Q - ManpowerGroup
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
MAN$44.50-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0000950170-25-062835
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103114
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 136 current paragraphs.
23 unchanged; 50 reworded; 56 added; 11 removed; 0 previous and 7 current paragraphs rearranged.
Tables are not compared: 2 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (56)
Current report
In the second quarter of 2025, we observed continued stabilization in several of our key markets. Latin America and Asia Pacific continued to experience good demand while demand in parts of Europe and North America saw stabilizing trends in many markets during the quarter. Employers are proving resilient but remain cautious in their workforce strategies with many maintaining current staffing levels and taking a measured approach to new hiring, reflecting ongoing macroeconomic and geopolitical uncertainties, including the impact of recent policy shifts and global trade dynamics. In Europe, particularly Northern Europe, employers continue to be more cautious, reflecting their greater exposure to economic and geopolitical headwinds. Although we are encouraged by early signs of stabilization in some regions, we believe many employers are still awaiting greater clarity in the economic outlook before committing to increased workforce investments. As such, we expect the business environment to remain mixed, with potential headwinds continuing to impact our operations in the near term.
Current report
The year-over-year decrease in revenues from services was flat year over year (-3.5% in constant currency and -1.4% in organic constant currency) was attributed to:
Current report
a revenue increase in Southern Europe of 2.4% (-2.8% in constant currency and -2.2% in organic constant currency) primarily driven by a $110.8 favorable impact of currency exchange rates and a $4.4 increase in demand for our Manpower consulting services, partially offset by a $48.2 decrease in demand for our Manpower staffing services, and a $9.5 decrease in demand for TBO. France, the largest market in Southern Europe, experienced a revenue decrease of -1.3% (-6.3% in constant currency) primarily driven by a $67.8 decrease in demand for our Manpower staffing services, partially offset by a $58.5 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 9.4% (increase of 3.9% in constant currency) primarily driven by the $24.3 favorable impact of currency exchange rates, a $17.4 increase in demand for our Manpower staffing services and a $2.9 increase in demand for our Manpower and Experis consulting services;
Current report
a revenue decrease in Northern Europe of -5.1% (-10.4% in constant currency and -10.3% in organic constant currency) primarily driven by a $38.0 decrease in demand for our Manpower staffing services, a $26.9 decrease in demand for our Experis interim services, and a $6.9 decrease in demand for our Experis Solutions services, partially offset by the $44.1 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $26.1, the Nordics of $9.0, Germany of $21.5, the Netherlands of $0.4, and an increase in Belgium of $4.4, which represented revenue decreases of -9.0%, -5.4%, -18.5%, -0.4%, and an increase of 5.7% respectively (-14.0%, -11.4%, -22.7%, -5.5%, and an increase of 0.3% respectively, in constant currency); and
Current report
a revenue decrease in APME of -3.0% (-8.0% in constant currency and an increase of 7.8% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. Offsetting the disposition are revenue increases in Japan of $20.1 and India of $7.7 and the $27.0 favorable impact of currency exchange rates. Japan's increase is primarily due to a $14.6 increase in demand for our Manpower staffing services and $2.6 increase in demand for our Experis interim services. India's revenue increase is primarily due to a $6.7 increase in demand for our Manpower staffing services.
Current report
a 10 basis point unfavorable impact from decreases in permanent recruitment margins which was relatively stable, but at lower levels; and
Current report
a 10 basis point unfavorable impact from other items.
Current report
goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units;
Current report
$14.4 of restructuring costs, incurred in the second quarter of 2025 compared to no restructuring in the second quarter of 2024; and
Current report
a $13.3, or 2.1% increase due to the impact of changes in currency exchange rates; partially offset by
Current report
a $17.6, or -1.1% decrease (-3.9% in constant currency and -2.9% in organic constant currency) in personnel costs primarily due to a $16.9 decrease in salaries and other personnel costs as we saw the effects of restructuring actions taken in 2024 and 2023; and
Current report
a 200 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units; and
Current report
a 30 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the second quarter of 2025 compared to the second quarter of 2024; partially offset by
Current report
a 20 basis point favorable impact as salaries and office lease and occupancy costs decreased as a percent of revenues.
Current report
Operating Results - Six Months Ended June 30, 2025 and 2024
Current report
a revenue increase in the Americas of 0.8% (3.6% in constant currency) primarily driven by a $139.2 increase in demand for our Manpower staffing services and a $9.3 increase in demand for TBO, partially offset by a decrease in demand for Experis interim services of $71.9, and a $59.7 unfavorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue decrease of -1.1% primarily driven by a $57.6 decrease in demand for our Experis interim services, partially offset by a $35.9 increase in demand for our Manpower staffing services and a $3.6 increase in demand for our MSP services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $30.5.
Current report
a revenue decrease in Southern Europe of -2.4% (-3.8% in constant currency and -3.1% in organic constant currency) primarily driven by a $136.8 decrease in demand for our Manpower staffing services, a $10.5 decrease in demand for our Outcome Based Solutions, an $8.5 decrease in demand for our Experis interim services, and a $7.0 decrease in demand for our permanent recruitment services, partially offset by the $58.7 favorable impact of currency exchange rates and $5.2 increase in Manpower Consulting. France, the largest market in Southern Europe, experienced a revenue decrease of -6.6% (-7.8% in constant currency) primarily driven by a $167.8 decrease in demand for our Manpower staffing services and a $5.9 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 4.1% (2.7% in constant currency) primarily driven by a $24.4 increase in demand for our Manpower staffing services, the $12.2 favorable impact of currency exchange rates, and a $6.3 increase in demand for our Manpower and Experis consulting services, partially offset by $2.4 decrease in demand for our Experis interim services;
Current report
a revenue decrease in Northern Europe of -10.7% (-12.4% in constant currency and -12.3% in organic constant currency) primarily driven by a $113.5 decrease in demand for our Manpower staffing services, a $55.5 decrease in demand for our Experis interim services, a $16.4 decrease in demand for our Experis Solutions services, and a $12.8 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $76.0, the Nordics of $37.8, Germany of $61.7, the Netherlands of $10.6 and Belgium of $1.5, which represented revenue decreases of -12.8%, -11.3%, -24.8%, -5.6% and -1.0%, respectively (-15.0%, -12.7%, -25.6%, -6.7% and -2.4%, respectively, in constant currency); and
Current report
a revenue decrease in APME of -7.0% (-8.6% in constant currency and an increase of 7.5% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. The decrease from the disposition was partially offset by revenue increases in Japan of $38.9 and India of $15.9, and the $17.6 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $27.3 increase in demand for our Manpower staffing services and $5.9 increase in demand for our Experis interim service. India's increase is primarily due to a $12.6 increase in demand for our Manpower staffing service.
