What changed in this filing

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Item 1. Business

2026-06-26 compared with 2025-06-27 · 117 added, 88 removed, 99 unchanged (67% of the section changed)

Company Overview

Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our,” and “us”) is a global consulting firm that powers performance.

We help unlock the potential in people and unleash transformation across organizations—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change.

That’s why the world’s most admired companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than .

As client needs have grown more complex, Korn Ferry has expanded its capabilities and become a comprehensive partner for talent and organizational performance.

Today, we deliver a broad range of offerings across the talent lifecycle, combining deep expertise with scalable delivery models to meet the needs of organizations at every stage of growth.

What Sets Korn Ferry Apart

At Korn Ferry, performance starts with people.

Our talent, industry expertise, global reach, and specialized solutions come together to solve our clients’ toughest performance challenges.

We pair this with 10 billion data points, behavioral science, and powerful intellectual property ("IP")—our Foundational Assets .

These assets support a broad set of Capabilities and power Integrated Solutions designed to keep pace with change.

organizations that are not just aligned but accelerated.

FOUNDATIONAL ASSETS

INTEGRATED SOLUTIONS

Our Foundational Assets integrate proprietary data, behavioral science, and intellectual property developed through decades of real-world application.

Together, they form one of the world’s most extensive and validated sources of talent insight enabling faster, smarter decisions at scale.

• Over 108 million assessments conducted across industries, functions, and geographies

• 11,000+ validated success profiles covering approximately 30,000 job titles

Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our” and “us”) is a global consulting firm that powers individual and business performance.

The impact we create spans entire organizations, but it always starts with people.

In every market and every technology shift, strategy sets direction, but people make it happen.

They lead, adapt, innovate and execute the work that moves organizations forward.

For more than 50 years, Korn Ferry has studied how people and organizations perform.

With decades of workforce intelligence and real-world experience, we've built a deep understanding of what drives organizational success, what gets in the way and what needs to change.

We put that insight into practice every day.

Korn Ferry works across the full organization—from strategy and leadership to hiring, development, rewards, and the roles, skills and workforce models needed for the future.

While many firms address individual parts of that system, we look across and connect them.

By aligning leaders, teams and organizations around a common definition of success, we help organizations make better decisions, execute with confidence and achieve stronger outcomes.

Clients increasingly engage us through integrated, multi-year relationships that span a broad range of offerings and scalable delivery models.

Our reach reflects the trust clients place in us.

Across fiscal years 2025 and 2026, Korn Ferry worked with 94% of the S&P 100, 82% of the S&P 500, 86% of the S&P Europe 350, and 96% of Fortune’s Top 50 World’s Most Admired.

These relationships span regions, industries and business models, reinforcing Korn Ferry’s role as a partner to many of the world’s leading and complex organizations.

In fiscal 2026, Korn Ferry was named a Founding Partner of the LA28 Olympic and Paralympic Games and the Official Talent and Organizational Consulting Partner.

Entrusted to build and align the 5,000+ people who will power the Games, Korn Ferry is helping shape the workforce, leadership structure and organizational capabilities required to deliver one of the world's most visible and operationally complex global events, work that reflects our broader role in helping organizations to succeed in high-stakes environments at pace and scale.

The Korn Ferry Advantage

Korn Ferry brings together talent and organizational consulting expertise with more than 50 years of proprietary insight.

Our consultants work with boards, CEOs, senior leaders and workforces around the world, giving us a practical view of how organizations are structured, led, staffed, rewarded and run.

We have one of the world's deepest and broadest bodies of insight into how people and organizations perform, grounded in real performance in real organizations across industries, regions and markets.

Built on more than 12 billion proprietary data points and decades of real-world application, we combine our expertise with our Foundational Assets—data, intellectual property ("IP") and behavioral science—to help organizations identify opportunity and drive results.

How We Apply It

Our talent intelligence helps reveal patterns that are difficult to see in isolation, connecting leadership, workforce capability, rewards, structure and culture to provide a clearer view of organizational effectiveness.

It helps identify where friction exists, where capability gaps are limiting execution and where change will have the greatest impact.

To make these insights accessible and actionable, Korn Ferry Talent Suite ® brings them together in a consistent and scalable way.

