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Korn Ferry cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$266M in Q1 FY27 · $319M over twelve months

Operating cash flow−$248M
Capital spending−$17.9M
Free cash flow−$266M
Cash / net income-3.6×

Analysis

In Q1 FY27, Korn Ferry generated −$248M of operating cash flow and spent $17.9M on capital projects, leaving free cash flow of −$266M. That is $5.6M less than in Q1 FY26 (−$260M).

Over the twelve months to Jul 31, 2026, operating cash flow was $404M; the largest uses were dividends ($109M), buybacks ($106M), capital spending ($85.2M); besides operations, cash came from other investing ($28.1M), shares issued ($7.4M); the cash balance rose by $116M.

Operating cash flow was −$248M against net income of $69.5M — -3.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$291M, receivables −$47.1M, depreciation & amortization +$22.2M.

Free cash flow

Korn Ferry: free cash flow by quarterKorn Ferry: free cash flow by quarter$108MQ2 FY25$196MQ3 FY25$236MQ4 FY25−$260MQ1 FY26$101MQ2 FY26$212MQ3 FY26$272MQ4 FY26−$266MQ1 FY27
Operating cash flow less capital spending.
Korn Ferry: operating cash flow against capital spendingKorn Ferry: operating cash flow against capital spendingOperating cash flowCapital spending$122M$14.3MQ2 FY25$214M$17.4MQ3 FY25$256M$20.3MQ4 FY25−$237M$22.6MQ1 FY26$121M$20.8MQ2 FY26$233M$21.7MQ3 FY26$297M$24.8MQ4 FY26−$248M$17.9MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$248M, Capital spending $17.9M.

Capital allocation, year by year

Korn Ferry: where the cash came from (up) and went (down), by fiscal yearKorn Ferry: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $502MFY22: Net borrowing −$1.2MFY22: Shares issued $6.9MFY22: Capital spending −$49.4MFY22: Acquisitions −$134MFY22: Buybacks −$96.3MFY22: Dividends −$26.8M$509MFY22FY23: Operating cash flow $344MFY23: Net borrowing −$1.6MFY23: Shares issued $7.6MFY23: Capital spending −$70.4MFY23: Acquisitions −$255MFY23: Buybacks −$95.5MFY23: Dividends −$33.0M$352MFY23FY24: Operating cash flow $284MFY24: Net borrowing −$1.8MFY24: Shares issued $8.3MFY24: Capital spending −$55.1MFY24: Buybacks −$53.2MFY24: Dividends −$54.4M$292MFY24FY25: Operating cash flow $364MFY25: Net borrowing −$1.6MFY25: Shares issued $7.9MFY25: Capital spending −$62.5MFY25: Acquisitions −$44.4MFY25: Buybacks −$88.8MFY25: Dividends −$83.6M$372MFY25FY26: Operating cash flow $414MFY26: Net borrowing −$2.1MFY26: Shares issued $7.5MFY26: Capital spending −$89.9MFY26: Buybacks −$116MFY26: Dividends −$105M$422MFY26
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($449M) and acquisitions ($433M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$816M
Debt$399M
Net cash$418M

Korn Ferry funds itself: free cash flow was $319M over the last twelve months, and $816M of cash and investments stands against $399M of debt.

Where the cash came from and went

Korn Ferry: sources (+) and uses (−) of cash, Q1 FY27Korn Ferry: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$295MOperating cash flow−$248MDividends−$30.2MOther investing$27.4MTaxes on employees’ shares−$24.9MCapital spending−$17.9MShares issued$4.1MExchange rates−$3.9MBuybacks−$746KNet borrowing (+) / repaid (−)−$588KOther financing−$87K
Korn Ferry: sources (+) and uses (−) of cash, TTM to Q1 FY27Korn Ferry: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$404MCash drawn (+) / kept (−)−$116MDividends−$109MBuybacks−$106MCapital spending−$85.2MOther investing$28.1MTaxes on employees’ shares−$25.4MExchange rates$8.5MShares issued$7.4MOther financing−$4.4MNet borrowing (+) / repaid (−)−$2.2M

From profit to cash

Korn Ferry: net income to operating cash flow, Q1 FY27Korn Ferry: net income to operating cash flow, Q1 FY27Net income$69.5MDepreciation & amortization$22.2MStock-based pay$12.4MDeferred taxes−$4.6MReceivables−$47.1MPayables−$291MPrepaid and other assets−$13.5MIncome taxes payable−$548KOther operating capital$1.5MOperating cash flow−$248M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$248M−$17.9M−$746K−$30.2M−$588K$4.1M$295M−$266M
Q4 FY26$297M−$24.8M−$78.1M−$28.3M−$573K—−$157M$272M
Q3 FY26$233M−$21.7M−$19.3M−$25.0M−$509K$3.4M−$177M$212M
Q2 FY26$121M−$20.8M−$8.1M−$25.1M−$490K—−$76.7M$101M
Q1 FY26−$237M−$22.6M−$10.3M−$26.2M−$499K$4.2M$322M−$260M
Q4 FY25$256M−$20.3M−$14.9M−$25.1M−$420K—−$228M$236M
Q3 FY25$214M−$17.4M−$17.8M−$19.3M−$396K$3.6M−$84.4M$196M
Q2 FY25$122M−$14.3M−$32.7M−$19.5M−$403K—−$61.5M$108M

Korn Ferry: income statement and cash flow

Korn Ferry, Q1 FY27: revenue $765M (+7% year over year), operating margin 12.2%. The chart follows the revenue to costs, profit and cash.

Korn Ferry: 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.