MAN

Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at ManpowerGroup (NYSE:MAN) and the best and worst performers in the professional staffing & hr solutions industry. The Professional Staffing & HR Solutions subsector within Business Services is set to benefit from evolving workforce trends, including the rise of remote work and the gig economy. With companies casting a wider net to find talent due to remote work, the expertise of staffing and recruiting companies is even more valuable. For those who invest wisely, the use of predictive AI in recruitment and screening as well as automation in HR workflows can enhance efficiency and scalability. On the other hand, digitization means that talent discovery is less of a manual process, opening the door for tech-first platforms. Additionally, regulatory scrutiny around data privacy in HR is evolving and may require companies in this sector to change their go-to-market strategies over time. The 7 professional staffing & hr solutions stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.3% while next quarter’s revenue guidance was 2% below. Thankfully, share prices of the companies have been resilient as they are up 6.4% on average since the latest earnings results. Founded during the post-World War II economic boom when businesses needed temporary workers, ManpowerGroup (NYSE:MAN) connects millions of people to employment opportunities through its global network of staffing, recruitment, and workforce management services. ManpowerGroup reported revenues of $4.86 billion, up 7.5% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EPS guidance for next quarter estimates. Jonas Prising, ManpowerGroup Chair & CEO, said, "In the second quarter we delivered strong results with revenues ahead of expectations. Results reflect good execution across our brands and markets, continued cost discipline and improving demand. We are leveraging our scale and diversified platform and focusing commercial efforts on verticals that offer the greatest opportunities to win and capture share. We saw very strong growth in our Manpower brand and improving trends across Experis and Talent Solutions. Interestingly, the stock is up 59.2% since reporting and currently trades at $62.13. Is now the time to buy ManpowerGroup? Access our full analysis of the earnings results here, it’s free. Processing over 200 million screens annually across more than 200 countries and territories, First Advantage (NASDAQ:FA) provides employment background screening, identity verification, and compliance solutions to help companies manage hiring risks. First Advantage reported revenues of $448.8 million, up 14.9% year on year, outperforming analysts’ expectations by 8.2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates. First Advantage pulled off the biggest analyst estimate beat, fastest revenue growth, and highest full-year guidance raise among its peers. The market seems content with the results as the stock is up 1.8% since reporting. It currently trades at $20.92. Is now the time to buy First Advantage? Access our full analysis of the earnings results here, it’s free. Operating as a professional employer organization (PEO) that serves over 8,000 companies with more than 120,000 worksite employees, Barrett Business Services (NASDAQ:BBSI) provides management solutions that help small and mid-sized businesses handle human resources, payroll, workers' compensation, and other administrative functions. Barrett reported revenues of $319.3 million, up 3.8% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates. Barrett delivered the weakest performance against analyst estimates of the whole group. As expected, the stock is down 14.9% since the results and currently trades at $34.15. Read our full analysis of Barrett’s results here. With roots dating back to 1948 as the first specialized recruiting firm for accounting and finance professionals, Robert Half (NYSE:RHI) provides specialized talent solutions and business consulting services, connecting skilled professionals with companies across various fields. Robert Half reported revenues of $1.34 billion, down 2.4% year on year. This result beat analysts’ expectations by 1%. Overall, it was a satisfactory quarter as it also produced EPS in line with analysts’ estimates. The stock is up 18.7% since reporting and currently trades at $44.94. Read our full, actionable report on Robert Half here, it’s free. Pioneering the professional employer organization (PEO) industry it helped establish, Insperity (NYSE:NSP) provides human resources outsourcing services to small and medium-sized businesses, handling payroll, benefits, compliance, and HR administration. Insperity reported revenues of $1.69 billion, up 1.7% year on year. This number topped analysts’ expectations by 0.7%. It was a satisfactory quarter as it also logged an impressive beat of analysts’ full-year EPS guidance estimates. The stock is down 2.6% since reporting and currently trades at $51.81. Read our full, actionable report on Insperity here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

A month has gone by since the last earnings report for Insperity, Inc. (NSP). Shares have lost about 4.1% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Insperity due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Insperity reported impressive second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. NSP reported adjusted earnings of 34 cents per share in the second quarter of 2026, up 31% year over year and surpassing the Zacks Consensus Estimate of 33 cents by 3.0%. Revenues increased 2% to $1.69 billion and beat the consensus mark of $1.67 billion by 0.5%. Results benefited from lower operating expenses and progress across the company’s margin recovery initiatives. However, average paid worksite employees, or WSEEs, declined 1% to 305,764, partly offsetting higher pricing and revenue per employee. Adjusted EBITDA rose 13% year over year to $36 million. Reported net income improved to $4 million from a loss of $5 million in the prior-year quarter, whereas diluted earnings were 10 cents per share against a loss of 14 cents. Management said that all three components of its recovery plan contributed to the quarterly results. These included pricing and client retention actions, benefit plan and policy changes, and operating expense management. The company expects the cumulative impacts of these measures to support a significant profit recovery during 2026. Revenues per WSEE per month increased 3% to $1,838, reflecting higher pricing. Gross billings per WSEE rose to $11,895 from $11,385, while payroll cost per WSEE increased to $10,057 from $9,597. Despite the pricing gains, gross profit declined 3% to $217 million. Gross profit per WSEE slipped 1% to $237 as benefit costs per covered employee increased 5%. The higher benefit expenses continued to pressure unit profitability, even as pricing helped support top-line growth. Operating expenses decreased 8% year over year to $211 million. Salaries, wages and payroll taxes declined 11% to $115 million, while stock-based compensation fell 35% to $13 million. These reductions more than offset a 27% increase in advertising expenses to $14 million. The quarter included $8 million in costs related to Insperity’s strategic partnership with Workday, down from $14 million a year earlier. Lower partnership spending and broader expense discipline helped the company generate operating income of $6 million against an operating loss of $7 million in the prior-year period. For the first six months of 2026, revenues increased 2% to $3.58 billion as revenues per WSEE advanced 3%. Average paid WSEEs declined 1% to 304,407, reflecting continued softness in employee volumes. First-half adjusted EBITDA increased 4% to $139 million, but adjusted earnings declined 10% to $1.64 per share. Gross profit fell 3% to $519 million, while adjusted operating expenses decreased 6% to $442 million. Reported net income declined 20% to $37 million, partly reflecting higher income tax expenses. Insperity ended June with $95 million of adjusted cash, cash equivalents and marketable securities, up from $57 million at the end of 2025. In the second quarter, the company borrowed $50 million for working capital purposes, bringing outstanding credit-facility borrowings to $420 million. Cash outlays during the first six months included $46 million in dividends and $13 million in capital expenditure. NSP also repurchased approximately 172,000 shares for $4 million, maintaining shareholder distributions while continuing to fund operating and technology priorities. For the third quarter of 2026, management expects average paid WSEEs of 305,500-307,500, indicating a year-over-year decline of 1.7-2.3%. The adjusted bottom line is projected between a loss of 9 cents and earnings of 41 cents per share, while adjusted EBITDA is anticipated to be $14-$41 million. For 2026, Insperity updated the average paid WSEEs forecast to 305,000-307,000 from the preceding quarter’s view of 303,000-307,000. It marks a decline of 1-1.6% from the 1-2.3% given during the first quarter of 2026. Adjusted earnings are updated to $1.88-$2.43 per share from the first-quarter 2026 view of $1.6-$2.6, with a revised adjusted EBITDA expectation of $185-$225 million compared with the preceding quarter’s view of $170-$230 million. Management plans to focus on its refined sales approach, HRScale development and artificial intelligence initiatives as it works to restore growth momentum. Since the earnings release, investors have witnessed a flat trend in estimates revision. The consensus estimate has shifted 50% due to these changes. At this time, Insperity has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a grade of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Insperity has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Insperity belongs to the Zacks Staffing Firms industry. Another stock from the same industry, ManpowerGroup (MAN), has gained 19.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Manpower reported revenues of $4.86 billion in the last reported quarter, representing a year-over-year change of +7.5%. EPS of $0.99 for the same period compares with $0.78 a year ago. For the current quarter, Manpower is expected to post earnings of $1.01 per share, indicating a change of +21.