Kelly Services, Inc. (formerly Russell Kelly Office Service and Kelly Girl Service, Inc.) is an American multinational office staffing company. The company places employees at all levels in various sectors including financial services, information technology, and law. Also, its professional services include human resource and management consulting, outsourcing, recruitment, career transition, and vendor management.3 It was founded by William Russell Kelly.1 Its shares trade on Nasdaq under the symbol KELYA.1Wikipedia text CC BY-SA 4.0
Kelly Services, Inc. (formerly Russell Kelly Office Service and Kelly Girl Service, Inc.) is an American multinational office staffing company. The company places employees at all levels in various sectors including financial services, information technology, and law. Also, its professional services include human resource and management consulting, outsourcing, recruitment, career transition, and vendor management. Kelly Services was founded by William Russell Kelly in 1946 and is headquartered in Troy, Michigan.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$4.3B in 2025−21% since 2017Gross profit10111213146$853.0M in 2025−11% since 2017Operating income10111213146-$69.8M in 2025Net income10111213146-$254.1M in 2025
Revenue151617$1.0B in Q2 FY2026−6% since Q2 FY2025Gross profit151617$212.0M in Q2 FY2026−6% since Q2 FY2025Operating income151617$16.1M in Q2 FY2026−27% since Q2 FY2025Net income151617$11.4M in Q2 FY2026+97% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue from services
$4.3B
$4.3B
$4.8B
Cost of services
$3.4B
$3.4B
$3.9B
Gross profit
$853.0M
$882.6M
$961.4M
Selling, general and administrative expenses
$825.9M
$818.4M
$934.7M
Goodwill impairment charge
$102.0M
$72.8M
$0
Asset impairment charge
$0
$13.5M
$2.4M
Gain on sale of assets
-$1.0M
-$5.4M
$0
Gain on sale of EMEA staffing operations
-$4.1M
-$1.6M
$0
Earnings (loss) from operations
-$69.8M
-$15.1M
$24.3M
Other income (expense), net
-$9.0M
-$6.8M
$600.0K
Earnings (loss) before taxes
-$78.8M
-$21.9M
$24.9M
Income tax expense (benefit)
$175.3M
-$21.3M
-$11.5M
Net earnings (loss)
-$254.1M
-$600.0K
$36.4M
Basic earnings (loss) per share (in dollars per share)
-$7.24
-$0.02
$0.99
Diluted earnings (loss) per share (in dollars per share)
-$7.24
-$0.02
$0.98
Basic (in shares)
35.1M shares
35.5M shares
35.9M shares
Diluted (in shares)
35.1M shares
35.5M shares
36.3M shares
No quarter-by-quarter statement was filed.
Total assets1810111213196$2.3B in 2025−5% since 2017Shareholders’ equity10111213146$976.5M in 2025−15% since 2017Cash10111213146$33.0M in 2025+2% since 2017Long-term debt196$101.9M in 2025
Total assets20161715$2.3B in Q2 FY2026−9% since Q2 FY2025Shareholders’ equity151617$982.0M in Q2 FY2026−21% since Q2 FY2025Cash151617$24.2M in Q2 FY2026+34% since Q2 FY2025Long-term debt20161715$78.1M in Q2 FY2026+5% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and equivalents
$33.0M
$39.0M
$125.8M
Trade accounts receivable, less allowances of $10.0 and $8.4, respectively
$1.2B
$1.3B
Prepaid expenses and other current assets
$46.6M
$71.0M
Total current assets
$1.3B
$1.4B
Property and equipment, net
$20.5M
$25.8M
Operating lease right-of-use assets
$42.9M
$47.0M
Deferred taxes
$163.2M
$330.1M
Retirement plan assets
$289.7M
$258.1M
Goodwill, net
$202.1M
$304.2M
$151.1M
Intangibles, net
$226.2M
$256.3M
Other assets
$37.7M
$45.3M
Total noncurrent assets
$982.3M
$1.3B
Total Assets
$2.3B
$2.6B
Accounts payable and accrued liabilities
$631.4M
$613.8M
Operating lease liabilities
$12.3M
$12.3M
