--- title: "Kelly Services-B | 8-K: FY2025 Q4 Revenue: USD 1.049 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275757285.md" datetime: "2026-02-12T12:41:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275757285.md) - [en](https://longbridge.com/en/news/275757285.md) - [zh-HK](https://longbridge.com/zh-HK/news/275757285.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275757285.md) | [English](https://longbridge.com/en/news/275757285.md) # Kelly Services-B | 8-K: FY2025 Q4 Revenue: USD 1.049 B Revenue: As of FY2025 Q4, the actual value is USD 1.049 B. EPS: As of FY2025 Q4, the actual value is USD -3.69. EBIT: As of FY2025 Q4, the actual value is USD -700 K. ### Financial Overview (Fourth Quarter 2025 vs. Fourth Quarter 2024) #### Revenue - **Total Revenue from Services:** $1,049.2 million in Q4 2025, representing an -11.9% decrease from $1,191.1 million in Q4 2024. The decrease was mainly due to lower demand in the Enterprise Talent Management (ETM) and Science, Engineering & Technology (SET) segments, partially offset by 1.3% growth in the Education segment . Discrete impacts from reduced demand for U.S. federal government contractors and three large commercial customers accounted for approximately 8% of the decline, resulting in an underlying revenue decline of approximately 3.9% . #### Operational Metrics - **Gross Profit:** $197.0 million in Q4 2025, compared to $241.5 million in Q4 2024, a -18.4% decrease . - **Gross Profit Rate:** 18.8% in Q4 2025, a decrease of -1.5 percentage points from 20.3% in Q4 2024 . The gross profit rate decreased by 150 basis points, primarily due to increased employee-related costs and business mix changes, particularly growth in the Education segment which has a lower gross profit rate . - **Selling, General and Administrative Expenses (SG&A):** $198.5 million in Q4 2025, a -8.7% decrease from $217.4 million in Q4 2024 . SG&A decreased by 8.7%, reflecting cost optimization efforts . - **Adjusted SG&A Expenses:** $188.7 million in Q4 2025, compared to $212.3 million in Q4 2024, reflecting an 11.1% decline . - **Operating Loss:** -$0.7 million in Q4 2025, a significant improvement from an operating loss of -$56.7 million in Q4 2024 . The company reported a loss from operations of -$0.7 million, a decrease of 71.6% . - **Adjusted Earnings from Operations:** $8.3 million in Q4 2025, compared to $29.2 million in Q4 2024 . - **Adjusted EBITDA:** $21.0 million in Q4 2025, a -51.7% decrease from $43.5 million in Q4 2024 . - **Adjusted EBITDA Margin:** 2.0% in Q4 2025, a decrease of -1.7 percentage points from 3.7% in Q4 2024, primarily due to near-term gross margin pressure in SET and ETM segments . The Adjusted EBITDA margin was 2.0%, a decrease of 170 basis points, primarily reflecting the lower gross profit . - **Income Tax Expense (Benefit):** $126.2 million in Q4 2025, compared to an income tax benefit of -$23.8 million in Q4 2024 . The 2025 expense includes a $127.9 million valuation allowance increase related to work opportunity credit and foreign tax credit carryforwards . - **Adjusted Income Tax Expense (Benefit):** $0.8 million in Q4 2025, compared to an income tax benefit of -$2.1 million in Q4 2024 . - **Net Earnings (Loss):** -$128.8 million in Q4 2025, compared to -$31.8 million in Q4 2024 . The net loss was -$128.8 million (-$3.69 per share) . - **Adjusted Net Earnings:** $5.9 million ($0.16 per share) . ### Financial Overview (Full Year 2025 vs. Full Year 2024) #### Revenue - **Total Revenue from Services:** $4,250.9 million in 2025, a -1.9% decrease from $4,331.8 million in 2024 . Excluding the impact of the May 2024 acquisition of MRP, revenue was down -6.2% organically, mainly due to a 6% decline from discrete impacts related to U.S. federal government contractors and three large commercial customers . The Education segment grew 3.9% for the full year . #### Operational Metrics - **Gross Profit:** $853.0 million in 2025, compared to $882.6 million in 2024, a -3.4% decrease . - **Gross Profit Rate:** 20.1% in 2025, a decrease of -0.3 percentage