ManpowerGroup Inc. (MAN)
SIC breadcrumb: Services > Business Services > SIC 7363 Services-Help Supply Services
SEC company page: https://www.sec.gov/edgar/browse/?CIK=871763. Latest filing source: 0001193125-26-064113.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 17,957,100,000 | USD | 2025 | 2026-02-23 |
| Net income | -13,300,000 | USD | 2025 | 2026-02-23 |
| Assets | 9,160,100,000 | USD | 2025 | 2026-02-23 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000871763.json. Derived margins are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19,654,100,000 | 21,034,300,000 | 21,991,200,000 | 20,863,500,000 | 18,001,000,000 | 20,724,400,000 | 19,827,500,000 | 18,914,500,000 | 17,853,900,000 | 17,957,100,000 |
| Net income | 443,700,000 | 545,400,000 | 556,700,000 | 465,700,000 | 23,800,000 | 382,400,000 | 373,800,000 | 88,800,000 | 145,100,000 | -13,300,000 |
| Operating income | 745,500,000 | 789,200,000 | 796,700,000 | 644,900,000 | 187,600,000 | 585,400,000 | 581,700,000 | 255,800,000 | 306,000,000 | 150,100,000 |
| Gross profit | 3,333,800,000 | 3,484,600,000 | 3,579,000,000 | 3,375,100,000 | 2,824,700,000 | 3,407,500,000 | 3,572,400,000 | 3,358,000,000 | 3,086,800,000 | 2,997,600,000 |
| Diluted EPS | 6.27 | 8.04 | 8.56 | 7.72 | 0.41 | 6.91 | 7.08 | 1.76 | 3.01 | -0.29 |
| Assets | 7,574,200,000 | 8,883,600,000 | 8,519,800,000 | 9,223,800,000 | 9,328,200,000 | 9,828,900,000 | 9,130,400,000 | 8,830,200,000 | 8,201,000,000 | 9,160,100,000 |
| Stockholders' equity | 2,361,900,000 | 2,774,900,000 | 2,624,900,000 | 2,743,000,000 | 2,441,000,000 | 2,521,700,000 | 2,447,300,000 | 2,223,300,000 | 2,125,200,000 | 2,059,600,000 |
| Cash and cash equivalents | 598,500,000 | 689,000,000 | 591,900,000 | 1,025,800,000 | 1,567,100,000 | 847,800,000 | 639,000,000 | 581,300,000 | 509,400,000 | 871,000,000 |
| Net margin | 2.26% | 2.59% | 2.53% | 2.23% | 0.13% | 1.85% | 1.89% | 0.47% | 0.81% | -0.07% |
| Operating margin | 3.79% | 3.75% | 3.62% | 3.09% | 1.04% | 2.82% | 2.93% | 1.35% | 1.71% | 0.84% |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000871763.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-30 | 2.29 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 2.13 | reported discrete quarter | ||
| 2023-Q2 | 2023-03-31 | 77,800,000 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 1.51 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 4,856,100,000 | 1.29 | reported discrete quarter | |
| 2023-Q3 | 2023-06-30 | 65,200,000 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 4,675,600,000 | 0.60 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | 4,630,500,000 | -84,500,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 4,403,300,000 | 39,700,000 | 0.81 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 39,700,000 | reported discrete quarter | ||
| 2024-Q3 | 2024-06-30 | 60,100,000 | reported discrete quarter | ||
| 2024-Q2 | 2024-06-30 | 4,520,700,000 | 1.24 | reported discrete quarter | |
| 2024-Q3 | 2024-09-30 | 4,530,200,000 | 0.47 | reported discrete quarter | |
| 2024-Q4 | 2024-12-31 | 4,399,700,000 | 22,500,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 4,090,300,000 | 5,600,000 | 0.12 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 5,600,000 | reported discrete quarter | ||
| 2025-Q3 | 2025-06-30 | -67,100,000 | reported discrete quarter | ||
| 2025-Q2 | 2025-06-30 | 4,519,300,000 | -1.44 | reported discrete quarter | |
| 2025-Q3 | 2025-09-30 | 4,634,400,000 | 0.38 | reported discrete quarter | |
| 2025-Q4 | 2025-12-31 | 4,713,100,000 | 30,200,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 4,510,400,000 | 2,500,000 | 0.05 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001193125-26-215064.
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations in millions, except share and per share data See the financial measures section on page 25 for further information on the Non-GAAP financial measures of constant currency and organic constant currency. Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, (each a "forward-looking statement"). Statements made in this quarterly report that are not statements of historical fact are forward-looking statements. In addition, from time to time, we and our representatives may make statements that are forward-looking. Forward-looking statements are based on management’s current assumptions and expectations and are subject to risks and uncertainties that are beyond our control and may cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “believe,” “seek,” “estimate,” and other similar expressions. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, the risk factors discussed in Item 1A – Risk Factors in our annual report on Form 10-K for the year-ended December 31, 2025, which information is incorporated herein by reference. Such risks and uncertainties include, but are not limited to, volatile, negative or uncertain economic conditions, particularly in Europe and the United States, including inflation, global trade policies, and geopolitical risk and uncertainty; changes in labor and tax legislation in places we do business; failure to implement strategic transformation initiatives and technology investments; and other factors that may be disclosed from time to time in our SEC filings or otherwise. We caution that any forward-looking statement reflects only our belief at the time the statement is made. We undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances. Business Overview Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses. In the first quarter of 2026, we saw continued stabilization of revenue trends across our key markets and delivered solid performance in Asia Pacific and Latin America and certain European markets including France and Italy. Employers remain deliberate in their workforce hiring strategies. Engagement levels are steady and activity levels are becoming more consistent with improving business confidence in the United States and rising manufacturing Purchasing Managers' Index in the United States and Europe. Although we are encouraged by signs of stabilization and ongoing strength in certain markets such as Asia Pacific, Latin America, and parts of Southern Europe, these trends reinforce our view that the shape of the recovery can be different by market with some inflecting earlier and others requiring longer periods of stabilization before inflecting. During the first quarter of 2026, the United States dollar weakened on average, relative to the currencies in most of our markets, and overall had a favorable impact on our reported results compared to the first quarter of 2025. The changes in the foreign currency exchange rates had a 7.4% favorable impact on revenues from services. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results. 20 PART 1 During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 5.6% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services and the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services. During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 14.6% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates and the increased demand for Manpower staffing services, partially offset by decreased demand in outcome-based solutions. During the first quarter of 2026 compared to the first quarter of 2025, we experienced an 8.1% revenue increase in Northern Europe, primarily due to the favorable impact of currency exchange rates and an increase in demand for our Manpower staffing services, partially offset by a decrease in demand for our Experis interim services. We experienced a 7.1% revenue increase in APME in the first quarter of 2026 compared to the first quarter of 2025 primarily due to an increase in demand for our Manpower staffing services and an increase in demand for our Experis interim services, partially offset by the unfavorable impact of currency exchange rates. From a brand perspective, we experienced a revenue increase in Manpower and Talent Solutions while Experis experienced a revenue decrease in the first quarter of 2026 compared to the first quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Manpower consulting services. The revenue increase in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to currency, an increase in demand for our Right Management outplacement services, partially offset by decreased demand for our permanent recruitment services. The revenue decrease in our Experis brand was primarily