Accrued payroll and related taxes
$140.9M
$163.9M
Accrued workers' compensation and other claims
$20.9M
$19.0M
Income and other taxes
$16.3M
$17.5M
Total current liabilities
$821.8M
$826.5M
Long-term debt
$101.9M
$239.4M
Operating lease liabilities
$44.9M
$50.9M
Accrued workers' compensation and other claims
$34.2M
$33.8M
Accrued retirement benefits
$263.7M
$239.9M
Other long-term liabilities
$7.6M
$7.2M
Total noncurrent liabilities
$452.3M
$571.2M
Paid-in capital
$36.3M
$34.2M
Earnings invested in the business
$965.1M
$1.2B
Accumulated other comprehensive income (loss)
$300.0K
-$6.9M
Total stockholders' equity
$976.5M
$1.2B
$1.3B
$1.3B
Total Liabilities and Stockholders' Equity
$2.3B
$2.6B
Allowance for trade accounts receivable
$10.0M
$8.4M
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and equivalents
$33.0M
$39.0M
$125.8M
Trade accounts receivable, less allowances of $10.0 and $8.4, respectively
$1.2B
$1.3B
Prepaid expenses and other current assets
$46.6M
$71.0M
Total current assets
$1.3B
$1.4B
Property and equipment, net
$20.5M
$25.8M
Operating lease right-of-use assets
$42.9M
$47.0M
Deferred taxes
$163.2M
$330.1M
Retirement plan assets
$289.7M
$258.1M
Goodwill, net
$202.1M
$304.2M
$151.1M
Intangibles, net
$226.2M
$256.3M
Other assets
$37.7M
$45.3M
Total noncurrent assets
$982.3M
$1.3B
Total Assets
$2.3B
$2.6B
Accounts payable and accrued liabilities
$631.4M
$613.8M
Operating lease liabilities
$12.3M
$12.3M
Accrued payroll and related taxes
$140.9M
$163.9M
Accrued workers' compensation and other claims
$20.9M
$19.0M
Income and other taxes
$16.3M
$17.5M
Total current liabilities
$821.8M
$826.5M
Long-term debt
$101.9M
$239.4M
Operating lease liabilities
$44.9M
$50.9M
Accrued workers' compensation and other claims
$34.2M
$33.8M
Accrued retirement benefits
$263.7M
$239.9M
Other long-term liabilities
$7.6M
$7.2M
Total noncurrent liabilities
$452.3M
$571.2M
Paid-in capital
$36.3M
$34.2M
Earnings invested in the business
$965.1M
$1.2B
Accumulated other comprehensive income (loss)
$300.0K
-$6.9M
Total stockholders' equity
$976.5M
$1.2B
$1.3B
$1.3B
Total Liabilities and Stockholders' Equity
$2.3B
$2.6B
Allowance for trade accounts receivable
$10.0M
$8.4M
Cash from operations10111213146$122.6M in 2025+73% since 2017Dividends paid10111213146$11.0M in 2025−5% since 2017
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earnings (loss)
-$254.1M
-$600.0K
$36.4M
Goodwill impairment charge
$102.0M
$72.8M
$0
Asset impairment charge
$0
$13.5M
$2.4M
Deferred income taxes
$168.5M
-$27.8M
-$24.9M
Depreciation and amortization
$42.4M
$40.2M
$33.9M
Operating lease asset amortization
$10.9M
$10.7M
$16.2M
Stock-based compensation
$12.3M
$11.8M
$9.7M
Provision for credit losses and sales allowances
$3.3M
-$100.0K
$1.6M
Gain on sale of EMEA staffing operations
-$4.1M
-$1.6M
$0
Gain on sale of assets
-$1.0M
-$5.4M
$0
Other, net
$300.0K
-$9.4M
$3.4M
Accounts receivable
$94.6M
-$20.9M
$147.2M
Other assets
$4.9M
$3.0M
-$12.9M
Accounts payable
-$10.5M
-$31.1M
-$62.5M
Other liabilities
-$46.9M
-$28.2M
-$73.8M
Net cash from (used in) operating activities
$122.6M
$26.9M
$76.7M
Capital expenditures
-$8.5M
-$11.1M
-$15.3M
Proceeds from sale of EMEA staffing operations, net of cash disposed
$21.8M
$77.1M
$0
Proceeds from sale of PersolKelly investment
$6.4M
$0
$0
Proceeds from sale of assets
$1.0M
$4.3M
$0
Acquisition of companies, net of cash received
$0
-$431.9M
$0
Other investing activities
$1.6M
$0
$1.2M
Net cash (used in) from investing activities
$22.3M
-$361.6M
-$14.1M
Net change in short-term borrowings
$0
$0
-$700.0K
