— Revenues of $4.5 billion (flat as reported, -3% constant currency (CC), -1% organic CC)
— Latin America and Asia Pacific continued to experience good demand while demand in Europe and North America saw stabilizing trends in many markets during the quarter
— Manpower and Talent Solutions brands crossed back over to revenue growth in the quarter while Experis experienced declines on sluggish professional staffing demand
— Gross profit margin of 16.9% reflects a slight decrease from the previous quarter reflecting business mix changes impacting staffing while permanent recruitment activity levels remained stable
— SG&A declined year over year with additional restructuring actions taken in the quarter
— Non-cash goodwill impairment charge of $89 million during the quarter
ManpowerGroup (NYSE: MAN) today reported net losses of $1.44 per basic share for the three months ended June 30, 2025 compared to net earnings of $1.24 per diluted share in the prior year period. Net losses in the quarter were $67.1 million compared to net earnings of $60.1 million a year earlier. Revenues for the second quarter were $4.5 billion, flat from the prior year period.
The current year quarter included a non-cash goodwill and intangible asset impairment charge1, restructuring costs, and net losses from the sale of businesses2, which will operate as franchises going forward, which reduced earnings per share by $2.22 in the second quarter. Excluding these charges, earnings per share was $0.78 per diluted share in the quarter representing a decrease of 43% in constant currency.3
Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period.4 On a constant currency basis, revenues decreased 3% compared to the prior year period and on an organic constant currency basis, revenues decreased 1% compared to the prior year period.
Jonas Prising, ManpowerGroup Chair & CEO, said “During the quarter, we continued to make strong progress in executing our plans to Diversify, Digitize and Innovate – with a focus on expanding our role as the strategic workforce partner of choice for our clients as tech transformation gathers pace. Although demand remains mixed across our global markets as employers adapt to economic and geopolitical volatility, we are beginning to see positive signs of stabilization in the US and parts of Europe. We remain focused on achieving market share gains while we make further adjustments to our cost base. Our ongoing investments in strengthening our digital core to accelerate AI adoption will ensure we are well positioned to accelerate progress and provide even more value to clients and candidates in future quarters.”
We anticipate diluted earnings per share in the third quarter will be between $0.77 and $0.87, which includes an estimated favorable currency impact of 3 cents and a 48.0% effective tax rate.”
Net losses for the six months ended June 30, 2025 were $61.5 million, or net losses of $1.32 per basic share compared to net earnings of $99.8 million, or net earnings of $2.05 per diluted share in the prior year, respectively. The current year-to-date period included restructuring costs, net losses from the sale of businesses, which will operate as franchises going forward, and a non-cash goodwill and intangible asset impairment charge which reduced earnings per share by $2.54. Excluding the net impact of these charges, earnings per share for the six-month period was $1.22 per diluted share representing a decrease of 47% in constant currency.5 Revenues for the six-month period were $8.6 billion, representing a decrease of 4% compared to the prior year on a reported and constant currency basis. Earnings per share for the six-month period were negatively impacted by 6 cents due to changes in foreign currencies compared to the prior year.6
In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on July 17, 2025 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 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2025 ManpowerGroupwas named one of the World's Most Ethical Companies for the 16thtime – 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 global economic and geopolitical uncertainty, trends in labor demand and the future strengthening of such demand, financial outlook, the outlook for our business in regions in which we operate as well as key countries within those regions, and the Company's strategic initiatives and technology investments, including investments to accelerate AI adoption, and the positioning of future growth for our brands that are forward-looking in nature and, accordingly, 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 $55 million of goodwill and intangible impairment on Switzerland and $34 million of goodwill impairment on U.K. businesses.2 South Africa and New Caledonia were sold and will operate as franchises going forward.3 The prior year period included various adjustments which reduced earnings per share by $0.06 which are also excluded when determining the year over year adjusted trend.4 The second quarter earnings per share guidance estimated a positive 3 cents foreign currency impact and the actual impact was a positive 4 cents and as adjusted.5 The prior year period included losses related to the Proservia Germany business and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by $0.20 which are also excluded when determining the year over year trend.6 Adjusted earnings per share for the six-month period were positively impacted by 2 cents due to changes in foreign currencies compared to the prior year.
ManpowerGroupResults of Operations(In millions, except per share data) Three Months Ended June 30 % Variance Amount Constant 2025 2024 Reported Currency (Unaudited)Revenues from services (a) $ 4,519.3 $ 4,520.7 0.0% -3.5%Cost of services 3,755.6 3,734.8 0.6% -3.0%Gross profit 763.7 785.9 -2.8% -5.8%Selling and administrative expenses, 700.3 684.8 2.3% 0.3%excluding impairment chargesImpairment charges (b) 88.7 – N/A N/ASelling and administrative expenses 789.0 684.8 15.2% 12.2%Operating (loss) profit (25.3) 101.1 -125.0% -127.9%Interest and other expenses, net 16.5 8.7 89.1%(Loss) earnings before income taxes (41.8) 92.4 -145.3% -144.0%Provision for income taxes 25.3 32.3 -21.9%Net (loss) earnings $ (67.1) $ 60.1 -211.6% -208.2%Net (loss) earnings per share – basic $ (1.44) $ 1.25 -215.4%Net (loss) earnings per share – diluted $ (1.44) $ 1.24 -216.3% -212.8%Weighted average shares – basic 46.5 47.9 -3.0%Weighted average shares – diluted 46.5 48.4 -4.0%(a) Revenues from services include fees received from our franchise offices of $4.4 million and $4.0 million for the threemonths ended June 30, 2025 and 2024, respectively. These fees are primarily based on revenues generated by thefranchise offices, which were $428.7 million and $287.7 million for the three months ended June 30, 2025 and 2024,respectively.(b) Impairment charges for the three months ended June 30, 2025 consist of a goodwill impairment related to ourinvestments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in ourSwitzerland business.
ManpowerGroupOperating Unit Results(In millions) Three Months Ended June 30 % Variance Amount Constant 2025 2024(a) Reported Currency (Unaudited)Revenues from Services:Americas:United States (b) $ 674.1 $ 697.0 -3.3% -3.3%Other Americas 385.9 367.4 5.1% 11.9% 1,060.0 1,064.4 -0.4% 2.0%Southern Europe:France 1,149.3 1,164.1 -1.3% -6.3%Italy 475.9 434.9 9.4% 3.9%Other Southern Europe 524.1 499.0 5.0% -0.6% 2,149.3 2,098.0 2.4% -2.8%Northern Europe 794.4 837.3 -5.1% -10.4%APME 525.3 541.4 -3.0% -8.0% 4,529.0 4,541.1Intercompany Eliminations (9.7) 20.4 $ 4,519.3 $ 4,520.7 0.0% -3.5%Operating Unit Profit (Loss):Americas:United States $ 19.7 $ 27.4 -28.4% -28.4%Other Americas 16.4 17.7 -6.6% -1.9% 36.1 45.1 -19.9% -18.0%Southern Europe:France 32.3 39.8 -19.0% -23.2%Italy 31.8 34.0 -6.2% -11.1%Other Southern Europe 9.2 9.4 -1.8% -5.8% 73.3 83.2 -11.9% -16.3%Northern Europe (9.0) (2.4) -279.7% -526.6%APME 26.4 25.0 5.0% 2.2% 126.8 150.9Corporate expenses (55.1) (41.7)Impairment charges (c) (88.7) -Intangible asset amortization expense (8.3) (8.1)Operating (loss) profit (25.3) 101.1 -125.0% -127.9%Interest and other expenses, net (d) (16.5) (8.7)(Loss) earnings before income taxes $ (41.8) $ 92.4(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 thecurrent year presentation.(b) In the United States, revenues from services include fees received from our franchise offices of $2.6 million and $3.2 million for thethree months ended June 30, 2025 and 2024, respectively. These fees are primarily based on revenues generated by thefranchise offices, which were $87.1 million and $99.8 million for the three months ended June 30, 2025 and 2024, respectively.(c) Impairment charges for the three months ended June 30, 2025 consist of a goodwill impairment related to our investmentsin 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 2024Interest expense $ 26.0 $ 22.0Interest income (8.2) (8.6)Foreign exchange loss 1.3 1.8Miscellaneous income, net (2.6) (6.5) $ 16.5 $ 8.7
ManpowerGroupResults of Operations(In millions, except per share data) Six Months Ended June 30 % Variance Amount Constant 2025 2024 Reported Currency (Unaudited)Revenues from services (a) $ 8,609.6 $ 8,924.0 -3.5% -4.0%Cost of services 7,147.6 7,374.4 -3.1% -3.6%Gross profit 1,462.0 1,549.6 -5.7% -6.0%Selling and administrative expenses, 1,370.4 1,382.6 -0.9% -0.8%excluding impairment chargesImpairment charges (b) 88.7 – N/A N/ASelling and administrative expenses 1,459.1 1,382.6 5.5% 5.1%Operating profit 2.9 167.0 -98.3% -98.2%Interest and other expenses, net 28.0 17.1 63.7%(Loss) earnings before income taxes (25.1) 149.9 -116.8% -114.8%Provision for income taxes 36.4 50.1 -27.3%Net (loss) earnings $ (61.5) $ 99.8 -161.6% -159.0%Net (loss) earnings per share – basic $ (1.32) $ 2.07 -163.7%Net (loss) earnings per share – diluted $ (1.32) $ 2.05 -164.3% -161.5%Weighted average shares – basic 46.7 48.1 -3.0%Weighted average shares – diluted 46.7 48.7 -4.1%(a) Revenues from services include fees received from our franchise offices of $8.2 million and $7.3 millionfor the six months ended June 30, 2025 and 2024, respectively. These fees are primarily based onrevenues generated by the franchise offices, which were $847.1 million and $564.9 million for thesix months ended June 30, 2025 and 2024, respectively.(b) Impairment charges for the six months ended June 30, 2025 consist of a goodwill impairment related to ourinvestments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible assetin our Switzerland business.
ManpowerGroupOperating Unit Results(In millions) Six Months Ended June 30 % Variance Amount Constant 2025 2024(a) Reported Currency (Unaudited)Revenues from Services:Americas:United States (b) $ 1,362.9 $ 1,377.4 -1.1% -1.1%Other Americas 753.8 723.4 4.2% 12.5% 2,116.7 2,100.8 0.8% 3.6%Southern Europe:France 2,115.0 2,263.4 -6.6% -7.8%Italy 873.7 839.2 4.1% 2.7%Other Southern Europe 994.6 976.7 1.8% 0.0% 3,983.3 4,079.3 -2.4% -3.8%Northern Europe 1,525.2 1,707.6 -10.7% -12.4%APME 1,001.7 1,076.5 -7.0% -8.6% 8,626.9 8,964.2Intercompany Eliminations (17.3) (40.2) $ 8,609.6 $ 8,924.0 -3.5% -4.0%Operating Unit Profit (Loss):Americas:United States $ 31.0 $ 39.4 -21.3% -21.3%Other Americas 30.6 31.8 -3.7% 2.5% 61.6 71.2 -13.5% -10.7%Southern Europe:France 53.3 72.5 -26.6% -28.1%Italy 56.4 61.4 -8.1% -9.6%Other Southern Europe 13.8 19.2 -27.9% -29.5% 123.5 153.1 -19.3% -20.9%Northern Europe (27.3) (2.4) -1057.5% -1316.3%APME 46.4 44.9 3.2% 2.3% 204.2 266.8Corporate expenses (96.2) (83.4)Impairment charges (c) (88.7) -Intangible asset amortization expense (16.4) (16.4)Operating profit 2.9 167.0 -98.3% -98.2%Interest and other expenses, net (d) (28.0) (17.1)(Loss) earnings before income taxes $ (25.1) $ 149.9(a) Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other SouthernEurope. Accordingly, France, is now adjusted to exclude Morocco. All previously reported results have been recast to conformto the current year presentation.(b) In the United States, revenues from services include fees received from our franchise offices of $4.8 million and $5.6 millionfor the six months ended June 30, 2025 and 2024, respectively. These fees are primarily based on revenues generated bythe franchise offices, which were $164.0 million and $187.2 million for the six months ended June 30, 2025 and 2024,respectively.(c) Impairment charges for the six months ended June 30, 2025 consist of a goodwill impairment related to our investmentsin 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 2024Interest expense $ 48.5 $ 42.4Interest income (15.1) (16.7)Foreign exchange loss 2.2 4.2Miscellaneous income (7.6) (12.8) $ 28.0 $ 17.1
ManpowerGroupConsolidated Balance Sheets(In millions) Jun. 30, Dec. 31, 2025 2024 (Unaudited)ASSETSCurrent assets:Cash and cash equivalents $ 289.8 $ 509.4Accounts receivable, net 4,641.3 4,297.2Prepaid expenses and other assets 212.0 163.7Total current assets 5,143.1 4,970.3Other assets:Goodwill 1,549.0 1,563.4Intangible assets, net 445.1 486.1Operating lease right-of-use assets 419.4 361.3Other assets 819.6 701.5Total other assets 3,233.1 3,112.3Property and equipment:Land, buildings, leasehold improvements and equipment 546.4 488.2Less: accumulated depreciation and amortization 417.3 369.8Net property and equipment 129.1 118.4Total assets $ 8,505.3 $ 8,201.0LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 2,557.2 $ 2,612.9Employee compensation payable 223.6 241.1Accrued payroll taxes and insurance 663.6 615.2Accrued liabilities 499.7 475.1Value added taxes payable 398.8 370.8Short-term operating lease liability 108.7 98.6Short-term borrowings and current maturities of long-term debt 815.4 23.4Total current liabilities 5,267.0 4,437.1Other liabilities:Long-term debt 470.3 929.4Long-term operating lease liability 328.2 279.0Other long-term liabilities 444.6 428.6Total other liabilities 1,243.1 1,637.0Shareholders' equity:ManpowerGroup shareholders' equityCommon stock 1.2 1.2Capital in excess of par value 3,560.9 3,546.1Retained earnings 3,717.5 3,812.3Accumulated other comprehensive loss (450.9) (443.0)Treasury stock, at cost (4,834.3) (4,791.4)Total ManpowerGroup shareholders' equity 1,994.4 2,125.2Noncontrolling interests 0.8 1.7Total shareholders' equity 1,995.2 2,126.9Total liabilities and shareholders' equity $ 8,505.3 $ 8,201.0
ManpowerGroupConsolidated Statements of Cash Flows(In millions) Six Months Ended June 30, 2025 2024 (Unaudited)Cash Flows from Operating Activities:Net (loss) earnings $ (61.5) $ 99.8Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization 43.4 43.0Loss on sales of subsidiaries, net 6.2 -Non-cash Impairment of goodwill and other intangible assets 88.7 -Deferred income taxes 4.5 7.8Provision for doubtful accounts 1.9 3.7Share-based compensation 15.3 15.0Changes in operating assets and liabilities:Accounts receivable 7.9 107.9Other assets (92.4) (70.1)Accounts payable (209.6) (76.7)Other liabilities (147.2) (152.3)Cash used in operating activities (342.8) (21.9)Cash Flows from Investing Activities:Capital expenditures (31.3) (23.7)Acquisition of business, net of cash acquired (1.0) -Impact to cash resulting from sales of subsidiaries (2.1) -Proceeds from the sale of property and equipment 0.4 2.1Cash used in investing activities (34.0) (21.6)Cash Flows from Financing Activities:Net change in short-term borrowings 67.1 49.2Net proceeds from revolving debt facility 136.0 76.0Proceeds from long-term debt 0.1 0.5Repayments of long-term debt (0.4) (1.0)Payments of contingent consideration for acquisition (1.3) (2.8)Proceeds from share-based awards – 0.7Payments to noncontrolling interests – (0.2)Other share-based award transactions (6.0) (10.5)Repurchases of common stock and excise tax (38.2) (77.0)Dividends paid (33.3) (73.5)Cash provided by (used in) financing activities 124.0 (38.6)Effect of exchange rate changes on cash 33.2 (30.3)Change in cash and cash equivalents (219.6) (112.4)Cash and cash equivalents, beginning of period 509.4 581.3Cash and cash equivalents, end of period $ 289.8 $ 468.9
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