KFY - Exec Search Momentum Remains Robust, F4Q Preview

研报英文原文证据摘录

KFY - Exec Search Momentum Remains Robust, F4Q Preview

Truist Securities

Equity Research Report June 9, 2026

IT SERVICES: Human Capital Korn Ferry (KFY)

KFY - Exec Search Momentum Remains Robust, F4Q Preview Tobey Sommer

615-748-4435

Tobey.Sommer@truist.com

Private firms now expect ~10% Exec Search growth in 2026 (vs. 6–7% prior) driven by

improving volumes. AI is driving workflow efficiencies but has not compressed timelines

Jasper Bibb or decreased demand, reinforcing the durability of the high-touch search model, in our 212-303-1742

Jasper.Bibb@truist.com view. We are raising our KFY revenue estimates in conjunction with this report driven by

stronger than expected Exec Search trends. For F4Q26, we increase revenue to $751M

(prior: $745M / consensus: $742M) and raise F1Q27 revenue to $740M (prior / consensus: Tyler Barishaw $730M). Separately, labor market trends and macro data seem to be improving which we 212-303-4177

Tyler.Barishaw@truist.com think could provide a sentiment boost for KFY. PT to $80 (prior: $75).

Henry Roberts Expected revenue growth accelerated to 10% y/y in CY26 from 6-7% a quarter ago

212-326-3141 among private companies in our poll. Consensus for CY26 Exec Search revenue growth Henry.Roberts@truist.com at KFY is 6%. Exec Search volume growth improved and is in the mid-single digit to high-

single digit range. Performance seems to be improving month over month as April was

a little weaker with a rebound in May. Growth is led by North America (63% of KFY's

Stock Rating BUY Exec Search business). On an industry basis, participants highlighted strength in Financial Services (particularly private capital, credit), along with Tech and Industrials. The Consumer Unchanged

vertical was cited as a headwind by participants.