ManpowerGroup Inc.
For the period ended Sep 30, 2025. Filed Oct 31, 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.
Sep 30, 2025 · Filed Oct 31, 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 2025-06-30; filed 2025-08-05.
0000950170-25-103114
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001193125-25-260851
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 136 previous paragraphs and 139 current paragraphs.
36 unchanged; 78 reworded; 25 added; 16 removed; 6 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 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 (25)
Current report
a revenue decrease in Northern Europe of -1.4% (-6.7% in constant currency and -6.2% in organic constant currency) primarily driven by a $31.2 decrease in demand for our Experis interim services, a $7.5 decrease in demand for our outplacement services, and a $7.3 decrease in demand for our Manpower staffing services, partially offset by the $43.8 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $28.1 and Germany of $20.5, which represented revenue decreases of -9.6% and -17.0%, respectively (-12.8% and -21.9%, respectively, in constant currency). This was partially offset by increases in Belgium of $15.9, the Nordics of $4.0, and the Netherlands of $2.3, which represented revenue increases of 19.9%, 2.7%, and 2.5% respectively (increased 12.8%, decreased -4.2%, and decreased -3.6% respectively, in constant currency); and
Current report
a 40 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts driven by enterprise clients;
Current report
a 10 basis point unfavorable impact from the decrease in career transition margins.
Current report
a $13.9 decrease (-38.1% reported, -40.2% in constant currency and organic constant currency) in restructuring costs when compared to the third quarter of 2024; partially offset by
Current report
a $27.2 increase due to the impact of changes in currency exchange rates; and
Current report
a $10.7 increase (35.5% reported, in constant currency, and in organic constant currency) in corporate expense due to one-off reductions in the prior year.
Current report
a 30 basis point favorable impact as a result of lower personnel costs primarily due to a decrease in salaries and other personnel costs due to the effects of restructuring actions previously taken; and
Current report
a 30 basis point favorable impact as a result of the decrease in restructuring costs incurred in the third quarter of 2025 compared to the third quarter of 2024; partially offset by
Current report
a 10 basis point unfavorable impact due to the changes in currency exchange rates.
Current report
Net earnings per share - diluted was $0.38 in the third quarter of 2025 compared to $0.47 in the third quarter of 2024. Restructuring costs and a non-cash currency translation charge related to our Argentina business unfavorably impacted net earnings per share - diluted by approximately $0.45, net of tax, in the third quarter of 2025.
Current report
Operating Results - Nine Months Ended September 30, 2025 and 2024
Current report
a revenue decrease in Northern Europe of -7.6% (-10.5% in constant currency and -10.3% in organic constant currency) primarily driven by a $120.8 decrease in demand for our Manpower staffing services, an $86.8 decrease in demand for our Experis interim services, a $19.2 decrease in demand for our permanent recruitment services, and a $19.6 decrease in demand for our Experis Solutions services, partially offset by the $72.8 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $104.1, Germany of $82.2, the Nordics of $33.8, and the Netherlands of $8.3, partially offset by an increase in Belgium of $14.4, which represented revenue decreases of -11.7%, -22.3%, -7.0%, -2.9% and an increase of 6.2%, respectively (-14.3%, -24.4%, -10.1%, -5.7% and an increase of 2.9%, respectively, in constant currency); and
Current report
a $33.0 increase due to the impact of currency exchange rates;
Current report
a $23.5 increase (20.7% reported, in constant currency and in organic constant currency) in corporate expense due to one-off reductions in the prior year; and
Current report
a $13.7 increase (44.2% reported, 39.4% in constant currency and organic constant currency) in restructuring costs incurred in the first nine months of 2025 compared to the first nine months of 2024; partially offset by
Current report
a $9.2 decrease (-19.5% reported, -20.0% in constant currency and -12.3% in organic constant currency) in other office costs.
Current report
Selling and administrative expenses decreased -2.6% (-1.0% decrease in constant currency) in the first nine months of 2025 compared to the first nine months of 2024, primarily driven by the $9.9 favorable impact of currency exchange rates, partially offset by a $3.1 increase in personnel costs and a $1.6 increase in non-personnel costs.
Current report
Gross profit margin decreased 60 basis points in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily due to higher activity in our Manpower staffing services, which contributed 50 basis points to the decrease, and lower activity in our outplacement services, which contributed 20 basis points to the decrease, partially offset by a 10 basis point increase from our consulting business.
