Caldwell Reports Fourth Quarter and Full Year Fiscal 2026 Results; Increases Quarterly Dividend and Declares a Special Dividend

Rhea-AI Summary

Caldwell Partners International (CWLPF) reported a fiscal 2026 net loss and raised its quarterly dividend, alongside a special dividend. Revenue for the year ended August 31, 2026 rose to C$111.186 million from C$104.057 million, but a C$3.981 million IQTalent goodwill impairment contributed to a C$2.331 million net loss, versus C$2.562 million profit. Fourth-quarter revenue fell to C$25.787 million from C$31.608 million, with a C$4.515 million net loss versus C$1.467 million profit.

The quarterly dividend increased to C$0.02 per share from C$0.015. A C$0.116-per-share special dividend distributes C$3.2 million of cash proceeds from the completed IQTalent sale. Both dividends are payable December 15, 2026, to holders of record November 23. The company said hiring demand remained subdued in September, followed by an increase in new assignments in October.

9 points · 0 major

MixediHow this balance works

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0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQuarterly dividend increased to C$0.02 per share from C$0.015 in the prior quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Special dividend of C$0.116 per share distributes C$3.2 million from the completed IQTalent sale.
• Moderate pointFiscal 2026 revenue rose to C$111.186 million from C$104.057 million in fiscal 2025.
• Moderate pointCaldwell fiscal 2026 professional fees increased to C$100.285 million from C$91.251 million.
• Moderate pointCash and cash equivalents reached C$23.543 million at August 31, 2026, versus C$16.436 million a year earlier.

4 minor points

• Minor pointFiscal 2026 gross profit increased to C$22.645 million from C$22.211 million.
• Minor pointFourth-quarter selling, general and administrative expenses fell to C$3.717 million from C$4.347 million.
• Minor pointOctober new assignments increased after subdued September hiring demand, the company said.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fiscal 2027 priorities include technology and advisory capabilities, client relationships and partner productivity.

Negative

• Moderate pointFiscal 2026 net loss was C$2.331 million, versus C$2.562 million profit; basic EPS fell to −C$0.079 from C$0.087.
• Moderate pointFourth-quarter revenue fell to C$25.787 million from C$31.608 million a year earlier.
• Moderate pointFourth-quarter gross profit fell to C$3.811 million from C$6.864 million.
• Moderate pointFiscal 2026 operating profit fell to C$216,000 from C$3.735 million.
• Moderate pointAdjusted basic EPS fell to C$0.056 annually and −C$0.018 quarterly, from C$0.089 and C$0.050.
• Moderate pointClient hiring demand and lower search volumes pressured fourth-quarter profitability, alongside partner-hiring and capability-investment costs.
• Moderate pointTotal equity declined to C$31.308 million at August 31, 2026, from C$34.972 million a year earlier.

8 minor points

• Minor pointFourth-quarter net loss was C$4.515 million, versus C$1.467 million profit; basic EPS fell to −C$0.153 from C$0.050.
• Minor pointIQTalent goodwill impairment of C$3.981 million was recognized in the fourth quarter.
• Minor pointCaldwell fourth-quarter professional fees fell to C$23.246 million from C$27.662 million.
• Minor pointIQTalent professional fees fell to C$9.927 million annually and C$2.235 million quarterly, from C$12.004 million and C$3.714 million.
• Minor pointFourth-quarter operating loss reached C$3.887 million, versus C$2.517 million operating profit.
• Minor pointFiscal 2026 cost of sales rose to C$87.567 million from C$81.044 million.
• Minor pointFiscal 2026 selling, general and administrative expenses rose to C$18.448 million from C$18.364 million.
• Minor pointFiscal 2026 income tax expense increased to C$2.456 million from C$1.170 million.

