ManpowerGroup (NYSE: MAN) back to profit as Q2 2026 revenue reaches $4.9B
Rhea-AI Filing Summary
ManpowerGroup Inc. reported a return to profitability for the three months ended June 30, 2026. Second-quarter revenues were $4.9 billion, an 8% increase from the prior-year period, or 6% in constant currency. Net earnings were $53.5 million, or $1.13 per diluted share, compared to a net loss of $67.1 million, or $1.44 per share, a year earlier. Excluding the sale of the Jefferson Wells U.S. business, strategic transformation and restructuring costs, and a discontinued business liquidation charge, adjusted earnings were $0.99 per diluted share, up 27% in constant currency.
Revenue growth was supported by strong demand in the United States, Latin America, APME, and select European markets. The Manpower brand delivered very strong growth, while Experis and Talent Solutions revenue trends improved, with Talent Solutions driven by RPO and ongoing solid MSP demand. Gross profit growth combined with lower selling and administrative expenses produced meaningful year-over-year profitability improvement, and there were no impairment charges in 2026 versus the prior year.
For the six months ended June 30, 2026, revenues were $9.37 billion, up 8.8% reported, with net earnings of $56.0 million versus a loss in 2025. The company sold the Jefferson Wells U.S. business for $100 million, generating net cash proceeds of $88 million and contributing to a significant reduction in long-term debt to $567.3 million. Cash and cash equivalents were $180.6 million as of June 30, 2026. For the third quarter, ManpowerGroup anticipates diluted EPS between $0.96 and $1.06, a gross margin of 15.9–16.1%, and an effective tax rate of 44%.
Positive
- Returned to profitability in Q2 2026 with net earnings of $53.5 million and diluted EPS of $1.13, compared to a net loss of $67.1 million and a loss of $1.44 per share in the prior-year quarter.
- Strong revenue growth, with Q2 2026 revenues of $4.9 billion, an 8% increase (6% in constant currency), driven by the Manpower brand and improving trends in Experis and Talent Solutions.
- Adjusted earnings expansion, with Q2 2026 adjusted diluted EPS of $0.99, representing a 27% increase in constant currency versus the prior-year adjusted results.
- Debt reduction and balance sheet improvement, as long-term debt decreased to $567.3 million from $1,052.1 million, with a net Debt-to-EBITDA ratio of 2.51 and fixed charge coverage of 2.98 under the credit facility.
- Strategic portfolio action through the sale of the Jefferson Wells U.S. business for $100 million, generating $88 million of net cash proceeds and contributing positively to earnings per share.
Negative
- Negative operating cash flow of $129.0 million for the six months ended June 30, 2026, although improved versus cash used of $342.8 million in the prior-year period.
- Significant decline in cash balances, with cash and cash equivalents falling to $180.6 million at June 30, 2026 from $871.0 million at December 31, 2025, partly due to $585.8 million of long-term debt repayments.
- High expected tax burden, with guidance for a 44.0% effective tax rate in the third quarter of 2026, which weighs on after-tax profitability in the near term.
- Sequentially lower earnings guidance, as the company anticipates Q3 2026 diluted EPS of $0.96 to $1.06, below the $1.13 diluted EPS reported for the second quarter of 2026.
Filing Explained
The disclosed $1,030 million is remaining facility availability, subject to covenant tests, rather than an amount shown as outstanding.
The July 16 Form 8-K furnishes second-quarter results and presentation materials under Item 2.02; its material structural disclosure is that, as of June 30, ManpowerGroup had credit capacity alongside outstanding debt, with access subject to financial covenants.
The filing lists
8-K Event Classification
Key Figures
Key Terms
constant currency financial
EBITA financial
operating unit profit financial
net Debt-to-EBITDA financial
hyper-inflationary Argentina financial
Earnings Snapshot
For Q3 2026, the company anticipates total revenue up 2–6% (3–7% constant currency), gross profit margin of 15.9–16.1%, EBITA margin of 2.1–2.3%, operating margin of 2.0–2.2%, an effective tax rate of 44.0%, and diluted EPS between $0.96 and $1.06 including an estimated $0.02 unfavorable currency impact.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code:
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.