Proceeds from long-term debt
$1.6B
$1.3B
$0
Payments on long-term debt
-$1.7B
-$1.1B
$0
Financing lease payments
$0
$0
-$1.2M
Dividend payments
-$11.0M
-$10.9M
-$11.0M
Payments of tax withholding for stock awards
-$2.3M
-$2.5M
-$1.8M
Contingent consideration payments
$0
$0
-$2.5M
Other financing activities
-$300.0K
-$1.2M
-$200.0K
Net cash from (used in) financing activities
-$161.1M
$214.8M
-$59.6M
Effect of exchange rates on cash, cash equivalents and restricted cash
$8.3M
-$2.1M
$2.2M
Net change in cash, cash equivalents and restricted cash
Kelly Services sits at the top of its group. 33 entities, 16 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Kelly Services
Hunt Equity Opportunities, LLCFiled SCHEDULE 13D/A on Kelly Services, latest May 19, 2026 (2 filings since Jan 30, 2026)
Landesbank Aktiengesellschaft Liechtensteinische Filed SCHEDULE 13G on Kelly Services, latest May 19, 2026
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Kelly Services, latest Mar 27, 2026 (6 filings since Feb 10, 2022)
Boston PartnersFiled SCHEDULE 13G/A on Kelly Services, latest Jan 16, 2026 (2 filings since May 12, 2025)
BarclaysFiled SCHEDULE 13G/A on Kelly Services, latest Aug 12, 2025 (3 filings since Feb 14, 2025)
BlackRockFiled SCHEDULE 13G/A on Kelly Services, latest Jul 17, 2025 (9 filings since Jan 25, 2022)
FMR LLCFiled SC 13G/A on Kelly Services, latest Feb 9, 2022
Kelly ServicesTroy, Michigan, United States
Agensi Pekerjaan Kelly OCG, Sdn. Bhd. (a subsidiary of Kelly OCG Malaysia Sdn. Bhd.) Subsidiary · Malaysia
Children's Therapy Center, LLC (a subsidiary of Kelly Services USA, LLC) Subsidiary · Delaware, United States
Goal Group, LLC (a subsidiary of Motion Recruitment Partners LLC) Subsidiary · Virginia, United States
KC South Africa Subsidiary · South Africa
Kelly Managed Services (Nederland), B.V. Subsidiary · Netherlands
Kelly OCG Hungary Kft. Subsidiary · Hungary
Kelly OCG Malaysia, Sdn. Bhd. (a subsidiary of Kelly OCG Singapore, Pte. Ltd.) Subsidiary · Malaysia
Kelly OCG Singapore, Pte. Ltd. Subsidiary · Singapore
Kelly OCG UK Ltd. Subsidiary · United Kingdom
Kelly Outsourcing and Consulting Group (Austria) GmbH, (a subsidiary of Kelly Outsourcing and Consulting Group (Germany), GmbH) Subsidiary · Austria
Kelly Outsourcing and Consulting Group (Germany), GmbH Subsidiary · Germany
Kelly Outsourcing and Consulting Group Australia, Ltd. Subsidiary · Delaware, United States
Kelly Outsourcing and Consulting Group India, Pte. Ltd. (a subsidiary of Kelly Services, Inc. and Kelly Properties, LLC) Subsidiary · India
Kelly Properties, LLC Subsidiary · Delaware, United States
Kelly Receivables Funding, LLC Subsidiary · Delaware, United States
Kelly Services (Canada), Ltd. Subsidiary · Canada
Kelly Services Global, LLC Subsidiary · Michigan, United States
Kelly Services México, S.A. de C.V. (a subsidiary of Kelly Services, Inc. and Kelly Properties, LLC) Subsidiary · Mexico
Kelly Services Outsourcing and Consulting Group, NV Subsidiary · Belgium
Kelly Services USA, LLC Subsidiary · Michigan, United States
KellyOCG France SAS Subsidiary · France
KellyOCG Sweden AB Subsidiary · Sweden
Matrix Resources LLC (a subsidiary of Motion Recruitment Partners LLC) Subsidiary · Georgia, United States
Motion Recruitment Limited (a subsidiary of Motion Recruitment Partners LLC) Subsidiary · Ireland
Motion Recruitment Partners LLC (a subsidiary of MRP Holdco, Inc.) Subsidiary · Delaware, United States
and 7 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Kelly Services 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.
Our headquarters is a leased facility located in Troy, Michigan and is available to our corporate, subsidiary and divisional employees. We also conduct business operations in both the U.S. and international locations in additional leased facilities. Since 2020, the majority of our internal employees have also conducted business remotely as part of our flexible work policy.
Founded in 1946 by William Russell Kelly, the company was originally named Russell Kelly Office Service. Services were provided in-house at the Kelly office. However, as customer offices grew and needed more resources, they began to ask for the Kelly employees to perform the work at their own offices. Temporary workers from Russell Kelly Office Service, often women, soon became known as ‘Kelly Girls’. Adelaide Hess Moran, the first Kelly temporary employee to work at a customer’s office, was promptly dubbed the first ‘Kelly Girl’.
The company name was changed to Kelly Girl Service, Inc. in 1957. Eventually "Kelly girl" became a widely used term for a temporary worker, regardless of company affiliation or gender. By 1966, the company had expanded to include industrial and technical services divisions and was renamed Kelly Services, Inc.
In 2008, Lynn Noyes was awarded $6.5 million in damages from Kelly Services for failing to promote her because she was not part of the Fellowship of Friends cult.
In 2015, the company reported 8,100 employees, $5.5 billion in revenue, making it one of the world's largest staffing firms. In 2018, the company reported $5.5 billion in revenue.
As of 2019, the CEO is Peter Quigley.
In May 2024, Kelly Services acquired Motion Recruitment Partners for $425 million in cash.
Feb 12, 2026Reported quarterly or annual results97
Nov 6, 2025Reported quarterly or annual results103
Aug 7, 2025Reported quarterly or annual results105
May 8, 2025Reported quarterly or annual results107
Feb 13, 2025Reported quarterly or annual results108
Nov 7, 2024Reported quarterly or annual results109
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
467 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 328 insider forms, 28 large holders, 34 other. The latest 20:
32 open-market trades by officers, directors and large owners since October 2021: 15 buys and 17 sales. Grants, option exercises and gifts are left out.
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.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Obligated amounts from USAspending.gov119, by calendar year, 2008–2026, for its registration. Obligations are what agencies committed, not always what was paid out. Contracts pay for goods and services; grants, loans and direct payments are assistance. Loans are charted at the face value of the loans listed here. An award’s amount below is its lifetime total, and some began before the years charted.
Largest contracts
Mar 25, 2010$53.9M from National Institutes of Health: Tas::75 3966::tas scientific&technical support services- delivery order # 2120To KELLY SERVICES, INC.Award HHSN27100002
Oct 26, 2018$30.9M from National Institutes of Health: Scientific, technical and other professional support services (stops)121To KELLY SERVICES, INC.Award 75N95019F00029
Sep 22, 2016$27.6M from National Institutes of Health: Igf::ot::igf - other function - scientific, technical and other professional services (stops)122To KELLY SERVICES, INC.Award HHSN27100231
Sep 23, 2019$27.1M from National Institutes of Health: Scientific, technical and other professional support services (stops)123To KELLY SERVICES, INC.Award 75N95019F00181
Sep 18, 2012$26.9M from National Institutes of Health: Igf::ot::igf other functions - program management/supports124To KELLY SERVICES, INC.Award HHSN27100149
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).21
Risk factors and legal proceedings
The risks Kelly Services names in Item 1A of its 10-K filed Feb 12, 2026: 32 risks under these headings, as written.21
Risks Related to Macroeconomic Conditions
Our business is significantly affected by fluctuations in general economic conditions.
Our stock price may be subject to significant volatility and could suffer a decline in value.
Risks Related to our Industry Segment
We operate in a highly competitive industry with low barriers to entry and may be unable to compete successfully against existing or new competitors.
Technological advances, including advances in automation and artificial intelligence, may significantly disrupt the labor market and weaken demand for human capital.
Competition rules arising from government legislation, litigation or regulatory activity may limit how we structure and market our services.
Unexpected changes in claim trends on our workers’ compensation, unemployment, disability, medical benefit plans, and other expenses may negatively impact our financial condition.
We may have additional tax liabilities that exceed our estimates.
Risks Related to Strategy and Execution
Our future performance depends on the Company’s effective execution of our business strategy.
If we fail to successfully improve or develop new service offerings, we may be unable to retain and acquire customers, resulting in a decline in revenues.
The other 23 risks
A loss of major customers or a change in such customers’ buying behavior or economic strength could have a material adverse effect on our business.
We are at risk of damage to our brands, which are important to our success.
As we increasingly offer services outside the realm of traditional staffing, including outcome-based services, business process outsourcing, vendor and supplier management and services intended to connect independent talent to independent work, we are exposed to additional risks which could have a material adverse effect on our business.
We are increasingly dependent on third parties for the execution of critical functions and could be liable for their inability to perform or adhere to global compliance standards.
Our information technology strategy may not yield its intended results.
Past and future acquisitions may not be successful.
Risks Related to Operating a Global Enterprise
We conduct a portion of our operations outside of the United States and we are subject to risks relating to our international business activities, including fluctuations in currency exchange rates and numerous legal and regulatory requirements.
Our international operations subject us to potential liability under anti-bribery, anti-corruption, anti-trafficking, supply chain, trade protection and other laws and regulations.
Events such as natural disasters, severe weather, terrorist attacks, war, pandemics and other catastrophic events could decrease demand for our services in impacted areas.
We are subject to substantial pressure to meet external stakeholder’s sustainability requirements.
Risks Related to Human Capital
We depend on our ability to attract, develop and retain qualified permanent full-time employees.
We depend on the ability of Kelly and third-party talent suppliers to attract and retain qualified personnel to provide our services.
The proliferation of artificial intelligence-enhanced application materials and fraudulent candidates, including those potentially sponsored by hostile actors, creates operational challenges and exposes us to legal, reputational, and security risks.
We may be exposed to employment-related claims and losses, including class action lawsuits and collective actions, which could have a material adverse effect on our business.
Risks Related to Cyber Security and Data Privacy
Damage to our data facilities could affect our ability to sustain critical business applications.
A failure to maintain the privacy of personal data entrusted to us could have significant adverse consequences.
Cyberattacks, damage or disruption to our technology systems and services, breaches of network or information technology security, or other serious security incidents could have an adverse effect on our systems, services, reputation and financial results.
Risks Related to Our Capital Structure
Our controlling stockholder exercises voting control over our company and has the ability to elect or remove from office all of our directors.
We are not subject to certain of the listing standards that normally apply to companies whose shares are quoted on the Nasdaq Global Select Market.
The holders of shares of our Class A common stock are not entitled to voting rights.
Provisions in our certificate of incorporation and bylaws and Delaware law may delay or prevent an acquisition of our Company.
We may not be able to realize value from, or otherwise preserve and utilize, our tax credit and net operating loss carryforwards.
Failure to maintain specified financial covenants in our bank credit facilities, or credit market events beyond our control, could adversely restrict our financial and operating flexibility and subject us to other risks, including risk of loss of access to capital markets.
Legal proceedings
We are continuously engaged in litigation, threatened litigation, claims, audits or investigations arising in the ordinary course of our business, such as matters alleging employment discrimination, wage and hour violations, claims for indemnification or liability, violations of privacy rights, anti-competition regulations, commercial and contractual disputes, and tax-related matters, which could result in a material adverse outcome. We record accruals for loss contingencies when we believe it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Such accruals are recorded in accounts payable and accrued liabilities and in accrued workers’ compensation and other claims in the consolidated balance sheet. We maintain insurance coverage which may cover certain claims. When claims exceed the applicable policy deductible and realization of recovery of the claim from existing insurance policies is deemed probable, we record receivables from the insurance company for the excess amount, which are included in prepaid expenses and other current assets and other assets in the consolidated balance sheet.
While the outcome of these matters currently pending cannot be predicted with certainty, we believe that the resolution of any such proceedings will not have a material adverse effect on our financial condition, results of operations or cash flows.
