ManpowerGroup Inc.
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 23, 2026
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-K
Period ended 2024-12-31; filed 2025-02-19.
0000950170-25-023186
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-23.
0001193125-26-064113
Item 7. 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 120 previous paragraphs and 136 current paragraphs.
40 unchanged; 60 reworded; 32 added; 20 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 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 (32)
Current report
During 2025, reported revenues increased 0.6% compared to 2024. After a volatile start to 2025, reflecting macroeconomic and geopolitical uncertainties, including the impact of policy shifts and global trade dynamics, we have seen improved trends in the second half of 2025. We observed the continuation of largely stable activity levels across North America and Europe overall, with improving trends in France, despite ongoing political and budget uncertainty. Latin America and Asia Pacific continued to experience good demand. Employers remain deliberate in their workforce hiring strategies, yet engagement levels are steady and activity levels are becoming more consistent. We are seeing clear sequential improvement in key demand indicators, including Manpower associates on assignment in key markets including the United States and France. Although we are encouraged by signs of stabilization and signs of inflection in certain markets such as Italy and Spain, these trends reinforce our view that the shape of the recovery can be different by market with some inflecting earlier and others requiring longer periods of stabilization before inflecting.
Current report
a revenue decrease in Northern Europe of -4.3% (-8.3% in constant currency and -8.1% in organic constant currency), primarily due to decreased demand of $112.0 for our Experis interim services, an $85.5 decrease in demand for our Manpower staffing services, a $25.2 decrease in demand in our permanent recruitment business, and a $19.2 decrease in demand in our consulting business, partially offset by the $132.4 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $101.5, Germany of $97.2, the Nordics of $12.8, Netherlands of $2.3 and an increase in Belgium of $27.0, which represented revenue decreases of -8.9%, -20.4%, -2.0%, and -0.6% and an increase of 8.7%, respectively (-11.7%, -23.7%, -7.0%, and -4.9% and an increase of 3.7%, respectively, in constant currency); and
Current report
a revenue decrease in APME of -5.5% (-6.3% in constant currency and an increase of 7.4% in organic constant currency) primarily drivenby the disposition and franchising of our South Korea business in 2024. Offsetting the disposition was an increase in demand of $122.9 in our Manpower staffing business, a $17.3 favorable impact of currency exchange rates, and an increase in demand of $8.3 in our Experis interim service.
Current report
a $63.5 increase due to the impact of changes in currency exchange rates;
Current report
a $38.6 increase in corporate expense due to incremental investments in our transformation initiatives, one-time benefits in 2024 related to the disposition and franchising of our South Korea business and the release of a healthcare reserve; and
Current report
restructuring costs of $64.2 in 2025 compared to $53.6 incurred in 2024; partially offset by
Current report
a 50 basis point unfavorable impact due to goodwill and other impairment charges;
Current report
a 20 basis point favorable impact due to lower personnel costs;
Current report
a 10 basis point favorable impact due to currency exchange rates.
Current report
Selling and administrative expenses decreased -3.2% (-2.1% in constant currency) in 2025 compared to 2024, primarily driven by the $11.9 decrease in non-personnel costs and the $8.5 favorable impact of currency exchange rates.
Current report
In Southern Europe, revenues from services increased 2.7% (-2.0% in constant currency and -1.5% in organic constant currency) in 2025 compared to 2024. In France, revenues from services decreased -1.6% (-5.9% in constant currency) in 2025 compared to 2024, primarily driven by a $250.1 decrease in demand for our Manpower staffing services, partially offset by a $197.4 increase due to the favorable impact of currency exchange rates. In Italy, revenues from services increased 8.6% (3.8% in constant currency) in 2025 compared to 2024, primarily driven by an $80.5 impact due to the favorable impact of currency exchange rates, a $61.0 increase in demand for our Manpower staffing services and an $11.4 increase in demand for our consulting business. In Other Southern Europe, revenues from services increased 7.2% (1.8% in constant currency and 4.3% in organic constant currency) in 2025 compared to 2024, primarily driven by the $108.1 favorable impact of currency exchange rates and a $46.2 increase in demand for our Manpower staffing services, partially offset by a $17.0 decrease in demand in our TBO business. Within our Other Southern Europe segment, we experienced revenue increases in Spain and Israel of $95.3 and $64.6, or 18.5% and 18.0%, respectively (13.0% and 9.7%, respectively, in constant currency), partially offset by a revenue decrease in Switzerland of $28.0, or -6.5% (-12.1% in constant currency).
Current report
Selling and administrative expenses, excluding impairment charges, increased 4.8% (0.1% in constant currency and 0.8% in organic constant currency) during 2025 compared to 2024 primarily due to the unfavorable impact of currency exchange rates of $41.7, $8.2 increase in restructuring costs, and $5.2 increase in consulting and outside services, partially offset by a $15.7 decrease in salary-related costs as a result of restructuring actions taken in prior years.
Current report
Gross profit margin decreased by 90 basis points in 2025 compared to 2024 primarily due to decreased activity in our Talent Solutions brand, which contributed 50 basis points to the decrease and decreased activity in our Experis brand, which contributed 40 basis points to the decrease.
Current report
Operating unit loss in Northern Europe improved 2.9% (7.5% in constant currency and 8.4% in organic constant currency) in 2025, which represents a -1.4% OUP margin, a decrease from -1.3% in 2024. The lower operating unit loss was primarily driven by an increase in profitability in Germany and the Nordics, which experienced profitability increases of $7.7 and $6.0, respectively, partially offset by an OUP decrease in the United Kingdom of $22.3.
Current report
Revenues from services decreased -5.5% (-6.3% in constant currency and an increase of 7.4% in organic constant currency) in 2025 compared to 2024. In Japan, revenues from services increased 7.3% (5.9% in constant currency) primarily driven by a $50.1 increase in demand for our Manpower staffing services, a $15.7 favorable impact of currency exchange rates, and an $8.3 increase in demand for our Experis interim services.
Current report
Gross profit margin increased 90 basis points in 2025 compared to 2024 primarily due to the South Korea disposition in 2024.
Current report
Selling and administrative expenses decreased -6.8% (-7.5% in constant currency and increased 0.4% in organic constant currency) in 2025 compared to 2024. The decrease is primarily driven by the $19.8 decrease in non-personnel costs due to the South Korea Disposition.
Current report
OUP in APME increased 20.4% (19.1% in constant currency and 28.7% in organic constant currency), in 2025, which represents a 4.9% OUP margin, an increase from 3.9% in 2024. This OUP increase was primarily driven by increased margins in our Manpower staffing and Experis interim services and a decrease in selling and administrative expenses.