Increasingly, artificial intelligence ("AI") capabilities help surface patterns, generate recommendations, and support decision-making by drawing on those insights.

Together, these capabilities enable consultants and clients to access and apply Korn Ferry's insight in a consistent and scalable way through embedded solutions and subscription-based offerings.

How We Help Clients Act on It

Many organizations address business challenges through separate initiatives.

Korn Ferry helps clients understand how leadership, workforce and organizational decisions work together to drive results.

By connecting these factors to our clients' business strategies, we help clients improve execution, deploy talent more effectively, focus investment on the areas that matter most and make better decisions about how their organizations grow, adapt and perform.

Intelligence in Action

Our business is organized around three connected elements:

Foundational Assets, Capabilities and Integrated Solutions .

Together, they allow us to connect insight, expertise and execution to help clients address complex business challenges.

Our Foundational Assets are the proprietary data, science and IP that inform our work and help clients make better people and organizational decisions.

• More than 115 million assessments conducted across industries, functions and geographies.

• More than 11,000 validated success profiles covering more than 30,000 job titles.

• Compensation and rewards data from more than 29 million professionals across 31,000 organizations.

• Engagement benchmarks based on input from approximately 38 million employees

• Culture surveys drawing responses from 6.8 million individuals across 550 organizations

• Employee engagement benchmarks based on approximately 44 million responses.

• Culture survey data from approximately 7.1 million individuals across 500 organizations.

• Pay policy and practice data covering nearly 160 countries.

• Proprietary IP and behavioral science, including exclusive leadership models and talent frameworks

Our Capabilities span the full talent lifecycle and are built on the strength of our Foundational Assets—enabling organizations to align talent with strategy and drive sustained performance.

Our Capabilities are the areas of expertise we bring to clients.

• Organization Strategy:

Aligning people, processes, and structure to support business goals through organizational design, role clarity, and operating model optimization.

Aligning people, processes, structure and operating models to support business goals.

• Assessment & Succession:

Evaluating individual potential and readiness to guide hiring, promotion, mobility, and succession decisions.

Evaluating potential, readiness, and fit to guide hiring, promotion, mobility and succession decisions.

• Talent Acquisition:

Sourcing and hiring top talent across all levels via executive search, professional recruiting, interim talent, and RPO.

Sourcing and hiring talent across all levels through executive search, professional recruiting, interim talent and Recruitment Process Outsourcing ("RPO").

• Leadership & Professional Development:

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• Total Rewards:

Designing compensation, benefits, and recognition programs that drive performance and reflect business priorities.

Designing compensation, benefits, recognition and pay transparency strategies that support performance and reflect evolving regulatory and business priorities.

• Board & CEO Services:

Advising boards and CEOs on leadership transitions, governance, and long-term planning.

Our Integrated Solutions combine multiple Capabilities to address high-priority, enterprise-wide challenges.

These solutions are dynamic and scalable, designed to flex with shifting business needs and deliver measurable impact.

Advising boards and CEOs on leadership transitions, governance, succession and long-term planning.

Our Integrated Solutions combine multiple Capabilities to address high-priority business challenges.

• Sales Effectiveness & Revenue Growth:

Improving salesforce structure, roles, skills, and pay to increase go-to-market performance.

• Cost Optimization:

Restructuring work, roles, and rewards to increase efficiency and ensure the right people are in the right roles.

• Digital and AI Acceleration:

Driving digital and AI adoption through role redesign, talent reskilling, and leadership alignment.

• Workforce Transformation:

Redefining talent strategies and organizational structures to support new business models and future-of-work priorities.

• Career Transition & Redeployment:

Supporting employees through change with outplacement, reskilling, and redeployment strategies.

Improving salesforce structure, roles, skills and pay to strengthen go-to-market performance.

• Productivity & Cost Optimization:

Redesigning work, roles, structures, and rewards to improve efficiency, simplify organizations and ensure talent is deployed effectively.

• Workforce Readiness & AI Enablement:

Helping organizations prepare for changing business models and AI-enabled ways of working by aligning talent, skills, workforce capabilities and organizational structures.

• Leadership & Succession:

Strengthening leadership pipelines, succession planning and executive readiness for critical roles.

