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HSII on NASDAQ

Heidrick & Struggles

Executive search and consultancy company based in Willis Tower, founded in 19531

In its 2025 annual report the company says: “Heidrick & Struggles International, Inc. is a human capital leadership advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide to help them to improve the effectiveness of their leadership teams. We provide our services to a broad range of clients through the expertise of over 500 consultants located in major cities around the world.”5 Its shares trade on NASDAQ under the symbol HSII.1

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Last updated Oct 21, 2026.

Overview

1953Founded1

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  • TickerHSII on NASDAQ1
  • Industryexecutive search1
  • HeadquartersWillis Tower1
  • Founded inChicago1
  • Websitewww.heidrick.com
  • Legal formDelaware corporation1
  • Incorporated inDE4
  • Business address233 S Wacker Drive, Suite 4900, Chicago, Il 60606-63034
  • Filer categoryAccelerated filer4
  • LEI5493006284N2J367VB573
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 6777233

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Heidrick & Struggles International, Inc. (“Heidrick & Struggles”) is a human capital leadership advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide to help them to improve the effectiveness of their leadership teams. When we use the terms “Heidrick & Struggles,” “the Company,” “we,” “us” and “our,” in this Form 10-K, we mean Heidrick & Struggles International, Inc. a Delaware corporation, and its consolidated subsidiaries. We provide our services to a broad range of clients through the expertise of over 500 consultants located in major cities around the world. Heidrick & Struggles and its predecessors have been leadership advisors for more than 70 years. Heidrick & Struggles was formed as a Delaware corporation in 1999 when two of our predecessors merged to form Heidrick & Struggles.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

0.7%Operating margin6
0.8%Net margin6
7.0%Revenue growth, 20246
1.9%Return on equity6
$124.1MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue11¢$119.0M
  • Research and development2¢$23.1M
  • Other costs84¢$925.9M
  • Income tax2¢$21.9M
  • Profit1¢$8.7M

Out of $1.1B in revenue.6

Where each dollar of operating cash went, fiscal 2024

  • Capital spending17¢$26.3M
  • Dividends paid9¢$12.9M
  • Kept or used elsewhere74¢$111.2M

Out of $150.4M of cash from operations.6

Financial statements

Revenue7896$1.1B in 2024+53% since 2018
0$500.0M$1.0B$1.5B2018: $716.0M$716.0M20182019: $706.9M$706.9M2019−1%2020: $621.6M$621.6M2020−12%2021: $1.0B$1.0B2021+61%2022: $1.1B$1.1B2022+7%2023: $1.0B$1.0B2023−4%2024: $1.1B$1.1B2024+7%
Operating income781096$7.5M in 2024−89% since 2018
-$50.0M0$50.0M$100.0M$150.0M2018: $68.9M$68.9M20182019: $63.5M$63.5M2019−8%2020: -$35.5M-$35.5M20202021: $98.3M$98.3M20212022: $112.3M$112.3M2022+14%2023: $75.4M$75.4M2023−33%2024: $7.5M$7.5M2024−90%
Net income781096$8.7M in 2024−82% since 2018
-$50.0M0$50.0M$100.0M2018: $49.3M$49.3M20182019: $46.9M$46.9M2019−5%2020: -$37.7M-$37.7M20202021: $72.6M$72.6M20212022: $79.5M$79.5M2022+10%2023: $54.4M$54.4M2023−32%2024: $8.7M$8.7M2024−84%
Fiscal year2018201920202021202220232024
Revenue$716.0M7$706.9M8$621.6M8$1.0B9$1.1B6$1.0B6$1.1B6
Cost of revenue$52.8M9$70.7M6$109.0M6$119.0M6
Research and development$010$09$20.4M6$22.7M6$23.1M6
Operating expenses$910.2M10$971.3M10$965.8M6$1.1B6
Operating income$68.9M7$63.5M8-$35.5M10$98.3M9$112.3M6$75.4M6$7.5M6
Income before tax$106.0M9$115.2M6$88.7M6$30.7M6
Income tax$21.2M7$22.4M8$6.3M10$33.5M9$35.8M6$34.3M6$21.9M6
Net income$49.3M7$46.9M8-$37.7M10$72.6M9$79.5M6$54.4M6$8.7M6
Earnings per share$2.617$2.458-$1.9510$3.729$4.026$2.726$0.436
Earnings per share (diluted)$2.527$2.408-$1.9510$3.589$3.866$2.626$0.416
Shares (weighted, basic)19.5M shares919.8M shares620.0M shares620.3M shares6
Shares (weighted, diluted)20.3M shares920.6M shares620.8M shares621.2M shares6

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Corporate structure

Heidrick & Struggles sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Heidrick & Struggles

