ManpowerGroup Inc. (MAN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.95	$0.99	+4.2%	—	—	—
Q4 26	$0.49	$0.51	+4.1%	—	—	—
Q3 26	$0.82	$0.92	+12.2%	—	—	—
Q2 26	$0.81	$0.83	+2.5%	—	—	—
Q1 26	$0.69	$0.78	+13.0%	—	—	—
Q4 25	$0.5	$0.44	-12.0%	—	—	—
Q3 25	$1	$1.02	+2.0%	—	—	—
Q2 25	$1.3	$1.29	-0.8%	—	—	—
Q1 25	$1.27	$1.3	+2.4%	—	—	—
Q4 24	$0.92	$0.94	+2.2%	—	—	—
Q3 24	$1.2	$1.45	+20.8%	—	—	—
Q2 24	$1.35	$1.38	+2.2%	—	—	—
Q1 24	$1.61	$1.58	-1.9%	—	—	—
Q4 23	$1.63	$1.61	-1.2%	—	—	—
Q3 23	$2.12	$2.08	-1.9%	—	—	—
Q2 23	$2.17	$2.21	+1.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.29	—	—	$18B	—
FY24	—	$3.04	—	—	$17.9B	—
FY23	—	$1.78	—	—	$18.9B	—
FY22	—	$7.17	—	—	$19.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.7B	$21B	$22B	$20.9B	$18B	$20.7B	$19.8B	$18.9B	$17.9B	$18B
YoY change	+1.68%	+7.02%	+4.55%	-5.13%	-13.7%	+15.1%	-4.33%	-4.6%	-5.61%	+0.58%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.7B	21B	22B	20.9B	18B	20.7B	19.8B	18.9B	17.9B	18B
Cost of revenue	16.3B	17.5B	18.4B	17.5B	15.2B	17.3B	16.3B	15.6B	14.8B	15B
Gross profit	3.3B	3.5B	3.6B	3.4B	2.8B	3.4B	3.6B	3.4B	3.1B	3B
Gross margin	17%	16.6%	16.3%	16.2%	15.7%	16.4%	18%	17.8%	17.3%	16.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6B	2.7B	2.8B	2.7B	2.6B	2.8B	2.9B	3B	2.8B	2.8B
Operating expenses	2.6B	2.7B	2.8B	2.7B	2.6B	2.8B	2.9B	3B	2.8B	2.8B
Operating income	745.5M	789.2M	796.7M	708.9M	254.4M	585.4M	631.7M	310.9M	306M	238.8M
Operating margin	3.79%	3.75%	3.62%	3.4%	1.41%	2.82%	3.19%	1.64%	1.71%	1.33%
Non-operating income, net	1.7M	-7.3M	-1M	15M	-76.5M	9.5M	-45.6M	-59.5M	7.5M	-77.8M
Pretax income	701.3M	737.3M	754.7M	685.5M	147.7M	568.1M	557.1M	205.9M	256.8M	93.4M
Income tax	257.6M	191.9M	198M	219.8M	123.9M	185.7M	183.3M	117.1M	111.7M	106.7M
