-- Revenues of $4.7 billion (7% as reported, 1% constant currency, 2%
organic constant currency)
-- Ongoing stabilization across North America and Europe overall, including
sequential improvement in France and market leading growth in Italy.
Latin America and Asia Pacific saw continued strong demand during the
quarter
-- Compared to the previous quarter, year over year revenue growth in
Manpower increased and the rate of revenue decline in both Experis and
Talent Solutions also improved
-- Gross profit margin of 16.3% reflects softer than expected permanent
recruitment activity in Europe while year-over-year staffing margin
trends held steady from the previous quarter
-- Cost actions drove a sequential improvement in the year over year SG&A
decrease with additional restructuring actions taken in the quarter
-- Strong cash provided by operating activities1 during the quarter.
Refinanced the EUR500 million Euro Note (previously scheduled to mature
in June 2026) and reset the revolving credit facility for a new 5-year
period
MILWAUKEE, Jan. 29, 2026 /PRNewswire/ -- ManpowerGroup $(MAN)$ today reported net earnings of $0.64 per diluted share for the three months ended December 31, 2025 compared to net earnings of $0.47 per diluted share in the prior year period. Net earnings in the quarter were $30.2 million compared to net earnings of $22.5 million a year earlier. Revenues for the fourth quarter were $4.7 billion, a 7% increase from the prior year period.
The current year quarter included restructuring costs, pension settlements, and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by $0.28 in the fourth quarter. Excluding these charges, earnings per share was $0.92 per diluted share in the quarter representing a decrease of 17% in constant currency.(2)
Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 1% compared to the prior year period and, on an organic constant currency basis, revenues increased 2% compared to the prior year period.
Jonas Prising, ManpowerGroup Chair & CEO, said "We are pleased with our solid fourth quarter results, which reflect improving stabilization in market trends and continued execution of our go-to market and cost optimization strategy. Throughout 2025, we delivered sequential progress in both revenue and profitability, as adjusted, exiting the year with strengthening trends. France and Northern Europe improved, alongside market-leading performance in Italy. In North America, Manpower and Talent Solutions TAPFIN MSP continued to perform well, while Experis stabilized and RPO and permanent recruitment faced continued headwinds. Looking ahead, assuming current trends hold, we see opportunity to capitalize on improving market demand as we progress technology initiatives to diversify our capabilities and win market share. We will remain agile and continue to execute against our disciplined transformation to drive productivity gains and operating leverage."
"We anticipate diluted earnings per share in the first quarter will be between $0.45 and $0.55, which includes an estimated favorable currency impact of 6 cents and a 43.0% effective tax rate."
Net losses for the year ended December 31, 2025 were $13.3 million, or net losses of $0.29 per basic share compared to net earnings of $145.1 million, or net earnings of $3.01 per diluted share in the prior year, respectively. The full year period included non-cash goodwill and intangible asset impairment charges, restructuring costs, net losses from the sale of businesses, which will operate as franchises going forward, pension settlements, and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by $3.26. Excluding the net impact of these charges, earnings per share for the year were $2.97 per diluted share representing a decrease of 38% in constant currency. 2 Revenues for the year were $18.0 billion, representing an increase of 1% compared to the prior year or a decrease of 2% in constant currency.
In conjunction with its fourth quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on January 29, 2026 at 7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.
Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.
About ManpowerGroup
ManpowerGroup$(R)$ (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands -- Manpower, Experis, and Talent Solutions -- creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity -- as a best place to work for Women, Inclusion, Equality, and Disability, and in 2025 ManpowerGroup was named one of the World's Most Ethical Companies for the 16(th) time -- all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.
Forward-Looking Statements
This press release contains statements, including statements regarding trends in labor demand and the future strengthening of such demand, the Company's financial outlook, and the Company's strategic initiatives and technology investments, including our ability to increase market share and the acceleration of transformation initiatives to remove structural costs from the organization to drive efficiencies, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2024, which information is incorporated herein by reference.
The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.
(1) Cash provided by operating activities equaled $179 million and, including
capital expenditures, Free Cash Flow represented $168 million in the quarter.
(2) The prior year period included various adjustments which reduced earnings
per share by $0.55 in the fourth quarter and $1.54 for the full year which are
also excluded when determining the year over year adjusted trend.