• Reward, Engagement & Pay Transparency:

Designing compensation, rewards and pay transparency strategies that support performance, retention and evolving regulatory requirements.

• Strategy Execution & Change Management:

Turning strategy into action by aligning leadership, building buy-in, and driving cultural change.

A key enabler of this model is the Korn Ferry Talent Suite® —our proprietary technology platform that transforms decades of science and data into real-time insights.

More than a delivery system, the Talent Suite embeds IP, data and advanced analytics into client workflows and supports scalable delivery through subscription- and license-based offerings.

Products such as Architect, Assess, Pay, Recruit, and Sell can be deployed independently or integrated into broader engagements—enhancing consultant efficiency and client adoption.

We continue to invest in this platform, including the integration of generative AI, to extend reach and deepen impact.

Turning strategy into action by aligning leadership, building commitment and driving cultural change.

Go-To-Market Approach

Korn Ferry serves clients through a combination of strategic account partnerships and flexible engagement models designed to meet organizations where they are.

At the center of this model is our Marquee and Diamond Accounts Program (the “Program”)—a structured approach to managing long-term relationships with many of the world’s most complex organizations.

Clients within the Program are supported by dedicated account leaders who coordinate engagement across Korn Ferry’s full portfolio—enabling consistent delivery, deep understanding of client priorities, and early access to new offerings.

Central to our approach is We Are Korn Ferry, an enterprise-wide go-to-market model designed to bring the full breadth of Korn Ferry’s capabilities, insights and expertise to clients.

Rather than organizing around individual solution areas, we organize around client needs, bringing together expertise from across the firm to address increasingly interconnected business challenges.

This approach helps our teams work more collaboratively across industries, functions, geographies and solutions, enabling clients to access the full breadth of Korn Ferry’s capabilities and insights while positioning us to deepen relationships as client needs evolve over time.

Because our consultants work collaboratively across industries, functions and areas of expertise, we are able to apply a wider range of experiences and perspectives to client challenges.

This helps clients benefit from what Korn Ferry is learning across markets and organizations, while creating additional opportunities for us to expand our relationships and deliver value across multiple areas of the business.

In fiscal 2026, approximately 27% of our consolidated fee revenue came from cross-solution referrals, up from 14% in 2018 when we began tracking this metric.

This increase reflects the growing traction of We Are Korn Ferry, expanding client demand for connected solutions, and demonstrates the value of bringing together the full breadth of Korn Ferry's expertise to help clients achieve better business outcomes.

We serve clients through strategic account partnerships and flexible engagement models that are tailored to client needs.

Core to this is our Marquee and Diamond Accounts Program (the “Program”)—a structured approach to managing long-term relationships with many of the world’s most complex organizations.

Clients within the Program are supported by dedicated account leaders who coordinate engagement across Korn Ferry’s portfolio.

This model supports consistent delivery, a deeper understanding of client priorities and broader access to the firm’s capabilities.

As of fiscal year-end 2026, our 350 Marquee and Diamond accounts represented approximately 40% of consolidated fee revenue—more than double their contribution at the Program’s inception.

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These organizations range from emerging businesses to global enterprises that engage with us in ways that match their scale, priorities and pace of growth.

To deliver value at scale across this broad client base, Korn Ferry operates through three primary engagement models:

Custom Engagements – Tailored consulting and talent acquisition services grounded in proprietary data, behavioral science, and expert advisory.

Embedded Solutions – Our go-to-market offerings include subscription and licenses that are integrated into client workflows to support continuous improvement.

Subscription and Licensed Products – Scalable digital offerings from the Korn Ferry Talent Suite that clients use independently to support talent and organizational decisions.

This diversified model allows Korn Ferry to balance project-based work with recurring fee revenues.

In fiscal 2025, more than 83% of our assignments were with clients we had served in the prior three years—reflecting strong loyalty and long-term engagement.

Supported by a rewards structure that encourages enterprise-wide teaming, this model also drives collaboration across Solution areas:

Consulting, Digital, Executive Search, Professional Search & Interim, and RPO.

In fiscal 2025, approximately 25% of our consolidated fee revenue came from cross-Solution referrals, up from 14% in 2018 when we began tracking this metric.

