# RESOURCES CONNECTION, INC. (RGP)

Informational only - not investment advice.

CIK: 0001084765
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-07-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1084765
Filing source: https://www.sec.gov/Archives/edgar/data/1084765/000108476526000051/rgp-20260530.htm

## At a glance

FY2026 · period end 2026-05-30 · filed 2026-07-24 · accession 0001084765-26-000051 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001084765.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 452,006,000 USD | 2026 | verified |
| Net income | -40,601,000 USD | 2026 | verified |
| Assets | 257,399,000 USD | 2026 | verified |
| Free cash flow | 619,000 USD | 2026 | computed |
| Net margin | -8.98% | 2026 | computed |
| Operating margin | -8.47% | 2026 | computed |
| Revenue YoY | -18.02% | 2026 | computed |
| ROE | -23.91% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RGP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -9.0% | 5.8% | 12 | 59 |
| Operating margin | -8.5% | 9.2% | 7 | 56 |
| Revenue growth | -18.0% | 8.4% | 0 | 58 |
| FCF margin | 0.1% | 14.2% | 7 | 58 |
| ROE | -23.9% | 8.7% | 14 | 52 |
| ROA | -15.8% | 2.9% | 3 | 59 |
| Liabilities / equity | 0.52 | 1.52 | 11 | 54 |
| Current ratio | 2.51 | 1.34 | 80 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 452006000 | USD | 2026 | 2026-07-24 |
| Net income | -40601000 | USD | 2026 | 2026-07-24 |
| Assets | 257399000 | USD | 2026 | 2026-07-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001084765.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 728,999,000 | 703,353,000 | 629,516,000 | 805,018,000 | 775,643,000 | 632,801,000 | 551,331,000 | 452,006,000 |
| Net income |  | 18,651,000 | 18,826,000 | 31,470,000 | 28,285,000 | 25,229,000 | 67,175,000 | 54,359,000 | 21,034,000 | -191,780,000 | -40,601,000 |
| Operating income |  | 34,402,000 | 30,624,000 | 50,159,000 | 36,652,000 | 22,953,000 | 83,438,000 | 72,788,000 | 28,776,000 | -196,757,000 | -38,265,000 |
| Gross profit |  | 221,325,000 | 246,055,000 | 282,439,000 | 275,483,000 | 241,404,000 | 316,642,000 | 313,142,000 | 246,068,000 | 207,424,000 | 169,680,000 |
| Diluted EPS |  | 0.56 | 0.60 | 0.98 | 0.88 | 0.78 | 2.00 | 1.59 | 0.62 | -5.80 | -1.21 |
| Operating cash flow |  | 28,265,000 | 15,370,000 | 43,621,000 | 49,523,000 | 39,943,000 | 49,444,000 | 81,636,000 | 21,919,000 | 18,899,000 | 1,427,000 |
| Capital expenditures |  | 4,781,000 | 2,213,000 | 6,896,000 | 2,346,000 | 3,846,000 | 2,961,000 | 2,012,000 | 1,143,000 | 2,711,000 | 808,000 |
| Dividends paid |  | 14,157,000 | 14,269,000 | 16,158,000 | 17,581,000 | 18,230,000 | 18,600,000 | 18,784,000 | 18,825,000 | 18,646,000 | 9,395,000 |
| Share buybacks | 28,128,000 | 118,886,000 | 5,116,000 | 29,891,000 | 5,000,000 |  | 19,651,000 | 15,199,000 | 8,000,000 | 12,999,000 | 0.00 |
| Assets |  | 364,128,000 | 432,674,000 | 428,370,000 | 529,181,000 | 520,644,000 | 581,473,000 | 531,999,000 | 510,914,000 | 304,688,000 | 257,399,000 |