On July 16, 2026, we issued a press release announcing our results of operations for the three and six months ended June 30, 2026 and 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Exhibits
Exhibit No. |
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Description |
99.1 |
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Press Release dated July 16, 2026 |
99.2 |
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Presentation materials for July 16, 2026 Conference Call |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MANPOWERGROUP INC. |
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Dated: |
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July 16, 2026 |
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By: |
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/s/ John T. McGinnis |
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Name: |
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John T. McGinnis |
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Title: |
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Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE |
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Contact: |
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Haley Jones |
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+1.414.906.6804 |
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haley.jones@manpowergroup.com |
ManpowerGroup Reports 2nd Quarter 2026 Results
MILWAUKEE, July 16, 2026 – ManpowerGroup (NYSE: MAN) today reported net earnings of $1.13 per diluted share for the three months ended June 30, 2026 compared to net losses of $1.44 per diluted share in the prior year period. Net earnings in the quarter were $53.5 million compared to net losses of $67.1 million a year earlier. Revenues for the second quarter were $4.9 billion, an 8% increase from the prior year period.
The current year quarter included the sale of our Jefferson Wells U.S. business, strategic transformation program costs, restructuring costs, and a discontinued business liquidation charge which, in aggregate, positively impacted earnings per share by $0.14 in the second quarter. Excluding these items, earnings per share was $0.99 per diluted share in the quarter representing an increase of 27% in constant currency in the second 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 6% compared to the prior year period.
Jonas Prising, ManpowerGroup Chair & CEO, said, “In the second quarter
1 The prior year period included various adjustments which reduced earnings per share by $2.22 in the second quarter which are also excluded when determining the year over year adjusted trend.
we delivered strong results with revenues ahead of expectations. Results reflect good execution across our brands and markets, continued cost discipline and improving demand. We are leveraging our scale and diversified platform and focusing commercial efforts on verticals that offer the greatest opportunities to win and capture share. We saw very strong growth in our Manpower brand and improving trends across Experis and Talent Solutions.
Throughout the quarter, we advanced our global strategic transformation program and expanded AI capabilities that improve productivity and unlock new higher-value solutions through critical strategic partnerships. Looking ahead, we maintain our view that 2026 represents an important inflection point for ManpowerGroup as we execute our transformation strategy and position the business for long-term durable profitable growth.”
We anticipate diluted earnings per share in the third quarter will be between $0.96 and $1.06, which includes an estimated unfavorable currency impact of 2 cents and a 44% effective tax rate."
In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the internet on July 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/.
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)
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Three Months Ended June 30 |
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% Variance |
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Amount |
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Constant |
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2026 |
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2025 |
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Reported |
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Currency |
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(Unaudited) |
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Revenues from services (a) |
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$ |
4,860.2 |
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$ |
4,519.3 |
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7.5 |
% |
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5.8 |
% |
Cost of services |
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4,079.9 |
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3,755.6 |
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8.6 |
% |
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6.8 |
% |
Gross profit |
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780.3 |
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763.7 |
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2.2 |
% |
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0.7 |
% |
Selling and administrative expenses, |
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668.3 |
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700.3 |
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-4.6 |
% |
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-6.0 |
% |
Impairment charges (b) |
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— |
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88.7 |
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N/A |
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N/A |
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Selling and administrative expenses |
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668.3 |
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789.0 |
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-15.3 |
% |
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-16.6 |
% |
Operating profit (loss) |
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112.0 |
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(25.3 |
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N/A |
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N/A |
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Interest and other expenses, net |
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19.6 |
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16.5 |
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18.1 |
% |
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Earnings (loss) before income taxes |
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92.4 |
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(41.8 |
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N/A |
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N/A |
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Provision for income taxes |
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38.9 |
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25.3 |
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54.2 |
% |
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Net earnings (loss) |
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$ |
53.5 |
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$ |
(67.1 |
) |
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N/A |
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N/A |
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Net earnings (loss) per share - basic |
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$ |
1.14 |
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$ |
(1.44 |
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N/A |
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Net earnings (loss) per share - diluted |
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$ |
1.13 |
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$ |
(1.44 |
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N/A |
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N/A |
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Weighted average shares - basic |
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46.9 |
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46.5 |
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0.8 |
% |
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Weighted average shares - diluted |
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47.4 |
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46.5 |
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2.0 |
% |
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ManpowerGroup
Operating Unit Results
(In millions)
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Three Months Ended June 30 |
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% Variance |
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Amount |
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Constant |
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2026 |
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2025 |
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Reported |
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Currency |
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(Unaudited) |
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Revenues from Services: |
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Americas: |
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United States (a) |
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$ |
714.3 |
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$ |
674.1 |
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6.0 |
% |
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6.0 |
% |
Other Americas |
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498.0 |
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385.9 |
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29.0 |
% |
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23.8 |
% |
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1,212.3 |
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1,060.0 |
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14.4 |
% |
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12.5 |
% |
Southern Europe: |
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France |
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1,177.6 |
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1,149.3 |
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2.5 |
% |
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0.0 |
% |
Italy |
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521.9 |
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475.9 |
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9.6 |
% |
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7.0 |
% |
Other Southern Europe |
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609.2 |
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524.1 |
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16.2 |
% |
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9.9 |
% |
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2,308.7 |
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2,149.3 |
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7.4 |
% |
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4.0 |
% |
Northern Europe |
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825.5 |
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794.4 |
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3.9 |
% |
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1.4 |
% |
APME |
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518.7 |
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525.3 |
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-1.2 |
% |
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5.0 |
% |
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4,865.2 |
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4,529.0 |
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Intercompany Eliminations |
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(5.0 |
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(9.7 |
) |
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$ |
4,860.2 |
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$ |
4,519.3 |
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7.5 |
% |
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5.8 |
% |
Operating Unit Profit (Loss): |
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Americas: |
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United States |
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$ |
52.8 |
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$ |
19.7 |
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169.1 |
% |
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169.1 |
% |
Other Americas |
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19.1 |
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16.4 |
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15.5 |
% |
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11.8 |
% |
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71.9 |
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36.1 |
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99.0 |
% |
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97.3 |
% |
Southern Europe: |
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France |
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28.4 |
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32.3 |
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-12.0 |
% |
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-13.9 |
% |
Italy |
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34.1 |
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31.8 |
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7.1 |
% |
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4.5 |
% |
Other Southern Europe |
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12.6 |
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9.2 |
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38.1 |
% |
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25.0 |
% |
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75.1 |
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73.3 |
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2.5 |
% |
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-1.0 |
% |
Northern Europe |
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2.0 |
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(9.0 |
) |
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N/A |
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N/A |
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APME |
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23.9 |
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26.4 |
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-9.0 |
% |
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0.2 |
% |
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172.9 |
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126.8 |
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Corporate expenses |
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(53.9 |
) |
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(55.1 |
) |
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Impairment charges (b) |
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— |
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(88.7 |
) |
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Intangible asset amortization expense |
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(7.0 |
) |
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(8.3 |
) |
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Operating profit (loss) |
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112.0 |
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(25.3 |
) |
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N/A |
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N/A |
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Interest and other expenses, net (c) |
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(19.6 |
) |
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(16.5 |
) |
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Earnings (loss) before income taxes |
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$ |
92.4 |
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$ |
(41.8 |
) |
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2026 |
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2025 |
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Interest expense |
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$ |
23.8 |
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$ |
26.0 |
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Interest income |
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(4.8 |
) |
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(8.2 |
) |
Foreign exchange loss |
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1.7 |
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1.3 |
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Miscellaneous income, net |
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(1.1 |
) |
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(2.6 |
) |
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$ |
19.6 |
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$ |
16.5 |
|
ManpowerGroup
Results of Operations
(In millions, except per share data)
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Six Months Ended June 30 |
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% Variance |
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Amount |
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Constant |
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2026 |
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2025 |
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Reported |
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Currency |
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(Unaudited) |
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Revenues from services (a) |
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$ |
9,370.6 |
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$ |
8,609.6 |
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8.8 |
% |
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4.4 |
% |
Cost of services |
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7,867.3 |
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7,147.6 |
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10.1 |
% |
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5.5 |
% |
Gross profit |
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1,503.3 |
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1,462.0 |
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2.8 |
% |
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-1.0 |
% |
Selling and administrative expenses, |
|
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1,363.0 |
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1,370.4 |
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-0.5 |
% |
|
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-4.1 |
% |
Impairment charges (b) |
|
|
— |
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88.7 |
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N/A |
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N/A |
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Selling and administrative expenses |
|
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1,363.0 |
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|
1,459.1 |
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-6.6 |
% |
|
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-10.0 |
% |
Operating profit |
|
|
140.3 |
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2.9 |
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4702.9 |
% |
|
|
4487.8 |
% |
Interest and other expenses, net |
|
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32.5 |
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28.0 |
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16.1 |
% |
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Earnings (loss) before income taxes |
|
|
107.8 |
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(25.1 |
) |
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N/A |
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N/A |
|
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Provision for income taxes |
|
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51.8 |
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36.4 |
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42.2 |
% |
|
|
|
|
Net earnings (loss) |
|
$ |
56.0 |
|
|
$ |
(61.5 |
) |
|
N/A |
|
|
N/A |
|
||
Net earnings (loss) per share - basic |
|
$ |
1.20 |
|
|
$ |
(1.32 |
) |
|
N/A |
|
|
|
|
||
Net earnings (loss) per share - diluted |
|
$ |
1.19 |
|
|
$ |
(1.32 |
) |
|
N/A |
|
|
N/A |
|
||
Weighted average shares - basic |
|
|
46.8 |
|
|
|
46.7 |
|
|
|
0.2 |
% |
|
|
|
|
Weighted average shares - diluted |
|
|
47.2 |
|
|
|
46.7 |
|
|
|
1.2 |
% |
|
|
|
|
ManpowerGroup
Operating Unit Results
(In millions)
|
|
Six Months Ended June 30 |
|
|||||||||||||
|
|
|
|
|
|
|
|
% Variance |
|
|||||||
|
|
|
|
|
|
|
|
Amount |
|
|
Constant |
|
||||
|
|
2026 |
|
|
2025 |
|
|
Reported |
|
|
Currency |
|
||||
|
|
(Unaudited) |
|
|||||||||||||
Revenues from Services: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States (a) |
|
$ |
1,369.2 |
|
|
$ |
1,362.9 |
|
|
|
0.5 |
% |
|
|
0.5 |
% |
Other Americas |
|
|
958.7 |
|
|
|
753.8 |
|
|
|
27.2 |
% |
|
|
21.6 |
% |
|
|
|
2,327.9 |
|
|
|
2,116.7 |
|
|
|
10.0 |
% |
|
|
8.0 |
% |
Southern Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
France |
|
|
2,246.2 |
|
|
|
2,115.0 |
|
|
|
6.2 |
% |
|
|
-0.1 |
% |
Italy |
|
|
996.6 |
|
|
|
873.7 |
|
|
|
14.1 |
% |
|
|
7.2 |
% |
Other Southern Europe |
|
|
1,167.2 |
|
|
|
994.6 |
|
|
|
17.4 |
% |
|
|
8.1 |
% |
|
|
|
4,410.0 |
|
|
|
3,983.3 |
|
|
|
10.7 |
% |
|
|
3.5 |
% |
Northern Europe |
|
|
1,615.6 |
|
|
|
1,525.2 |
|
|
|
5.9 |
% |
|
|
-0.1 |
% |
APME |
|
|
1,029.2 |
|
|
|
1,001.7 |
|
|
|
2.8 |
% |
|
|
6.5 |
% |
|
|
|
9,382.7 |
|
|
|
8,626.9 |
|
|
|
|
|
|
|
||
Intercompany Eliminations |
|
|
(12.1 |
) |
|
|
(17.3 |
) |
|
|
|
|
|
|
||
|
|
|
9,370.6 |
|
|
|
8,609.6 |
|
|
|
8.8 |
% |
|
|
4.4 |
% |
Operating Unit Profit (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States |
|
$ |
54.9 |
|
|
$ |
31.0 |
|
|
|
77.2 |
% |
|
|
77.2 |
% |
Other Americas |
|
|
36.1 |
|
|
|
30.6 |
|
|
|
18.0 |
% |
|
|
13.0 |
% |
|
|
|
91.0 |
|
|
|
61.6 |
|
|
|
47.8 |
% |
|
|
45.3 |
% |
Southern Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
France |
|
|
45.5 |
|
|
|
53.3 |
|
|
|
-14.6 |
% |
|
|
-18.3 |
% |
Italy |
|
|
62.8 |
|
|
|
56.4 |
|
|
|
11.2 |
% |
|
|
4.9 |
% |
Other Southern Europe |
|
|
21.0 |
|
|
|
13.8 |
|
|
|
53.1 |
% |
|
|
37.9 |
% |
|
|
|
129.3 |
|
|
|
123.5 |
|
|
|
4.8 |
% |
|
|
-1.4 |
% |
Northern Europe |
|
|
(6.2 |
) |
|
|
(27.3 |
) |
|
|
77.2 |
% |
|
|
82.4 |
% |
APME |
|
|
45.6 |
|
|
|
46.4 |
|
|
|
-1.8 |
% |
|
|
5.1 |
% |
|
|
|
259.7 |
|
|
|
204.2 |
|
|
|
|
|
|
|
||
Corporate expenses |
|
|
(105.4 |
) |
|
|
(96.2 |
) |
|
|
|
|
|
|
||
Impairment charges (b) |
|
|
— |
|
|
|
(88.7 |
) |
|
|
|
|
|
|
||
Intangible asset amortization expense |
|
|
(14.0 |
) |
|
|
(16.4 |
) |
|
|
|
|
|
|
||
Operating profit |
|
|
140.3 |
|
|
|
2.9 |
|
|
|
4702.9 |
% |
|
|
4487.8 |
% |
Interest and other expenses, net (c) |
|
|
(32.5 |
) |
|
|
(28.0 |
) |
|
|
|
|
|
|
||
Earnings (loss) before income taxes |
|
$ |
107.8 |
|
|
$ |
(25.1 |
) |
|
|
|
|
|
|
||
|
|
2026 |
|
|
2025 |
|
||
Interest expense |
|
$ |
49.5 |
|
|
$ |
48.5 |
|
Interest income |
|
|
(10.9 |
) |
|
|
(15.1 |
) |
Foreign exchange loss |
|
|
2.3 |
|
|
|
2.2 |
|
Miscellaneous income, net |
|
|
(8.4 |
) |
|
|
(7.6 |
) |
|
|
$ |
32.5 |
|
|
$ |
28.0 |
|
ManpowerGroup
Consolidated Balance Sheets
(In millions)
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Unaudited) |
|
|||||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
180.6 |
|
|
$ |
871.0 |
|
Accounts receivable, net |
|
|
4,733.8 |
|
|
|
4,770.3 |
|
Prepaid expenses and other assets |
|
|
217.0 |
|
|
|
149.1 |
|
Total current assets |
|
|
5,131.4 |
|
|
|
5,790.4 |
|
Other assets: |
|
|
|
|
|
|
||
Goodwill |
|
|
1,483.4 |
|
|
|
1,544.6 |
|
Intangible assets, net |
|
|
415.7 |
|
|
|
430.1 |
|
Operating lease right-of-use assets |
|
|
360.8 |
|
|
|
392.7 |
|
Other assets |
|
|
868.5 |
|
|
|
879.1 |
|
Total other assets |
|
|
3,128.4 |
|
|
|
3,246.5 |
|
Property and equipment: |
|
|
|
|
|
|
||
Land, buildings, leasehold improvements and equipment |
|
|
522.0 |
|
|
|
526.9 |
|
Less: accumulated depreciation and amortization |
|
|
406.9 |
|
|
|
403.7 |
|
Net property and equipment |
|
|
115.1 |
|
|
|
123.2 |
|
Total assets |
|
$ |
8,374.9 |
|
|
$ |
9,160.1 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
2,593.7 |
|
|
$ |
2,721.1 |
|
Employee compensation payable |
|
|
216.3 |
|
|
|
232.3 |
|
Accrued payroll taxes and insurance |
|
|
668.8 |
|
|
|
672.1 |
|
Accrued liabilities |
|
|
452.1 |
|
|
|
457.6 |
|
Value added taxes payable |
|
|
410.1 |
|
|
|
418.1 |
|
Short-term operating lease liability |
|
|
102.2 |
|
|
|
107.4 |
|
Short-term borrowings and current maturities of long-term debt |
|
|
476.2 |
|
|
|
625.0 |
|
Total current liabilities |
|
|
4,919.4 |
|
|
|
5,233.6 |
|
Other liabilities: |
|
|
|
|
|
|
||
Long-term debt |
|
|
567.3 |
|
|
|
1,052.1 |
|
Long-term operating lease liability |
|
|
274.3 |
|
|
|
304.3 |
|
Other long-term liabilities |
|
|
507.5 |
|
|
|
509.8 |
|
Total other liabilities |
|
|
1,349.1 |
|
|
|
1,866.2 |
|
Shareholders' equity: |
|
|
|
|
|
|
||
ManpowerGroup shareholders' equity |
|
|
|
|
|
|
||
Common stock |
|
|
1.2 |
|
|
|
1.2 |
|
Capital in excess of par value |
|
|
3,585.8 |
|
|
|
3,572.5 |
|
Retained earnings |
|
|
3,754.8 |
|
|
|
3,732.3 |
|
Accumulated other comprehensive loss |
|
|
(399.1 |
) |
|
|
(412.1 |
) |
Treasury stock, at cost |
|
|
(4,836.4 |
) |
|
|
(4,834.3 |
) |
Total ManpowerGroup shareholders' equity |
|
|
2,106.3 |
|
|
|
2,059.6 |
|
Noncontrolling interests |
|
|
0.1 |
|
|
|
0.7 |
|
Total shareholders' equity |
|
|
2,106.4 |
|
|
|
2,060.3 |
|
Total liabilities and shareholders' equity |
|
$ |
8,374.9 |
|
|
$ |
9,160.1 |
|
ManpowerGroup
Consolidated Statements of Cash Flows
(In millions)
|
|
Six Months Ended |
|
|||||
|
|
June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Unaudited) |
|
|||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||
Net earnings (Loss) |
|
$ |
56.0 |
|
|
$ |
(61.5 |
) |
Adjustments to reconcile net earnings to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
41.7 |
|
|
|
43.4 |
|
(Gain) Loss on sales of subsidiaries, net |
|
|
(24.5 |
) |
|
|
6.2 |
|
Non-cash impairment of goodwill and other intangible assets |
|
|
— |
|
|
|
88.7 |
|
Deferred income taxes |
|
|
9.3 |
|
|
|
4.5 |
|
Provision for credit losses |
|
|
5.4 |
|
|
|
1.9 |
|
Share-based compensation |
|
|
13.6 |
|
|
|
15.3 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(49.2 |
) |
|
|
7.9 |
|
Other assets |
|
|
(91.9 |
) |
|
|
(92.4 |
) |
Accounts payable |
|
|
(89.9 |
) |
|
|
(209.6 |
) |
Other liabilities |
|
|
0.5 |
|
|
|
(147.2 |
) |
Cash used in operating activities |
|
|
(129.0 |
) |
|
|
(342.8 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(14.8 |
) |
|
|
(31.3 |
) |
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(1.0 |
) |
Impact to cash resulting from sales of subsidiaries |
|
|
87.5 |
|
|
|
(2.1 |
) |
Proceeds from the sale of property and equipment |
|
|
0.7 |
|
|
|
0.4 |
|
Cash provided by (used in) investing activities |
|
|
73.4 |
|
|
|
(34.0 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||
Net change in short-term borrowings |
|
|
(16.9 |
) |
|
|
67.1 |
|
Net proceeds from revolving debt facility |
|
|
— |
|
|
|
136.0 |
|
Proceeds from long-term debt |
|
|
3.3 |
|
|
|
0.1 |
|
Repayments of long-term debt |
|
|
(585.8 |
) |
|
|
(0.4 |
) |
Payments of contingent consideration for acquisition |
|
|
(0.8 |
) |
|
|
(1.3 |
) |
Taxes paid related to net share settlement |
|
|
(2.8 |
) |
|
|
(6.0 |
) |
Repurchases of common stock and excise tax |
|
|
(0.3 |
) |
|
|
(38.2 |
) |
Dividends paid |
|
|
(33.5 |
) |
|
|
(33.3 |
) |
Cash (used in) provided by financing activities |
|
|
(636.8 |
) |
|
|
124.0 |
|
Effect of exchange rate changes on cash |
|
|
2.0 |
|
|
|
33.2 |
|
Change in cash and cash equivalents |
|
|
(690.4 |
) |
|
|
(219.6 |
) |
Cash and cash equivalents, beginning of period |
|
|
871.0 |
|
|
|
509.4 |
|
Cash and cash equivalents, end of period |
|
$ |
180.6 |
|
|
$ |
289.8 |
|
Second Quarter Results July 16, 2026 Exhibit 99.2
FORWARD-LOOKING STATEMENT This presentation 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 economic and geopolitical uncertainty, including uncertainty regarding trade policy developments, trends in labor demand and the future strengthening of such demand, the impact of AI on labor markets, financial outlook, outlook for our business in the regions in which we operate as well as key countries within those regions, the Company’s strategic initiatives and technology investments, including transformation programs and the use of AI to drive innovation, the ability of our PowerSuite platform to develop and deploy our AI capabilities at scale, and the positioning of future growth for our brands, that are forward-looking in nature and, accordingly, 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.
Second Quarter Highlights Manpower had very strong revenue growth in the quarter. Experis revenue trends improved from previous quarters driven by the U.S. Talent Solutions revenue trends also improved sequentially driven by RPO with ongoing solid MSP demand. Gross Profit growth combined with SG&A reductions generated meaningful growth in profitability year over year Delivered strong second quarter results with revenues ahead of expectations, driven by good execution across our portfolio of brands and geographies, continued cost discipline and improved market demand. Global strategic transformation program progressing as expected Advanced AI strategy to create new ways of delivering a best-in-class talent experience and monetizing new human + agentic solutions for our clients through strategic partnerships
As Reported As Adjusted Q2 Financial Highlights 8% 6% CC 8% 6% CC Revenue $4.9B (Systemwide $5.3B) -80 bps -80 bps Gross Margin 16.1% NM NM 16% 15% CC EBITA $119M ($103M as adjusted) 80 bps 10 bps EBITA Margin 2.4% (2.1% as adjusted) NM NM 27% 27% CC EPS $1.13 ($0.99 as adjusted) Excludes the impact of restructuring costs and strategic transformation program costs of $13.8M ($11.0M net of tax), gain on sale of our Jefferson Wells U.S. business of $30.0M ($23.8M net of tax), liquidation of a discontinued business of $5.5M, and a non-cash currency translation loss of $0.6M related to hyper-inflationary Argentina. Prior year period excludes the impact of restructuring costs, disposition losses, and goodwill impairment charges. Systemwide revenue is a non-GAAP financial measure which also includes revenues generated by franchise offices, which were $471.4M and which generated franchise fees of $4.5M included in revenue. Variances reported above do not include franchise offices. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment. Reported operating profit was $112M, and operating profit margin was 2.3%. As adjusted, operating profit was $96M, and operating profit margin was 2.0%. Variances are not meaningful. (3) (3) Consolidated Financial Highlights ManpowerGroup 2026 Second Quarter Results (1) (2) (4) (4)
EPS Bridge – Q2 vs. Guidance Midpoint ManpowerGroup 2026 Second Quarter Results (1) Detail of items included on slide 4. (1)
Manpower organic CC revenue growth improved sequentially to 8% year over year, from 6% in Q1 Talent Solutions organic CC revenue improved to flat year over year, from -1% in Q1 driven by RPO. MSP growth remained solid, partially offset by a modest Right Management decline. Experis organic CC revenue trend -2% year over year, improved from -9% in Q1 driven by the U.S. Business line classifications can vary by entity and are subject to change as service requirements change. Business Line Revenue Q2 2026(1) ManpowerGroup 2026 Second Quarter Results vs. 2025 reported % vs. 2025 organic CC % MANPOWER EXPERIS TALENT SOLUTIONS
Consolidated Gross Margin Change ManpowerGroup 2026 Second Quarter Results
Business line classifications can vary by entity and are subject to change as service requirements change. Business Line Gross Profit – Q2 2026(1) ManpowerGroup 2026 Second Quarter Results
(13.8% CC) (17.6% CC) SG&A Expense Bridge – Q2 YoY (in millions of USD) ManpowerGroup 2026 Second Quarter Results (14.1% CC)
As Reported As Adjusted Q2 Financial Highlights 14% 12% CC 14% OCC 14% 12% CC 14% OCC Revenue $1.2B 99% 97% CC 24% 22% CC OUP $72M ($45M as adjusted) 250 bps 30 bps OUP Margin 5.9% (3.7% as adjusted) Americas Segment (25% of Revenue) ManpowerGroup 2026 Second Quarter Results Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs. Current period excludes the impact of restructuring costs of $3.0M and gain on sale of our Jefferson Wells U.S. business of $30.0M. Prior year period variances exclude restructuring costs. (1)
Americas – Q2 Revenue Trend YoY ManpowerGroup 2026 Second Quarter Results
As Reported As Adjusted Q2 Financial Highlights 7% 4% CC 7% 4% CC Revenue $2.3B 3% -1% CC 4% 1% CC OUP $75M ($79M as adjusted) -10 bps -10 bps OUP Margin 3.3% (3.4% as adjusted) Southern Europe Segment (47% of Revenue) ManpowerGroup 2026 Second Quarter Results (1) Current period excludes the impact of restructuring costs of $3.7M. Prior year period variances exclude restructuring and other costs.
Southern Europe – Q2 Revenue Trend YoY ManpowerGroup 2026 Second Quarter Results
As Reported As Adjusted Q2 Financial Highlights 4% 1% CC 2% OCC 4% 1% CC 2% OCC Revenue $825M NM NM NM NM OUP $2M 130 bps 100 bps OUP Margin 0.2% Northern Europe Segment (17% of Revenue) ManpowerGroup 2026 Second Quarter Results (1) Prior year period variances exclude restructuring costs. Variances are not meaningful. (2) (2)
Northern Europe – Q2 Revenue Trend YoY ManpowerGroup 2026 Second Quarter Results -28%
As Reported As Adjusted Q2 Financial Highlights -1% 5% CC -1% 5% CC Revenue $519M -9% 0% -10% -1% CC OUP $24M 40 bps 50 bps OUP Margin 4.6% APME Segment (11% of Revenue) ManpowerGroup 2026 Second Quarter Results Prior year period variances exclude restructuring costs. (1)
APME – Q2 Revenue Trend YoY ManpowerGroup 2026 Second Quarter Results
Cash Flow Summary ManpowerGroup 2026 Second Quarter Results
Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Balance Sheet Highlights ManpowerGroup 2026 Second Quarter Results Long term debt was temporarily increased by €500M on December 15, 2025 when we issued the €500M of Euro notes due 2030 to refinance the €500M of Euro notes scheduled to mature in June 2026. The notes due in June 2026 were repaid with cash in January 2026. 2025 adjusted total debt and total debt to capitalization reflects underlying debt and cash levels excluding the issuance on December 15, 2025. (1) (1)
ManpowerGroup 2026 Second Quarter Results Third Quarter 2026 Outlook Revenue Total Up 2-6% (Up 3-7% CC) (Up 4-8% OCC) Americas Up 9-13% (Up 7-11% CC) (Up 9-13% OCC) Southern Europe Flat / Up 4% (Up 1-5% CC) Northern Europe Up 4-8% (Up 5-9% CC) APME Down 3% / Up 1% (Up 3-7% CC) Gross Profit Margin 15.9 – 16.1% EBITA(1) Margin 2.1 – 2.3% Operating Profit Margin 2.0 – 2.2% Tax Rate 44.0% EPS(2) $0.96 – $1.06 (unfavorable $0.02 currency) Estimates are assuming FX rates of 1.15 for Euro, 1.33 for GBP, 0.0062 for JPY and 0.0007 for ARS. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment. Restructuring and strategic transformation program costs are not included in the underlying guidance.
Appendix
Industry Vertical Composition Based on Revenues – Q2 2026 ManpowerGroup 2026 Second Quarter Results Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation.
Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €400M 3.514% Jun 2027 456 - Euro Notes - €500M 3.786% Dec 2030 567 - Revolving Credit Agreement 4.777% Dec 2030 0 600 Uncommitted lines and Other Various Various 21 430 Total Debt 1,044 1,030 (3) (1)(2) (4) (2) Debt and Credit Facilities – June 30, 2026 (in millions of USD) ManpowerGroup 2026 Second Quarter Results The $600M agreement requires that we comply with a Leverage Ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the agreement, we had a net Debt-to-EBITDA ratio of 2.51 to 1 and a fixed charge coverage ratio of 2.98 to 1 as of June 30, 2026. Per the agreement, the definition of net debt is defined as total debt less cash in excess of $300M. As of June 30, 2026, there were $0.4M of standby letters of credit issued under the agreement. Under the $600M agreement, we have an option to increase the total availability under the facility by an additional $300M. Represents uncommitted lines of credit & overdraft facilities. The total amount of the facilities as of June 30, 2026 was $514.0M and subsidiary facilities accounted for $364.0M of the total. Total subsidiary borrowings are limited to $300M due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M. This rate is the effective interest rate for this note, net of a favorable impact of a forward rate lock.