3rd Quarter 2026
Filed Oct 15, 2026ManpowerGroup reported third-quarter revenues of $4.8 billion, up 4% from the prior year period, with net earnings of $0.71 per diluted share and fourth-quarter diluted EPS guidance of between $1.03 and $1.13.
Revenue, operating profit and net earnings increased year over year, supported by Americas growth and a return to profitability in Northern Europe, while gross profit declined slightly and corporate expenses increased.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026: Revenues from servicesGAAP | $4.84B | – | 4.4% |
| Three months ended September 30, 2026: Revenues from services constant-currency changeother | 5.2% | – | 5.2% |
| Three months ended September 30, 2026: Cost of servicesGAAP | $4.07B | – | 5.4% |
| Three months ended September 30, 2026: Gross profitGAAP | $767.3M | – | -0.2% |
| Three months ended September 30, 2026: Selling and administrative expensesGAAP | $685M | – | -2.5% |
| Three months ended September 30, 2026: Operating profitGAAP | $82.3M | – | 23.7% |
| Three months ended September 30, 2026: Interest and other expenses, netGAAP | $14.3M | – | 4.8% |
| Three months ended September 30, 2026: Earnings before income taxesGAAP | $68M | – | 28.5% |
| Three months ended September 30, 2026: Provision for income taxesGAAP | $33.9M | – | -2.8% |
| Three months ended September 30, 2026: Net earningsGAAP | $34.1M | – | 89.3% |
| Three months ended September 30, 2026: Net earnings per share - basicGAAP | $0.73 | – | 87.7% |
| Three months ended September 30, 2026: Net earnings per share - dilutedGAAP | $0.71 | – | 84.4% |
| Three months ended September 30, 2026: Adjusted earnings per diluted share excluding specified itemsnon-GAAP | $1.01 per diluted share | – | 24% in constant currency |
| Three months ended September 30, 2026: Weighted average shares - basicGAAP | 46.9M | – | 0.8% |
| Three months ended September 30, 2026: Weighted average shares - dilutedGAAP | 48.1M | – | 2.7% |
| Nine months ended September 30, 2026: Revenues from servicesGAAP | $14.21B | – | 7.3% |
| Nine months ended September 30, 2026: Revenues from services constant-currency changeother | 4.7% | – | 4.7% |
| Nine months ended September 30, 2026: Cost of servicesGAAP | $11.94B | – | 8.4% |
| Nine months ended September 30, 2026: Gross profitGAAP | $2.27B | – | 1.8% |
| Nine months ended September 30, 2026: Selling and administrative expenses, excluding impairment chargesGAAP | $2.05B | – | -1.2% |
| Nine months ended September 30, 2026: Impairment chargesGAAP | — | – | N/A |
| Nine months ended September 30, 2026: Selling and administrative expensesGAAP | $2.05B | – | -5.3% |
| Nine months ended September 30, 2026: Operating profitGAAP | $222.6M | – | 220.4% |
| Nine months ended September 30, 2026: Interest and other expenses, netGAAP | $46.8M | – | 12.4% |
| Nine months ended September 30, 2026: Earnings before income taxesGAAP | $175.8M | – | 531.5% |
| Nine months ended September 30, 2026: Provision for income taxesGAAP | $85.7M | – | 20.2% |
| Nine months ended September 30, 2026: Net earnings (loss)GAAP | $90.1M | – | N/A |
| Nine months ended September 30, 2026: Net earnings (loss) per share - basicGAAP | $1.93 | – | N/A |
| Nine months ended September 30, 2026: Net earnings (loss) per share - dilutedGAAP | $1.89 | – | N/A |
| Nine months ended September 30, 2026: Adjusted earnings per diluted share excluding specified itemsnon-GAAP | $2.51 per diluted share | – | 21% in constant currency |
| Nine months ended September 30, 2026: Weighted average shares - basicGAAP | 46.8M | – | 0.4% |
| Nine months ended September 30, 2026: Weighted average shares - dilutedGAAP | 47.6M | – | 2.2% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026: Americas - United States5.5% constant-currency revenue growth; the release cited strength in Manpower, particularly in the United States. | $728.8M | – | 5.5% |
| Three months ended September 30, 2026: Americas - Other Americas21.7% constant-currency revenue growth. | $517.9M | – | 27.0% |
| Three months ended September 30, 2026: Americas11.5% constant-currency revenue growth. | $1.25B | – | 13.5% |
| Three months ended September 30, 2026: Southern Europe - France-1.9% constant-currency revenue change. | $1.13B | – | -3.5% |
| Three months ended September 30, 2026: Southern Europe - Italy6.2% constant-currency revenue growth. | $483.1M | – | 4.5% |
| Three months ended September 30, 2026: Southern Europe - Other Southern Europe7.0% constant-currency revenue growth. | $611.9M | – | 7.5% |
| Three months ended September 30, 2026: Southern Europe2.1% constant-currency revenue growth. | $2.23B | – | 1.0% |
| Three months ended September 30, 2026: Northern Europe5.9% constant-currency revenue growth; the release cited strong year-over-year revenue growth and Operating Unit Profit improvement. | $860.6M | – | 5.4% |
| Three months ended September 30, 2026: APME4.3% constant-currency revenue growth. | $514.9M | – | -1.1% |
| Nine months ended September 30, 2026: Americas - United States2.2% constant-currency revenue growth. | $2.10B | – | 2.2% |
| Nine months ended September 30, 2026: Americas - Other Americas21.7% constant-currency revenue growth. | $1.48B | – | 27.1% |
| Nine months ended September 30, 2026: Americas9.2% constant-currency revenue growth. | $3.57B | – | 11.2% |
| Nine months ended September 30, 2026: Southern Europe - France-0.8% constant-currency revenue change. | $3.38B | – | 2.8% |
| Nine months ended September 30, 2026: Southern Europe - Italy6.9% constant-currency revenue growth. | $1.48B | – | 10.7% |
| Nine months ended September 30, 2026: Southern Europe - Other Southern Europe7.7% constant-currency revenue growth. | $1.78B | – | 13.8% |
| Nine months ended September 30, 2026: Southern Europe3.0% constant-currency revenue growth. | $6.64B | – | 7.3% |
| Nine months ended September 30, 2026: Northern Europe2.0% constant-currency revenue growth. | $2.48B | – | 5.7% |
| Nine months ended September 30, 2026: APME5.7% constant-currency revenue growth. | $1.54B | – | 1.4% |
Fourth quarter 2026 outlook
- Tax ratea 44% effective tax rate
- NoteDiluted earnings per share between $1.03 and $1.13
Capital returns
- Nine months ended September 30, 2026: Repurchases of common stock and excise tax of $(0.3) million, compared with $(38.2) million.
- Nine months ended September 30, 2026: Dividends paid of $(33.5) million, compared with $(33.3) million.
What drove it
- Third-quarter revenue growth was driven by strength in Manpower, particularly in the United States.
- The release said U.S. Experis crossed over to growth during the quarter and Experis and Talent Solutions experienced sequential revenue trend improvement.
- Third-quarter Americas operating unit profit increased to $47.4 million from $37.9 million; Northern Europe operating unit profit was $7.5 million compared with a loss of $(14.9) million.
- Third-quarter selling and administrative expenses declined to $685.0 million from $702.3 million, reflecting continued cost actions.
- Third-quarter reported results included restructuring costs, strategic transformation program costs, a business sale adjustment, and Argentina hyperinflationary related non-cash currency translation losses that negatively impacted earnings per share by $0.30.
Concerns
- Third-quarter gross profit declined to $767.3 million from $768.9 million despite revenue growth.
- Third-quarter Southern Europe operating unit profit declined to $64.6 million from $65.6 million, with France operating unit profit declining to $22.4 million from $30.6 million.
- Third-quarter APME revenue declined 1.1% as reported and operating unit profit declined to $23.9 million from $26.8 million.
- Corporate expenses increased to $(54.1) million in the third quarter from $(40.9) million.
- Nine-month cash used in operating activities was $(137.0) million.
What to watch
- Fourth-quarter diluted earnings per share guidance of between $1.03 and $1.13 and the guided 44% effective tax rate.
- Whether Manpower strength in the United States and U.S. Experis growth continue.
- Progress in Southern Europe, particularly France, where third-quarter revenue and operating unit profit declined.
- Execution of transformation initiatives and continued cost savings actions.
- Becky Frankiewicz becoming CEO on January 1, 2027, with Jonas Prising transitioning to Executive Chair.
Balance sheet and cash flow
- September 30, 2026 cash and cash equivalents: $233.1 million; December 31, 2025: $871.0 million.
- September 30, 2026 short-term borrowings and current maturities of long-term debt: $540.6 million; December 31, 2025: $625.0 million.
- September 30, 2026 long-term debt: $562.8 million; December 31, 2025: $1,052.1 million.
- September 30, 2026 accounts receivable, net: $4,619.4 million; December 31, 2025: $4,770.3 million.
- September 30, 2026 total assets: $8,259.9 million; December 31, 2025: $9,160.1 million.
- September 30, 2026 total liabilities and shareholders' equity: $8,259.9 million; December 31, 2025: $9,160.1 million.
- Nine months ended September 30, 2026: Cash used in operating activities of $(137.0) million, compared with $(283.0) million.
- Nine months ended September 30, 2026: Capital expenditures of $(23.6) million, compared with $(46.4) million.
- Nine months ended September 30, 2026: Cash provided by investing activities of $65.3 million, compared with cash used in investing activities of $(48.7) million.
- Nine months ended September 30, 2026: Repayments of long-term debt of $(585.9) million, compared with $(0.6) million.
- Nine months ended September 30, 2026: Cash used in financing activities of $(568.6) million, compared with cash provided by financing activities of $59.5 million.
- Nine months ended September 30, 2026: Change in cash and cash equivalents of $(637.9) million, compared with $(234.8) million.
- Nine months ended September 30, 2026: Cash and cash equivalents, end of period of $233.1 million, compared with $274.6 million.
Analysis
Third-quarter revenues from services were $4,840.0 million, up 4.4% from $4,634.4 million, or 5.2% in constant currency. The company attributed top-line growth to Manpower, particularly in the United States. Americas revenue increased 13.5%, including 5.5% growth in the United States and 27.0% growth in Other Americas. Northern Europe revenue increased 5.4%, while APME revenue declined 1.1% as reported and France revenue declined 3.5%.
Profit conversion improved below gross profit. Gross profit was $767.3 million, down 0.2%, while selling and administrative expenses declined 2.5% to $685.0 million. Operating profit increased 23.7% to $82.3 million, and net earnings increased to $34.1 million from $18.0 million. Diluted EPS was $0.71 compared with $0.38. Excluding specified items, third-quarter EPS was $1.01 per diluted share, representing an increase of 24% in constant currency.
Operating-unit results show strong Americas improvement, with operating unit profit of $47.4 million versus $37.9 million. Northern Europe generated operating unit profit of $7.5 million after a loss of $(14.9) million in the prior-year quarter. These gains were partly offset by a 1.7% decline in Southern Europe operating unit profit, including a 26.9% decline in France, and a 10.2% decline in APME operating unit profit. Corporate expenses increased to $(54.1) million from $(40.9) million.
For the nine-month period, revenue increased 7.3% to $14,210.6 million and operating profit was $222.6 million compared with $69.5 million, with the prior-year period including $88.7 million of impairment charges. Cash used in operating activities was $(137.0) million, while cash and cash equivalents were $233.1 million at September 30, 2026. The company repaid $(585.9) million of long-term debt during the nine-month period.
Management guided fourth-quarter diluted EPS to between $1.03 and $1.13 and an effective tax rate of 44%. The release identifies improving demand, continued transformation implementation, and cost savings execution as the central factors supporting its outlook. It also announced that Becky Frankiewicz will become CEO on January 1, 2027, with Jonas Prising transitioning to Executive Chair.
Management, verbatim
We delivered another quarter of consistent performance and strong execution as momentum continues across the organization. Our Manpower brand continues to lead the way, with notable share gains in the U.S. Our Experis and Talent Solutions brands experienced sequential revenue trend improvement which is encouraging. Our performance to date reinforces our confidence that 2026 is an inflection point for the business.
Jonas Prising, Chair & CEO
Not in the filing
stated, not guessed- Gross margin for the three months ended September 30, 2026 and 2025 was not reported.
- Gross margin for the nine months ended September 30, 2026 and 2025 was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow, investing cash flow, financing cash flow and capital expenditures were not reported.
- Fourth-quarter revenue, gross-margin and operating-expense guidance were not reported.
- Prior-quarter comparisons for reported metrics were not reported.
- Prior outlook was not provided, so comparison of reported results with prior guidance is unavailable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.