Current report
Cash used in operating activities was $104.1 in 2025, as compared to $309.2 generated in 2024. Changes in operating assets and liabilities utilized $269.3 of cash in 2025, compared to $65.4 generated in 2024. These changes were primarily attributable to the timing of collections and payments, as well as an increase in capitalized implementation costs related to our cloud computing arrangements.
Current report
Cash provided by financing activities was $485.5 in 2025 compared to $282.4 used in 2024. Net debt borrowings were $586.1 in 2025 as compared to net debt borrowings of $16.1 in 2024. The larger borrowings in 2025 were due to the issuance of €500.0 notes in December 2025 which were used to redeem our 2018 notes in January 2026.
Current report
Includes €500.0 notes redeemed in January 2026.
Current report
(b)
Current report
On May 30, 2025, we disposed of our South Africa business in our Northern Europe segment in exchange for a non-interest-bearing loan receivable of $1.4 and simultaneously entered into a franchising agreement. We recognized a one-time net loss on disposition of $4.8, of which $2.2 was included in selling and administrative expenses and $2.6 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2025.
Current report
For covenant purposes, net debt is defined as total debt less cash in excess of $200.0 through December 31, 2025 and less cash in excess of $300.0 thereafter. The agreement allows certain restructuring expenses to be excluded from EBITDA, up to fixed annual amounts for 2025, 2026 and 2027, and up to 15% of EBITDA beginning in 2028.
Current report
The following table provides an informational summary of our liquidity and capital structure as of:
Current report
(a)
Current report
Available capacity under the revolving credit facility represents $600.0 of total borrowing capacity less outstanding borrowings and letters of credit.
Current report
(b)
Current report
Available capacity under the working capital facility represents $150.0 of total borrowing capacity less outstanding borrowings and letters of credit.
Current report
Management closely monitors the financial and operating results relative to the assumptions used in our fair value estimates, as well as macroeconomic conditions and strategic initiatives that may impact the reporting units. During the second quarter of 2025, in connection with the preparation of our financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit was below its carrying amount. We identified several factors affecting our United Kingdom and Switzerland reporting units that led us to conclude an interim goodwill impairment assessment was necessary. These factors included deterioration of the macroeconomic and local market conditions, financial performance below management’s planned revenue and OUP expectations for the first half of 2025, and downward revisions to full-year 2025 revenue and OUP projections. As a result, we recognized a partial non-cash goodwill impairment loss of $33.4 for our United Kingdom reporting unit in our Northern Europe segment and $24.7 for our Switzerland reporting unit in our Southern Europe segment, reducing their carrying values to estimated fair value. Key assumptions in the United Kingdom discounted cash flow valuation included a discount rate of 11.4%, revenue growth for the next 10 years ranging from -8.4% to 10.0% and average OUP margin approximating 2.5%. Key assumptions in the Switzerland discounted cash flow valuation included a discount rate of 11.2%, revenue growth for the next 10 years ranging from -12.4% to 12.0% and average OUP margin approximating 3.0%.
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 December 31, 2025, the goodwill balances related to our United Kingdom and Switzerland reporting units were $78.0 and $35.5, respectively.
Current report
Key assumptions for our United States reporting unit in our Americas segment, which represents the reporting unit with the most significant goodwill balance, included a discount rate of 9.4%, revenue growth rates for the next 10 years ranging from -1.7% to 8.0%, and average OUP margins approximating 5.0%. 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.
Removed paragraphs (20)
Previous report
During 2024, revenues decreased -5.6% compared to 2023. Our 2024 results reflected the negative impact of economic uncertainty, particularly in Europe and North America, as we saw decreased demand for our staffing and permanent recruitment services, partially offset by increased demand for our Right Management outplacement services as well as increased demand in Asia Pacific and Latin America. As Europe represents a significant portion of our operations, we continue to monitor economic conditions in our Southern Europe and Northern Europe segments. Inflation has eased in Europe and the United States resulting in both markets reducing interest rates during the year. However, 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. Many employers are still hesitant to increase their spend and expand their workforce until they perceive a significant improvement in economic outlook. 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 Northern Europe of -11.8% (-12.9% in constant currency), primarily due to decreased demand of $390.1 for our Manpower and Experis staffing/interim services, decreased demand of $33.7 in our permanent recruitment business and decreased demand of $78.7 for our Experis solutions services, partially offset by the $39.5 favorable impact of currency exchange rates, increased demand of $11.9 within our MSP business and increased demand of $6.2 for our Right Management outplacement services. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $157.3, the Nordics of $175.2, Germany of $84.5, the Netherlands of $6.7 and Belgium of $10.9, which represented revenue decreases of -12.1%, -21.8%, -15.1%, -1.8% and -3.4%, respectively (-14.5%, -21.2%, -15.2%, -1.8% and -3.4%, respectively, in constant currency); and
Previous report
a revenue decrease in APME of -6.9% (-2.3% in constant currency and an increase of 1.2% in organic constant currency) primarily driven by the $107.4 unfavorable impact of currency exchange rates, a $53.9 decrease in demand for our permanent recruitment services and a $44.3 decrease in demand in our TBO business, partially offset by a $46.3 increase in demand for our Manpower and Experis staffing/interim services.
Previous report
restructuring costs of $53.6 in 2024 compared to $149.2 incurred in 2023;
Previous report
a $49.9, or -1.6% decrease due to the impact of changes in currency exchange rates; and
Previous report
Selling and administrative expenses decreased -4.9% (increase of 0.1% in constant currency) in 2024 compared to 2023, primarily driven by the $43.1 favorable impact of currency exchange rates and a $9.5 decrease in consulting and outside services costs, partially offset by an $11.6 increase in salary related costs.
Previous report
In Southern Europe, revenues from services decreased -3.5% (-3.3% in constant currency and -3.1% in organic constant currency) in 2024 compared to 2023. In France, revenues from services decreased -5.1% (-5.1% in constant currency) in 2024 compared to 2023, primarily driven by a $248.2 decrease in demand for our Manpower staffing services, partially offset by a $12.6 increase in demand for our Right Management outplacement services. In Italy, revenues from services decreased -1.9% (-1.8% in constant currency) in 2024 compared to 2023, primarily driven by a $24.7 decrease in demand for our Manpower staffing services and a $7.0 decrease in demand for our permanent recruitment services. In Other Southern Europe, revenues from services decreased -0.9% (flat in constant currency and increase of 0.6% in organic constant currency) in 2024 compared to 2023, primarily driven by the $16.2 unfavorable impact of currency exchange rates and an $18.9 decrease in demand for our Experis solutions services, partially offset by a $13.5 increase in demand in our TBO business and an $8.8 increase in demand for our Manpower and Experis staffing/interim services. Within our Other Southern Europe segment, we experienced revenue decreases in Switzerland of $50.4, or -10.4% (-12.2% in constant currency), partially offset by a revenue increase in Spain of $18.1, or 3.7% (3.7% in constant currency).
Previous report
Selling and administrative expenses decreased -3.7% (-3.6% in constant currency and -3.3% in organic constant currency) during 2024 compared to 2023 primarily due to a $12.6 decrease in salary-related costs, a $7.5 decrease in restructuring related expenses, a $6.8 decrease in bonuses and sales commissions and a $4.3 decrease in consulting and outside services costs.
Previous report
Gross profit margin increased by 10 basis points in 2024 compared to 2023 primarily due to increased activity in our MSP business, which contributed 40 basis points to the increase, a shift in business mix towards our higher-margin Right Management outplacement services, which contributed 30 basis points to the increase, and the wind down of our lower margin Germany Proservia business in 2023. These contributions were partially offset by decreased activity in our permanent recruitment business, which had a 40 basis point unfavorable impact and decreased activity in our higher margin Manpower staffing services, which had a 20 basis point unfavorable impact.
Previous report
OUP in Northern Europe improved 61.8% (60.9% in constant currency) in 2024, which represents a -1.3% OUP margin, an increase from -3.1% in 2023. The OUP improvement was driven by an OUP improvement in Germany of $92.9, partially offset by a decrease in profitability in the Nordics, which experienced an aggregate decrease of $12.5. The OUP improvement was also driven by a decrease in selling and administrative expenses as we saw the effects of restructuring actions taken in the prior year period, as noted above.
Previous report
Revenues from services decreased -6.9% (-2.3% in constant currency and an increase of 1.2% in organic constant currency) in 2024 compared to 2023. In Japan, revenues from services increased 0.5% (8.4% in constant currency) primarily driven by a $94.1 increase in demand for our Manpower and Experis staffing/interim services, partially offset by the $89.1 unfavorable impact of currency exchange rates. In Australia, revenues from services decreased -39.3% (-38.9% in constant currency), primarily driven by a $57.0 decrease in our permanent recruitment business driven by the non-recurrence of a Talent Solutions RPO government contract from the prior year period and a $27.3 decrease in demand for our Manpower and Experis staffing/interim services.
Previous report
Gross profit margin decreased 70 basis points in 2024 compared to 2023 primarily due to decreased activity in our permanent recruitment business, particularly Talent Solutions RPO, which contributed 140 basis points to the decrease, and a decrease in activity across our higher-margin outplacement services, which contributed 20 basis points to the decrease. These contributions were partially offset by improvement in our staffing/interim margins, which had a 90 basis point impact.
Previous report
Selling and administrative expenses decreased -11.0% (-6.7% in constant currency and -4.3% in organic constant currency) in 2024 compared 2023. The decrease is primarily driven by the $12.5 favorable impact of currency exchange rates, an $11.6 decrease in salary related costs from a reduction in headcount and a $9.3 decrease in office lease costs and other office related costs and a $4.4 decrease in consulting and outside services costs.
Previous report
OUP in APME decreased -9.7% (-4.0% in constant currency and -1.4% in organic constant currency), in 2024, which represents a 3.9% OUP margin, a decrease from 4.0% in 2023. This OUP decrease was primarily driven by the decreased activity in our permanent recruitment business, partially offset by a decrease in selling and administrative expenses, as noted above.
Previous report
Cash provided by operating activities was $309.2, $348.2 and $423.3 for 2024, 2023 and 2022, respectively. Changes in operating assets and liabilities generated $65.4 of cash, compared to $98.7 generated and $139.7 utilized in 2024, 2023 and 2022, respectively. The decrease in 2024 from 2023 was primarily attributable to decreased accounts receivable collections and an increase in capitalized implementation costs related to our cloud computing arrangements, partially offset by an increase in accounts payable. The change in 2023 from 2022 was primarily attributable to a decrease in accounts receivable due to the slowdown in the demand for our services.
Previous report
Cash used in financing activities were $282.4, $349.5 and $482.1 for 2024, 2023 and 2022, respectively. Net debt borrowings were $16.1 in 2024 as compared to net debt repayments of $16.2 and $58.7 in 2023 and 2022, respectively. The larger repayments in 2022 were mainly due to the $75.0 repayment of our revolving credit facility to clear the outstanding borrowings as of December 31, 2021 related to an Experis acquisition. The acquisition was funded through cash on hand and a $150.0 draw on our revolving credit facility on October 1, 2021 which was repaid in 2022.
Previous report
On September 29, 2023, we disposed of our Philippines business in our APME segment for total consideration of $6.5. In connection with the disposition, we recognized a one-time net loss on disposition of $1.3, which was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2023.
Previous report
On January 17, 2022, we disposed of our Russia business in our Northern Europe segment for cash proceeds of $3.2. In connection with the disposition, we recognized a one-time net loss on disposition of $8.0, of which $9.7 was included in selling and administrative expenses and a gain of $1.7 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2022. On September 30, 2022, our Belgium business disposed of its Service Voucher Division and recognized a one-time gain of $4.1, which was included in selling and administrative expenses in the Consolidated Statements of Operations in the year ended December 31, 2022. On December 15, 2022, we disposed of our Hungary business in our Southern Europe segment and recognized a one-time loss of $2.1, of which $0.9 was included in selling and administrative expenses and $1.2 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2022.
Previous report
We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2024, and determined that there was no impairment of our goodwill or indefinite-lived intangible assets as a result of our annual test. The excess of fair value over carrying amount for our goodwill reporting units, which exceeded 15% or more of the respective carrying amounts, was sufficient to conclude that no impairment was indicated.
Previous report
While the excess of fair value over carrying amount exceeded 15% for our reporting units, we did see a lower level of excess fair value year over year in many of our North America and Europe reporting units including three of these reporting units which approximate $1,243.0 of the consolidated goodwill balance. Given the current macroeconomic conditions in these regions, our assumptions on near-term expected future revenue growth rates and operating profit margins were lower than in the prior year assessment. Market conditions in North America and Europe continue to remain challenging given the economic uncertainty including the uncertainty surrounding the timing of an inflection point for improving market conditions. Management closely monitors the results of the reporting units and comparisons to the key assumptions used in our fair value estimate at the time of our annual impairment test, in addition to operational initiatives and macroeconomic conditions, which may impact the results of the reporting units.
Reworded paragraphs (60)
Previous wording
During 2024, 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 -2.2% unfavorable impact on revenues from services and an approximately $0.15 per share unfavorable impact on net earnings per share – diluted in 2024. 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
Throughout 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 2.7% 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 2024, we experienced the following quarterly changes to our consolidated revenues compared to 2023: a -7.3% decrease in revenue in the first quarter due to softening demand for staffing services due to increased economic uncertainty, partially offset by an increase in demand for our Right Management outplacement services; a revenue decrease of -6.9% in the second quarter due to the continued softening demand for staffing and permanent recruitment services; a revenue decrease of -3.1% in the third quarter due to the continued softening demand for staffing services, partially offset by an increase in demand for our Right Management outplacement services; and ending the year with a -5.0% revenue decrease in the fourth quarter of 2024 due to the continuing decrease in demand for our staffing services.
Current wording
During 2025, we experienced the following quarterly changes to our consolidated revenues compared to 2024: a -7.1% decrease (-4.6% in constant currency and -2.4% in organic constant currency) in revenue in the first quarter due to decreased demand in our Manpower staffing business and softening demand in our Experis interim business; revenue stayed flat (-3.5% in constant currency and -1.4% in organic constant currency) in the second quarter due to an increase in demand for our Manpower staffing business offset by decreased demand in our Experis interim business; a revenue increase of 2.3% (a decrease of -1.5% in constant currency and an increase of 0.7% in organic constant currency) in the third quarter due to an increase in demand for our Manpower staffing business and decreased demand in our Experis interim business; and ending the year with a 7.1% (1.3% in constant currency and 2.2% in organic constant currency) revenue increase in the fourth quarter of 2025 due to the increase in demand for our Manpower staffing services.
Previous wording
During 2024 compared to 2023, most of our markets experienced revenue decreases due to softening demand for our staffing and permanent recruitment services and the strengthening of the dollar in certain markets, partially offset by increased demand for our Right Management outplacement services. We experienced a -4.3% revenue decrease in the Americas primarily driven by the unfavorable impact of currency exchange rates and a decrease in demand for our Experis interim services, partially offset by an increase in demand for our Manpower staffing services, an increase in demand for our Talent Based Outsourcing (TBO) business and an increase in demand for our Right Management outplacement services. We experienced a -3.5% revenue decrease in Southern Europe, primarily driven by a decrease in demand for our Manpower and Experis staffing/interim services and a decrease in demand for our permanent recruitment services, partially offset by an increase in demand for our Right Management outplacement services. We experienced a revenue decrease of -11.8% in Northern Europe, primarily due to decreased demand in our Manpower and Experis staffing/interim services, decreased demand in our permanent recruitment business and decreased demand for our Experis solutions services, partially offset by increased demand in our TAPFIN - Managed Service Provider (MSP) business and increased demand for our Right Management outplacement services. We experienced a -6.9% revenue decrease in APME, primarily driven by the unfavorable impact of currency exchange rates, decreased demand in our permanent recruitment business and a decrease in demand in our TBO business, partially offset by an increase in demand for our Manpower and Experis staffing/interim services.
Current wording
During 2025 compared to 2024, most of our markets experienced increased revenues due to currency exchange rates partially offset by softening demand for our staffing, interim and permanent recruitment services. We experienced a 2.9% revenue increase in the Americas primarily driven by an increase in demand for our Manpower staffing services, an increase in demand for our Talent Based Outsourcing (TBO) business and an increase in demand for our Right Management outplacement services, partially offset by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates. We experienced a 2.7% revenue increase in Southern Europe, primarily driven by the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Manpower staffing and Experis interim services and a decrease in demand for our permanent recruitment services. We experienced a revenue decrease of -4.3% in Northern Europe, primarily due to decreased demand in our Manpower staffing and Experis interim services and decreased demand in our permanent recruitment business, partially offset by the favorable impact of currency exchange rates. We experienced a -5.5% revenue decrease in APME driven by the disposition of our South Korea business, partially offset by an increase in demand for our Manpower staffing services, the favorable impact of currency exchange rates, and an increase in demand for our Experis interim services.
Previous wording
From a brand perspective, we experienced a revenue decrease in Manpower, Experis and Talent Solutions during 2024 compared to 2023. The revenue decrease in our Manpower brand was due to decreased demand for our staffing services and the unfavorable impact of currency exchange rates. In our Experis brand, the revenue decrease was primarily due to decreased demand for our interim services and decreased demand for our Experis solutions services. The revenue decrease in our Talent Solutions brand, which includes Recruitment Process Outsourcing (RPO), TAPFIN - MSP, and our Right Management offerings, was driven primarily by decreased activity in our RPO permanent recruitment business, partially offset by increased demand for our Right Management outplacement services and increased demand in our MSP business.
Current wording
From a brand perspective, we experienced a revenue increase in Manpower, partially offset by revenue decreases in our Experis and Talent Solutions brands during 2025 compared to 2024. The revenue increase in our Manpower brand was due to the favorable impact of currency exchange rates, partially offset by decreased demand for our outcome based services and permanent placement business. In our Experis brand, the revenue decrease was primarily due to decreased demand for our interim services, decreased demand for our Experis consulting business, and decreased demand for our Experis permanent placement services. The revenue decrease in our Talent Solutions brand, which includes Recruitment Process Outsourcing (RPO), TAPFIN - MSP, and our Right Management offerings, was driven primarily by decreased activity in our RPO permanent recruitment business, and decreased demand for our Right Management outplacement services.
Previous wording
In 2024 our gross profit margin decreased 50 basis points compared to 2023 primarily due to decreases in our permanent recruitment business, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period and a decrease in staffing/interim margins due to mix shifts and lower volumes while pricing remained stable. The decrease was partially offset by increased career transition activity in Right Management as outplacement activity increased.
Current wording
In 2025 our gross profit margin decreased 60 basis points compared to 2024 primarily due to decreases in our permanent recruitment business, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period. Also, we experienced a decrease in staffing and interim margins due to mix shifts towards enterprise accounts.
Previous wording
In 2024 our operating profit increased 19.6% while our operating profit margin increased 30 basis points compared to 2023. The operating profit margin increased primarily due to a reduction in selling and administrative expenses, including wind down charges related to our Germany Proservia business and goodwill impairment charges in 2023, as a percent of revenue, partially offset by the overall decrease in our gross profit margin, as noted above.
Current wording
In 2025 our operating profit decreased -50.9% while our operating profit margin decreased 90 basis points compared to 2024. The operating profit margin decreased primarily due to the overall decrease in our gross profit margin as well as an increase in selling and administrative expenses due to increased goodwill and intangible asset impairments, corporate expense, and restructuring.
