In the news release, ManpowerGroup Reports 4th Quarter 2025 Results, issued 29-Jan-2026 by ManpowerGroup over PR Newswire, the company advises that multiple tables were incorrectly presented as full numerical figures instead of percentages. No underlying data has changed. The complete, corrected release follows:
ManpowerGroup Reports 4th Quarter 2025 Results
-- 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
Results of Operations
(In millions, except per share data)
Three Months Ended December 31
-------------------------------------------------------
% Variance
------------------
Amount Constant
2025 2024 Reported Currency
------------------- -------------- -------- --------
(Unaudited)
Revenues from
services (a) $ 4,713.1 $ 4,399.7 7.1 % 1.3 %
Cost of services 3,946.4 3,644.6 8.3 % 2.3 %
------------------- --------------
Gross profit 766.7 755.1 1.5 % -3.5 %
Selling and
administrative
expenses 686.1 686.9 -0.1 % -4.6 %
------------------- --------------
Operating profit 80.6 68.2 18.4 % 7.7 %
Interest and other
expenses, net 15.0 20.5 -25.9 %
------------------- --------------
Earnings before
income taxes 65.6 47.7 37.4 % 26.2 %
Provision for income
taxes 35.4 25.2 40.1 %
Net earnings $ 30.2 $ 22.5 34.3 % 23.4 %
=================== ==============
Net earnings per
share - basic $ 0.65 $ 0.48 35.7 %
=================== ==============
Net earnings per
share - diluted $ 0.64 $ 0.47 36.7 % 25.6 %
=================== ==============
Weighted average
shares - basic 46.5 47.2 -1.5 %
=================== ==============
Weighted average
shares - diluted 46.9 47.7 -1.7 %
=================== ==============
(a) Revenues from services include fees received from our franchise offices
of $4.1 million and $3.8 million for the three months ended December 31,
2025 and 2024, respectively. These fees are primarily based on revenues
generated by the franchise offices, which were $395.2 million and $278.1
million for the three months ended December 31, 2025 and 2024,
respectively.
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 -1.5 % -1.5 %
Other
Americas 451.7 381.8 18.3 % 16.0 %
1,133.4 1,073.6 5.6 % 4.7 %
------------------------- -------------------------
Southern
Europe:
France 1,170.9 1,111.3 5.4 % -3.4 %
Italy 485.9 418.7 16.0 % 6.4 %
Other
Southern
Europe 590.7 513.4 15.1 % 4.9 %
2,247.5 2,043.4 10.0 % 0.7 %
------------------------- -------------------------
Northern Europe 819.1 768.4 6.6 % -1.1 %
APME 519.7 522.0 -0.5 % 0.2 %
4,719.7 4,407.4
------------------------- -------------------------
Intercompany
Eliminations (6.6) (7.7)
$ 4,713.1 $ 4,399.7 7.1 % 1.3 %
========================= =========================
Operating Unit
Profit (Loss):
Americas:
United
States $ 14.4 $ 16.0 -10.2 % -10.2 %
Other
Americas 23.0 18.3 25.6 % 21.4 %
37.4 34.3 8.8 % 6.6 %
------------------------- -------------------------
Southern
Europe:
France 26.0 35.8 -27.5 % -33.3 %
Italy 32.8 24.3 34.3 % 23.2 %
Other
Southern
Europe 12.7 15.1 -15.2 % -22.2 %
71.5 75.2 -5.0 % -12.8 %
------------------------- -------------------------
Northern Europe (1.1) (16.5) 93.2 % 95.9 %
APME 27.4 15.8 75.9 % 77.7 %
135.2 108.8
Corporate
expenses (47.6) (32.5)
Intangible asset
amortization
expense (7.0) (8.1)
Operating
profit 80.6 68.2 18.4 % 7.7 %
Interest and
other expenses,
net (c) (15.0) (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 $ 23.0
Interest income (5.8) (8.9)
Foreign exchange
loss 1.9 1.0
Miscellaneous
(income)
expense, net (4.0) 5.4
$ 15.0 $ 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) $ 17,957.1 $ 17,853.9 0.6 % -2.1 %
Cost of services 14,959.5 14,767.1 1.3 % -1.4 %
--------------- -------------
Gross profit 2,997.6 3,086.8 -2.9 % -5.1 %
Selling and administrative
expenses, excluding
impairment charges 2,758.8 2,780.8 -0.8 % -2.8 %
Impairment charges (b) 88.7 - N/A N/A
--------------- -------------
Selling and
administrative expenses 2,847.5 2,780.8 2.4 % 0.1 %
--------------- -------------
Operating profit 150.1 306.0 -50.9 % -52.7 %
Interest and other
expenses, net 56.7 49.2 15.5 %
--------------- -------------
Earnings before income
taxes 93.4 256.8 -63.6 % -64.8 %
Provision for income taxes 106.7 111.7 -4.6 %
Net (loss) earnings $ (13.3) $ 145.1 -109.2 % -108.9 %
=============== =============
Net (loss) earnings per
share - basic $ (0.29) $ 3.04 -109.4 %
=============== =============
Net (loss) earnings per
share - diluted $ (0.29) $ 3.01 -109.5 % -109.2 %
=============== =============
Weighted average shares -
basic 46.6 47.8 -2.5 %
=============== =============
Weighted average shares -
diluted 46.6 48.3 -3.5 %
=============== =============
(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) $ 2,735.4 $ 2,766.6 -1.1 % -1.1 %
Other
Americas 1,613.4 1,458.3 10.6 % 14.8 %
4,348.8 4,224.9 2.9 % 4.4 %
-------------------- --------------------
Southern
Europe:
France 4,459.4 4,531.5 -1.6 % -5.9 %
Italy 1,822.1 1,677.0 8.6 % 3.8 %
Other
Southern
Europe 2,154.8 2,009.8 7.2 % 1.8 %
8,436.3 8,218.3 2.7 % -2.0 %
-------------------- --------------------
Northern Europe 3,161.1 3,304.3 -4.3 % -8.3 %
APME 2,041.9 2,161.3 -5.5 % -6.3 %
17,988.1 17,908.8
-------------------- --------------------
Intercompany
Eliminations (31.0) (54.9)
$ 17,957.1 $ 17,853.9 0.6 % -2.1 %
==================== ====================
Operating Unit
Profit (Loss):
Americas:
United
States $ 66.0 $ 77.7 -15.1 % -15.1 %
Other
Americas 70.9 63.9 11.0 % 12.7 %
136.9 141.6 -3.3 % -2.6 %
-------------------- --------------------
Southern
Europe:
France 109.9 149.5 -26.5 % -30.0 %
Italy 115.8 113.1 2.3 % -2.3 %
Other
Southern
Europe 34.9 41.5 -15.7 % -20.4 %
260.6 304.1 -14.3 % -18.4 %
-------------------- --------------------
Northern Europe (43.3) (44.6) 2.9 % 7.5 %
APME 100.6 83.7 20.4 % 19.1 %
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 -50.9 % -52.7 %
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 $ 90.0
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 $ 871.0 $ 509.4
Accounts receivable, net 4,770.3 4,297.2
Prepaid expenses and other assets 149.1 163.7
Total current assets 5,790.4 4,970.3
Other assets:
Goodwill 1,544.6 1,563.4
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 3,246.5 3,112.3
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 $ 9,160.1 $ 8,201.0
============== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,721.1 $ 2,612.9
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 625.0 23.4
Total current liabilities 5,233.6 4,437.1
Other liabilities:
Long-term debt 1,052.1 929.4
Long-term operating lease liability 304.3 279.0
Other long-term liabilities 509.8 428.6
Total other liabilities 1,866.2 1,637.0
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock 1.2 1.2
Capital in excess of par value 3,572.5 3,546.1
Retained earnings 3,732.3 3,812.3
Accumulated other comprehensive loss (412.1) (443.0)
Treasury stock, at cost (4,834.3) (4,791.4)
Total ManpowerGroup
shareholders' equity 2,059.6 2,125.2
-------------- -------------------
Noncontrolling interests 0.7 1.7
Total shareholders' equity 2,060.3 2,126.9
Total liabilities and
shareholders' equity $ 9,160.1 $ 8,201.0
============== ===================
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 86.0 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 9.0
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 (10.0) (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 (1.0) (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 14.0
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) (140.0)
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 $ 871.0 $ 509.4
============ ===================
Correction: An earlier version of this release contained incorrect financial information in the tables.
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SOURCE ManpowerGroup
(END) Dow Jones Newswires
January 29, 2026 09:38 ET (14:38 GMT)
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