Net income	443.7M	545.4M	556.7M	465.7M	23.8M	382.4M	373.8M	88.8M	145.1M	-13.3M
Net margin	2.26%	2.59%	2.53%	2.23%	0.13%	1.85%	1.89%	0.47%	0.81%	-0.07%
EBITDA	838.9M	871.9M	888.9M	877.8M	339M	685.5M	750.5M	451.1M	439.6M	370M
EPS	6.33	8.13	8.62	7.78	0.41	7.01	7.17	1.78	3.04	-0.29
Diluted EPS	6.27	8.04	8.56	7.72	0.41	6.91	7.08	1.76	3.01	-0.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.7B	4.6B	4.4B	4.5B	4.5B	4.4B	4.1B	4.5B	4.6B	4.7B	4.5B	4.9B
Cost of revenue	3.9B	3.8B	3.6B	3.7B	3.7B	3.6B	3.4B	3.8B	3.9B	3.9B	3.8B	4.1B
Gross profit	821.9M	810.7M	763.7M	785.9M	782.1M	755.1M	698.3M	763.7M	768.9M	766.7M	723M	780.3M
Gross margin	17.6%	17.5%	17.3%	17.4%	17.3%	17.2%	17.1%	16.9%	16.6%	16.3%	16%	16.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	752.1M	795.1M	697.8M	684.8M	711.3M	686.9M	670.1M	700.3M	702.3M	686.1M	694.7M	668.3M
Operating expenses	752.1M	795.1M	697.8M	684.8M	711.3M	686.9M	670.1M	700.3M	702.3M	686.1M	694.7M	668.3M
Operating income	69.8M	15.6M	65.9M	101.1M	70.8M	68.2M	28.2M	63.4M	66.6M	80.6M	28.3M	112M
Operating margin	1.49%	0.34%	1.5%	2.24%	1.56%	1.55%	0.69%	1.4%	1.44%	1.71%	0.63%	2.3%
Non-operating income, net	-2.1M	-60.3M	3.9M	-1.8M	-1M	12.7M	4.1M	-90M	-2.4M	15.5M	6.7M	-1.7M
Pretax income	54.7M	-55M	57.5M	92.4M	59.2M	47.7M	16.7M	-41.8M	52.9M	65.6M	15.4M	92.4M
Income tax	24.4M	29.5M	17.8M	32.3M	36.4M	25.2M	11.1M	25.3M	34.9M	35.4M	12.9M	38.9M
Net income	30.3M	-84.5M	39.7M	60.1M	22.8M	22.5M	5.6M	-67.1M	18M	30.2M	2.5M	53.5M
Net margin	0.65%	-1.82%	0.9%	1.33%	0.5%	0.51%	0.14%	-1.48%	0.39%	0.64%	0.06%	1.1%
EBITDA	103.4M	52M	101.9M	137.6M	106.6M	93.5M	61.3M	96.4M	101.4M	110.9M	61.9M	139.4M
EPS	0.61	-1.73	0.82	1.25	0.48	0.48	0.12	-1.44	0.39	0.65	0.05	1.14
Diluted EPS	0.6	-1.73	0.81	1.24	0.47	0.47	0.12	-1.44	0.38	0.64	0.05	1.13