  • RENAISSANCE TECHNOLOGIES LLC Filed SCHEDULE 13G/A on Heidrick & Struggles, latest Feb 12, 2026 (4 filings since Feb 11, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Heidrick & Struggles, latest Jan 21, 2026 (5 filings since Feb 8, 2022)
  • MAK CAPITAL ONE LLC Filed SCHEDULE 13D on Heidrick & Struggles, latest Nov 5, 2025 (2 filings since Apr 7, 2025)
  • BlackRock Filed SCHEDULE 13G/A on Heidrick & Struggles, latest Apr 30, 2025 (5 filings since Feb 7, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on Heidrick & Struggles, latest Feb 13, 2024 (3 filings since Feb 10, 2022)
  • ROYCE & ASSOCIATES LP Filed SC 13G/A on Heidrick & Struggles, latest Jan 27, 2023 (2 filings since Jan 21, 2022)
  • Russell Investments Group, Ltd. Filed SC 13G/A on Heidrick & Struggles, latest Feb 14, 2022
  • Heidrick & Struggles Wilmington, Delaware, United States
    • HEIDRICK AND STRUGGLES (INDIA) PRIVATE LIMITED Subsidiary · Gurgaon, India

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Heidrick & Struggles reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$111.8M6 Dec 31, 2024$98.6M6 Dec 31, 2023+13.3%
Accumulated depreciation$60.1M6 Dec 31, 2024$62.9M6 Dec 31, 2023−4.4%
Property and equipment, net$51.7M6 Dec 31, 2024$35.8M6 Dec 31, 2023+44.6%
Operating-lease assets (leased space)$83.5M6 Dec 31, 2024$86.1M6 Dec 31, 2023−3.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$515.6M6 Dec 31, 2024$412.6M6 Dec 31, 2023+25.0%
Marketable securities, current$47.9M6 Dec 31, 2024$65.5M6 Dec 31, 2023−26.9%
Long-term investments$58.3M6 Dec 31, 2024$47.3M6 Dec 31, 2023+23.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$137.9M6 Dec 31, 2024$202.3M6 Dec 31, 2023−31.8%
Finite-lived intangibles, gross$38.3M6 Dec 31, 2024$39.9M6 Dec 31, 2023−4.0%
Accumulated amortization$25.8M6 Dec 31, 2024$19.0M6 Dec 31, 2023+35.6%
Finite-lived intangibles, net$12.5M6 Dec 31, 2024$20.8M6 Dec 31, 2023−40.1%

Properties, in its own words

Our corporate headquarters is located in Chicago, Illinois. As of December 31, 2024, we have leased office space in 57 cities in 30 countries around the world. All of our offices are leased. We do not own any real estate. We believe our existing facilities are in good operating condition and are suitable for our current needs. We do not anticipate significant difficulty replacing such facilities or locating additional facilities to accommodate future growth.

Item 2 of the 10-K filed Mar 3, 2025.5

Leadership

Who has led Heidrick & Struggles, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas J. Friel2006
  2. L. Kevin Kelly2007–2013
  3. Jory J. Marino2013
  4. Tracy R. Wolstencroft2014–2017
  5. Krishnan Rajagopalan2018–2023
  6. Thomas L. Monahan2024–now

Chair

  1. Michael Franzino2006–2007

President

  1. L. Kevin Kelly2006
  2. Bonnie Gwin2006
  3. Tracy R. Wolstencroft2014–2017
  4. Krishnan Rajagopalan2018–2023

Chief financial officer

  1. Eileen A. Kamerick2006–2008
  2. Scott J. Krenz2008–2011
  3. Richard W. Pehlke2011–2018
  4. Mark R. Harris2018–2025
  5. Nirupam Sinha2025–now

Chief operating officer

  1. Michael M. Cullen2019–2022
197019801990200020102020
Board members and other officers (51)

Timeline

  1. Dec 10, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer77
  2. Dec 5, 20258-K Shareholder vote78
  3. Nov 18, 20258-K Other events79
  4. Nov 3, 20258-K Results of operations80
  5. Oct 6, 20258-K Entered a material agreement; Executive or director change; Bylaws or fiscal year changed81
  6. Aug 4, 20258-K Results of operations82
  7. May 22, 20258-K Shareholder vote83
  8. May 5, 20258-K Results of operations84
  9. Mar 18, 20258-K Entered a material agreement; New debt or obligation85
  10. Mar 3, 20258-K Results of operations86
  11. Feb 6, 20258-K Executive or director change87
  12. Jan 30, 20258-K Executive or director change88
  13. Mar 12, 2024New chief executive Thomas L. Monahan becomes CEO14
  14. Mar 13, 2018New chief executive Krishnan Rajagopalan becomes CEO15
  15. Feb 14, 2014New chief executive Tracy R. Wolstencroft becomes CEO16
  16. Jul 18, 2013New chief executive Jory J. Marino becomes CEO17
  17. Mar 7, 2007New chief executive L. Kevin Kelly becomes CEO18
  18. Mar 7, 2006New chief executive Thomas J. Friel becomes CEO19
  19. Apr 27, 1999Went public Listed on NASDAQ1
  20. 1953Founded Founded in Chicago1

