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ManpowerGroup (MAN) investor relations material
ManpowerGroup Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue returned to organic constant currency growth after 11 quarters of declines, driven by stabilization in North America and Europe and strong momentum in Latin America and APME.
AI investments, especially the Sophie AI platform, are driving measurable commercial impact and improving win rates, particularly in enterprise client acquisition.
Cost containment, operational efficiency, and digital transformation remain top priorities, with significant progress in back office standardization and ongoing front office optimization.
Recognized as a leader in staffing and workforce solutions by Everest Group, highlighting technology and market leadership.
Labor markets in Europe and North America remain cautious but show signs of stabilization, while APME and Latin America continue to grow.
Financial highlights
Q3 revenue was $4.6 billion (system-wide $4.9 billion), down 2% year-over-year in constant currency and up 1% organically; gross profit margin was 16.6%.
Adjusted EBITDA was $96 million, down 22% year-over-year in constant currency; adjusted EBITDA margin was 2.1%.
Adjusted EPS was $0.83, down 39% year-over-year in constant currency; reported EPS was $0.38, impacted by $21.4 million in restructuring costs and a $1.1 million non-cash currency charge.
Free cash flow for Q3 was $45 million, with expectations for a strong Q4 cash flow.
Operating profit for Q3 was $66.6 million, down 6.1% year-over-year.
Outlook and guidance
Q4 2025 EPS guidance is $0.78–$0.88, including a favorable $0.08 per share FX impact and a 46.5% effective tax rate.
Constant currency revenue guidance for Q4 is between a 2% decrease and a 2% increase, with a flat trend at the midpoint.
Gross profit margin guidance for Q4 is 16.4–16.6%; EBITDA margin is projected to be flat year-over-year.
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