Monday, November 09, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. In the third quarter, Kelly delivered results above the midpoint of guidance, driven by meaningful progress on growth and efficiency initiatives along with increasingly constructive demand trends. Year-over-year revenue improved sequentially for a third consecutive quarter, and the Company had adjusted EBITDA margin expansion over the prior-year period. We believe Kelly remains well positioned to capitalize on increasing demand while continuing to drive margin expansion.
3Q Numbers. Kelly reported 3Q26 revenue of $927.2 million, down 0.8% year-over-year, an improvement of 500 bps versus the prior quarter; underlying revenue, which excludes previously disclosed discrete impacts, grew 2.3% year-over-year. We were at $930 million. Adjusted EBITDA was $21.3 million and adjusted EBITDA margin was 2.3%. We had projected $19 million and 2%, respectively. Adjusted EPS was $0.07 in the third quarter of 2026 compared to $0.17 per share in the corresponding quarter of 2025. We were at $0.14.
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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.