KELYA · CIK 0000055135
What Kelly Services, Inc. told the SEC could break it.
Kelly Services' results are sensitive to the demand of a few large customers: its outcome-based services revenue fell 12.1% in 2025 largely because one big contact-center customer ramped down and fully ended by the third quarter, illustrating that concentration risk. As a staffing company working through a web of third parties, it is also exposed to global compliance obligations — anti-bribery, forced- and child-labor, human-trafficking and trade-sanctions standards — where a partner's noncompliance could bring significant fines, criminal sanctions and reputational harm. With operations outside the US reported in local currencies, foreign-exchange movements also affect its translated results.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- large customer ramp-downs (contact-center customer ended Q3 2025)medium
Kelly's revenue is sensitive to large-customer demand; outcome-based services fell 12.1% in 2025 as a large contact-center customer fully ramped down by Q3 2025, illustrating concentration risk.
“revenue from outcome-based services decreased 12.1%, primarily due to the ramping down of a large contact-center customer that has fully ended as of the third quarter of 2025”
SEC filing →As of 2026
Regulatory & policy
- third-party Global Compliance Obligations (anti-corruption, forced/child labor, trade sanctions)medium
Kelly relies on third parties subject to anti-bribery, human-trafficking, forced/child-labor, trade-sanctions and sustainability obligations; their noncompliance could bring significant fines, criminal sanctions and reputational harm.
“While we maintain processes to monitor these third-parties for compliance to these standards, failure of these third-parties to adhere to Global Compliance Obligations could result in significant fines and penalties, criminal sanctions against us, our officers or our employees, prohibitions on the conduct of our business, customer loss, and damage to our reputation.”
SEC filing →As of 2026
Currency (FX)
- foreign-currency translation on non-U.S. operationslow
Kelly's operations outside the U.S. are reported in local currencies and translated to U.S. dollars at prevailing exchange rates, exposing results to FX movements.
“Our operations outside the United States are reported in the applicable local currencies and then translated into U.S. dollars at the applicable currency exchange rates”
SEC filing →As of 2026
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