Current report
In the Northern Europe region, revenues from services decreased -7.6% (-10.5% in constant currency and -10.3% in organic constant currency) in the first nine months of 2025 compared to the first nine months of 2024, primarily driven by a $120.8 decrease in demand for our Manpower staffing services and an $86.8 decrease in demand for our Experis interim services, partially offset by the $72.8 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $104.1, Germany of $82.2, the Nordics of $33.8, and the Netherlands of $8.3 and an increase in Belgium of $14.4, which represented revenue decreases of -11.7%, -22.3%, -7.0%, and -2.9% and an increase of 6.2%, respectively (-14.3%, -24.4%, -10.1%, and -5.7% and an increase of 2.9%, respectively, in constant currency).
Current report
OUP in Northern Europe increased 42.3% (72.3% in constant currency and 72.4% in organic constant currency) in the third quarter of 2025, which represented a -1.8% OUP margin, an increase from -3.1% in the third quarter of 2024. This OUP margin increase was primarily driven by OUP increases in the Nordics of $12.9. The OUP margin increase was primarily driven by a decrease in SG&A as a percentage of revenue.
Current report
Selling and administrative expenses decreased -7.8% (decreased -6.9% in constant currency and increased 3.0% in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024. The decrease is primarily due to the $3.4 decrease in non-personnel costs and $1.2 decrease in personnel costs.
Current report
Selling and administrative expenses decreased -3.4% (decreased -4.5% in constant currency and increased 5.6% in organic constant currency) in the first nine months of 2025 compared to the first nine months of 2024. The decrease is primarily due to a $4.3 reduction in other office costs and a $2.2 reduction in restructuring costs, partially offset by the $2.1 unfavorable impact of currency exchange rates.
Current report
During the third quarter of 2025, we completed the annual impairment test of our goodwill and indefinite-lived intangible assets. The fair value exceeded the carrying amount by more than 10% for all reporting units except the United Kingdom and Switzerland, whose carrying values had already been adjusted to fair value in the second quarter. As of September 30, 2025, the goodwill balances related to our United Kingdom and Switzerland reporting units were $77.9 and $35.4, respectively.
Current report
Due to current macroeconomic conditions in North America and Europe, our assumptions for near-term revenue growth and OUP margins were lower than in the prior year, resulting in reduced excess fair value for several reporting units. Key assumptions for reporting units included in the North America and Europe segments included average revenue growth rates for the next 10 years of 3.3% and 2.6%, respectively, average OUP margins of 5.8% and 2.4%, respectively, and discount rates ranging from 9.4% to 10.8% and 10.1% to 12.4%, respectively. Management closely monitors the performance and assumptions used in our fair value estimates, along with macroeconomic and operational developments that may impact future impairment assessments.
Current report
There could be significant further decreases in the operating results of our reporting units for a sustained period, which may result in a recognition of goodwill impairment that could be material to the Consolidated Financial Statements.
Removed paragraphs (16)
Previous 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
Previous report
a 10 basis point unfavorable impact from other items.
Previous report
$14.4 of restructuring costs, incurred in the second quarter of 2025 compared to no restructuring in the second quarter of 2024; and
Previous report
a $13.3, or 2.1% increase due to the impact of changes in currency exchange rates; partially offset by
Previous report
a 20 basis point favorable impact as salaries and office lease and occupancy costs decreased as a percent of revenues.
Previous report
Operating Results - Six Months Ended June 30, 2025 and 2024
Previous 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
Previous 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
Previous 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;
Previous report
a 10 basis point unfavorable impact from changes in currency exchange rates; partially offset by
Previous report
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 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.
Previous 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)
Previous report
OUP in Northern Europe decreased $6.6 (reported and constant currency variances are not meaningful) in the second quarter of 2025, which represented a -1.1% OUP margin, a decrease from -0.3% in the second quarter of 2024. This OUP decrease was primarily driven by OUP decreases in the Nordics and United Kingdom of $6.4 and $6.1, respectively. The OUP margin decrease was primarily driven by a decrease in gross profit margin.
Previous report
Selling and administrative expenses decreased -1.1% (decreased -3.3% in constant currency and increased 6.9% in organic constant currency) in the first half of 2025 compared to the first half of 2024. The decrease is primarily due to a $4.0 reduction in non-personnel costs, partially offset by the $2.7 unfavorable impact of currency exchange rates.
Previous report
While we did not identify triggering events for other reporting units during the second quarter; we continue to monitor performance trends and macroeconomic developments closely. Further deterioration in operating results or market conditions may result in future impairments that could be material to our Consolidated Financial Statements.
Reworded paragraphs (78)
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 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.
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, 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
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 wording
In the third 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 continued stabilizing trends 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 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.