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -1% over the last 30 days. Manpower has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Insperity, Inc. (NSP) : Free Stock Analysis Report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 16, 2026 at 8:30 a.m. ET Chair and Chief Executive Officer - Jonas Prising Executive Vice President and Chief Financial Officer - Jack McGinnis President and Chief Strategy Officer - Becky Frankiewicz Need a quote from a Motley Fool analyst? Email [email protected] Operator: Welcome to ManpowerGroup's second quarter earnings results conference call you'll be put into listen-only mode until the question and answer time begins. This call is being recorded if you care to drop off now, please do so. I would now like to turn the call over to ManpowerGroup's Chair and CEO, Mr. Jonas Prising. Sir, you may begin. Jonas Prising: Good morning, thank you for joining us for our second quarter 2026 conference call. Our Chief Financial Officer, Jack McGinnis, and our President and Chief Strategy Officer, Becky Frankiewicz, are both with me today. For your convenience, our prepared remarks are available in the investor relations section of our website at manpowergroup.com. I'll begin with a brief overview of the quarter, including how we're seeing conditions evolve across our markets, and then I'll share a few updates on our transformation as well as our longer-term objectives. Becky will then provide an update on client momentum and the opportunities we're capturing with AI, followed by Jack, who will walk through the detailed financial results and our guidance for the third quarter of 2026. I'll close with a few comments before we open the line for Q&A. Jack will now cover the Safe Harbor language. Jack McGinnis: Good morning, everyone. This conference call includes forward-looking statements, including statements concerning economic and geopolitical uncertainty, which are subject to known and unknown risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results might differ materially from those projected in the forward-looking statements. We assume no obligation to update or revise any forward-looking statements. Slide two of our earnings release presentation further identifies forward-looking statements made in this call and factors that may cause our actual results to differ materially and information regarding reconciliation of non-GAAP measures. Jonas Prising: Thanks, Jack. During the second quarter, we delivered strong results with revenues ahead of expectations underscored by growing client demand and accelerated delivery of our strategy. Our reported revenues were $4.9 billion, representing constant currency growth of 6%. System-wide revenue, which includes our expanding franchise revenue base, was $5.3 billion. Adjusted EBITDA margin of 2.1% reflects improving demand trends and operating leverage. These results reflect good execution across our brands and markets, continued cost discipline, and improving demand. We continue to leverage our scale and global footprint and focus commercial efforts on verticals where demand is strongest and where we have a clear opportunity to win and capture market share. We are encouraged by our performance across our brands. Specifically, within Manpower, demand indicators have strengthened, and the brand delivered its fifth consecutive quarter of growth, with revenue up 8% in constant currency. We are seeing positive momentum across key verticals including manufacturing, automotive, aerospace, logistics, and retail. In the U.S., Manpower performance Q2 was particularly strong, driven by accelerated sales activity and a robust pipeline that continues to build. We're also seeing a meaningful improvement in Northern Europe, which was profitable this quarter and represents a significant and broad-based year-over-year improvement. While there's still more progress to make, the actions that we have taken are driving improved performance. Experis, our technology resourcing and services business, delivered encouraging improvement driven by sustained demand for specialized capabilities in cloud migration, application development, data, and AI. Our partnership approach and human plus agent offerings are addressing new market needs, all contributing to a pipeline of higher value opportunities with clients seeking both agility and deep technical expertise we expect continued improvement in Q3. In Talent Solutions, we delivered sequential improvement and are encouraged by the strength of the pipeline. We've sharpened our strategic focus and strengthened how our teams, capabilities, and expertise come together globally. This alignment enables us to reduce complexity, accelerate innovation, and deliver stronger client outcomes. Across the portfolio, we continue to actively shape our business towards higher value opportunities where capabilities are most differentiated. Our experienced leadership team remains focused on executing against today's demand while positioning the company for the opportunities we anticipate tomorrow. We remain disciplined in our approach to pricing and client selection, supporting stronger returns over time. Before I hand it over to Becky, I'd like to share a few high-level updates on our transformation. At the beginning of the year, we told you this was going to be a pivotal moment in our transformation, and we are delivering on that commitment. Specifically, we said we would optimize our current cost base and align capacity with client demand. Last quarter, we launched our expanded global strategic transformation program, expected to deliver $200 million in permanent cost savings in 2028. This program will create a more efficient cost structure while positioning our brands to capture market share. We have a clear path to deliver these savings we are making strong progress. We committed to using the same discipline to review our portfolio to ensure we have the right asset base. As a result, the sale of Jefferson Wells' U.S. business was completed during the second quarter. A concrete example of prioritizing investment and management attention behind the core higher return opportunities where we see the greatest potential to create value. Taken together, our transformational cost out and portfolio optimization actions have put us in a better position to generate operating leverage as demand continues to improve. Looking ahead, we're committed to delivering at pace. Our first priority is to execute and continue to drive momentum across the business, including the strong performance from Manpower and tangible improvement across Experis and Talent Solutions. This requires focusing our commercial initiatives on the regions and verticals that will drive the greatest demand. We will equally stay focused on our longer-term ambition to position ManpowerGroup for durable, profitable growth through the cycle. This includes sequencing the global rollout of the cost transformation program and deliver our $200 million cost target on schedule, continuing to redesign our front-office sales and recruitment processes to enhance productivity, and leveraging AI to create sustainable commercial opportunities to accelerate growth. I will now turn it over to Becky to go deeper on how we're enhancing productivity and commercializing our AI capabilities. Becky Frankiewicz: Thanks, Jonas. As Jonas just shared, we are focused on accelerating how we leverage AI in two key areas, to enhance effectiveness within our own organization and to create commercial opportunities that become growth multipliers. First, as I discussed last quarter, AI-centric enhancements are critical to our ability to accelerate our go-to-market strategy, identify the highest value opportunities, and capture incremental revenue. We are encouraged by how it is influencing organic growth by pinpointing the highest probability opportunities so our teams can focus their efforts where sales conversion and revenue impact are the highest. We are leveraging this tool in many of our largest markets and are on track to scale to almost 70% of revenues by year-end. The other half of the effectiveness equation is creating a differentiated talent experience, critical to attracting and retaining the skilled associates and consultants our clients value most. We are continuing to advance our AI-powered screening and interview experiences to meet talent where and when works for them. We are on track to scale to 70% of revenues by year-end, improving fill rates and accelerating time to hire. As it relates to new commercial opportunities, we are leveraging AI as a growth multiplier and are focused on anticipating fast-moving client buying behavior and responding at speed. Over the last few weeks, I've been meeting with many of our clients across Europe and around the world. I continue to hear that organizations across industries are focused on how AI can be deployed responsibly to add capability and improve business outcomes. This is creating a new set of opportunities for ManpowerGroup. We are capturing these opportunities with a partnership approach that we believe is a new value creation lever. By building new go-to-market alliances with industry leaders that bring complementary expertise, we are creating net new revenue streams that expand our addressable market and accelerate speed to solution in an efficient and cost-effective way. We believe the next decade of AI adoption will be defined by partnerships that combine technology, talent, and workforce expertise we are intentional on building these relationships now. Last quarter, you heard me discuss our partnership with SoundHound AI, the global leader in voice and conversational AI. Since then, we have continued to build momentum and have begun converting opportunities into customer engagements. We are seeing increased traction within our healthcare clients as organizations look to deploy conversational AI to improve both customer and employee experiences. We are making good progress expanding these opportunities beyond the U.S. Last week, we expanded our partnership capabilities with the launch of Accelerate Workflow, built with IBM watsonx Orchestrate. IBM provides the trusted underlying AI technology while Experis helps clients to unlock value, designing the workflow, implementing the solution, providing the talent, and helping to govern and manage the deployment over time. Unlike traditional AI consulting approaches, Experis brings together technology implementation, workforce transformation, and specialized AI talent, paired with our depth of human capabilities, to help organizations move beyond AI pilots and into scalable execution. These projects are particularly attractive because they combine high-value consulting, AI implementation, and ongoing managed services. Our competitive advantage