On this page of StockholderLetter.com we present the latest annual shareholder letter from KORN FERRY — ticker symbol KFY. Reading current and past KFY letters to shareholders can bring important insights into the investment thesis.
We are KORN FERRY ANNUAL REPORT 2025
DEAR STOCKHOLDERS, I hadn t seen them in years, maybe even a couple of decades. But when I recently opened the glovebox of an old car I ve kept for sentimental reasons, there was that dusty pouch. And inside all those roadmaps. Spreading each one across the hood of the car, I studied the highlighted routes, destinations circled in pencil, notes in the margins. All the stories came back to me the road trips we took, the places we stopped, even meetings I attended. One side of the map gave the bird s eye view from city to city along highways with numbers as familiar now as they were then 405, 5, 101. On the other side the focus narrowed to the granularity of neighborhoods and city streets. Frankly, it boggled my mind to think about how we used to travel from neighborhood to neighborhood, state to state, and even across the country with nothing more than paper to guide us. And it wasn t that long ago. We ve gone from pencils on paper to pressing a 7-inch screen with the world of where we re going mapped out for us. Coincidentally, all that transition has happened within a window that mirrors my own leadership journey at Korn Ferry. And that got me thinking about the transformation of this firm. While our company is still in the people business and even more focused on changing people s lives, today we are driving performance for our clients with a far more sophisticated, multi-faceted approach to meet their talent needs. When I examine the opportunity ahead, it s clear our strategy is working. The breadth of our Solutions provides more durable and synergistic fee revenues, anchored by largescale client engagements. We believe the fundamental composition and scale of our business offers a growth foundation for tomorrow. 1
More than three quarters of our Marquee and Diamond clients are benefitting from at least three of our Solution areas. It s gratifying to see these organizations utilizing multiple offerings that exemplify the full power of Korn Ferry. As we look to the fiscal year ahead, we will continue to innovate, including through a strong focus on AI tools and offerings to accelerate organizational performance for our clients. Our enterprise-wide talent data analytics and insights are helping clients understand whether they have the right talent in the right roles and aligned with their strategic priorities. During the fiscal year, we also released several new products in our Talent Suite a proprietary technology platform that transforms our decades of science and data into real-time insights. With each release, our organizational and talent products have enabled us to become even more deeply embedded with our clients as we bundle our IP and services. And our Intellectual Property ("IP") is immense: Over 108 million assessments conducted across industries, functions, and geographies 11,000+ validated success profiles covering approximately 30,000 job titles Compensation and rewards data from more than 28 million professionals across 31,000 organizations Engagement benchmarks based on input from approximately 38 million employees Culture surveys drawing responses from 6.8 million individuals across 550 organizations Pay policy and practice data covering nearly 160 countries Proprietary IP and behavioral science, including exclusive leadership models and talent frameworks As we close out another fiscal year, it s gratifying to reflect on all that has been accomplished a testament to the evolution of our firm and all made possible through our incredible colleagues. Our talent, industry expertise, global reach, and specialized Solutions are coming together to help solve our clients toughest performance challenges including the ambiguity that abounds in today s environment. Korn Ferry is circled on the map as the destination for our clients a global consulting firm that truly powers performance. We are unlocking the potential in people and unleashing transformation across business synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That s why the world s most forward-thinking companies across every major industry turn to us for a shared commitment to lasting impact and the bold ambition to Be More Than. I d like to thank our colleagues for all they do, and our clients for their trust and belief in our firm. I am also grateful to our leadership team and board of directors for their unwavering commitment to Korn Ferry. And to our stockholders, I want to express our deep appreciation for your support and confidence in Korn Ferry. We are all part of something special, embodying our We Are Korn Ferry spirit. Regards, 2
PERFORMANCE HIGHLIGHTS FISCAL YEAR 2025 Even amid the ever-changing global economic and political dynamics, we continue to deliver on our financial and strategic objectives, just as we have over the past several years. Our results reinforce the premise of Korn Ferry s diversification strategy and our continued momentum. Through ongoing investments to extend our offerings and expand our impact, we are powering performance for clients. This foundational focus for the future underpins our conviction to a strategy that we believe will continue to propel us forward. FEE REVENUE $2.73 BILLION ADJUSTED EBITDA1 $464 MILLION [1] Adjusted EBITDA, a non-GAAP financial measure, refers to earnings before interest, taxes, depreciation and amortization, adjusted to exclude acquisition / integration costs, impairment of fixed assets, the impairment of right-of-use asset, restructuring charges and senior management separation charges, when applicable. See page 34 of the accompanying Form 10-K for the fiscal year ended April 30, 2025 for a presentation of the most directly comparable GAAP measure for Adjusted EBITDA (Net Income attributable to Korn Ferry) and a reconciliation to that measure. Page 34 of the accompanying Form 10-K also presents a reconciliation to Net Income attributable to Korn Ferry margin, the numerator used when calculating the most directly comparable GAAP measure for Adjusted EBITDA Margin, which for the fiscal year ended April 30, 2025 was 9.0%. This document may contain certain statements that we believe are, or may be considered to be, forward-looking statements that is, statements regarding future events, objectives, or plans that by their nature are uncertain. For details on the uncertainties that may cause our actual future results to materially differ from those expressed in our forward-looking statements, see our accompanying Form 10-K for the fiscal year ended April 30, 2025 and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. 3
DIVERSE MIX OF REVENUE ($ MILLIONS) Executive Search Professional Search and Interim $846 $503 Digital $364 Consulting RPO $354 $663 ADJUSTED EBITDA1 ($ MILLIONS) ADJUSTED EBITDA MARGIN % $408 $464 FY'24 14.8% FY'25 FY'24 17.0% FY'25 14% growth from FY 24 to FY 25 RETURNED TO STOCKHOLDERS $173 MILLION Dividends $84M Share Repurchases $89M 4
 • shareholder letter icon 8/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 8/10/2023 KFY Stockholder Letter
 • stockholder letter icon 8/9/2024 KFY Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon KFY Benford's Law Stock Score = 98


KFY Shareholder/Stockholder Letter Transcript:

We are
KORN
FERRY
ANNUAL
REPORT
2025

DEAR
STOCKHOLDERS,
I hadn   t seen them in years, maybe even a couple of decades. But when I recently opened the glovebox of
an old car I   ve kept for sentimental reasons, there was that dusty pouch. And inside   all those roadmaps.
Spreading each one across the hood of the car, I studied the
highlighted routes, destinations circled in pencil, notes in the
margins. All the stories came back to me   the road trips we
took, the places we stopped, even meetings I attended.
One side of the map gave the bird   s eye view from city to
city   along highways with numbers as familiar now as they
were then   405, 5, 101. On the other side the focus narrowed
to the granularity of neighborhoods and city streets.
Frankly, it boggled my mind to think about how we used
to travel from neighborhood to neighborhood, state to
state, and even across the country with nothing more
than paper to guide us. And it wasn   t that long ago.
We   ve gone from pencils on paper to pressing a 7-inch
screen with the world of where we   re going mapped out for
us. Coincidentally, all that transition has happened within a
window that mirrors my own leadership journey at Korn Ferry.
And that got me thinking about the transformation of this
firm. While our company is still in the people business and
even more focused on changing people   s lives, today
we are driving performance for our clients with
a far more sophisticated, multi-faceted
approach to meet their talent needs.
When I examine the opportunity
ahead, it   s clear our strategy
is working. The breadth of
our Solutions provides more
durable and synergistic fee
revenues, anchored by largescale client engagements.
We believe the fundamental
composition and scale of our
business offers a growth
foundation for tomorrow.
1

More than three quarters of our Marquee and
Diamond clients are benefitting from at least
three of our Solution areas. It   s gratifying to see
these organizations utilizing multiple offerings
that exemplify the full power of Korn Ferry.
As we look to the fiscal year ahead, we will
continue to innovate, including through a strong
focus on AI tools and offerings to accelerate
organizational performance for our clients.
Our enterprise-wide talent data analytics and
insights are helping clients understand whether
they have the right talent in the right roles
and aligned with their strategic priorities.
During the fiscal year, we also released several
new products in our Talent Suite     a proprietary
technology platform that transforms our
decades of science and data into real-time
insights. With each release, our organizational
and talent products have enabled us to
become even more deeply embedded with
our clients as we bundle our IP and services.
And our Intellectual Property ("IP") is immense:

Over 108 million assessments conducted
across industries, functions, and geographies

11,000+ validated success profiles covering
approximately 30,000 job titles

Compensation and rewards data from
more than 28 million professionals
across 31,000 organizations

Engagement benchmarks based on input
from approximately 38 million employees

Culture surveys drawing responses from 6.8
million individuals across 550 organizations

Pay policy and practice data
covering nearly 160 countries

Proprietary IP and behavioral science,
including exclusive leadership
models and talent frameworks
As we close out another fiscal year, it   s
gratifying to reflect on all that has been
accomplished   a testament to the evolution
of our firm and all made possible through our
incredible colleagues. Our talent, industry
expertise, global reach, and specialized
Solutions are coming together to help
solve our clients    toughest performance
challenges   including the ambiguity that
abounds in today   s environment.
Korn Ferry is circled on the map as the
destination for our clients   a global consulting
firm that truly powers performance. We
are unlocking the potential in people and
unleashing transformation across business   
synchronizing strategy, operations, and
talent to accelerate performance, fuel
growth, and inspire a legacy of change.
That   s why the world   s most forward-thinking
companies across every major industry turn
to us   for a shared commitment to lasting
impact and the bold ambition to Be More Than.
I   d like to thank our colleagues for all they
do, and our clients for their trust and belief in
our firm. I am also grateful to our leadership
team and board of directors for their
unwavering commitment to Korn Ferry.
And to our stockholders, I want to
express our deep appreciation for your
support and confidence in Korn Ferry.
We are all part of something special,
embodying our We Are Korn Ferry spirit.
Regards,
2

PERFORMANCE
HIGHLIGHTS
FISCAL YEAR 2025
Even amid the ever-changing global economic and political dynamics, we continue to
deliver on our financial and strategic objectives, just as we have over the past several years.
Our results reinforce the premise of Korn Ferry   s diversification strategy and our continued
momentum. Through ongoing investments to extend our offerings and expand our impact,
we are powering performance for clients. This foundational focus for the future underpins
our conviction to a strategy that we believe will continue to propel us forward.
FEE REVENUE
$2.73
BILLION
ADJUSTED EBITDA1
$464
MILLION
[1] Adjusted EBITDA, a non-GAAP financial measure, refers to earnings before interest, taxes, depreciation and amortization,
adjusted to exclude acquisition / integration costs, impairment of fixed assets, the impairment of right-of-use asset, restructuring
charges and senior management separation charges, when applicable. See page 34 of the accompanying Form 10-K for the
fiscal year ended April 30, 2025 for a presentation of the most directly comparable GAAP measure for Adjusted EBITDA (Net
Income attributable to Korn Ferry) and a reconciliation to that measure. Page 34 of the accompanying Form 10-K also presents
a reconciliation to Net Income attributable to Korn Ferry margin, the numerator used when calculating the most directly
comparable GAAP measure for Adjusted EBITDA Margin, which for the fiscal year ended April 30, 2025 was 9.0%.
This document may contain certain statements that we believe are, or may be considered to be,    forward-looking statements       
that is, statements regarding future events, objectives, or plans that by their nature are uncertain. For details on the uncertainties
that may cause our actual future results to materially differ from those expressed in our forward-looking statements, see our
accompanying Form 10-K for the fiscal year ended April 30, 2025 and quarterly reports on Form 10-Q. We do not undertake
to update our forward-looking statements. This document also includes certain forward-looking projected financial information
that is based on current estimates and forecasts. Actual results could differ materially.
3

DIVERSE MIX OF REVENUE ($ MILLIONS)
Executive
Search
Professional Search
and Interim
$846
$503
Digital
$364
Consulting
RPO $354
$663
ADJUSTED
EBITDA1 ($ MILLIONS)
ADJUSTED
EBITDA MARGIN %
$408 $464
FY'24
14.8%
FY'25
FY'24
17.0%
FY'25
14% growth from
FY   24 to FY   25
RETURNED TO STOCKHOLDERS
$173 MILLION
Dividends $84M
Share Repurchases $89M
4


shareholder letter icon 8/8/2025 Letter Continued (Full PDF)
 

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