ManpowerGroup (MAN) Q4 2025 earnings summary

Executive summary

• Fourth quarter revenues reached $4.7B, up 7% as reported and 2% in organic constant currency, with stabilization and sequential improvement in key markets such as the US, France, and Italy.

• Manpower business achieved three consecutive quarters of growth, with six in the US; Experis showed sequential improvement in revenue decline rate.

• AI and technology investments, including PowerSuite and AI Recruiter Toolkit, are enhancing productivity and commercial impact, with AI tools scaled to 12+ markets and driving a 7% increase in placement rates.

• Cost discipline and digitization drove improved profitability, with SG&A down 4% in constant currency year-over-year.

• Early signs of inflection in key markets, but not yet a broad-based recovery; 2026 is trending toward an inflection point for sustainable organic revenue and margin growth.

Financial highlights

• Q4 revenue was $4.7B (systemwide $5.1B), up 1% in constant currency year-over-year; Q4 adjusted EBITDA was $100M, margin held at 2.1%.

• Q4 EPS was $0.64 ($0.92 as adjusted), with net earnings of $30.2M; full-year adjusted EPS was $2.97, down 38% in constant currency.

• Full-year reported revenue was $18B, down 2% in constant currency; system-wide revenue was $19.5B.

• Q4 gross margin was 16.3%, with staffing margin down 40bps and permanent recruitment softness in Europe.

• Q4 free cash flow was $168M; full-year free cash flow was -$161M.

Outlook and guidance

• Q1 2026 EPS guidance: $0.45–$0.55, including $0.06 FX benefit and a 43%–45% effective tax rate.

• Constant currency revenue guidance for Q1: -1% to +3%, midpoint at +1%; gross profit margin 16.2–16.4%.

• Q1 EBITDA margin projected up 10bps year-over-year at midpoint; EBITA margin guidance for Q1 is 1.3–1.5%.

• Americas revenue expected flat to up 4%, Southern Europe up 11–15%, Northern Europe up 4–8%, and APME up 3–7%.

• Management remains committed to 4.5–5% long-term EBITDA margin, expecting progressive improvement even in a moderate recovery.