KORN FERRY
For the period ended Oct 31, 2025. Filed Dec 9, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 31, 2025 · Filed Dec 9, 2025
KFY$75.38-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-07-31; filed 2025-09-09.
0000056679-25-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-10-31; filed 2025-12-09.
0001628280-25-056040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 115 previous paragraphs and 177 current paragraphs.
53 unchanged; 46 reworded; 68 added; 15 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 4 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (68)
Current report
•Fee revenue grew 10% and 17% year-over-year in Executive Search and Professional Search & Interim, respectively.
Current report
Executive Search Latin America. Executive Search Latin America reported fee revenue of $7.8 million in the three months ended October 31, 2025, essentially flat compared to $7.9 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $0.3 million, or 4%, in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Compensation and benefits expense increased by $24.6 million, or 6%, to $462.0 million in the three months ended October 31, 2025 from $437.4 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $3.8 million, or 1%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase of $15.2 million in performance-related bonus expense due to a higher fee revenue in the three months ended October 31, 2025 compared to the year-ago quarter. Also contributing to the increase were higher salaries and related payroll taxes of $4.7 million, and an increase in deferred compensation expense of $3.5 million due to an increase in the fair value of participants' accounts in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Consulting compensation and benefits expense increased by $4.7 million, or 4%, to $118.5 million in the three months ended October 31, 2025 from $113.8 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $1.2 million, or 1%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase of $7.8 million in performance-related bonus expense, partially offset by lower salaries and related payroll taxes of $1.5 million and a decrease in severance-related expenses of $1.2 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Digital compensation and benefits expense decreased by $0.5 million, or 1%, to $45.1 million in the three months ended October 31, 2025 compared to $45.6 million in the year-ago quarter.
Current report
Executive Search North America compensation and benefits expense increased by $9.9 million, or 11%, to $96.7 million in the three months ended October 31, 2025 compared to $86.8 million in the year-ago quarter. Compensation and benefits expense increased primarily due to an increase in performance-related bonus expense of $8.3 million and an increase in deferred compensation expense of $2.0 million due to an increase in the fair value of participants' accounts in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Executive Search EMEA compensation and benefits expense increased by $3.6 million, or 10%, to $38.7 million in the three months ended October 31, 2025 compared to $35.1 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $1.5 million, or 4%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase of $3.0 million in performance-related bonus expense in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Executive Search Asia Pacific compensation and benefits expense increased by $0.8 million, or 5%, to $16.5 million in the three months ended October 31, 2025 compared to $15.7 million in the year-ago quarter.
Current report
Professional Search & Interim compensation and benefits expense increased by $2.3 million, or 5%, to $52.1 million in the three months ended October 31, 2025 from $49.8 million in the year-ago quarter. The increase in compensation and benefits expense was primarily due to higher salaries and related payroll taxes of $2.6 million in the three months ended October 31, 2025 compared to the year-ago quarter. Additionally, there were increases of $1.3 million and $1.1 million in severance-related expenses and commission expense, respectively. These increases were partially offset by a decrease of $3.3 million in performance-related bonus expense in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Corporate compensation and benefits expense increased by $2.5 million, or 14%, to $20.7 million in the three months ended October 31, 2025 from $18.2 million in the year-ago quarter. The increase was primarily due to increases of $1.1 million, $0.4 million, and $0.2 million in restricted stock compensation expense, salaries and related payroll taxes, and severance-related expenses, respectively, in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
General and administrative expenses decreased by $14.2 million, or 22%, to $50.3 million in the three months ended October 31, 2025 from $64.5 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $13.9 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Consulting general and administrative expenses decreased by $4.3 million, or 32%, to $9.2 million in the three months ended October 31, 2025 compared to $13.5 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $4.1 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Digital general and administrative expenses decreased by $2.0 million, or 19%, to $8.4 million in the three months ended October 31, 2025 from $10.4 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $2.0 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Executive Search North America general and administrative expenses decreased by $1.2 million, or 14%, to $7.1 million in the three months ended October 31, 2025 compared to $8.3 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to decreases of $0.7 million and $0.4 million in legal and other professional fees, and premise and office expense, respectively, in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Executive Search EMEA general and administrative expenses decreased by $3.5 million, or 83%, to $0.7 million in the three months ended October 31, 2025 compared to $4.2 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $3.7 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Professional Search & Interim general and administrative expenses decreased by $2.0 million, or 49%, to $2.1 million in the three months ended October 31, 2025 compared to $4.1 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $2.6 million, partially offset by an increase of $0.3 million in bad debt expense in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
RPO general and administrative expenses decreased by $1.2 million, or 27%, to $3.3 million in the three months ended October 31, 2025 compared to $4.5 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a gain from the modification of an office lease of $1.5 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Corporate general and administrative expenses decreased by $1.2 million, or 7%, to $16.2 million in the three months ended October 31, 2025 compared to $17.4 million in the year-ago quarter. The decrease in general and administrative expenses was primarily due to a decrease in integration and acquisition cost of $2.5 million, partially offset by the impact of foreign currency, with a foreign currency loss of $0.5 million in the three months ended October 31, 2025 compared to a foreign currency gain of $0.2 million in the year-ago quarter. Further offsetting the decrease were increases in marketing and business development expenses of $0.6 million in the three months ended October 31, 2025 compared to the year-ago quarter.
Current report
Restructuring Charges, Net
Current report
During the second quarter of fiscal 2024, we implemented a restructuring plan to eliminate excess capacity resulting from a challenging macroeconomic business environment impacting demand. During the three months ended October 31, 2024, we recorded an adjustment to the previously recorded restructuring accruals of $0.6 million. There were no restructuring charges during the three months ended October 31, 2025.
Current report
Net income attributable to Korn Ferry increased by $11.6 million, or 19%, to $72.4 million in the three months ended October 31, 2025 as compared to $60.8 million in the year-ago quarter. The increase in net income attributable to Korn Ferry was primarily due to an increase in fee revenue of $47.3 million and a $13.9 million gain from the modification of an office lease recorded during the three months ended October 31, 2025, partially offset by increases in compensation and benefits expense of $24.6 million, cost of services expense of $14.4 million, and depreciation and amortization expenses of $11.9 million in the three months ended October 31, 2025 compared to the year-ago quarter. Net income attributable to Korn Ferry, as a percentage of fee revenue, was 10% and 9% in the three months ended October 31, 2025 and 2024, respectively.
Current report
Adjusted EBITDA increased by $7.8 million, or 7%, to $124.8 million in the three months ended October 31, 2025 as compared to $117.0 million in the year-ago quarter. The increase in Adjusted EBITDA was driven by an increase in fee revenue, partially offset by increases in compensation and benefits expense (excluding integration/acquisition costs) and cost of services expense. Adjusted EBITDA, as a percentage of fee revenue, was 17% in both the three months ended October 31, 2025 and 2024.
