KORN FERRY (KFY) Business

Item 1. Business

Company Overview

Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our,” and “us”) is a global consulting firm that powers performance. We help unlock the potential in people and unleash transformation across organizations—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most admired companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.

As client needs have grown more complex, Korn Ferry has expanded its capabilities and become a comprehensive partner for talent and organizational performance. Today, we deliver a broad range of offerings across the talent lifecycle, combining deep expertise with scalable delivery models to meet the needs of organizations at every stage of growth.

What Sets Korn Ferry Apart

At Korn Ferry, performance starts with people. Our talent, industry expertise, global reach, and specialized solutions come together to solve our clients’ toughest performance challenges. We pair this with 10 billion data points, behavioral science, and powerful intellectual property ("IP")—our Foundational Assets. These assets support a broad set of Capabilities and power Integrated Solutions designed to keep pace with change. The result: organizations that are not just aligned but accelerated.

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A key enabler of this model is the Korn Ferry Talent Suite®—our proprietary technology platform that transforms decades of science and data into real-time insights. More than a delivery system, the Talent Suite embeds IP, data and advanced analytics into client workflows and supports scalable delivery through subscription- and license-based offerings. Products such as Architect, Assess, Pay, Recruit, and Sell can be deployed independently or integrated into broader engagements—enhancing consultant efficiency and client adoption. We continue to invest in this platform, including the integration of generative AI, to extend reach and deepen impact.

Go-To-Market Approach

Korn Ferry serves clients through a combination of strategic account partnerships and flexible engagement models designed to meet organizations where they are. At the center of this model is our Marquee and Diamond Accounts Program (the “Program”)—a structured approach to managing long-term relationships with many of the world’s most complex organizations.

Clients within the Program are supported by dedicated account leaders who coordinate engagement across Korn Ferry’s full portfolio—enabling consistent delivery, deep understanding of client priorities, and early access to new offerings. As of fiscal year-end 2025, our 350 Marquee and Diamond accounts represented approximately 39% of consolidated fee revenue—more than double their contribution at the Program’s inception.

Outside the Program, we serve thousands of additional clients worldwide through both project-based and recurring engagements. These organizations range from emerging businesses to global enterprises that engage with us in ways that match their scale, priorities, and pace of growth.

To deliver value at scale across this broad client base, Korn Ferry operates through three primary engagement models:

1.Custom Engagements – Tailored consulting and talent acquisition services grounded in proprietary data, behavioral science, and expert advisory.

2.Embedded Solutions – Our go-to-market offerings include subscription and licenses that are integrated into client workflows to support continuous improvement.

3.Subscription and Licensed Products – Scalable digital offerings from the Korn Ferry Talent Suite that clients use independently to support talent and organizational decisions.

This diversified model allows Korn Ferry to balance project-based work with recurring fee revenues. In fiscal 2025, more than 83% of our assignments were with clients we had served in the prior three years—reflecting strong loyalty and long-term engagement. Supported by a rewards structure that encourages enterprise-wide teaming, this model also drives collaboration across Solution areas: Consulting, Digital, Executive Search, Professional Search & Interim, and RPO. In fiscal 2025, approximately 25% of our consolidated fee revenue came from cross-Solution referrals, up from 14% in 2018 when we began tracking this metric.

Corporate Functions and Global Footprint

Korn Ferry’s corporate infrastructure underpins our global consistency, innovation, and ability to scale. Centralized teams spanning finance, legal, HR, technology, marketing, and the Korn Ferry Institute support our Solutions worldwide and help ensure effective, cohesive delivery. In addition, a dedicated AI function advances the responsible integration of emerging technologies, enhancing our platforms, protecting proprietary data, and reinforcing the strength of our Foundational Assets.

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As a firm, we operate across four regions—North America, EMEA, APAC, and Latin America—balancing global reach with local expertise. As of April 30, 2025, we had 103 offices in 51 countries.

Korn Ferry Institute

One of the most distinctive elements of Korn Ferry’s corporate infrastructure is the Korn Ferry Institute (“KFI”)—our dedicated hub for research, analytics, and innovation. As the firm’s thought leadership engine, KFI creates science-based insights that are embedded into our products, offerings, and delivery models. Drawing on decades of proprietary research and behavioral science, it fuels our intellectual property and ensures our methodologies remain rigorous, scalable, and relevant. The Institute’s work informs how we design, deliver, and continuously evolve our solutions—shaping how clients assess talent, develop leaders, and design organizations.

Culture & People

Our people are central to our success. Korn Ferry’s culture—rooted in our values of inclusion, performance, honesty, and knowledge—empowers employees to grow, collaborate, and drive impact. We invest in internal mobility, leadership development, and recognition programs that support long-term careers. Globally competitive benefits and flexible work models promote well-being, while our enterprise-wide promotion process highlights exceptional contributions. This commitment to our people is reflected in our global workforce, which is strategically distributed by function and region to support delivery at scale. As of April 30, 2025, Korn Ferry employed 9,253 full-time professionals.

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1.Consultants and execution staff, primarily responsible for originating client services

2.Support staff includes associates, researchers, administrative and support staff

Operating Model and Financial Reporting Alignment

To bring our strategy to life, we deliver services through five Solution areas. These Solution areas reflect the breadth of our talent and organizational offerings and correspond to eight reportable segments supported by centralized functions that drive consistency, innovation, and scale. These segments represent how we currently organize and deliver our work to the market, enabling us to deliver specialized expertise at scale while remaining agile in response to evolving client needs.

Fiscal 2025 Financial Performance

Korn Ferry's solid financial performance in fiscal 2025 is a direct result of our strategic initiatives to integrate technology, deepen client relationships, and drive transformational growth. It also reflects the ongoing success of Korn Ferry's Marquee and Diamond Account program. These long-term, strategic partnerships underscore the success of our client-first approach and our ability to deliver integrated, enterprise-wide solutions across diverse industries. As we continue to execute our strategy, we are confident that our investments in innovation and client-tailored solutions align with and support Korn Ferry’s long-term growth plan, while delivering value to shareholders.

In fiscal 2025, Korn Ferry advanced its strategic priorities and delivered meaningful business results:

•$2,730.1 million in fee revenue.

•Net Income Attributable to Korn Ferry was $246.1 million with a margin of 9.0%, an increase of 290bps compared to fiscal 2024.

•Adjusted EBITDA* was $463.9 million with a margin of 17.0%, an increase of 220bps compared to fiscal 2024.

•Diluted Earnings Per Share was $4.60.

•We continued with our balanced approach to capital allocation and for the full year, the Company invested $62.4 million in capital expenditures (excluding leasehold improvements and furniture & fixtures), $44.4 million in M&A,

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$18.5 million on debt service costs, and returned $88.9 million and $83.6 million to shareholders in the form of share repurchases and dividends, respectively.

*Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin are non-GAAP financial measures and have limitations as analytical tools. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of why management believes the presentation of non-GAAP financial measures provide meaningful supplemental information regarding Korn Ferry’s performance.

1.Consulting helps clients design and implement the talent strategies, organizational structures, and workforce capabilities and rewards to drive growth. Our consulting teams collaborate across Korn Ferry to deliver integrated solutions that support end-to-end transformation—from strategy through execution.

Fiscal 2025 highlights:

•Fee revenue was $662.7 million.

•Adjusted EBITDA was $115.5 million, and Adjusted EBITDA margin was 17.4%.

•The number of consulting and execution staff at year-end was 1,599 with an average bill rate (fee revenue divided by the number of hours worked by consultants and execution staff) of $439 per hour.

Client Base: In fiscal 2025, Consulting supported over 4,300 clients globally with 28% of Consulting’s fiscal 2025 fee revenue being referred from Korn Ferry’s other Solutions. Our clients span Fortune 500 companies, public institutions, and high-growth innovators across industries and geographies.