points from 20.4% in 2024 . The gross profit rate was 20.1%, a decrease of 30 basis points . - **Selling, General and Administrative Expenses (SG&A):** $825.9 million in 2025, compared to $818.4 million in 2024, a 0.9% increase . - **Adjusted SG&A Expenses:** $793.7 million in 2025, compared to $790.5 million in 2024 . - **Goodwill Impairment Charge:** $102.0 million in 2025, compared to $72.8 million in 2024 . - **Operating Loss:** -$69.8 million in 2025, compared to -$15.1 million in 2024 . Both years reflect non-cash impairment charges of $102.0 million and $86.3 million, respectively . The loss from operations was -$69.8 million, a decrease of 35.6% . - **Adjusted Earnings from Operations:** $59.3 million in 2025, compared to $92.1 million in 2024 . - **Adjusted EBITDA:** $109.4 million in 2025, a -23.8% decrease from $143.5 million in 2024 . - **Adjusted EBITDA Margin:** 2.6% in 2025, a decrease of -0.7 percentage points from 3.3% in 2024 . The Adjusted EBITDA margin was 2.6%, a decrease of 70 basis points . - **Income Tax Expense (Benefit):** $175.3 million in 2025, compared to an income tax benefit of -$21.3 million in 2024 . The 2025 expense reflects a $197.6 million valuation allowance established against work opportunity credit and foreign tax credit carryforwards . - **Adjusted Income Tax Expense (Benefit):** $4.2 million in 2025, compared to $5.5 million in 2024 . - **Net Earnings (Loss):** -$254.1 million in 2025, compared to -$0.6 million in 2024 . The net loss was -$254.1 million (-$7.24 per share) . - **Adjusted Net Earnings:** $46.5 million ($1.26 per share) . #### Cash Flow - **Free Cash Flow:** $114.1 million in 2025, a significant increase from $15.8 million in 2024, representing a sixfold increase versus the prior year . - **Net Cash from Operating Activities:** $122.6 million in 2025, compared to $26.9 million in 2024 . - **Capital Expenditures:** -$8.5 million in 2025, compared to -$11.1 million in 2024 . #### Balance Sheet Metrics (as of December 28, 2025 vs. December 29, 2024) - **Cash and Equivalents:** $33.0 million in 2025, compared to $39.0 million in 2024 . - **Total Assets:** $2,250.6 million in 2025, compared to $2,632.3 million in 2024 . - **Total Liabilities:** $1,274.1 million in 2025 ($821.8 million current + $452.3 million noncurrent), compared to $1,397.7 million in 2024 ($826.5 million current + $571.2 million noncurrent) . - **Long-term Debt:** $101.9 million in 2025, compared to $239.4 million in 2024 . - **Total Stockholders’ Equity:** $976.5 million in 2025, compared to $1,234.6 million in 2024 . - **Working Capital:** $446.5 million in 2025, compared to $539.0 million in 2024 . - **Current Ratio:** 1.5 in 2025, compared to 1.7 in 2024 . - **Debt-to-capital %:** 9.4% in 2025, compared to 16.2% in 2024 . - **Global Days Sales Outstanding:** 61 days in 2025, compared to 59 days in 2024 . - **Liquidity (Fourth-Quarter 2025):** Kelly Services, Inc. had a combined borrowing capacity of $400 million from its U.S. revolving credit ($150 million) and securitization ($250 million) facilities . The fourth quarter of 2025 reflects a net paydown of debt compared to the prior year, utilizing operating cash generated from favorable working capital . ### Segment Performance (Fourth Quarter 2025 vs. Fourth Quarter 2024) #### Enterprise Talent Management (ETM) - **Revenue from Services:** $463.4 million in 2025, a -18.6% decrease from $569.2 million in 2024 . Revenue decreased by 18.6% (5.4% excluding discrete impacts) . - **Gross Profit:** $84.1 million in 2025, a -27.1% decrease from $115.3 million in 2024 . - **Gross Profit Rate:** 18.1% in 2025, a decrease of -2.2 percentage points from 20.3% in 2024 . - **Adjusted Business Unit Profit (Loss):** -$3.4 million in 2025, compared to $17.2 million in 2024 . - **Adjusted EBITDA Margin:** -0.7% in 2025, compared to 3.0% in 2024 . #### Science, Engineering & Technology (SET) - **Revenue from Services:** $295.8 million in 2025, a -11.3% decrease from $333.4 million in 2024 . Revenue decreased by 11.3% (5.4% excluding discrete impacts) . - **Gross Profit:** $71.3 million in 2025, a -16.2% decrease from $85.1 million in 2024 . - **Gross Profit Rate:** 24.2% in 2025, a decrease of -1.3 percentage points from 25.5% in 2024 . - **Adjusted Business Unit Profit (Loss):** $13.9 million in 2025, compared to $18.8 million in 2024 . - **Adjusted EBITDA Margin:** 4.7% in 2025, compared to 5.6% in 2024 . #### Education - **Revenue from Services:** $293.1 million in 2025, a 1.3% increase from $289.2 million in 2024 . Revenue increased by 1.3% . - **Gross Profit:** $41.6 million in 2025, a 1.2% increase from $41.1 million in 2024 . - **Gross Profit Rate:** 14.2% in both 2025 and 2024 . - **Adjusted Business Unit Profit (Loss):** $17.6 million in 2025, compared to $16.4 million in 2024 . - **Adjusted EBITDA Margin:** 6.0% in 2025, compared to 5.7% in 2024 . ### Segment Performance (Full Year 2025 vs. Full Year 2024) #### Enterprise Talent Management (ETM) - **Revenue from Services:** $2,005.5 million in 2025, a -8.7% decrease from $2,196.1 million in 2024 . - **Gross Profit:** $392.8 million in 2025, a -11.7% decrease from $444.9 million in 2024 . - **Gross Profit Rate:** 19.6% in 2025, a decrease of -0.7 percentage points from 20.3% in 2024 . - **Adjusted Business Unit Profit (Loss):** $27.4 million in 2025, compared to $59.7 million in 2024 . - **Adjusted EBITDA Margin:** 1.4% in 2025, compared to 2.7% in 2024 . #### Science, Engineering & Technology (SET) - **Revenue from Services:** $1,240.4 million in 2025, a 6.4% increase from $1,165.7 million in 2024 . - **Gross Profit:** $313.2 million in 2025, a 5.1% increase from $297.9 million in 2024 . - **Gross Profit Rate:** 25.3% in 2025, a decrease of -0.3 percentage points from 25.6% in 2024 . - **Adjusted Business Unit Profit (Loss):** $68.3 million in 2025, compared to $71.7 million in 2024 . - **Adjusted EBITDA Margin:** 5.5% in 2025, compared to 6.2% in 2024 . #### Education - **Revenue from Services:** $1,010.7 million in 2025, a 3.9% increase from $972.3 million in 2024 . - **Gross Profit:** $147.0 million in 2025, a 5.2% increase from $139.8 million in 2024 . - **Gross Profit Rate:** 14.5% in 2025, an increase of 0.1 percentage points from 14.4% in 2024 . - **Adjusted Business Unit Profit (Loss):** $46.3 million in 2025, compared to $43.9 million in 2024 . - **Adjusted EBITDA Margin:** 4.6% in 2025, compared to 4.5% in 2024 . ### Revenue by Service Type (Full Year 2025) - **Staffing Services:** $2,821.2 million . - **Outcome-based Services:** $893.2 million . - **Talent Solutions:** $492.4 million . - **Permanent Placement:** $49.8 million . ### Outlook / Guidance Kelly Services, Inc. expects Q1 2026 revenue to decline between 11% to 13% year-over-year, or 3% to 5% on an underlying basis excluding discrete customer impacts, with an adjusted EBITDA margin of approximately 1.5% . For the remainder of 2026, the company anticipates relative improvement in year-over-year performance each successive quarter for both revenue and adjusted EBITDA margin, leading to modest year-over-year revenue growth and measurable adjusted EBITDA margin expansion in the second half of the year . This financial outlook assumes no material change in macroeconomic or industry dynamics relative to current trends . ### 相關股票 - [Kelly Services-B (KELYB.US)](https://longbridge.com/zh-HK/quote/KELYB.US.md) ## 相關資訊與研究 - [US 10 Year Note Futures Hold Key Support as Macro Crosscurrents Build](https://longbridge.com/zh-HK/news/281024783.md) - [Key facts: Bunge Increases Securitization to $2.0B; 8-K on Obligation](https://longbridge.com/zh-HK/news/281659964.md) - [Algernon Health Announces Proposed Name Change to “Grey Matters Health Inc.” and a 10:1 Share Consolidation | AGNPF Stock News](https://longbridge.com/zh-HK/news/281263773.md) - [CEO Nikesh Arora Just Bought $10 Million of Palo Alto Networks Stock. Should You Load Up on PANW Too?](https://longbridge.com/zh-HK/news/281525429.md) - [Here's How Much $100 Invested In Federal Home Loan 10 Years Ago Would Be Worth Today](https://longbridge.com/zh-HK/news/281543628.md)