Corporate Functions and Global Footprint

Korn Ferry’s corporate infrastructure underpins our global consistency, innovation, and ability to scale.

Centralized teams spanning finance, legal, HR, technology, marketing, and the Korn Ferry Institute support our Solutions worldwide and help ensure effective, cohesive delivery.

In addition, a dedicated AI function advances the responsible integration of emerging technologies, enhancing our platforms, protecting proprietary data, and reinforcing the strength of our Foundational Assets.

To deliver value at scale across this broad client base, we operate through three primary engagement models:

Advisory engagements – tailored consulting and talent acquisition services grounded in proprietary data, behavioral science and expert advisory.

Embedded solutions – technology-enabled capabilities integrated into client workflows and decision-making processes to support ongoing talent, leadership and organizational decisions.

Subscription-based offerings – licensed offerings that provide clients direct access to Korn Ferry's talent intelligence.

This diversified model balances project-based work with recurring revenue streams while maintaining flexibility to meet varying client needs.

In fiscal 2026, approximately 82% of our assignments were with clients we had served in the prior three years—reflecting strong loyalty and long-term engagement.

Corporate Functions, Technology, and Global Footprint

Our global operating model supports the firm’s alignment, consistency and ability to scale.

Centralized teams spanning finance, legal, human resource ("HR"), technology, marketing and the Korn Ferry Institute ("KFI") support our work worldwide and enables effective, cohesive delivery.

Our technology capabilities support the firm's digital platforms, data assets and enterprise operations.

We are integrating AI capabilities across the firm to enable consultants and clients to access and apply Korn Ferry's insights more effectively.

By strengthening our platforms, protecting proprietary data and helping unlock the value of our Foundational Assets, AI supports how we deliver solutions, improve decision-making and expand the value of our offerings.

In fiscal 2026, we accelerated firm-wide AI transformation initiatives designed to embed AI into key workflows and digital platforms across our solutions and enterprise functions, improving consultant effectiveness, efficiency, quality, and client outcomes while maintaining strong standards for security, transparency and responsible use.

As a firm, we operate across four regions—North America, EMEA, APAC, and Latin America—balancing global reach with local expertise.

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Korn Ferry Institute

One of the most distinctive elements of Korn Ferry’s corporate infrastructure is the Korn Ferry Institute (“KFI”)—our dedicated hub for research, analytics, and innovation.

As the firm’s thought leadership engine, KFI creates science-based insights that are embedded into our products, offerings, and delivery models.

Drawing on decades of proprietary research and behavioral science, it fuels our intellectual property and ensures our methodologies remain rigorous, scalable, and relevant.

The Institute’s work informs how we design, deliver, and continuously evolve our solutions—shaping how clients assess talent, develop leaders, and design organizations.

KFI is the firm’s research and innovation hub.

KFI develops the insights, analytics, and behavioral science that inform our IP, offerings and delivery models.

Drawing on decades of proprietary research and real-world organizational data, KFI helps ensure our methodologies remain rigorous, relevant and responsive to changing workforce and business needs.

Culture & People

Our people are central to our success.

Korn Ferry’s culture—rooted in our values of inclusion, performance, honesty, and knowledge—empowers employees to grow, collaborate, and drive impact.

Our culture—rooted in our values of inclusion, performance, honesty and knowledge—empowers employees to grow, collaborate and drive impact.

We invest in internal mobility, leadership development and recognition programs that support long-term careers.

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Total employees

1,522 318 1,840

233 1,005 1,238

Executive Search

566 1,169 1,735

Professional Search & Interim

Recruitment Process Outsourcing ("RPO")

156 2,936 3,092

2,944 6,021 8,965

_______________________________

Consultants and execution staff, primarily responsible for originating client services

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To bring our strategy to life, we deliver services through five solution areas.

These Solution areas reflect the breadth of our talent and organizational offerings and correspond to eight reportable segments supported by centralized functions that drive consistency, innovation, and scale.

These segments represent how we currently organize and deliver our work to the market, enabling us to deliver specialized expertise at scale while remaining agile in response to evolving client needs.

These solutions reflect the breadth of our expertise and allow us to develop deep specialization, build proprietary insight and innovate within our areas of focus.

