ManpowerGroup Reports 1st Quarter 2026 Results
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)
News Market Reaction – MAN
On the day this news was published, MAN gained 0.88%, reflecting a mild positive market reaction. Argus tracked a trough of -10.1% from its starting point during tracking. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $13M to the company's valuation, bringing the market cap to $1.51B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
MAN gained 5.13%, while peers showed mixed, smaller moves: KFRC up 3.42%, KELYB up 2.22%, BBSI up 0.58%, NSP down 0.64%, HSII flat. This points to a stock-specific earnings reaction rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 01 | Earnings scheduling | Neutral | -2.4% | Announced timing of Q1 2026 earnings release and webcast details. |
| Mar 24 | AI startup challenge | Positive | +0.1% | Launched 2026 VivaTech AI workforce startup challenge to drive innovation. |
| Mar 19 | Tech hiring outlook | Positive | +0.9% | Reported strong Q2 2026 Experis Tech Talent Outlook with high NEO levels. |
| Mar 18 | Ethics recognition | Positive | -1.4% | Named one of the World’s Most Ethical Companies for the 17th time. |
| Mar 17 | AI services launch | Positive | +0.9% | Experis launched EXCELERATE AI services suite with SoundHound AI partnership. |
Recent news skewed positive (AI initiatives, outlook updates, ethics recognition) has mostly seen aligned price reactions, with one notable divergence on an ethics-related accolade.
Over the last month, MAN issued several strategically focused updates, including AI initiatives, tech hiring outlook data, and recognition for ethics, alongside today’s Q1 2026 earnings. Price reactions to these mostly positive announcements were modestly positive in three cases and negative once, suggesting investors respond selectively to strategic and reputational news. Today’s earnings report, combining revenue growth, cost actions, and guidance, follows this trajectory by adding concrete financial detail to prior strategic messaging.
Market Pulse Summary
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 Terms
constant currency financial
sg&a financial
restructuring costs financial
effective tax rate financial
AI-generated analysis. Not financial advice.
- Launched expanded global strategic transformation program, now expected to deliver
$200 million - Revenues of
$4.5 billion 10% as reported,3% constant currency) - Strong demand in
Asia Pacific andLatin 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
The current year quarter included restructuring costs and strategic transformation program costs which reduced earnings per share by
Financial results in the quarter were also impacted by the
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
We anticipate diluted earnings per share in the second quarter will be between
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 | |||||
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 |
ManpowerGroup Operating Unit Results (In millions) | ||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||
% Variance | ||||||||||||||||
Amount | Constant | |||||||||||||||
2026 | 2025 | Reported | Currency | |||||||||||||
(Unaudited) | ||||||||||||||||
Revenues from Services: | ||||||||||||||||
| ||||||||||||||||
| $ | 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 | % | |||||||||||
| ||||||||||||||||
| 1,068.6 | 965.7 | 10.7 | % | -0.3 | % | ||||||||||
| 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 | % | |||||||||||
| 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): | ||||||||||||||||
| ||||||||||||||||
| $ | 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 | % | |||||||||||
| ||||||||||||||||
| 17.1 | 21.0 | -18.5 | % | -25.1 | % | ||||||||||
| 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 | % | |||||||||||
| (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 |
(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