| Liabilities |  | 125,986,000 | 163,849,000 | 145,974,000 | 225,520,000 | 191,098,000 | 209,024,000 | 117,479,000 | 92,151,000 | 97,607,000 | 87,625,000 |
| Stockholders' equity |  | 238,142,000 | 268,825,000 | 282,396,000 | 303,661,000 | 329,546,000 | 372,449,000 | 414,520,000 | 418,763,000 | 207,081,000 | 169,774,000 |
| Cash and cash equivalents |  | 62,329,000 | 56,470,000 | 43,045,000 | 95,624,000 | 74,391,000 | 104,224,000 | 116,784,000 | 108,892,000 | 86,147,000 | 82,372,000 |
| Free cash flow |  | 23,484,000 | 13,157,000 | 36,725,000 | 47,177,000 | 36,097,000 | 46,483,000 | 79,624,000 | 20,776,000 | 16,188,000 | 619,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 4.32% | 4.02% | 4.01% | 8.34% | 7.01% | 3.32% | -34.78% | -8.98% |
| Operating margin |  |  |  | 6.88% | 5.21% | 3.65% | 10.36% | 9.38% | 4.55% | -35.69% | -8.47% |
| Return on equity |  | 7.83% | 7.00% | 11.14% | 9.31% | 7.66% | 18.04% | 13.11% | 5.02% | -92.61% | -23.91% |
| Return on assets |  | 5.12% | 4.35% | 7.35% | 5.35% | 4.85% | 11.55% | 10.22% | 4.12% | -62.94% | -15.77% |
| Liabilities / equity |  | 0.53 | 0.61 | 0.52 | 0.74 | 0.58 | 0.56 | 0.28 | 0.22 | 0.47 | 0.52 |
| Current ratio |  | 2.32 | 2.06 | 2.10 | 2.43 | 2.33 | 2.48 | 2.72 | 3.32 | 2.70 | 2.51 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001084765.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-08-27 |  |  | 0.53 | reported discrete quarter |
| 2023-Q2 | 2022-11-26 |  |  | 0.51 | reported discrete quarter |
| 2023-Q3 | 2023-02-25 |  |  | 0.21 | reported discrete quarter |
| 2024-Q1 | 2023-08-26 | 170,169,000 | 3,117,000 | 0.09 | reported discrete quarter |
| 2024-Q2 | 2023-11-25 | 163,127,000 | 4,895,000 | 0.14 | reported discrete quarter |
| 2024-Q3 | 2024-02-24 | 151,307,000 | 2,550,000 | 0.08 | reported discrete quarter |
| 2024-Q4 | 2024-05-25 | 148,198,000 | 10,472,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-08-24 | 136,935,000 | -5,707,000 | -0.17 | reported discrete quarter |
| 2025-Q2 | 2024-11-23 | 145,618,000 | -68,715,000 | -2.08 | reported discrete quarter |
| 2025-Q3 | 2025-02-22 | 129,438,000 | -44,052,000 | -1.34 | reported discrete quarter |
| 2025-Q4 | 2025-05-31 | 139,340,000 | -73,306,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-08-30 | 120,229,000 | -2,405,000 | -0.07 | reported discrete quarter |
| 2026-Q2 | 2025-11-29 | 117,732,000 | -12,661,000 | -0.38 | reported discrete quarter |
| 2026-Q3 | 2026-02-28 | 107,930,000 | -9,467,000 | -0.28 | reported discrete quarter |
| 2026-Q4 | 2026-05-30 | 106,115,000 | -16,068,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RGP's latest 10-K: [/company/RGP/business/](/company/RGP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RGP's latest 10-K: [/company/RGP/risk-factors/](/company/RGP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1084765/000108476526000031/rgp-20260228.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-04-09
Report date: 2026-02-28