Current report
Consulting Adjusted EBITDA was $30.3 million in the three months ended October 31, 2025, an increase of $1.2 million, or 4%, compared to $29.1 million in the year-ago quarter. The increase in Adjusted EBITDA was driven by an increase in fee revenue, partially offset by an increase in compensation and benefits expense. Consulting Adjusted EBITDA, as a percentage of fee revenue, was 18% and 17% in the three months ended October 31, 2025 and 2024, respectively.
Current report
Executive Search Asia Pacific Adjusted EBITDA increased by $0.9 million, or 20%, to $5.3 million in the three months ended October 31, 2025 compared to $4.4 million in the year-ago quarter. Executive Search Asia Pacific Adjusted EBITDA, as a percentage of fee revenue, was 22% and 21% in the three months ended October 31, 2025 and 2024, respectively.
Current report
Executive Search Latin America Adjusted EBITDA decreased by $0.9 million, or 35%, to $1.7 million in the three months ended October 31, 2025 compared to $2.6 million in the year-ago quarter. Executive Search Latin America Adjusted EBITDA, as a percentage of fee revenue, was 22% and 32% in the three months ended October 31, 2025 and 2024, respectively.
Current report
Six Months Ended October 31, 2025 Compared to Six Months Ended October 31, 2024
Current report
Fee Revenue
Current report
Fee Revenue. Fee revenue was $1,430.3 million, an increase of $81.0 million, or 6%, in the six months ended October 31, 2025 compared to $1,349.3 million in the year-ago period. Exchange rates favorably impacted fee revenue by $14.2 million, or 1%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in fee revenue was primarily due to higher fee revenues in Professional Search & Interim, Executive Search North America, Executive Search EMEA and Consulting.
Current report
Consulting. Consulting reported fee revenue of $342.8 million, an increase of $8.2 million, or 2%, in the six months ended October 31, 2025 compared to $334.6 million in the year-ago period. Exchange rates favorably impacted fee revenue by $4.2 million, or 1%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in fee revenue was primarily driven by a 9% increase in average bill rates in the six months ended October 31, 2025 compared to the year-ago period.
Current report
Digital. Digital reported fee revenue of $180.2 million, a decrease of $0.9 million, in the six months ended October 31, 2025 compared to $181.1 million in the year-ago period. Exchange rates favorably impacted fee revenue by $2.9 million, or 2%, in the six months ended October 31, 2025 compared to the year-ago period. The decrease in fee revenue was primarily driven by a decrease in demand for leadership and development offerings, partially offset by increases in demand for organizational strategy and assessment & succession offerings.
Current report
Executive Search North America. Executive Search North America reported fee revenue of $281.8 million, an increase of $17.2 million, or 7%, in the six months ended October 31, 2025 compared to $264.6 million in the year-ago period. North America’s fee revenue increased primarily due to a 4% increase in the weighted-average fee billed per engagement (calculated using local currency) and a 3% increase in the number of engagements billed during the six months ended October 31, 2025 compared to the year-ago period.
Current report
Executive Search EMEA. Executive Search EMEA reported fee revenue of $105.7 million, an increase of $12.9 million, or 14%, in the six months ended October 31, 2025 compared to $92.8 million in the year-ago period. Exchange rates favorably impacted fee revenue by $4.4 million, or 5%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in fee revenue was primarily due to an 11% increase in the number of engagements billed, partially offset by a 2% decrease in weighted-average fee billed per engagement (calculated using local currency) during the six months ended October 31, 2025 compared to the year-ago period.
Current report
Executive Search Latin America. Executive Search Latin America reported fee revenue of $13.9 million, a decrease of $1.3 million, or 9%, in the six months ended October 31, 2025 compared to $15.2 million in the year-ago period. The decrease in fee revenue was primarily due to a 4% decrease in weighted-average fee billed per engagement (calculated using local currency) and a 4% decrease in the number of engagements billed during the six months ended October 31, 2025 compared to the year-ago period.
Current report
Professional Search & Interim. Professional Search & Interim reported fee revenue of $275.0 million, an increase of $32.2 million, or 13%, in the six months ended October 31, 2025 compared to $242.8 million in the year-ago period. The increase in fee revenue was primarily due to an increase in interim fee revenue of $26.3 million associated with the acquisition of Trilogy International effective November 1, 2024.
Current report
Compensation and Benefits
Current report
Compensation and benefits expense increased by $34.2 million, or 4%, to $923.4 million in the six months ended October 31, 2025 from $889.2 million in the year-ago period. Exchange rates unfavorably impacted compensation and benefits by $10.5 million, or 1%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in compensation and benefits expense was primarily due to an increase in salaries and related payroll taxes of $13.3 million in the six months ended October 31, 2025 compared to the year-ago period. Also contributing to the increase were higher severance-related expenses, deferred compensation expense, amortization of long-term awards and commission expense of $12.2 million, $3.5 million, $2.9 million and $2.6 million, respectively, in the six months ended October 31, 2025 compared to the year-ago period.
Current report
Consulting compensation and benefits expense increased by $7.3 million, or 3%, to $235.7 million in the six months ended October 31, 2025 from $228.4 million in the year-ago period. Exchange rates unfavorably impacted compensation and benefits by $3.5 million, or 2%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in compensation and benefits expense was primarily due to an increase of $4.2 million in severance-related costs, higher performance-related bonus expense of $3.8 million and an increase in deferred compensation expense of $1.0 million in the six months ended October 31, 2025 compared to the year-ago period. The increase was partially offset by a decrease of $2.3 million in salaries and related payroll taxes in the six months ended October 31, 2025 compared to the year-ago period.
Current report
Executive Search North America compensation and benefits expense increased by $8.2 million, or 4%, to $196.2 million in the six months ended October 31, 2025 compared to $188.0 million in the year-ago period. Compensation and benefits expense increased primarily due to an increase in performance-related bonus expense of $5.7 million, coupled with an increase of $1.3 million in deferred compensation expense in the six months ended October 31, 2025 compared to the year-ago period.
Current report
Executive Search EMEA compensation and benefits expense increased by $9.2 million, or 13%, to $78.9 million in the six months ended October 31, 2025 compared to $69.7 million in the year-ago period. Exchange rates unfavorably impacted compensation and benefits by $3.5 million, or 5%, in the six months ended October 31, 2025 compared to the year-ago period. Compensation and benefits expense increased primarily due to an increase in performance-related bonus expense of $4.9 million, coupled with an increase of $4.1 million in salaries and related payroll taxes in the six months ended October 31, 2025 compared to the year-ago period.
Current report
Executive Search Latin America compensation and benefits expense was $9.0 million in the six months ended October 31, 2025, essentially flat compared to $9.2 million in the year-ago period.
Showing the first 40 of 68 passages. Open the source sections for the rest.
Removed paragraphs (15)
Previous report
•Executive Search fee revenue was $224.3 million, an increase of 8% year-over-year.
Previous report
•Professional Search & Interim fee revenue increased 10% year-over-year.