Current report
a 20 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
Current report
a 10 basis point unfavorable impact from decreased demand for our Right Management outplacement services;
Current report
The 5.5% increase in selling and administrative expenses in the first half of 2025 (5.1% in constant currency and 6.4% in organic constant currency) was primarily attributed to:
Current report
goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units; and
Current report
$30.2 in restructuring costs, incurred in the first half of 2025 compared to no restructuring costs in the first half of 2024; partially offset by
Current report
a $14.9, or -4.0% decrease (-2.7% in constant currency and -1.1% in organic constant currency) in non-personnel costs primarily due to a $4.0 decrease in other office costs and a $2.9 decrease in communication costs as a result of restructuring actions taken in 2024 and 2023;
Current report
Selling and administrative expenses as a percent of revenues increased 140 basis points in the first half of 2025 compared to the first half of 2024 due primarily to:
Current report
a 100 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units;
Current report
a 10 basis point unfavorable impact from changes in currency exchange rates; partially offset by
Current report
We recorded income tax expense on a pre-tax loss resulting in a negative effective rate of 144.8% for the six months ended June 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 33.4% for the six months ended June 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter, and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative effective tax rate of 144.8% for the first half of 2025 was significantly different than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.
Current report
Net loss per share - diluted was $1.32 in the first half of 2025 compared to net earnings per share of $2.05 in the first half of 2024. Goodwill and intangible asset impairment charges recorded in the first half of 2025 unfavorably impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.56, net of tax, in the first half of 2025. The loss from the disposition of subsidiaries recorded in the first half of 2025 unfavorably impacted net earnings per share - diluted by approximately $0.13, net of tax.
Current report
In the Americas, revenues from services increased 0.8% (3.6% increase in constant currency) in the first half of 2025 compared to the first half of 2024. In the United States, revenues from services decreased -1.1% in the first half of 2025 compared to the first half of 2024, primarily driven by a $57.6 decrease in demand for our Experis interim services, partially offset by a $35.9 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 4.2% (12.5% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $103.3 increase in demand for our Manpower staffing services and a $9.3 increase in demand for TBO, partially offset by the $59.7 unfavorable impact of foreign currency exchange rates and a $14.3 decrease in demand for our Experis interim services. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile of $25.0, Argentina of $15.9, Peru of $14.8, and Colombia of $13.3, which represented increases of 41.7%, 27.4%, 25.4%, and 17.7%, respectively (43.8%, 63.4%, 22.8%, and 25.7%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $18.3, or -11.6%, and $17.0, or -13.0%, respectively (-8.5% and an increase of 1.1%, respectively, in constant currency).
Current report
Gross profit margin decreased 90 basis points in the second quarter of 2025 compared to the second quarter of 2024. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 130 basis points to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 30 basis points, and our Manpower and Experis permanent recruitment services which offset the decrease by 10 basis points.
Current report
Gross profit margin decreased 120 basis points in the first half of 2025 compared to the first half of 2024. This decrease was primarily due to decreased activity in our Experis interim services and permanent recruitment services, which contributed 120 basis points and 20 bases points, respectively, to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 40 basis points.
Current report
Selling and administrative expenses decreased -3.1% (-1.0% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by the $8.4 favorable impact of currency exchange rates and an $8.1 decrease in non-personnel costs.
Current report
OUP decreased -19.9% (-18.0% in constant currency) in the second quarter of 2025, which represented a 3.4% OUP margin, a decrease from 4.2% in the second quarter of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $7.8, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.9% in the second quarter of 2025 from 3.9% in the second quarter of 2024 primarily due to decreased margins in our Experis interim business. Other Americas OUP margin decreased to 4.3% in the second quarter of 2025 from 4.8% in the second quarter of 2024 primarily due to a decrease in our gross profit margin.
Current report
In Southern Europe, revenues from services increased 2.4% (decreased -2.8% in constant currency and -2.2% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a $110.8 favorable impact of currency exchange rates, partially offset by a $48.2 decrease in demand for Manpower staffing services. In France (which represented 53% of Southern Europe’s revenues), revenues from services decreased -1.3% (-6.3% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $67.8 decrease in demand for our Manpower staffing services, partially offset by the $58.5 favorable impact of currency exchange rates. In Italy (which represented 22% of Southern Europe’s revenues), revenues from services increased 9.4% (3.9% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the $24.3 favorable impact of currency exchange rates, a $17.4 increase in demand for our Manpower staffing services, and a $2.9 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 5.0% (decrease of -0.6% in constant currency and increase of 2.4% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily due to the $28.0 favorable impact of currency exchange rates, partially offset by a $3.6 decrease in demand for our Experis interim services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $21.7, or 17.6% (11.5% in constant currency), partially offset by a revenue decrease in Switzerland of $6.0, or -5.5% (-13.7% in constant currency).
Current report
In Southern Europe, revenues from services decreased -2.4% (-3.8% in constant currency and -3.1% in organic constant currency) in the first half of 2025 compared to the first half of 2024 primarily due to a $136.8 decrease in demand for our Manpower staffing services and an $8.5 decrease in demand for our Experis interim services, partially offset by the $58.7 favorable impact of currency exchange rates. In France, revenues from services decreased -6.6% (-7.8% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $167.8 decrease in demand for our Manpower staffing services and a $5.9 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. In Italy, revenues from services increased 4.1% (increase of 2.7% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $24.4 increase in demand for our Manpower staffing services, the $12.2 favorable impact of currency exchange rates, and a $6.3 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 1.8% (flat in constant currency and increase of 3.3% in organic constant currency) in the first half of 2025 compared to the first half of 2024, primarily due to the $17.5 favorable impact of currency exchange rates, partially offset by a $6.3 decrease in demand for our Outcome Based Solutions. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $34.5, or 14.8% (13.2% in constant currency), partially offset by a revenue decrease in Switzerland of $26.8, or -12.3% (-15.4% in constant currency).
Current report
Selling and administrative expenses, excluding impairment charges, increased 1.6% (0.2% in constant currency and 1.2% in organic constant currency) during the first half of 2025 compared to the first half of 2024, primarily due to an increase of $9.5 in non-personnel costs and the $6.0 unfavorable impact of currency exchange rates, partially offset by a decrease of $11.6 in personnel costs incurred in the first quarter of 2025.
Current report
OUP decreased -19.3% (-20.9% in constant currency and -21.4% in organic constant currency), in the first half of 2025, which represented a 3.1% OUP margin, a decrease from 3.8% in the first half of 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $19.3. In France, the OUP margin decreased to 2.5% for the first half of 2025 compared to 3.2% for the first half of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.5% for the first half of 2025 compared to 7.3% for the first half of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.3% for the first half of 2025 from 2.0% for the first half of 2024 primarily due to decreased activity in higher-margin permanent recruitment services, and an increase in our selling and administrative expenses as a percent of revenue.
Current report
In the Northern Europe region, revenues from services decreased -10.7% (-12.4% in constant currency and -12.3% in organic constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $113.5 decrease in demand for our Manpower staffing services and a $55.5 decrease in demand for our Experis interim services, partially offset by the $29.0 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $76.0, the Germany of $61.7, Nordics of $37.8, the Netherlands of $10.6 and Belgium of $1.5, which represented revenue decreases of -12.8%, -24.8%, -11.3%, -5.6% and -1.0%, respectively (-15.0%, -25.6%, -12.7%, -6.7% and -2.4%, respectively, in constant currency)
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Removed paragraphs (11)
Previous report
In the first quarter of 2025, we observed the continuation of a challenging environment in Europe and North America, while demand for our services in Latin America and Asia Pacific increased during the quarter. Employers are continuing their cautious approach with many employers retaining their current workforce, delaying hiring decisions or reducing their demand for contingent labor as they remain focused on managing the macro-economic and geopolitical challenges impacting their businesses, including the impact of recent tariff announcements. We believe many employers are still hesitant to increase their spend and expand their workforce until they perceive a significant improvement in economic outlook and greater certainty in trade policy. As a result of these factors, we expect the business environment will continue to be challenging, which could further negatively impact our operations in future periods.
Previous report
a revenue decrease in Southern Europe of -7.4% (-4.8% in constant currency and -4.0% in organic constant currency) primarily driven by a $97.5 decrease in demand for our Manpower and Experis staffing/interim services, the $52.1 unfavorable impact of currency exchange rates and a $4.2 decrease in demand for our permanent recruitment services. France, the largest market in Southern Europe, experienced a revenue decrease of -12.2% (-9.5% in constant currency) primarily driven by a $99.9 decrease in demand for our Manpower staffing services, the $29.5 unfavorable impact of currency exchange rates and a $3.2 decrease in demand for our permanent recruitment services. Italy, our second-largest market in Southern Europe, experienced a revenue decrease of -1.6% (increase of 1.4% in constant currency) primarily driven by the $12.1 unfavorable impact of currency exchange rates, partially offset by a $3.5 increase in demand for our Manpower and Experis consulting services and a $1.6 increase in demand for our Manpower and Experis staffing/interim services;
Previous report
a revenue decrease in Northern Europe of -16.0% (-14.3% in constant currency) primarily driven by a $109.5 decrease in demand for our Manpower and Experis staffing/interim services, the $15.1 unfavorable impact of currency exchange rates, a $9.6 decrease in demand for our Experis solutions services and a $6.6 decrease in demand for our permanent recruitment services. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $49.9, the Nordics of $28.8, Germany of $40.2, the Netherlands of $10.2 and Belgium of $5.9, which represented revenue decreases of -16.4%, -17.1%, -30.3%, -10.7% and -7.9%, respectively (-16.0%, -14.0%, -28.2%, -7.9% and -5.1%, respectively, in constant currency); and
Previous report
a revenue decrease in APME of -11.0% (-9.2% in constant currency and an increase of 7.3% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024 which contributed to the $27.5 decrease in revenues for our Manpower staffing services, a $26.0 decrease in revenues for TBO and the $9.4 unfavorable impact of currency exchange rates, partially offset by revenue increases in Japan of $11.5 and India of $5.5.
Previous report
a 10 basis point unfavorable impact from Right Management career transition within Talent Solutions as outplacement activity decreased year over year; and
Previous report
a 10 basis point unfavorable impact due to decreases in our TBO business; partially offset by
Previous report
a 20 basis point favorable increase due to the impact of the wind down of our Proservia business in Germany.
Previous report
a $14.8, or -1.2% decrease due to the impact of changes in currency exchange rates; and
Previous report
$15.8 of restructuring costs, incurred in the first quarter of 2025 compared to zero in the first quarter of 2024.
Previous report
In Southern Europe, revenues from services decreased -7.4% ( -4.8% in constant currency and -4.0% in organic constant currency) in the first quarter of 2025 compared to the first quarter of 2024. In France (which represents 53% of Southern Europe’s revenues), revenues from services decreased -12.2% (-9.5% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by a $99.9 decrease in demand for our Manpower staffing services, the $29.5 unfavorable impact of currency exchange rates and a $3.2 decrease in demand for our permanent recruitment services. In Italy (which represents 22% of Southern Europe’s revenues), revenues from services decreased -1.6% (increase of 1.4% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by the $12.1 unfavorable impact of currency exchange rates, partially offset by a $3.5 increase in demand for our Manpower and Experis consulting services, and a $1.6 increase in demand for our Manpower and Experis staffing/interim services. In Other Southern Europe, revenues from services decreased -1.5% (increase of 0.7% in constant currency and 4.1% in organic constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily due to the $10.4 unfavorable impact of currency exchange rates and a $2.5 decrease in demand for our Experis interim services, partially offset by a $4.4 increase in demand for our Manpower staffing services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $12.8, or 11.6% (15.1% in constant currency), partially offset by a revenue decrease in Switzerland of $20.8, or -19.3% (-17.1% in constant currency).
Previous report
Selling and administrative expenses decreased -5.5% (-3.5% in constant currency and an increase of 7.1% in organic constant currency) in the first quarter of 2025 compared to the first quarter of 2024. The decrease is primarily due to a $1.6 reduction in other office related costs and the $1.3 favorable impact of currency exchange rates.
Reworded paragraphs (50)
Previous wording
This Quarterly Report on Form 10-Q 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, (each a "forward-looking statement"). Statements made in this quarterly report that are not statements of historical fact are forward-looking statements. In addition, from time to time, we and our representatives may make statements that are forward-looking. Forward-looking statements are based on management’s current assumptions and expectations and are subject to risks and uncertainties that are beyond our control and may cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “believe,” “seek,” “estimate,” and other similar expressions. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, the risk factors discussed in Item 1A – Risk Factors in our annual report on Form 10-K for the year-ended December 31, 2024, which information is incorporated herein by reference. Such risks and uncertainties include, but are not limited to, volatile, negative or uncertain economic conditions, particularly in Europe and the United States, including inflation, global trade policies, geopolitical risk and uncertainty; changes in labor and tax legislation in places we do business; failure to implement strategic transformation initiatives and technology investments; and other factors that may be disclosed from time to time in our SEC filings or otherwise. We caution that any forward-looking statement reflects only our belief at the time the statement is made. We undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Current wording
This Quarterly Report on Form 10-Q 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, (each a "forward-looking statement"). Statements made in this quarterly report that are not statements of historical fact are forward-looking statements. In addition, from time to time, we and our representatives may make statements that are forward-looking. Forward-looking statements are based on management’s current assumptions and expectations and are subject to risks and uncertainties that are beyond our control and may cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “believe,” “seek,” “estimate,” and other similar expressions. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, the risk factors discussed in Item 1A – Risk Factors in our annual report on Form 10-K for the year-ended December 31, 2024, which information is incorporated herein by reference. Such risks and uncertainties include, but are not limited to, volatile, negative or uncertain economic conditions, particularly in Europe and the United States, including inflation, global trade policies, and geopolitical risk and uncertainty; changes in labor and tax legislation in places we do business; failure to implement strategic transformation initiatives and technology investments; and other factors that may be disclosed from time to time in our SEC filings or otherwise. We caution that any forward-looking statement reflects only our belief at the time the statement is made. We undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Previous wording
Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, as we continued to experience in the first quarter of 2025, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses.
Current wording
Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, as we continued to experience in the second quarter of 2025, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses.
Previous wording
During the first quarter of 2025, the United States dollar strengthened, on average, relative to the currencies in most of our markets, and overall had an unfavorable impact on our reported results. The changes in the foreign currency exchange rates had a -2.5% unfavorable impact on revenues from services and an approximately $0.01 per share unfavorable impact on net earnings per share – diluted in the quarter. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.
Current wording
During the second quarter of 2025, the United States dollar weakened, on average, relative to the currencies in most of our markets, and overall had a favorable impact on our reported results. The changes in the foreign currency exchange rates had a 3.5% favorable impact on revenues from services and an approximately $0.04 per share favorable impact on net earnings per share – diluted in the quarter. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.
Previous wording
During the first quarter of 2025 compared to the first quarter of 2024, we experienced a 2.0% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services and an increase in demand for Talent Based Outsourcing (TBO), partially offset by the unfavorable impact of currency exchange rates and a decrease in demand for our Experis interim services. During the first quarter of 2025 compared to the first quarter of 2024, we experienced a -7.4% revenue decrease in Southern Europe, primarily due to a decrease in demand for our Manpower and Experis staffing/interim services, the unfavorable impact of currency exchange rates and a decrease in demand for our permanent recruitment services. During the first quarter of 2025 compared to the first quarter of 2024, we experienced a -16.0% revenue decrease in Northern Europe, primarily due to a decrease in demand for our Manpower and Experis staffing/interim services, the unfavorable impact of currency exchange rates, a decrease in demand for our Experis solutions services and a decrease in demand for our permanent recruitment services. We experienced an -11.0% revenue decrease in APME in the first quarter of 2025 compared to the first quarter of 2024 primarily due to the disposition of our Korea business in 2024 which contributed to the decrease in revenue for our Manpower staffing and TBO services and the unfavorable impact of currency exchange rates.
Current wording
During the second quarter of 2025 compared to the second quarter of 2024, we experienced a -0.4% revenue decrease in the Americas, primarily driven by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates, partially offset by the increase in demand for our Manpower staffing services and an increase in demand for Right Management outplacement services. During the second quarter of 2025 compared to the second quarter of 2024, we experienced a 2.4% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates and increased demand for Manpower consulting services, partially offset by the decrease in demand for our Manpower staffing services, a decrease in demand for Experis interim services, and a decrease in demand for Talent Based Outsourcing (TBO). During the second quarter of 2025 compared to the second quarter of 2024, we experienced a -5.1% revenue decrease in Northern Europe, primarily due to a decrease in demand for our Manpower staffing services, a decrease in demand for our Experis interim services, a decrease in demand for our Experis solutions services, and a decrease in demand for our permanent recruitment services, partially offset by the favorable impact of currency exchange rates. We experienced a -3.0% revenue decrease in APME in the second quarter of 2025 compared to the second quarter of 2024 primarily due to the disposition of our Korea business in 2024 which contributed to the decrease in revenue for our Manpower staffing and TBO services, partially offset by the favorable impact of currency exchange rates.
Previous wording
From a brand perspective, we experienced revenue decreases in Manpower, Experis and Talent Solutions in the first quarter of 2025 compared to the first quarter of 2024. In our Manpower brand, the revenue decrease was primarily due to decreased demand for staffing services. The revenue decrease in our Experis brand was primarily due to decreased demand for interim services, our Experis solutions services and our permanent recruitment services. On an overall basis, the revenue decrease in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to a decrease in demand for our Right Management outplacement services.
Current wording
From a brand perspective, we experienced revenue increases in Manpower and Talent Solutions while Experis experienced a revenue decrease in the second quarter of 2025 compared to the second quarter of 2024. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services, partially offset by decreased demand for TBO. The revenue increase in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to an increase in demand for our MSP services offset by lower demand for our Right Management outplacement services. The revenue decrease in our Experis brand was primarily due to decreased demand for interim services and timing of healthcare technology projects compared to the prior year.
Previous wording
In the first quarter of 2025, our gross profit margin decreased 20 basis points compared to the first quarter of 2024, primarily due to decreases in permanent recruitment, a decrease in staffing/interim margins, a decrease in Right Management outplacement activity, and the unfavorable effects of currency exchange rates, partially offset by the favorable impact from the wind down of our Proservia business in Germany in 2024.
Current wording
In the second quarter of 2025, our gross profit margin decreased 50 basis points compared to the second quarter of 2024, primarily due to a decrease in staffing and interim margins due to business mix changes, slight decreases in permanent recruitment, and a decrease in MSP.
Previous wording
Our operating profit decreased 57.2% in the first quarter of 2025 and our operating profit margin decreased 80 basis points compared to the first quarter of 2024. Operating profit margin decreased primarily due to a decrease in gross profit margin and an increase in restructuring expense taken in the first quarter of 2025.
Current wording
Our operating profit decreased -125% in the second quarter of 2025 and our operating profit margin decreased 280 basis points compared to the second quarter of 2024. Operating profit margin decreased primarily due to goodwill and indefinite lived intangible asset impairments, a decrease in gross profit margin, dispositions, and an increase in restructuring expense taken in the second quarter of 2025.
Previous wording
a revenue increase in the Americas of 2.0% (5.3% in constant currency) primarily driven by a $70.5 increase in demand for our Manpower staffing services and a $4.4 increase in demand for TBO, partially offset by the $34.6 unfavorable impact of currency exchange rates and a $15.2 decrease in demand for our Experis interim services. The United States, our largest market in the Americas, experienced a revenue increase of 1.2% primarily driven by an $11.7 increase in demand for our Manpower and Experis staffing/interim services, partially offset by a $3.1 decrease in demand for our Right Management outplacement services.
Current wording
a revenue decrease in the Americas of -0.4% (2.0% increase in constant currency) primarily driven by a $56.6 decrease in demand for our Experis interim services and a $25.2 unfavorable impact of currency exchange rates, partially offset by a $68.7 increase in demand for our Manpower staffing services. The United States, our largest market in the Americas, experienced a revenue decrease of -3.3% primarily driven by a $49.8 decrease in demand for our Experis interim services, partially offset by a $19.9 increase in demand for our Manpower Staffing service, and a $3.0 increase in demand for our Right Management outplacement services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $18.6.
Previous wording
The year-over-year 20 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 50 basis point decrease in gross profit margin was primarily attributed to:
Previous wording
a 10 basis point unfavorable impact from the decrease in staffing/interim margins, mix shifts and lower bench utilization in select countries while pricing remained stable;
Current wording
a 30 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
Previous wording
The -4.0% decrease in selling and administrative expenses in the first quarter of 2025 (-1.9% in constant currency and -0.6% in organic constant currency) was primarily attributed to:
Current wording
The 15.2% increase in selling and administrative expenses in the second quarter of 2025 (12.2% in constant currency and 13.5% in organic constant currency) was primarily attributed to:
Previous wording
a $5.3, or -5.2% decrease (-2.8% in constant currency and -1.0% in organic constant currency) in non-personnel costs primarily due to a $3.3 reduction in other office related costs as well as broader cost-cutting measures implemented during the quarter which impacted multiple expense streams; partially offset by
Current wording
a $5.2, or -2.8% decrease (-2.6% in constant currency and -1.2% in organic constant currency) in non-personnel costs primarily due to a $2.1 reduction in other office related costs as well as broader cost-cutting measures implemented during the quarter which impacted multiple expense streams;
Previous wording
Selling and administrative expenses as a percent of revenues increased 50 basis points in the first quarter of 2025 compared to the first quarter of 2024 due primarily to:
Current wording
Selling and administrative expenses as a percent of revenues increased 240 basis points in the second quarter of 2025 compared to the second quarter of 2024 due primarily to:
Previous wording
We recorded income tax expense at an effective rate of 66.8% for the three months ended March 31, 2025, as compared to an effective rate of 31.0% for the three months ended March 31, 2024. The 2025 rate was unfavorably impacted by the lower level and overall mix of earnings, restructuring costs recorded in the quarter, and the 2025 enacted one-time French exceptional corporate income tax surcharge. The 66.8% effective tax rate for the three months ended March 31, 2025 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.
Current wording
We recorded income tax expense on a pre-tax loss resulting in a negative effective rate of -60.2% for the three months ended June 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 34.9% for the three months ended June 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative effective tax rate of 60.2% for the three months ended June 30, 2025 was significantly different than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.
Previous wording
Net earnings per share - diluted was $0.12 in the first quarter of 2025 compared to $0.81 in the first quarter of 2024. Restructuring costs unfavorably impacted net earnings per share - diluted by approximately $0.26, net of tax, in the first quarter of 2025. The 2025 enacted one-time French exceptional corporate income tax surcharge and overall mix of earnings unfavorably impacted net earnings per share - diluted by $0.04 and $0.02, respectively, in the first quarter of 2025.
Current wording
Net loss per share - diluted was $1.44 in the second quarter of 2025 compared to net earnings per share of $1.24 in the second quarter of 2024. Goodwill and intangible asset impairment charges recorded in the second quarter of 2025 negatively impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.30, net of tax, in the second quarter of 2025. The loss from the disposition of subsidiaries recorded in 2025 negatively impacted net earnings per share - diluted by approximately $0.13, net of tax.
Previous wording
Weighted average shares - diluted decreased to 47.3 million in the first quarter of 2025 from 48.9 million in the first quarter of 2024. This decrease was due to the impact of share repurchases completed since the first quarter of 2024, partially offset by grants of share-based awards.
Current wording
Weighted average shares - diluted decreased to 46.5 million in the second quarter of 2025 from 48.4 million in the second quarter of 2024. This decrease was due to the impact of share repurchases completed since the second quarter of 2024, partially offset by grants of share-based awards.
Previous wording
The year-over-year decrease in revenues from services of -7.1% (-4.6% in constant currency and -2.4% in organic constant currency) was attributed to:
Current wording
The year-over-year decrease in revenues from services of -3.5% -4.0% in constant currency and -1.9% in organic constant currency) was attributed to:
Previous wording
a 10 basis point unfavorable impact from decreases in permanent recruitment, including Talent Solutions RPO, as permanent hiring activity in the first quarter decreased year over year;
Current wording
a 10 basis point unfavorable impact from decreases in permanent recruitment, and
Previous wording
a $19.3, or -6.5% decrease (-4.2% in constant currency and -3.2% in organic constant currency) in personnel costs primarily due to a $7.9 decrease in bonuses and sales commission costs and a $6.3 decrease in salaries as we saw the effects of restructuring actions taken in 2024 and 2023;
Current wording
a $34.6, or -3.8% decrease (-4.1% in constant currency and -3.0% in organic constant currency) in personnel costs primarily due to a $16.3 decrease in salaries as we saw the effects of restructuring actions taken in 2024 and 2023 and an $8.6 decrease in bonuses and sales commission costs; and
Previous wording
a 40 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the first quarter of 2025 compared to the first quarter of 2024; and
Current wording
a 30 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the first half of 2025 compared to the first half of 2024; and
Previous wording
a 10 basis point unfavorable impact as personnel costs increased as a percent of revenues primarily due to salaries.
Current wording
a 10 basis point favorable impact as personnel costs decreased as a percent of revenues primarily due to decreased bonuses and sales commissions.
Previous wording
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $15.6 in the first quarter of 2025 compared to $12.3 in the first quarter of 2024 primarily due to increased revolver and other short-term borrowings during the period. Foreign exchange loss, net was $0.9 in the first quarter of 2025 compared to $2.4 in the first quarter of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was $5.0 in the first quarter of 2025 compared to $6.3 in the first quarter of 2024.
Current wording
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $33.4 in the first half of 2025 compared to $25.7 in the first half of 2024 primarily due to increased revolver and other short-term borrowings during the period. Foreign exchange loss, net was $2.2 in the first half of 2025 compared to $4.2 in the first half of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was ($7.6) in the first half of 2025 compared to ($12.8) in the first half of 2024.
Previous wording
In the Americas, revenues from services increased 2.0% (5.3% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024. In the United States (which represents 65% of the Americas' revenues), revenues from services increased 1.2% in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by a $16.0 increase in demand for our Manpower staffing services, partially offset by a $3.1 decrease in demand for our Right Management outplacement services. In Other Americas, revenues from services increased 3.3% (13.1% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by a $47.0 increase in demand for our Manpower and Experis staffing/interim services and a $4.4 increase in demand for TBO, partially offset by the $34.6 unfavorable impact of foreign currency exchange rates. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Argentina of $9.3, or 33.9% (69.5% in constant currency), partially offset by decreases in Canada and Mexico of $11.3, or -14.6%, and $11.6, or -17.6%, respectively (-9.2% and -0.9%, respectively, in constant currency).
Current wording
In the Americas, revenues from services decreased -0.4% (2.0% increase in constant currency) in the second quarter of 2025 compared to the second quarter of 2024. In the United States (which represented 64% of the Americas' revenues), revenues from services decreased -3.3% in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $49.8 decrease in demand for our Experis interim services, partially offset by a $19.9 increase in demand for our Manpower staffing services, and a $3.0 increase in demand for our Right Management outplacement services. In Other Americas, revenues from services increased 5.1% (11.9% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $48.8 increase in demand for our Manpower staffing services and a $4.9 increase in demand for TBO, partially offset by the $25.2 unfavorable impact of foreign currency exchange rates. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile and Argentina of $11.8, or 36.9%, and $6.6, or 21.6% respectively (38.8% and 57.8%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $7.0, or -8.8%, and $5.4, or -8.3%, respectively (-7.8% and an increase of 3.3%, respectively, in constant currency).
Previous wording
Selling and administrative expenses decreased -5.2% (-2.9% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by the $4.9 favorable impact of currency exchange rates and a $3.6 decrease in bonuses and sales commissions.
Current wording
Selling and administrative expenses decreased -0.8% (1.0% increase in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $3.6 decrease in non-personnel costs, the $3.5 favorable impact of currency exchange rates and a $3.6 decrease in bonuses and sales commissions, partially offset by a $4.0 increase in personnel costs.
Previous wording
Operating Unit Profit (“OUP”) decreased -2.4% (increase of 2.0% in constant currency) in the first quarter of 2025, which represents a 2.4% OUP margin, a decrease from 2.5% in the first quarter of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $0.6, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 1.6% in the first quarter of 2025 from 1.8% in the first quarter of 2024 primarily due to decreased margins in our staffing/interim business, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 3.9% in the first quarter of 2025 from 4.0% in the first quarter of 2024 primarily due to a decrease in our selling and administrative expenses as a percent of revenue, partially offset by decreased activity in our higher-margin permanent recruitment business.
Current wording
OUP decreased -13.5% (-10.7% in constant currency) in the first half of 2025, which represented a 2.9% OUP margin, a decrease from 3.4% in the first half of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $8.4, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.3% in the first half of 2025 from 2.9% in the first half of 2024 primarily due to business mix, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 4.1% in the first half of 2025 from 4.4% in the first half of 2024 primarily due to a decrease in our gross profit margin.
Previous wording
Gross profit margin decreased 20 basis points in the first quarter of 2025 compared to the first quarter of 2024. This decrease was primarily due to decreased activity in our higher margin Experis interim services, which contributed 20 basis points to the decrease, and a decrease of activity in our permanent recruitment services, which contributed 10 basis points to the decrease. These decreases were partially offset by increased demand in our higher-margin Manpower consulting services, which had a 10 basis point impact.
Current wording
Gross profit margin decreased 20 basis points in the second quarter of 2025 compared to the second quarter of 2024. This decrease was primarily due to lower activity in our higher margin Experis interim services, which contributed 10 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.
Previous wording
Gross profit margin decreased 160 basis points in the first quarter of 2025 compared to the first quarter of 2024. This decrease was primarily due to decreased margins in our Experis interim services, which contributed 110 basis points to the decrease, decreased activity in our Right Management outplacement business, which contributed 30 basis points to the decrease, and decreased activity in our permanent recruitment business, which contributed 20 basis points to the decrease.
Current wording
Gross profit margin decreased 20 basis points in the first half of 2025 compared to the first half of 2024. This decrease was primarily due to lower activity in our higher margin Experis interim services, which contributed 10 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.
Previous wording
Selling and administrative expenses decreased -2.7% (increase of 0.1% in constant currency and 1.1% in organic constant currency) during the first quarter of 2025 compared to the first quarter of 2024, primarily due to the $6.2 favorable impact of currency exchange rates and a decrease of $4.7 to bonuses and sales commissions and other personnel costs, partially offset by the $3.5 of restructuring costs incurred in the first quarter of 2025.
Current wording
Selling and administrative expenses, excluding impairment charges, increased 5.8% (0.4% in constant currency and 1.3% in organic constant currency) during the second quarter of 2025 compared to the second quarter of 2024, primarily due to the $12.2 unfavorable impact of currency exchange rates and an increase of $6.0 in non-personnel costs, partially offset by $7.2 decrease in personnel costs in the second quarter of 2025.
Previous wording
OUP decreased -28.2% (-26.4% in constant currency and -26.9% in organic constant currency), in the first quarter of 2025, which represents a 2.7% OUP margin, a decrease from 3.5% in the first quarter of 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $11.7. In France, the OUP margin decreased to 2.2% for the first quarter of 2025 compared to 3.0% for the first quarter of 2024, primarily driven by increases to selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.2% for the first quarter of 2025 compared to 6.8% for the first quarter of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.0% for the first quarter of 2025 from 2.1% for the first quarter of 2024 primarily due to decreased activity in higher-margin permanent recruitment services, as noted above, and an increase in our selling and administrative expenses as a percent of revenue.
Current wording
OUP decreased -11.9% (-16.3% in constant currency and -16.8% in organic constant currency), in the second quarter of 2025, which represented a 3.4% OUP margin, a decrease from 4.0% in the second quarter of 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $7.6. In France, the OUP margin decreased to 2.8% for the second quarter of 2025 compared to 3.4% for the second quarter of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.7% for the second quarter of 2025 compared to 7.8% for the second quarter of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.7% for the second quarter of 2025 from 1.9% for the second quarter of 2024 primarily due to decreased activity in higher-margin permanent recruitment services, and an increase in our selling and administrative expenses as a percent of revenue.
Previous wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 35%, 19%, 13%, 12% and 9%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services decreased -16.0% (-14.3% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by a $109.5 decrease in demand for our Manpower and Experis staffing/interim services, the $15.1 unfavorable impact of currency exchange rates, a $9.6 decrease in demand for our Experis solutions services and a $6.6 decrease in demand for our permanent recruitment services. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $49.9, the Nordics of $28.8, Germany of $40.2, the Netherlands of $10.2 and Belgium of $5.9, which represented revenue decreases of -16.4%, -17.1%, -30.3%, -10.7% and -7.9%, respectively (-16.0%, -14.0%, -28.2%, -7.9% and -5.1%, respectively, in constant currency)
Current wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 33%, 20%, 12%, 12% and 10%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services decreased -5.1% (-10.4% in constant currency and -10.3% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $38.0 decrease in demand for our Manpower staffing services and a $26.9 decrease in demand for our Experis interim services, partially offset by the $44.1 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $26.1, Germany of $21.5, the Nordics of $9.0, the Netherlands of $0.4 and an increase in Belgium of $4.4, which represented revenue decreases of -9.0%, -18.5%, -5.4%, -0.4% and an increase of 5.7%, respectively (-14.0%, -22.7%, -11.4%, -5.5% and an increase of 0.3%, respectively, in constant currency).
Previous wording
Gross profit margin increased by 10 basis points in the first quarter of 2025 compared to the first quarter of 2024. The increase was primarily due to a shift in business mix towards our higher-margin Right Management outplacement and MSP services, which contributed 50 basis points to the increase and increased margins in our Experis solutions services, which contributed 30 basis points to the increase. These contributions were partially offset by a decrease in our staffing/interim margins, which had a 50 basis point impact and decreased activity in our higher-margin permanent recruitment business, which had a 20 basis point impact.
Current wording
Gross profit margin decreased by 50 basis points in the first half of 2025 compared to the first half of 2024. The decrease was primarily due to a decrease in our Experis interim margins, which had a 40 basis point impact, decreased activity in our higher-margin permanent recruitment business, which had a 30 basis point impact, and decreased activity in our solutions business, which had a 20 basis point impact. These contributions were partially offset by a shift in business mix towards our higher-margin MSP services, which contributed an increase of 50 basis points.
Previous wording
Selling and administrative expenses decreased -3.5% (-1.5% in constant currency) in the first quarter of 2025 compared to the first quarter of 2024. The decrease is primarily driven by a $7.9 decrease in salary-related costs as we experience the impacts of significant restructuring actions taken in 2024 and 2023. This decrease was partially offset by $12.3 in restructuring costs incurred in the first quarter of 2025.
Current wording
Selling and administrative expenses, excluding impairment charges, decreased -6.3% (-7.2% in constant currency and -7.1% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024. The decrease is primarily driven by a $14.3 decrease in personnel costs as we experienced the impacts of significant restructuring actions taken in 2024 and 2023. This decrease was partially offset by $10.8 in restructuring costs incurred in the second quarter of 2025.
Previous wording
OUP in Northern Europe decreased $18.3 (reported and constant currency variances are not meaningful) in the first quarter of 2025, which represents a -2.5% OUP margin, a decrease from 0.0% in the first quarter of 2024. This OUP decrease was primarily driven by an OUP decrease in United Kingdom of $10.4. The OUP margin decrease was primarily driven by an increase in selling and administrative expenses as a percent of revenue.
Current wording
OUP in Northern Europe decreased $24.9 (reported and constant currency variances are not meaningful) in the first half of 2025, which represented a -1.8% OUP margin, a decrease from -0.1% in the first half of 2024. This OUP decrease was primarily driven by an OUP decrease in United Kingdom and the Nordics of $16.4 and $13.6, respectively. The OUP margin decrease was primarily driven by a decrease in gross profit margin.
Previous wording
Revenues from services decreased -11.0% (-9.2% in constant currency and an increase of 7.3% in organic constant currency) in the first quarter of 2025 compared to the first quarter of 2024 primarily driven by the Korea disposition and franchising. In Japan (which represents 60% of APME’s revenues), revenues from services increased 4.2% (6.9% in constant currency), primarily driven by a $16.0 increase in demand for our Manpower and Experis staffing/interim services, partially offset by the $7.2 unfavorable impact of currency exchange rates. In India (which represents 14% of APME’s revenues), revenues from services increased 9.2% (13.8% in constant currency), primarily driven by a $7.4 increase in demand for our Manpower and Experis staffing/interim services, partially offset by the $2.8 unfavorable impact of currency exchange rates.
Current wording
Revenues from services decreased -7.0% (-8.6% in constant currency and an increase of 7.5% in organic constant currency) in the first half of 2025 compared to the first half of 2024 primarily driven by the Korea disposition and franchising. In Japan, revenues from services increased 10.0% (7.1% in constant currency), primarily driven by a $27.3 increase in demand for our Manpower staffing services, the $16.1 favorable impact of currency exchange rates, and a $5.9 increase in demand for our Experis interim services. In India (which represented 13% of APME’s revenues), revenues from services increased 9.3% (13.0% in constant currency), primarily driven by a $13.9 increase in demand for our Manpower staffing services, partially offset by the $4.5 unfavorable impact of currency exchange rates.
Previous wording
Gross profit margin increased by 120 basis points in the first quarter of 2025 compared to the first quarter of 2024, primarily due to increased margins for our staffing/interim services, which contributed 140 basis points to the increase, and franchise fees, which contributed 20 basis points to the increase. The increase was partially offset by decreased activity in our Right Management outplacement business, which decreased 40 basis points.
Current wording
Gross profit margin increased by 110 basis points in the second quarter of 2025 compared to the second quarter of 2024, primarily due to increased margins for our Manpower staffing services, which contributed 120 basis points to the increase, Experis interim services, which contributed 40 basis points to the increase, and increased margins for our training services, which contributed 20 basis points to the increase. The increase was partially offset by decreased activity in our TBO services, which decreased 70 basis points.
Previous wording
OUP in APME increased 1.0% (2.9% in constant currency and 14.1% in organic constant currency) in the first quarter of 2025, which represents a 4.2% OUP margin, an increase from 3.7% in the first quarter of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing/interim services, as noted above, partially offset by an increase in selling and administrative expenses as percent of revenue.
Current wording
OUP in APME increased 3.3% (2.5% in constant currency and 12.5% in organic constant currency) in the first half of 2025, which represented a 4.6% OUP margin, an increase from 4.2% in the first half of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing and interim services, partially offset by an increase in selling and administrative expenses as percent of revenue.
Previous wording
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling arrangement, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of March 31, 2025, we had $295.8 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.
Current wording
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling arrangement, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of June 30, 2025, we had $157.7 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.
Previous wording
Cash used in operating activities was $153.2 during the three months ended March 31, 2025, as compared to $116.0 provided during the three months ended March 31, 2024. Changes in operating assets and liabilities utilized $196.4 of cash during the three months ended March 31, 2025 and generated $37.1 of cash during the three months ended March 31, 2024. These changes were primarily attributable to the timing of collections and payments. Accounts receivable decreased to $4,168.8 as of March 31, 2025 from $4,297.2 as of December 31, 2024 primarily due to the revenue decline and the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by two days from December 31, 2024 to 54 days as of March 31, 2025.
Current wording
Cash used in operating activities was $342.8 and $21.9 for the six months ended June 30, 2025 and June 30, 2024, respectively. Changes in operating assets and liabilities utilized $441.3 of cash during the six months ended June 30, 2025 and $191.2 during the six months ended June 30, 2024. These changes were primarily attributable to the timing of collections and payments. Accounts receivable increased to $4,641.3 as of June 30, 2025 from $4,297.2 as of December 31, 2024 primarily due to the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by four days from December 31, 2024 to 56 days as of June 30, 2025.
Previous wording
Cash used in investing activities was $14.6 and $9.7 for the three months ended March 31, 2025, and 2024, respectively. Capital expenditures were $13.7 for the three months ended March 31, 2025 compared to $11.8 for the three months ended March 31, 2024. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. From time to time, we acquire and invest in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was $1.0 and $1.1 for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Cash used in investing activities was $34.0 and $21.6 for the six months ended June 30, 2025 and 2024, respectively. Capital expenditures were $31.3 for the six months ended June 30, 2025 compared to $23.7 for the six months ended June 30, 2024. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. From time to time, we acquire and invest in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was $2.3 and $2.8 for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Cash provided by financing activities was $45.7 for the three months ended March 31, 2025 compared to $57.5 used in the three months ended March 31, 2024. Net debt borrowings were $76.6 and $3.5 in the three months ended March 31, 2025 and 2024, respectively. The larger borrowings in 2025 were due to our working capital needs.
Current wording
Cash provided by financing activities was $124.0 for the six months ended June 30, 2025 compared to $38.6 used in the six months ended June 30, 2024. Net debt borrowings were $202.8 and $124.7 in the six months ended June 30, 2025 and 2024, respectively. The larger borrowings in 2025 were due to our working capital needs which typically peak in the second quarter and improve in the second half of the year.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $17.8 in the second quarter of 2025 compared to $13.4 in the second quarter of 2024 primarily due to increased revolver borrowings and lower interest income during the period. Foreign exchange loss, net was $1.3 in the second quarter of 2025 compared to $1.8 in the second quarter of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was $2.6 in the second quarter of 2025 compared to $6.5 in the second quarter of 2024.
Current report — wording carried from elsewhere
The following table presents selected consolidated financial data for the six months ended June 30, 2025 as compared to 2024.
Current report — wording carried from elsewhere
The year-over-year 40 basis point decrease in gross profit margin was primarily attributed to:
Current report — wording carried from elsewhere
Weighted average shares - diluted decreased to 46.7 in the first half of 2025 from 48.7 in the first half of 2024. This decrease was due to the impact of share repurchases completed since the first half of 2024, partially offset by grants of share-based awards.
Current report — wording carried from elsewhere
Gross profit margin decreased by 100 basis points in the second quarter of 2025 compared to the second quarter of 2024. The decrease was primarily due to a decrease in our Experis interim margins, which had a 60 basis point impact, a decrease in our consulting margin, which had a 20 point impact, and decreased activity in our higher-margin permanent recruitment business, which had a 40 basis point impact. These contributions were partially offset by a shift in business mix towards our higher-margin Right Management outplacement and MSP services, which contributed a 40 basis point increase.
Current report — wording carried from elsewhere
Gross profit margin increased by 120 basis points in the first half of 2025 compared to the first half of 2024, primarily due to increased margins for our Manpower staffing services, which contributed 100 basis points to the increase, increased margins for our Experis interim services, which contributed 40 basis points to the increase, increased margins for our MSP business, which contributed 20 basis points to the increase, and increased margins for our training services, which contributed 20 basis points to the increase. The increase was partially offset by decreased activity in our TBO services, which decreased 60 basis points.
Current report — wording carried from elsewhere
OUP in APME increased 5.1% (2.2% in constant currency and 11.3% in organic constant currency) in the second quarter of 2025, which represented a 5.0% OUP margin, an increase from 4.6% in the second quarter of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing and interim services, partially offset by an increase in selling and administrative expenses as percent of revenue.