KELYAMEDIUM SIGNALFINANCIAL10-K

Kelly Services substantially reduced its debt burden while experiencing declines across key balance sheet metrics including stockholders equity and total assets.

The company's significant debt reduction from $239.4M to $101.9M suggests either active deleveraging or debt restructuring, which could improve financial flexibility despite the overall balance sheet contraction. The 20.9% decline in stockholders equity alongside reduced total assets indicates the company may be undergoing operational restructuring or experiencing business headwinds that warrant monitoring.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

Kelly Services demonstrated a mixed financial picture with the most notable positive being a substantial reduction in total debt from $239.4M to $101.9M, improving the company's leverage profile. However, this was accompanied by declines across other major balance sheet components, with stockholders equity falling 20.9% to $976.5M, total assets decreasing 14.5% to $2.3B, and cash reserves declining modestly to $33.0M. The overall financial position suggests a company potentially in transition, with improved debt management offset by broader balance sheet contraction.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-57.4%
$239.4M→$101.9M

Debt reduced 57.4% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
-20.9%
$1.2B→$976.5M

Equity decreased 20.9% — buybacks or losses reducing book value, monitor solvency ratios.

Cash & Equivalents
Balance Sheet
-15.4%
$39.0M→$33.0M

Cash decreased 15.4% — monitor burn rate and upcoming capital needs.

Total Assets
Balance Sheet
-14.5%
$2.6B→$2.3B

Total assets contracted 14.5% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
Registrant had 30,915,587 shares of Class A and 3,295,941 shares of Class B common stock, par value $1.00 per share, outstanding as of February 01, 2026.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
45 INDEX TO FINANCIAL STATEMENTS 46 SCHEDULE II - VALUATION RESERVES 93 SIGNATURES 97 3 PART I Unless the context otherwise requires, throughout this Annual Report on Form 10-K the words Kelly, Kelly Services, the Company, we, us and our refer to Kelly Services, Inc.
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REMOVED
Registrant had 31,592,205 shares of Class A and 3,295,841 shares of Class B common stock, par value $1.00 per share, outstanding as of February 2, 2025.
2 PART I Unless the context otherwise requires, throughout this Annual Report on Form 10-K the words Kelly, Kelly Services, the Company, we, us and our refer to Kelly Services, Inc.
In 1996, Kelly established the industry s first Managed Service Provider ("MSP") program.
Three years later, the Company launched specialized offerings in engineering, IT and education.
In 2020, Kelly launched a new operating model comprising five specialty business units: Kelly Professional Industrial ("P I"); Kelly Science, Engineering Technology ("SET"); Kelly Education; KellyOCG ("Outsourcing Consulting" or "OCG"); and Kelly International.
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