is no longer defined by technology alone. It comes from orchestrating an ecosystem of strategic partners and combining technology, talent, and services into integrated solutions that accelerate customer outcomes. We are seeing encouraging pipeline momentum as this partnership strategy continues to scale. As we continue to strengthen relationships with organizations such as SoundHound AI, IBM, Accenture, SAP, Microsoft, among others, we are broadening our capability, creating new routes to market, positioning the business for future growth. I look forward to updating you on our progress in future quarters. I will now turn it over to Jack. Jack McGinnis: Thanks, Becky. In the second quarter, we delivered reported revenues of $4.9 billion. System-wide revenue, including franchises, was $5.3 billion. Our second quarter revenue results represented constant currency growth of 6%. U.S. dollar reported revenues after adjusting for currency impacts came in above our constant currency guidance range. Gross profit margin came in within our guidance range. Considering the impact of the U.S. Jefferson Wells disposition, it was organically very close to the midpoint of our guidance. As adjusted, EBITDA was $103 million, representing a 15% increase in constant currency compared to the prior year period. As adjusted, EBITDA margin was 2.1%, up 10 basis points year-over-year, and came in at the midpoint of our guidance range. Organic days adjusted constant currency revenue increased 6% in the quarter, which was well above our midpoint guidance range of 3% growth, driven by our Manpower business. Turning to the EPS bridge, reported earnings per share for the quarter was $1.13 adjusted EPS was $0.99 and came in above our guidance midpoint. Walking from our guidance midpoint of $0.96, our results included a better operational performance of $0.04 and a foreign currency impact that was $0.01 worse. Restructuring costs and strategic transformation program costs represented $0.23. The gain on sale of Jefferson Wells U.S. business and liquidation of a discontinued business represented a $0.37 positive impact. Next, let's review our revenue by business line year-over-year on an organic constant currency basis, the Manpower brand had a very strong growth of 8% in the quarter, up sequentially from the 6% growth in the first quarter. The Experis brand declined by 2%, an improvement from the 9% decline in the first quarter. The Talent Solutions brand was flat year-over-year, an improvement from the first quarter decline of 1%. Within Talent Solutions, our RPO business continued a sequential revenue trend improvement from Q1, with stable revenue levels from the previous quarter. Our MSP business saw continued solid revenue growth, while Right Management declined slightly during the quarter. Looking at our gross profit margin in detail, our gross margin came in at 16.1% for the quarter. Staffing margin improved sequentially from the first quarter, and on a year-over-year basis represented a 60-basis point reduction, primarily due to mix shifts in the second quarter. This is an improvement from the 70-basis point decline in the first quarter. The staffing margin decrease was also impacted by the sale of the higher margin U.S. Jefferson Wells business early in the quarter, and considering this, was very close to the midpoint of our guidance. Permanent recruitment activity resulted in a 10-basis point decline other services resulted in a 10-basis point margin decrease. Moving on to our gross profit by business line. During the quarter, the Manpower brand comprised 65% of gross profit. Our Experis professional business comprised 19%, and Talent Solutions comprised 16%. During the quarter, our consolidated gross profit grew by 1% on an organic constant currency basis year-over-year, an improvement from the 3% decline in the first quarter. Our Manpower brand grew 5% in organic constant currency gross profit year-over-year, an improvement from the flat first quarter year-over-year trend. Gross profit in our Experis brand decreased 6% in organic constant currency year-over-year, an improvement from the 11% decrease in the first quarter. Gross profit in Talent Solutions declined 4% in organic constant currency year-over-year, which was an improvement from the 5% decrease in the first quarter. The improvement in trend was driven by RPO, while MSP trends also improved from the first quarter. Right Management had gross profit declines in the quarter on decreased outplacement activity. Reported SG&A expense in the quarter was $668 million. SG&A, as adjusted, was down 1% on a constant currency basis. The year-over-year constant currency decreases largely consisted of reductions in operational costs of $5 million. Dispositions represented a decrease of $4 million, while currency changes contributed to a $10 million increase. Adjusted SG&A expenses as a percentage of revenue represented 14.1% in constant currency in the second quarter. Adjustments represented restructuring and strategic transformation program charges of $14 million, which were more than offset by gain on sale of Jefferson Wells U.S. business of $30 million. Balancing gross profit growth with strong cost controls while funding ongoing transformation to enhance EBITDA margin in both the short and long term remains one of our highest priorities. We continue to estimate restructuring and strategic transformation program charges to range from $10 million-$15 million on average per quarter through the end of the year. The Americas segment comprised 25% of consolidated revenue. Revenue in the quarter was $1.2 billion, representing an increase of 14% year-over-year on an organic constant currency basis. As adjusted, OUP was $45 million, and OUP margin was 3.7%. Restructuring charges of $3 million represented actions in the U.S. and Mexico. The U.S. is the largest country in the Americas segment, comprising 59% of segment revenues. Revenue in the U.S. was $714 million during the quarter, representing an 8% organic days adjusted increase compared to the prior year. OUP as adjusted for our U.S. business was $24 million in the quarter. OUP margin as adjusted was 3.3%. Within the U.S., the Manpower brand comprised 29% of gross profit during the quarter. Revenue for the Manpower brand in the U.S. increased 16% on a days adjusted basis during the quarter, which represented strong market performance with eight consecutive quarters of growth and a significant step-up from the 5% increase in the first quarter. The Experis brand in the U.S. comprised 38% of gross profit in the quarter within Experis in the U.S., substantially all the revenues represent IT resourcing and services. Experis U.S. revenue was flat on an organic days adjusted basis during the quarter, an improvement from the 15% decline in the first quarter as the business anniversaried strong healthcare IT projects in the prior year. Excluding the impact of healthcare IT project volumes in the second quarter, Experis U.S. revenue decreased 3% on a days adjusted basis during the quarter, an improvement from the first quarter trend. The Experis U.S. business expects a continued improvement in revenue trend into the third quarter. Talent Solutions in the U.S. contributed 33% of gross profit and saw a 6% increase in revenue year-over-year in the quarter, reflecting an increased rate of growth from the first quarter, driven by strong growth in both RPO and MSP during the second quarter. This was partially offset by declines in Right Management on lower outplacement activity in the quarter. Overall, the U.S. had strong organic revenue growth in the second quarter, and we expect a similar rate of growth in the third quarter. Southern Europe revenue comprised 47% of consolidated revenue in the quarter. Revenue in Southern Europe was $2.3 billion, representing 4% growth in constant currency during the second quarter. As adjusted, OUP for our Southern Europe business was $79 million in the quarter, and OUP margin was 3.4%. Restructuring charges of $4 million represented actions taken largely in France and Italy. France revenue equaled $1.2 billion and comprised 51% of the Southern Europe segment in the quarter and was flat on a constant currency basis. As adjusted, OUP for our France business was $31 million in the quarter adjusted OUP margin was 2.6%. France revenue trends were stable during the second quarter, and we expect a similar rate of revenue trend of flat to slight growth in the third quarter. Revenue in Italy equaled $522 million in the second quarter, reflecting an increase of 6% on a days adjusted constant currency basis. OUP as adjusted equaled $35 million, and OUP margin was 6.7%. Our Italy business is executing well and leads in the market. We estimate low to mid-single digit percentage revenue growth in the third quarter. Our Northern Europe segment comprised 17% of consolidated revenue in the quarter. Revenue of $825 million represented a 2% increase in organic constant currency. OUP was $2 million in the quarter. This represents year-over-year OUP improvement during the last three quarters, reflecting the outcome of the significant actions taken in previous quarters. Our largest market in the Northern Europe segment is the U.K., which represented 33% of segment revenues in the quarter. During the quarter, the U.K. crossed back over to growth, with revenues increasing 2% on a days adjusted constant currency basis. The remaining countries in the region progressed as expected with largely stable to improving revenue trends. The Asia-Pacific Middle East segment comprises 11% of total company revenue. In the quarter, revenues equaled $519 million, representing an increase of 5% in constant currency. OUP was $24 million, and OUP margin was 4.6%. Our largest market in the APME segment is Japan, which represented 57% of segment revenues in the quarter. Revenue in Japan grew 4% on a days adjusted constant currency basis, and we expect a similar level of revenue growth in the third quarter. I'll now turn to cash flow and balance sheet. In the second quarter, free cash flow represented an outflow of $9 million, compared to an outflow of $207 million in the prior year. On a year-to-date basis, this represents significant year-over-year improvement in the trend, and we expect strong free cash flow during the second half. At quarter end, days sales outstanding was 56 days, flat from the prior year. During the second quarter, capital expenditures represented $6 million, and we did not repurchase any shares. Our balance sheet ended the quarter with cash of $181 million and total debt of $1.04 billion. Net debt equaled $863 million at quarter end and improved sequentially as we allocated capital from business sales to pay down our revolver, which typically peaks in usage at June 30th. Our debt ratios at quarter end reflect total gross debt to trailing 12 months adjusted EBIT of 2.5x and total debt to total capitalization at 33%. Detail of our debt and credit facility arrangements are included in the appendix of the presentation. Next, I'll review our outlook for the third quarter of 2026 we are forecasting earnings per share for the third quarter to be in the range of $0.96-$1.06. The guidance range also includes an unfavorable foreign currency impact of $0.02 per share, and our foreign currency translation rate estimates are disclosed at the bottom of the guidance slide. Our organic days adjusted constant currency revenue guidance shows a continuation of the 6% growth achieved in the second quarter, again into the third quarter at the midpoint. On a constant currency basis, which is impacted by the second quarter business disposition, the range is between a 3% increase and a 7% increase at the midpoint is a 5% increase. Business days and the impact of dispositions adjust our organic days adjusted constant currency revenue growth estimate to 6% at the midpoint. We anticipate stable underlying staffing margin into the third quarter, an estimated GP margin of 16% at the midpoint, which includes a full quarter impact of the higher margin U.S. business disposition and the current business mix. EBITDA margin for the third quarter is projected to be up 10 basis points at the midpoint compared to the prior year. We estimate that the effective tax rate for the third quarter will be 44%. I will continue to carve out any restructuring in global strategic transformation program costs, as they are not included in the underlying guidance. In addition, we estimate our weighted average shares to be 47.9 million. I will now turn it back to Jonas. Jonas Prising: Thanks, Jack. In closing, I'm highly encouraged by our performance in the second quarter. Our commercial execution, coupled with strengthening market demand, yielded a meaningful step change in organic growth. Taken together with a prudent approach to cost management, we are driving improved operating leverage and profitability. Looking ahead, I'm confident that we have set the foundation to be able to sustain this momentum in the back half of the year. As always, thank you to our talented team for their relentless focus and to our candidates and clients for your continued partnership. Operator, please open the line for questions. Operator: Thank you. If you'd like to ask a question, please press star one. If your question has been answered and you'd like to remove yourself from the queue, please press star one again. Our first question comes from Mark Marcon with Baird. Your line is open. Mark Marcon: Hey, good morning, and thanks for taking my questions. Really encouraging to see the improvements, both in terms of the cost discipline as well as the revenue trends. I was wondering, broadly speaking, in some of your most important markets, specifically if we take a look at the U.S. and France, can you give us a sense for how the quarter ended up progressing? Did you see improvement building as the quarter unfolded, or were they generally stable throughout the quarter? I'm just wondering what the exit rates were. Jack McGinnis: Okay, Mark. Thanks. This is Jack. I would be happy to talk about the trends during the quarters in our largest markets. Maybe starting with the U.S., to your point, we saw strong strength in revenue trend building over the course of the quarter. As I mentioned in our prepared remarks, Manpower grew at 16% in the second quarter, very strong growth. That marks five quarters of Manpower brand overall growth. In the U.S., that is eight quarters. Strong growth in commercial staffing continuing in the U.S. It was great to see Experis cross back to flat in the quarter as well. We said that last call, that we expected that to happen, and it did happen. We are seeing some improved momentum on the Experis side as well. I would say France was very stable over the course of the quarter overall. You saw France come in at flat. You may have seen some of the, I think you comment on the industry data when it comes out, Mark. You would have seen that was very stable, and our revenue trends moved pretty much in line with that stability as well. That was really good to see. I would say for Italy, a pretty even revenue trend over the course of the quarter. Started maybe a tad bit stronger, but still strong, solid growth as we exited the quarter. Maybe the last one, the fourth biggest business for us would be Japan, and Japan was very steady, pretty even during the entire quarter. Mark Marcon: Great. Part of the reason for the question is, was this no ill effects from Iran so far that you can discern? That was part of that question. Then I was wondering for Jonas or Becky, you talked a lot about the advanced AI-powered screening and the interview experiences. Are you actually seeing improvement with regards to fill rates and a decrease in terms of time to hire? Are you tracking those metrics, and is it really discernible? Becky Frankiewicz: Yes. Hi, Mark. It is Becky. Yes, to answer your question, we are now in our ninth month of using some early in-the-funnel interview tools. We are seeing a 67% decrease in our time to fill that has been material for us, one, for our speed, but also for our ability to delight our candidates, which is important in a talent-constrained market. We are feeling it is still early for us we are going to hit 70% of our revenues in terms of scale by the end of the year. We are feeling good about the progress on that front. Mark Marcon: That's great to hear. I've got tons of questions, but I'll jump back in the queue in respect to everybody else. Operator: Thank you. Our next question comes from Jeff Silber with BMO Capital Markets. Your line is open. Jeff Silber: Thank you so much. I have to apologize. I'm in transit, so it's a little noisy here. I just was wondering if you could comment on the general tone of business from your clients, how that's been changing over the course of the year, and what are the expectations for the back half? Becky Frankiewicz: Hi, this is Becky. As you heard me in my prepared remarks, I was able to spend a tremendous amount of time in this quarter with our clients. I'd say we're hearing a couple of things. One, they continue to be very resilient in the face of a changing landscape, whether it's geopolitically or economically or demographically. In these times of uncertainty, customers are increasingly seeking flexible workforce solutions, and as you know, that's where we shine. That's where our business excels, and you're seeing that as we posted our results, particularly in Manpower and the improvement in Experis. Aside of that, when you talk to them about AI, they're really not struggling anymore to access AI technology. I mean, that's becoming available they're really struggling to get benefit. Again, that's where we're coming in. You heard me talk about our strategic partnerships, mostly on the Experis side. That's our proof point that AI can be a growth and a profit multiplier for us because we're leveraging it with our customers and to improve the candidate experience. Operator: Thank you. Our next question comes from Andy Grobler with BNP Paribas. Your line is open. Andy Grobler: Hi. Good morning. Could I just ask about gross margin? The decline in the temp margin through the quarter, can you just talk through the extent to which that is mix and whether there's any price impact? Also on that, this kind of early cycle decline is pretty normal. When would you think that's going to trough out and we can start to see gross margin stabilize and improve? Thanks very much. Jack McGinnis: Thanks for the question, Andy. This is Jack. I'll take that one. Yeah. To your point on gross profit margin trends, as we've laid out in the slide, I guess maybe I'll start with staffing. I'd say very close to our expectations. You heard me carve out the disposition of the Jefferson Wells sale that we absorbed that was about five basis points during the course of the quarter we were very close to the midpoint considering that. What I would say is, if you look at Q1, we were down 70 basis points year-over-year. That improved into Q2 to down 60 basis points. Actually, our GP margin improved sequentially. It was 16.0% in Q1, and it rose to 16.1% in Q2. That's absorbing the JW disposition and also absorbing the significant additional growth above expectations, which was largely driven by Manpower Enterprise. I think that's a very good signal that pricing is rational, continues to be very stable. As you heard Jonas in the prepared remarks, talk about how disciplined we've been on pricing, and that continues. Underlying staffing margin, quite stable considering all of that and also considering the additional growth that we had during the course of the quarter. We saw Perm improve as well quarter-over-quarter. That was a 20 basis point drag in the first quarter, year-over-year, improved to 10. We actually saw Perm cross over to flat in the second quarter overall. That was a big positive. To your point, as we go forward and we look at mix, we have seen in this early part of this recovery that enterprise commercial staffing enterprise has been leading it. A lot of that mix has worked its way through. If you look at the first nine months of the year here with my guide for Q3, you see a pretty stable gross profit margin, about 16.0%-16.1% during the first nine months of the year. That's showing underlying stability in our staffing margin and the mix shift as well. As we go forward, as contingent starts to resume, and we're seeing some early signs of that starting to happen in the U.S., that will be a benefit for Manpower margin. Also, as we know, Experis and Perm have been lagging, and as those come back, we'll see some additional strength in GP margin going forward as well. That's what we would expect. I think that's what we're starting to see early on here, and that would be the outlook, Andy. Andy Grobler: Great. Thank you. Just one housekeeping follow-up. Just on the JW impact, in Q2, what would you expect that to be? Jack McGinnis: Yeah, it's about 10 basis points. Andy Grobler: About 10. Brilliant. Thank you very- Jack McGinnis: Thanks. Operator: Thank you. Our next question comes from George Tong with Goldman