ManpowerGroup — Third Quarter 2026 Earnings Summary

Financial Performance

• Q3 2026 revenues were $4.84 billion, a 4.4% increase from the prior year period and 5.2% in constant currency.
• Net earnings for the quarter were $34.1 million ($0.71 per diluted share), compared to $18.0 million ($0.38 per diluted share) in the prior year.
• Adjusted Q3 2026 earnings per share were $1.01, excluding restructuring costs, strategic transformation program costs, a business sale adjustment, and Argentina hyperinflationary losses which reduced EPS by $0.30.
• Nine-month 2026 revenues were $14.21 billion, a 7.3% increase from the prior year and 4.7% in constant currency.
• Nine-month 2026 net earnings were $90.1 million ($1.89 per diluted share), compared to a net loss of $43.5 million ($0.93 per diluted share) in the prior year.
• Adjusted nine-month 2026 earnings per share were $2.51, excluding charges that reduced EPS by $0.62.
• Gross profit for the quarter was $767.3 million, down 0.2% from the prior year.
• Operating profit for the quarter was $82.3 million, a 23.7% increase from the prior year.
• Selling and administrative expenses for the quarter were $685.0 million, a 2.5% decrease from the prior year.
• Cash and cash equivalents decreased to $233.1 million at September 30, 2026, from $871.0 million at December 31, 2025.
• Total debt (short-term borrowings and long-term debt) decreased to $1.10 billion at September 30, 2026, from $1.68 billion at December 31, 2025.
• Cash used in operating activities for the nine months ended September 30, 2026, was $137.0 million.
• Cash provided by investing activities for the nine months ended September 30, 2026, was $65.3 million, driven by $87.5 million in proceeds from sales of subsidiaries.
• Cash used in financing activities for the nine months ended September 30, 2026, was $568.6 million, primarily due to $585.9 million in repayments of long-term debt.

Guidance and Future Outlook

• The company anticipates diluted earnings per share for the fourth quarter to be between $1.03 and $1.13.
• The company expects a 44% effective tax rate for the fourth quarter.
• Management views 2026 as an inflection point for the business, citing improving demand and strong execution.
• The company remains on track to deliver on its cost savings targets while expanding transformation implementation beyond the U.S.

Business Segments and Product Lines

• The Manpower brand continues to lead growth, particularly in the United States, with notable share gains.
• Experis experienced sequential revenue trend improvement, with U.S. Experis crossing over to growth during the quarter.
• Northern Europe reported strong year-over-year revenue growth and Operating Unit Profit improvement.
• Americas revenues increased 13.5% to $1.25 billion, with the United States growing 5.5% and Other Americas growing 27.0%.
• Southern Europe revenues increased 1.0% to $2.23 billion; Italy grew 4.5% while France declined 3.5%.
• Northern Europe revenues increased 5.4% to $860.6 million.
• APME revenues decreased 1.1% to $514.9 million.
• The sale of the Jefferson Wells U.S. business was included in the current year-to-date period.

Market and Competitive Landscape

• The company reported notable share gains in the U.S. for the Manpower brand.
• The company operates in more than 70 countries and territories.
• ManpowerGroup was named one of the World's Most Ethical Companies for the 17th time in 2026.

Risks and Challenges

• Earnings were negatively impacted by restructuring costs, strategic transformation program costs, a business sale adjustment, and Argentina hyperinflationary related non-cash currency translation losses.
• Results were impacted by the U.S. dollar relative to foreign currencies compared to the prior year period.
• Forward-looking statements are subject to risks including labor demand trends, strategic initiatives, and technology investments.
• Actual results may differ materially due to factors found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Management Commentary and Tone

• Jonas Prising, Chair & CEO, stated the company delivered consistent performance and strong execution with momentum continuing across the organization.
• Management expressed confidence that 2026 is an inflection point for the business.
• Jonas Prising will transition to Executive Chair on January 1, 2027, with Becky Frankiewicz becoming CEO on the same date.

Other Key Points

• The company paid $33.5 million in dividends during the nine months ended September 30, 2026.
• The company repurchased $0.3 million of common stock and excise tax during the nine months ended September 30, 2026.
• The company sold its Jefferson Wells U.S. business during the nine-month period.
• A conference call regarding the results was broadcast live on October 15, 2026.