ManpowerGroup's 2025 Year in Review

2025 Segment Revenues^(a)

($ in millions)

$17,957.1Total

Americas4,348.8
Southern Europe8,436.3
Northern Europe3,161.1
APME2,041.9

2025 Segment Operating Unit Profit

($ in millions)

$454.8Total

Americas136.9
Southern Europe260.6
Northern Europe(43.3)
APME100.6

Revenues from Services^(b)

($ in millions)

'25 17,957.1
'24 17,853.9
'23 18,914.5
'22 19,827.5
'21 20,724.4
'20 18,001.0
'19 20,863.5
'18 21,991.2

During 2025, we experienced stable activity levels across Europe and North America. Revenues were $18.0 billion, a decrease of 2.1% in constant currency^(c).

We finished 2025 with results that reflect largely stable activity levels across Europe and North America, with revenues of $18.0 billion, representing a 2.1% decline in constant currency^(c) and an operating profit of $150.1 million. As adjusted, earnings per share – diluted decreased to $2.97, which represents a 38% decline in constant currency^(c).

Avg. Daily Volume(shares per day in 2025)

975k+

Market Capitalization(as of Dec 31, 2025)

^$1.4b

Shares Outstanding(as of Dec 31, 2025)

46.6m

Operating Profit

($ in millions)

'25 305.4 105.1
'24 370.3 306.0
'23 462.5 255.8
'22 660.5 581.7
'21 609.5 585.4
'20 376.9 187.6
'19 719.9 644.9
'18 836.0 796.7

As Adjusted^(d)
As Reported

Operating profit was $150.1 million, down 52.7% in constant currency^(c). As adjusted, operating profit decreased 21.6% in constant currency^(c).

Net Earnings

($ in millions)

'25 139.1 (13.3)
'24 219.6 145.1
'23 304.2 88.8
'22 449.5 373.8
'21 400.9 382.4
'20 213.7 23.8
'19 463.2 465.7
'18 586.6 556.7

As Adjusted^(d)
As Reported

Net loss was $13.3 million, down 108.9% in constant currency^(c).

NYSE

MAN

Fiscal Year End Date

12/31

2025 Share Price High/Low

^$62.66 / ^$26.63

Operating Profit Margin

(in percent)

'25 1.7% 0.8%
'24 2.1% 1.7%
'23 2.4% 1.4%
'22 3.3% 2.9%
'21 2.9% 2.8%
'20 2.1% 1.0%
'19 3.5% 3.1%
'18 3.8% 3.6%

As Adjusted^(d)
As Reported

Operating profit margin decreased 90 bps to 0.8% in 2025. As adjusted, operating profit margin decreased 40 bps to 1.7%.

Long-Term Revenue Trends

($ in billions)

Total Capitalization

($ in millions)

'25 2,060.3 1,093.3^(e)
'24 2,126.9 952.8
'23 2,234.1 1,002.6
'22 2,458.1 986.5
'21 2,531.7 1,118.3
'20 2,453.6 1,123.9
'19 2,761.5 1,073.4
'18 2,698.5 1,075.4

Equity
Adjusted Debt

Debt as a percentage of total capitalization was 35% in 2025.

Net Earnings Per Share—Diluted

(in dollars)

'25 2.97 (0.29)
'24 4.55 3.01
'23 6.04 1.76
'22 8.52 7.08
'21 7.24 6.91
'20 3.67 0.41
'19 7.68 7.72
'18 9.02 8.56

As Adjusted^(d)
As Reported

Net loss per share—diluted decreased to -$0.29 as reported. As adjusted, net earnings per share was $2.97, a decrease of 38% in constant currency^(c).

Return on Invested Capital (ROIC)

(in percent)

'25 -0.7% 5.4%
'24 8.9% 6.4%
'23 11.1% 3.8%
'22 16.0% 13.5%
'21 18.5% 17.7%
'20 9.8% 1.3%
'19 16.6% 14.9%
'18 19.4% 18.6%

As Adjusted^(d)
As Reported

Return on Invested Capital (“ROIC”) is defined as operating profit after tax divided by the average monthly total of net debt and equity for the year. Net debt is defined as total debt less cash and cash equivalents.

The consolidated total of $17,957.1 million excludes eliminated intercompany revenue of $31.0 million.
Revenues from services include fees received from our franchise offices of $16.6 million and $14.4 million for the years ended December 31, 2025 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,542.6 million and $1,125.5 million for the years ended December 31, 2025 and 2024, respectively.

In the United States, revenues from services include fees received from our franchise offices of $10.1 million and $10.7 million for the years ended December 31, 2025 and 2024, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $336.5 million and $368.1 million for the years ended December 31, 2025 and 2024, respectively.
When we use the term “constant currency,” it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K for further information.
Amounts exclude the impact of impairments, restructuring costs, dispositions and other special items. A reconciliation of these Non-GAAP figures to figures calculated based on U.S. GAAP is provided on the Financial Measures page in the Investor Relations section on our Website.
Total debt was temporarily increased by €500M on December 31, shortly after we issued the €500M notes due 2030 to refinance the €500M notes scheduled to mature in June 2026. The notes due in June 2026 were redeemed with cash in January 2026. Adjusted debt, adjusted cash and total adjusted debt to capitalization figures reflect underlying debt and cash levels before the issuance in December.