ManpowerGroup Reports 1st Quarter 2026 Results

ManpowerGroup (NYSE: MAN) reported Q1 2026 revenue of $4.5 billion, up 10% as reported and 3% in constant currency, with net earnings of $2.5 million or $0.05 per diluted share.

Rhea-AI Summary

ManpowerGroup (NYSE: MAN) reported Q1 2026 revenue of $4.5 billion, up 10% as reported and 3% in constant currency, with net earnings of $2.5 million or $0.05 per diluted share. Excluding restructuring and transformation charges, adjusted EPS was $0.51.

The company launched an expanded strategic transformation program expected to deliver $200 million of permanent cost savings in 2028, and guided Q2 diluted EPS to $0.91–$1.01 (including a roughly $0.05 favorable currency impact and a 43% tax rate).

Positive

• Revenue $4.5B (+10% reported, +3% constant currency)
• Adjusted EPS of $0.51 excluding charges
• Strategic transformation targeting $200M permanent savings by 2028
• Q2 EPS guidance of $0.91–$1.01
• SG&A reduced year over year in constant currency

Negative

• Restructuring and transformation costs reduced EPS by $0.46 in Q1
• Net earnings fell to $2.5M from $5.6M year earlier
• Experis faced soft professional demand; Talent Solutions down
• Higher effective tax rate pressure (43% noted for Q2)

Argus Apr 16 session

+0.88% close to close Open Argus

Details

News Market Reaction – MAN

In the Apr 16 session, MAN gained 0.88%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a transition phase for ManpowerGroup, with Q1 2026 revenue rising to $4...

Analysis

This announcement highlights a transition phase for ManpowerGroup, with Q1 2026 revenue rising to $4.5 billion and adjusted EPS at $0.51, offset by restructuring and transformation costs that cut reported EPS to $0.05. The expanded program targeting $200 million of permanent savings by 2028 and Q2 EPS guidance of $0.91–$1.01 frame management’s efficiency and growth ambitions. Investors may watch execution on cost reductions, constant-currency trends, and margin progression against these targets.

Key Figures

Q1 2026 revenue: $4.5 billion Reported EPS: $0.05 per diluted share Net earnings: $2.5 million +5 more

Q1 2026 revenue

$4.5 billion

First quarter 2026, up 10% year over year

Reported EPS

$0.05 per diluted share

Q1 2026 GAAP vs. $0.12 prior-year period

Net earnings

$2.5 million

Q1 2026 vs. $5.6 million a year earlier

Restructuring impact

$0.46 per share

Q1 2026 EPS reduction from restructuring and transformation costs

Adjusted EPS

$0.51 per diluted share

Q1 2026 excluding restructuring and transformation costs

Revenue growth (CC)

3% increase

Q1 2026 revenue growth in constant currency vs. prior year

Cost savings target

$200 million

Expected permanent cost savings from global transformation program in 2028

Q2 EPS guidance

$0.91–$1.01

Anticipated diluted EPS for second quarter 2026, includes $0.05 FX benefit

Historical Context

5 past events · Latest: Apr 01

5 events

1. Apr 01

   Earnings scheduling

   24h Move

   -2.4%

   Announced timing of Q1 2026 earnings release and webcast details.

2. Mar 24

   AI startup challenge

   24h Move

   +0.1%

   Launched 2026 VivaTech AI workforce startup challenge to drive innovation.

3. Mar 19

   Tech hiring outlook

   24h Move

   +0.9%

   Reported strong Q2 2026 Experis Tech Talent Outlook with high NEO levels.

4. Mar 18

   Ethics recognition

   24h Move

   -1.4%

   Named one of the World’s Most Ethical Companies for the 17th time.

5. Mar 17

   AI services launch

   24h Move

   +0.9%

   Experis launched EXCELERATE AI services suite with SoundHound AI partnership.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

constant currency, sg&a, restructuring costs, diluted earnings per share, +1 more

5 terms

constant currency financial

"Revenues of $4.5 billion (10% as reported, 3% constant currency)"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

sg&a financial

"SG&A down year over year in constant currency reflecting strong cost management"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

restructuring costs financial

"included restructuring costs and strategic transformation program costs which reduced earnings"

Restructuring costs are the immediate expenses a company incurs when reorganizing operations, such as closing facilities, laying off staff, breaking leases, or consolidating divisions. Investors care because these upfront outlays can lower short-term profits but may reduce future running costs or improve efficiency—like paying to renovate a house to make it cheaper to maintain—so they signal whether near-term earnings are being affected and what benefits might follow.

diluted earnings per share financial

"reported net earnings of $0.05 per diluted earnings per share for the three months"

Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.

effective tax rate financial

"includes an estimated favorable currency impact of 5 cents and a 43% effective tax rate"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Launched expanded global strategic transformation program, now expected to deliver $200 million in permanent cost savings in 2028
• Revenues of $4.5 billion (10% as reported, 3% constant currency)
• Strong demand in Asia Pacific and Latin America and in select European countries. France continued sequential improvement to achieve a flat revenue trend year over year
• Manpower had strong growth in the quarter. Experis impacted by soft professional demand, with stable underlying activity. Talent Solutions headwinds continue, driven by tempered permanent hiring, with rate of decline narrowing over last two quarters
• SG&A down year over year in constant currency reflecting strong cost management

MILWAUKEE, April 16, 2026 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported net earnings of $0.05 per diluted share for the three months ended March 31, 2026 compared to net earnings of $0.12 per diluted share in the prior year period. Net earnings in the quarter were $2.5 million compared to net earnings of $5.6 million a year earlier. Revenues for the first quarter were $4.5 billion, a 10% increase from the prior year period.

The current year quarter included restructuring costs and strategic transformation program costs which reduced earnings per share by $0.46 in the first quarter. Excluding these charges, earnings per share was $0.51 per diluted share in the quarter representing an increase of 3% in constant currency which incorporates a higher tax rate in the first quarter of 2026.¹

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 3% compared to the prior year period.

Jonas Prising, ManpowerGroup Chair & CEO, said, "We delivered solid performance in the quarter driven by disciplined execution and stabilization in demand trends across key markets. This marks five consecutive quarters of year over year revenue trend improvement. We grew our pipeline, saw continued momentum across the portfolio within our Manpower brand, and enhanced operating leverage through reductions in SG&A. Building on this progress and our ongoing transformational efforts, we are taking proactive steps to ensure we are positioned to succeed in any operating environment. This includes launching a strategic transformation program that is intended to not only improve our cost and margin profile, yet also enable ManpowerGroup to gain market share and deliver best-in-class client service. Further, we continue to make significant progress in advancing our AI strategy, including improving the candidate and client experience and bringing new products to market to enhance our competitive position and drive long-term value creation."

We anticipate diluted earnings per share in the second quarter will be between $0.91 and $1.01, which includes an estimated favorable currency impact of 5 cents and a 43% effective tax rate."

In conjunction with its first quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on April 16, 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/.

1 The prior year period included various adjustments which reduced earnings per share by $0.32 in the first quarter which are also excluded when determining the year over year adjusted trend.

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 2026 ManpowerGroup was named one of the World's Most Ethical Companies for the 17th 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 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, 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, which are subject to risks and uncertainties. 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, 2025, which information is incorporated herein by reference.

We caution that any forward-looking statement reflects only our belief at the time the statement is made. 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.

 

ManpowerGroup Results of Operations (In millions, except per share data)
		Three Months Ended March 31
										% Variance
										Amount				Constant
		2026				2025				Reported				Currency
		(Unaudited)
Revenues from services (a)		$	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	%
Selling and administrative expenses			694.7				670.1				3.7	%			-2.2	%
Operating profit			28.3				28.2				0.5	%			-17.8	%
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	%
Net earnings		$	2.5			$	5.6				-55.4	%			-64.7	%
Net earnings per share - basic		$	0.05			$	0.12				-55.2	%
Net earnings per share - diluted		$	0.05			$	0.12				-55.2	%			-64.6	%
Weighted average shares - basic			46.7				46.8				-0.3	%
Weighted average shares - diluted			47.1				47.3				-0.4	%

(a)	Revenues from services include fees received from our franchise offices of $3.8 million for both the three months ended March 31, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $454.3 million and $418.4 million for the three months ended March 31, 2026 and 2025, respectively.

 

ManpowerGroup Operating Unit Results (In millions)
		Three Months Ended March 31
										% Variance
										Amount				Constant
		2026				2025				Reported				Currency
		(Unaudited)
Revenues from Services:
Americas:
United States (a)		$	654.9			$	688.8				-4.9	%			-4.9	%
Other Americas			460.7				367.9				25.2	%			19.4	%
			1,115.6				1,056.7				5.6	%			3.5	%
Southern Europe:
France			1,068.6				965.7				10.7	%			-0.3	%
Italy			474.7				397.8				19.3	%			7.5	%
Other Southern Europe			558.0				470.5				18.6	%			6.1	%
			2,101.3				1,834.0				14.6	%			3.0	%
Northern Europe			790.1				730.8				8.1	%			-1.8	%
APME			510.5				476.4				7.1	%			8.1	%
			4,517.5				4,097.9
Intercompany Eliminations			(7.1)				(7.6)
		$	4,510.4			$	4,090.3				10.3	%			2.9	%
Operating Unit Profit (Loss):
Americas:
United States		$	2.1			$	11.3				-81.9	%			-81.9	%
Other Americas			17.0				14.2				20.9	%			14.4	%
			19.1				25.5				-24.9	%			-28.5	%
Southern Europe:
France			17.1				21.0				-18.5	%			-25.1	%
Italy			28.7				24.6				16.6	%			5.5	%
Other Southern Europe			8.4				4.6				83.1	%			63.8	%
			54.2				50.2				8.0	%			-2.0	%
Northern Europe			(8.2)				(18.3)				55.5	%			62.8	%
APME			21.7				20.0				7.7	%			11.4	%
			86.8				77.4
Corporate expenses			(51.5)				(41.1)
Intangible asset amortization expense			(7.0)				(8.1)
Operating profit			28.3				28.2				0.5	%			-17.8	%
Interest and other expenses, net (b)			(12.9)				(11.5)
Earnings before income taxes		$	15.4			$	16.7

(a)	In the United States, revenues from services include fees received from our franchise offices of $2.4 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $78.4 million and $76.9 million for the three months ended March 31, 2026 and 2025, respectively.
(b)	The components of interest and other expenses, net were:

		2026				2025
Interest expense		$	25.7			$	22.5
Interest income			(6.1)				(6.9)
Foreign exchange loss			0.6				0.9
Miscellaneous income, net			(7.3)				(5.0)
		$	12.9			$	11.5

 

ManpowerGroup Consolidated Balance Sheets (In millions)
		March 31,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	224.9			$	871.0
Accounts receivable, net			4,628.2				4,770.3
Prepaid expenses and other assets			209.7				149.1
Total current assets			5,062.8				5,790.4
Other assets:
Goodwill			1,539.4				1,544.6
Intangible assets, net			422.9				430.1
Operating lease right-of-use assets			373.9				392.7
Other assets			874.1				879.1
Total other assets			3,210.3				3,246.5
Property and equipment:
Land, buildings, leasehold improvements and equipment			523.2				526.9
Less: accumulated depreciation and amortization			405.0				403.7
Net property and equipment			118.2				123.2
Total assets		$	8,391.3			$	9,160.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	2,558.8			$	2,721.1
Employee compensation payable			199.4				232.3
Accrued payroll taxes and insurance			654.1				672.1
Accrued liabilities			484.9				457.6
Value added taxes payable			388.4				418.1
Short-term operating lease liability			104.6				107.4
Short-term borrowings and current maturities of long-term debt			112.4				625.0
Total current liabilities			4,502.6				5,233.6
Other liabilities:
Long-term debt			1,034.3				1,052.1
Long-term operating lease liability			287.6				304.3
Other long-term liabilities			501.3				509.8
Total other liabilities			1,823.2				1,866.2
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock			1.2				1.2
Capital in excess of par value			3,577.4				3,572.5
Retained earnings			3,734.8				3,732.3
Accumulated other comprehensive loss			(412.1)				(412.1)
Treasury stock, at cost			(4,836.3)				(4,834.3)
Total ManpowerGroup shareholders' equity			2,065.0				2,059.6
Noncontrolling interests			0.5				0.7
Total shareholders' equity			2,065.5				2,060.3
Total liabilities and shareholders' equity		$	8,391.3			$	9,160.1

 

ManpowerGroup Consolidated Statements of Cash Flows (In millions)
		Three months ended
		March 31,
		2026				2025
		(Unaudited)
Cash Flows from Operating Activities:
Net earnings		$	2.5			$	5.6
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization			20.2				21.2
Deferred income taxes			6.1				7.3
Provision for credit losses			2.5				1.5
Share-based compensation			6.0				7.6
Changes in operating assets and liabilities:
Accounts receivable			92.2				245.1
Other assets			(73.5)				(34.9)
Accounts payable			(141.0)				(265.1)
Other liabilities			(41.3)				(141.5)
Cash used in operating activities			(126.3)				(153.2)
Cash Flows from Investing Activities:
Capital expenditures			(9.0)				(13.7)
Acquisition of businesses, net of cash acquired			—				(1.0)
Proceeds from the sale of property and equipment			0.3				0.1
Cash used in investing activities			(8.7)				(14.6)
Cash Flows from Financing Activities:
Net change in short-term borrowings			24.0				50.7
Net proceeds from revolving debt facility			50.0				26.0
Proceeds from long-term debt			0.1				—
Repayments of long-term debt			(582.3)				(0.1)
Taxes paid related to net share settlement			(2.7)				(5.9)
Repurchases of common stock and excise tax			(0.3)				(25.0)
Cash (used in) provided by financing activities			(511.2)				45.7
Effect of exchange rate changes on cash			0.1				7.7
Change in cash and cash equivalents			(646.1)				(114.4)
Cash and cash equivalents, beginning of period			871.0				509.4
Cash and cash equivalents, end of period		$	224.9			$	395.0

 

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SOURCE ManpowerGroup

FAQ

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

What were ManpowerGroup's Q1 2026 revenues and EPS (MAN)?

ManpowerGroup reported $4.5 billion in revenue and GAAP EPS of $0.05 in Q1 2026. According to company, revenues rose 10% as reported (3% constant currency) and net earnings were $2.5 million.

How did ManpowerGroup's adjusted earnings per share perform in Q1 2026 (MAN)?

Adjusted EPS was $0.51 in Q1 2026 after excluding one-time charges. According to company, restructuring and strategic transformation costs reduced reported EPS by $0.46 in the quarter.

What cost savings does ManpowerGroup expect from its 2026 transformation program (MAN)?

The transformation program is expected to deliver $200 million of permanent cost savings by 2028. According to company, the program also aims to improve margins and support market share gains.

What is ManpowerGroup's guidance for Q2 2026 diluted EPS (MAN)?

Q2 2026 diluted EPS is guided to $0.91 to $1.01, including an estimated $0.05 favorable currency impact. According to company, that guidance assumes a 43% effective tax rate.

Which ManpowerGroup business lines faced headwinds in Q1 2026 (MAN)?

Experis saw soft professional demand while Talent Solutions experienced tempered permanent hiring and declines. According to company, underlying activity for Experis remained stable despite weaker professional demand.

How did currency and taxes affect ManpowerGroup's Q1 2026 results (MAN)?

Foreign exchange reduced reported results versus constant currency, where revenue grew 3% year over year. According to company, adjusted results reflected a higher tax rate in Q1 and a 43% tax rate assumption for Q2 guidance.