Kelly Services (KELYA) Cash Flow: Operating & Free Cash Flow

Kelly Services (KELYA) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Kelly Services generated $122.60M of operating cash flow and spent $8.50M on capital expenditures. That left free cash flow of $114.10M, up 622.2% from $15.80M a year earlier, or 2.7% of revenue. It returned $23.30M to shareholders through $11.00M in dividends and $12.30M in share buybacks.

Kelly Services Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Kelly Services, Inc. (KELYA) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Jan 2023	Dec 2022	Jan 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-128.80	-0.60	36.40	-62.50	-62.50	156.10	156.10	-72.00	112.40	22.90	71.60
Depreciation & Amortization	53.30	50.90	50.10	51.90	51.90	51.00	51.00	45.30	53.90	26.20	22.70
Deferred Income Tax	168.50	-27.80	-24.90	-	-72.10	-	21.60	-57.10	-18.30	-47.50	-5.90
Stock Based Compensation	12.30	11.80	9.70	7.80	7.80	5.10	5.10	3.90	5.60	8.10	9.20
Change in Working Capital	42.10	-77.20	-2.00	-141.00	-141.00	-10.20	-10.20	120.30	-26.40	-89.00	-36.30
Change in Accounts Receivable	94.60	-20.90	147.20	-99.30	-99.30	-150.70	-150.70	55.90	46.00	-32.00	-126.20
Change in Inventory	0.00	0.00	0.00	-	0.00	-	-16.80	58.60	-28.20	-75.90	0.00
Change in Accounts Payable	-10.50	-31.10	-62.50	44.30	44.30	155.80	155.80	10.50	-43.00	17.00	63.90
Change in Other Working Capital	-42.00	-25.20	-86.70	-141.00	-86.00	-10.20	1.50	-4.70	-1.20	1.90	26.00
Other Operating Activities	-24.80	69.80	-17.50	67.50	139.60	-117.00	-138.60	145.60	-25.00	140.70	9.00
Net Cash from Operating Activities	122.60	26.90	76.70	-76.30	-76.30	85.00	85.00	186.00	102.20	61.40	70.30
Investing Activities
Capital Expenditures	-8.50	-11.10	-15.30	-12.00	-12.00	-11.20	-11.20	-15.50	-20.00	-25.60	-22.90
Acquisitions	0.00	-354.80	0.00	-143.10	167.30	-213.00	-207.10	-32.40	-86.40	25.60	-37.20
Purchases of Investments	0.00	0.00	0.00	316.40	0.00	5.00	11.20	-0.20	-1.00	-5.00	0.00
Sales/Maturities of Investments	6.40	0.00	2.00	316.40	316.40	5.00	5.00	15.50	20.00	7.90	0.00
Other Investing Activities	24.40	4.30	1.20	-3.90	-304.20	38.50	21.40	42.40	-6.90	-32.70	0.80
Net Cash from Investing Activities	22.30	-361.60	-14.10	167.50	167.50	-180.70	-180.70	9.80	-94.30	-29.80	-59.30
Financing Activities
Debt Repayment	-137.50	239.40	-1.90	-1.40	-0.60	-1.70	-1.70	-3.70	-1.00	-7.80	10.10
Common Stock Issued	0.00	0.00	0.00	-	0.00	-	0.60	1.20	2.50	0.00	0.00
Common Stock Repurchased	-12.30	-10.00	-44.00	-35.90	-35.00	-0.60	-0.60	-1.20	-2.50	-6.90	-1.80
Dividends Paid	-11.00	-10.90	-11.00	-10.60	-10.60	-4.00	-4.00	-3.00	-11.90	-11.80	-11.60
Other Financing Activities	-0.30	-3.70	-2.70	-3.50	-4.40	-1.80	-2.40	-1.40	-3.20	-6.90	-1.90
Net Cash from Financing Activities	-161.10	214.80	-59.60	-50.60	-50.60	-8.10	-8.10	-8.10	-16.10	-26.50	-3.40
Summary
Effect of Forex Changes on Cash	8.30	-2.10	2.20	2.30	2.30	-4.80	-4.80	9.40	-0.90	-1.90	-3.90
Net Change in Cash	-7.90	-122.00	5.20	42.90	42.90	-108.60	-108.60	197.10	-9.10	3.20	3.70
Cash at Beginning of Period	45.60	167.60	162.40	-	119.50	-	228.10	31.00	40.10	36.90	29.60
Cash at End of Period	37.70	45.60	167.60	-	162.40	-	119.50	228.10	31.00	40.10	33.30
Free Cash Flow	114.10	15.80	61.40	-88.30	-88.30	73.80	73.80	170.50	82.20	35.80	47.40
Supplemental Disclosures
Interest Paid	12.20	10.00	2.80	1.30	-	1.70	-	-	-	-	-
Income Taxes Paid	4.50	10.90	8.90	61.20	-	14.10	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Kelly Services Cash Flow

What is Kelly Services's free cash flow?

Kelly Services generated free cash flow of $114.10M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $122.60M minus $8.50M of capital expenditures. That was up 622.2% from $15.80M a year earlier. Free cash flow equaled 2.7% of revenue.

How much does Kelly Services spend on capital expenditures?

Kelly Services spent $8.50M on capital expenditures in fiscal 2025, compared with $11.10M a year earlier. That equals 6.9% of operating cash flow.

Does Kelly Services pay dividends or buy back shares?

Yes. In fiscal 2025 Kelly Services returned $11.00M in dividends and $12.30M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition