Monday, August 11, 2025
Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New CEO. Chris Layden has been selected to serve as President and Chief Executive Officer, effective September 2, 2025, replacing the retiring Peter Quigley. Having spent nearly two decades at Manpower Group and as COO of Prolink, Mr. Layden has extensive experience leading organizations through transformations to advance go-to-market initiatives and accelerate profitable growth.
2Q25 Results. Kelly reported revenue of $1.1 billion, up 4.2% y-o-y but down 3.3% on an organic basis. Second quarter adjusted EBITDA of $37.0 million was down 8.7% versus the prior year, with adjusted EBITDA margin down 40 bp to 3.4%. EPS was $0.52 compared to EPS of $0.12 in the second quarter of 2024. On an adjusted basis, EPS was $0.54 in 2Q25 compared to $0.71/sh in 2Q24. We had forecast $1.17 billion of revenue, $42.5 million adjusted EBITDA, EPS of $0.73, and adjusted EPS of $0.71.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