Previous 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.
Current wording
During the third 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 3.8% favorable impact on revenues from services. 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 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.
Current wording
During the third quarter of 2025 compared to the third quarter of 2024, we experienced a 4.6% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services, partially offset by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates. During the third quarter of 2025 compared to the third quarter of 2024, we experienced a 5.2% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates, partially offset by the decreased demand for Manpower staffing services and decrease in demand for Talent Based Outsourcing (TBO). During the third quarter of 2025 compared to the third quarter of 2024, we experienced a -1.4% 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, and a decrease in demand for our permanent recruitment services, partially offset by the favorable impact of currency exchange rates. We experienced a -7.5% revenue decrease in APME in the third quarter of 2025 compared to the third 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 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.
Current wording
From a brand perspective, we experienced a revenue increase in Manpower while Experis and Talent Solutions experienced revenue decreases in the third quarter of 2025 compared to the third quarter of 2024. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Manpower consulting services, partially offset by decreased demand for TBO. 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 as well as decreased demand for our permanent recruitment services, partially offset by strong MSP revenue growth.
Previous 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.
Current wording
In the third quarter of 2025, our gross profit margin decreased 70 basis points compared to the third quarter of 2024, primarily attributable to decreases in our staffing and interim margins due to business mix changes driven by enterprise clients, lower permanent recruitment activity, and lower outplacement activity.
Previous 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.
Current wording
Our operating profit decreased -6.1% in the third quarter of 2025 and our operating profit margin decreased 20 basis points compared to the third quarter of 2024. Operating profit margin decreased in the third quarter of 2025 primarily due to the decrease in our gross profit margin and the non-recurrence of corporate cost reductions experienced in the prior year period.
Previous wording
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 wording
The year-over-year increase in revenues from services was 2.3% (-1.5% decrease in constant currency and 0.7% increase in organic constant currency) primarily attributed to:
Previous 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.
Current wording
a revenue increase in the Americas of 4.6% (5.5% increase in constant currency) primarily driven by a $77.6 increase in demand for our Manpower staffing services, partially offset by a $27.7 decrease in demand for our Experis interim services and a $10.0 unfavorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue decrease of -0.9% primarily driven by a $27.5 decrease in demand for our Experis interim services, partially offset by a $20.1 increase in demand for our Manpower Staffing services and $10.6 increase in our MSP services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $54.7.
Previous wording
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 wording
a revenue increase in Southern Europe of 5.2% (-1.3% decrease in constant currency and -0.6% decrease in organic constant currency) primarily driven by a $137.1 favorable impact of currency exchange rates and a $5.8 increase in demand for our Manpower consulting services, partially offset by a $21.0 decrease in demand for our Manpower staffing services and a $9.5 decrease in demand for Outcome Based Solutions. France, the largest market in Southern Europe, experienced a revenue increase of 1.4% (-4.7% in constant currency) primarily driven by a $70.9 favorable impact of currency exchange rates, partially offset by a $47.7 decrease in demand for our Manpower staffing services. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 10.3% (increase of 3.7% in constant currency) primarily driven by the $27.9 favorable impact of currency exchange rates, a $14.5 increase in demand for our Manpower staffing services and a $2.1 increase in demand for our Manpower and Experis consulting services;
Previous wording
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 wording
a revenue decrease in APME of -7.5% (-8.0% in constant currency and an 8.2% increase in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. Offsetting the disposition were revenue increases in Japan of $20.4 and India of $5.9 and a $3.0 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $14.0 increase in demand for our Manpower staffing services and $1.9 increase in demand for our Experis interim services. India's revenue increase is primarily due to a $4.6 increase in demand for our Manpower staffing services and a $3.3 increase in demand for our Experis interim services.
Previous wording
The year-over-year 40 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 70 basis point decrease in gross profit margin was primarily attributed to:
Previous wording
a 10 basis point unfavorable impact from decreases in permanent recruitment margins which was relatively stable, but at lower levels; and
Current wording
a 20 basis point unfavorable impact from decreases in permanent recruitment margins due to lower levels of activity; and
Previous 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:
Current wording
The -1.3% decrease in selling and administrative expenses in the third quarter of 2025 (-5.1% in constant currency and -4.0% in organic constant currency) was primarily attributed to:
Previous wording
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 wording
a $19.6 decrease (-1.2% reported, -4.3% in constant currency, and -3.2% in organic constant currency) in personnel costs primarily due to a $12.0 decrease in salaries and other personnel costs as we saw the effects of restructuring actions previously taken;
Previous 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;
Current wording
a $14.2 decrease (-1.0% reported, -7.7% in constant currency and -6.1% in organic constant currency) in non-personnel costs primarily due to a $3.1 reduction in office lease and occupancy costs and broader cost-cutting measures which impacted multiple expense streams; and
Previous 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:
Current wording
Selling and administrative expenses as a percent of revenues decreased 50 basis points in the third quarter of 2025 compared to the third quarter of 2024 due primarily to:
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 $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 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 $17.1 in the third quarter of 2025 compared to $16.9 in the third quarter of 2024 primarily due to increased revolver borrowings. Foreign exchange loss, net was $2.4 in the third quarter of 2025 compared to $1.0 in the third quarter of 2024 primarily due to non-cash currency translation loss related to our Argentina business. Miscellaneous income, net was $5.8 in the third quarter of 2025 compared to $6.3 in the third quarter of 2024.
Previous wording
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 wording
We recorded income tax expense at an effective rate of 66.0% for the three months ended September 30, 2025, as compared to an effective rate of 61.5% for the three months ended September 30, 2024. The 2025 rate was unfavorably impacted by the lower level and overall mix of earnings and the 2025 enacted French exceptional corporate income tax surcharge. The 66.0% effective tax rate for the third quarter of 2025 was higher 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
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.
Current wording
Weighted average shares - diluted decreased to 46.9 million in the third quarter of 2025 from 48.1 million in the third quarter of 2024. This decrease was due to the impact of share repurchases completed since the third quarter of 2024, partially offset by grants of share-based awards.
Previous wording
The following table presents selected consolidated financial data for the six months ended June 30, 2025 as compared to 2024.
Current wording
The following table presents selected consolidated financial data for the nine months ended September 30, 2025 as compared to 2024.
Previous 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:
Current wording
The year-over-year decrease in revenues from services of -1.6% (-3.2% in constant currency and -1.0% in organic constant currency) was attributed to:
Previous wording
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 wording
a revenue increase in the Americas of 2.0% (4.2% in constant currency) primarily driven by a $216.8 increase in demand for our Manpower staffing services and a $13.0 increase in demand for TBO, partially offset by a decrease in demand for Experis interim services of $99.6, and a $69.8 unfavorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue decrease of -1.0% primarily driven by a $85.1 decrease in demand for our Experis interim services, partially offset by a $56.0 increase in demand for our Manpower staffing services and a $27.1 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 $85.2.
Previous wording
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 wording
a revenue increase in Southern Europe of 0.2% (-2.9% decrease in constant currency and -2.2% decrease in organic constant currency) primarily driven by the $195.9 favorable impact of currency exchange rates and an $11.8 increase in our Manpower consulting services, partially offset by a $157.8 decrease in demand for our Manpower staffing services, a $20.0 decrease in demand for our Outcome Based Solutions, an $11.4 decrease in demand for our Experis interim services, and an $8.2 decrease in demand for our permanent recruitment services. France, the largest market in Southern Europe, experienced a revenue decrease of -3.9% (-6.8% in constant currency) primarily driven by a $215.5 decrease in demand for our Manpower staffing services and a $7.7 decrease in demand for our permanent recruitment services, partially offset by the $99.9 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 6.2% (3.0% in constant currency) primarily driven by the $40.1 favorable impact of currency exchange rates, a $38.9 increase in demand for our Manpower staffing services, and an $8.4 increase in demand for our Manpower and Experis consulting services.
Previous wording
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 wording
a revenue decrease in APME of -7.1% (-8.4% decrease 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 were revenue increases in Japan of $75.4 and India of $17.3, and a $20.6 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $41.3 increase in demand for our Manpower staffing services, a $19.1 favorable impact of currency exchange rates, and a $7.8 increase in demand for our Experis interim service. India's increase is primarily due to a $17.2 increase in demand for our Manpower staffing service, partially offset by a $7.5 unfavorable impact of currency exchange rates.
Previous wording
a 10 basis point unfavorable impact from decreases in permanent recruitment, and
Current wording
a 20 basis point unfavorable impact from decreases in permanent recruitment; and
Previous wording
a 10 basis point unfavorable impact from decreased demand for our Right Management outplacement services;
Current wording
a 10 basis point unfavorable impact from decreased demand for our career transition services.
Previous wording
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 wording
The 3.2% increase in selling and administrative expenses in the first nine months of 2025 (1.7% in constant currency and 2.9% in organic constant currency) was primarily attributed to:
Previous 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
Current wording
a $56.6 decrease (-2.9% reported, -4.1% in constant currency and -3.1% in organic constant currency) in personnel costs primarily due to a $30.2 decrease in salaries as we saw the effects of restructuring actions previously taken, a $16.0 decrease in bonuses and sales commission costs, and a $10.5 decrease in other personnel costs; and
Previous wording
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 wording
Selling and administrative expenses as a percent of revenues increased 70 basis points in the first nine months of 2025 compared to the first nine months of 2024 due primarily to:
Previous wording
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 wording
a 70 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;
Previous wording
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 wording
a 10 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the first nine months of 2025 compared to the first nine months of 2024; partially offset by
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 $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.
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 $50.5 in the first nine months of 2025 compared to $42.6 in the first nine months of 2024 primarily due to increased revolver and other short-term borrowings during the period. Foreign exchange loss, net was $4.6 in the first nine months of 2025 compared to $5.2 in the first nine months of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was $13.4 in the first nine months of 2025 compared to $19.1 in the first nine months of 2024.
Previous 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.
Current wording
We recorded income tax expense at an effective rate of 256.2% for the nine months ended September 30, 2025, as compared to an effective rate of 41.4% for the nine months ended September 30, 2024. The 2025 rate was unfavorably impacted by 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 restructuring costs recorded and the 2025 enacted French exceptional corporate income tax surcharge. The 256.2% effective tax rate for the nine months ended September 30, 2025 was higher 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 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 wording
Net loss per share - diluted was $0.93 in the first nine months of 2025 compared to net earnings per share of $2.53 in the first nine months of 2024. Goodwill and intangible asset impairment charges recorded in the first nine months 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 $1.10, net of tax, in the first nine months of 2025. The loss from the disposition of subsidiaries recorded in the first nine months of 2025 unfavorably impacted net earnings per share - diluted by approximately $0.13, net of tax.
Previous wording
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 wording
Weighted average shares - diluted decreased to 46.6 in the first nine months of 2025 from 48.5 in the first nine months of 2024. This decrease was due to the impact of share repurchases completed since the first nine months of 2024, partially offset by grants of share-based awards.
Previous 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).
Current wording
In the Americas, revenues from services increased 4.6% (5.5% increase in constant currency) in the third quarter of 2025 compared to the third quarter of 2024. In the United States (which represented 63% of the Americas' revenues), revenues from services decreased -0.9% in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by a $27.5 decrease in demand for our Experis interim services, partially offset by a $20.1 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 15.5% (18.3% in constant currency) in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by a $57.5 increase in demand for our Manpower staffing services and a $3.7 increase in demand for TBO, partially offset by the $10.0 unfavorable impact of foreign currency exchange rates. Within our Other Americas segment, we experienced an increase in Chile of $11.8, Mexico of $5.5, Canada of $3.0, and Argentina of $0.9, which represented increases of 33.1%, 9.9%, 3.9%, and 2.8%, respectively (37.3%, 8.1%, 4.9%, and 45.2%, respectively, in constant currency).
Previous wording
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 wording
In the Americas, revenues from services increased 2.0% (4.2% increase in constant currency) in the first nine months of 2025 compared to the first nine months of 2024. In the United States, revenues from services decreased -1.0% in the first nine months of 2025 compared to the first nine months of 2024, primarily driven by an $85.1 decrease in demand for our Experis interim services, partially offset by a $56.0 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 7.9% (14.4% in constant currency) in the first nine months of 2025 compared to the first nine months of 2024, primarily driven by a $160.8 increase in demand for our Manpower staffing services and a $13.0 increase in demand for TBO, partially offset by the $69.8 unfavorable impact of foreign currency exchange rates and a $14.5 decrease in demand for our Experis interim services. Within our Other Americas segment, we experienced an increase in Chile of $36.8, Peru of $23.0, Colombia of $23.0, and Argentina of $16.7, which represented increases of 38.5%, 25.9%, 20.1%, and 19.0%, respectively (41.4%, 21.5%, 24.4%, and 57.1%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $15.3, or -6.5%, and $11.5, or -6.2%, respectively (-4.1% decrease and 3.2% increase in constant currency, respectively).
Previous 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.
Current wording
Gross profit margin decreased 110 basis points in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 100 basis points to the decrease, and decreased activity in our outplacement services, which contributed 10 basis points to the decrease.
Previous wording
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 wording
Gross profit margin decreased 110 basis points in the first nine months of 2025 compared to the first nine months 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 basis points, respectively, to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 30 basis points.
Showing the first 40 of 78 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
a 30 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
Previous report — wording carried elsewhere
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
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units; and
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.