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TORONTO, ON / ACCESS Newswire / November 12, 2026 / Talent acquisition firm The Caldwell Partners International Inc. (TSX:CWL)(OTCQX:CWLPF) today issued its financial results for the fourth quarter of fiscal 2026, ended August 31, 2026. The firm also announced a quarterly dividend of $0.02 per share (2.0 cents per common share), up from $0.015 per share (1.5 cents per common share) in the prior quarter as well as a one-time special dividend of $0.116 per share (11.6 cents per common share) representing an amount equal to the cash proceeds recently received from the sale of its IQTalent business. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.

Financial Highlights (in $000s except per share amounts)

		Three Months Ended								Twelve Months Ended
			08.31.26				08.31.25				08.31.26				08.31.25
Professional fees - Caldwell			23,246				27,662				100,285				91,251
Professional fees - IQTalent1			2,235				3,714				9,927				12,004
Consolidated professional fees			25,481				31,376				110,212				103,255
Direct expense reimbursements			306				232				974				802
Revenues			25,787				31,608				111,186				104,057
Cost of sales			21,670				24,512				87,567				81,044
Reimbursed direct expenses			306				232				974				802
Gross profit			3,811				6,864				22,645				22,211
Selling, general and administrative expenses2			3,717				4,347				18,448				18,364
Goodwill impairment and other expense (income)3 4			3,981				-				3,981				112
Operating profit (loss)			(3,887	)			2,517				216				3,735
Finance expenses (income)			(34	)			118				91				3
Earnings (loss) before tax			(3,853	)			2,399				125				3,732
Income tax expense			662				932				2,456				1,170
Net earnings (loss) after tax			(4,515	)			1,467				(2,331	)			2,562
Basic earnings (loss) per share		$	(0.153	)		$	0.050			$	(0.079	)		$	0.087
Adjusted basic earnings (loss) per share4		$	(0.018	)		$	0.050			$	0.056			$	0.089

1. Professional fees of IQTalent are presented net of elimination of intercompany revenue.
2. Selling, general and administrative expenses include an expense of $233 related to share-based compensation as a result of share price increase in the current quarter, compared to a benefit of $121 in the same quarter last year. For the twelve months ended August 31, 2026, selling, general and administrative expenses include an expense of $558 related to share-based compensation as a result of share price increase, compared to a benefit of $405 in the same period last year.
3. We recognized a goodwill impairment of $3,981 related to IQTalent in the current quarter. In the prior year, other expense of $112 primarily comprises $275 in IQTalent management separation costs and a $324 loss on Caldwell's Toronto office sublease, partly offset by a $487 benefit from the U.S. Employee Retention Tax Credit (ERTC) under the CARES Act.
4. Non-GAAP measure calculated by excluding tax-adjusted goodwill impairment and other income from net earnings after tax and dividing by the number of shares outstanding at the end of the period. This measure allows for enhanced comparability of the current quarter results compared to the same quarter last year. See the following page for the reconciliation to reported amounts.

"Fiscal 2026 was a strong year for Caldwell, with annual revenue exceeding $100 million despite an increasingly challenging market environment that developed late in the fiscal year," said Chris Beck, chief executive officer. "Our performance reflects the strength of our client relationships, the expertise of our partners and the resilience of our business. Throughout the year, we continued to invest in exceptional talent, strengthen our leadership team and build the capabilities that will support our long-term growth."

"While we are pleased with our full-year revenue performance, the fourth quarter presented a more challenging operating environment as client hiring demand pulled back significantly," Beck continued. "Lower search volumes, combined with the near-term costs associated with new partner hires and investments in our search capabilities, placed pressure on profitability. Demand suppression continued into September, but October saw a strong increase in new assignments. We remain focused on managing our business with discipline while continuing to invest in the people and capabilities that differentiate Caldwell. These investments take time to translate into revenue and profit contribution but are essential to our long-term success."

"The recently completed sale of IQTalent brings additional focus and resources to execute our strategy. With a talented and growing team of partners and an expanding suite of leadership advisory capabilities, we are well-positioned to build on our strengths in executive search and leadership intelligence. As we enter fiscal 2027, our priorities are to deepen client relationships, support partner productivity and continue advancing the technology and advisory capabilities that will drive sustainable growth and long-term shareholder value."