Calendar

When it reported results

  1. Nov 3, 2025Reported quarterly or annual results80
  2. Aug 4, 2025Reported quarterly or annual results82
  3. May 5, 2025Reported quarterly or annual results84
  4. Mar 3, 2025Reported quarterly or annual results86
  5. Nov 4, 2024Reported quarterly or annual results89
  6. Jul 29, 2024Reported quarterly or annual results90
  7. Jun 17, 2024Reported quarterly or annual results91
  8. May 6, 2024Reported quarterly or annual results92

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

231 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 41 major events, 109 insider forms, 22 large holders, 42 other. The latest 20:

  1. Feb 12, 2026SCHEDULE 13G/A EDGAR
  2. Jan 21, 2026SCHEDULE 13G/A EDGAR
  3. Dec 22, 202515-12G EDGAR
  4. Dec 10, 202525-NSE EDGAR
  5. Dec 10, 20254 EDGAR
  6. Dec 10, 20254 EDGAR
  7. Dec 10, 20254 EDGAR
  8. Dec 10, 20254 EDGAR
  9. Dec 10, 20254 EDGAR
  10. Dec 10, 20254 EDGAR
  11. Dec 10, 20254 EDGAR
  12. Dec 10, 20254 EDGAR
  13. Dec 10, 20254 EDGAR
  14. Dec 10, 20254 EDGAR
  15. Dec 10, 20254 EDGAR
  16. Dec 10, 2025S-8 POS EDGAR
  17. Dec 10, 2025S-8 POS EDGAR
  18. Dec 10, 2025S-8 POS EDGAR
  19. Dec 10, 2025S-8 POS EDGAR
  20. Dec 10, 2025S-8 POS EDGAR

The 231 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 3 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 14, 2025Payne SarahChief Human Resources OfficerSale12,000$42.70$512.4KForm 4
Mar 6, 2025MONAHAN THOMAS LChief Executive OfficerBuy5,000$45.55$227.8KForm 4
Nov 8, 2024MONAHAN THOMAS LChief Executive OfficerBuy5,000$47.39$236.9KForm 4
Jul 31, 2024Payne SarahChief Human Resources OfficerSale8,691$40.40$351.1KForm 4
Jul 31, 2024Harris Mark RChief Financial OfficerSale7,500$40.70$305.2KForm 4
Jul 31, 2024MONAHAN THOMAS LChief Executive OfficerBuy7,500$40.38$302.9KForm 4
May 9, 2024Harris Mark RChief Financial OfficerSale7,000$31.77$222.4KForm 4
Dec 12, 2023Harris Mark RChief Financial OfficerSale6,000$28.04$168.2KForm 4
Aug 1, 2022Harris Mark RChief Financial OfficerSale3,000$31.70$95.1KForm 4
Apr 8, 2022Cullen Michael MChief Operating OfficerSale924$39.15$36.2KForm 4
Mar 15, 2022Cullen Michael MChief Operating OfficerSale3,853$39.10$150.7KForm 4
Mar 2, 2022Rajagopalan KrishnanPresident and CEOSale5,000$40.94$204.7KForm 4
Oct 29, 2021Cullen Michael MChief Operating OfficerSale5,232$46.65$244.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Thomas Monahan$900.0K$6.6M100
2024Tom Murray$750.0K$4.4M100
2024Krishnan Rajagopalan5$225.0K$3.2M100
2024Mark Harris$377.7K$1.5M100
2024Tracey Heaton$450.0K$1.4M100
2024Sarah Payne$350.0K$1.2M100
2024Stephen Bondi6$359.1K$822.2K100
2023Former President & Chief$900.0K$5.1M100
2023Former Chief$600.0K$2.4M100
2023Chief Legal Officer and$425.0K$1.2M100
2023Former Chief Human$350.0K$1.1M100
2022Executive Officer$900.0K$6.9M100
2022Financial Officer$568.8K$2.4M100
2022Corporate Secretary$400.0K$1.3M100
2022Resources Officer$325.0K$1.1M100

SEC filer profile

How Heidrick & Struggles is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHEIDRICK & STRUGGLES INTERNATIONAL INC2
  • CIK0001066605
  • Employer ID (EIN)36-26812685
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 312
  • Industry code (SIC)7361 Services-Employment Agencies2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address233 S Wacker Drive, Suite 4900, Chicago, IL 60606-63032
  • Mailing address233 S Wacker Drive, Suite 4900, Chicago, IL 606062
  • Phone31249612002
  • Shares outstanding20,790,543 as of Oct 31, 202512
  • Public float$527.1M as of Jun 28, 20245
  • AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJul 27, 19982
  • Filings1,422 in all: 4 (654), 8-K (262), SC 13G/A (96), 10-Q (81), 3 (61), 4/A (43), SC 13G (42), 10-K (26)2
    All 39 form types

    DEF 14A (26), 144 (13), 11-K (11), 3/A (11), S-8 (11), S-8 POS (11), SC 13D/A (9), UPLOAD (9), DEFA14A (8), CORRESP (6), S-1/A (5), 8-K/A (4), SC 13D (4), SCHEDULE 13G/A (4), 5 (3), ARS (3), S-4/A (3), 424B4 (2), S-1 (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 8-A12G (1), DEFM14A (1), DEFR14A (1), NT 10-K (1), PRE 14A (1), PREM14A (1), S-4 (1), SCHEDULE 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2025
    Quarterly report (10-Q) Nov 3, 2025
    Proxy statement (DEF 14A) Apr 11, 2025
    Latest 8-K (8-K) Dec 10, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, $.01 par valueHSIIThe Nasdaq Stock Market

From the cover page of the 10-K filed Mar 3, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Heidrick & Struggles names in Item 1A of its 10-K filed Mar 3, 2025: 22 risks under these headings, as written.5

  • Company Risks
  • Operational Risks
  • Any failure to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders could cause our business, financial condition and results of operations to suffer.
  • We may not be able to prevent our consultants from taking our clients with them to another firm, which could adversely affect our business, financial condition and results of operations.
  • Any inability to maintain our professional reputation and brand name could adversely affect our business, financial condition and results of operations.
  • Because certain of our clients have arrangements that restrict us from recruiting their employees, we are constrained in our ability to fill or obtain new executive search assignments in certain cases, which could impact demand for our services and affect our results of operations or financial condition.
  • We rely heavily on information management systems, and if such systems experience disruptions or other failures, are not expanded and diversified in a cost-effective and timely manner or are found to infringe the intellectual property rights of third parties, it may adversely affect the operation of our business, results of operations and financial condition.
  • We are investing in new technology and intellectual property for the introduction of new products and services to our clients. Our inability to successfully implement these new technologies, products and services could negatively affect our business, profitability and reputation.
  • We are dependent on third parties for the execution of certain critical functions and the failure or inability to perform on the part of one or more of these third parties could materially and adversely affect our reputation and our business.
  • Legal, Regulatory and Compliance Risks
  • We face the risk of claims, including relating to alleged breaches of contractual obligations and employment-related or other laws and regulations in the services we perform for our clients, which could result in significant liabilities.
  • Data security, data privacy and data protection laws, such as GDPR, and other evolving regulations and cross-border data transfer restrictions, may limit the use of our services and adversely affect our business.
The other 13 risks
  • There may be adverse tax, legal, and other consequences if the independent contractor classification of our on-demand independent talent is challenged.
  • Increased cybersecurity vulnerabilities, threats and more sophisticated and targeted cyber-related attacks could pose a risk to our systems, networks, solutions, services and data.
  • Industry and General Economic Risks
  • Our net revenue and operating expenses may be affected by the impact of adverse macroeconomic or labor market conditions, including the impacts of inflation and effects of geopolitical instability, on demand for our services.
  • We face aggressive competition and if we are unable to meet these competitive challenges, our business, financial condition and results of operations may be materially and adversely affected.
  • A significant currency fluctuation between the U.S. dollar and other currencies could adversely impact our operating income.
  • Our ability to access additional credit could be limited, which may negatively impact our business.
  • General Risk Factors
  • Our multinational operations may be adversely affected by social, geopolitical, regulatory, legal, economic and weather-related or other natural disaster risks, and if we are unable to quickly and completely recover from any associated disruption to our business, we may experience financial losses and reputational damage.
  • Unfavorable tax law changes and tax authority rulings may adversely affect our results.
  • We may not be able to generate sufficient profits to realize the benefit of our net deferred tax assets.
  • We may not be able to align our cost structure with net revenue, which could adversely affect our business, financial condition and results of operations.
  • We have experienced, and may in the future experience impairment of our goodwill, other intangible assets and other long-lived assets, which could have an adverse impact on our business, financial condition and results of operations.
  • Our ability to execute and integrate future acquisitions, if any, could negatively affect our business and profitability.
  • We have anti-takeover provisions that could make an acquisition of us difficult and expensive.

Legal proceedings

We have contingent liabilities from various pending claims and litigation matters arising in the ordinary course of our business, some of which involve claims for damages that may be substantial in amount. Some of these matters are covered by insurance. Based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.

The opening of Item 3, Legal Proceedings.5

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