KELLY SERVICES INCKELYA

KELLY SERVICES INC Revenue Disclosure

10-KFiled Feb 12, 20263 min read
2. Revenue

Revenue Disaggregated by Service Type

Kelly has three operating segments: Enterprise Talent Management (“ETM”), Science, Engineering & Technology (“SET”) and Education. The ETM segment combines two former reportable segments, Professional & Industrial (“P&I”) and Outsourcing & Consulting Group (“OCG”), along with the transfer of certain customers from the SET segment to better align delivery models and improve go-to-market strategies (see Segment Disclosures footnote). In the first quarter of 2025, the Company also integrated the Sevenstep business—acquired as part of the Motion Recruitment Partners, LLC (“MRP”) acquisition and which had previously been included in the SET segment—into the ETM segment as part of the broader MRP integration strategy. Prior to 2024, the Company also had an International operating segment (see Segment Disclosures footnote). The Company's segments deliver talent through staffing services, permanent placement or outcome-based services. The Company's ETM segment also delivers talent solutions including managed service provider (“MSP”), payroll process outsourcing (“PPO”) and recruitment process outsourcing (“RPO”). The 2023 and 2024 ETM and SET segment information has been recast to conform to the new structure.

The following table presents the Company's segment revenues disaggregated by service type:

December Year-to-Date 2025
Staffing ServicesOutcome-
based
Services		Talent
Solutions		Permanent PlacementTotal
Enterprise Talent Management$1,038.1 $466.1 $492.4 $8.9 $2,005.5 
Science, Engineering & Technology778.7 427.1 — 34.6 1,240.4 
Education1,004.4 — — 6.3 1,010.7 
Total Segment Revenue$2,821.2 $893.2 $492.4 $49.8 $4,256.6 
Intersegment(5.7)
Total Revenue from Services$4,250.9 
December Year-to-Date 2024
Staffing ServicesOutcome-
based
Services		Talent
Solutions		Permanent PlacementTotal
Enterprise Talent Management$1,175.5 $530.0 $480.8 $9.8 $2,196.1 
Science, Engineering & Technology725.0 411.2 — 29.5 1,165.7 
Education966.0 — — 6.3 972.3 
Total Segment Revenue$2,866.5 $941.2 $480.8 $45.6 $4,334.1 
Intersegment(2.3)
Total Revenue from Services$4,331.8 
December Year-to-Date 2023
Staffing ServicesOutcome-
based
Services		Talent
Solutions		Permanent PlacementTotal
Enterprise Talent Management$1,223.2 $534.6 $442.2 $14.4 $2,214.4 
Science, Engineering & Technology580.2 372.6 — 17.8 970.6 
Education834.9 — — 7.0 841.9 
International790.0 — 1.4 20.7 812.1 
Total Segment Revenue$3,428.3 $907.2 $443.6 $59.9 $4,839.0 
Intersegment(3.3)
Total Revenue from Services$4,835.7 
Revenue Disaggregated by Geography

The Company's operations are subject to different economic and regulatory environments depending on geographic location. The Company's Education segment operates in the Americas region, the SET segment operates in the Americas and Europe regions and the ETM segment operates in the Americas, Europe and Asia-Pacific regions. In 2023, the Company's International segment included the Company's staffing operations in Europe as well as Mexico, which is included in the Americas region.

The below table presents the Company's revenues disaggregated by geography:
December Year-to-Date
202520242023
Americas
United States$3,807.9 $3,876.9 $3,555.8 
Other332.4 357.3 372.5 
Total Americas Region4,140.3 4,234.2 3,928.3 
Total Europe Region45.6 41.9 863.7 
Total Asia-Pacific Region65.0 55.7 43.7 
Total Kelly Services, Inc.$4,250.9 $4,331.8 $4,835.7 

Deferred Costs

Deferred fulfillment costs, which are included in prepaid expenses and other current assets in the consolidated balance sheet, were zero as of year-end 2025 and $1.8 million as of 2024. Amortization expense for the deferred costs was $1.9 million for 2025, $6.7 million for 2024 and $7.7 million for 2023. As of year-end 2025, there was no impairment loss in relation to the costs capitalized.
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Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 20, 2024
2022Feb 17, 2022
2021Feb 18, 2021
2019Feb 13, 2020
2018Feb 14, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew Standards