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.2B	8.5B	4.2B	5.8B	5.2B	5.3B	4.3B	4B	2.8B	1.4B	2.7B
Enterprise value	6.5B	8.7B	4.7B	6.2B	5.1B	5.9B	5B	4.7B	3.5B	2.6B	3.9B
Shares outstanding	70.1M	67.1M	64.6M	59.9M	58M	54.5M	52.2M	49.8M	47.8M	46.6M	46.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14	15.5	7.52	12.5	219.8	13.9	11.6	44.6	19	—	25.9
P/S	0.32	0.4	0.19	0.28	0.29	0.26	0.22	0.21	0.15	0.08	0.14
P/B	2.55	2.96	1.55	2.11	2.13	2.1	1.77	1.77	1.3	0.67	1.27
EV/EBITDA	7.7	10	5.25	7.06	15	8.54	6.61	10.4	7.92	7.04	9.45
EV/Sales	0.33	0.41	0.21	0.3	0.28	0.28	0.25	0.25	0.19	0.14	0.21
Earnings yield	7.12%	6.45%	13.3%	8.01%	0.46%	7.21%	8.61%	2.24%	5.26%	—	3.87%
FCF yield	8.72%	4.09%	10%	13.1%	16.9%	10.9%	8%	6.82%	9.35%	-11.6%	4.71%
PEG	—	—	—	—	—	—	—	—	—	—	-0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	17%	16.6%	16.3%	16.2%	15.7%	16.4%	18%	17.8%	17.3%	16.7%	16.1%
Operating margin	3.79%	3.75%	3.62%	3.4%	1.41%	2.82%	3.19%	1.64%	1.71%	1.33%	2.44%
Net margin	2.26%	2.59%	2.53%	2.23%	0.13%	1.85%	1.89%	0.47%	0.81%	-0.07%	0.56%
ROE	18.1%	19.1%	20.6%	16.9%	0.97%	15.1%	15.2%	3.97%	6.82%	-0.65%	5.08%
ROA	5.86%	6.14%	6.53%	5.05%	0.26%	3.89%	4.09%	1.01%	1.77%	-0.15%	2.57%
ROIC	17.6%	18.7%	18.5%	15.3%	1.77%	12.8%	13.8%	4.5%	6.07%	0%	3.96%
Return on tangible assets	9.85%	9.69%	10.2%	7.55%	0.37%	7.33%	7.83%	1.92%	3.54%	-0.26%	2.28%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.4	1.28	1.44	1.46	1.42	1.11	1.21	1.16	1.12	1.11	1.04
Quick ratio	1.4	1.28	1.44	1.46	1.42	1.11	1.21	1.16	1.12	1.11	1.04
Debt / equity	0.34	0.33	0.4	0.51	0.58	0.55	0.51	0.59	0.58	1.01	0.67
Debt / assets	0.11	0.11	0.13	0.15	0.15	0.14	0.14	0.15	0.15	0.23	0.17
Net debt / EBITDA	0.27	0.3	0.54	0.44	-0.41	0.8	0.82	1.65	1.64	3.29	3
Interest coverage	15.2	15.9	17.1	16.4	4.41	15.6	12.9	3.58	3.85	1.98	3.35
Effective tax rate	36.7%	26%	26.2%	32.1%	83.9%	32.7%	32.9%	56.9%	43.5%	100%	54%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	280.4	313.5	340.4	348.3	310.4	380.3	379.8	379.8	373.5	385.3	401.2
EPS (basic)	6.33	8.13	8.62	7.78	0.41	7.01	7.17	1.78	3.04	-0.29	-0.29
EPS (diluted)	6.27	8.04	8.56	7.72	0.41	6.91	7.08	1.76	3.01	-0.29	2.22
Book value per share	34.9	42.6	41.8	46.1	42.3	46.5	47.1	44.9	44.5	44.2	45.3
FCF per share	7.75	5.16	6.48	12.7	15.3	10.7	6.66	5.42	5.4	-3.46	1.45
Cash per share	8.54	10.3	9.16	17.1	27	15.6	12.2	11.7	10.7	18.7	3.88
Capex per share	0.06	0.19	0.29	—	—	—	—	—	—	1.23	0.86