Sachs. Your line is open. George Tong: Hi, thanks. Good morning. You've now delivered five consecutive quarters of growth in Manpower and are seeing improving trends in Experis and Talent Solutions. To what extent does that performance reflect a recovery in underlying staffing demand versus company-specific actions? How do you expect the relative contribution of market growth and share gains to evolve over the next year? Jonas Prising: Good morning, and thanks, George. We think we're executing very well in our Manpower business and as ManpowerGroup. Overall, we think we're leading the market in many markets. When I look at the strong growth that we're having in the U.S., at 16% for Manpower, double-digit growth in countries like Spain, Canada, Poland, a lot of countries in Latin America. High single-digit growth in the U.K. and Italy, along with improving trends in Northern Europe. We believe we're executing and competing very well in those markets. As Jack has just mentioned to Andy, we're also very pleased to see the continued progress of Experis and Talent Solutions as well as Perm. I think we have really been executing well, and part of the explanation of that, you heard Becky talk about in her prepared remarks, our ability to target the industry verticals that are growing and shifting in an agile way to where the opportunity sits, both in terms of verticals, in terms of geographies. That's really a capability we have been honing over the last couple of years, and I think that's starting to come through in a very nice way. George Tong: Got it. That's helpful. Can you provide some additional detail on the timing of the $200 million in permanent cost savings from the transformation program? Specifically, how much of the benefit you expect to be realized in the second half of this year versus 2027 and 2028, and which functions or geographies you expect to contribute most to the savings? Jack McGinnis: George, this is Jack. I'd be happy to talk to that. As Jonas talked about in his prepared remarks, we're tracking very well on the strategic transformation for the front office that we launched at the beginning of the year. As you think about the benefits from that and going back, I'd say generally everything is pretty much still in line with what we announced last quarter as we laid out the multi-year progression. What that means is we'll see the back office moving to profits this year. That was $20 million. I would say that is pretty even over the course of the year, probably a tad better in the second half of the year. The overall transformation program moves to $80 million with the front office kicking in next year. At this stage, I'd say think of that as more weighted towards the second to the fourth quarters of 2027. We'll give a further update on that, of course, as we get to the end of the year in 2028, that's when we expect the $200 million to come through for the full calendar year. We'll talk more about that in the future. I'd say on an overall basis, when we look at the cost for the program, pretty much in line, exactly as I guided to last quarter. We said we expected that would be $10 million-$15 million a quarter. We came in at about $13 million this quarter, and that guidance still is the same trend for the rest of the year from a cost perspective for Q3 and Q4. George Tong: Very helpful. Thank you. Operator: Thank you. Our next question comes from Manav Patnaik with Barclays. Your line is open. Ronan Kennedy: Hi. Good morning. This is Ronan Kennedy on for Manav. Thank you for taking our questions. I think for several quarters you would describe improving trends as gradual stabilization. Understandably, the commentary this morning is confident and constructive, and if I'm not mistaken, Jack did just say early part of the recovery. Can we just ask for your holistic assessment as to where we are? Is it stabilization moving on to recovery? Your assessment of that, please. Jonas Prising: Well, I would say based on our track record now with Manpower in the U.S. and Manpower globally in fifth quarter, we could say that Manpower has moved from stabilization into a recovery. No question about that. As Jack also mentioned earlier, we're very encouraged by the progress that we're seeing with Talent Solutions, with Experis, with their improving trends, as well as Perm and its improving trend as well. As you can tell from our guide, we're expecting that to continue into the third quarter as well. In those areas, though, we would probably still characterize this as stabilizing, but we are very encouraged and confident in their trends heading forward into the Q3 and beyond. Ronan Kennedy: Thank you for that. If I may, I think George had touched on Manpower, I think more broadly as a brand, but for the U.S. Manpower strength specifically, can you just unpack the elements of market recovery or share gain there and whether it's underlying market demand, better sales targeting, enterprise wins, bill rate inflation or anything to call out from a vertical mix or particular segments of strength standpoint? Becky Frankiewicz: Yeah, I'm happy to take that. Yes, demand in the U.S. has improved around Manpower. Yes, our ability to adapt and target specific areas of growth has also improved, as Jonas alluded to. We're seeing growth in manufacturing, particularly around consumer goods, retail, aerospace, logistics. We positioned ourselves in a sales perspective towards those high-growth verticals and literally adapted in real-time to go after that growth. We feel really good, yes, about the market, and yes, about our ability to take share in that market, given our own actions. Ronan Kennedy: Thank you. Appreciate it. Operator: Thank you. Our next question comes from Trevor Romeo with William Blair. Your line is open. Trevor Romeo: Morning. Thank you for taking the questions. I had one on your internal headcount. I guess the last few years we had been talking about headcount coming down. Now that you're kind of solidly back into revenue growth mode here, how are you thinking about headcount from here? Do you need to kind of ramp up for this demand you're seeing now, or do you think you have enough capacity to hold about where you are? Jonas Prising: Well, thanks. I think as we've talked about, we're very disciplined both in our sales activities, as Becky just mentioned, and from a cost perspective, as Jack has talked about as well. I would say at this point we're really feeling good about how we're positioned. We think we have additional capacity to leverage the headcount that we have, and we'll be very careful in terms of looking at where and how we add headcount to continue to drive. The important part is for us to continue to be very strong in our sales activities and also very agile and quick at adjusting our recruiting capability to the market demand. With the tools that we're now deploying across the organization, it also gives us further flexibility to leverage our existing headcount for further productivity, and we're laser-focused on that. Trevor Romeo: Appreciate that, Jonas. Then maybe quick follow-up either for you or for Becky. We are kind of in this era where AI is rapidly changing, I think what companies are looking for in their labor and talent, and it seems like having that flexibility that you have is a huge advantage right now. Specifically kind of focusing on Experis here. What are you seeing in real time in terms of what IT skills clients are demanding now and how that's changing? For the new skills that are in high demand, how difficult is it to find that talent right now? Becky Frankiewicz: I'll take that question. For Experis, first to address the first comment you made, yes, of course, we're seeing clients want flexibility as they navigate both their own plans but also the execution of their plans to realize value. That's really a discussion with clients, is how do we realize value? We know that technology can get you to the pilot, but it's humans that have to get you to the realization of the benefit, and that's where we come in. To your question on skills that are growing, a lot around the infrastructure side, so database architects, data scientists. For data centers, we're seeing computer network engineers taking off. A little bit of cyber, but really it's more focused on the infrastructure side in terms of skills. In difficulty to find the skills, right now we're able to shift people, upskill them. We run an academy called Experis Academy, where we're actually teaching and training the skills to make sure we can meet the demand. We feel pretty good about our position now. Again, you heard that from Jack saying the improvement, we're shifting ourselves in this example into those skills that are in demand in the marketplace. Trevor Romeo: That's great. Thank you very much. Operator: Thank you. Our next question comes from Josh Chan with UBS. Your line is open. Josh Chan: Hi, good morning. Congrats on a good quarter. I guess you guys are seeing, based on your numbers, some very classical signs of early cycle recoveries. I was wondering how you're interpreting the macro environment in light of not having an overall economic recession, seeing this early cycle recovery signs. Thank you. Jonas Prising: Well, good morning, Josh. We're very encouraged by the momentum, also equally excited about the long-term market opportunity. I think as you've been hearing from us over some time now is, our intent for us is to be the architects of our own future and to take the actions needed to position the business to win in any environment. With that in mind, our focus is less on predicting the exact timing of, or form of, a traditional cycle rebound, but more on executing against the levers within our control, including structural cost actions, portfolio prioritization, and the continued investment in higher value capabilities. You heard Jack just now give a great example of that in his discussion around our $200 million transformation program that aims at providing or is going to provide permanent savings of $200 million in 2028. As an industry and as a business, we have almost 80 years of experience in adapting to a changing environment. Just as Becky talked about, the demand may not be that different, but their shift happens within the demand between the skills, especially on the technology side at this point, but also within other parts of our Manpower business as well as our Talent Solutions business. Our strength is to adjust to those changes, anticipate them, and drive towards where the higher value opportunities lie. All of this to say, we're very encouraged by what we've seen in our second quarter performance, and we're delivering market-leading growth. As you can tell from our guide, we expect this trend to continue also into the third quarter. Josh Chan: That's great. Yeah, thank you for that color there, Jonas. I guess Jack mentioned that you're seeing early signs of convenience resuming in the U.S. I think that's the first time we've heard that in a while. Could you elaborate on what you're seeing there in terms of this convenience market possibly getting better? Becky Frankiewicz: Yeah, I'll take the market part of that. Yes, we are starting to see the first signs actually of convenience improving in the U.S. with our smaller and up to middle-size customers starting to recreate their demand, reengage in the market. It's early, but once we start seeing that, we expect that we'll continue to grow, and we're seeing evidence of that in our pipeline. Josh Chan: Great. Thank you, congrats on the good quarter. Jonas Prising: Thank you. Operator: Thank you. As a reminder, to ask a question, please press *11. Our next question comes from Tobey Sommer with Truist. Your line is open. Tyler Barishaw: Good morning. This is Tyler Barishaw for Tobey. You mentioned AI as a growth multiplier. Can you discuss some areas where AI has brought new business to the company? Becky Frankiewicz: Yeah. I'll take that. On last quarter's call, I talked about the sales targeting engine. We have deployed that first in France. We're now scaling that across all of our major markets, expecting to reach 70% of our revenue by the end of the year. That helps us better target the opportunities that are growing in the market and where we have existing capability and talent. That is a specific area where we're leveraging AI, and I would also say automation. Be a profit and growth multiplier in our business. We're also doing work on the front office where we're partnering around interviews, where we can do those when we're not actually in business operating hours. In fact, 30% of our interviews are taking place outside of normal business hours, and those are AI-powered, automation-enabled. Those are a couple examples where we're seeing AI both drive growth and profit. The last place I would say is on the commercial side, because we see AI as two-pronged. We're using it inside our organization, as mentioned. We're also using it to create new products in the market. In last quarter, I talked about the partnership with SoundHound AI. This quarter, I talked about the relationship we have with IBM Watsonx. This intersection of ensuring we're partnering for capabilities to better deliver and again, drive measurable outcomes. That's what clients want. They want measurable outcomes, not just implementation. It is our learning now that it is taking humans to realize that outcome. Again, that's where we shine. Tyler Barishaw: Thank you. Can you discuss the decision not to repurchase any shares, and should we expect the return to repo in the second half? Jack McGinnis: Tyler, you were a little faint there, but I think you were asking about share repurchases. What I would say is from a capital allocation standpoint, I wouldn't expect any changes in the very short term. I think we've talked about the fact that we've strengthened the balance sheet. It was great to have that cash influx in the second quarter from the disposition. You can see our net debt improved quarter-over-quarter. I think for right now, I wouldn't anticipate any changes in the very short term, but we're very proud of our track record, and you should expect that will continue to be part of the mix as we move forward, as the business progresses into the future. Tyler Barishaw: Thank you. Operator: Thank you. Our next question comes from Mark Marcon with Baird. Your line is open. Mark Marcon: Thanks for squeezing me in again. Just with regards to the gross margins, I was wondering what percentage of gross profit is now from Perm and if we do have a full recovery, where do you expect it could go to? Jack McGinnis: Thanks for the question, Mark. In the quarter, our Perm GP was 15.3% of total GP, that's pretty much in line with where we were a year ago at this time as well. As I mentioned, Perm did cross to flat in the quarter on an overall basis. As we go forward, I think Perm has been in the 15.5%-16.5% of GP in more stable conditions. I think, of course, we saw it during the early recovery of the pandemic. It reached 20% when we saw the significant Perm activity that peaked in 2022. I think in a more stable environment, it should be somewhere in the 16% range, 15.5%-16.5%. That's what I would consider. I think as we go forward, we would expect it to continue to be in that range as we move through the second half of the year. We're encouraged by the trends we're seeing in Perm. In the U.S., we saw RPO growth, very strong RPO growth overall. That's our biggest RPO business, so that's clearly a good sign. As I said, Perm was stable last quarter as well. We're seeing encouraging signs, but I think that percentage range is what I would expect going forward. Mark Marcon: Great. With regards to Experis, you're doing a lot of things, a lot of different partnerships. As you think about the year during the second half and going into next year, how would you anticipate growth for that evolving and if it starts improving materially, what sort of impact could that have on gross margins? Jack McGinnis: I guess what I'd start with, Mark, is Experis overall. You saw in the quarter, Experis overall improving the rate of revenue trend from the first quarter into the second quarter. We got to the -2% globally, which is a big improvement from where we were in the first quarter. We're encouraged by that the U.S. business specifically, as I just mentioned, was at flat. We're encouraged that based on the current trends, we expect that to flip to slight growth in the third quarter. Good ongoing momentum from Experis overall. In terms of the partnerships, I'll turn it over to Becky to say a little bit about that. Becky Frankiewicz: Mark, I'd just say, first, I think it's the realization that what the market's demanding now is a bit different. They're demanding technology, talent, and services into an integrated solution that delivers outcome. We obviously play in the integration, the talent, and the integrated services that drive the outcomes. We have partnerships that help us with the technology. In terms of how big that can be, it's relatively new for us. I've talked about it as a new revenue stream. We're in progress of delivering between $50 million-$100 million this year from partnership-driven revenue. I think most importantly, or maybe equally importantly, we have almost 100 qualified leads in our pipeline, we expect this number to continue to grow. Mark Marcon: Great. Thank you. Jack McGinnis: Thanks, Mark. Operator: Thank you. That concludes our Q&A session, and I will turn it back to Jonas. Jonas Prising: Thank you, Michelle, and thank you everyone for participating in this morning's earnings call. We look forward to speaking with you again when we meet next for our Q3 earnings call. Thanks very much, and until then, have a great rest of the week. Before you buy stock in ManpowerGroup, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ManpowerGroup wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $369,577!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,301,557!* That performance is why people listen. 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ManpowerGroup (MAN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

ManpowerGroup MAN reported impressive second-quarter 2026 results, with earnings and revenues beating the respective Zacks Consensus Estimate. MAN’s adjusted earnings (excluding 14 cents from non-recurring items) were 99 cents per share, which surpassed the Zacks Consensus Estimate by 3.1% and increased 26.9% year over year, driven by improving demand, disciplined cost management and strong execution across key markets. ManpowerGroup Inc. price-consensus-eps-surprise-chart | ManpowerGroup Inc. Quote Revenues were $4.86 billion, which topped the Consensus Estimate by 3.8% and rose 7.5% year over year (5.8% in constant currency). Strong growth in the United States, Latin America and select European markets supported top-line performance. Revenues from the Americas climbed 14.4% year over year to $1.21 billion, ahead of growth across the company's other geographic segments. The United States generated revenues of $714.3 million, up 6%, while Other Americas revenues increased 29% to $498 million. Southern Europe remained the largest contributor, with revenues increasing 7.4% to $2.31 billion. France posted revenues of $1.18 billion, up 2.5%, while Italy contributed $521.9 million, rising 9.6%. Other Southern Europe revenues advanced 16.2% to $609.2 million. Northern Europe revenues improved 3.9% to $825.5 million. Asia-Pacific Middle East revenues declined 1.2% on a reported basis to $518.7 million but increased 5% in constant currency. Intercompany eliminations narrowed to a loss of $5 million from $9.7 million a year earlier. Management highlighted continued strength across its portfolio, led by the Manpower brand, whose organic constant-currency revenues increased 8% year over year, marking its fifth consecutive quarter of growth. Demand remained robust across manufacturing, automotive, aerospace, logistics and retail, while U.S. sales activity continued to strengthen. Experis posted an organic constant-currency revenue decline of 2%, a marked improvement from the 9% decline in the first quarter, supported by stronger demand for cloud migration, application development, data and AI services. Talent Solutions' revenues were flat year over year after declining 1% in the previous quarter as recruitment process outsourcing trends strengthened and managed service provider demand remained solid. Gross profit increased 2.2% year over year to $780.3 million, while gross margin contracted 80 basis points to 16.1%, reflecting changes in business mix and the sale of the higher-margin Jefferson Wells U.S. business. Selling and administrative expenses declined 15.3% year over year to $668.3 million. Operating profit improved to $112 million from an operating loss of $25.3 million in the prior-year quarter. The company continued executing its strategic transformation program, which is expected to deliver $200 million in permanent cost savings by 2028, while advancing AI initiatives to improve productivity and create new commercial opportunities. ManpowerGroup ended the quarter with cash and cash equivalents of $180.6 million compared with $871 million at 2025-end. Long-term debt declined to $567.3 million from $1.05 billion at the end of December 2025 following debt repayment. Free cash flow represented an outflow of $9 million in the quarter, a significant improvement from the $207 million outflow recorded a year earlier. Capital expenditures totaled $6 million and the company did not repurchase any shares during the quarter. Management expects third-quarter 2026 adjusted earnings per share in the range of 96 cents to $1.06. The Zacks Consensus Estimate for earnings per share is pegged at 96 cents. The outlook includes an estimated unfavorable currency impact of 2 cents per share and assumes a 44% effective tax rate. For the third quarter, revenues are projected to increase in the range of 2%-6% year over year on a reported basis, or 3%-7% in constant currency. Gross margin is expected to be between 15.9% and 16.1%, while adjusted EBITA margin is projected in the range of 2.1%-2.3%. Currently, ManpowerGroup carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. A couple of better-ranked stocks in the broader Zacks  Business Services sector are Veralto Corporation VLTO and Thomson Reuters TRI. Veralto Corporation carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 8.4%. VLTO delivered a trailing four-quarter earnings surprise of 4.9% on average. Thomson Reuters also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 15.1%. TRI's earnings beat estimates in each of the trailing four quarters, with an average surprise of 3.1%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report Thomson Reuters Corp (TRI) : Free Stock Analysis Report Veralto Corporation (VLTO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ManpowerGroup (MAN) came out with quarterly earnings of $0.99 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.13%. A quarter ago, it was expected that this staffing company would post earnings of $0.5 per share when it actually produced earnings of $0.51, delivering a surprise of +2%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Manpower, which belongs to the Zacks Staffing Firms industry, posted revenues of $4.86 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.76%. This compares to year-ago revenues of $4.52 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Manpower shares have added about 31.3% since the beginning of the year versus the S&P 500's gain of 10.6%. While Manpower has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Manpower was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.04 on $4.75 billion in revenues for the coming quarter and $3.66 on $18.78 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Staffing Firms is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. TrueBlue (TBI), another stock in the same industry, has yet to report results for the quarter ended June 2026. This blue-collar temporary staffing company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -42.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. TrueBlue's revenues are expected to be $416.16 million, up 5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report TrueBlue, Inc. (TBI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Reported Revenue: $4.9 billion, representing constant currency growth of 6%. System-wide Revenue: $5.3 billion, including franchise revenue. Adjusted EBITA Margin: 2.1%, reflecting a 10 basis points increase year over year. Adjusted EBITA: $103 million, a 15% increase in constant currency compared to the prior year. Gross Profit Margin: 16.1% for the quarter. Adjusted EPS: $0.99, above the guidance midpoint. Free Cash Flow: Outflow of $9 million, improved from an outflow of $207 million in the prior year. Net Debt: $863 million at quarter end. Manpower Brand Revenue Growth: 8% in constant currency. Experis Brand Revenue Decline: 2% in constant currency, an improvement from the 9% decline in the first quarter. Talent Solutions Revenue: Flat year over year, an improvement from the first-quarter decline of 1%. SG&A Expense: $668 million, down 1% on a constant currency basis. Third Quarter EPS Guidance: $0.96 to $1.06. Third Quarter Revenue Growth Guidance: 6% organic days-adjusted constant currency growth at the midpoint. Warning! GuruFocus has detected 5 Warning Signs with MAN. Is MAN fairly valued? Test your thesis with our free DCF calculator. Release Date: July 16, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ManpowerGroup Inc (NYSE:MAN) reported strong revenue growth, with revenues reaching $4.9 billion, representing a constant currency growth of 6%. The company achieved an adjusted EBITA margin of 2.1%, reflecting improving demand trends and operating leverage. Manpower brand delivered its fifth consecutive quarter of growth, with revenue up 8% in constant currency, driven by strong performance in key verticals such as manufacturing, automotive, aerospace, logistics, and retail. Experis, the technology resourcing and services business, showed improvement due to sustained demand for specialized capabilities in cloud migration, application development, data, and AI. The company is leveraging AI to enhance productivity and create commercial opportunities, with plans to scale AI-powered tools to 70% of revenues by year-end. The Experis brand experienced a decline of 2% in revenue, although this was an improvement from the previous quarter's decline. Talent Solutions brand was flat year over year, indicating challenges in achieving growth in this segment. Gross profit margin saw a reduction, primarily due to mix shifts and the sale of the higher-margin US Jefferson Wells business. The company faced restructuring and strategic transformation program charges, impacting financial results. Despite improvements, the Northern Europe segment's revenue growth was modest at 2%, indicating ongoing challenges in this region. Q: Can you provide insights into how the quarter progressed in key markets like the US and France? Did you observe any improvement or stability throughout the quarter? A: John McGinnis, CFO, noted that the US showed strong revenue growth, particularly in the Manpower brand, which grew 16% in the second quarter. Experis also showed improved momentum. France remained stable throughout the quarter, aligning with industry data. Italy started strong and maintained solid growth, while Japan remained steady. Q: Are you seeing improvements in fill rates and time to hire with your AI-powered screening and interview tools? A: Becky Frankiewicz, President and Chief Strategy Officer, confirmed a 67% decrease in time to fill due to AI-powered tools, enhancing speed and candidate satisfaction. The company aims to scale these tools to cover 70% of revenues by year-end. Q: How has the general tone of business from clients evolved, and what are the expectations for the back half of the year? A: Becky Frankiewicz mentioned that clients remain resilient despite geopolitical and economic uncertainties. There is a growing demand for flexible workforce solutions, where ManpowerGroup excels. Clients are also focused on leveraging AI for business outcomes, which ManpowerGroup supports through strategic partnerships. Q: Can you elaborate on the decline in gross margin and when you expect it to stabilize or improve? A: John McGinnis explained that the gross profit margin trends were close to expectations, with a sequential improvement from Q1 to Q2. The staffing margin remained stable, and as convenience resumes and Experis and PERM improve, gross margins are expected to strengthen. Q: How do you view the current macro environment, given the signs of early-cycle recovery without an overall economic recession? A: Jonas Prising, CEO, expressed confidence in the company's ability to adapt and execute against controllable levers, such as cost actions and portfolio prioritization. The focus is on structural improvements and leveraging market opportunities, with expectations for continued growth into the third quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

For the quarter ended June 2026, ManpowerGroup (MAN) reported revenue of $4.86 billion, up 7.5% over the same period last year. EPS came in at $0.99, compared to $0.78 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $4.68 billion, representing a surprise of +3.76%. The company delivered an EPS surprise of +3.13%, with the consensus EPS estimate being $0.96. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Manpower performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues from Services- Northern Europe: $825.5 million compared to the $791.7 million average estimate based on three analysts. The reported number represents a change of +3.9% year over year. Revenues from Services- Southern Europe: $2.31 billion compared to the $2.26 billion average estimate based on three analysts. The reported number represents a change of +7.4% year over year. Revenues from Services- Americas: $1.21 billion compared to the $1.14 billion average estimate based on three analysts. The reported number represents a change of +14.4% year over year. Revenues from Services- APME: $518.7 million compared to the $526.4 million average estimate based on three analysts. The reported number represents a change of -1.3% year over year. Revenues from Services- Southern Europe- Other Southern Europe: $609.2 million versus $549.02 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.2% change. Revenues from Services- Southern Europe- France: $1.18 billion compared to the $1.21 billion average estimate based on two analysts. The reported number represents a change of +2.5% year over year. Revenues from Services- Americas- Other Americas: $498 million versus the two-analyst average estimate of $458.06 million. The reported number represents a year-over-year change of +29.1%. Revenues from Services- Americas- United States: $714.3 million versus $675.28 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6% change. Revenues from Services- Southern Europe- Italy: $521.9 million versus $505.07 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.7% change. Revenues from Services- Intercompany Eliminations: $-5 million compared to the $-7.11 million average estimate based on two analysts. The reported number represents a change of -48.5% year over year. Operating Unit Profit- Corporate expenses: $-53.9 million versus $-41.39 million estimated by two analysts on average. View all Key Company Metrics for Manpower here>>> Shares of Manpower have returned +13.8% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in ManpowerGroup Inc.? Here are five stocks we like better. ManpowerGroup beat second-quarter expectations with revenue of $4.9 billion, up 6% in constant currency, and adjusted EPS of $0.99 above the company’s guidance midpoint. Adjusted EBITDA also rose 15% in constant currency to $103 million. The Manpower brand drove growth, posting its fifth straight quarter of gains as demand improved across manufacturing, automotive, aerospace, logistics and retail. The U.S. business was especially strong, with revenue up 16% on a days-adjusted basis. Management said AI and transformation initiatives are advancing, with AI tools expected to scale to nearly 70% of revenue by year-end and transformation efforts targeting $200 million in permanent cost savings by 2028. The company also issued third-quarter guidance calling for continued 6% midpoint organic revenue growth. MarketBeat Week in Review – 06/29 - 07/03 ManpowerGroup (NYSE:MAN) reported stronger-than-expected second-quarter 2026 revenue and said improving demand across several markets helped drive organic growth, led by its core Manpower staffing business. Chair and CEO Jonas Prising said the company delivered “strong results with revenues ahead of expectations,” citing growing client demand, cost discipline and progress on its transformation strategy. Reported revenue was $4.9 billion, while system-wide revenue, including franchises, was $5.3 billion. Revenue increased 6% in constant currency. → 3 Space Stocks That Could Outshine SpaceX After Its IPO Manchester United’s Stock Rally Faces a Test Beyond Old Trafford Adjusted EBITDA was $103 million, up 15% in constant currency from the prior-year period. Adjusted EBITDA margin was 2.1%, up 10 basis points year over year. Reported earnings per share were $1.13, while adjusted EPS was $0.99, above the company’s guidance midpoint. Prising said the Manpower brand delivered its fifth consecutive quarter of growth, with revenue up 8% in constant currency. He pointed to stronger demand in manufacturing, automotive, aerospace, logistics and retail. → These 3 Water ETFs Could be Quiet Winners From Infrastructure Spending High-Yielding ManpowerGroup Inc. Goes On Sale The U.S. Manpower business was a standout, with revenue rising 16% on a days-adjusted basis during the quarter. CFO Jack McGinnis said that represented “strong market performance” and marked eight consecutive quarters of growth for the brand in the U.S. During the question-and-answer portion of the call, McGinnis said U.S. revenue trends strengthened as the quarter progressed. France, by contrast, was stable throughout the quarter, while Italy remained strong and Japan was steady. → Why ASML’s AI Monopoly Is Still Getting Stronger President and Chief Strategy Officer Becky Frankiewicz said demand in the U.S. Manpower business has improved, while the company has also become better at targeting areas of growth. She cited manufacturing, consumer goods, retail, aerospace and logistics as areas of strength. Experis, the company’s technology resourcing and services business, declined 2% on an organic constant currency basis, improving from a 9% decline in the first quarter. Talent Solutions was flat year over year, also an improvement from the first quarter. Within Talent Solutions, McGinnis said RPO showed sequential improvement, MSP continued to grow, and Right Management declined slightly due to lower outplacement activity. The Americas segment generated $1.2 billion in revenue, up 14% year over year on an organic constant currency basis. Adjusted operating unit profit was $45 million, with a 3.7% margin. The U.S., which represented 59% of Americas revenue, posted revenue of $714 million, up 8% on an organic days-adjusted basis. Southern Europe revenue was $2.3 billion, up 4% in constant currency. France revenue was $1.2 billion and was flat in constant currency, while Italy revenue rose 6% on a days-adjusted constant currency basis to $522 million. Northern Europe revenue was $825 million, up 2% on an organic constant currency basis. McGinnis said the region was profitable in the quarter, with operating unit profit of $2 million, reflecting improvement from actions taken in previous quarters. The U.K. returned to growth, with revenue up 2% on a days-adjusted constant currency basis. Asia-Pacific Middle East revenue was $519 million, up 5% in constant currency. Japan, the largest market in the segment, grew 4% on a days-adjusted constant currency basis. Gross profit margin was 16.1% in the second quarter. McGinnis said staffing margin declined 60 basis points year over year, primarily due to business mix shifts, but improved from the 70-basis-point decline recorded in the first quarter. He also noted the sale of the higher-margin Jefferson Wells U.S. business affected staffing margin. During the Q&A session, McGinnis said pricing remained “rational” and “very stable,” and said the company remained disciplined on pricing. He added that the company is seeing early signs of improvement in contingent demand in the U.S., particularly among smaller and midsize customers. Permanent recruitment activity resulted in a 10-basis-point gross margin decline, but McGinnis said permanent recruitment crossed over to flat in the quarter overall. He said permanent recruitment represented 15.3% of gross profit in the quarter, roughly in line with the prior year. Prising said ManpowerGroup is making progress on its global strategic transformation program, which is expected to deliver $200 million in permanent cost savings in 2028. The company continues to expect restructuring and strategic transformation charges to average $10 million to $15 million per quarter through the end of the year. The company also completed the sale of the Jefferson Wells U.S. business during the second quarter. Prising described the sale as part of a broader effort to prioritize investment and management attention on core, higher-return opportunities. Frankiewicz said ManpowerGroup is using AI in two main areas: improving internal effectiveness and creating new commercial opportunities. She said AI-based sales tools are being used in many of the company’s largest markets and are on track to scale to nearly 70% of revenue by year-end. The company is also expanding AI-powered screening and interviewing tools. Frankiewicz said those tools are on track to scale to 70% of revenue by year-end and are helping improve fill rates and time to hire. In response to an analyst question, she said early-in-the-funnel interview tools have produced a 67% decrease in time to fill after nine months of use. Frankiewicz also highlighted partnerships with SoundHound AI and IBM watsonx Orchestrate. She said the company has begun converting SoundHound-related opportunities into customer engagements, with traction among healthcare clients. She also said Experis is working with IBM on Accelerate Workflow, which combines AI technology implementation, workforce transformation and specialized talent. In the Q&A, Frankiewicz said partnership-driven revenue is expected to be between $50 million and $100 million this year, with nearly 100 qualified leads in the pipeline. For the third quarter of 2026, ManpowerGroup forecast EPS of $0.96 to $1.06, including an unfavorable foreign currency impact of $0.02 per share. The company expects organic days-adjusted constant currency revenue growth of 6% at the midpoint, continuing the second-quarter growth rate. Gross profit margin is expected to be about 16% at the midpoint, reflecting the full-quarter impact of the Jefferson Wells disposition and current business mix. EBITDA margin is projected to rise 10 basis points year over year at the midpoint. Prising said the company is encouraged by its second-quarter performance and expects momentum to continue in the second half of the year. He said commercial execution, improving demand and cost management are helping drive operating leverage and profitability. ManpowerGroup (NYSE: MAN) is a global leader in workforce solutions, offering a broad spectrum of staffing and talent management services. Founded in 1948 and headquartered in Milwaukee, Wisconsin, the company has grown from a temporary staffing firm to a diversified provider of workforce consultancy, recruitment, and outsourcing services. ManpowerGroup is publicly traded on the New York Stock Exchange under the ticker MAN. The company's service offerings are organized into four principal brands. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ManpowerGroup Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

ManpowerGroup’s 27.1% return over the past six months has outpaced the S&P 500 by 19.4%, and its stock price has climbed to $38.84 per share. This run-up might have investors contemplating their next move. Is now the time to buy ManpowerGroup, or should you be careful about including it in your portfolio? Check out our in-depth research report to see what our analysts have to say, it’s free. Despite the momentum, we’re swiping left on ManpowerGroup for now. Here are three reasons we avoid MAN, plus one stock we’d rather own. A company’s long-term sales performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Unfortunately, ManpowerGroup struggled to consistently increase demand as its $18.38 billion of sales for the trailing 12 months was close to its revenue five years ago. This was below our standards and signals it’s a low quality business. Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. Sadly for ManpowerGroup, its EPS declined by 17.5% annually over the last five years while its revenue was flat. This tells us the company struggled because its fixed cost base made it difficult to adjust to choppy demand. A company’s ROIC, or return on invested capital, shows how much operating profit it makes compared to the money it has raised (debt and equity). Unfortunately, ManpowerGroup’s ROIC has decreased significantly over the last few years. Paired with its already low returns, these declines suggest its profitable growth opportunities are few and far between. We cheer for all companies making their customers lives easier, but in the case of ManpowerGroup, we’ll be cheering from the sidelines. With its shares outperforming the market lately, the stock trades at 10.1× forward P/E (or $38.84 per share). This multiple tells us a lot of good news is priced in - you can find more timely opportunities elsewhere. We’d suggest looking at an all-weather company that owns household favorite Taco Bell. ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.