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition, results of operations, and liquidity and capital resources for three and nine months ended February 28, 2026 should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes and with our Annual Report on Form 10-K for the year ended May 31, 2025 filed with the Securities and Exchange Commission (“SEC”).

Forward-Looking Statements

This discussion and analysis contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to expectations concerning matters that are not historical facts. For example, statements discussing, among other things, expectations regarding our operating segments, expectations regarding our transformation efforts and the macroeconomic environment, expected costs and liabilities, business strategies, growth strategies and initiatives, future revenues and future performance, are forward-looking statements. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “forecast,” “future,” “intends,” “may,” “plans,” “potential,” “predicts,” “remain,” “should,” “strategy,” “target,” or “will” or similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would,” or the negative of these terms or other comparable terminology. In this Quarterly Report on Form 10-Q, such statements include statements regarding our growth, operational and strategic plans.

Although we believe that we have a reasonable basis for each forward-looking statement contained in this report, these statements and all phases of our operations are subject to known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievements and those of our industry to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties include, but are not limited to, the following: risks related to an economic downturn or deterioration of general macroeconomic conditions, potential adverse effects to our and our clients' liquidity and financial performances from bank failures or other events affecting financial institutions, the highly competitive nature of the market for professional services, risks related to the loss of a significant number of our consultants, or an inability to attract and retain new consultants, the possible impact on our business from the loss of the services of one or more key members of our senior management or key sales professionals, risks related to potential significant increases in wages or payroll-related costs, our ability to secure new projects from clients, our ability to achieve or maintain a suitable pay/bill ratio, our ability to compete effectively in the competitive bidding process, risks related to unfavorable provisions in our contracts which may permit our clients to, among other things, terminate the contracts partially or completely at any time prior to completion, our ability to realize the level of benefit that we expect from our restructuring initiatives, risks that our recent digital expansion and technology transformation efforts may not be successful, our ability to use artificial intelligence ("AI") and machine learning in our business, our ability to build an efficient support structure as our business continues to grow and transform, our ability to grow our business, manage our growth or sustain our current business, our ability to serve clients internationally, additional operational challenges from our international activities, possible disruption of our business from our past and future acquisitions, the possibility that our recent rebranding efforts may not be successful, our potential inability to adequately protect our intellectual property rights, risks that our computer hardware and software and telecommunications systems are damaged, breached or interrupted, risks related to the failure to comply with data privacy laws and regulations and the adverse effect it may have on our reputation, results of operations or financial condition, our ability to comply with governmental, regulatory and legal requirements and company policies, the possible legal liability for damages resulting from the performance of projects by our consultants or for our clients’ mistreatment of our personnel, risks arising from changes in applicable tax laws or adverse results in tax audits or interpretations, the possible adverse effect on our business model from the reclassification of our independent contractors by foreign tax and regulatory authorities, the possible difficulty for a third party to acquire us and resulting depression of our stock price, the operating and financial restrictions from our credit facility, risks related to the variable rate of interest in our credit facility, the possible impact of activist shareholders, the possibility that we are unable to or elect not to pay our quarterly dividend payment, and other factors and uncertainties as are identified in our most recent Annual Report on Form 10-K for the year ended May 31, 2025, which was filed on July 28, 2025 ("Fiscal Year 2025 Form 10-K") and our other public filings made with the SEC (File No. 0-32113). Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business or operating results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not intend, and undertake no obligation, to update the forward-looking statements in this filing to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless required by law to do so.

30

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References in this filing to “Resources Global Professionals,” the “Company,” “we,” “us,” and “our” refer to Resources Connection, Inc. and its subsidiaries.

Overview

Resources Global Professionals (“RGP,” “we" or “us”) is a global professional services firm based in Dallas, Texas (with offices worldwide) focused on delivering flexible and high-impact solutions to businesses through three integrated offerings, on-demand resourcing, and fully outsourcing services. As a trusted human capital partner for our clients, we provide CFOs and other C-Suite leaders with the flexibility to solve today's most pressing challenges spanning across Enterprise Strategy & Operational Performance; Finance & Accounting; Digital, Technology & Data; and Governance, Risk & Compliance — connecting advisory to execution at global scale. We attract top-caliber professionals with in-demand skill sets who seek a workplace environment characterized by choice and control, collaboration and human connection. The trends in today’s marketplace favor flexibility and agility as businesses confront transformation pressures and skilled labor shortages in the face of protracted economic uncertainty. Our engagements are designed to leverage a combination of bench and agile talent that are highly experienced to deliver practical solutions and more impactful results.

The Company operates under the following business units: (i) On-Demand Talent, (ii) Consulting, (iii) Europe & Asia Pacific, (iv) Outsourced Services, and (v) Sitrick (disclosed as "All Other").

Fiscal 2026 Strategic Focus Areas

Building upon the foundation we established in fiscal 2025, we are executing upon the following enterprise growth drivers in fiscal 2026:

•Expand cross-sell opportunities through our diversified services platform;

•Scale our high-value Consulting solutions and refocus On-Demand Talent offerings to address the evolving needs of our clients;

•Drive improvement in cost structure; and

•Further leverage value-based pricing to improve profitability.