Previous report
Consulting compensation and benefits expense increased by $2.5 million, or 2%, to $117.2 million in the three months ended July 31, 2025 from $114.7 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $2.3 million, or 2%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase of $5.4 million in severance-related costs due to an increase in layoffs in the three months ended July 31, 2025 compared to the year-ago quarter. This increase was partially offset by a decrease of $4.0 million in performance-related bonus expense in the three months ended July 31, 2025 compared to the year-ago quarter.
Previous report
Executive Search North America compensation and benefits expense decreased by $1.7 million, or 2%, to $99.5 million in the three months ended July 31, 2025 compared to $101.2 million in the year-ago quarter. Compensation and benefits expense decreased primarily due to a decrease in performance-related bonus expense of $2.6 million, partially offset by an increase of $0.6 million in severance-related costs in the three months ended July 31, 2025 compared to the year-ago quarter.
Previous report
Executive Search EMEA compensation and benefits expense increased by $5.6 million, or 16%, to $40.2 million in the three months ended July 31, 2025 compared to $34.6 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $2.0 million, or 6%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase in salaries and related payroll taxes of $2.2 million as a result of a 10% increase in average consultant headcount in the three months ended July 31, 2025 compared to the year-ago quarter. Also contributing to the increase was an increase in performance-related bonus expense of $1.9 million driven by the higher segment fee revenue in the three months ended July 31, 2025 compared to the year-ago quarter.
Previous report
Executive Search Latin America compensation and benefits expense decreased by $0.7 million, or 16%, to $3.7 million in the three months ended July 31, 2025, compared to $4.4 million in the year-ago quarter.
Previous report
Professional Search & Interim compensation and benefits expense increased by $0.9 million, or 2%, to $50.1 million in the three months ended July 31, 2025, compared to $49.2 million in the year-ago quarter.
Previous report
Corporate compensation and benefits expense was $19.8 million in the three months ended July 31, 2025, essentially flat compared to $19.4 million in the year-ago quarter.
Previous report
General and administrative expenses increased by $3.9 million, or 7%, to $63.9 million in the three months ended July 31, 2025 from $60.0 million in the year-ago quarter. The increase in general and administrative expenses was primarily due to increases of $2.4 million and $1.5 million in legal and other professional fees and computer software licenses, respectively, in the three months ended July 31, 2025 compared to the year-ago quarter.
Previous report
Digital general and administrative expenses increased by $0.9 million, or 10%, to $10.0 million in the three months ended July 31, 2025, compared to $9.1 million in the year-ago quarter. The increase was due to an increase in computer software licenses.
Previous report
Executive Search North America general and administrative expenses decreased by $0.7 million, or 9%, to $6.9 million in the three months ended July 31, 2025, compared to $7.6 million in the year-ago quarter.
Previous report
Executive Search EMEA general and administrative expenses were $4.4 million in the three months ended July 31, 2025, essentially flat compared to $4.1 million in the year-ago quarter.
Previous report
RPO general and administrative expenses were $4.4 million in the three months ended July 31, 2025, essentially flat compared to $4.7 million in the year-ago quarter.
Previous report
Digital Adjusted EBITDA was $27.6 million in the three months ended July 31, 2025, an increase of $1.0 million, or 4%, as compared to $26.6 million in the year-ago quarter. This increase in Adjusted EBITDA was primarily driven by an increase in fee revenue. Digital Adjusted EBITDA, as a percentage of fee revenue, was 31% and 30% in the three months ended July 31, 2025 and 2024, respectively.
Previous report
Executive Search EMEA Adjusted EBITDA increased by $1.8 million, or 25%, to $9.1 million in the three months ended July 31, 2025 compared to $7.3 million in the year-ago quarter. The increase was primarily driven by an increase in fee revenue, partially offset by an increase in compensation and benefits expense for the three months ended July 31, 2025 compared to the year-ago quarter. Executive Search EMEA Adjusted EBITDA, as a percentage of fee revenue, was 17% and 16% in the three months ended July 31, 2025 and 2024, respectively.
Reworded paragraphs (46)
Previous wording
•Fee revenue in Q1 FY'26 was $708.6 million, a year-over-year increase of 5%.
Current wording
•Fee revenue in Q2 FY'26 was $721.7 million, a year-over-year increase of 7%.
Previous wording
•Net income attributable to Korn Ferry was $66.6 million, an increase of 6% year-over-year, with a margin of 9.4%, an increase of 10bps year-over-year.
Current wording
•Net income attributable to Korn Ferry was $72.4 million, an increase of 19.0% year-over-year, with a margin of 10.0%, an increase of 100bps year-over-year.
Previous wording
• Adjusted EBITDA was $120.4 million, an increase of 8% year-over-year, with a margin of 17.0%, an increase of 50bps year-over-year.
Current wording
•Adjusted EBITDA was $124.8 million, an increase of 7.0% year-over-year, with a margin of 17.3%, essentially flat year-over-year.
Previous wording
•Diluted earnings per share was $1.26 in Q1 FY'26, up 8% compared to the year-ago quarter.
Current wording
•Diluted earnings per share was $1.36 in Q2 FY'26, up 19% compared to the year-ago quarter.
Previous wording
The Company evaluates performance and allocates resources based on the chief operating decision maker’s review of (1) fee revenue and (2) adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). To the extent that such charges occur, Adjusted EBITDA excludes restructuring charges, integration/acquisition costs, certain separation costs and certain non-cash charges (goodwill, intangible asset and other impairments charges). For the three months ended July 31, 2025, Adjusted EBITDA excluded $1.5 million of integration/acquisition costs. For the three months ended July 31, 2024, Adjusted EBITDA excluded $1.1 million of integration/acquisition costs.
Current wording
The Company evaluates performance and allocates resources based on the chief operating decision maker’s review of (1) fee revenue and (2) adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). To the extent that such charges occur, Adjusted EBITDA excludes restructuring charges, integration/acquisition costs, certain separation costs and certain non-cash charges (goodwill, intangible asset, gain on modification of office lease and other impairments charges). For the three months ended October 31, 2025, Adjusted EBITDA excluded $1.3 million of integration/acquisition costs and $13.9 million from a gain on modification of office lease. For the six months ended October 31, 2025, Adjusted EBITDA excluded $2.8 million of integration/acquisition costs and $13.9 million of gain on the modification of an office lease. For the three months ended October 31, 2024, Adjusted EBITDA excluded $0.6 million of restructuring charges, net, and $3.9 million of integration/acquisition costs. For the six months ended October 31, 2024, Adjusted EBITDA excluded $0.6 million of restructuring charges, net, and $5.0 million of integration/acquisition costs.
Previous wording
Fee Revenue. Fee revenue was $708.6 million in the three months ended July 31, 2025, an increase of $33.7 million, or 5%, compared to $674.9 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $9.1 million, or 1%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily due to higher fee revenues in Executive Search EMEA, Executive Search North America, Executive Search APAC, and Professional Search & Interim.
