ManpowerGroup Reports Third Quarter 2025 Results: Mixed Signals Amidst Growth Aspirations

For the three months ending September 30, 2025, ManpowerGroup reported net earnings of $18.0 million, or $0.38 per diluted share, a decrease from $22.8 million, or $0.47 per diluted share, in the same period last year. This drop in earnings is attributed to various factors, including restructuring costs and non-cash currency translation losses related to hyperinflation in Argentina, which collectively reduced earnings per share by $0.45 for the quarter. Excluding these charges, the adjusted earnings per share stood at $0.83, reflecting a significant 39% decrease in constant currency.

The company’s revenues for the third quarter reached $4.6 billion, representing a modest 2% increase compared to the prior year. However, on a constant currency basis, revenues declined by 2%. Notably, an organic constant currency analysis revealed a 1% increase in revenues, marking a potential turning point after 11 consecutive quarters of declines in this metric.

Jonas Prising, Chair and CEO of ManpowerGroup, emphasized the positive trend in revenue stabilization, particularly in North America and Europe, despite ongoing tariff uncertainties. He stated, “We crossed back over to growth during the third quarter,” highlighting the company's focus on "Winning In The Market" to boost market share while implementing initiatives aimed at reducing structural costs for greater efficiency.

Prising expressed confidence in the company’s trajectory, stating, “We are pleased with our progress in both areas and confident in our ability to deliver long-term value to all of our stakeholders.”

Looking ahead, ManpowerGroup anticipates diluted earnings per share for the fourth quarter to range between $0.78 and $0.88, incorporating an estimated favorable currency impact of $0.08 and an effective tax rate of 46.5%. This forward-looking guidance reflects the company’s cautious optimism as it seeks to navigate the complexities of the global labor market and economic conditions.

For the nine months ended September 30, 2025, ManpowerGroup reported net losses of $43.5 million or $0.93 per basic share, a stark contrast to net earnings of $122.6 million or $2.53 per diluted share in the prior year. The year-to-date losses were exacerbated by restructuring costs, losses from the sale of businesses transitioning to franchise operations, and a non-cash goodwill and intangible asset impairment charge, which together reduced earnings per share by $2.98. Adjusted earnings per share for the nine-month period was $2.05, reflecting a 44% decrease in constant currency.

Revenues for the nine-month period were $13.2 billion, down 2% compared to the previous year, equating to a 3% decrease in constant currency.

As of September 30, 2025, ManpowerGroup reported total assets of $8.45 billion, an increase from $8.20 billion at the end of 2024. The company’s current liabilities also rose to $5.12 billion, reflective of operational adjustments and ongoing financial commitments.

The third quarter results from ManpowerGroup illustrate a company in transition, striving to regain momentum amidst a backdrop of economic uncertainty and internal restructuring. While the reported earnings and revenues may indicate challenges, the company’s strategic focus on cost efficiency and market share growth offers a pathway to recovery. Investors will be keenly observing how these strategies unfold in the upcoming quarters as ManpowerGroup aims to rebuild its financial strength and stakeholder confidence.

For those interested in further details, ManpowerGroup will conduct a conference call to discuss these results on October 16, 2025, at 7:30 a.m. Central Time.