The Board of Directors continues to believe the payment of dividends is in the best interests of the Company and its shareholders. In determining quarterly dividend payments, special dividends and share buybacks, the Board of Directors considers many factors including current results, future projections, cash needs for operational growth and Unencumbered Cash (as defined in Non‐GAAP Financial Measures and in its MD&A). Accordingly, the Board of Directors today declared a quarterly dividend of $0.02 per Common Share (2.0 cents per common share) and a special dividend of $3.2 million was also announced, equal to $0.116 per share (11.6 cents per common share), representing a distribution of the cash proceeds received from the sale of its IQTalent business. The dividends will be payable to holders of Common Shares of record on November 23, 2026, and to be paid on December 15, 2026.

Adjusted Earnings Per Share (EPS)

The table below reconciles adjusted EPS, which is a non-GAAP financial measure, to our reported net earnings after tax. Other (income)/ expense was $nil for the fourth quarter of fiscal 2025. As a result, adjusted EPS was the same as reported EPS for the period.

1. Calculated by applying Consolidated Caldwell's effective tax rate. Goodwill impairment is not deductible for tax purposes and therefore has an effective tax rate of nil.

		Twelve months ended 08.31.25
Other expense (income)			112
Adjustment: After tax other expense			35
After tax other expense(income)			77
Tax rate			31.3	%

About Caldwell Partners

Caldwell is an elite executive search firm trusted by established and growth-focused companies alike. For more than 50 years we have partnered with clients to design and build extraordinary teams. Our partners don't just place leaders-they challenge assumptions, enable strategy, and prioritize long-term fit. Built through repeat clients and referrals, Caldwell delivers clarity and results without arrogance or shortcuts. For clients seeking substance over scale, we're the confident voice that listens-and leads. At Caldwell, our purpose is your mission.

Caldwell Partners' common shares are listed on The Toronto Stock Exchange (TSX: CWL) and trade on the OTCQX Market (OTCQX: CWLPF). Please visit our website at www.caldwell.com for further information.

Forward-Looking Statements

Forward-looking statements in this document are based on current expectations subject to the significant risks and uncertainties cited. These forward-looking statements generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "may," "will," "likely," "estimates," "potential," "continue" or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements.

We are subject to many factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statement including, but not limited to, our ability to attract and retain key personnel; exposure to departing partners taking their client relationships to another firm; the performance of the US, Canadian and international economies; technological advances that may significantly disrupt the labour market and weaken demand for human capital at a rapid rate; competition from other companies directly or indirectly engaged in talent acquisition; cybersecurity requirements, vulnerabilities, threats and attacks; damage to our brand reputation; foreign currency exchange rate fluctuations; our ability to align our cost structure to changes in our revenue; liability risk in the services we perform; potential legal liability from clients, employees and candidates for employment; reliance on software that we license from third parties; reliance on third-party contractors for talent acquisition support; the classification of third-party labour as contractors versus employee relationships; our ability to successfully recover from a disaster or other business continuity issues; adverse governmental and tax law rulings; successfully integrating or realizing the expected benefits from our acquisitions, adverse operating issues from acquired businesses; volatility of the market price and trading volume of our common shares, including its impact on our compensation plans; affiliation agreements that may fail to renew or affiliates that may be acquired; the impact on profitability from marketable securities valuation fluctuations; increasing dependence on third parties for the execution of critical functions; our ability to generate sufficient cash flow from operations to support our growth and fund any dividends; potential impairment of our acquired goodwill and intangible assets; our limited ability to access credit; risks related to deposit-taking institutions; and disruption as a result of actions of certain stockholders or potential acquirers of the Company. For more information on the factors that could affect the outcome of forward-looking statements, refer to the "Risk Factors" section of our Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). These factors should be considered carefully, and the reader should not place undue reliance on forward-looking statements. Although any forward-looking statements are based on what management currently believes to be reasonable assumptions, we cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements. Management's assumptions may prove to be incorrect. Except as required by Canadian securities laws, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.