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.02%	0.06%	0.09%	—	—	—	—	—	—	0.32%	0.22%
Capex / operating cash flow	0.44%	1.41%	5.41%	—	—	—	—	—	—	-55%	37.2%
Payout ratio	26.7%	22.7%	22.9%	27.8%	542.4%	35.7%	37.4%	162.5%	100.5%	-501.5%	64.9%
Dividend yield	1.9%	1.46%	3.04%	2.22%	2.47%	2.58%	3.22%	3.65%	5.28%	4.81%	2.52%

Yield

2.52%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.72

ex-dividend Jun 1, 2026

Payout ratio

65%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 1, 2026	$0.72
Dec 1, 2025	$0.72
Jun 2, 2025	$0.72

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.7B	$4.6B	$4.4B	$4.5B	$4.5B	$4.4B	$4.1B	$4.5B	$4.6B	$4.7B	$4.5B	$4.9B
YoY change	-2.61%	-3.72%	-7.34%	-6.91%	-3.11%	-4.98%	-7.11%	-0.03%	+2.3%	+7.12%	+10.3%	+7.54%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	598.5M	689M	591.9M	1B	1.6B	847.8M	639M	581.3M	509.4M	871M
Receivables	4.4B	5.4B	5.3B	5.3B	4.9B	5.4B	5.1B	4.8B	4.3B	4.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	5.1B	6.2B	6B	6.5B	6.7B	6.4B	5.9B	5.6B	5B	5.8B
Property, plant & equipment	131.1M	143.2M	140.6M	581.6M	528.7M	483.5M	471.6M	537.5M	473.7M	509.6M
Goodwill & intangibles	3.1B	3.3B	3.1B	3.1B	2.9B	4.6B	4.4B	4.2B	4.1B	3.9B
Total assets	7.6B	8.9B	8.5B	9.2B	9.3B	9.8B	9.1B	8.8B	8.2B	9.2B
Accounts payable	1.9B	2.3B	2.3B	2.5B	2.5B	3B	2.8B	2.7B	2.6B	2.7B
Short-term debt	39.8M	469.4M	50.1M	61M	20.4M	552.6M	26.6M	12.1M	23.4M	732.4M
Total current liabilities	3.7B	4.8B	4.2B	4.4B	4.7B	5.8B	4.9B	4.8B	4.4B	5.2B
Long-term debt	785.6M	478.1M	1B	1.3B	1.4B	841.5M	1.2B	1.3B	1.2B	1.4B
Total liabilities	5.1B	6B	5.8B	6.5B	6.9B	7.3B	6.7B	6.6B	6.1B	7.1B
Shareholders' equity	2.4B	2.9B	2.7B	2.8B	2.5B	2.5B	2.5B	2.2B	2.1B	2.1B
Total debt	825.4M	947.5M	1.1B	1.4B	1.4B	1.4B	1.3B	1.3B	1.2B	2.1B
Net debt	226.9M	258.5M	483.5M	384.3M	-138.1M	546.3M	614.1M	744.5M	722.4M	1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	571.1M	581.3M	604.8M	468.9M	410.9M	509.4M	395M	289.8M	274.6M	871M	224.9M	180.6M
Receivables	4.6B	4.8B	4.5B	4.6B	4.6B	4.3B	4.2B	4.6B	4.6B	4.8B	4.6B	4.7B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	5.3B	5.6B	5.2B	5.2B	5.2B	5B	4.7B	5.1B	5.1B	5.8B	5.1B	5.1B
Property, plant & equipment	519.7M	537.5M	528.1M	503.6M	512.4M	473.7M	503.3M	548.5M	527.3M	509.6M	492.1M	475.9M
Goodwill & intangibles	4.3B	4.2B	4.2B	4.1B	4.2B	4.1B	4.1B	4B	4B	3.9B	3.9B	3.8B
Total assets	8.6B	8.8B	8.5B	8.5B	8.5B	8.2B	8B	8.5B	8.4B	9.2B	8.4B	8.4B
Accounts payable	2.6B	2.7B	2.6B	2.6B	2.6B	2.6B	2.4B	2.6B	2.6B	2.7B	2.6B	2.6B
Short-term debt	13.6M	12.1M	15.6M	136.8M	24.8M	23.4M	203.1M	924.1M	854.7M	732.4M	217M	578.4M
Total current liabilities	4.4B	4.8B	4.5B	4.6B	4.5B	4.4B	4.2B	5.3B	5.1B	5.2B	4.5B	4.9B