They are further strengthened by industry, functional and regional expertise that gives Korn Ferry a practical understanding of the market dynamics, leadership challenges, workforce trends and competitive forces shaping organizations around the world.

Centralized corporate functions help connect expertise, intelligence and delivery across the firm, driving alignment, connectivity and scale.

Beginning in the first quarter of fiscal 2027, our external reporting structure will transition from a solution-based presentation to a regional reporting model consisting of the Americas, EMEA and APAC.

We will continue to provide new business, fee revenue and estimated remaining fees under existing contacts information through three groupings:

Search (Executive Search and Professional Search), Talent & Organizational Solutions (Consulting and Digital), and Workforce Solutions (RPO and Interim).

We believe this structure better reflects how work is delivered across the firm, aligns more closely with how clients buy our services and supports our We Are Korn Ferry operating model.

Fiscal 2026 Financial Performance

Korn Ferry's solid financial performance in fiscal 2025 is a direct result of our strategic initiatives to integrate technology, deepen client relationships, and drive transformational growth.

It also reflects the ongoing success of Korn Ferry's Marquee and Diamond Account program.

These long-term, strategic partnerships underscore the success of our client-first approach and our ability to deliver integrated, enterprise-wide solutions across diverse industries.

As we continue to execute our strategy, we are confident that our investments in innovation and client-tailored solutions align with and support Korn Ferry’s long-term growth plan, while delivering value to shareholders.

In fiscal 2025, Korn Ferry advanced its strategic priorities and delivered meaningful business results:

Our financial performance in fiscal 2026 is a direct result of our initiatives to integrate technology, deepen client relationships and drive growth.

It also reflects the introduction of our We Are Korn Ferry initiative and the ongoing success of the Program.

Together, these efforts are helping clients access the full breadth of our capabilities and insights, strengthening our position as a strategic enterprise partner and creating additional opportunities to serve clients across the firm.

Long-term, strategic partnerships underscore the success of our client-first approach and our ability to deliver integrated, enterprise-wide solutions across diverse industries.

As we continue to evolve and execute our strategy, we are confident that our investments in innovation and client-tailored solutions align with and support our growth plan, while delivering value to shareholders.

In fiscal 2026, we advanced our strategic priorities, delivering meaningful business results:

• $2,907.5 million in fee revenue.

• Net Income Attributable to Korn Ferry was $246.1 million with a margin of 9.0 %, an increase of 290bps compared to fiscal 2024.

• Adjusted EBITDA * was $463.9 million with a margin of 17.0 %, an increase of 220bps compared to fiscal 2024.

• Net Income Attributable to Korn Ferry was $277.4 million with a margin of 9.5%, a 50bps increase compared to fiscal 2025.

• Adjusted EBITDA * was $497.8 million with a margin of 17.1%, a 10bps increase compared to fiscal 2025.

• Diluted Earnings Per Share was $5.22.

• We continued with our balanced approach to capital allocation and for the full year, the Company invested $62.4 million in capital expenditures (excluding leasehold improvements and furniture & fixtures), $44.4 million in M&A,

$ 18.5 million on debt service costs, and returned $88.9 million and $83.6 million to shareholders in the form of share repurchases and dividends, respectively .

• We continued with our balanced approach to capital allocation and for the full year, the Company invested $84.7 million in capital expenditures (excluding leasehold improvements and furniture & fixtures), $18.5 million on debt service costs, and returned $116.1 million and $104.6 million to shareholders in the form of share repurchases and dividends, respectively .

*Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin are non-GAAP financial measures and have limitations as analytical tools.

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• Adjusted EBITDA was $118.4 million, and Adjusted EBITDA margin was 17.1%.

• The number of consulting and execution staff at year-end wa s 1,599 with an average bill rate (fee revenue divided by the number of hours worked by consultants and execution staff) of $439 per hour.

• The number of consulting and execution staff at year-end was 1,522 with an average bill rate (fee revenue divided by the number of hours worked by consultants and execution staff) of $458 per hour.

In fiscal 2026, Consulting supported over 4,300 clients globally with 32% of Consulting’s fiscal 2026 fee revenue being referred from Korn Ferry’s other solutions.

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Korn Ferry’s differentiation lies in its ability to leverage its Foundational Assets into its technology-enabled service offerings, creating unique and differentiated insights and end-to-end solutions that connect strategy and talent to drive business outcomes.

Digital leads the development, integration and commercialization of products in the Talent Suite, as well as enabling technology across Korn Ferry’s other Solution areas.

Built on decades of proprietary data, intellectual property, behavioral science, and talent intelligence, these tools empower data-driven decision-making and provide real-time access to benchmarks, assessments, talent development, rewards, and diagnostics across the talent lifecycle.

They are leveraged in multiple ways:

by consultants within service delivery, as embedded components of Integrated Solutions, or accessed directly by clients through subscription- and license-based models.

Digital develops and manages the technology, data, platform, and AI capabilities that power Talent Suite and help us unlock the value of our Foundational Assets.

Working closely with our Solution teams, Digital enables consultants and clients to access and apply our insights through embedded and subscription-based offerings.

Fiscal 2026 highlights:

• Fee revenue was $363.5 million.

• Subscription/license revenue was $137.7 million, an increase of 5.1% compared to fiscal 2024.

• Subscription/license revenue was $148.6 m illion, an increase of 7.9% co mpared to fiscal 2025.

• Adjusted EBITDA was $113.1 million, and Adjusted EBITDA margin was 31.1% .

In fiscal 2025, Digital engaged with more than 7,800 clients globally with 33% of Digital's fiscal 2025 fee revenue being referred from Korn Ferry's other solutions.

In fiscal 2026, Digital engaged with more tha n 7,600 clients globally with 34% of Digital's fiscal 2026 fee revenue being referred from Korn Ferry's other solutions.

Our clients come from the private, public and not-for-profit sectors, across every major industry and represent diverse business challenges.

Subscription and license growth was driven by both direct access to the Talent Suite platform, as well as integrated delivery in partnership with our other solutions, driving increased client utilization and stickiness.

A broad range of human resources (“HR”) technology companies compete in this space, including independent software vendors and enterprise HR platform providers.

Korn Ferry differentiates itself by embedding proprietary data, IP and talent science into scalable, platform-enabled tools that can be consumed independently or in conjunction with our Integrated Solutions.

These tools are designed to work seamlessly within clients ’ existing systems and workflows, enabling data-driven talent decisions at scale.

A broad range of HR technology companies compete in this space, including independent software vendors and enterprise HR platform providers.

While many competitors focus on specific talent challenges, Korn Ferry differentiates itself through its ability to connect insights across the talent lifecycle by combining its Foundational Assets, technology, AI capabilities and advisory expertise.

Talent Suite enables those insights to be embedded within client workflows, accessed directly through subscription-based offerings, or leveraged by Korn Ferry consultants to help clients improve performance and make more effective people and organizational decisions.

Executive Search delivers industry-leading executive recruitment across global markets, powered by decades of expertise and deep industry/sector specialization and Korn Ferry’s own top-tier executive search professionals.

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• Adjusted EBITDA was $121.2 million, and Adjusted EBITDA margin was 21.6%.

• Average bill rates were $133 per hour in fiscal 2025 .

• Average bill rates were $145 pe r hour in fiscal 2026 .

• Professional Search annual fee revenue reached $741K per consultant in fiscal 2026.

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• Adjusted EBITDA was $57.7 million, and Adjusted EBITDA margin was 15.7%.

• New business was $533.4 million in fiscal 2025 with 58% from New Logo clients (new RPO engagements).

RPO supported more than 240 enterprise clients i n fiscal 2025 with strategic hiring programs and large-scale workforce buildouts across regions and sectors, and 59% of RPO’s fiscal 2025 fee revenue was referred from Korn Ferry’s other solutions.

• New business was $543.9 mil lion in fiscal 2026 with 43% f rom New Logo clients (new RPO engagements).

RPO supported more than 250 en terprise clients i n fiscal 2026 with strategic hiring programs and large-scale workforce buildouts across regions and sectors, and 66% of RPO’s fiscal 2026 fee revenue was referred from Korn Ferry’s other solutions.

The RPO market includes a broad range of global and regional firms offering high-volume recruitment solutions.

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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