Current wording
Fee Revenue. Fee revenue was $721.7 million, an increase of $47.3 million, or 7%, in the three months ended October 31, 2025 compared to $674.4 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $5.1 million, or 1%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily due to higher fee revenues in Professional Search & Interim, Consulting, Executive Search North America and Executive Search EMEA.
Previous wording
Consulting. Consulting reported fee revenue of $170.0 million, an increase of $2.1 million, or 1%, in the three months ended July 31, 2025 compared to $167.9 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $2.8 million, or 2%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily driven by a 9% increase in average bill rates, partially offset by a shift to larger and longer duration engagements and slower delivery of backlog engagements.
Current wording
Consulting. Consulting reported fee revenue of $172.8 million, an increase of $6.0 million, or 4%, in the three months ended October 31, 2025 compared to $166.8 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $1.3 million, or 1%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily driven by a 10% increase in average bill rates in the three months ended October 31, 2025 compared to the year-ago quarter.
Previous wording
Digital. Digital reported fee revenue of $89.2 million, an increase of $1.0 million, or 1%, in the three months ended July 31, 2025 compared to $88.2 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $1.6 million, or 2%, in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Digital. Digital reported fee revenue of $91.0 million, a decrease of $1.9 million, or 2%, in the three months ended October 31, 2025, compared to $92.9 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $1.3 million, or 1%, in the three months ended October 31, 2025 compared to the year-ago quarter. The decrease in fee revenue was primarily driven by a decrease in demand for leadership and development offerings, partially offset by increases in demand for organizational strategy, total rewards and assessment & succession offerings.
Previous wording
Executive Search North America. Executive Search North America reported fee revenue of $139.7 million, an increase of $4.9 million, or 4%, in the three months ended July 31, 2025 compared to $134.8 million in the year-ago quarter. North America’s fee revenue increased primarily due to a 2% increase in the number of engagements billed and a 1% increase in the weighted-average fee billed per engagement (calculated using local currency) during the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Executive Search North America. Executive Search North America reported fee revenue of $142.1 million, an increase of $12.2 million, or 9%, in the three months ended October 31, 2025 compared to $129.9 million in the year-ago quarter. North America’s fee revenue increased primarily due to a 5% increase in the weighted-average fee billed per engagement (calculated using local currency) and a 4% increase in the number of engagements billed during the three months ended October 31, 2025 compared to the year-ago quarter.
Previous wording
Executive Search EMEA. Executive Search EMEA reported fee revenue of $53.8 million, an increase of $7.8 million, or 17%, in the three months ended July 31, 2025 compared to $46.0 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $2.6 million, or 6%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily due to a 16% increase in the number of engagements billed, partially offset by a 5% decrease in weighted-average fee billed per engagement (calculated using local currency) during the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Executive Search EMEA. Executive Search EMEA reported fee revenue of $51.9 million, an increase of $5.1 million, or 11%, in the three months ended October 31, 2025 compared to $46.8 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $1.9 million, or 4%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in fee revenue was due to a 10% increase in the number of engagements billed, partially offset by a 3% decrease in weighted-average fee billed per engagement (calculated using local currency) during the three months ended October 31, 2025 compared to the year-ago quarter.
Previous wording
Executive Search Latin America. Executive Search Latin America reported fee revenue of $6.1 million, a decrease of $1.2 million, or 16%, in the three months ended July 31, 2025 compared to $7.3 million in the year-ago quarter. Exchange rates unfavorably impacted fee revenue by $0.4 million, or 5%, in the three months ended July 31, 2025 compared to the year-ago quarter. Latin America's fee revenue decreased primarily due to a 9% decrease in the weighted-average fee billed per engagement (calculated using local currency) and a 3% decrease in the number of engagements billed during the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Executive Search Asia Pacific. Executive Search Asia Pacific reported fee revenue of $24.1 million, an increase of $2.6 million, or 12%, in the three months ended October 31, 2025 compared to $21.5 million in the year-ago quarter. Exchange rates unfavorably impacted fee revenue by $0.4 million, or 2%, in the three months ended October 31, 2025 compared to the year-ago quarter. The increase in fee revenue was due to a 9% increase in the number of engagements billed and a 5% increase in weighted-average fee billed per engagement (calculated using local currency) during the three months ended October 31, 2025 compared to the year-ago quarter.
Previous wording
Professional Search & Interim. Professional Search & Interim reported fee revenue of $133.9 million, an increase of $12.2 million, or 10%, in the three months ended July 31, 2025 compared to $121.7 million in the year-ago quarter. The increase in fee revenue was primarily due to an increase in interim fee revenue of $9.7 million as a result of the acquisition of Trilogy International effective November 1, 2024.
Current wording
Professional Search & Interim. Professional Search & Interim reported fee revenue of $141.1 million, an increase of $20.0 million, or 17%, in the three months ended October 31, 2025 compared to $121.1 million in the year-ago quarter. The increase in fee revenue was primarily due to an increase in interim fee revenue of $16.6 million associated with the acquisition of Trilogy International effective November 1, 2024.
Previous wording
Professional Search & Interim general and administrative expenses were $5.1 million in the three months ended July 31, 2025, essentially flat compared to $5.2 million in the year-ago quarter.
Current wording
Executive Search Latin America compensation and benefits expense increased by $0.4 million, or 8%, to $5.2 million in the three months ended October 31, 2025 compared to $4.8 million in the year-ago quarter.
Previous wording
RPO compensation and benefits expense increased by $0.7 million, or 1%, to $69.3 million in the three months ended July 31, 2025, compared to $68.6 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $1.3 million, or 2%, in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
RPO compensation and benefits expense increased by $0.7 million, or 1%, to $68.4 million in the three months ended October 31, 2025 compared to $67.7 million in the year-ago quarter.
Previous wording
Executive Search Asia Pacific general and administrative expenses were $2.1 million in the three months ended July 31, 2025, essentially flat compared to $2.2 million in the year-ago quarter.
Current wording
Executive Search Asia Pacific general and administrative expenses increased by $0.8 million, or 57%, to $2.2 million in the three months ended October 31, 2025 compared to $1.4 million in the year-ago quarter.
Previous wording
Executive Search Latin America general and administrative expenses were $0.9 million in the three months ended July 31, 2025, a slight increase compared to $0.2 million in the year-ago quarter.
Current wording
Executive Search Latin America general and administrative expenses were $0.9 million in the three months ended October 31, 2025 compared to $0.7 million in the year-ago quarter.
Previous wording
Cost of services expense consists of contractor and product costs related to delivery of various services and products through Consulting, Digital, Professional Search & Interim and RPO. Cost of services expense increased by $9.7 million, or 14%, to $77.2 million in the three months ended July 31, 2025 compared to $67.5 million in the year-ago quarter. Professional Search & Interim accounted for $9.4 million of the increase due to an increase in fee revenue in the segment as a significant amount of interim services they perform have a higher cost of service expense as compared to the Company's other segments.