Competition: The market for organizational consulting is competitive, with a mix of large advisory firms and specialized boutiques providing services in leadership assessment and development, transformation, and workforce strategy and rewards. Korn Ferry’s differentiation lies in its ability to leverage its Foundational Assets into its technology enabled service offerings, creating unique and differentiated insights and end-to-end solutions that connect strategy and talent to drive business outcomes.

2.Digital leads the development, integration and commercialization of products in the Talent Suite, as well as enabling technology across Korn Ferry’s other Solution areas. Built on decades of proprietary data, intellectual property, behavioral science, and talent intelligence, these tools empower data-driven decision-making and provide real-time access to benchmarks, assessments, talent development, rewards, and diagnostics across the talent lifecycle. They are leveraged in multiple ways: by consultants within service delivery, as embedded components of Integrated Solutions, or accessed directly by clients through subscription- and license-based models.

Fiscal 2025 highlights:

•Fee revenue was $363.5 million.

•Subscription/license revenue was $137.7 million, an increase of 5.1% compared to fiscal 2024.

•Adjusted EBITDA was $112.7 million, and Adjusted EBITDA margin was 31%.

Client Base: In fiscal 2025, Digital engaged with more than 7,800 clients globally with 33% of Digital's fiscal 2025 fee revenue being referred from Korn Ferry's other solutions. Our clients come from the private, public and not-for-profit sectors, across every major industry and represent diverse business challenges. Subscription and license growth was driven by both direct access to the Talent Suite platform, as well as integrated delivery in partnership with our other Solutions, driving increased client utilization and stickiness.

Competition: A broad range of human resources (“HR”) technology companies compete in this space, including independent software vendors and enterprise HR platform providers. Korn Ferry differentiates itself by embedding proprietary data, IP and talent science into scalable, platform-enabled tools that can be consumed independently or in conjunction with our Integrated Solutions. These tools are designed to work seamlessly within clients’ existing systems and workflows, enabling data-driven talent decisions at scale.

3.Executive Search delivers industry-leading executive recruitment across global markets, powered by decades of expertise and deep industry/sector specialization, and Korn Ferry’s own top-tier executive search professionals. We help organizations recruit board-level, C-suite, and senior executive talent, using proprietary assessments, leadership benchmarks, and deep functional insight to identify leaders who align with strategy, culture, and long-term priorities. This solution is managed and reported on a geographic basis and represents four of the Company’s reportable segments (Executive Search North America, Executive Search Europe, Middle East and Africa (“EMEA”), Executive Search Asia Pacific (“APAC”) and Executive Search Latin America).

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Fiscal 2025 highlights:

•Fee revenue was $846.2 million.

•Adjusted EBITDA was $206.2 million, and Adjusted EBITDA margin was 24.4%*.

•In fiscal 2025, we opened more than 6,300 new engagements with an average of 551 consultants.

*Executive Search Adjusted EBITDA and Executive Search Adjusted EBITDA margin are non-GAAP financial measures and have limitations as analytical tools. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of why management believes the presentation of these non-GAAP financial measures provide meaningful supplemental information regarding Korn Ferry's performance.

Consultants are organized in six broad industry groups and bring an in-depth understanding of the market conditions and strategic management issues clients face within their sectors and geographies. In addition, we regularly look to expand our specialized expertise through internal development and strategic hiring in targeted growth areas. We also have consultants organized by centers of functional expertise. This helps our teams comprehensively grasp the specific requirements and nuances involved in the role itself. These partners bring a deep understanding of the functional dynamics–from strategy through to execution–enabling them to identify and place candidates who possess the necessary skills, knowledge, and experience to excel in the role.

Client Base: In fiscal 2025, we partnered with more than 3,700 Executive Search engagement clients including many of the world’s most recognized public and private enterprises.

Competition: Competitors include global executive search firms and specialized regional boutiques. Korn Ferry differentiates itself through a combination of deep industry expertise, global scale, proprietary assessment tools, and integration with leadership development and succession planning services. This integrated approach positions Korn Ferry to deliver high-impact talent solutions across diverse client needs.

4.Professional Search & Interim focuses on scalable, high impact recruiting and interim talent solutions at the professional level that offer flexibility and speed in dynamic business environments. Korn Ferry helps clients rapidly place permanent professionals and senior/professional interim leaders across business-critical functions such as Finance and Accounting, IT, HR, and Operations.

Fiscal 2025 highlights:

•Fee revenue was $503.5 million.

•Adjusted EBITDA was $107.6 million, and Adjusted EBITDA margin was 21.4%.

•Average bill rates were $133 per hour in fiscal 2025.

•Professional Search annual fee revenue reached $637K per consultant in fiscal 2025.

Client Base: in FY25, Professional Search & Interim partnered with over 3,200 clients globally delivering strategic, hiring solutions at the intersection of speed, quality, and scalability, and 23% of Professional Search & Interim’s fiscal 2025 fee revenue was referred from Korn Ferry’s other solutions.

Competition: Professional Search competitors include regional search firms, global staffing companies, and specialist recruiters. Korn Ferry differentiates itself by combining specialist recruitment with proprietary assessment tools, and integration with broader talent strategies. The firm’s ability to work across professional-level and executive level search on both full-time and an interim basis enables clients to address immediate talent needs while building long-term professional/leadership pipelines—offering flexibility and insight as organizations navigate evolving workforce demands.

5.RPO provides high-volume, outsourced hiring solutions that deliver end-to-end talent acquisition services for enterprise clients. These programs are delivered through global Talent Delivery Centers, using a technology enabled platform and are designed and managed to align with each client’s business objectives, leveraging Korn Ferry’s IP, data, science, and deep talent expertise. Advanced technology and AI-driven tools are used to enhance the platform to drive scale, efficiency, and quality, while offering an engaging experience for candidates throughout the hiring process.

Fiscal 2025 highlights:

•Fee revenue was $354.1 million.

•Adjusted EBITDA was $52.6 million, and Adjusted EBITDA margin was 14.9%.

•New business was $533.4 million in fiscal 2025 with 58% from New Logo clients (new RPO engagements).

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Client Base: RPO supported more than 240 enterprise clients in fiscal 2025 with strategic hiring programs and large-scale workforce buildouts across regions and sectors, and 59% of RPO’s fiscal 2025 fee revenue was referred from Korn Ferry’s other solutions.

Competition: The RPO market includes a broad range of global and regional firms offering high-volume recruitment solutions. Korn Ferry stands apart through its ability to combine proprietary data, IP, technology-enabled service delivery, and advisory expertise into fully integrated talent acquisition programs. The firm’s use of AI and automation enhances decision-making, accelerates time-to-fill, and improves hiring precision at scale. This approach supports consistent hiring outcomes and positions Korn Ferry as a long-term strategic partner for clients.

Available Information

Korn Ferry files annual, quarterly, and current reports, proxy statements, and other documents with the Securities and Exchange Commission (the "SEC"), according to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our reports, proxy statements, and other documents filed electronically with the SEC are available at the website maintained by the SEC at https://www.sec.gov.

We also make available, free of charge on the Investor Relations portion of our website at http://ir.kornferry.com, those annual, quarterly, and current reports, and, if applicable, amendments to those reports, filed or furnished under Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC at www.sec.gov.

Our Corporate Governance Guidelines, Code of Business Conduct and Ethics, and the charters of the Audit Committee, Compensation and Personnel Committee, and Nominating and Corporate Governance Committee of our Board of Directors are also posted on the Investor Relations portion of our website at http://ir.kornferry.com. Stockholders may request copies of these documents by writing to our Corporate Secretary at 1900 Avenue of the Stars, Suite 1225, Los Angeles, California 90067.

In addition, we make available on the Investor Relations portion of our website at http://ir.kornferry.com press releases and related earnings presentations and other essential information, which we encourage you to review.