Expand cross-sell opportunities through our diversified services platform – We offer a unique blend of services in On-Demand Talent, Consulting, and Outsourced Services, enabling high flexibility and high impact solutions for enterprises worldwide. This unique model is designed to meet clients’ evolving needs in a disrupted business environment. Our Consulting capability provides us with deeper visibility into our clients’ transformation agendas to drive greater opportunities for our On-Demand execution capabilities, while our agile talent base within our On-Demand business provides greater financial flexibility and better skill set alignment for our Consulting business. In our Outsourced Services business, we are expanding Countsy’s total addressable market beyond the start-up ecosystem to serve the finance, accounting and human resources needs surrounding spin-outs and carve-outs. In fiscal 2026, we are focused on broadening client relationships by cross-selling across our diversified service offerings and introducing complementary solutions as client needs evolve. We believe this has enabled us to deepen our partnerships with CFOs and other C-suite business leaders, strengthen client retention, and increase wallet share while positioning the Company as a long-term, trusted partner for transformation and performance improvement.

Scale our high-value Consulting solutions and refocus On-Demand offerings to address the evolving needs of our clients – In the volatile and rapidly shifting global economic environment, CFOs and business leaders need partners who combine expertise with flexibility. We continue to build strong relationships with C-suite leaders, to support their organizations’ transformation journeys with specialized on-demand expertise, high-value consulting, and integrated outsourced delivery. Through the third quarter of fiscal 2026, we have substantially completed the integration of our consulting assets including Reference Point into one cohesive consulting business unit. In addition, we have made focused investments to bring more depth in the consulting leadership team and to further expand our service capabilities in Mergers and Acquisitions, Data Analytics and AI. Our core solutions are: enterprise resource planning ("ERP") and cloud finance systems modernization, financial planning and analysis enhancement, accounting close process optimization, SEC compliance, post acquisitions integration, enterprise risk management, data strategy and analytics, AI adoption and enterprise digital transformation. Concurrent to evolving our solutions to meet market demand, we have also been keenly focused on evolving our talent strategy to modernize and refresh the skillsets within our consultant base, both bench and agile, to serve our clients across On-Demand or Consulting engagements, particularly in the area of technology and AI fluency.

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Drive improvement in cost structure – In the face of persistent macro-economic uncertainty and headwinds on client demand, we have prioritized reducing our cost structure and maintaining ongoing cost discipline to deliver improved profitability. During the second quarter of 2026, we began a comprehensive review of our operating model to redesign and streamline our cost structure, including simplification of business processes. In connection with this effort, we acted on certain workforce reductions affecting management and administrative roles in both the second and third quarters of this fiscal year, with an expected reduction ranging from $12.0 million to $14.0 million in our annual selling, general and administrative ("SG&A") expenses on a run rate basis. We expect these transformation efforts to continue through the remainder of fiscal 2026, though the scope, timing, and impac

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1084765/000108476526000051/rgp-20260530.htm
Complete FY 2026 MD&A: /company/RGP/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-07-24
Report date: 2026-05-30

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed in Part I, Item 1A “Risk Factors” and elsewhere in this Annual Report on Form 10 K. See “Forward Looking Statements” above for further explanation.

Overview

Resources Global Professionals (“RGP,” “we" or “us”) is a global professional services firm based in Dallas, Texas (with offices worldwide) with three decades of experience helping the world’s top organizations navigate change and seize opportunity. With three integrated offerings — On-Demand Talent, Consulting, and Outsourced Services — we provide CFOs and other C-suite leaders with the flexibility to solve today's most pressing challenges. The Company’s principal markets of operations are North America, Europe & Asia Pacific.

We operate under the following reporting units: (i) On-Demand Talent, (ii) Consulting, (iii) Europe & Asia Pacific, and (iv) Outsourced Services. Our previous reportable segments included Sitrick, a crisis communications and public relations firm, which did not individually meet the quantitative thresholds to qualify as a reportable segment (disclosed as "All Other"). On May 2, 2026, we completed the sale of 100% of the membership interests of Sitrick Group, LLC (“Sitrick”), to Sitrick, LLC, an entity owned by one of the original founders of Sitrick Group, LLC. The Company initiated the sale in connection with its broader transformation initiative to simplify its business portfolio..As a result of the sale of Sitrick, the All Other segment was eliminated as of May 30, 2026. The Company has presented the results of the All Other segment through the date the sale was completed for the year ended May 30, 2026. Following the sale, the Company received no new income from Sitrick, other than rent payments on sub-leased office buildings, and had no further involvement or continuing influence over its operations.

Fiscal 2026 Strategic Focus Areas

In fiscal 2026, we focused and executed upon the following enterprise growth drivers:

•Expand cross-sell opportunities through our diversified services platform;

•Scale our high-value Consulting solutions and refocus On-Demand Talent offerings to address the evolving needs of our clients;

•Drive improvement in cost structure, simplify and optimize our business portfolio; and

•Further leverage value-based pricing to improve profitability.

Expand cross-sell opportunities through our diversified services platform – We offer a unique blend of services in On-Demand Talent, Consulting, and Outsourced Services, enabling high flexibility and high impact solutions for enterprises worldwide. This unique model is designed to meet clients’ evolving needs in a disrupted business environment. Our Consulting capability provides us with deeper visibility into our clients’ transformation agendas to drive greater opportunities for our On-Demand execution capabilities, while our agile talent base within our On-Demand business provides greater financial flexibility and better skill set alignment for our Consulting business. In our Outsourced Services business, we have and will continue to expand Countsy’s total addressable market beyond the start-up ecosystem to serve the finance, accounting and human resources needs surrounding spin-outs and carve-outs. In fiscal 2026, we made progress in broadening client relationships by cross-selling across our diversified service offerings and introducing complementary solutions as client needs evolve. We believe this will continue to enable us to deepen our partnerships with CFOs and other C-suite business leaders, strengthen client retention, and increase wallet share while positioning the Company as a long-term, trusted partner for transformation and performance improvement.

Scale our high-value Consulting solutions and refocus On-Demand offerings to address the evolving needs of our clients – In a volatile and rapidly shifting global economic environment, CFOs and business leaders need partners who combine expertise with flexibility. We continue to build strong relationships with C-suite leaders, to support their organizations’ transformation journeys with specialized on-demand expertise, high-value consulting, and integrated outsourced delivery. In fiscal 2026, we completed the integration of our consulting assets including Reference Point LLC

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("Reference Point") into one cohesive consulting business unit. In addition, we have made focused investments to bring more sales capacity and depth to the consulting team and to further expand our service capabilities in Mergers and Acquisitions, Data Analytics and artificial intelligence ("AI"). Our core solutions are: enterprise resource planning ("ERP") and cloud finance systems modernization, financial planning and analysis enhancement, accounting close process optimization, SEC compliance, post acquisitions integration, enterprise risk management, data strategy and analytics, AI adoption and enterprise digital transformation. Concurrent to evolving our solutions to meet market demand, we have also made progress to evolve our talent strategy to modernize and refresh the skillsets within our consultant base, both bench and agile, to serve our clients across On-Demand or Consulting engagements, particularly in the area of technology and AI fluency.

Drive improvement in cost structure, simplify and optimize our business portfolio – As we execute strategic initiatives to improve our topline, we have also prioritized reducing our cost structure and maintaining ongoing cost discipline to deliver improved profitability. In fiscal 2026, we performed a comprehensive review of our operating model to redesign and streamline our cost structure, including simplification of business processes. In connection with this effort, we completed two workforce reductions affecting management and administrative roles improving our annual selling, general and administrative expenses ("SG&A") by $12.0 million to $14.0 million. In addition, as the result of our business portfolio review, we completed the sale of Sitrick in May 2026. Finally, we continue to improve the functionalities and user adoption of our recently implemented technology to achieve further operating efficiencies.

Further leverage value-based pricing – Building on the progress we made in previous fiscal years, we continued to advance our value-based pricing strategy to improve bill rates and pricing leverage, particularly in the Consulting business, as we pursue larger-scale, higher-value engagements that deliver measurable impact for clients.

Fiscal 2026 Developments

Management Changes

Effective November 3, 2025, Roger Carlile, a director of the Company, was appointed as the Company's President and Chief Executive Officer ("CEO"). In connection with his appointment, the Company entered into an employment agreement with Mr. Carlile with a term that extends through November 3, 2028 and will automatically renew annually thereafter. In October 2025, the Company's Board of Directors elected not to renew the "Period of Employment" under the Company's existing Employment Agreement, dated February 3, 2020 and as subsequently amended, with Kate W. Duchene, the Company's former President and CEO. Ms. Duchene stepped down as the Company’s President and CEO, and as a member of the Board, on November 2, 2025. She served as an Executive Advisor through January 3, 2026 to assist the Company and Mr. Carlile with the continuity of leadership. See Note 1 – Description of the Company and its Business in the Notes to Consolidated Financial Statements included in Part II, Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K for additional information regarding the severance benefits paid to Ms. Duchene.

On March 3, 2026, the Company entered into a Separation and General Release Agreement with Bhadreskumar Patel, the Company’s Chief Operating Officer ("COO"), that provided the last day of Mr. Patel’s employment by the Company would be May 15, 2026. See Note 1 – Description of the Company and its Business in the Notes to Consolidated Financial Statements included in Part II, Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K for additional information regarding the severance benefits paid to Mr. Patel.

Company Transformation Initiative — Cost Structure Improvement

In fiscal 2026, the Company began a transformation initiative to redesign and streamline its operating model to achieve a reduced cost structure, as well as integrate Reference Point's consulting capabilities into the existing consulting business to form a more cohesive consulting segment (the "2026 Transformation Initiative"). As part of this initiative, we engaged a third-party advisor to assist us in conducting a comprehensive review of our global operations. In October 2025, in connection with this effort, we began certain workforce reductions affecting management and administrative roles, aimed at improving efficiency, reducing costs and streamlining operations (the "October RIF"). As disclosed in the Company's Form 8-K filed with the SEC on January 28, 2026, the Company began a second reduction in force under the 2026 Transformation Initiative in January 2026 (the "January RIF"). In addition to these reductions in force, the Company identified an opportunity for cost savings through exiting and subleasing certain office space. The Company recorded an impairment charge of $1.0 million in connection with the sublease.

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Restructuring costs were $8.4 million and $5.1 million for the year ended May 30, 2026 and May 31, 2025, respectively. We expect our transformation efforts to be substantially complete in the first half of fiscal 2027, though the scope, timing, and impact of such actions may evolve as the review progresses.

Company Transformation Initiative — Simplification and Optimization of Business Portfolio

As a part of the transformation to simplify and optimize our business portfolio, on April 27, 2026, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Sitrick and Sitrick, LLC (the “Buyer”), pursuant to which the Company agreed to sell 100% of the membership interests of Sitrick to the Buyer.

The Purchase Agreement provided for a cash purchase price equal to the agreed realizable value of Sitrick client receivables. The purchase price was subject to adjustments for the outstanding Sitrick client receivables as of the closing and the funding of certain Sitrick liabilities by the Company as of the closing. The purchase price amounted to $1.9 million. The Purchase Agreement also provided that the Company shall retain certain assets and liabilities of Sitrick, including all assets and liabilities related to certain office space lease agreements. The Company also agreed to pay Michael Sitrick, Sitrick’s chief executive officer, a cash payment of $4.0 million, which is equivalent to the cash severance that would have been payable under the terms of the employment agreement with Sitrick, and in connection with the closing of the transaction, to accelerate the vesting of any equity awards granted by the Company to continuing employees of Sitrick that are unvested and outstanding immediately prior to the closing. The sale was completed on May 2, 2026.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations included

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/RGP/mda/fy2026/
All MD&A years: /company/RGP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/RGP/mda/fy2025/): filed 2025-07-28; accession 0001084765-25-000115 (https://www.sec.gov/Archives/edgar/data/1084765/000108476525000115/rgp-20250531.htm)
- [FY 2024 MD&A](/company/RGP/mda/fy2024/): filed 2024-07-22; accession 0001084765-24-000089 (https://www.sec.gov/Archives/edgar/data/1084765/000108476524000089/rgp-20240525.htm)
- [FY 2023 MD&A](/company/RGP/mda/fy2023/): filed 2023-07-25; accession 0001084765-23-000016 (https://www.sec.gov/Archives/edgar/data/1084765/000108476523000016/rgp-20230527x10k.htm)
- [FY 2022 MD&A](/company/RGP/mda/fy2022/): filed 2022-07-28; accession 0001084765-22-000009 (https://www.sec.gov/Archives/edgar/data/1084765/000108476522000009/rgp-20220528x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RGP.md · JSON record: /company/RGP.json · verified financials: /company/RGP/financials.json / /company/RGP/financials.csv · machine TOC for the whole site: /llms.txt