Long-term debt	1.3B	1.3B	1.3B	1.3B	1.3B	1.2B	1.3B	798.5M	782.4M	1.4B	1.3B	841.6M
Total liabilities	6.2B	6.6B	6.3B	6.3B	6.3B	6.1B	5.9B	6.5B	6.4B	7.1B	6.3B	6.3B
Shareholders' equity	2.4B	2.2B	2.2B	2.1B	2.2B	2.1B	2.1B	2B	2B	2.1B	2.1B	2.1B
Total debt	1.3B	1.3B	1.3B	1.4B	1.3B	1.2B	1.5B	1.7B	1.6B	2.1B	1.5B	1.4B
Net debt	697.2M	744.5M	695.2M	924.4M	912.6M	722.4M	1.1B	1.4B	1.4B	1.2B	1.3B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	443.7M	545.4M	556.7M	465.7M	23.8M	382.4M	373.8M	88.8M	145.1M	-13.3M
Depreciation & amortization	85.3M	84.4M	85.8M	77.2M	76.3M	73.4M	84.6M	88.6M	86.6M	86M
Stock-based compensation	27.1M	28.7M	27.8M	26.3M	24.2M	36.8M	37.6M	28.7M	27.3M	26.3M
Change in working capital	293.1M	455.7M	-308.9M	584.3M	790.4M	135.6M	-139.7M	98.7M	65.4M	-269.3M
Operating cash flow	923.2M	917.4M	349.5M	1.1B	904.3M	626.9M	361.1M	284.2M	292M	-104.1M
Capital expenditure	4.1M	12.9M	18.9M	—	—	—	—	—	—	-57.3M
Investing cash flow	-53.5M	-6.9M	28.7M	36.7M	8.3M	-922.8M	-9.7M	4.1M	-17.1M	-59.2M
Dividends paid	-118.4M	-123.7M	-127.3M	-129.3M	-129.1M	-136.6M	-139.9M	-144.3M	-145.8M	-66.7M
Share repurchases	-482.2M	-203.9M	-500.7M	-203M	-264.7M	-210M	-270M	-179.8M	-140M	-38.2M
Financing cash flow	-610.2M	-345.4M	-472.8M	-337.7M	-435M	-283.8M	-473.9M	-340.9M	-272.7M	491.7M
Net change in cash	259.5M	565.1M	-94.6M	809.5M	477.6M	-579.7M	-122.5M	-52.6M	2.2M	328.4M
Free cash flow	543.1M	346.2M	418.4M	761.5M	885.7M	580.6M	347.7M	270M	258.1M	-161.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	30.3M	-84.5M	39.7M	60.1M	22.8M	22.5M	5.6M	-67.1M	18M	30.2M	2.5M	53.5M
Depreciation & amortization	21.7M	24.3M	21.6M	21.4M	21.8M	21.8M	21.2M	22.2M	22.1M	20.5M	20.2M	21.5M
Stock-based compensation	8M	8.7M	7.5M	7.5M	7M	5.3M	7.6M	7.7M	4.9M	6.1M	6M	7.6M
Change in working capital	203.9M	140.8M	37.1M	-298M	-41.3M	205.5M	-196.4M	-244.9M	33M	139M	-163.6M	-66.9M
Operating cash flow	261.9M	56.4M	113.4M	-208.7M	4.5M	220.7M	-154.7M	-284.9M	59.8M	178.9M	-126.3M	-2.7M
Capital expenditure	—	—	2.1M	—	—	—	100K	300K	-15.1M	-10.9M	-9M	-5.8M
Investing cash flow	2.5M	1.5M	2.1M	2.1M	-2.1M	-15M	-900K	-1.8M	-14.3M	-10.5M	-9M	81.7M
Dividends paid	0	-71.2M	—	—	0	-72.3M	—	—	0	-33.4M	—	—
Share repurchases	-49.9M	-50M	-50M	-27M	-29M	-34M	-25M	-13.2M	0	0	-300K	0
Financing cash flow	-58M	-110M	-47.6M	92.3M	-140.4M	-103.5M	51.6M	113M	-64.5M	426.2M	-508.5M	-91.2M
Net change in cash	206.4M	-52.1M	67.9M	-114.3M	-138M	102.2M	-104M	-173.7M	-19M	594.6M	-643.8M	-12.2M
Free cash flow	245.2M	90.6M	104.2M	-149.8M	67.4M	236.3M	-166.9M	-207.2M	44.7M	168M	-135.3M	-8.5M

ManpowerGroup Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement