MAN

Omnicom OMC reported strong third-quarter 2026 results, with earnings and revenues topping the Zacks Consensus Estimate. OMC's earnings of $2.73 per share surpassed the Zacks Consensus Estimate by 1.9% and increased 21.9% from the year-ago quarter. Revenues of $6.42 billion topped the consensus estimate by 4.5% and rose 59.1% year over year. The increase primarily reflected the Interpublic Group acquisition. Core Operations delivered 7.2% organic revenue growth, led by Integrated Media and Experiential businesses. Omnicom Group Inc. price-consensus-eps-surprise-chart | Omnicom Group Inc. Quote Core Operations revenues increased 7.3% year over year to $6.01 billion. Organic growth contributed $400.8 million, while favorable foreign-currency translation added $3.4 million. Acquisitions contributed another $3.2 million. Core Operations exclude businesses already divested or classified as held for sale. Management attributed the performance to stronger competitive positioning, expanded client relationships and integrated service offerings. Omnicom secured assignments from Novo Nordisk, U.S. Bank, L'Oréal and CVS Health. The company extended its Mercedes contract through 2029 and secured an integrated assignment for the 2028 Los Angeles Olympics. Integrated Media generated $3.19 billion, representing 53% of Core Operations revenues. The discipline recorded organic growth exceeding 10%, supported by demand for media, commerce, data, customer relationship management, consulting and content automation services. Advertising revenues were $935.4 million, accounting for 15.6% of the total. The discipline declined organically by a mid-single-digit percentage, although its performance improved from the first half of 2026. Public Relations contributed $678.3 million, representing 11.3% of Core Operations revenues, and recorded low-single-digit organic growth. Experiential & Other generated $644.3 million, accounting for 10.7%, with double-digit organic growth supported by FIFA World Cup-related activities. Health revenues totaled $566.6 million, representing 9.4% of Core Operations revenues, and declined marginally organically. Management does not expect Experiential & Other to grow in the fourth quarter, indicating that the recent boost from major sporting events could moderate. The United States generated $3.62 billion, representing 60.2% of Core Operations revenues, and delivered 10% organic growth. Latin America contributed $226.8 million, expanding organically at a mid-single-digit rate. Euro Markets & Other Europe generated $721.1 million, while the United Kingdom contributed $555.7 million. Asia-Pacific revenues reached $573.1 million. Europe and Asia-Pacific recorded mid-single-digit organic growth, while the United Kingdom declined by a low-single-digit percentage. Middle East & Africa revenues totaled $145.7 million, with organic growth declining by a mid-single-digit percentage amid regional conflict. Adjusted EBITA from Core Operations increased 21.1% to $1.10 billion. The related margin expanded 200 basis points to 18.2%, primarily reflecting cost-reduction synergies and organic revenue growth, partially offset by investments in technology platforms and talent. On a consolidated basis, adjusted EBITA surged 73.6% to $1.13 billion, while the adjusted EBITA margin improved to 17.6% from 16.1%. Reported operating income rose to $991.7 million from $530.1 million, supported by revenue growth and the Interpublic acquisition. Operating expenses increased to $5.43 billion from $3.51 billion, primarily due to the Interpublic acquisition. The quarter included $40.4 million in integration and transaction costs and $84.7 million in severance and repositioning expenses. A $106.8 million gain from a subsidiary disposition partly offset these charges. Net interest expense rose to $104.2 million from $43.2 million, mainly reflecting acquired debt and refinancing activities. The adjusted effective tax rate declined to 25% from 26% a year earlier. Management expects approximately 5% organic revenue growth from Core Operations in 2026. Omnicom remains on track to deliver $900 million in cost-reduction synergies during the year, with 75-85% expected to flow through to the bottom line. Free cash flow totaled $2.35 billion during the first nine months of 2026. Cash and equivalents stood at $3.80 billion at quarter-end, while gross debt totaled $10.24 billion. The company repurchased approximately $3.21 billion in shares during the first nine months. Management expects to complete its $5 billion repurchase authorization by April 2027, while continuing investments in artificial intelligence, technology platforms and strategic growth initiatives. Omnicom currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Equifax EFX reported better-than-expected third-quarter 2026 results. EFX's adjusted earnings per share of $2.26 outpaced the Zacks Consensus Estimate by 3.2% and increased 10.8% from the year-ago quarter. EFX's revenues of $1.69 billion marginally surpassed the consensus estimate and improved 9.6% year over year. ManpowerGroup MAN posted mixed third-quarter 2026 results. MAN's adjusted earnings of $1.01 per share matched the consensus mark and rose 21.7% from the year-ago quarter. MAN's total revenues of $4.84 billion missed the consensus mark by 1.4% but increased 4.4% year over year. 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 Omnicom Group Inc. (OMC) : Free Stock Analysis Report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report Equifax, Inc. (EFX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Rollins, Inc. ROL reported unimpressive third-quarter 2026 results, with both earnings and revenues missing the Zacks Consensus Estimate. ROL's adjusted earnings of 34 cents per share missed the consensus estimate by 2.9% and declined 2.9% year over year. Total revenues of $1.09 billion fell short of the consensus mark by 3.2% but increased 6.2% from the year-ago quarter. Organic revenues grew 4.4%, supported by commercial and termite operations, while residential customer acquisition challenges and higher costs weighed on profitability. Rollins, Inc. price-consensus-eps-surprise-chart | Rollins, Inc. Quote Residential revenues increased 4.9% year over year to $499.7 million. Organic residential revenues rose 2.3% to $487.4 million, reflecting continued pressure on customer acquisition despite overall revenue growth. Management noted that consumer-initiated demand remained weak during the quarter as traditional search, digital media and inbound channels faced challenges. The evolving customer acquisition landscape continued to affect residential performance, prompting the company to reassess its marketing approach and improve the effectiveness of customer acquisition spending. Commercial revenues climbed 7.7% year over year to $360.7 million. Organic commercial revenues increased 6.6% to $357.1 million, demonstrating resilience in this part of the business despite challenges affecting residential demand. Termite and ancillary revenues rose 6.5% to $217.9 million, with organic growth of 5.3%. Franchise and other revenues increased 11.4% to $11.4 million. The stronger performance of commercial and termite operations helped support overall growth, while acquisitions contributed $18.3 million to quarterly revenues. Operating income declined 1% year over year to $222.9 million. The operating margin contracted 140 basis points to 20.5%, reflecting cost pressures despite higher revenues. Gross profit increased 4.3% to $582.9 million, while the gross margin declined 90 basis points to 53.5%. Adjusted operating income decreased 0.6% to $230.7 million, with the adjusted operating margin shrinking 140 basis points to 21.2%. Adjusted EBITDA declined 0.7% to $256.6 million, while the adjusted EBITDA margin contracted 170 basis points to 23.5%. Total cost of services provided increased to $506.8 million from $467.5 million a year ago. Insurance and claims expenses within service costs more than doubled to $23 million. Selling, general and administrative expenses also increased to $326.8 million from $301.4 million. Net income declined 3.4% to $157.9 million, while adjusted net income fell 3.1% to $163.3 million. The results underscore the impact of rising operating expenses on earnings growth. Management expressed disappointment with third-quarter performance and emphasized the need to address challenges affecting customer acquisition. The company is implementing changes to improve marketing efficiency and adapt to evolving consumer behavior. Rollins is shifting resources away from traditional digital marketing approaches toward channels offering stronger returns. These initiatives include strengthening visibility through artificial intelligence and large language model-driven discovery platforms. Management also highlighted the company's recurring customer relationships and diversified brand portfolio as important foundations for sustainable growth. Rollins completed its 100th consecutive quarter of revenue growth, reflecting the durability of its business amid changing market conditions. Rollins generated operating cash flow of $241.9 million during the quarter, increasing 26.4% year over year. Free cash flow totaled $235.5 million, reflecting a 28.8% improvement from the prior-year period. Cash generation benefited from a $63 million tax refund associated with the company's tax credit planning strategy. Free cash flow conversion improved to 149.1% from 111.8% a year earlier, indicating stronger cash generation relative to reported net income. During the quarter, Rollins invested $27.4 million in acquisitions and spent $6.4 million on capital expenditures. The company also repurchased approximately $120.1 million of shares and paid dividends totaling $87.2 million, maintaining its focus on business investments and shareholder returns. Rollins exited the quarter with $129.1 million of cash and cash equivalents, up from $100 million at year-end 2025. Long-term debt totaled $487.6 million compared with $486.1 million in the aforesaid period. Short-term debt increased to $239.6 million from $123.7 million at year-end 2025. The company's leverage ratio stood at 1.0 times compared with 0.9 times at the end of 2025. Management reiterated its capital allocation priorities, including pursuing accretive acquisitions, maintaining a sustainable dividend and opportunistically repurchasing shares. The company continues to emphasize financial flexibility while investing in employees, service quality and initiatives supporting long-term growth. Rollins currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Equifax EFX reported better-than-expected third-quarter 2026 results. EFX's adjusted earnings per share of $2.26 outpaced the Zacks Consensus Estimate by 3.2% and increased 10.8% from the year-ago quarter. EFX's revenues of $1.69 billion marginally surpassed the consensus estimate and improved 9.6% year over year. ManpowerGroup MAN posted mixed third-quarter 2026 results. MAN's adjusted earnings of $1.01 per share matched the consensus mark and rose 21.7% from the year-ago quarter. MAN's total revenues of $4.84 billion missed the consensus mark by 1.4% but increased 4.4% year over year. 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 Rollins, Inc. (ROL) : Free Stock Analysis Report ManpowerGroup Inc. (MAN) : Free Stock Analysis Report Equifax, Inc. (EFX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ManpowerGroup MAN reported mixed third-quarter 2026 results, with adjusted earnings meeting the Zacks Consensus Estimate and revenues missing expectations. Although earnings matched estimates, the top-line miss disappointed investors, triggering a 20% dip in MAN shares after the results were released on Oct. 15. MAN's adjusted earnings of $1.01 per share were in line with the consensus estimate and increased 22% year over year. Revenues of $4.84 billion lagged the consensus estimate of $4.91 billion by 1.4% but increased 4% year over year (5% in constant currency). Growth was supported by improving labor demand, with Manpower brand revenues increasing 7% organically in constant currency. ManpowerGroup Inc. price-consensus-eps-surprise-chart | ManpowerGroup Inc. Quote Revenues from the Americas increased 13% year over year to $1.2 billion, reflecting continued momentum in the United States and other regional markets. On a constant-currency basis, revenues increased 12%, while organic constant-currency revenues advanced 14%. The United States registered revenue growth of 6% on both reported and constant-currency bases, with organic constant-currency growth reaching 9%. Canada posted 2% reported revenue growth, while Other Americas revenues increased 33%, reflecting broader regional strength. Southern Europe, accounting for 46% of consolidated revenues, generated $2.2 billion, up 1% year over year and 2% in constant currency. France reported a 3% revenue decline, partially offset by growth of 4% in Italy and 7% in Spain. Northern Europe revenues rose 5% year over year to $861 million, increasing 6% in constant currency. Germany delivered strong revenue growth of 20%, while the United Kingdom registered a 7% increase. However, revenues declined 4% in both the Netherlands and Belgium. The Nordics posted modest reported growth of 2%, with revenues remaining flat in constant currency. Asia-Pacific Middle East revenues decreased 1% year over year to $515 million but increased 4% in constant currency. Japan and India each recorded a 6% decline in reported revenues, primarily reflecting currency movements, while constant-currency revenues increased 1% and 3%, respectively. The Manpower brand continued to drive growth, with reported revenues increasing 6% year over year. Organic constant-currency revenues advanced 7%, following 8% growth in the preceding quarter. Experis revenues declined 3% on a reported basis but remained flat organically in constant currency, improving from a 2% decrease in the second quarter. Management highlighted the return to growth for Experis in the United States as an important milestone. Talent Solutions recorded 1% revenue growth on both reported and organic constant-currency bases. Growth in recruitment process outsourcing and managed service provider activities was partially offset by weaker Right Management performance due to lower outplacement activity. Gross margin contracted 70 basis points year over year to 15.9%, reflecting changes in staffing mix, permanent recruitment and career transition activities. Total gross profit was $767 million. Selling, general and administrative expenses declined to $685 million from $702.3 million a year earlier. Excluding restructuring and transformation charges, adjusted expenses were $666.9 million, representing 13.8% of revenues compared with 15.2% in the prior-year quarter. Reported operating profit was $82 million, with an operating margin of 1.7%. Adjusted operating profit reached $100 million, highlighting a 2.1% margin. The company's global transformation program expanded to the United Kingdom during the quarter. Management remains on track to deliver $200 million in annual cost savings by 2028. ManpowerGroup ended the third quarter with total debt of $1.1 billion and net debt of $870 million. The total debt-to-capitalization ratio stood at 34% compared with 33% at the end of the preceding quarter. Free cash flow represented an outflow of $17 million compared with an inflow of $45 million in the year-ago quarter. Management attributed the negative performance partly to the timing of managed service provider payments. Excluding these items, free cash flow would have represented an inflow of $75 million. Capital expenditures totaled $9 million compared with $15 million a year earlier. Management expects fourth-quarter 2026 adjusted earnings per share between $1.03 and $1.13, excluding restructuring and transformation costs. The midpoint ($1.08) of the guided range stands lower than the Zacks Consensus Estimate of $1.1. The outlook assumes an effective tax rate of 44% and no currency impact on earnings. Revenues are projected to increase 3%-7% year over year, or 4%-8% organically in constant currency. Gross margin is expected between 15.8% and 16%, while adjusted EBITA margin is projected at 2.2%-2.4%. Regionally, Americas revenues are expected to grow 7%-11%, Southern Europe revenues are projected to remain flat or increase 4%, and Northern Europe revenues are anticipated to rise 8%-12%. Asia-Pacific and Middle East revenues are expected to increase 1%-5%. MAN currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Accenture plc ACN reported impressive fourth-quarter fiscal 2026 results. ACN's earnings of $3.29 per share beat the Zacks Consensus Estimate of $3.19 by 3.1%. Earnings rose 9% from adjusted earnings of $3.03 in the year-ago quarter. Revenues of $18.7 billion topped the consensus mark of $18.01 billion by 3.8% and increased 6% year over year in U.S. dollars. FactSet Research Systems Inc. FDS reported impressive results for fourth-quarter fiscal 2026. FDS's adjusted earnings were $4.52 per share, beating the Zacks Consensus Estimate of $4.32 by 4.6%. The figure jumped 11.6% from the year-ago quarter. Revenues of $634.7 million topped the consensus mark of $628.2 million by 1% and rose 6.3% year over year. 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 Accenture PLC (ACN) : Free Stock Analysis Report FactSet Research Systems Inc. (FDS) : 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's stock dropped sharply after a surprise CEO transition announcement coincided with turnaround-related cost increases and a GAAP-to-adjusted earnings gap. - Despite the sell-off, Q3 showed underlying strength, with 6% organic growth, widening operating income, and adjusted earnings per share beating expectations at $1.01. - Analysts hold a cautious Hold rating with no Sell calls, while institutions appear confident in a future recovery. ManpowerGroup (NYSE: MAN) triggered a 16% decline in its stock price when it released Q3 results, creating a solid entry point for long-term investors. The company is in the midst of turnaround efforts, revealed core strengths, and the "bad" news wasn't exactly unexpected, merely poorly timed. Among the factors that impaired price action was the surprise revelation that a longtime insider and current Chief Strategy Officer would take over as CEO. → Fundamental and Technicals Signals Align for Costco: Is the Stock Finally Breaking Out? The board has indicated the transition as a natural course of business, and Becky Frankiewicz is the logical choice to lead the next business phase. The news was poorly timed because it came alongside visible impacts of turnaround efforts, i.e., rising costs and a significant variance between GAAP and adjusted earnings. The critical detail is that the company is positioning itself for sustainable growth and wider margins, and will begin to see the positive impacts of cost-cutting, efficiency improvements, and higher-margin revenue streams next year. ManpowerGroup is a cash flow machine, capable of sustaining a solid dividend and aggressive share buybacks. Although buybacks are effectively paused during the company's financial turnaround, they will likely resume at the prior pace within the next year or so. Historically, the count has declined by 3.5% to 4.5% annually, providing significant leverage for share prices and earnings growth. → Bank of America Stock Sell-Off Looks Like a Buying Opportunity The dividend offers a reason to buy. Cut in 2025 alongside the buyback, the payout yields 3.5% with shares near long-term lows and is on track for robust increases. The caveat is that dividend increases will be tied to margin improvements expected in the coming year, leaving the market in limbo as it waits for better news. ManpowerGroup didn't have a bad Q3, just one with headwinds and uncertainty. Revenue rose to $4.8 billion, up 4.4% year over year (YOY), but fell short of consensus by a slim margin. Growth was supported by expansion across all segments, with 6% systemwide organic growth, currency-neutral. → Palantir's Potential Next Catalyst After Retail Profit-Taking Currency is a factor in the margin details, but not the only headwind, as restructuring costs also play a role. The key is that spotty weaknesses are improving, are offset by strengths, and systemwide results show progress. While gross margin contracted by 20 basis points, SG&A improved, leaving operating income up by 23.7%, GAAP net income up by 89%, and adjusted earnings per share at $1.01, up 24% YOY and as expected despite the top-line miss. The bad news is that earnings per share (EPS) fell short of expectations, fueling investor anxiety. Q4 guidance is a headwind for price action, with the EPS forecast below consensus, but the same caveats apply: the company is investing in its future and positioning for better performance next year. The question isn't so much about what the company is spending today as about the long-term impact on operations. Execs target $200 million in operational savings by 2028, bolstering the outlook for improved capital returns over the next two to three years. Business improvements are good despite hiring trends being as tepid as they are. Labor market data doesn't reflect a downturn, but employers aren't hiring robustly, merely holding on to the employees they have while they wait out rising oil prices, inflation, and interest rates. The International Monetary Fund estimates a broad-based acceleration in employment in mid-to-late 2027, driven by non-tech, cyclical industries and the effects of this year's balance sheet strengthening. Analyst trends reflect a cautious stance, with only nine analysts tracked and the consensus rating at Hold. However, no Sell ratings are logged. Institutions reflect a high degree of confidence, owning more than 98% of the shares and buying in late 2026. They underpin the stock price bottom seen in the charts and are likely to buy the dip in Q4, given the deep discount and potential for turnaround efforts to gain traction in upcoming quarters. This year's catalysts include platform upgrades, technological advancements, and shifts toward higher-margin business. The company is integrating AI and agentic tools into its platform, while also focusing on more specialized talent. Experis connects employers with in-demand IT employees while Talent Solutions provides end-to-end, data-driven strategies across the employee cycle. What the market gets wrong today is thinking economic headwinds and staffing headwinds will last forever. In this scenario, the market is pricing the stock as if there is no recovery ahead, pushing it to 19x earnings, a 50% discount to cyclical highs. The article "ManpowerGroup Stock Sinks on Q3 Results, But Fundamentals Stay Solid" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

ManpowerGroup stock dropped 5.1% to US$41.49 after its Q3 2026 earnings, extending a weak run over the last month. The headline print was solid for a staffing heavyweight in a slow global hiring backdrop. Revenue came in at US$4.84b and adjusted EPS landed around the midpoint of management guidance. Short term traders focused on the share price slide. Longer term investors are more likely to notice the quieter story. Trailing twelve month earnings from continuing operations of US$120.3m and a P/E around 16x sit alongside a balance sheet where debt is not well covered by operating cash flow. Appreciate the earnings resilience from ManpowerGroup but remain cautious about debt coverage and cash flow pressure. Scan our screener of stocks where balance sheets and fundamentals do more of the heavy lifting with the list of solid balance sheet and fundamentals stocks (25 results) - Revenue (Q3 2026 vs. Q3 2025): US$4,840m vs. US$4,634.4m (up about 4%) - Net Income from Continuing Operations (Q3 2026 vs. Q3 2025): US$34.1m vs. US$18m (up about 89%) - Basic EPS (Q3 2026 vs. Q3 2025): US$0.73 vs. US$0.39 (up about 88%) - Gross Profit Margin (Q3 2026 vs. Q3 2025): 15.9% vs. roughly 16.4% (down about 50 basis points, where 100 basis points equals 1 percentage point) Prefer clean visuals instead of another wall of EPS figures and balance sheet footnotes. Get a full at-a-glance view of ManpowerGroup's balance sheet strength and debt coverage in the company report for ManpowerGroup. The bullish story argues that AI and transformation can structurally lift ManpowerGroup margins rather than just patch them up. "ManpowerGroup is executing a multi year transformation program that is expected to reach US$200 million of permanent annual cost savings by 2028. Early savings of about US$20 million have already been identified, and management estimates the full program could add roughly 110 basis points to EBITA margin in isolation." Q3 EBITA margin of 2.2% and 10 bps year on year improvement signal incremental progress, not a step change. AI tools now touch roughly 70% of revenue and management reiterates the US$200m savings target, so execution is tracking, but the margin uplift is still modest versus the ambition. The bear side focuses on whether structural margin and cash issues will blunt the AI and cost program benefits at ManpowerGroup. "Pressure on consolidated gross profit margin is still visible, with staffing margins lower year on year due to enterprise mix, bench utilization and the impact of selling a higher margin business. If this trend continues or deepens, it could cap EBITA margin improvement and limit earnings growth even if ManpowerGroup delivers on revenue initiatives." Q3 gross margin of 15.9%, about 50 bps lower year on year, lines up with that concern, even as EBITA margin edged higher. Free cash flow swung to a US$17m outflow in Q3, although management points to expected strength in Q4, so cash sensitivity remains live but not conclusively worsening. One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all. ManpowerGroup just reminded investors that earnings and share prices do not always align perfectly. The real opportunity sits in finding stocks that could be undervalued before the market corrects them. - Company 1 - 39% below our estimate - grows payment volumes for merchants as they tap more local pay-in and pay-out options across emerging markets. - Company 2 - 30% below our estimate - supplies custom chips and software that large cloud customers rely on as rising data traffic needs to move faster and stay secure. - Company 3 - 34% below our estimate - expands high horsepower engine capacity so long-term data center power contracts can ramp without delays from constrained equipment buildouts. Three companies from the same screener. Open every one of the 33 undervalued companies on it → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MAN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. - Revenue: Reported revenues of $4.8 billion; system-wide revenue including franchises $5.3 billion; organic constant currency growth of 6% (5% constant currency). - Gross Profit Margin: 15.9% in Q3; staffing margin stable sequentially, down 50 basis points year-over-year. - Adjusted EBITDA: $107 million, up 14% in constant currency; adjusted EBITDA margin 2.2%, up 10 basis points year-over-year. - EPS: Reported EPS $0.71; adjusted EPS $1.01 (midpoint of guidance). - SG&A Expense: Reported $685 million; adjusted SG&A down 2% in constant currency; 13.7% of revenue in constant currency. - Manpower Brand Revenue: Up 7% organic constant currency; comprised 65% of gross profit; gross profit up 5%. - Experis Brand Revenue: Flat organic constant currency (improved from 2% decline in Q2); comprised 19% of gross profit; gross profit down 2%. - Talent Solutions Revenue: Up 1% year-over-year (improved from Q2); comprised 16% of gross profit; gross profit down 2%; RPO crossed to slight growth, MSP solid growth, Right Management declined on lower outplacements. - Americas Segment: Revenue $1.2 billion, up 14% organic constant currency; adjusted OUP $52 million, OUP margin 4.2%; 26% of consolidated revenue. - US Revenue: $729 million, up 9% organic days-adjusted; adjusted OUP $29 million, OUP margin 4%; Manpower US up 15% (ninth consecutive quarter of growth), Experis US up 4%, Talent Solutions US up 5%. - Southern Europe Segment: Revenue $2.2 billion, up 2% constant currency; adjusted OUP $69 million, OUP margin 3.1%; 46% of consolidated revenue. - France Revenue: $1.1 billion, down 2% constant currency; adjusted OUP $27 million, OUP margin 2.4%. - Italy Revenue: $483 million, up 5% days-adjusted constant currency; adjusted OUP $27 million, OUP margin 5.7%. - Northern Europe Segment: Revenue $861 million, up 6% constant currency; OUP $8 million; UK up 7% days-adjusted constant currency; Germany significant growth; 18% of consolidated revenue. - APME Segment: Revenue $515 million, up 4% constant currency; OUP $24 million, OUP margin 4.6%; Japan up 3% days-adjusted constant currency; 10% of total revenue. - Free Cash Flow: Outflow of $17 million vs. inflow of $45 million prior year; would have been positive $75 million excluding quarter-end MSP payment timing. - Balance Sheet: Cash $233 million; total debt $1.1 billion; net debt $870 million; gross debt to trailing 12-month adjusted EBITDA 2.6x; total debt to capitalization 34%. - Capital Expenditures: $9 million in Q3; no share repurchases. - Cost Savings Target: On track for $200 million in permanent annual cost savings in 2028. - Q4 2026 Guidance: Revenue growth 3%7% constant currency (5% midpoint); organic days-adjusted growth 4% midpoint; gross margin 15.9% midpoint; EBITDA margin up 20 basis points year-over-year midpoint; effective tax rate 44%; EPS $1.03$1.13; weighted average shares 48.3 million. - Warning! GuruFocus has detected 3 Warning Signs with MAN. - Is MAN fairly valued? Test your thesis with our free DCF calculator. Release Date: October 15, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - ManpowerGroup Inc (NYSE:MAN) delivered organic constant currency revenue growth of 6% in Q3 2026, with system-wide revenue of $5.3 billion, showing continued top-line momentum. - The Manpower brand achieved strong growth of 7% in the quarter, with US Manpower revenue up 15% and nine consecutive quarters of growth, gaining market share. - Experis revenue trend improved to flat from a 2% decline in Q2, with US Experis crossing to 4% growth, marking an inflection in performance. - Talent Solutions revenue grew 1% year-over-year, an improvement from Q2, driven by RPO and MSP growth, with RPO crossing to slight growth. - Adjusted EBITDA margin expanded 10 basis points year-over-year to 2.2%, and management expects 20 basis points expansion in Q4, demonstrating operating leverage. - ManpowerGroup Inc (NYSE:MAN) remains on track to deliver $200 million in permanent cost savings in 2028, with front-office transformation expanding to the UK. - The company is leveraging AI to improve efficiency and client value, with AI-enabled talent screening reaching 70% of revenue and partnerships with AWS, SAP, and Microsoft deepening. - France revenue declined 2% in the quarter, with political uncertainty and upcoming elections creating market volatility, though trends improved in September. - Permanent recruitment activity was softer than expected in France and select other markets, contributing to a 10 basis point decline in gross margin. - Right Management outplacement volumes decreased as layoff activity slowed, leading to a 10 basis point reduction in gross margin and a 2% gross profit decline in Talent Solutions. - Free cash outflow was $17 million in Q3 compared to free cash flow of $45 million in the prior year, due to timing of MSP business payments. - ManpowerGroup Inc (NYSE:MAN) did not repurchase any shares in Q3 and does not expect immediate share repurchases, prioritizing balance sheet strengthening. - The effective tax rate for Q4 is estimated at 44%, which may pressure earnings per share. - Consolidated gross profit grew only 1% organically, with staffing margin down 50 basis points year-over-year, reflecting mix shifts. Q: Mark Marcon of Baird asked why the leadership transition is happening now and whether Becky Frankiewicz is fully committed to the transformation plan announced in April, including the roughly 110 basis points of margin improvement and significant cost savings.A: Jonas Prising, Chairman and CEO, said the transition is a thoughtful, board-driven succession plan reflecting a culture of continuity and talent development. Becky Frankiewicz, President and Chief Strategy Officer, said she was part of the architecture behind the April plan, that the strategy is working with strong year-to-date performance and commercial momentum, and that she is "fully committed" to delivering the cost savings and the 110 basis points of margin improvement, with an opportunity to "go faster and deeper." Q: Trevor Romeo of William Blair asked whether roughly 6% organic constant currency growth represents a ceiling for this recovery or whether consolidated growth can accelerate as the recovery progresses.A: Jack McGinnis, CFO, said the company does not see this as a limit or a top-out. Growth has been led by commercial staffing, and as professional staffing, perm, and RPO kick in, that should drive growth further. He pointed to Experis in the US flipping to 4% growth in Q3 and quarter-over-quarter progression in Experis and Talent Solutions, saying there is a great opportunity to go above 6% organic growth going forward. Q: An analyst asked which factors give the greatest confidence in incremental earnings growth exiting 2026 and building into 2027, and where the greatest opportunity lies.A: Becky Frankiewicz, President and Chief Strategy Officer, cited the agility honed this year in shifting into verticals with profitable growth and the commercial activity and strategy now showing results in the market. She said the focus is on closing 2026 with great results. Q: An analyst asked about the drivers of the stronger Q4 EBITDA margin conversion 20 basis points of year-over-year expansion versus a 10 basis point run rate in the first three quarters with gross margin guided around 15.9%, and whether that sets up better operating leverage into 2027.A: Jack McGinnis, CFO, said staffing margin was stable from Q2 into Q3 and is projected stable in Q4, with the enterprise mix shift largely worked through. He cited seasonal improvement in gross profit dollars, notably in Italy after the August holiday month, a projected stable December environment, and strong cost dynamics as the main factors behind the 20 basis points of expansion. Q: Josh Chan of UBS asked what is driving SG&A down while revenue grows and how sustainable that is into next year.A: Jack McGinnis, CFO, said the company took difficult cost actions in the prior year and continues to hold the line on costs. The back-office transformation started a few years ago is paying off this year, and the front-office transformation began in the US this year and is now extending to the UK. These actions reduce the permanent cost structure, so revenue growth no longer requires the same cost base increases, and that discipline should continue. Q: Andrew Steinerman of JPMorgan asked why ManpowerGroup revenues dipped in France and whether the country may be on a different recovery trajectory than other major markets.A: Jonas Prising, Chairman and CEO, said the company is performing at the top of the market in France despite political uncertainty and upcoming elections, and that commercial agility and a strong, experienced team allow it to stay on top of the market. He noted broadening improvement across Europe the UK, Germany, Poland, Norway, and Spain which, along with diversification and commercial momentum, offsets bumps in the road. Q: Andrew Steinerman of JPMorgan followed up on what caused the year-over-year improvement in France in October given continued political uncertainty.A: Jonas Prising, Chairman and CEO, said July and August were volatile but September strengthened, which is the basis for the Q4 outlook of slightly improved performance in France. Jack McGinnis, CFO, added that the manufacturing PMI low point was July, dipping just below 50, before improving in August and September above 50, supporting the improving trend from Q3 into Q4. Q: Andrew Grobler of BNP Paribas asked whether the strength in the US Manpower brand, which grew 15% in the quarter, is broadening out from large clients to the rest of US operations.A: Becky Frankiewicz, President and Chief Strategy Officer, said growth is broadening across more clients, with new logos won, a robust pipeline, and expansion into convenience clients. She noted Experis turned to growth in the US this quarter and Talent Solutions continues strong performance, saying the US is leading the market recovery, led by Manpower. Q: Andrew Grobler of BNP Paribas asked whether Right Management is running at above-average activity levels and could remain a headwind to group gross margins over the next few quarters as markets recover.A: Jack McGinnis, CFO, said Right Management saw revenue momentum on restructuring activity over the last two years, but that began slowing last quarter and inflected to modest declines, with a slightly larger decline this quarter. He said restructuring activity typically decreases when staffing businesses do well, and while Right Management's contribution will be lower year over year, it is manageable and translates to staffing momentum. Q: Kartik Mehta of North Coast Research asked how much of Experis growth is related to recovery in IT spending versus spending on AI projects, and whether the momentum could carry into 2027.A: Becky Frankiewicz, President and Chief Strategy Officer, said it is increasingly both, as tech spending and AI projects converge. She said employer confidence is starting to signal spend on AI infrastructure projects, starting in the US, and the company is hopeful that expands globally. Q: Kartik Mehta of North Coast Research asked when the company would be comfortable resuming share repurchases given expected strong free cash flow.A: Jack McGinnis, CFO, said the priority is continuing to strengthen the balance sheet, with net debt roughly in line with the end of Q2. He said no repurchases occurred in the last quarter and none are expected in the immediate future, but with continued momentum, share repurchases should return in the not-too-distant future. Q: Trevor Romeo of William Blair asked for the latest on the large business surtax in France for years after this year, given the debt situation and budget there.For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thu, Oct. 15, 2026 - Chair and Chief Executive Officer - Jonas Prising - Chief Financial Officer - John Thomas McGinnis - President and Chief Strategy Officer - Becky Frankiewicz Operator: Welcome to ManpowerGroup's Third Quarter Earnings Results Conference Call. You will 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. Ronan Prising. Sir? You may begin. Ronan Prising: Good morning, everyone, and thank you for joining us for our third 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 will begin with the leadership news we announced this morning. Followed by a brief overview of the quarter. Becky will then discuss our results in more detail, provide an update on our transformation and highlight the opportunities we are capturing with AI. Jack, will then walk through the detailed financial results and our guidance for the fourth quarter of 2026. I will close with a few comments before we open the line for Q and A. Turning to Jack, who will cover the safe harbor language. John Thomas McGinnis: 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 2 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. Ronan Prising: Thank you, Jack. Before we turn to today's results, I would like to begin with the leadership transition we announced this morning. I am delighted to share that as part of the board's long term succession planning, Becky Frankiewicz will become our next chief executive officer. And to join ManpowerGroup's board of directors effective 01/01/2027. And at that time, I will transition to the role of executive chair. This transition reflects our commitment to leadership development, building world class talent from within, and the strength of our executive team. Becky and I have worked closely together on ManpowerGroup's ongoing transformation, And I have seen firsthand the exceptional leadership strategic perspective, and deep commitment that she brings to our company. Becky knows our business inside and out. Through her leadership of our North America region and oversight of our global strategy and commercial performance, she has helped position ManpowerGroup for its next era of transformation innovation, and profitable growth. At the same time, her broad leadership experience brings a fresh perspective that will continue to strengthen the company's future direction. I am confident Becky brings the experience judgment, and enterprise perspective to lead ManpowerGroup into its next chapter. And I look forward to working closely with her to ensure a seamless transition and supporting her in my role as executive chair. Now with that, let's turn to the quarter. We delivered yet another quarter of solid performance, reflecting the strong traction we are building, and representing another important step forward. The progress we have made reinforces our confidence that 2026 is an inflection point for the business, both as we realize the benefits of the strategic actions that we have taken over the last several years and as demand continues to improve. 3 key areas of strength stand out this quarter. The Manpower brand continues to deliver very strong results and gain share. Particularly in The U. S. The experience and talent solutions brands performance both improved from the previous quarter. And alongside that commercial momentum, we are making meaningful progress on our transformation agenda, and remain confident in our commitment to deliver $200 million in permanent cost savings in 2028. I will now cover the consolidated performance before Becky goes deeper into our brand performance regional highlights, and provides an update on our transformation and commercial strategy. We continued to see top line momentum in the quarter, delivering reported revenues of $4.8 billion representing organic constant currency growth of 6%. System wide revenue, including our expanded franchise revenue base, was $5.3 billion We know where we focus we win. We continue to leverage our scale and global footprint and have focused on commercial efforts in the markets verticals, and opportunities where demand is strongest and where we have a clear opportunity to win and capture profitable share. Adjusted EBITDA margin was 2.2%, Continued revenue growth, together with disciplined capacity management, and continued SG&A optimization, resulted in improved operating leverage with 10 basis points of year over year margin expansion on a constant currency basis. Gross margin in the quarter reflected stable staffing margin from the previous quarter and a slightly softer permanent recruitment trend notably in France. As well as lower right management outplacements volumes as layoff activity slowed in Q3. We continue to actively shape our business toward higher value opportunities where we are most differentiated. Our leadership team remains focused on executing against the current demand environment, while positioning the company for the opportunities ahead. Simultaneously, our transformation remains on track against the objectives we laid out earlier this year. The path forward for ManpowerGroup is clear. We believe that the inflection point we predicted is evident in our performance. As we build momentum across the business with continued strength in manpower, further recovery in Experis and Talent Solutions, and meaningful progress on our transformation, including cost reduction initiatives, we are very well positioned to deliver incremental growth and greater operating leverage over time. Now, let me turn it over to Becky. Becky Frankiewicz: Thank you, Ronan. I want to start by thanking you for your leadership and the partnership we have shared. I appreciate the confidence you and the board have placed in me. It is a privilege to take this organization forward into our next chapter. ManpowerGroup has a strong legacy and a clear purpose. This is what drew me to this company and remains the foundation for our future. We see significant opportunities to accelerate our human first digital always approach to deliver our strategy, expand our AI capabilities, and create even greater value for our clients, our candidates, and our shareholders. As I prepare to step into the role of chief executive officer, we will continue to turn strategic vision into action. Driving strong performance and positioning the company for even greater long term success. Now turning to our third quarter performance. We are successfully executing our strategy, which is unlocking commercial momentum. Growth is broadening across our brands and geographies. While our expanded digital capabilities are helping us win new clients and deepen existing relationships. Together, these drivers are strengthening our competitive position and reinforcing our confidence in the long term opportunity ahead. Within our Manpower brand, we delivered another very strong quarter. With ongoing revenue growth as demand conditions continue to strengthen. Commercial staffing remained very positive, while professional staffing returned to growth during the quarter. Providing another indicator of momentum across the business. In The US, manpower gained market share through new logos and expansion of wallet within existing clients. Delivering our 9th consecutive quarter of growth with double digit revenue growth and improved profitability. We saw continued solid demand across consumer goods notably food manufacturing, and logistics, as well as opportunities tied to automation and reshoring which are driving demand for specialized technical talent. Outside The US, we saw encouraging performance across several of our European markets. Northern Europe accelerated from the previous quarter led by strong growth in The UK, and double digit growth in Germany. Driving significant year over year improvement in regional profitability, while Italy continued to execute well and maintain market leadership. Experis, our technology, talent, and services business, saw improving trends globally, with U.S. Experis crossing to growth in the quarter. This marks an important inflection in performance, and we are encouraged by improved conditions in activity across financial services, health care, and energy as clients continue to invest in data governance, AI implementation, and cloud optimization. Our human plus AI strategy is also gaining commercial traction. Contributing to pipeline growth deal wins, and higher-margin opportunity. This marks an important inflection in performance. We are encouraged with the improvement we are seeing. In Talent Solutions, the revenue trend improved from the second quarter. We continue to sharpen our focus across all our talent solutions lines of business, right management, TAPFIN MSP, and RPO, responding to the growing needs of global clients by further strengthening how we serve multinational accounts, creating a more seamless and consistent experience across markets. This is already creating the conditions to expand share of wallet with global clients by delivering greater business impact and stronger workforce outcomes. Our momentum is not only being driven by improved demand, it is also being fueled by the actions we have taken to transform the business and position ourselves for long term growth. We remain on track to deliver on our target permanent annual cost savings in 2028. Our recent efforts have been focused on the front office, at delivering greater speed and driving efficiencies through scale. In The US, the program is advancing in line with our expectations. As we continue to redesign our sales and recruitment processes. We are now taking the next step by extending the program to The UK on our path to scaling to the rest of the world. As we scale, our focus remains on creating a more efficient operating model. Lowering our cost to serve, and improving productivity. While giving our teams both the tools and greater capacity to delight clients candidates, and capture new growth. Across all 3 brands, we are increasingly using AI, to improve internal efficiency, and to create differentiated value for clients and candidates while unlocking new growth opportunities. We continue to expand our AI enabled talent screening capabilities extending our scale across key markets, including Italy and The US in Q3. Now reaching 70% of our revenue. Improving fill rates while accelerating time to hire and enhancing the candidate experience. We believe 1 of our greatest competitive advantages is our ability to combine talent technology, and trusted partnerships at scale. By building a broad ecosystem of industry leading partners we are bringing clients integrated solutions that accelerate their workforce, digital, and AI agendas. In an environment where clients are increasingly seeking outcomes, rather than activity, our ability to connect talent, technology, and business transformation for greater impact will become a powerful differentiator. Last quarter, I spoke about our work with SoundHound AI and IBM Watson x Orchestrate. Since then, we have continued to deepen partnerships across Europe with organizations, including AWS, SAP, and Microsoft. Helping clients accelerate cloud, data, and AI transformations. These partnerships are beginning to create tangible commercial impact. Increasing share of wallet, and deepening our integration into client transformation programs. Overall, we are encouraged by the progress we are seeing as our strategy comes to life across the business. And we remain confident in the opportunities ahead. I will now turn it over to Jack to discuss our financial performance. John Thomas McGinnis: Thanks, Becky. The third quarter, we delivered reported revenues of $4.8 billion. System wide revenue, including franchises, was $5.3 billion. Our third quarter revenue results represented constant currency growth of 5%. Which came in at the midpoint of our guidance range. Gross profit margin came in at 15.9%. As adjusted, EBITDA was $107 million, representing a 14% increase on a constant currency basis compared to the prior year period. As adjusted, EBITDA margin was 2.2%, 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 came in at the midpoint of our guidance driven by our Manpower business. Turning to the EPS bridge. Reported earnings per share for the quarter was $0.71. Adjusted EPS was $1.10 and came in at the midpoint of our guidance range. Walking from our guidance midpoint of $1.10, our results included better operational performance of $0.01 and a slightly higher weighted average shares in the quarter due to dilution associated with the increase in the share price which had a negative $0.01 impact, Restructuring costs and strategic transformation program costs represented $0.27, and a U. S. Jefferson Wells sale related item represented a $0.03 negative impact. Next, let's review our revenue by business line. Year over year, on an organic constant currency basis, the Manpower brand had strong growth of 7% in the quarter. Very close to the 8% growth in the second quarter. The Experis brand revenue trend was flat, an improvement from the 2% decline in the second quarter. The Talent Solutions brand was up 1% year over year, an improvement from the second quarter result of flat. Within Talent Solutions, our RPO business continued sequential revenue trend improvement from Q2 and crossed over to slight growth in the quarter. Our MSP business saw continued solid revenue growth while Right Management declined during the quarter on lower out placements. Looking at our gross profit margin in detail, our gross margin came in at 15.9% for the quarter. Staffing margin was stable from the second quarter, and on a year over year basis, represented a 50 basis point reduction reflecting mix shifts year over year. This is an improvement from the 60 basis point decline in the second quarter. Permanent recruitment activity came in slightly softer than expected in France and select other markets, and drove a 10 basis point decline. Right management career transition within Talent Solutions contributed a 10 basis point reduction as outplacement activity decreased in the quarter. Moving on to our gross profit by business line. During the quarter, the Manpower brand comprised 65% of gross profit. Our experienced professional business comprised 19% and talent solutions comprised 16%. Our consolidated gross profit grew by 1% on an organic currency basis year over year a continuation of the 1% increase in the second quarter. Our Manpower brand grew 5% in organic constant currency gross profit year over year stable from the 5% increase in the second quarter. Gross profit in our Experis brand decreased 2% in organic constant currency year over year a significant improvement from the 6% decrease in the second quarter. Gross profit in Talent Solutions decreased 2% in organic constant currency year over year, which was an improvement from the 4% decrease in the second quarter. The improvement in trend was driven by RPO and MSP. Bright Management saw a gross profit decline in the quarter on decreased outplacement activity. Reported SG&A expense in the quarter was $685 million SG&A as adjusted was down 2% on a constant currency basis. The year over year constant currency decreases largely consisted of reductions in operational costs of $6 million. Dispositions represented a decrease of $5 million, while currency changes contributed to a $3 million decrease. Adjusted SG&A expenses as a percentage of revenue were represented 13.7% on a constant currency basis in the third quarter. Adjustments represented restructuring and strategic transformation program charges of $16 million and a U. S. Jefferson Wells disposition charge of $2 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 1 of our highest priorities. The Americas segment comprised 26% 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 $52 million and OUP margin was 4.2%. Restructuring charges of $3 million represented actions in The US. The US is the largest country in the Americas segment. Comprising 58% of segment revenues. Revenue in The U. S. was $729 million during the quarter, representing a 9% organic days adjusted increase compared to the prior year. OUP as adjusted for our U. S. Business was $29 million in the quarter. OUP margin as adjusted was 4%. Within The US, the Manpower brand comprised 31% of gross profit during the quarter. Revenue for the Manpower brand in The US increased 15% on a days adjusted basis during the quarter. This marks 9 consecutive quarters of growth and a continuation of strong performance from the 16% increase in the second quarter. The Experis brand in The U. S. Comprised 37% of gross profit in the quarter. Within Experis in The US, substantially all the revenues represent IT and services. Experis US revenue was up 4% on an organic days adjusted basis during the quarter. An improvement from the flat result in the second quarter. Talent Solutions in The U. S. Contributed 32% of gross profit and saw a 5% increase in revenue year over year in the quarter. Reflecting a stable rate of growth from the second quarter driven by ongoing solid growth in RPO and strong growth in MSP. 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 third quarter, and we expect solid mid single digit percentage growth in the fourth quarter. Southern Europe revenue comprised 46% of consolidated revenue in the quarter. Revenue in Southern Europe was $2.2 billion, representing 2% growth on a constant currency basis during the third quarter. As adjusted, OUP for our Southern Europe business was $69 million in the quarter and OUP margin was 3.1%. Restructuring charges of $5 million represented actions taken in France. France revenue equaled $1.1 billion and comprised 51% of the Southern Europe segment in the quarter, and was down 2% on a constant currency basis. As adjusted, OUP for our French business was $27 million in the quarter. Adjusted OEP margin was 2.4%. France revenue trends were slightly lower in the third quarter but the trend improved during the quarter. Based on trends in September and into early October, we expect a slightly improved year over year revenue trend in the fourth quarter. Revenue in Italy equaled $483 million in the third quarter, reflecting an increase of 5% on a days adjusted constant currency basis. OUP as adjusted, equaled $27 million and OUP margin was 5.7%. Our Italy business is executing well and leads in the market. We estimate a similar revenue rate for the fourth quarter. Our Northern Europe segment comprised 18% of consolidated revenue in the quarter. Revenue of $861 million represented a 6% increase on a constant currency basis. OUP was $8 million in the quarter. This represents year over year OUP improvement during the last 4 quarters reflecting the significant actions taken in the past. Our largest market in Northern Europe segment is The UK. Which represented 33% of segment revenues in the quarter. During the quarter, The UK saw strong growth with revenues increasing 7% on a days adjusted constant currency basis. Germany had very significant growth during the quarter, and the remaining countries in the region progressed as expected with largely stable to improving revenue trends. The Asia Pacific Middle East segment comprises 10% of total company revenue. In the quarter, revenues equaled $515 million representing an increase of 4% on a constant currency basis. 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 3% on a days adjusted constant currency basis, and we expect a similar level of revenue growth in the fourth quarter. I will now turn to cash flow and balance sheet. In the third quarter, free cash outflow was $17 million, compared to free cash flow of $45 million in the prior year. Free cash flow was negatively impacted by the timing of MSP business payments at the end of the third quarter and will have a positive impact in the fourth quarter. Excluding the quarter end MSP items, free cash flow would have been a positive inflow of $75 million. We expect very strong free cash flow in the fourth quarter. At quarter end, day sales outstanding was 59 days, flat from the prior year. During the third quarter, capital expenditures represented $9 million, and we did not repurchase any shares. Our balance sheet ended the quarter with cash of $233 million and total debt of $1.1 billion. Net debt equaled $870 million at quarter end, which was relatively stable from June 30. Our debt ratios at quarter end reflect total gross debt to trailing 12 months adjusted EBITDA of 2.6 and total debt to total capitalization at 34%. Detail of our debt and credit facility arrangements are included in the appendix of the presentation. Next, I will review our outlook for the fourth quarter of 2026. Our revenue guidance estimates ongoing solid growth in the fourth quarter. On a constant currency basis, this range is between a 3% increase and a 7% increase, and at the midpoint, is a 5% increase. Higher business days this year and the impact of dispositions adjust our organic days adjusted constant currency revenue growth estimate to 4% at the midpoint. We anticipate stable underlying staffing margin into the fourth quarter and estimated GP margin of 15.9% at the midpoint. EBITDA margin for the fourth quarter is projected to be up 20 basis points year over year at the midpoint compared to the prior year. This represents an improvement from the run rate EBITDA margin expansion of 10 basis points in the first 3 quarters of 2026. We estimate that the effective tax rate for the fourth quarter will be 44%. We are forecasting earnings per share for the fourth quarter to be in the range of $1.03 to $1.13. We estimate our weighted average shares to be 48.3 million. The slightly higher share count is driven by the impact of our share price appreciation on the diluted share calculation over the last 3 months. The guidance range assumes a neutral foreign currency impact and our foreign currency translation rate estimates are disclosed at the bottom of the guidance slide. And we will continue to carve out any restructuring and global strategic transformation program costs as they are not included in the underlying guidance. Ronan Prising: I will now turn it back to Ronan. Thank you, Jack. I am pleased with our performance in Q3. Which reflects continued progress across the business. Demand conditions continue to stabilize, and strong commercial execution translated into healthy organic revenue growth. At the same time, disciplined cost management helped us convert that growth into stronger operating performance. As we enter Q4, we remain focused on executing against the opportunities ahead advancing our transformation and driving sustainable profitable growth. I know you will join me in congratulating Becky on her appointment as our next CEO. I look forward to working closely with her in this next chapter And to speaking with all of you on my last earnings call in January 2027. As always, thank you to our talented team for their relentless focus and to our candidates and clients for your continued partnership. With ManpowerGroup. Operator? Please open the line for questions. Operator: Thank you. If you would like to ask a question, please press 1-1. If your question has been answered and you would like to remove yourself from the queue, press 1-1 again. Our first question comes from Andrew Steinerman with JPMorgan. Your line is open. Andrew Steinerman: Hi. Congrats, Becky. My question for the team is about Manpower France. You really did a good job of helping us understand what the trends were in the quarter. But why does Manpower Group revenues dip in France, and does it seem like this country might be on a different recovery trajectory than the other kind of more favorable trajectories that we see in the major countries. Ronan Prising: Thanks, Andrew. Yeah. And you point out the market volatility, in France because we are performing at the top of the market. We beat, our peers in the second quarter. Too early to say what it looks like in the third quarter. As you can see from the news, there is, you know, some political uncertainty, elections coming up, and all kinds of things. But I would say, overall, we have been very successful at targeting areas, that show opportunity and that commercial agility and that focus is what allows us to stay on top of the market. And that is what we are going to continue to do, find the opportunities where they are and then execute with a very strong team and very strong and experienced team, in France that is managing the business really well. But I think broadly speaking, as you point out, we have been very encouraged see the strong trends in a number of our European countries. You can see The UK improving. You can see Germany improving. Poland's very strong. Norway's strong. Spain is strong. So we are really seeing a broadening of improvement in Europe overall, and thanks to that, our diversification, our strong portfolio and our commercial momentum, we can really offset some of those bumps on the road. But we remain confident in France as being a strong market overall. Andrew Steinerman: Right. And just as a follow-up, then the October trends improved year over year in France. What you know, what caused that? I mean, I believe the political uncertainty that you are talking about is still the case. Ronan Prising: Yeah. that is true. But you could see a bit of volatility in June. In July and August, but then strength in September, that is really the basis for outlook into October and for the fourth quarter as well because you will have noticed that we are guiding to a slightly better performance and improved performance for France in the fourth quarter. Jack, maybe you have some additional comments? John Thomas McGinnis: Yeah. I would just add, Andrew, that if you look at manufacturing PMI, the low point was July. So July for France dipped just below 50. That was the weakest part of the quarter for us, and then it improved in August. And September as well above the 50 level. So, really, I would say that was it. As we exited the quarter, we saw improvements. And that is really why I mentioned that we have an improving trend from the third quarter trend into the fourth quarter. And it is really based on what we are seeing here at the end of September into early October, a better trend than the 3Q overall trend. Andrew Steinerman: That makes good sense. Thank you very much. Ronan Prising: Thanks, Thank you. Operator: Our next question comes from Mark Marcon with Baird. Your line is open. Mark Marcon: Hey. Good morning. Ronan, it is been a pleasure working with you over the years. So congratulations on your next step. And, Becky, congratulations to you. I have a couple of questions related to the leadership transition. 1 is this kind of, like, why now? And then secondly, Becky, for you, how come. You know, you have been the president and chief strategy officer, I think you guys have been signaling you know, that this transition eventually would occur. And, Becky, you were clearly positioned as Ronan's successor. How committed are you to what you announced back in April with regards to the transformation plan and the ability to, you know, raise the margins you know, materially. And in addition to that, you know, to get the significant savings. We were basically looking for over 100 basis points of margin improvement So just wondering if there is any change to the plans that you outlined back in April in terms of the transformation And how confident are you that we can accomplish those? Ronan Prising: Well, Mark, first of all, thank you very much. it is been a--it is been a great journey, and I have to say I am very, very excited about Becky taking over the leadership of the company. This has been a really, thoughtful, well prepared transition driven by the board. The board has been planning this together with us and you know, it builds on a story and a culture of continuity, talent development, and a very strong leadership team. So I am, you know, very excited for what is to come, very pleased with what we have accomplished so far, but knowing that, you know, very bright things are ahead for us in the future under Becky's leadership. Becky Frankiewicz: Thanks, Jonas. Thanks, Mark. So a couple of things. As you mentioned, I took over president and chief strategy officer about a year and a half ago. So I have been working very closely with Ronan, Jack, and the whole leadership team on the strategy and specifically on the transformation and the commitment that we made back in April. And I would say we are pleased. The strategy is working. We are delivering strong year to date performance. We have commercial momentum. Fully committed to the commitment that we made. Again, it was part of the architect behind that. To deliver our cost savings. Think the opportunity now is to go faster and deeper focus on speed to market, creating better insights, lowering our cost structure, and, you know, most importantly, delivering increased shareholder value. that is what you will see from me. But are you committed to being able to accomplish the 110-basis points of margin improvement Fully committed. Great. Mark Marcon: And then just 1 follow-up question. Jack, I appreciated the comments with regards to the PMIs, but when we take a look at diesel prices and interest rates in France, You know, are not you concerned that there may end up being some sort of a you know, a bit of a negative impact on the PMIs, and therefore, industrial sentiment in France? And maybe that is a question for Ronan and Ronan knows France so well. Ronan Prising: Well, you know, we are always monitoring market conditions. And many things can change. But from what we are seeing today, from what our, clients are telling us, and from what employers are doing, The labor market remains stable. We have strong commercial focus on the opportunities as we see them. And, you know, if things change, we are used to being agile and changing and going after opportunities where else they may they may lie. But as you can tell from what we are seeing today, employer confidence despite the volatility in France remains solid in France. And, you know, if that changes, we change. But right now, we do not see that happening. And, you know, we are we are we are confident in, you know, France as an overall market. And we will adjust as we need. Just as we have done many times in the past. Great. Thanks, and congratulations to both you and Becky. John Thomas McGinnis: Thank you. Becky Frankiewicz: Thank you, Mark. Thanks, Mark. Operator: Thank you. Our next question comes from Andy Grobler with BNP Paribas. Your line is open. Andy Grobler: Hi, good morning. Yes, Becky. Congratulations. And Ronan, good luck with the with the next part of your of your journey. I just wanted to ask about the U.S. Actually, that is the manpower brands grew 15%. In the quarter. I wondered if you were beginning to see any broadening out of that strength and recovery from the large clients within Manpower to the rest of your operations within the country. Thank you. Becky Frankiewicz: Yeah, Andy, I will take that 1. Thank you first. So we are very pleased with the strength of the Manpower business in The U. S. As you heard me talk about, we are 9 quarters of growth in the market. Led by the Manpower business. To your question, we have seen a broadening of that growth across more clients. We are winning new logos. Our pipeline is robust, and we are continuing to see the expansion of that growth into our convenience. Clients. And so we feel really good about the Manpower US business and the leadership of that team. Also heard me say, Andy, that we saw the Experis business turn to growth this quarter, which was encouraging, and Talent Solutions continues strong performance in The US. So we feel like The US is leading the recovery of the market and, again, led by manpower. Andy Grobler: And if I could just ask 1 follow-up on Right Management, which was a headwind to group gross margins in the quarter. To what extent is Right running at activity levels above average and therefore as markets recover, assuming that they do for now, that, right, could be a headwind to group gross margins through the next few quarters. John Thomas McGinnis: Andy, this is Jack. I will take that 1. So I would say, you know, what we have really been seeing from Right Management over the last 2 years is revenue momentum on restructuring activity. Right? And what we started to signal last quarter was that was slowing down So really beginning last quarter, we saw right management start to inflect to revenue declines. And we are talking modest level of declines for right management. And that continued again this quarter and a little bit more of a decline. But the way I would look at it is if we look at that over you know, the long run, what we typically see is when the staffing businesses are doing very well, we see restructuring activity and layoff activity coming down. And, basically, that is what is playing out for us now. So, you know, as you can see, even though there is still reports, of course, of restructurings that are happening, More broadly speaking, as you look at the labor markets, we are seeing restructuring activity decreasing. And that is coming through in right management. So year over year, they are going to have a smaller contribution. But the good news is that translates to staffing momentum. And that is what we have been seeing on the commercial staffing side basically, and that continuing, as Becky just referred to. We are encouraged by what we are seeing on the professional staffing side. Particularly in The US. That could be some early momentum building into the future as well. So that is the way I would look at it. I, you know, I would say, the right management contribution is lower on those declines. But I think it is manageable at this time. Okay. Andy Grobler: Thank you very much. Operator: Thank you. Our next question comes from Kartik Mehta with Northcoast Research. Your line is open. Kartik Mehta: Hey. Good morning. I wanted to ask you a little bit about Experis. Obviously, seeing. Starting to see some momentum. And I am wondering how much of the growth is related to recovery of IT spending, versus companies spending on AI projects and if you think that the momentum Experis is seeing is now something that could carry into 2027 based on spending patterns by your customers? Yeah. Becky Frankiewicz: Kartik, hi. it is Becky. I will speak to Experis. Yeah. So what we would say is we are seeing both. You said is it being driven by tech spending or AI projects? Increasingly, the answer to that is both, because they are increasingly converging. And so we are seeing. And you heard in The US, when we improved globally, but The US has had a strong quarter. We are seeing a bit of employer confidence start to signal spend in starting these AI infrastructure projects specifically We are hopeful that expands. Again, we have seen it start in The US, and we are encouraged that it will expand globally. Kartik Mehta: Thanks, Becky. Jack, just a follow-up on capital allocation. You are expecting a strong fourth quarter and obviously, a strong free cash flow. When do you think you are. The company would be comfortable enough that you could start repurchasing shares again? Thanks. John Thomas McGinnis: Kartik, for the question. Yeah. I would say 1 step at a time on that specifically. I think we are. We feel really good about the momentum we have been building on, you know, continuing to strengthen the balance sheet. We have seen that. You see our net cat. Our net debt level pretty much in line with where we ended the second quarter again here in the third quarter. So all of that is, you know, is very encouraging. We are definitely on a much stronger track. And we are gonna continue to do that. I think we have a great track record when it comes to capital allocation You have seen that in the past in terms of the dividend and share repurchases. And I would say as we continue this momentum, you should expect that will return. I think the timing at this stage we will just have to, you know, continue quarter by quarter continuing to strengthen. And then in the future, we will talk more about that. But I think right now, the priority is just continuing to strengthen the balance sheet. And for that reason, there has not been any share repurchases in the last quarter or so. And I would not expect any in the very immediate future. But I do think if this continues, we will be talking about that in not too distant future as the momentum continues. Kartik Mehta: Perfect. Thank you. Operator: Thank you. Our next question comes from Trevor Romeo with William Blair. Your line is open. Trevor Romeo: Good morning. Thank you for taking the questions and I will also say congrats to both Becky and Ronan. So first, I just had kind of a broad revenue growth question. So I think consolidated year over year growth has been accelerating for several quarters, and this quarter, was more like steady, and the guide kind of reflects steady going forward as well. So I guess my question is, is you know, 6 ish percent organic constant currency kind of where you see growth topping out? In this kind of recovery? Or do you have confidence that consolidated growth can accelerate or continue to accelerate as the recovery progresses here? John Thomas McGinnis: Thanks, Trevor, for the question. Well, I would say, no. I do not think we see this as a limit or a top out. I think what you are seeing is really strong momentum on the commercial staffing side But as Becky and Ronan both talked about, you know, as we have been seeing this recovery play out, it is being led by commercial. that is been driving the 6% organic constant currency But as professional and talent solutions and predominantly perm and RPO kick in, that will drive it further from that point. So as Becky mentioned, we are really encouraged by experience in The US flipping to the 4% growth. In the third quarter as we saw the commercial take place. It was led by The US. The US started, and then we saw key markets in Europe follow. And we do not know exactly the timing of how that is gonna work on the professional and on the perm side, but we are seeing early signs. That, you know, as we showed the quarter-over-quarter progression for both Experis and Talent Solutions, We are making progress quarter over quarter, and that is how the manpower progress started, if we go back a number of quarters. So that is going to continue to give us momentum when professional and talent solutions see more acceleration. And we will. We have a great opportunity to go above the 6% organic growth as we go forward. Trevor Romeo: Thank you, Jack. that is helpful and quick follow-up. I know you have had a couple of questions on France already, but what is the latest at this point you are kind of hearing on the large business tax for years after this year just with the, you know, the debt situation and the budget there? John Thomas McGinnis: So on France budget, it is a timely question. They are going through the process now of trying to advance the draft budget. I think the real answer is it is really too early to tell. It needs to go through full parliament review There has been discussion about reducing the surcharge into next year. But I would say it is really premature to call it at this stage. I think we need the government to continue to advance their deliberations regarding the budget overall. And we will when there is more certainty around it, we will be able to comment more. But at this stage, it is it is still a bit uncertain, and we need that process to play out a bit further. Trevor Romeo: Okay. Thank you very much. Operator: Thank you. 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. First and foremost, congrats to you both, Ronan and Becky. You closed the call by highlighting improving demand, strong commercial execution. And disciplined cost management, and then also benefits from the transformation. As we think about exiting 2026 and building into 2027, which factors give you the greatest confidence in incremental earnings growth, and where do you see the greatest opportunity? Becky Frankiewicz: Yeah. Thank you, Ronan. I will take that. I think we have demonstrated a couple of things this year in terms of our strategy and really architecting a future where we can grow in any environment. So first, I would say our agility that we have honed this year on shifting ourselves into verticals where there is growth and profitable growth that we can serve. Gives me a lot of confidence You know, right now, we are focused on closing 2026. With great results, and so that is what gives me confidence. Really, our commercial activity and our strategy that is starting to show results in the market. Ronan Kennedy: Got it. Thank you. And then, 1 on gross profit margin, if I may, please. I think the 4Q guide assumes that it will remain around that 15.9%. But year over year, EBITDA margin expansion accelerates 20 basis points. From a 10 basis point run rate in the first 3 quarters. Can you please walk through the drivers of that stronger conversion? As Experis, RPO and convenience businesses continue to improve? Whether that creates a better exit rate setup for the operating leverage into 2027? John Thomas McGinnis: Yes. No. Ronan, thank you for the question. So yes. Absolutely. Operating. Or the EBITDA projection for the fourth quarter is expansion 20 basis points year over year. And that does compare to a run rate of 10 basis points for the first 9 months. So we are building momentum What you are seeing there is stable staffing margin. As I commented, staffing margin was stable from Q2 into Q3. And we are we are projecting it to continue to be stable in Q4. What that means is we have been talking about the enterprise mix shift that is largely worked its way through, and you see that in the stable GPU margin for the second half of the year here. what is also happening is you are gonna see some seasonal improvement in GP dollars. You know, the third quarter does include the August holiday month. So quarter over quarter, you are gonna be seeing stronger GP margin dollars in countries like Italy, and others that are impacted by, the European holidays. And, you know, the fourth quarter always is a little tricky when it comes to the month of December because in a weak environment, we will see bigger shutdowns in terms of manufacturing production and so forth. And this year, we are really projecting more of a stable environment. And for that reason, GP dollars will be strong in the fourth quarter. And all of that combined with ongoing really strong cost dynamics. That is gonna allow us to pull that 20 basis points of improvement on the EBITDA line year over year in the fourth quarter. So really, are the main factors, more of the same with stability on the staffing margin side. Operator: Thank you. Our next question comes from Josh Chan with UBS. Your line is open. Josh Chan: Hi. Good morning, and congrats, Ronan and Becky as well. Maybe tacking on to the prior question, I guess, it is pretty impressive to have SG&A down while you grow revenue. So could you talk about, you know, what is driving that? And then, you know, ultimately, how sustainable that is kind of you know, into next year? John Thomas McGinnis: Yeah. Thanks, Josh. And absolutely, we are very proud of that. I would say, you know, we have actually been demonstrating the building blocks of that for many quarters. So we took a lot of very difficult actions in the prior year. As we looked at what was happening in demand in many of those markets. We are on the other side of that now. From a demand side as we talked about the commercial staffing recovery. But we continue to hold the line on costs. that is what the transformation's all about. So we have talked about the back office transformation, which we started a few years ago. We have talked about the fact that is paying fruit this year. We see the positive impact of that. And you have seen us start the front office transformation this year in The US, and as Becky said, is now going on in The UK as well. So all of these actions are all about reducing our permanent cost structure, and we are starting to see that as well as the other actions we have taken before the front office transformation continuing to result in a cost trend that is manageable And as we take on revenue growth, we do not need to increase the level of our cost base as we have in the past based on all the work that we have done. In that regard. So that is really what is driving this. And as we go forward, you should expect that we are gonna continue to be, you know, continue that discipline around the cost line. And as the transformation takes hold, as we have laid out in the multi year plan, we will start to see the benefits of that as we go forward into future years. And that will be part of the revenue momentum continuing with costs continuing to be a key area of focus for reducing a permanent cost structure. So you should expect that to continue. Josh Chan: Okay. Great. Yeah. that is great to hear. Thank you. And then on The Americas, very strong growth again. I think the guidance does imply a little bit of a deceleration in Q4. And I think if I heard you right, Jack, you said mid single digits in The U. S. So I guess what is driving the lower year over year growth potentially going into the fourth quarter? John Thomas McGinnis: Yeah. Josh, I would not read too much into that candidly. What I would say is as we look at the growth of the businesses and the underlying demand in associates on assignment, that continues to be very strong going into the fourth quarter. What you are really seeing there is a little bit of the year over year impact of very strong growth on an overall basis. In the year ago period for the overall organization. And, you know, I would say Latin America is probably a part of that as well. Which had extremely strong growth. So very proud of our Latin America business and our Latin America team. Which has really been driving a lot of that Americas growth. I think that is really working in. But I think the main takeaway is the underlying momentum in the business continues from Q3 into Q4 and some of that is really more the anniversary impact. Josh Chan: Okay. Great. Thanks for the color and the time. Operator: Thank you. Our next question comes from Tobey Sommer with Truist. Your line is open. Tobey Sommer: I was wondering if you could talk about Germany and where you are seeing demand there. The rebound in sort of a bench country would. Seems to be fairly important in the margin progression here over the near to medium term. Ronan Prising: Yes. We have been very pleased with the progress that we are seeing. As we have heard during the call, in Europe overall and specifically in Germany. As you know, we have taken some significant actions in years past, and they are now starting to pay off, and that we are seeing some good progress in our commercial momentum. And maybe, Becky, you can give a little bit more color on that. Becky Frankiewicz: Yeah. Thanks, Ronan. So this is a perfect example, actually, of our intention around focusing on verticals where we believe we have the right relationship and capabilities to deliver. And so we have disclosed in this past, automotive has a big piece of our business there, and we have been very fortunate to grow with select clients in that market. Tobey Sommer: And if I could ask you about your sort of realignment program So do you think that from a competitiveness standpoint that you will emerge from on the other side of this, Will you be more competitive with relative to your larger your larger competitors? And sort of be able to achieve margins at. EBITDA margins at lower gross margins than them. As a result of the heavy lifting and work that you have underway? Ronan Prising: You know, I think overall, we are building a business that is resilient, agile, and can win in any market circumstance, thanks to our diversification between the brands, such a geographical diversification, our increased commercial focus and momentum our transformation efforts, and, you know, our strategy. So, you know, whether it is big or small, you know, we are not too focused on anyone in particular. We know our job as Becky had said earlier, is to create shareholder value improve our operating leverage and move towards our long term financial objectives on the top line and on the bottom line. And I feel really good about the progress we have made so far. And as we have evidenced in 2026, we early on said 2026 is going to be an inflection year. I think our results demonstrate that is in fact the case. And we feel really good about how we are positioned in this environment, and how we are positioning the company for future progress in years to come. So you can expect us to be very competitive, in all aspects, thanks to our global scale diversification and our transformation as well. Thanks, Ronan and Becky. Good luck on the transition. Becky Frankiewicz: Thank you. John Thomas McGinnis: Thank you. Operator: Thank you. This concludes the question and answer. I would like to turn the call back over to Ronan. Ronan Prising: All right. Thank you, everyone, for all your questions. And we look forward to speaking with you again. This concludes this quarter's earnings call, and we look forward to speaking with you again for our Q4 earnings call at the beginning of next year. Thanks, everyone, and have a great rest of the week. Operator: Thank you for your participation. You may now disconnect. 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 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 $380,579!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,359,789!* Now, it's worth noting Stock Advisor's total average return is 934% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of October 15, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Manpower (MAN) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

- Revenues of $4.8 billion (+4% as reported, +5% constant currency, +6% organic constant currency) - Continued top-line growth driven by strength in Manpower, particularly in the United States - Improving global Experis trends with U.S. Experis crossing over to growth during the quarter - Strong year-over-year revenue growth and Operating Unit Profit improvement in Northern Europe - SG&A improved trend reflects continued cost actions - Becky Frankiewicz will become CEO January 1, 2027, with Jonas Prising transitioning to Executive Chair. More details in a separate press release issued this morning MILWAUKEE, Oct. 15, 2026 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported net earnings of $0.71 per diluted share for the three months ended September 30, 2026 compared to net earnings of $0.38 per diluted share in the prior year period. Net earnings in the quarter were $34.1 million compared to net earnings of $18.0 million a year earlier. Revenues for the third quarter were $4.8 billion, a 4% increase from the prior year period. The current year quarter included restructuring costs, strategic transformation program costs, a business sale adjustment, and Argentina hyperinflationary related non-cash currency translation losses, which negatively impacted earnings per share by $0.30 in the third quarter. Excluding these items, earnings per share was $1.01 per diluted share in the quarter representing an increase of 24% in constant currency in the third quarter of 2026.1 Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 5% compared to the prior year period. Jonas Prising, ManpowerGroup Chair & CEO, said, "We delivered another quarter of consistent performance and strong execution as momentum continues across the organization. Our Manpower brand continues to lead the way, with notable share gains in the U.S. Our Experis and Talent Solutions brands experienced sequential revenue trend improvement which is encouraging. Our performance to date reinforces our confidence that 2026 is an inflection point for the business. At the same time, we continue to advance our transformation, expanding implementation beyond the U.S. and driving growth across our brands and regions while remaining on track to deliver on our cost savings target. Looking ahead, the combination of improving demand, strong execution, and continued progress on our transformation positions ManpowerGroup to drive sustainable, profitable growth." We anticipate diluted earnings per share in the fourth quarter will be between $1.03 and $1.13 and a 44% effective tax rate." Net earnings for the nine months ended September 30, 2026 were $90.1 million, or net earnings of $1.89 per diluted share compared to net losses of $43.5 million, or net losses of $0.93 per diluted share in the prior year, respectively. The current year-to-date period included restructuring costs, strategic transformation program costs, the sale of our Jefferson Wells U.S. business, a discontinued business liquidation charge, and Argentina hyperinflationary related non-cash currency translation losses which, in aggregate, reduced earnings per share by $0.62. Excluding the net impact of these charges, earnings per share for the nine-month period was $2.51 per diluted share representing an increase of 21%2 in constant currency. Revenues for the nine-month period were $14.2 billion, representing an increase of 7% compared to the prior year or 5% in constant currency. In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the internet on October 15, 2026 at 7:30 a.m. Central time (8:30 a.m. Eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com. Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/. _____________________________ 1 The prior year period included various adjustments which reduced earnings per share by $0.45 in the third quarter, which are also excluded when determining the year over year adjusted trend. 2 The prior year period included restructuring costs, net losses from the sale of businesses, a non-cash goodwill and intangible asset impairment charge, and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by $2.98 which are also excluded when determining the year over year trend. About ManpowerGroup ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2026 ManpowerGroup was named one of the World's Most Ethical Companies for the 17th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, including statements regarding trends in labor demand and the future strengthening of such demand, the Company's financial outlook, and the Company's strategic initiatives and technology investments, including our ability to increase market share and the acceleration of transformation initiatives to remove structural costs from the organization to drive efficiencies, which are subject to risks and uncertainties. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2025, which information is incorporated herein by reference. We caution that any forward-looking statement reflects only our belief at the time the statement is made. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com. ManpowerGroupResults of Operations(In millions, except per share data) | | | Three Months Ended September 30 | | | | | | | | | | % Variance | | | | | | | | | Amount | | | Constant | | | 2026 | | | 2025 | | | Reported | | | Currency | | | (Unaudited) | | Revenues from services (a) | | $ | 4,840.0 | | | $ | 4,634.4 | | | | 4.4 | % | | | 5.2 | % Cost of services | | | 4,072.7 | | | | 3,865.5 | | | | 5.4 | % | | | 6.1 | % Gross profit | | | 767.3 | | | | 768.9 | | | | -0.2 | % | | | 0.4 | % Selling and administrative expenses | | | 685.0 | | | | 702.3 | | | | -2.5 | % | | | -2.0 | % Operating profit | | | 82.3 | | | | 66.6 | | | | 23.7 | % | | | 26.2 | % Interest and other expenses, net | | | 14.3 | | | | 13.7 | | | | 4.8 | % | | | Earnings before income taxes | | | 68.0 | | | | 52.9 | | | | 28.5 | % | | | 31.0 | % Provision for income taxes | | | 33.9 | | | | 34.9 | | | | -2.8 | % | | | Net earnings | | $ | 34.1 | | | $ | 18.0 | | | | 89.3 | % | | | 92.9 | % Net earnings per share - basic | | $ | 0.73 | | | $ | 0.39 | | | | 87.7 | % | | | Net earnings per share - diluted | | $ | 0.71 | | | $ | 0.38 | | | | 84.4 | % | | | 87.9 | % Weighted average shares - basic | | | 46.9 | | | | 46.5 | | | | 0.8 | % | | | Weighted average shares - diluted | | | 48.1 | | | | 46.9 | | | | 2.7 | % | | | | (a) | Revenues from services include fees received from our franchise offices of $4.2 million and $4.3 million for the three months ended September 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $481.1 million and $300.3 million for the three months ended September 30, 2026 and 2025, respectively. ManpowerGroupOperating Unit Results(In millions) | | Three Months Ended September 30 | | | | | | | | | % Variance | | | | | | | | | Amount | | | Constant | | | 2026 | | | 2025 | | | Reported | | | Currency | | | (Unaudited) | Revenues from Services: | | | | | | | | | | | | Americas: | | | | | | | | | | | | United States (a) | | $ | 728.8 | | | $ | 690.8 | | | | 5.5 | % | | | 5.5 | % Other Americas | | | 517.9 | | | | 407.9 | | | | 27.0 | % | | | 21.7 | % | | | 1,246.7 | | | | 1,098.7 | | | | 13.5 | % | | | 11.5 | % Southern Europe: | | | | | | | | | | | | France | | | 1,132.9 | | | | 1,173.5 | | | | -3.5 | % | | | -1.9 | % Italy | | | 483.1 | | | | 462.5 | | | | 4.5 | % | | | 6.2 | % Other Southern Europe | | | 611.9 | | | | 569.5 | | | | 7.5 | % | | | 7.0 | % | | | 2,227.9 | | | | 2,205.5 | | | | 1.0 | % | | | 2.1 | % Northern Europe | | | 860.6 | | | | 816.8 | | | | 5.4 | % | | | 5.9 | % APME | | | 514.9 | | | | 520.5 | | | | -1.1 | % | | | 4.3 | % | | | 4,850.1 | | | | 4,641.5 | | | | | | | Intercompany Eliminations | | | (10.1) | | | | (7.1) | | | | | | | | | $ | 4,840.0 | | | $ | 4,634.4 | | | | 4.4 | % | | | 5.2 | % Operating Unit Profit (Loss): | | | | | | | | | | | | Americas: | | | | | | | | | | | | United States | | $ | 24.3 | | | $ | 20.6 | | | | 18.2 | % | | | 18.2 | % Other Americas | | | 23.1 | | | | 17.3 | | | | 33.1 | % | | | 27.9 | % | | | 47.4 | | | | 37.9 | | | | 25.0 | % | | | 22.6 | % Southern Europe: | | | | | | | | | | | | France | | | 22.4 | | | | 30.6 | | | | -26.9 | % | | | -25.3 | % Italy | | | 27.4 | | | | 26.6 | | | | 3.2 | % | | | 5.1 | % Other Southern Europe | | | 14.8 | | | | 8.4 | | | | 74.1 | % | | | 68.2 | % | | | 64.6 | | | | 65.6 | | | | -1.7 | % | | | -1.0 | % Northern Europe | | | 7.5 | | | | (14.9) | | | N/A | | | N/A | APME | | | 23.9 | | | | 26.8 | | | | -10.2 | % | | | -3.7 | % | | | 143.4 | | | | 115.4 | | | | | | | Corporate expenses | | | (54.1) | | | | (40.9) | | | | | | | Intangible asset amortization expense | | | (7.0) | | | | (7.9) | | | | | | | Operating profit | | | 82.3 | | | | 66.6 | | | | 23.7 | % | | | 26.2 | % Interest and other expenses, net (b) | | | (14.3) | | | | (13.7) | | | | | | | Earnings before income taxes | | $ | 68.0 | | | $ | 52.9 | | | | | | | | (a) | In the United States, revenues from services include fees received from our franchise offices of $2.4 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $94.5 million and $83.5 million for the three months ended September 30, 2026 and 2025, respectively. (b) | The components of interest and other expenses, net were: | | | 2026 | | | 2025 | Interest expense | | $ | 28.0 | | | $ | 24.0 | Interest income | | | (7.8) | | | | (6.9) | Foreign exchange loss | | | 1.3 | | | | 2.4 | Miscellaneous income, net | | | (7.2) | | | | (5.8) | | | $ | 14.3 | | | $ | 13.7 | ManpowerGroupResults of Operations(In millions, except per share data) | | Nine Months Ended September 30 | | | | | | | | | % Variance | | | | | | | | | Amount | | | Constant | | | 2026 | | | 2025 | | | Reported | | | Currency | | | (Unaudited) | Revenues from services (a) | | $ | 14,210.6 | | | $ | 13,244.0 | | | | 7.3 | % | | | 4.7 | % Cost of services | | | 11,940.0 | | | | 11,013.1 | | | | 8.4 | % | | | 5.7 | % Gross profit | | | 2,270.6 | | | | 2,230.9 | | | | 1.8 | % | | | -0.5 | % Selling and administrative expenses, excluding impairment charges | | | 2,048.0 | | | | 2,072.7 | | | | -1.2 | % | | | -3.4 | % Impairment charges (b) | | | — | | | | 88.7 | | | N/A | | | N/A | Selling and administrative expenses | | | 2,048.0 | | | | 2,161.4 | | | | -5.3 | % | | | -7.4 | % Operating profit | | | 222.6 | | | | 69.5 | | | | 220.4 | % | | | 213.8 | % Interest and other expenses, net | | | 46.8 | | | | 41.7 | | | | 12.4 | % | | | Earnings before income taxes | | | 175.8 | | | | 27.8 | | | | 531.5 | % | | | 525.5 | % Provision for income taxes | | | 85.7 | | | | 71.3 | | | | 20.2 | % | | | Net earnings (loss) | | $ | 90.1 | | | $ | (43.5) | | | N/A | | | N/A | Net earnings (loss) per share - basic | | $ | 1.93 | | | $ | (0.93) | | | N/A | | | | Net earnings (loss) per share - diluted | | $ | 1.89 | | | $ | (0.93) | | | N/A | | | N/A | Weighted average shares - basic | | | 46.8 | | | | 46.6 | | | | 0.4 | % | | | Weighted average shares - diluted | | | 47.6 | | | | 46.6 | | | | 2.2 | % | | | | (a) | Revenues from services include fees received from our franchise offices of $12.5 million for both the nine months ended September 30, 2026 and 2025. These fees are primarily based on revenues generated by the franchise offices, which were $1,406.8 million and $1,147.4 million for the nine months ended September 30, 2026 and 2025, respectively. (b) | Impairment charges for the nine months ended September 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business. ManpowerGroupOperating Unit Results(In millions) | | Nine Months Ended September 30 | | | | | | | | | % Variance | | | | | | | | | Amount | | | Constant | | | 2026 | | | 2025 | | | Reported | | | Currency | | | (Unaudited) | Revenues from Services: | | | | | | | | | | | | Americas: | | | | | | | | | | | | United States (a) | | $ | 2,098.0 | | | $ | 2,053.7 | | | | 2.2 | % | | | 2.2 | % Other Americas | | | 1,476.6 | | | | 1,161.7 | | | | 27.1 | % | | | 21.7 | % | | | 3,574.6 | | | | 3,215.4 | | | | 11.2 | % | | | 9.2 | % Southern Europe: | | | | | | | | | | | | France | | | 3,379.1 | | | | 3,288.5 | | | | 2.8 | % | | | -0.8 | % Italy | | | 1,479.7 | | | | 1,336.2 | | | | 10.7 | % | | | 6.9 | % Other Southern Europe | | | 1,779.1 | | | | 1,564.1 | | | | 13.8 | % | | | 7.7 | % | | | 6,637.9 | | | | 6,188.8 | | | | 7.3 | % | | | 3.0 | % Northern Europe | | | 2,476.2 | | | | 2,342.0 | | | | 5.7 | % | | | 2.0 | % APME | | | 1,544.1 | | | | 1,522.2 | | | | 1.4 | % | | | 5.7 | % | | | 14,232.8 | | | | 13,268.4 | | | | | | | Intercompany Eliminations | | | (22.2) | | | | (24.4) | | | | | | | | | | 14,210.6 | | | | 13,244.0 | | | | 7.3 | % | | | 4.7 | % Operating Unit Profit (Loss): | | | | | | | | | | | | Americas: | | | | | | | | | | | | United States | | $ | 79.2 | | | $ | 51.6 | | | | 53.6 | % | | | 53.6 | % Other Americas | | | 59.2 | | | | 47.9 | | | | 23.4 | % | | | 18.4 | % | | | 138.4 | | | | 99.5 | | | | 39.1 | % | | | 36.6 | % Southern Europe: | | | | | | | | | | | | France | | | 67.9 | | | | 83.9 | | | | -19.1 | % | | | -20.9 | % Italy | | | 90.2 | | | | 83.0 | | | | 8.6 | % | | | 5.0 | % Other Southern Europe | | | 35.8 | | | | 22.2 | | | | 61.1 | % | | | 49.5 | % | | | 193.9 | | | | 189.1 | | | | 2.5 | % | | | -1.3 | % Northern Europe | | | 1.3 | | | | (42.2) | | | N/A | | | N/A | APME | | | 69.5 | | | | 73.2 | | | | -4.8 | % | | | 1.9 | % | | | 403.1 | | | | 319.6 | | | | | | | Corporate expenses | | | (159.5) | | | | (137.1) | | | | | | | Impairment charges (b) | | | — | | | | (88.7) | | | | | | | Intangible asset amortization expense | | | (21.0) | | | | (24.3) | | | | | | | Operating profit | | | 222.6 | | | | 69.5 | | | | 220.4 | % | | | 213.8 | % Interest and other expenses, net (c) | | | (46.8) | | | | (41.7) | | | | | | | Earnings before income taxes | | $ | 175.8 | | | $ | 27.8 | | | | | | | | (a) | In the United States, revenues from services include fees received from our franchise offices of $7.5 million for both the nine months ended September 30, 2026 and 2025. These fees are primarily based on revenues generated by the franchise offices, which were $266.4 million and $247.5 million for the nine months ended September 30, 2026 and 2025, respectively. (b) | Impairment charges for the nine months ended September 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business. (c) | The components of interest and other expenses, net were: | | | 2026 | | | 2025 | Interest expense | | $ | 77.5 | | | $ | 72.5 | Interest income | | | (18.7) | | | | (22.0) | Foreign exchange loss | | | 3.6 | | | | 4.6 | Miscellaneous income, net | | | (15.6) | | | | (13.4) | | | $ | 46.8 | | | $ | 41.7 | ManpowerGroupConsolidated Balance Sheets(In millions) | | September 30, | | | December 31, | | | 2026 | | | 2025 | | | (Unaudited) | ASSETS | | | | | | Current assets: | | | | | | Cash and cash equivalents | | $ | 233.1 | | | $ | 871.0 | Accounts receivable, net | | | 4,619.4 | | | | 4,770.3 | Prepaid expenses and other assets | | | 204.3 | | | | 149.1 | Total current assets | | | 5,056.8 | | | | 5,790.4 | Other assets: | | | | | | Goodwill | | | 1,481.7 | | | | 1,544.6 | Intangible assets, net | | | 408.3 | | | | 430.1 | Operating lease right-of-use assets | | | 345.5 | | | | 392.7 | Other assets | | | 856.5 | | | | 879.1 | Total other assets | | | 3,092.0 | | | | 3,246.5 | Property and equipment: | | | | | | Land, buildings, leasehold improvements and equipment | | | 522.8 | | | | 526.9 | Less: accumulated depreciation and amortization | | | 411.7 | | | | 403.7 | Net property and equipment | | | 111.1 | | | | 123.2 | Total assets | | $ | 8,259.9 | | | $ | 9,160.1 | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | Current liabilities: | | | | | | Accounts payable | | $ | 2,432.6 | | | $ | 2,721.1 | Employee compensation payable | | | 232.7 | | | | 232.3 | Accrued payroll taxes and insurance | | | 633.0 | | | | 672.1 | Accrued liabilities | | | 461.0 | | | | 457.6 | Value added taxes payable | | | 406.5 | | | | 418.1 | Short-term operating lease liability | | | 99.2 | | | | 107.4 | Short-term borrowings and current maturities of long-term debt | | | 540.6 | | | | 625.0 | Total current liabilities | | | 4,805.6 | | | | 5,233.6 | Other liabilities: | | | | | | Long-term debt | | | 562.8 | | | | 1,052.1 | Long-term operating lease liability | | | 259.8 | | | | 304.3 | Other long-term liabilities | | | 491.1 | | | | 509.8 | Total other liabilities | | | 1,313.7 | | | | 1,866.2 | Shareholders' equity: | | | | | | ManpowerGroup shareholders' equity | | | | | | Common stock | | | 1.2 | | | | 1.2 | Capital in excess of par value | | | 3,592.8 | | | | 3,572.5 | Retained earnings | | | 3,788.9 | | | | 3,732.3 | Accumulated other comprehensive loss | | | (406.1) | | | | (412.1) | Treasury stock, at cost | | | (4,836.4) | | | | (4,834.3) | Total ManpowerGroup shareholders' equity | | | 2,140.4 | | | | 2,059.6 | Noncontrolling interests | | | 0.2 | | | | 0.7 | Total shareholders' equity | | | 2,140.6 | | | | 2,060.3 | Total liabilities and shareholders' equity | | $ | 8,259.9 | | | $ | 9,160.1 | ManpowerGroupConsolidated Statements of Cash Flows(In millions) | | Nine Months Ended | | | September 30, | | | 2026 | | | 2025 | | | (Unaudited) | Cash Flows from Operating Activities: | | | | | | Net earnings (Loss) | | $ | 90.1 | | | $ | (43.5) | Adjustments to reconcile net earnings to net cash used in operating activities: | | | | | | Depreciation and amortization | | | 62.1 | | | | 65.5 | (Gain) Loss on sales of subsidiaries, net | | | (22.8) | | | | 6.2 | Non-cash impairment of goodwill and other intangible assets | | | — | | | | 88.7 | Deferred income taxes | | | 7.1 | | | | (16.1) | Provision for credit losses | | | 9.1 | | | | 4.3 | Share-based compensation | | | 20.9 | | | | 20.2 | Changes in operating assets and liabilities: | | | | | | Accounts receivable | | | 36.4 | | | | (8.8) | Other assets | | | (74.7) | | | | (95.4) | Accounts payable | | | (255.8) | | | | (182.9) | Other liabilities | | | (9.4) | | | | (121.2) | Cash used in operating activities | | | (137.0) | | | | (283.0) | Cash Flows from Investing Activities: | | | | | | Capital expenditures | | | (23.6) | | | | (46.4) | Acquisition of businesses, net of cash acquired | | | — | | | | (1.0) | Impact to cash resulting from sales of subsidiaries | | | 87.5 | | | | (2.1) | Proceeds from the sale of property and equipment | | | 1.4 | | | | 0.8 | Cash provided by (used in) investing activities | | | 65.3 | | | | (48.7) | Cash Flows from Financing Activities: | | | | | | Net change in short-term borrowings | | | 1.5 | | | | 65.7 | Net proceeds from revolving debt facility | | | 50.0 | | | | 73.0 | Proceeds from long-term debt | | | 3.2 | | | | 0.2 | Repayments of long-term debt | | | (585.9) | | | | (0.6) | Payments of contingent consideration for acquisition | | | (0.8) | | | | (1.3) | Taxes paid related to net share settlement | | | (2.8) | | | | (6.0) | Repurchases of common stock and excise tax | | | (0.3) | | | | (38.2) | Dividends paid | | | (33.5) | | | | (33.3) | Cash (used in) provided by financing activities | | | (568.6) | | | | 59.5 | Effect of exchange rate changes on cash | | | 2.4 | | | | 37.4 | Change in cash and cash equivalents | | | (637.9) | | | | (234.8) | Cash and cash equivalents, beginning of period | | | 871.0 | | | | 509.4 | Cash and cash equivalents, end of period | | $ | 233.1 | | | $ | 274.6 | View original content to download multimedia:https://www.prnewswire.com/news-releases/manpowergroup-reports-3rd-quarter-2026-results-302909194.html

- Interested in ManpowerGroup Inc.? Here are five stocks we like better. - Leadership transition: President and Chief Strategy Officer Becky Frankiewicz will become CEO on Jan. 1, 2027, while current CEO Jonas Prising moves to executive chair as part of the company's internal succession plan. - Q3 performance improved: Revenue reached $4.8 billion, with organic constant-currency growth of 6%; adjusted EBITDA rose 14% and margin expanded to 2.2%. Manpower and Experis showed particularly strong momentum, including 15% U.S. growth for Manpower. - Outlook and transformation: ManpowerGroup expects fourth-quarter constant-currency revenue growth of 3%–7% and adjusted EPS of $1.03–$1.13. Management reaffirmed its goal of $200 million in annual cost savings by 2028, continued AI expansion, and a near-term focus on strengthening the balance sheet before resuming share repurchases. - MarketBeat Week in Review – 06/29 - 07/03 ManpowerGroup (NYSE:MAN) reported third-quarter 2026 revenue growth, margin expansion and improving trends in its Experis and Talent Solutions businesses, while also announcing that President and Chief Strategy Officer Becky Frankiewicz will become chief executive officer effective Jan. 1, 2027. Frankiewicz will join the company's board when she assumes the CEO role. Current Chair and CEO Jonas Prising will transition to Executive Chair. Prising said the leadership change was part of the board's long-term succession planning and reflects the company's focus on developing leadership internally. → Don't Get NVIDIA's Reflection AI Interest Wrong: Its Moat Could Deepen - Manchester United's Stock Rally Faces a Test Beyond Old Trafford "Becky knows our business inside and out," Prising said, citing her leadership of the North American region as well as her oversight of global strategy and commercial performance. Frankiewicz said she is committed to the company's transformation strategy and its stated cost-savings and margin-improvement objectives. ManpowerGroup reported revenue of $4.8 billion for the third quarter, while system-wide revenue, including franchise operations, was $5.3 billion. Organic, days-adjusted revenue increased 6% in constant currency, while reported constant-currency revenue growth was 5%. → Tesla Wants to Make Its Own Chips—What Could Go Wrong? - High-Yielding ManpowerGroup Inc. Goes On Sale Adjusted EBITDA totaled $107 million, up 14% year over year in constant currency. Adjusted EBITDA margin was 2.2%, expanding 10 basis points from a year earlier. Adjusted earnings per share were $1.01, at the midpoint of the company's guidance range, while reported EPS was $0.71. Gross margin was 15.9%. Chief Financial Officer Jack McGinnis said staffing margin was stable sequentially, although gross margin reflected a 50-basis-point year-over-year reduction in staffing margin due to mix changes. Softer permanent recruitment activity in France and certain other markets reduced gross margin by 10 basis points, while lower outplacement activity at Right Management accounted for another 10-basis-point reduction. → Birkenstock's Strong Growth Creates a Buying Opportunity Adjusted SG&A expense declined 2% in constant currency, as the company continued to manage operating costs and implement its transformation programs. Reported SG&A was $685 million, including restructuring and strategic transformation costs of $16 million and a $2 million charge tied to the U.S. Jefferson Wells disposition. The company's Manpower brand generated 7% organic constant-currency revenue growth, compared with 8% growth in the preceding quarter. Experis revenue was flat, improving from a 2% decline in the second quarter, while Talent Solutions revenue increased 1%, compared with flat revenue previously. - Manpower: The business continued to benefit from commercial staffing demand, and professional staffing returned to growth during the quarter. In the U.S., Manpower revenue rose 15% on a days-adjusted basis, marking its ninth consecutive quarter of growth. The company cited new client wins, expansion with existing clients, demand in food manufacturing and logistics, and opportunities related to automation and reshoring. - Experis: The technology talent and services business showed improving global trends, including 4% revenue growth for Experis in the U.S. The company cited activity in financial services, healthcare and energy, where clients are investing in data governance, AI implementation and cloud optimization. - Talent Solutions: Revenue improved from the second quarter, led by continued growth in managed service provider offerings and an improvement in recruitment process outsourcing, which returned to slight growth. Right Management declined as outplacement activity slowed. In the Americas, revenue rose 14% in constant currency to $1.2 billion. U.S. revenue increased 9% on an organic, days-adjusted basis to $729 million. Southern Europe revenue grew 2% in constant currency to $2.2 billion, with Italy up 5% while France declined 2%. Management said France experienced volatility during the quarter but saw improving trends in September and early October. McGinnis pointed to French manufacturing purchasing managers' index trends, saying July represented the weakest point of the quarter before improvement in August and September. The company expects a modestly better year-over-year revenue trend in France during the fourth quarter. Northern Europe revenue grew 6% in constant currency to $861 million, supported by 7% growth in the United Kingdom and what management described as very significant growth in Germany. Asia Pacific Middle East revenue rose 4% to $515 million, including 3% growth in Japan. Management reiterated its goal of delivering $200 million in permanent annual cost savings by 2028. The company has been redesigning sales and recruitment processes in the U.S. and is expanding that front-office program to the United Kingdom, with plans to scale it more broadly. Frankiewicz said the transformation is intended to lower the company's cost to serve, improve productivity and give teams more capacity to pursue growth. In response to an analyst question, she said she was "fully committed" to the company's previously outlined 110-basis-point margin-improvement objective. The company also continued to expand AI-enabled talent-screening capabilities, which it said now reach 70% of revenue after extensions in Italy and the U.S. during the quarter. Management said these tools are helping improve fill rates, accelerate hiring and enhance the candidate experience. Frankiewicz said partnerships with organizations including SoundHound AI, IBM watsonx Orchestrate, AWS, SAP and Microsoft are beginning to produce commercial benefits, including greater share of client spending and deeper involvement in client transformation programs. For the fourth quarter, ManpowerGroup forecast constant-currency revenue growth of 3% to 7%, or 5% at the midpoint. On an organic, days-adjusted constant-currency basis, the midpoint implies 4% growth after accounting for business days and dispositions. The company expects gross margin of 15.9% at the midpoint and projects adjusted EBITDA margin expansion of 20 basis points year over year, an improvement from the 10-basis-point expansion recorded through the first nine months of 2026. Fourth-quarter EPS is forecast at $1.03 to $1.13, excluding restructuring and global strategic transformation costs. Free cash flow was an outflow of $17 million in the third quarter, compared with a $45 million inflow a year earlier, primarily because of the timing of managed service provider payments. Excluding those quarter-end items, free cash flow would have been a $75 million inflow, McGinnis said. The company expects very strong free cash flow in the fourth quarter. At quarter-end, ManpowerGroup had $233 million in cash, $1.1 billion in total debt and net debt of $870 million. The company did not repurchase shares during the quarter and said its immediate priority remains strengthening the balance sheet before resuming repurchases. ManpowerGroup Inc is a global workforce solutions and staffing company headquartered in Milwaukee, Wisconsin. Founded in 1948, the company helps organizations recruit, manage and develop talent while assisting individuals with finding employment and advancing their careers. ManpowerGroup provides temporary, permanent and contract staffing; recruitment process outsourcing; workforce management; career transition and outplacement services; and talent development programs. Its principal brands include Manpower, which focuses on staffing and workforce solutions; Experis, which specializes in information technology and professional talent; and Talent Solutions, which provides recruitment, career management and workforce consulting services. The company serves employers and job seekers across a broad range of industries and geographic markets, with operations spanning numerous countries and territories worldwide. 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 "What ManpowerGroup (MAN) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Workforce solutions provider ManpowerGroup (NYSE:MAN) met Wall Street's revenue expectations in Q3 2026, with sales up 4.4% year on year to $4.84 billion. Its non-GAAP profit of $1.01 per share was in line with analysts' consensus estimates. Is now the time to buy ManpowerGroup? Find out in our full research report. - Revenue: $4.84 billion vs analyst estimates of $4.84 billion (4.4% year-on-year growth, in line) - EPS (GAAP): $1.01 vs analyst expectations of $1.01 - EPS (GAAP) guidance for Q4 2026 is $1.08 at the midpoint, beating analyst estimates by 11.3% - Operating Margin: 1.7%, in line with the same quarter last year - Free Cash Flow was -$16.8 million, down from $44.7 million in the same quarter last year - Market Capitalization: $2.42 billion Jonas Prising, ManpowerGroup Chair & CEO, said, "We delivered another quarter of consistent performance and strong execution as momentum continues across the organization. Our Manpower brand continues to lead the way, with notable share gains in the U.S. Our Experis and Talent Solutions brands experienced sequential revenue trend improvement which is encouraging. Our performance to date reinforces our confidence that 2026 is an inflection point for the business. At the same time, we continue to advance our transformation, expanding implementation beyond the U.S. and driving growth across our brands and regions while remaining on track to deliver on our cost savings target. Looking ahead, the combination of improving demand, strong execution, and continued progress on our transformation positions ManpowerGroup to drive sustainable, profitable growth." 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. A company's long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. With $18.92 billion in revenue over the past 12 months, ManpowerGroup is a behemoth in the business services sector and benefits from economies of scale, giving it an edge in distribution. This also enables it to gain more leverage on its fixed costs than smaller competitors and the flexibility to offer lower prices. However, its scale is a double-edged sword because it's harder to find incremental growth when you've penetrated most of the market. For ManpowerGroup to boost its sales, it likely needs to adjust its prices, launch new offerings, or lean into foreign markets. As you can see below, ManpowerGroup's revenue declined by 1.5% per year over the last five years, a rough starting point for our analysis. We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. ManpowerGroup's annualized revenue growth of 2.3% over the last two years is above its five-year trend, which is encouraging. This quarter, ManpowerGroup grew its revenue by 4.4% year on year, and its $4.84 billion of revenue was in line with Wall Street's estimates. Looking ahead, sell-side analysts expect revenue to grow 3.3% over the next 12 months, similar to its two-year rate. Although this projection indicates its newer products and services will fuel better top-line performance, it is still below average for the sector. ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who's building AI, one company is already using it to print money. And nobody's paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won't last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice. ManpowerGroup was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 2.4% was weak for a business services business. Analyzing the trend in its profitability, ManpowerGroup's adjusted operating margin decreased by 1.6 percentage points over the last five years. ManpowerGroup's performance was poor no matter how you look at it - it shows that costs were rising and it couldn't pass them onto its customers. In Q3, ManpowerGroup generated an adjusted operating margin profit margin of 1.9%, in line with the same quarter last year. This indicates the company's overall cost structure has been relatively stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Sadly for ManpowerGroup, its EPS declined by 16.5% annually over the last five years, more than its revenue. This tells us the company struggled because its fixed cost base made it difficult to adjust to shrinking demand. We can take a deeper look into ManpowerGroup's earnings to better understand the drivers of its performance. As we mentioned earlier, ManpowerGroup's adjusted operating margin was flat this quarter but declined by 1.6 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; interest expenses and taxes can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. For ManpowerGroup, its two-year annual EPS growth of 78.9% was higher than its five-year trend. This acceleration made it one of the faster-growing business services companies in recent history. In Q3, ManpowerGroup reported EPS of $0.71, up from $0.38 in the same quarter last year. Despite growing year on year, this print missed analysts' estimates. Over the next 12 months, Wall Street expects ManpowerGroup's full-year EPS to grow 70.4% from $2.54 to $4.32. We were impressed by ManpowerGroup's strong EPS guidance for next quarter vs. current expectations. Separately, the Company announced that the current CEO is stepping down January 1, 2027. The stock traded down 17.7% to $42.75 immediately after reporting. Big picture, is ManpowerGroup a buy here and now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.