support causes that matter most to them, both locally and globally.

These efforts are essential to our vision of building inclusive and equitable communities.

In 2025, we launched our Global Month of Service, encouraging all employees worldwide to participate in meaningful volunteerism and acts of service.

Now a cornerstone of our community engagement, this annual event underscores our dedication to collective impact.

Through our Equity@Work initiatives and partnerships with like-minded organizations, policy groups, and institutions, we demonstrate our commitment to expanding access to meaningful work and personal growth for all.

These collaborations aim to positively influence how companies hire, advance, and help people thrive.

For more information about our corporate strategy to connect people to meaningful work while contributing to a better society, please see our Corporate Sustainability Report - Growing with Purpose , which is available in the “About Kelly” section of our website, www.kellyservices.com.

In addition to our internal employees, Kelly recruits talent on behalf of our customers globally.

In 2024, we placed more than 400,000 individuals in positions with our customers.

In 2025, we placed approximately 375,000 individuals in positions with our customers.

When Kelly remains the employer of record for our employees working at our customer locations, we retain responsibility for all assignments (including ensuring appropriate health and safety protocols in conjunction with our customers), wages, benefits, workers’ compensation insurance and the employer's share of applicable payroll taxes as well as the administration of the employees' share of these taxes.

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business