Current wording
Cost of services expense consists of contractor and product costs related to delivery of various services and products through Consulting, Digital, Professional Search & Interim and RPO. Cost of services expense increased by $14.4 million, or 22%, to $79.1 million in the three months ended October 31, 2025 compared to $64.7 million in the year-ago quarter. Professional Search & Interim accounted for $14.0 million of the increase due to an increase in fee revenue in the segment as a significant amount of interim services they perform have a higher cost of service expense as compared to the Company's other segments.
Previous wording
Depreciation and amortization expenses increased by $3.1 million, or 16%, to $22.7 million in the three months ended July 31, 2025, compared to $19.6 million in the year-ago quarter. The increase was primarily due to the accelerated depreciation associated with the decision to sunset our Digital platform upon the introduction of the Korn Ferry Talent Suite platform, expected in the third quarter of fiscal 2026.
Current wording
Depreciation and amortization expenses increased by $11.9 million, or 60%, to $31.6 million in the three months ended October 31, 2025 compared to $19.7 million in the year-ago quarter. The increase was primarily due to the accelerated depreciation associated with the decision to sunset our Digital platform with the replacement of our Korn Ferry Talent Suite, which was introduced in the third quarter of fiscal 2026.
Previous wording
Consulting Adjusted EBITDA was $28.8 million in the three months ended July 31, 2025, a decrease of $0.5 million, or 2%, as compared to $29.3 million in the year-ago quarter. Consulting Adjusted EBITDA, as a percentage of fee revenue, was 17% in both the three months ended July 31, 2025 and 2024.
Current wording
Digital Adjusted EBITDA was $28.7 million in the three months ended October 31, 2025, a decrease of $0.5 million, or 2%, compared to $29.2 million in the year-ago quarter. Digital Adjusted EBITDA, as a percentage of fee revenue, was 32% and 31% in the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Executive Search North America Adjusted EBITDA increased by $6.1 million, or 17%, to $41.2 million in the three months ended July 31, 2025 compared to $35.1 million in the year-ago quarter. The increase was mainly driven by higher fee revenue in the segment, coupled with a decrease in compensation and benefits expense for the three months ended July 31, 2025 compared to the year-ago quarter. Executive Search North America Adjusted EBITDA, as a percentage of fee revenue, was 30% and 26% in the three months ended July 31, 2025 and 2024, respectively.
Current wording
Executive Search North America Adjusted EBITDA increased by $5.1 million, or 14%, to $42.0 million in the three months ended October 31, 2025 compared to $36.9 million in the year-ago quarter. The increase was mainly driven by higher fee revenue in the segment and a decrease in general and administrative expenses, partially offset by an increase in compensation and benefits expense. Executive Search North America Adjusted EBITDA, as a percentage of fee revenue, was 30% and 28% in the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Executive Search Asia Pacific Adjusted EBITDA increased by $1.3 million, or 31%, to $5.5 million in the three months ended July 31, 2025 compared to $4.2 million in the year-ago quarter. The increase was primarily driven by an increase in fee revenue, partially offset by an increase in compensation and benefits expense. Executive Search Asia Pacific Adjusted EBITDA, as a percentage of fee revenue, was 22% and 20% in the three months ended July 31, 2025 and 2024, respectively.
Current wording
Executive Search EMEA Adjusted EBITDA increased by $1.3 million, or 17%, to $8.8 million in the three months ended October 31, 2025 compared to $7.5 million in the year-ago quarter. The increase was mainly driven by higher fee revenue in the segment, partially offset by an increase in compensation and benefits expense. Executive Search EMEA Adjusted EBITDA, as a percentage of fee revenue, was 17% and 16% in the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Professional Search & Interim Adjusted EBITDA was $28.0 million in the three months ended July 31, 2025, an increase of $2.3 million, or 9%, as compared to $25.7 million in the year-ago quarter. The increase in Adjusted EBITDA was mainly driven by higher fee revenue, partially offset by an increase in cost of services expense. Professional Search & Interim Adjusted EBITDA, as a percentage of fee revenue, was 21% in both three months ended July 31, 2025 and 2024.
Current wording
Professional Search & Interim Adjusted EBITDA was $30.2 million in the three months ended October 31, 2025, an increase of $3.0 million, or 11%, compared to $27.2 million in the year-ago quarter. The increase in Adjusted EBITDA was mainly driven by higher fee revenue, partially offset by increases in cost of services expense and compensation and benefits expense (excluding integration/acquisition costs). Professional Search & Interim Adjusted EBITDA, as a percentage of fee revenue, was 21% and 22% in the three months ended October 31, 2025 and 2024, respectively.
Previous wording
RPO Adjusted EBITDA was $14.3 million in the three months ended July 31, 2025, an increase of $1.8 million, or 14%, as compared to $12.5 million in the year-ago quarter. The increase in Adjusted EBITDA was mainly driven by higher fee revenue, partially offset by an increase in compensation and benefits expense. RPO Adjusted EBITDA, as a percentage of fee revenue, was 16% and 14% in the three months ended July 31, 2025 and 2024, respectively.
Current wording
RPO Adjusted EBITDA was $14.2 million in the three months ended October 31, 2025, an increase of $1.3 million, or 10%, as compared to $12.9 million in the year-ago quarter. The increase in Adjusted EBITDA was mainly driven by higher fee revenue, partially offset by an increase in cost of services expense and compensation and benefits expense. RPO Adjusted EBITDA, as a percentage of fee revenue, was 16% and 15% in the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Other income, net was $12.8 million in the three months ended July 31, 2025 compared to $14.5 million in the year-ago quarter. The difference was primarily due to a decrease in the gains generated from the increased fair value of our marketable securities that are held in trust for the settlement of the Company's obligation under the Executive Capital Accumulation Plan and similar plans in Asia Pacific and Canada (collectively, "ECAP") during the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Other income, net was $7.1 million in the three months ended October 31, 2025 compared to $5.4 million in the year-ago quarter. The difference was primarily due to an increase in the gains generated from the increased fair value of our marketable securities that are held in trust for the settlement of the Company's obligation under the Executive Capital Accumulation Plan and similar plans in Asia Pacific and Canada (collectively, "ECAP") during the three months ended October 31, 2025 compared to the year-ago quarter.
Previous wording
Interest expense, net primarily relates to the Company's 4.625% Senior Unsecured Notes due 2027 ("Notes") issued in December 2019, borrowings under company-owned life insurance ("COLI") policies and interest cost related to our deferred compensation plans, which are partially offset by interest earned on cash and cash equivalent balances. Interest expense, net was $3.5 million in the three months ended July 31, 2025 compared to $3.9 million in the year-ago quarter.
Current wording
Interest expense, net primarily relates to the Company’s 4.625% Senior Unsecured Notes due 2027 ("Notes") issued in December 2019, borrowings under company-owned life insurance ("COLI") policies and interest cost related to our deferred compensation plans, which are partially offset by interest earned on cash and cash equivalent balances. Interest expense, net was $5.8 million in the three months ended October 31, 2025 compared to $5.6 million in the year-ago quarter.
Previous wording
The provision for income tax was $25.3 million in the three months ended July 31, 2025, with an effective tax rate of 27.2%, compared to $22.4 million in the three months ended July 31, 2024, with an effective tax rate of 25.8%. Our effective tax rate is primarily impacted by U.S. state income taxes and jurisdictional mix of earnings, which generally create variability in our effective tax rate over time.
Current wording
The provision for income tax was $26.6 million in the three months ended October 31, 2025, with an effective tax rate of 26.6%, compared to $24.9 million in the three months ended October 31, 2024, with an effective rate of 28.5%. Our effective tax rate is primarily impacted by U.S. state income taxes and jurisdictional mix of earnings, which generally create variability in the effective tax rate over time.
Previous wording
On July 4, 2025, House Resolution 1, commonly referred to as the One Big Beautiful Bill Act (the "Act") was enacted into law. Key provisions of the Act include the extension and modification of certain provisions of the Tax Cuts and Jobs Act of 2017, changes to bonus depreciation, adjustments to business interest expense limitations, and modifications to the treatment of research and development expenditures. The Act has multiple effective dates, with certain provisions effective in fiscal 2026 and others becoming effective in fiscal 2027. In accordance with ASC 740, the effect of changes in tax rates and laws on deferred tax balances are recognized in the period when the legislation is enacted. We reflected the effect of the Act within the provision for income taxes and the deferred tax balances as of July 31, 2025. The Act did not materially impact our effective tax rate.
Current wording
On July 4, 2025, House Resolution 1, commonly referred to as the One Big Beautiful Bill Act (the "Act") was enacted into law. Key provisions of the Act include the extension and modification of certain provisions of the Tax Cuts and Jobs Act of 2017, changes to bonus depreciation, adjustments to business interest expense limitations, and modifications to the treatment of research and development expenditures. The Act has multiple effective dates, with certain provisions effective in our fiscal 2026 and others becoming effective in fiscal 2027. In accordance with Accounting Standards Codification ("ASC") 740, the effect of changes in tax rates and laws on deferred tax balances are recognized in the period when the legislation is enacted. We have reflected the effect on the Act within the provision for income taxes and the deferred tax balances as of October 31, 2025. The Act did not materially impact the Company's effective tax rate.
Previous wording
Net income attributable to noncontrolling interest represents the portion of a subsidiary’s net earnings that are attributable to shares of such subsidiary not held by Korn Ferry that are included in the condensed consolidated results of income. Net income attributable to noncontrolling interest for the three months ended July 31, 2025 was $0.8 million, as compared to $1.7 million in the three months ended July 31, 2024.
Current wording
Net income attributable to noncontrolling interest represents the portion of a subsidiary’s net earnings that are attributable to shares of such subsidiary not held by Korn Ferry that are included in the condensed consolidated statements of income. Net income attributable to noncontrolling interest for the three months ended October 31, 2025 was $1.0 million, compared to $1.5 million in the three months ended October 31, 2024.
Previous wording
Executive Search Asia Pacific. Executive Search Asia Pacific reported fee revenue of $24.7 million, an increase of $4.1 million, or 20%, in the three months ended July 31, 2025 compared to $20.6 million in the year-ago quarter. The increase in fee revenue was primarily due to a 20% increase in the number of engagements billed during the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Executive Search Asia Pacific. Executive Search Asia Pacific reported fee revenue of $48.8 million, an increase of $6.8 million, or 16%, in the six months ended October 31, 2025 compared to $42.0 million in the year-ago period. The increase in fee revenue was primarily due to a 13% increase in the number of engagements billed and a 3% increase in weighted-average fee billed per engagement (calculated using local currency) during the six months ended October 31, 2025 compared to the year-ago period.
Previous wording
RPO. RPO reported fee revenue of $91.3 million, an increase of $2.8 million, or 3%, in the three months ended July 31, 2025 compared to $88.5 million in the year-ago quarter. Exchange rates favorably impacted fee revenue by $1.7 million, or 2%, in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in fee revenue was primarily due to new logo clients in North America.
Current wording
RPO. RPO reported fee revenue of $182.1 million, an increase of $6.0 million, or 3%, in the six months ended October 31, 2025 compared to $176.1 million in the year-ago period. Exchange rates favorably impacted fee revenue by $2.2 million, or 1%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in fee revenue was primarily due to new logo clients in North America.
Previous wording
Digital compensation and benefits expense decreased by $0.8 million, or 2%, to $44.5 million in the three months ended July 31, 2025 compared to $45.3 million in the year-ago quarter. The decrease in compensation and benefits expense was primarily due to lower performance-related bonus expense of $5.8 million, partially offset by increases in severance expense, salaries and related payroll taxes and commission expense of $1.6 million, $1.5 million and $1.1 million, respectively, in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Digital compensation and benefits expense decreased by $1.3 million, or 1%, to $89.6 million in the six months ended October 31, 2025 from $90.9 million in the year-ago period. Exchange rates unfavorably impacted compensation and benefits by $1.4 million, or 2%, in the six months ended October 31, 2025 compared to the year-ago period. The decrease in compensation and benefits expense was primarily due to a decrease in performance-related bonus expense of $7.6 million. The decrease was partially offset by increases in severance-related expenses, salaries and related payroll taxes and commission expense of $2.6 million, $2.0 million and $0.9 million, respectively, in the six months ended October 31, 2025 compared to the year-ago period.
Previous wording
Executive Search Asia Pacific compensation and benefits expense increased by $2.7 million, or 19%, to $17.1 million in the three months ended July 31, 2025 compared to $14.4 million in the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase in performance-related bonus expense of $1.8 million driven by the higher segment fee revenue in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Executive Search Asia Pacific compensation and benefits expense increased by $3.6 million, or 12%, to $33.7 million in the six months ended October 31, 2025 compared to $30.1 million in the year-ago period. The increase in compensation and benefits expense was primarily due to an increase in performance-related bonus expense of $3.7 million in the six months ended October 31, 2025 compared to the year-ago period.
Previous wording
Compensation and benefits expense increased by $9.6 million, or 2%, to $461.4 million in the three months ended July 31, 2025 from $451.8 million in the year-ago quarter. Exchange rates unfavorably impacted compensation and benefits expense by $6.6 million, or 1% in the three months ended July 31, 2025 compared to the year-ago quarter. The increase in compensation and benefits expense was primarily due to an increase in severance-related expenses of $12.5 million due to an increase in layoffs in the three months ended July 31, 2025 compared to the year-ago quarter. Also contributing to the increase were higher salaries and related payroll taxes, vacation expense, commission expense and costs related to the use of outside contractors of $8.5 million, $1.4 million, $1.7 million and $1.5 million, respectively. These increases were partially offset by a decrease of $18.3 million in performance-related bonus expense in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
RPO compensation and benefits expense increased by $1.4 million, or 1%, to $137.7 million in the six months ended October 31, 2025 from $136.3 million in the year-ago period. Exchange rates unfavorably impacted compensation and benefits by $1.7 million, or 1%, in the six months ended October 31, 2025 compared to the year-ago period. The increase in compensation and benefits expense was primarily due to an increase in severance-related expenses, salaries and related payroll taxes and the use of outside contractors of $2.4 million, $2.1 million and $1.6 million. respectively. These increases were partially offset by a decrease of $4.7 million in performance-related bonus expense in the six months ended October 31, 2025 compared to the year-ago period.
Previous wording
Corporate general and administrative expenses increased by $2.9 million, or 21%, to $16.9 million in the three months ended July 31, 2025, compared to $14.0 million in the year-ago quarter. The increase in general and administrative expenses was primarily due to an increase in legal and other professional fees of $3.0 million in the three months ended July 31, 2025 compared to the year-ago quarter.
Current wording
Corporate compensation and benefits expense increased by $2.9 million, or 8%, to $40.5 million in the six months ended October 31, 2025 from $37.6 million in the year-ago period. The increase was primarily due to increases of $1.7 million in restricted stock compensation expense and $0.7 million in salaries and related payroll taxes in the six months ended October 31, 2025 compared to the year-ago period.
Previous wording
Net income attributable to Korn Ferry increased by $4.0 million, or 6%, to $66.6 million in the three months ended July 31, 2025, as compared to $62.6 million in the year-ago quarter. The increase in net income attributable to Korn Ferry was primarily due to an increase in fee revenue of $33.7 million, partially offset by increased cost of services expense of $9.7 million, compensation and benefits expense of $9.6 million, general and administrative expenses of $3.9 million, depreciation and amortization expenses of $3.1 million and income tax provision of $2.9 million in the three months ended July 31, 2025 compared to the year-ago quarter. Net income attributable to Korn Ferry, as a percentage of fee revenue, was 9% in both the three months ended July 31, 2025 and 2024.
Current wording
Net income attributable to Korn Ferry increased by $15.6 million, or 13%, to $139.0 million in the six months ended October 31, 2025 compared to $123.4 million in the year-ago period. The increase in net income attributable to Korn Ferry was primarily due to an increase in fee revenue of $81.0 million and a decrease in general and administrative expenses of $10.4 million, partially offset by increases in compensation and benefits expense of $34.2 million, cost of services expense of $24.1 million, and depreciation and amortization expenses of $15.0 million in the six months ended October 31, 2025 compared to the year-ago period. Net income attributable to Korn Ferry, as a percentage of fee revenue, was 10% and 9% in the six months ended October 31, 2025 and 2024, respectively.
Previous wording
Executive Search Latin America Adjusted EBITDA decreased by $1.3 million, or 46%, to $1.5 million in the three months ended July 31, 2025 compared to $2.8 million in the year-ago quarter. The decrease was primarily driven by a decrease in fee revenue for the three months ended July 31, 2025 compared to the year-ago quarter. Executive Search Latin America Adjusted EBITDA, as a percentage of fee revenue, was 25% and 38% in the three months ended July 31, 2025 and 2024, respectively.
Current wording
Executive Search Latin America Adjusted EBITDA decreased by $2.1 million, or 39%, to $3.3 million in the six months ended October 31, 2025 compared to $5.4 million in the year-ago period. The decrease in Adjusted EBITDA was primarily driven by a decrease in fee revenue, coupled with an increase in general and administrative expenses in the six months ended October 31, 2025 compared to the year-ago period. Executive Search Latin America Adjusted EBITDA, as a percentage of fee revenue, was 23% in the six months ended October 31, 2025 as compared to 35% in the six months ended October 31, 2024.
Previous wording
Adjusted EBITDA increased by $9.2 million, or 8%, to $120.4 million in the three months ended July 31, 2025 as compared to $111.2 million in the year-ago quarter. The increase in Adjusted EBITDA was driven by an increase in fee revenue, partially offset by the increases in cost of services expense, compensation and benefit expense (excluding integration/acquisition costs) and general and administrative expenses. Adjusted EBITDA, as a percentage of fee revenue, was 17% in the three months ended July 31, 2025 compared to 16% in the year-ago quarter.
Current wording
Professional Search & Interim Adjusted EBITDA was $58.2 million in the six months ended October 31, 2025, an increase of $5.3 million, or 10%, as compared to $52.9 million in the year-ago period. The increase in Adjusted EBITDA was driven by an increase in fee revenue, partially offset by increases in cost of services expense and compensation and benefit expense (excluding integration/acquisition costs). Professional Search & Interim Adjusted EBITDA, as a percentage of fee revenue, was 21% in the six months ended October 31, 2025 compared to 22% in the year-ago period.
Previous wording
On December 16, 2019, we completed a private placement of the Notes with a $400.0 million principal amount pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes were issued with a $4.5 million discount and will mature December 15, 2027, with interest payable semi-annually in arrears on June 15 and December 15 of each year, that commenced on June 15, 2020. The Notes represent senior unsecured obligations that rank equally in right of payment to all existing and future senior unsecured indebtedness. We may redeem the Notes prior to maturity, subject to certain limitations and premiums defined in the indenture governing the Notes. The Notes are guaranteed by each of our existing and future wholly owned domestic subsidiaries to the extent such subsidiaries guarantee our obligations under the Credit Agreement (defined below). The indenture governing the Notes requires that, upon the occurrence of both a Change of Control and a Rating Decline (each as defined in the indenture), we shall make an offer to purchase all of the Notes at 101% of their principal amount, and accrued and unpaid interest. We used the proceeds from the offering of the Notes to repay $276.9 million outstanding under our prior revolving credit facility and to pay expenses and fees in connection therewith. As of July 31, 2025, the fair value of the Notes was $394.0 million, which is based on borrowing rates currently required of notes with similar terms, maturity and credit risk.
Current wording
On December 16, 2019, we completed a private placement of the Notes with a $400.0 million principal amount pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes were issued with a $4.5 million discount and will mature December 15, 2027, with interest payable semi-annually in arrears on June 15 and December 15 of each year, that commenced on June 15, 2020. The Notes represent senior unsecured obligations that rank equally in right of payment to all existing and future senior unsecured indebtedness. We may redeem the Notes prior to maturity, subject to certain limitations and premiums defined in the indenture governing the Notes. The Notes are guaranteed by each of our existing and future wholly owned domestic subsidiaries to the extent such subsidiaries guarantee our obligations under the Credit Agreement (defined below). The indenture governing the Notes requires that, upon the occurrence of both a Change of Control and a Rating Decline (each as defined in the indenture), we shall make an offer to purchase all of the Notes at 101% of their principal amount, and accrued and unpaid interest. As of October 31, 2025, the fair value of the Notes was $397.0 million, which is based on borrowing rates currently required of notes with similar terms, maturity and credit risk.
Previous wording
On July 1, 2025, we entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and other lender parties thereto. The Credit Agreement provides for an $850.0 million five-year senior secured revolving credit facility (the “Facility”). The Credit Agreement also provides that, under certain circumstances, we may incur term loans or increase the aggregate principal amount of revolving commitments by an aggregate amount of up to $600.0 million plus an unlimited amount subject to a consolidated secured net leverage ratio of 3.25 to 1.00. The Credit Agreement replaced a previous credit agreement dated as of December 16, 2019 (as amended, amended and restated or otherwise modified, the “Prior Credit Agreement”) with Bank of America, National Association as administrative agent and other lenders party thereto. We repaid all outstanding obligations under the Prior Credit Agreement, and expenses and fees in connection therewith. See Note 11 —Long-Term Debtfor a further description of the Credit Agreement. The Company had a total of $845.6 million available under the Facility and $645.6 million available under the Prior Credit Agreement as of July 31, 2025 and April 30, 2025, respectively, after $4.4 million of standby letters of credit were issued as of both July 31, 2025 and April 30, 2025. The Company had a total of $13.2 million and $13.1 million of standby letters with other financial institutions as of July 31, 2025 and April 30, 2025, respectively. The standby letters of credit were generally issued as a result of entering into office premise leases.
Current wording
On July 1, 2025, we entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and other lender parties thereto. The Credit Agreement provides for an $850.0 million five-year senior secured revolving credit facility (the “Facility”). The Credit Agreement also provides that, under certain circumstances, we may incur term loans or increase the aggregate principal amount of revolving commitments by an aggregate amount of up to $600.0 million plus an unlimited amount subject to aconsolidated secured net leverage ratio of 3.25 to 1.00. The Credit Agreement replaced a previous credit agreement dated as of December 16, 2019 (as amended, amended and restated or otherwise modified, the “Prior Credit Agreement”) with Bank of America, National Association as administrative agent and other lenders party thereto. We repaid all outstanding obligations under the Prior Credit Agreement, and expenses and fees in connection therewith. See Note 11 —Long-Term Debt for a further description of the Credit Agreement. The Company had a total of $845.6 million available under the Facility and $645.6 million available under the Prior Credit Agreement as of October 31, 2025 and April 30, 2025, respectively, after $4.4 million of standby letters of credit were issued as of both October 31, 2025 and April 30, 2025, respectively. The Company had a total of $13.9 million and $13.1 million of standby letters with other financial institutions as of October 31, 2025 and April 30, 2025, respectively. The standby letters of credit were generally issued as a result of entering into office premise leases.
Previous wording
On June 21, 2022, our Board of Directors approved an increase to the share repurchase program of approximately $300.0 million, which at the time brought our available capacity to repurchase shares in the open market or privately negotiated transactions to $318.0 million. The Company repurchased approximately $9.9 million and $23.5 million of the Company’s stock during the three months ended July 31, 2025 and 2024, respectively. As of July 31, 2025, $83.9 million remained available for common stock repurchases under our share repurchase program. Any decision to continue to execute our currently outstanding share repurchase program will depend on our earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors.
Current wording
On September 18, 2025, our Board of Directors approved an increase to the share repurchase program of $250.0 million, which at the time brought our available capacity to repurchase shares in the open market or privately negotiated transactions to $331.4 million. The Company repurchased approximately $17.9 million and $56.1 million of the Company’s stock during the six months ended October 31, 2025 and 2024, respectively. As of October 31, 2025, $325.8 million remained available for common stock repurchases under our share repurchase program. Any decision to continue to execute our currently outstanding share repurchase program will depend on our earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
RPO. RPO reported fee revenue of $90.8 million in the three months ended October 31, 2025, an increase of $3.2 million, or 4%, in the three months ended October 31, 2025 compared to $87.6 million in the year-ago quarter. The increase in fee revenue was primarily due to new logo clients in North America.
Current report — wording carried from elsewhere
Cost of services expense consists of contractor and product costs related to delivery of various services and products through Consulting, Digital, Professional Search & Interim and RPO. Cost of services expense increased by $24.1 million, or 18%, to $156.3 million in the six months ended October 31, 2025 compared to $132.2 million in the year-ago period. Professional Search & Interim accounted for $23.4 million of the increase due to an increase in fee revenue in the segment as a significant amount of interim services they perform have a higher cost of service expense as compared to the Company's other segments.
Current report — wording carried from elsewhere
Net Income Attributable to Korn Ferry
Current report — wording carried from elsewhere
Other income, net was $19.8 million in the six months ended October 31, 2025 compared to $19.9 million in the year-ago period. Other Income, net primarily includes gains generated from the increased fair value of our marketable securities that are held in trust for the settlement of the Company's obligation under the ECAP.
Current report — wording carried from elsewhere
Interest expense, net primarily relates to the Company's Notes issued in December 2019, borrowings under COLI policies and interest cost related to our deferred compensation plans, which are partially offset by interest earned on cash and cash equivalent balances. Interest expense, net was $9.3 million in the six months ended October 31, 2025 compared to $9.6 million in the year-ago period.
Current report — wording carried from elsewhere
The provision for income tax was $51.9 million in the six months ended October 31, 2025, with an effective tax rate of 26.9%, compared to $47.3 million in the six months ended October 31, 2024, with an effective rate of 27.2%. Our effective tax rate is primarily impacted by U.S. state income taxes and jurisdictional mix of earnings, which generally create variability in the effective tax rate over time.
Current report — wording carried from elsewhere
On July 4, 2025, the Act was enacted into law. Key provisions of the Act include the extension and modification of certain provisions of the Tax Cuts and Jobs Act of 2017, changes to bonus depreciation, adjustments to business interest expense limitations, and modifications to the treatment of research and development expenditures. The Act has multiple effective dates, with certain provisions effective in the our fiscal 2026 and others becoming effective in fiscal 2027. In accordance with ASC 740, the effect of changes in tax rates and laws on deferred tax balances are recognized in the period when the legislation is enacted. We have reflected the effect on the Act within the provision for income taxes and the deferred tax balances as of October 31, 2025. The Act did not materially impact our effective tax rate.
Current report — wording carried from elsewhere
Net Income Attributable to Noncontrolling Interest
Current report — wording carried from elsewhere
Net income attributable to noncontrolling interest represents the portion of a subsidiary’s net earnings that are attributable to shares of such subsidiary not held by Korn Ferry that are included in the condensed consolidated statements of income. Net income attributable to noncontrolling interest for the six months ended October 31, 2025 was $1.8 million, compared to $3.2 million in the six months ended October 31, 2024.
Current report — wording carried from elsewhere
Marketable securities consist of mutual funds and investments in commercial paper, corporate notes/bonds and U.S. Treasury and Agency securities. The primary objectives of our investment in mutual funds are to meet the obligations under certain of our deferred compensation plans, while the commercial paper, corporate notes/bonds and U.S. Treasury and Agency securities are available for general corporate purposes.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Consulting general and administrative expenses were $13.0 million in the three months ended July 31, 2025, essentially flat compared to $12.9 million in the year-ago quarter.