ManpowerGroup Reports 4th Quarter 2025 Results

MILWAUKEE, Jan. 29, 2026 /PRNewswire/ -- ManpowerGroup (NYSE: 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® (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

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

-0.10209

Other Americas

18.3

0.255528

0.213944

37.4

34.3

0.087984

0.065883

Southern Europe:

France

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

Interest income

-5.8

-8.9

Foreign exchange loss

1.9

Miscellaneous (income) expense, net

-4

5.4

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

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

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

77.7

-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

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)

(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

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,

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

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

86.6

Loss on sales of subsidiaries, net

6.2

8.2

Non-cash goodwill and other impairment charges

88.7

Deferred income taxes

-35.8

-32.4

Allowance for expected credit losses

7.1

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

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

Payments of contingent consideration for acquisitions

-1.3

-2.8

Proceeds from share-based awards

0.8

Payments to noncontrolling interests

-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

SOURCE ManpowerGroup