kfy-20260731

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2026


o						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to ___________

Commission File Number 001-14505

KORN FERRY

(Exact Name of Registrant as Specified in its Charter)


Delaware						95-2623879
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

1900 Avenue of the Stars, Suite 1225, Los Angeles, California 90067

(Address of principal executive offices) (Zip Code)

(310) 552-1834

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	KFY	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


			Large accelerated filer ☑			Accelerated filer o

			Non-accelerated filer o			Smaller reporting company o
						Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of our common stock as of September 1, 2026 was 54,558,851 shares.

KORN FERRY

Table of Contents


Item #	Description	Page

	Part I. Financial Information

Item 1.	Condensed Consolidated Financial Statements

	Condensed Consolidated Balance Sheets as of July 31, 2026 (unaudited) and April 30, 2026	1

	Condensed Consolidated Statements of Income (unaudited) for the three months ended July 31, 2026 and 2025	2

	Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended July 31, 2026 and 2025	3

	Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for three months ended July 31, 2026 and 2025	4

	Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended July 31, 2026 and 2025	5

	Notes to Condensed Consolidated Unaudited Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	32

	Part II. Other Information

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

	Signatures	35

Item 1. Condensed Consolidated Financial Statements

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	July 31, 2026		April 30, 2026
	(unaudited)
	(in thousands, except per share data)
ASSETS
Cash and cash equivalents	$	800,852	$	1,095,445
Marketable securities	15,439		38,914
Receivables due from clients, net of allowance for doubtful accounts of $44,591 and $42,527 at July 31, 2026 and April 30, 2026, respectively	615,274		573,350
Income taxes and other receivables	68,265		75,410
Unearned compensation	67,215		64,421
Prepaid expenses and other assets	71,923		58,437
Total current assets	1,638,968		1,905,977

Marketable securities, non-current	234,778		247,132
Property and equipment, net	193,676		191,531
Operating lease right-of-use assets, net	170,191		170,986
Cash surrender value of company-owned life insurance policies, net of loans	304,906		289,058
Deferred income taxes	118,383		113,207
Goodwill	945,837		950,636
Intangible assets, net	39,754		45,858
Unearned compensation, non-current	140,457		118,592
Investments and other assets	29,926		31,799
Total assets	$	3,816,876	$	4,064,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	50,316	$	49,682
Income taxes payable	18,718		19,573
Compensation and benefits payable	299,408		570,242
Operating lease liability, current	30,621		28,111
Other accrued liabilities	292,154		314,402
Total current liabilities	691,217		982,010

Deferred compensation and other retirement plans	531,991		510,774
Operating lease liability, non-current	163,701		164,899
Long-term debt	398,778		398,565
Deferred tax liabilities	6,607		5,723
Other liabilities	23,305		23,902
Total liabilities	1,815,599		2,085,873

Stockholders' equity
Common stock: $0.01 par value, 150,000 shares authorized, 80,165 and 79,203 shares issued and 50,790 and 50,225 shares outstanding at July 31, 2026 and April 30, 2026, respectively	276,212		284,370
Retained earnings	1,799,808		1,761,063
Accumulated other comprehensive loss, net	(81,633)		(72,827)
Total Korn Ferry stockholders' equity	1,994,387		1,972,606
Noncontrolling interest	6,890		6,297
Total stockholders' equity	2,001,277		1,978,903
Total liabilities and stockholders' equity	$	3,816,876	$	4,064,776

The accompanying notes are an integral part of these condensed consolidated financial statements.

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


	Three Months Ended July 31,
	2026		2025

	(in thousands, except per share data)
Fee revenue	$	756,496	$	708,613
Reimbursed out-of-pocket engagement expenses	8,126		6,930
Total revenue	764,622		715,543

Compensation and benefits	477,362		461,411
General and administrative expenses	80,231		63,874
Reimbursed expenses	8,126		6,930
Cost of services	83,328		77,194
Depreciation and amortization	22,195		22,686

Total operating expenses	671,242		632,095

Operating income	93,380		83,448
Other income, net	5,107		12,752
Interest expense, net	(4,342)		(3,516)
Income before provision for income taxes	94,145		92,684
Income tax provision	24,648		25,250
Net income	69,497		67,434
Net income attributable to noncontrolling interest	(530)		(798)
Net income attributable to Korn Ferry	$	68,967	$	66,636

Earnings per common share attributable to Korn Ferry:
Basic	$	1.35	$	1.28
Diluted	$	1.32	$	1.26

Weighted-average common shares outstanding:
Basic	50,351		51,466
Diluted	51,347		52,368

The accompanying notes are an integral part of these condensed consolidated financial statements.

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three Months Ended July 31,
	2026		2025

	(in thousands)
Net income	$	69,497	$	67,434

Other comprehensive (loss) income:
Foreign currency translation adjustments	(8,855)		(1,292)
Deferred compensation and pension plan adjustments, net of tax	82		(14)
Net unrealized gain (loss) on marketable securities, net of tax	30		(58)
Comprehensive income	60,754		66,070
Less: comprehensive income attributable to noncontrolling interest	(593)		(1,042)
Comprehensive income attributable to Korn Ferry	$	60,161	$	65,028

The accompanying notes are an integral part of these condensed consolidated financial statements.

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)


	Common Stock			Retained Earnings		Accumulated Other Comprehensive Loss, Net		Total Korn Ferry Stockholders' Equity		Noncontrolling Interest		Total Stockholder's Equity
	Shares	Amount

	(in thousands)
Balance as of April 30, 2026	50,225	$	284,370	$	1,761,063	$	(72,827)	$	1,972,606	$	6,297	$	1,978,903
Net income	—	—		68,967		—		68,967		530		69,497
Other comprehensive (loss) income	—	—		—		(8,806)		(8,806)		63		(8,743)
Dividends paid to stockholders	—	—		(30,222)		—		(30,222)		—		(30,222)
Purchase of stock	(330)	(24,912)		—		—		(24,912)		—		(24,912)
Issuance of stock	895	4,516		—		—		4,516		—		4,516
Stock-based compensation	—	12,238		—		—		12,238		—		12,238
Balance as of July 31, 2026	50,790	$	276,212	$	1,799,808	$	(81,633)	$	1,994,387	$	6,890	$	2,001,277


	Common Stock			Retained Earnings		Accumulated Other Comprehensive Loss, Net		Total Korn Ferry Stockholders' Equity		Noncontrolling Interest		Total Stockholder's Equity
	Shares	Amount

	(in thousands)
Balance as of April 30, 2025	51,458	$	364,425	$	1,588,274	$	(86,243)	$	1,866,456	$	5,683	$	1,872,139
Net income	—	—		66,636		—		66,636		798		67,434
Other comprehensive (loss) income	—	—		—		(1,608)		(1,608)		244		(1,364)
Dividends paid to stockholders	—