For further information, please contact:

Investors:
Shreya Lathia, Vice President and Chief Financial Officer
slathia@caldwell.com
+1 (416) 934-2241

Media:
Caroline Lomot, Vice President, Marketing & Communications
clomot@caldwell.com
+1 (516) 830-3535

THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(audited - in $000s Canadian)

		As at August 31,				As at August 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents			23,543				16,436
Term deposits			-				4,123
Accounts receivable			15,520				18,637
Income taxes receivable			-				159
Unbilled revenue			9,964				9,248
Finance lease receivable			440				323
Prepaid expenses and other assets			3,696				3,568
			53,163				52,494
Non-current assets
Prepaid expenses and other assets			362				312
Investments			1,510				1,601
Advances			1,421				1,028
Deferred income taxes			5,689				6,624
Property and equipment, net			1,574				1,131
Right-of-use assets, net			3,560				4,623
Finance lease receivable			1,152				1,562
Intangible assets, net			-				34
Goodwill			7,470				11,357
Total assets			75,901				80,766
Liabilities
Current liabilities
Accounts payable and accrued liabilities			3,869				3,263
Dividend payable			441				74
Deferred revenue			1,357				3,846
Income taxes payable			183				-
Compensation payable			31,683				30,771
Lease liability			1,867				1,731
			39,400				39,685
Non-current liabilities
Compensation payable			1,183				671
Lease liability			4,010				5,438
			44,593				45,794
Equity attributable to owners of the Company
Share capital			15,347				15,346
Contributed surplus			15,598				15,770
Treasury shares			(20	)			(2	)
Accumulated other comprehensive income			2,382				2,201
Retained (deficit) earnings			(1,999	)			1,657
Total equity			31,308				34,972
Total liabilities and equity			75,901				80,766

THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS
(audited - in $000s Canadian, except per share amounts)

		Twelve months ended				Twelve months ended
		31-Aug-26				31-Aug-25
Revenues
Professional fees			110,212				103,255
Direct expense reimbursements			974				802
			111,186				104,057
Cost of sales expenses
Cost of sales			87,567				81,044
Reimbursed direct expenses			974				802
			88,541				81,846
Gross profit			22,645				22,211
Selling, general and administrative expenses			18,448				18,364
Goodwill impairment and other expense			3,981				112
			22,429				18,476
Operating profit			216				3,735
Finance expense (income)
Interest expense on lease liability			414				388
Investment and other income			(380	)			(396	)
Foreign exchange loss			57				11
Earnings before income tax			125				3,732
Income tax expense			2,456				1,170
Net (loss) earnings for the period attributable to owners of the Company			(2,331	)			2,562
(Loss) earnings per share
Basic		$	(0.079	)		$	0.087
Diluted		$	(0.079	)		$	0.086

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS
(audited - in $000s Canadian)

		Twelve months ended
		31-Aug-26				31-Aug-25
Net (loss) earnings for the period			(2,331	)			2,562
Other comprehensive income (loss):
Items that may be reclassified subsequently to net (loss) earnings
Unrealized loss on marketable securities			-				(1	)
Cumulative translation adjustment			181				400
Comprehensive (loss) earnings for the period attributable to owners of the Company			(2,150	)			2,961

THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(audited - in $000s Canadian)

