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Kelly Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$56.2M in Q3 2026 · −$8.1M over twelve months

Operating cash flow−$54.5M
Capital spending−$1.7M
Free cash flow−$56.2M
Cash conversion cycle41 days

Analysis

In Q3 2026, Kelly Services generated −$54.5M of operating cash flow and spent $1.7M on capital projects, leaving free cash flow of −$56.2M.

Over the twelve months to Sep 27, 2026, operating cash flow was −$2.1M; the largest uses were dividends ($10.9M), other financing ($10.6M), capital spending ($6.0M); besides operations, cash came from other investing ($15.6M), net borrowing (+) / repaid (−) ($4.1M); the cash balance fell by $9.1M.

Operating cash flow was −$54.5M against net income of −$1.7M. The largest differences: receivables −$80.9M, depreciation & amortization +$13.6M, payables +$13.5M.

Its cash conversion cycle was 41 days (receivables 124 + inventory 0 − payables 83).

Free cash flow

Kelly Services: free cash flow by quarterKelly Services: free cash flow by quarter$13.0MQ4 2024$21.4MQ1 2025$93.4MQ2 2025−$27.6MQ3 2025$26.9MQ4 2025−$26.5MQ1 2026$47.7MQ2 2026−$56.2MQ3 2026
Operating cash flow less capital spending.
Kelly Services: operating cash flow against capital spendingKelly Services: operating cash flow against capital spendingOperating cash flowCapital spending$15.0M$2.0MQ4 2024$23.9M$2.5MQ1 2025$95.4M$2.0MQ2 2025−$25.3M$2.3MQ3 2025$28.6M$1.7MQ4 2025−$25.4M$1.1MQ1 2026$49.2M$1.5MQ2 2026−$54.5M$1.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$54.5M, Capital spending $1.7M.

Capital allocation, year by year

Kelly Services: where the cash came from (up) and went (down), by fiscal yearKelly Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $85.0MFY2021: Net borrowing $4.2MFY2021: Capital spending −$11.2MFY2021: Acquisitions −$213MFY2021: Dividends −$4.0M$89.2MFY2021FY2022: Operating cash flow −$76.3MFY2022: Net borrowing −$600KFY2022: Asset sales $10.1MFY2022: Capital spending −$12.0MFY2022: Acquisitions −$143MFY2022: Dividends −$10.6M$10.1MFY2022FY2023: Operating cash flow $76.7MFY2023: Net borrowing −$1.9MFY2023: Capital spending −$15.3MFY2023: Dividends −$11.0M$76.7MFY2023FY2024: Operating cash flow $26.9MFY2024: Net borrowing $239MFY2024: Asset sales $4.3MFY2024: Capital spending −$11.1MFY2024: Acquisitions −$432MFY2024: Dividends −$10.9M$271MFY2024FY2025: Operating cash flow $123MFY2025: Net borrowing −$138MFY2025: Asset sales $1.0MFY2025: Capital spending −$8.5MFY2025: Dividends −$11.0M$124MFY2025
Over these 5 years operating cash flow totalled $235M; the largest uses were acquisitions ($788M) and net borrowing ($140M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$22.2M
Debt$122M
Net debt$100M
Cash runway2.7 years

Kelly Services is burning cash: its operations consume cash, a free cash flow of −$8.1M a year at the current rate against $22.2M of cash and investments: a runway of about 2.7 years before any new financing.

Where the cash came from and went

Kelly Services: sources (+) and uses (−) of cash, Q3 2026Kelly Services: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$54.5MNet borrowing (+) / repaid (−)$44.4MOther investing$10.7MDividends−$2.7MExchange rates$2.6MCapital spending−$1.7MCash drawn (+) / kept (−)$1.7MTaxes on employees’ shares−$400KOther financing−$100K
Kelly Services: sources (+) and uses (−) of cash, TTM to Q3 2026Kelly Services: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$15.6MDividends−$10.9MOther financing−$10.6MCash drawn (+) / kept (−)$9.1MCapital spending−$6.0MNet borrowing (+) / repaid (−)$4.1MExchange rates$3.1MTaxes on employees’ shares−$2.3MOperating cash flow−$2.1M

From profit to cash

Kelly Services: net income to operating cash flow, Q3 2026Kelly Services: net income to operating cash flow, Q3 2026Net income−$1.7MDepreciation & amortization$13.6MStock-based pay$3.3MDeferred taxes$1.5MReceivables−$80.9MPayables$13.5MPrepaid and other assets−$13.0MOther liabilities$5.5MOperating cash flow−$54.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026124—8341
Q2 2026107—7136
Q1 2026105—6838
Q4 2025103—6637
Q3 2025116—7541
Q2 2025100—6338
Q1 202598—5939
Q4 202496—5837

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$54.5M−$1.7M—−$2.7M$44.4M$1.7M−$56.2M
Q2 2026$49.2M−$1.5M—−$2.8M−$52.4M$1.5M$47.7M
Q1 2026−$25.4M−$1.1M—−$2.7M$28.6M$8.2M−$26.5M
Q4 2025$28.6M−$1.7M—−$2.7M−$16.5M−$2.3M$26.9M
Q3 2025−$25.3M−$2.3M—−$2.8M$44.1M−$10.9M−$27.6M
Q2 2025$95.4M−$2.0M—−$2.7M−$130M$10.0M$93.4M
Q1 2025$23.9M−$2.5M—−$2.8M−$34.8M$11.1M$21.4M
Q4 2024$15.0M−$2.0M−$4.5M−$2.7M—−$5.2M$13.0M

Kelly Services: income statement and cash flow

Kelly Services, Q3 2026: revenue $927M (-0.8% year over year), operating margin 0.1%. The chart follows the revenue to costs, profit and cash.

Kelly Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.