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ManpowerGroup Reports Third Quarter 2025 Results

On October 16, 2025, ManpowerGroup (NYSE: MAN) released its earnings report for the third quarter of 2025, showcasing a revenue of $4.6 billion. This figure marks a 2% increase compared to the same period last year. However, when adjusted for constant currency, the revenue showed a slight decline of 2%, while organic constant currency revenue grew by 1%. The company experienced ongoing stabilization in North America and Europe, even as Latin America and the Asia-Pacific regions maintained strong demand during the quarter.

Financial Overview

The reported net earnings were $0.38 per diluted share, down from $0.47 in the prior year. Net earnings totaled $18.0 million, a decrease from $22.8 million year-over-year. The third-quarter earnings were notably impacted by restructuring costs and non-cash currency translation losses associated with hyperinflation in Argentina, which alone reduced earnings per share by $0.45. Adjusting for these factors, the earnings per share was $0.83, representing a 39% decline on a constant currency basis.

ManpowerGroup CEO Jonas Prising highlighted the significance of this quarter's performance, stating that it marked the end of 11 consecutive quarters of organic revenue declines. He attributed the improvement to the stabilization of market demand in North America and Europe despite ongoing tariff uncertainties. Prising emphasized that the organization is focused on increasing market share and optimizing structural costs to enhance efficiency moving forward.

Detailed Revenue Breakdown

Revenues from services included a notable increase across various regions. In the Americas, revenues reached $1.1 billion, with the U.S. market showing a marginal decline of 0.9% compared to the previous quarter. However, other areas in the Americas recorded robust growth, with revenues climbing 15.5% compared to the previous year.

In Southern Europe, France reported a 1.4% revenue increase, while Italy's revenues jumped 10.3%. Other regions within Southern Europe also showed positive growth. On the other hand, Northern Europe saw a slight decline in revenue by 1.4%. In the Asia-Pacific region (APME), revenues dipped by 7.5% during this quarter, signifying some challenges in that market segment.

Cost Management and Strategic Initiatives

The company's gross profit margin stood at 16.6%, highlighting the impact of reduced permanent recruitment activities and a shift in business mix toward enterprise clients. Selling, general, and administrative (SGA) expenses saw a decline due to restructuring actions undertaken in the quarter, further contributing to the company's cost management efforts.

As the company looks towards the fourth quarter, it anticipates diluted earnings per share to range between $0.78 and $0.88. This forecast includes a positive currency impact of 8 cents and anticipates an effective tax rate of approximately 46.5%.

Future Outlook

ManpowerGroup's performance in Q3 2025 underscores a significant shift towards growth following a prolonged slump. The company is strategically positioning itself in response to fluctuating global market conditions while highlighting its commitment to providing workforce solutions in a rapidly changing work environment. By focusing on increasing market share and cutting structural costs, ManpowerGroup aims to deliver long-term value to its stakeholders.

For additional insights and live updates, ManpowerGroup will host a conference call on October 16, 2025, at 7:30 AM Central Time (8:30 AM Eastern), where stakeholders can gain further insights into the company's future strategies and expected market trends. For more details, visit manpowergroup.com.