Previous wording
During the year, we initiated significant restructuring actions on businesses heavily impacted by the continuing decline in activity. With these actions, we expect our overall cost structure to decline. We expect to continue to monitor expenses closely to maintain the benefit of our efforts to optimize our organizational cost structures. At the same time, we plan to invest appropriately to enable the business to grow in the future and enhance our productivity, technology and digital capabilities. We are focused on managing costs as efficiently as possible in the short term while continuing to progress transformational actions aligned with our strategic priorities.
Current wording
During the year, we initiated significant restructuring actions on businesses heavily impacted by the continuing economic uncertainty. With these actions, we expect our overall cost structure to decline. We expect to continue to monitor expenses closely to maintain the benefit of our efforts to optimize our organizational cost structures. At the same time, we plan to invest appropriately to enable the business to grow in the future and enhance our productivity, technology and digital capabilities. We are focused on managing costs as efficiently as possible in the short term while continuing to progress transformational actions aligned with our strategic priorities.
Previous wording
The year-over-year decrease in revenues from services of -5.6% (-3.4% in constant currency and -3.0% in organic constant currency) was attributed to:
Current wording
The year-over-year increase in revenues from services of 0.6% (-2.1% in constant currency and -0.2% in organic constant currency) was attributed to:
Previous wording
a revenue decrease in the Americas of -4.3% (increase of 3.1% in constant currency) primarily driven by the $325.8 unfavorable impact of currency exchange rates and a $144.8 decrease in demand for our Experis interim services, partially offset by a $248.8 increase in demand for our Manpower staffing services, a $24.4 increase in demand for TBO and a $9.3 increase in demand for our Right Management outplacement services. The United States, our largest market in the Americas, experienced a revenue decrease of -3.5% primarily driven by a $105.4 decrease in demand for our Manpower and Experis staffing/interim services and a $6.7 decrease in demand for our permanent recruitment services, partially offset by a $7.9 increase in demand for our Right Management outplacement services;
Current wording
a revenue increase in the Americas of 2.9% (increase of 4.4% in constant currency) primarily driven by a $292.1 increase in demand for our Manpower staffing services, a $14.6 increase in demand for TBO, partially offset by a $133.5 decrease in demand for our Experis interim services and the $60.9 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 $117.4 decrease in demand for our Experis interim services and a $16.1 decrease in demand for our permanent recruitment services, partially offset by a $75.0 increase in our Manpower staffing services;
Previous wording
a revenue decrease in Southern Europe of -3.5% (-3.3% in constant currency and -3.1% in organic constant currency) primarily driven by a $273.0 decrease in demand for our Manpower and Experis staffing/interim services and a $23.9 decrease in demand for our permanent recruitment services, partially offset by a $14.6 increase in demand for our Right Management outplacement services. France, the largest market in Southern Europe, experienced a revenue decrease of -5.1% (-5.1% in constant currency) primarily driven by a $248.2 decrease in demand for our Manpower staffing services, partially offset by a $12.6 increase in demand for our Right Management outplacement services. Italy, our second-largest market in Southern Europe, experienced a revenue decrease of -1.9% (-1.8% in constant currency) primarily driven by a $24.7 decrease in demand for our Manpower staffing services and a $7.0 decrease in demand for our permanent recruitment services;
Current wording
a revenue increase in Southern Europe of 2.7% (-2.0% in constant currency and -1.5% in organic constant currency) primarily driven by a $386.0 favorable impact due to currency exchange rates and a $17.4 increase in demand for our consulting services, partially offset by a $142.9 decrease in demand for our Manpower staffing services, a $27.5 decrease in demand for our outcome based solutions and an $8.6 decrease in demand for our permanent recruitment services. France, the largest market in Southern Europe, experienced a revenue decrease of -1.6% (-5.9% in constant currency) primarily driven by a $250.1 decrease in demand for our Manpower staffing services, partially offset by a $197.4 favorable impact from currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 8.6% (3.8% in constant currency) primarily driven by an $80.5 favorable impact in currency exchange rates, a $61.0 increase in demand for our Manpower staffing services and an $11.4 increase in demand for our consulting business;
Previous wording
The year-over-year 50 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 60 basis point decrease in gross profit margin was primarily attributed to:
Previous wording
a 40 basis point unfavorable impact due to decreases in permanent recruitment, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period; and
Current wording
a 25 basis point unfavorable impact due to decreases in permanent recruitment, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period;
Previous wording
a 20 basis point unfavorable impact from the decrease in staffing/interim margins due to mix shifts and lower volumes while pricing remained stable; partially offset by
Current wording
a 25 basis point unfavorable impact from the decrease in staffing and interim margins due to mix shifts towards enterprise clients; and
Previous wording
a 10 basis point favorable impact from increased career transition activity in Right Management as outplacement activity increased.
Current wording
a 10 basis point unfavorable impact from decreased career transition activity in Right Management as outplacement activity increased.
Previous wording
The -10.4% decrease in selling and administrative expenses in the year ended December 31, 2024 (-8.8% in constant currency; -8.5% in organic constant currency) was primarily attributed to:
Current wording
The 2.4% increase in selling and administrative expenses in the year ended December 31, 2025 (0.1% in constant currency and 1.1% in organic constant currency) was primarily attributed to:
Previous wording
a $55.1 decrease in goodwill impairment charges as no impairment was recorded in 2024;
Current wording
an $88.7 increase in goodwill and other impairment charges as no impairment was recorded in 2024;
Previous wording
a $72.8, or -5.3% decrease (-3.7% in constant currency and -3.4% in organic constant currency) in personnel costs primarily due to a $42.2 decrease in salary costs, a $15.7 decrease in bonuses and sales commissions and a $14.9 decrease in other personnel costs as we saw the effects of restructuring actions taken in 2023;
Current wording
a $69.9 decrease, (-1.8% reported, -3.9% in constant currency, and -2.9% in organic constant currency) in personnel costs primarily due to a $41.2 decrease in salary costs and a $23.8 decrease in bonuses & sales commissions; and
Previous wording
a $24.7, or -4.0% decrease (-2.8% in constant currency and -2.4% in organic constant currency) in non-personnel costs, primarily due to a $15.1 decrease in office lease and other office costs and a $14.6 decrease in consulting and outside services costs.
Current wording
a $45.0 decrease, (-3.9% reported, -4.4% in constant currency, and -4.5% in organic constant currency) in non-personnel costs, primarily due to a $20.8 decrease in office lease and other office costs, an $8.8 decrease in consulting and outside services costs, and a $4.7 decrease in travel and entertainment cost.
Previous wording
Selling and administrative expenses as a percent of revenues decreased 80 basis points in the year ended December 31, 2024 compared to the year ended December 31, 2023 due primarily to:
Current wording
Selling and administrative expenses as a percentage of revenues increased 30 basis points in the year ended December 31, 2025 compared to the year ended December 31, 2024 due primarily to:
Previous wording
a 30 basis point favorable impact as we anniversaried the impact of goodwill impairment charges in 2023.
Current wording
a 30 basis point unfavorable impact due to increase corporate expense;
Previous wording
a 50 basis point favorable impact as a result of lower restructuring costs incurred in 2024 compared to 2023; and
Current wording
a 20 basis point favorable impact as a result of lower lease and office related costs; and
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 $56.7 in 2024 compared to $45.5 in 2023 primarily due to increased revolver and other short-term borrowings at a higher interest rate during the period. Foreign exchange loss, net was $6.2 in 2024 compared to $21.8 in 2023 primarily due to a reduction in foreign currency exchange losses in Argentina. Miscellaneous income, net was $13.7 in 2024 compared to $17.4 in 2023.
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 $67.6 in 2025 compared to $56.7 in 2024 resulting from increased short term borrowings in 2025 compared to 2024. Foreign exchange loss, net was $6.5 in 2025 compared to $6.2 in 2024. Miscellaneous income, net was $17.4 in 2025 compared to $13.7 in 2024.
Previous wording
We recorded income tax expense at an effective rate of 43.5% for 2024, as compared to an effective rate of 56.9% for 2023. The 2024 rate was lower than the 2023 rate primarily due to a higher level of pre-tax earnings with a more beneficial mix driven by fewer restructuring costs in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the Netherlands non-deductible goodwill impairment charge recorded in 2023. The 43.5% effective tax rate for 2024 was higher than the United States Federal statutory rate of 21% primarily due to restructuring costs in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French business tax and the overall mix of earnings.
Current wording
We recorded income tax expense at an effective rate of 114.2% for 2025, as compared to an effective rate of 43.5% for 2024. The 2025 rate was unfavorably impacted by the goodwill and indefinite-lived intangible asset impairment charges recorded in Switzerland and the United Kingdom. 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 114.2% effective tax rate for 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 earnings per share - diluted was $3.01 in 2024 compared to $1.76 in 2023. Restructuring costs recorded in 2024 and 2023 negatively impacted net earnings per share - diluted by approximately $1.10 and $2.74 per share, net of tax, in 2024 and 2023, respectively. Losses related to our Proservia Germany wind down in 2024 unfavorably impacted net earnings per share - diluted by approximately $0.19, net of tax, in 2024. Foreign currency exchange rates in 2024 unfavorably impacted net earnings per share - diluted by approximately $0.15 per share, net of tax, in 2024. The pension settlement expense recorded in 2024 and 2023 negatively impacted net earnings per share - diluted by approximately $0.08 and $0.12, net of tax, in 2024 and 2023, respectively. Goodwill and other impairment charges recorded in 2023 negatively impacted net earnings per share - diluted by approximately $1.13 per share, net of tax, in 2023, respectively.
Current wording
Net loss per share - diluted was $0.29 in 2025 compared to net earnings per share - diluted of $3.01 in 2024. Goodwill and other impairment charges recorded in 2025 negatively impacted net earnings per share - diluted by approximately $1.78 per share, net of tax. Restructuring costs recorded in 2025 and 2024 negatively impacted net earnings per share - diluted by approximately $1.16 and $1.10 per share, net of tax, in 2025 and 2024, respectively. The loss from the disposition of subsidiaries recorded in the of 2025 and other items unfavorably impacted net earnings per share - diluted by approximately $0.26, net of tax. The pension settlement expense recorded in 2025 and 2024 negatively impacted net earnings per share - diluted by approximately $0.04 and $0.08, net of tax, in 2025 and 2024, respectively.
Previous wording
Weighted average shares - diluted decreased to 48.3 million in 2024 from 50.4 million in 2023. This decrease was due to the impact of share repurchases completed in 2024, partially offset by grants of share-based awards.
Current wording
Weighted average shares - diluted decreased to 46.6 million in 2025 from 47.7 million in 2024. This decrease was due to the impact of share repurchases completed in 2025, partially offset by grants of share-based awards.
Previous wording
In the Americas, revenues from services decreased -4.3% (increase of 3.1% in constant currency) in 2024 compared to 2023. In the United States, revenues from services decreased -3.5% in 2024 compared to 2023, primarily driven by a $105.4 decrease in demand for our Manpower and Experis staffing/interim services and a $6.7 decrease in demand for our permanent recruitment services, partially offset by a $7.9 increase in demand for our Right Management outplacement services. In Other Americas, revenues from services decreased -5.8% (increase of 15.2% in constant currency) in 2024 compared to 2023 primarily driven by the $325.8 unfavorable impact of foreign currency exchange rates, partially offset by a $202.1 increase in demand for our Manpower and Experis staffing/interim services and a $24.6 increase in demand for our TBO business. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced decreases in Argentina and Canada of $60.6, or -32.4%, and $43.1, or -12.1%, respectively (125.3% and -10.8%, respectively, in constant currency), partially offset by a revenue increase in Mexico of $3.9, or 1.6% (4.5% in constant currency).
Current wording
In the Americas, revenues from services increased 2.9% (4.4% in constant currency) in 2025 compared to 2024. In the United States, revenues from services decreased -1.1% in 2025 compared to 2024, primarily driven by a $117.4 decrease in demand for our Experis interim services and a $16.1 decrease in demand for our permanent recruitment services, partially offset by a $75.0 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 10.6% (14.8% in constant currency) in 2025 compared to 2024 primarily driven by a $217.1 increase in demand for our Manpower staffing service and a $14.6 increase in demand for our TBO business, partially offset by the $60.9 unfavorable impact of foreign currency exchange rates and a $16.1 decrease in demand for our Experis interim service. The constant currency increase in Other Americas was primarily driven by the inflation in Argentina. Within our Other Americas segment, we experienced increases in Chile, Colombia, Peru, and Argentina of $49.9, $39.9, $30.9, and $11.8, or 37.2%, 25.4%, 24.8%, and 9.4%, respectively (37.9%, 23.9%, 18.3%, and 47.5%, respectively, in constant currency), partially offset by a revenue decrease in Canada of $15.9, or -5.1% (-3.3% in constant currency).
Previous wording
Gross profit margin decreased 50 basis points in 2024 compared to 2023. This decrease was primarily due to decreased margins in our Experis interim services, which contributed 120 basis points to the decrease. These decreases were partially offset by favorable impacts of currency exchange rates, which had a 50 basis point impact and increased margins in our Right Management outplacement business, which had a 20 basis point impact.
Current wording
Gross profit margin decreased 140 basis points in 2025 compared to 2024. This decrease was primarily due to decreased demand in our Experis interim services, which contributed 110 basis points to the decrease and decreased demand in our Talent Solutions business, which contributed 40 basis points to the decrease. These decreases were partially offset by increased margins in our training business, which had a 10 basis point impact.
Previous wording
OUP decreased -14.5% (-8.9% in constant currency) in 2024, which represents a 3.4% OUP margin, a decrease from 3.8% in 2023. This decrease was primarily due to decreased profitability in our United States business of $16.7, which experienced decreased activity in our higher-margin permanent recruitment business, as noted above, partially offset by decreases to selling and administrative expenses as a percent of revenue. In the United States, OUP margin decreased to 2.8% in 2024 from 3.3% in 2023 primarily due to decreased activity in our higher-margin permanent recruitment and Manpower and Experis staffing/interim businesses, as noted above, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 4.4% in 2024 from 4.6% in 2023 primarily due to an increase in our selling and administrative expenses as a percent of revenue and decreased gross profit margins across our staffing and interim services.
Current wording
OUP decreased -3.3% (-2.6% in constant currency) in 2025, which represents a 3.1% OUP margin, a decrease from 3.4% in 2024. This decrease was primarily due to decreased profitability in our United States business of $11.7, which experienced decreased activity in our Experis interim business and decreased activity in our higher-margin permanent recruitment business, partially offset by a decrease in our selling and administrative expenses as a percentage of revenue. In the United States, OUP margin decreased to 2.4% in 2025 from 2.8% in 2024 primarily due to decreased activity in our Experis interim business and decreased activity in our higher-margin permanent recruitment business, partially offset by a decrease in our selling and administrative expenses as a percentage of revenue. Other Americas OUP margin remained flat at 4.4% in 2025 compared to 2024.
Previous wording
Gross profit margin decreased 50 basis points in 2024 compared to 2023. This decrease was primarily due to decreased activity in our higher margin Manpower staffing services, which contributed 30 basis points to the decrease, a decrease of activity in our permanent recruitment services, which contributed 20 basis points to the decrease and decreases across our Experis solutions services, which contributed 10 basis points to the decrease. These contributions were partially offset by increased demand in our higher-margin Right Management outplacement business which had a 10 basis point impact.
Current wording
Gross profit margin decreased 40 basis points in 2025 compared to 2024. This decrease was primarily due to increased activity in our lower margin Manpower staffing services, which contributed 30 basis points to the decrease and a decrease across our permanent placement business, which contributed 10 basis points to the decrease.
Previous wording
OUP decreased -15.0% (-14.8% in constant currency and -15.2% in organic constant currency) in 2024, which represents a 3.7% OUP margin, a decrease from 4.2% in 2023. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $36.4. In France, the OUP margin decreased to 3.3% in 2024 compared to 3.9% in 2023 primarily driven by an increase in selling and administrative expenses as a percent of revenue and a decrease in our higher-margin permanent recruitment business. In Italy, the OUP margin decreased to 6.7% in 2024 from 7.3% in 2023 primarily driven by an increase in selling and administrative expenses as a percent of revenue and a decrease in our higher-margin permanent recruitment business. In Other Southern Europe, the OUP margin decreased to 2.0% in 2024 from 2.3% in 2023 primarily due to a decrease in gross profit margin as we saw decreased activity in higher-margin Experis solutions services, as noted above, partially offset by a decrease in selling and administrative expenses as a percent of revenue.
Current wording
OUP decreased -14.3% (-18.4% in constant currency and -18.8% in organic constant currency) in 2025, which represents a 3.1% OUP margin, a decrease from 3.7% in 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $39.7. In France, the OUP margin decreased to 2.5% in 2025 compared to 3.3% in 2024 primarily driven by an increase in lower margin staffing demand and a decrease in our higher-margin permanent recruitment business. In Italy, the OUP margin decreased to 6.4% in 2025 from 6.7% in 2024 primarily driven by increased demand in our lower margin staffing business. In Other Southern Europe, the OUP margin decreased to 1.6% in 2025 from 2.1% in 2024 primarily due to a decrease in gross profit margin driven by softer permanent recruitment demand.
Previous wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 35%, 19%, 14%, 11% and 9%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services decreased -11.8% (-12.9% in constant currency) in 2024 compared to 2023, primarily due to decreased demand of $390.1 for our Manpower and Experis staffing/interim services, decreased demand of $33.7 in our permanent recruitment business and decreased demand of $78.7 for our Experis solutions services, partially offset by the $39.5 favorable impact of currency exchange rates, increased demand of $11.9 within our MSP business and increased demand of $6.2 for our Right Management outplacement services. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $157.3, the Nordics of $175.2, Germany of $84.5, the Netherlands of $6.7 and Belgium of $10.9, which represented revenue decreases of -12.1%, -21.8%, -15.1%, -1.8% and -3.4%, respectively (-14.5%, -21.2%, -15.2%, -1.8% and -3.4%, 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%, 19%, 12%, 12% and 11%, respectively). In the Northern Europe region, revenues from services decreased -4.3% (-8.3% in constant currency and -8.1% in organic constant currency) in 2025 compared to 2024, primarily due to a decrease in demand of $112.0 for our Experis interim service, an $85.5 decrease in demand for our Manpower staffing service, a decrease in demand of $25.2 in our permanent recruitment business and a decrease in demand of $19.2 in our consulting business, partially offset by the $132.4 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $101.5, Germany of $97.2, the Nordics of $12.8, and Netherlands of $ $2.3, and an increase in Belgium of $27.0, which represented revenue decreases of -8.9%, -20.4%, -2.0%, and -0.6% and an increase of 8.7%, respectively (decreases of -11.7%, -23.7%, -7.0%, and -4.9% and an increase of 3.7%, respectively, in constant currency).
Previous wording
Selling and administrative expenses decreased -18.9% (-19.7% in constant currency) in 2024 compared to 2023. The decrease is primarily driven by a $45.3 decrease in total personnel costs as we experience the impacts of significant restructuring actions taken in 2023 and $30.6 in restructuring costs incurred in 2024 compared to $120.4 in 2023.
Current wording
Selling and administrative expenses, excluding impairment charges, decreased -9.0% (-12.8% in constant currency and -12.7% in organic constant currency) in 2025 compared to 2024. The decrease is primarily driven by a $59.0 decrease in personnel costs as we experience the impacts of significant restructuring actions taken in 2025 and 2024 and a $15.1 decrease in office and lease related costs incurred in 2025 compared to 2024, partially offset by an increase of $23.8 due to currency exchange rates.
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 lending, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of December 31, 2024, we had $348.8 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 corporate activities. As of December 31, 2024, deferred taxes related to non-United States withholding and other taxes were provided on $1,353.5 of accumulated unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2024 and 2023, we have recorded a deferred tax liability of $25.9 and $23.1, respectively, related to these non-United States earnings that may be remitted. As of December 31, 2024, we had an additional $289.4 of accumulated unremitted earnings of non-United States subsidiaries for which we have not provided deferred taxes as amounts are deemed indefinitely reinvested. We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine or immaterial to the financial statements.
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 lending, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of December 31, 2025, we had $236.1 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 corporate activities. As of December 31, 2025, deferred taxes related to non-United States withholding and other taxes were provided on $1,662.1 of accumulated unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2025 and 2024, we have recorded a deferred tax liability of $28.2 and $25.9, respectively, related to these non-United States earnings that may be remitted. As of December 31, 2025, we had an additional $372.0 of accumulated unremitted earnings of non-United States subsidiaries for which we have not provided deferred taxes as amounts are deemed indefinitely reinvested. We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine or immaterial to the financial statements.
Previous wording
Accounts receivable decreased to $4,297.2 as of December 31, 2024 from $4,830.0 as of December 31, 2023. The decrease was partly attributable to the impact of changes in currency exchange rates. DSO decreased by two and a half days from December 31, 2023 to 52 days as of December 31, 2024 due to an increased emphasis on cash collections.
Current wording
Accounts receivable increased to $4,770.3 as of December 31, 2025 from $4,297.2 as of December 31, 2024. The increase was partly attributable to the impact of changes in currency exchange rates. DSO increased by approximately three days from December 31, 2024 to 55 days as of December 31, 2025 due to unfavorable mix changes, with higher growth in countries with a higher average DSO.
Previous wording
Cash used in investing activities were $68.2, $74.1 and $85.3 for 2024, 2023 and 2022, respectively. Capital expenditures were $51.1, $78.2 and $75.6 during 2024, 2023 and 2022, respectively. These expenditures were comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs of $10.1, $12.0 and $34.2 in 2024, 2023 and 2022, respectively. The higher expenditures in 2022 were primarily due to additional technology investments and the timing of capital expenditures.
Current wording
Cash used in investing activities were $59.2 and $68.2 for 2025 and 2024, respectively. Capital expenditures were $57.3 and $51.1 during 2025 and 2024, respectively. These expenditures were comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs of $17.9 and $10.1 in 2025 and 2024, respectively.
Previous wording
The Board of Directors authorized the repurchase of 5.0 million and 4.0 million shares of our common stock in August 2023 and August 2021, respectively. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2024, we repurchased a total of 2.0 million shares under the 2023 authorization, at a total cost of $140.9 including excise tax on share repurchases of $0.9. In 2023, we repurchased a total of 2.4 million shares comprised of 2.0 million shares under the 2021 authorization and 0.4 million shares under the 2023 authorization, at a total cost of $181.5 including excise tax on share repurchases of $1.7. In 2022, we repurchased a total of 3.2 million shares comprised of 1.2 million shares under the 2019 authorization and 2.0 million shares under the 2021 authorization, at a total cost of $270.0. As of December 31, 2024, there were 2.6 million shares remaining authorized for repurchase under the 2023 authorization and no shares remaining authorized for repurchase under the 2021 authorization.
Current wording
The Board of Directors authorized the repurchase of 5.0 million and 4.0 million shares of our common stock in August 2023 and August 2021, respectively. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2025, we repurchased a total of 0.7 million shares under the 2023 authorization, at a total cost of $37.5 including excise tax on share repurchases of $0.5. In 2024, we repurchased a total of 2.0 million shares under the 2023 authorization, at a total cost of $140.9 including excise tax on share repurchases of $0.9. As of December 31, 2025, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.
Previous wording
During 2024, 2023 and 2022, the Board of Directors declared total cash dividends of $3.08, $2.94 and $2.72 per share, respectively, resulting in total dividend payments of $145.8, $144.3 and $139.9, respectively.
Current wording
During 2025 and 2024, the Board of Directors declared total cash dividends of $1.44 and $3.08 per share, respectively, resulting in total dividend payments of $66.7 and $145.8, respectively.
Previous wording
We have aggregate commitments of $2,268.2 related to debt, operating leases, purchase obligations for global technology and financial shared services, restructuring costs, transition tax resulting from the Tax Act and certain other commitments, as follows:
Current wording
As of December 31, 2025, we had aggregate commitments of $3.130.9 related to debt, operating leases, purchase obligations for global technology and financial shared services, and restructuring costs, as follows:
Previous wording
Our liability for unrecognized tax benefits, including related interest and penalties, of $11.4 is excluded from the commitments above as we cannot determine the years in which these positions might ultimately be settled.
Current wording
Our liability for unrecognized tax benefits, including related interest and penalties, of $15.6 is excluded from the commitments above as we cannot determine the years in which these positions might ultimately be settled.
Previous wording
We recorded net restructuring costs of $53.6, $149.2 and $3.6 in 2024, 2023 and 2022, respectively, in selling and administrative expenses, primarily related to severance, office closures and consolidations, and professional and other fees related to restructuring in multiple countries and territories. The costs paid out of our restructuring reserve were $93.7 in 2024.
Current wording
We recorded net restructuring costs of $64.2 and $53.6 in 2025 and 2024, respectively, in selling and administrative expenses, primarily related to severance, office closures and consolidations, and professional and other fees related to restructuring in multiple countries and territories. The costs paid out of our restructuring reserve were $72.9 in 2025.
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
On October 15, 2024, we disposed of our Austria business in our Southern Europe segment for cash proceeds of $0.1 and simultaneously entered into a franchising agreement. In connection with the disposition, we recognized a one-time net loss on disposition of $7.7, of which $4.9 was included in selling and administrative expenses and $2.8 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2024.
Current report — wording carried from elsewhere
On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 2026 (the “2018 €500.0 notes”). The net proceeds from the 2018 €500.0 notes of €495.7 were used to redeem our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases. The 2018 €500.0 notes were issued at a price of 99.564% to yield an effective interest rate of 1.809%. We redeemed those notes in January 2026 using the proceeds from the 2025 €500.0 notes.
Current report — wording carried from elsewhere
We had no borrowings under our $600.0 credit facility as of December 31, 2025 and 2024. Outstanding letters of credit issued totaled $0.4, hence additional borrowings of $599.6 were available to us under the facility as of both December 31, 2025 and 2024.
Current report — wording carried from elsewhere
The Credit Agreement contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults.