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ManpowerGroup (MAN) investor relations material
ManpowerGroup Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 was $4.5B, flat year-over-year as reported, with systemwide revenue at $4.9B and a 3% decrease in constant currency; net loss was $67.1M, driven by $88.7M in impairment and $14.4M in restructuring charges.
Adjusted EBITDA was $89M, down 25% year-over-year; adjusted EPS was $0.78, a 43% decrease year-over-year.
Manpower and Talent Solutions brands returned to revenue growth, while Experis declined due to weak professional staffing demand.
Latin America and Asia Pacific showed strong demand, while Europe and North America stabilized amid macroeconomic and geopolitical uncertainty.
Operating loss for Q2 2025 was $25.3M, with operating margin at -0.6%.
Financial highlights
Gross profit margin was 16.9%, down 0.5 percentage points year-over-year, reflecting business mix changes.
Adjusted SG&A expenses were down 3% year-over-year in constant currency, but total SG&A rose due to restructuring and impairment.
Free cash flow was an outflow of $207M, impacted by timing of payables, tax transition, and technology prepayments.
Net debt at quarter end was $987M–$996M; debt to capitalization ratio was 39%.
Days sales outstanding increased to 56 days.
Outlook and guidance
Q3 2025 adjusted EPS guidance is $0.77–$0.87, including a $0.03 favorable FX impact and a 46.5–48% effective tax rate.
Constant currency revenue guidance for Q3 is flat to a 4% decrease; gross margin guidance is 16.8–17.0%.
EBITDA margin for Q3 projected to be down 50 bps year-over-year; free cash flow expected to improve in the second half.
Management expects continued stabilization in the US and parts of Europe, with ongoing cost actions and digital investments.
The company anticipates compliance with financial covenants and sufficient liquidity for the next 12 months.
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