ManpowerGroup (MAN) Q3 2025 earnings summary

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.

• Q3 2025 revenue was $4.63B, up 2.3% as reported, but down 2% in constant currency and up 1% organically; net earnings were $18M, down 20.9% year-over-year.

• Adjusted EPS was $0.83, down 39% year-over-year in constant currency, impacted by restructuring and Argentina hyperinflationary losses.

• AI investments, especially the Sophie AI platform, are driving measurable commercial impact and client wins.

• Recognized as a leader in staffing and workforce solutions by Everest Group.

Financial highlights

• Q3 2025 revenue was $4.6B (systemwide $4.9B), down 2% in constant currency and up 1% organically year-over-year.

• Gross profit margin for Q3 2025 was 16.6%, down 70 bps year-over-year, reflecting lower permanent recruitment and outplacement activity and a business mix shift.

• Adjusted EBITDA was $96M, down 22% year-over-year in constant currency; adjusted EBITDA margin was 2.1%.

• Free cash flow for Q3 was $45M; net earnings for Q3 were $18M.

• For the nine months ended September 30, 2025, revenues were $13.2B, down 2% year-over-year; net loss was $43.5M.

Outlook and guidance

• Q4 2025 diluted EPS is expected to be $0.78–$0.88, including a favorable $0.08 FX impact and a 46.5% effective tax rate.

• Constant currency revenue guidance for Q4 is between -2% and +2%, with flat revenue at the midpoint.

• EBITDA margin for Q4 projected to be flat year-over-year; gross profit margin guidance: 16.4–16.6%.

• No restructuring charges or share repurchases included in guidance.

• Management expects a mixed business environment to persist, with employers remaining cautious and awaiting greater economic clarity.