ManpowerGroup
Operating Unit Results
(In millions)
Three Months Ended December 31
% Variance
Amount Constant
2025 2024(a) Reported Currency
(Unaudited)
Revenues from Services:
Americas:
United States (b) 681.7 691.8 -0.01466 -0.01466
Other Americas 451.7 381.8 0.183296 0.159996
1133.4 1073.6 0.055728 0.047443
Southern Europe:
France 1170.9 1111.3 0.053639 -0.0341
Italy 485.9 418.7 0.160267 0.063743
Other Southern Europe 590.7 513.4 0.150551 0.048834
2247.5 2043.4 0.099836 0.006786
Northern Europe 819.1 768.4 0.066057 -0.01144
APME 519.7 522 -0.00462 0.001592
4719.7 4407.4
Intercompany Eliminations -6.6 -7.7
4713.1 4399.7 0.071223 0.013221
Operating Unit Profit (Loss):
Americas:
United States 14.4 16 -0.10209 -0.10209
Other Americas 23 18.3 0.255528 0.213944
37.4 34.3 0.087984 0.065883
Southern Europe:
France 26 35.8 -0.27504 -0.3335
Italy 32.8 24.3 0.342609 0.232324
Other Southern Europe 12.7 15.1 -0.15224 -0.22182
71.5 75.2 -0.0503 -0.12778
Northern Europe -1.1 -16.5 0.931526 0.95902
APME 27.4 15.8 0.758747 0.777321
135.2 108.8
Corporate expenses -47.6 -32.5
Intangible asset amortization
expense -7 -8.1
Operating profit 80.6 68.2 0.183901 0.077443
Interest and other expenses, net
(c) -15 -20.5
Earnings before income taxes 65.6 47.7
(a) Effective January 1, 2025, our segment reporting was realigned to include our Morocco
business within Other Southern Europe. Accordingly, France is now adjusted to exclude
Morocco. All previously reported results have been recast to conform to the current
year presentation.
(b) In the United States, revenues from services include fees received from our franchise
offices of $2.6 million for both the three months ended December 31, 2025 and 2024.
These fees are primarily based on revenues generated by the franchise offices, which
were $89.0 million and $89.7 million for the three months ended December 31, 2025 and
2024, respectively.
(c) The components of interest and other expenses, net were:
2025 2024
Interest
expense 22.9 23
Interest
income -5.8 -8.9
Foreign
exchange
loss 1.9 1
Miscellaneous
(income)
expense, net -4 5.4
15 20.5
ManpowerGroup
Results of Operations
(In millions, except per share data)
Year Ended December 31
% Variance
Amount Constant
2025 2024 Reported Currency
(Unaudited)
Revenues from services (a) 17957.1 17853.9 0.005778 -0.02081
Cost of services 14959.5 14767.1 0.013026 -0.01446
Gross profit 2997.6 3086.8 -0.0289 -0.05118
Selling and administrative
expenses, excluding
impairment charges 2758.8 2780.8 -0.00792 -0.02822
Impairment charges (b) 88.7 0 N/A N/A
Selling and administrative
expenses 2847.5 2780.8 0.023963 0.001143
Operating profit 150.1 306 -0.50931 -0.52671
Interest and other expenses, net 56.7 49.2 0.155292
Earnings before income taxes 93.4 256.8 -0.63646 -0.64768
Provision for income taxes 106.7 111.7 -0.04559
Net (loss) earnings -13.3 145.1 -1.0916 -1.08877
Net (loss) earnings per share -
basic -0.29 3.04 -1.09391
Net (loss) earnings per share -
diluted -0.29 3.01 -1.09492 -1.09199
Weighted average shares - basic 46.57373 47.75022 -0.02464
Weighted average shares -
diluted 46.57373 48.26023 -0.03495
(a) Revenues from
services include
fees received
from our
franchise
offices of $16.6
million and
$14.4 million
for the years
ended December
31, 2025 and
2024,
respectively.
These fees are
primarily based
on revenues
generated by the
franchise
offices, which
were $1,542.6
million and
$1,125.5 million
for the years
ended December
31, 2025 and
2024,
respectively.
(b) Impairment
charges for the
year ended
December 31,
2025 consist of
a goodwill
impairment
related to our
investments in
Switzerland and
the United
Kingdom and an
impairment of an
indefinite
lived intangible
asset in our
Switzerland
business.
ManpowerGroup
Operating Unit Results
(In millions)
Year Ended December 31
% Variance
Amount Constant
2025 2024(a) Reported Currency
(Unaudited)
Revenues from Services:
Americas:
United States (b) 2735.4 2766.6 -0.01129 -0.01129
Other Americas 1613.4 1458.3 0.106375 0.148118
4348.8 4224.9 0.029323 0.043731
Southern Europe:
France 4459.4 4531.5 -0.01592 -0.05948
Italy 1822.1 1677 0.086482 0.03849
Other Southern Europe 2154.8 2009.8 0.072178 0.018378
8436.3 8218.3 0.026518 -0.02045
Northern Europe 3161.1 3304.3 -0.04334 -0.0834
APME 2041.9 2161.3 -0.05524 -0.06326
17988.1 17908.8
Intercompany Eliminations -31 -54.9
17957.1 17853.9 0.005778 -0.02081
Operating Unit Profit (Loss):
Americas:
United States 66 77.7 -0.15099 -0.15099
Other Americas 70.9 63.9 0.109758 0.127062
136.9 141.6 -0.03341 -0.02561
Southern Europe:
France 109.9 149.5 -0.26527 -0.29964
Italy 115.8 113.1 0.023172 -0.02341
Other Southern Europe 34.9 41.5 -0.15688 -0.20426
260.6 304.1 -0.14321 -0.18389
Northern Europe -43.3 -44.6 0.028892 0.075319
APME 100.6 83.7 0.203608 0.190937
454.8 484.8
Corporate expenses -184.7 -146.1
Impairment charges (c) -88.7 0
Intangible asset amortization
expense -31.3 -32.7
Operating profit 150.1 306 -0.50931 -0.52671
Interest and other expenses, net
(d) -56.7 -49.2
Earnings before income taxes 93.4 256.8
(a) Effective January 1, 2025, our
segment reporting was realigned to
include our Morocco business within
Other Southern Europe. Accordingly,
France is now adjusted to exclude
Morocco. All previously reported
results have been recast to
conform to the current year
presentation.
(b) In the United
States, revenues
from services
include fees
received from our
franchise offices
of $10.1 million
and $10.7 million
for the years
ended December 31,
2025 and 2024,
respectively.
These fees are
primarily based on
revenues generated
by the franchise
offices, which
were $336.5
million and $368.1
million for the
years ended
December 31,
2025 and 2024,
respectively.
(c) Impairment charges
for the year ended
December 31, 2025
consist of a
goodwill
impairment related
to our investments
in Switzerland and
the United Kingdom
and an impairment
of an
indefinite-lived
intangible asset
in our Switzerland
business.
(d) The components of
interest and other
expenses, net
were:
2025 2024
Interest expense 95.4 90
Interest income -27.8 -33.3
Foreign exchange loss 6.5 6.2
Miscellaneous income, net -17.4 -13.7
56.7 49.2
ManpowerGroup
Consolidated Balance Sheets
(In millions)
Dec. 31, Dec. 31,
2025 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents 871 509.4
Accounts receivable, net 4770.3 4297.2
Prepaid expenses and other assets 149.1 163.7
Total current assets 5790.4 4970.3
Other assets:
Goodwill 1544.6 1563.4
Intangible assets, net 430.1 486.1
Operating lease right-of-use assets 392.7 361.3
Other assets 879.1 701.5
Total other assets 3246.5 3112.3
Property and equipment:
Land, buildings, leasehold improvements and
equipment 526.9 488.2
Less: accumulated depreciation and amortization 403.7 369.8
Net property and equipment 123.2 118.4
Total assets 9160.1 8201
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 2721.1 2612.9
Employee compensation payable 232.3 241.1
Accrued payroll taxes and insurance 672.1 615.2
Accrued liabilities 457.6 475.1
Value added taxes payable 418.1 370.8
Short-term operating lease liability 107.4 98.6
Short-term borrowings and current maturities of
long-term debt 625 23.4
Total current liabilities 5233.6 4437.1
Other liabilities:
Long-term debt 1052.1 929.4
Long-term operating lease liability 304.3 279
Other long-term liabilities 509.8 428.6
Total other liabilities 1866.2 1637
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock 1.2 1.2
Capital in excess of par value 3572.5 3546.1
Retained earnings 3732.3 3812.3
Accumulated other comprehensive loss -412.1 -443
Treasury stock, at cost -4834.3 -4791.4
Total ManpowerGroup shareholders' equity 2059.6 2125.2
Noncontrolling interests 0.7 1.7
Total shareholders' equity 2060.3 2126.9
Total liabilities and shareholders'
equity 9160.1 8201
ManpowerGroup
Consolidated Statements of Cash Flows
(In millions)
Year Ended
December 31,
2025 2024
(Unaudited)
Cash Flows from Operating Activities:
Net (loss) earnings -13.3 145.1
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Depreciation and amortization 86 86.6
Loss on sales of subsidiaries, net 6.2 8.2
Non-cash goodwill and other impairment charges 88.7 0
Deferred income taxes -35.8 -32.4
Allowance for expected credit losses 7.1 9
Share-based compensation 26.3 27.3
Changes in operating assets and liabilities:
Accounts receivable -142.3 261.1
Other assets -74.5 -131.8
Accounts payable -42.5 15.7
Other liabilities -10 -79.6
Cash (used in) provided by operating
activities -104.1 309.2
Cash Flows from Investing Activities:
Capital expenditures -57.3 -51.1
Acquisition of businesses, net of cash acquired -1 -4.9
Impact to cash resulting from sales of subsidiaries -2.1 -14.6
Proceeds from the sale of property and equipment 1.2 2.4
Cash used in investing activities -59.2 -68.2
Cash Flows from Financing Activities:
Net change in short-term borrowings 14.4 14
Proceeds from long-term debt 586.8 3.7
Repayments of long-term debt -0.7 -1.6
Payments for debt issuance costs -2.6 0
Payments of contingent consideration for
acquisitions -1.3 -2.8
Proceeds from share-based awards 0 0.8
Payments to noncontrolling interests 0 -0.2
Other share-based award transactions -6.2 -10.5
Repurchases of common stock and excise tax -38.2 -140
Dividends paid -66.7 -145.8
Cash provided by (used in) financing
activities 485.5 -282.4
Effect of exchange rate changes on cash 39.4 -30.5
Change in cash and cash equivalents 361.6 -71.9
Cash and cash equivalents, beginning of period 509.4 581.3
Cash and cash equivalents, end of period 871 509.4
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SOURCE ManpowerGroup
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January 29, 2026 07:30 ET (12:30 GMT)