MAN
ManpowerGroup Inc.29.31
-0.23-0.78%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
FY Q1 '26
Last Quarter (Q4 '25)
FY Q4 '25
Margins reaffirmed; trends detailed
Q&A reaffirmed the 4.5-5% long-term EBITDA margin target, with Jack stressing structural efficiencies enable it even in modest recovery. Jack detailed France's sequential revenue gains—from -4% in September to -2% in December—plus stable US trends and Italy's +7% strength into January. Enterprise demand stabilized gross margin pressure, though low perm weighed in; rebound expected as higher-margin lines inflect. Management cited client chatter on flexibility and AI projects but demurred on broad recovery call. Trends improving. Investors track Q1 continuity.
Key Stats
Market Cap
1.36BP/E (TTM)
-Basic EPS (TTM)
-0.45Dividend Yield
0.08%Recent Filings
10-K
FY2025 results
ManpowerGroup's FY2025 revenues edged up 0.6% to $17.96B, but organic constant currency dipped 0.2% amid softening staffing demand—yet Q4 accelerated with 7.1% reported growth (2.2% organic constant currency), fueled by Manpower upticks in the US, Italy, and Japan while Experis lagged. Gross margins slipped 60bps to 16.7% from permanent recruitment weakness and enterprise mix shifts; operating profit cratered 51% to $150M (0.8% margin) on $89M goodwill impairments, $64M restructuring, and higher corporate costs, yielding a $13M net loss versus $145M profit in 2024. Q4 momentum shone through sequential demand stabilization in North America and Europe. Cash burned $104M on working capital; debt hit $1.68B (45% of cap) post-€500M notes issuance, with $600M revolver untapped. Volatile economic conditions risk derailing quarterly recovery.
8-K
Exec severance deals renewed
ManpowerGroup entered new severance letter agreements on February 13, 2026, with CEO Jonas Prising, President Becky Frankiewicz, CFO Jack McGinnis, and Chief People & Legal Officer Michelle Nettles, replacing prior versions with identical terms except extended expiration to February 28, 2029 or two years post-change of control. These secure top executives amid M&A risks, imposing strict non-compete and nondisclosure covenants. No immediate cost impact.
8-K
Q4 revenues up 1% CC
ManpowerGroup posted Q4 revenues of $4.7B, up 7% reported but 1% constant currency, with net earnings of $30.2M or $0.64/share versus $22.5M last year. Stabilization hit North America and Europe, Italy surged, yet Europe permanent recruitment softened margins to 16.3%. Cost cuts fueled SG&A drop; Q1 EPS seen at $0.45-$0.55. Momentum builds.
8-K
Refinances revolver, issues €500M notes
ManpowerGroup replaced its prior $600M revolver with a new five-year $600M facility on December 15, 2025, adding restructuring add-backs to covenants and a $300M expansion option. It issued €500M 3.750% notes due 2030 at 99.839%, yielding €497.4M net proceeds to redeem €500M 1.750% notes due 2026 on January 14, 2026. Debt matures later at higher rates, but no penalties hit.
8-K
CFO presents at JP Morgan
ManpowerGroup's CFO John T. McGinnis presents at the J.P. Morgan 2025 Ultimate Services Investor Conference on November 18, 2025, sharing a deck on $18B 2024 revenues, 41% gross profit shift to higher-value Experis and Talent Solutions, and Q3 2025 adjusted EBITA of $96M amid Europe/North America headwinds. Transformation targets 4.5-5.0% EBITA margins via cost cuts. Risks abound in forward-looking plans.
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