																		Accumulated other comprehensive income (loss)
		Retained earnings (deficit)				Share capital				Contributed surplus				Treasury shares				Cumulative translation adjustment				Loss marketable securities				Total equity
Balance - August 31, 2024			(609	)			15,392				15,541				-				1,806				(4	)			32,126
Net earnings for the year ended August 31, 2025			2,562				-				-				-				-				-				2,562
Share-based payment expense			-				-				259				-				-				-				259
Dividend payments declared			(296	)			-				-				-				-				-				(296	)
Loss on marketable securities available for sale			-				-				-				-				-				(1	)			(1	)
Shares cancelled			-				(46	)			(30	)			-				-				-				(76	)
Treasury shares			-				-				-				(2	)			-				-				(2	)
Change in cumulative translation adjustment			-				-				-				-				400				-				400
Balance - August 31, 2025			1,657				15,346				15,770				(2	)			2,206				(5	)			34,972
Net loss for the year ended August 31, 2026			(2,331	)			-				-				-				-				-				(2,331	)
Share-based payment expense			-				-				43				-				-				-				43
Dividend payments declared			(1,325	)			-				-				-				-				-				(1,325	)
Shares issued and (cancelled)			-				1				(215	)			2				-				-				(212	)
Treasury shares			-				-				-				(20	)			-				-				(20	)
Change in cumulative translation adjustment			-				-				-				-				181				-				181
Balance - August 31, 2026			(1,999	)			15,347				15,598				(20	)			2,387				(5	)			31,308

THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(audited - in $000s Canadian)

		Twelve months ended
		31-Aug-26				31-Aug-25
Cash flow provided by (used in)
Operating activities
Net (loss) earnings for the period			(2,331	)			2,562
Add (deduct) items not affecting cash:
Impairment of goodwill			3,981				-
Impairment of fixed assets			-				560
Depreciation of property and equipment			465				414
Depreciation of right-of-use assets			1,091				1,316
Amortization of intangible assets			34				56
Amortization of advances			1,245				800
Interest expense on lease liabilities			414				388
Interest income related to finance lease receivable			(30	)			-
Share-based payment expense			43				259
Gain on unrealized foreign exchange on subsidiary loans			(42	)			(44	)
Losses related to equity-accounted associate			106				113
Net gain on recognition of finance lease receivable			-				(381	)
Changes in working capital			3,659				(2,414	)
Net cash generated from operating activities			8,635				3,629
Investing activities
Purchase of property and equipment			(899	)			(391	)
Sublease payments received			323				-
Payment of advances			(2,091	)			(1,386	)
Repayment of advances			-				1,068
Maturity (purchase) of term deposits			4,123				(4,123	)
Net cash generated from (used in) investing activities			1,456				(4,832	)
Financing activities
Payment of lease liabilities			(1,739	)			(1,766	)
Payment of dividends			(959	)			(222	)
Purchase of treasury shares			(18	)			(78	)
Issued and cancelled shares, net			(214	)			-
Net cash used in financing activities			(2,930	)			(2,066	)
Effect of exchange rate changes on cash and cash equivalents			(54	)			71
Net increase (decrease) in cash and cash equivalents			7,107				(3,198	)
Cash and cash equivalents, beginning of year			16,436				19,634
Cash and cash equivalents, end of period			23,543				16,436

SOURCE: Caldwell Partners International, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Caldwell pay its increased quarterly dividend and special dividend?

Caldwell will pay both dividends on December 15, 2026, to common shareholders of record on November 23, 2026. The quarterly dividend is C$0.02 per share, up from C$0.015 in the prior quarter, and the one-time special dividend is C$0.116 per share.

What were Caldwell's fiscal 2026 revenue and earnings?

Caldwell reported C$111.186 million in revenue and a C$2.331 million net loss for the year ended August 31, 2026. Fiscal 2025 revenue was C$104.057 million, with C$2.562 million in net earnings. Basic earnings per share moved from C$0.087 to a loss of C$0.079.

How does Caldwell calculate adjusted earnings per share?

Caldwell calculates adjusted EPS by excluding tax-adjusted goodwill impairment and other income from net earnings after tax, then dividing by shares outstanding at period-end. This is a non-GAAP measure. The IQTalent goodwill impairment is not deductible for tax purposes, so its effective tax rate is nil.