due to decreased demand in our interim services, permanent recruitment services, and outcome-based solutions services. In the first quarter of 2026, our gross profit margin decreased 110 basis points compared to the first quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix changes driven by enterprise clients, lower bench utilization, and lower permanent recruitment and other services activity. Our operating profit increased 0.5% in the first quarter of 2026 and our operating profit margin decreased 10 basis points compared to the first quarter of 2025. Operating profit margin decreased in the first quarter of 2026 primarily due to the increase in selling and administrative expenses driven by the strategic transformation program costs related to our global transformation initiative. Operating Results - Three Months Ended March 31, 2026 and 2025 The following table presents selected consolidated financial data for the three months ended March 31, 2026 as compared to 2025. (in millions, except per share data) 2026 2025 Variance Constant Currency Variance Revenues from services $ 4,510.4 $ 4,090.3 10.3 % 2.9 % Cost of services 3,787.4 3,392.0 11.7 % 4.1 % Gross profit 723.0 698.3 3.5 % (2.8 )% Gross profit margin 16.0 % 17.1 % Selling and administrative expenses 694.7 670.1 3.7 % (2.2 )% Operating profit 28.3 28.2 0.5 % (17.8 )% Operating profit margin 0.6 % 0.7 % Interest and other expenses, net 12.9 11.5 13.3 % Earnings before income taxes 15.4 16.7 (8.3 )% (27.5 )% Provision for income taxes 12.9 11.1 15.1 % Effective income tax rate 83.8 % 66.8 % Net earnings $ 2.5 $ 5.6 (55.4 )% (64.7 )% Net earnings per share – diluted $ 0.05 $ 0.12 (55.2 )% (64.6 )% Weighted average shares – diluted 47.1 47.3 (0.4 )% 21 PART 1 The year-over-year increase in revenues from services was 10.3% (2.9% in constant currency) primarily attributed to: • a revenue increase in the Americas of 5.6% (3.5% in constant currency) primarily driven by a $77.9 increase in demand for our Manpower staffing services and a $21.7 favorable impact of currency exchange rates, partially offset by a $51.9 decrease in demand for our Experis interim services. The United States, our largest market in the Americas, experienced a revenue decrease of -4.9% primarily driven by a $52.4 decrease in demand for our Experis interim services, partially offset by a $12.7 increase in demand for our Manpower staffing services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $71.2 primarily due to a $65.3 increase in demand for our Manpower staffing services. • a revenue increase in Southern Europe of 14.6% (3.0% in constant currency) primarily driven by a $212.0 favorable impact of currency exchange rates and a $57.5 increase in demand for our Manpower staffing services, partially offset by a $5.5 decrease in demand for outcome-based solutions. France, the largest market in Southern Europe, experienced a revenue increase of 10.7% (-0.3% decrease in constant currency) primarily driven by a $106.1 favorable impact of currency exchange rates, partially offset by a $4.5 decrease in demand for outcome-based solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 19.3% (7.5% in constant currency) primarily driven by the $47.0 favorable impact of currency exchange rates and a $27.3 increase in demand for our Manpower staffing services. Other Southern Europe countries experienced a revenue increase of 18.6% (6.1% in constant currency) primarily driven by the $58.9 favorable impact of currency exchange rates and a $26.8 increase in demand for our Manpower staffing services; • a revenue increase in Northern Europe of 8.1% (-1.8% decrease in constant currency) primarily driven by the $72.4 favorable impact of currency exchange rates and a $19.0 increase in demand for our Manpower staffing services, partially offset by a $20.6 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $19.8, the United Kingdom of $11.9, Belgium of $6.0, and the Netherlands of $4.5 which represented revenue increases of 14.2%, 4.7%, 8.7%, and 5.3%, respectively (the Nordics were flat, and decreases of -2.0%, -2.2%, and -5.2%, respectively, in constant currency). This was partially offset by a decrease in Germany of $4.6 which represented a revenue decrease of -5.0% (-14.4% in constant currency); and • a revenue increase in APME of 7.1% (8.1% in constant currency) primarily driven by a $31.3 increase in demand for our Manpower staffing services and a $5.7 increase in demand for our Experis interim services, partially offset by a $4.6 unfavorable impact of currency exchange rates. Within our APME segment, we experienced revenue increases in Japan of 3.1% and India of 4.5% (6.2% and 10. [Excerpt truncated for page length; source filing is linked above.]