ManpowerGroup Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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.
Mar 31, 2026 · Filed May 8, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-215064
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 139 previous paragraphs and 88 current paragraphs.
31 unchanged; 46 reworded; 9 added; 55 removed; 7 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 3 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 (9)
Current report
In the first quarter of 2026, we saw continued stabilization of revenue trends across our key markets and delivered solid performance in Asia Pacific and Latin America and certain European markets including France and Italy. Employers remain deliberate in their workforce hiring strategies. Engagement levels are steady and activity levels are becoming more consistent with improving business confidence in the United States and rising manufacturing Purchasing Managers' Index in the United States and Europe. Although we are encouraged by signs of stabilization and ongoing strength in certain markets such as Asia Pacific, Latin America, and parts of Southern Europe, 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 increase in Northern Europe of 8.1% (-1.8% decrease in constant currency) primarily driven by the $72.4 favorable impact of currency exchange rates and a $19.0 increase in demand for our Manpower staffing services, partially offset by a $20.6 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $19.8, the United Kingdom of $11.9, Belgium of $6.0, and the Netherlands of $4.5 which represented revenue increases of 14.2%, 4.7%, 8.7%, and 5.3%, respectively (the Nordics were flat, and decreases of -2.0%, -2.2%, and -5.2%, respectively, in constant currency). This was partially offset by a decrease in Germany of $4.6 which represented a revenue decrease of -5.0% (-14.4% in constant currency); and
Current report
a revenue increase in APME of 7.1% (8.1% in constant currency) primarily driven by a $31.3 increase in demand for our Manpower staffing services and a $5.7 increase in demand for our Experis interim services, partially offset by a $4.6 unfavorable impact of currency exchange rates. Within our APME segment, we experienced revenue increases in Japan of 3.1% and India of 4.5% (6.2% and 10.4% in constant currency, respectively). Japan's revenue increase is primarily due to a $15.0 increase in demand for our Manpower staffing services and $1.1 increase in demand for our Experis interim services, partially offset by a $9.0 unfavorable impact of currency exchange rates. India's revenue increase is primarily due to a $3.0 increase in demand for our Manpower staffing services and a $2.9 increase in demand for our Experis interim services, partially offset by a $3.9 unfavorable impact of currency exchange rates.
Current report
a $39.0 increase due to the impact of changes in currency exchange rates; and
Current report
a $10.4 increase (25.3% reported, 25.2% in constant currency) in corporate expense primarily due to strategic transformation program costs related to our global transformation initiative; partially offset by
Current report
a 10 basis point favorable impact due to lower travel and entertainment expenses.
Current report
Selling and administrative expenses increased 0.5% (-0.9% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $6.2 increase in restructuring costs and the $2.7 unfavorable impact of currency exchange rates, partially offset by a $6.9 decrease in personnel costs.
Current report
In Southern Europe, revenues from services increased 14.6% (3.0% increase in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily due to a $212.0 favorable impact of currency exchange rates and a $57.5 increase in demand for Manpower staffing services, partially offset by a $5.5 decrease in demand for outcome-based solutions. In France (which represented 51% of Southern Europe’s revenues), revenues from services increased 10.7% (-0.3% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $106.1 favorable impact of currency exchange rates, partially offset by a $4.5 decrease in demand for outcome-based solutions. In Italy (which represented 23% of Southern Europe’s revenues), revenues from services increased 19.3% (7.5% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $47.0 favorable impact of currency exchange rates and a $27.3 increase in demand for our Manpower staffing services. In Other Southern Europe, revenues from services increased 18.6% (6.1% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the $58.9 favorable impact of currency exchange rates and a $26.8 increase in demand for our Manpower staffing services. Within our Other Southern Europe segment, we experienced revenue increases in Spain of $31.4 and Israel of $24.5 or 25.5% and 25.4%, respectively (13.0% and 8.4% in constant currency, respectively).
Current report
Selling and administrative expenses increased 2.7% (3.2% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025. The increase is primarily due to the $1.9 increase in personnel costs.
Removed paragraphs (55)
Previous report
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 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
Previous report
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 report
a 10 basis point unfavorable impact from the decrease in career transition margins.
Previous report
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 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
Previous report
a $27.2 increase due to the impact of changes in currency exchange rates; and
Previous 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.
Previous 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
Previous report
a 10 basis point unfavorable impact due to the changes in currency exchange rates.
Previous report
Operating Results - Nine Months Ended September 30, 2025 and 2024
Previous report
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 report
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 report
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 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
Previous report
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 report
a 10 basis point unfavorable impact from decreased demand for our career transition services.
Previous report
goodwill and indefinite-lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units;
Previous report
a $33.0 increase due to the impact of currency exchange rates;
Previous 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
Previous 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
Previous report
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 report
a $9.2 decrease (-19.5% reported, -20.0% in constant currency and -12.3% in organic constant currency) in other office costs.
Previous report
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 report
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 report
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 report
a 10 basis point favorable impact as personnel costs decreased as a percent of revenues primarily due to decreased bonuses and sales commissions.
Previous report
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 report
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 report
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 report
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.
Previous report
Selling and administrative expenses decreased -1.6% (-0.9% in constant currency) in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by a $1.8 decrease in non-personnel costs and the $1.4 favorable impact of currency exchange rates, partially offset by a $2.1 increase in personnel costs.
Previous 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.
Previous report
OUP decreased -7.2% (-5.5% in constant currency) in the first nine months of 2025, which represented a 3.1% OUP margin, a decrease from 3.4% in the first nine months of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $10.1, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.5% in the first nine months of 2025 from 3.0% in the first nine months of 2024 primarily due to business mix, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 4.1% in the first nine months of 2025 from 4.2% in the first nine months of 2024 primarily due to a decrease in our gross profit margin.
Previous report
In Southern Europe, revenues from services increased 5.2% (-1.3% decrease in constant currency and -0.6% decrease in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024 primarily due to a $137.1 favorable impact of currency exchange rates, partially offset by a $21.0 decrease in demand for Manpower staffing services. In France (which represented 53% of Southern Europe’s revenues), revenues from services increased 1.4% (-4.7% decrease in constant currency) in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the $70.9 favorable impact of currency exchange rates, partially offset by a $47.7 decrease in demand for our Manpower staffing services. In Italy (which represented 21% of Southern Europe’s revenues), revenues from services increased 10.3% (3.7% in constant currency) in the third quarter of 2025 compared to the third quarter of 2024, 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. In Other Southern Europe, revenues from services increased 9.6% (2.2% in constant currency and 5.1% in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024, primarily due to the $38.4 favorable impact of currency exchange rates, partially offset by a $2.5 decrease in demand for our Experis interim services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $26.0, or 18.7% (11.5% in constant currency), partially offset by a revenue decrease in Switzerland of $4.9, or -4.4% (-11.7% in constant currency).
Previous report
In Southern Europe, revenues from services increased 0.2% (-2.9% decrease in constant currency and -2.2% decrease in organic constant currency) in the first nine months of 2025 compared to the first nine months of 2024 primarily due to a $157.8 decrease in demand for our Manpower staffing services and an $11.4 decrease in demand for our Experis interim services, partially offset by the $195.9 favorable impact of currency exchange rates. In France, revenues from services decreased -3.9% (-6.8% in constant currency) in the first nine months of 2025 compared to the first nine months of 2024, 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. In Italy, revenues from services increased 6.2% (3.0% in constant currency) in the first nine months of 2025 compared to the first nine months of 2024, 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. In Other Southern Europe, revenues from services increased 4.5% (0.8% in constant currency and 3.9% in organic constant currency) in the first nine months of 2025 compared to the first nine months of 2024, primarily due to the $55.9 favorable impact of currency exchange rates, partially offset by a $11.6 decrease in demand for our Outcome Based Solutions. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $60.5, or 16.2% (12.6% in constant currency), partially offset by a revenue decrease in Switzerland of $31.8, or -9.6% (-14.1% in constant currency).
Previous 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.
Previous report
Selling and administrative expenses, excluding impairment charges, increased 3.0% (-0.1% decrease in constant currency and 0.8% increase in organic constant currency) during the first nine months of 2025 compared to the first nine months of 2024, primarily due to the $21.0 unfavorable impact of currency exchange rates and an increase of $14.1 in non-personnel costs, partially offset by a decrease of $15.1 in personnel costs incurred in the first nine months of 2025.
Previous report
OUP decreased -17.4% (-20.2% in constant currency and -20.7% in organic constant currency) in the first nine months of 2025, which represented a 3.1% OUP margin, a decrease from 3.7% in the first nine months of 2024. This OUP decrease was primarily due to decreased profitability in France of $29.8. In France, the OUP margin decreased to 2.6% for the first nine months of 2025 compared to 3.3% for the first nine months of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.2% for the first nine months of 2025 compared to 7.1% for the first nine months of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.4% for the first nine months of 2025 from 1.8% for the first nine months of 2024 primarily due to an increase in our selling and administrative expenses as a percent of revenue.
Previous 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).
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Reworded paragraphs (46)
Previous 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.
Current wording
During the first quarter of 2026, 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 compared to the first quarter of 2025. The changes in the foreign currency exchange rates had a 7.4% 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 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.
Current wording
During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 5.6% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services and the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services. During the first quarter of 2026 compared to the first quarter of 2025, we experienced a 14.6% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates and the increased demand for Manpower staffing services, partially offset by decreased demand in outcome-based solutions. During the first quarter of 2026 compared to the first quarter of 2025, we experienced an 8.1% revenue increase in Northern Europe, primarily due to the favorable impact of currency exchange rates and an increase in demand for our Manpower staffing services, partially offset by a decrease in demand for our Experis interim services. We experienced a 7.1% revenue increase in APME in the first quarter of 2026 compared to the first quarter of 2025 primarily due to an increase in demand for our Manpower staffing services and an increase in demand for our Experis interim services, partially offset by the unfavorable impact of currency exchange rates.
Previous 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.
Current wording
From a brand perspective, we experienced a revenue increase in Manpower and Talent Solutions while Experis experienced a revenue decrease in the first quarter of 2026 compared to the first quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Manpower consulting services. The revenue increase in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to currency, an increase in demand for our Right Management outplacement services, partially offset by decreased demand for our permanent recruitment services. The revenue decrease in our Experis brand was primarily due to decreased demand in our interim services, permanent recruitment services, and outcome-based solutions services.
Previous 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.
Current wording
In the first quarter of 2026, our gross profit margin decreased 110 basis points compared to the first quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix changes driven by enterprise clients, lower bench utilization, and lower permanent recruitment and other services activity.
Previous 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.
Current wording
Our operating profit increased 0.5% in the first quarter of 2026 and our operating profit margin decreased 10 basis points compared to the first quarter of 2025. Operating profit margin decreased in the first quarter of 2026 primarily due to the increase in selling and administrative expenses driven by the strategic transformation program costs related to our global transformation initiative.
Previous 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:
Current wording
The year-over-year increase in revenues from services was 10.3% (2.9% in constant currency) primarily attributed to:
Previous 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.
Current wording
a revenue increase in the Americas of 5.6% (3.5% in constant currency) primarily driven by a $77.9 increase in demand for our Manpower staffing services and a $21.7 favorable impact of currency exchange rates, partially offset by a $51.9 decrease in demand for our Experis interim services. The United States, our largest market in the Americas, experienced a revenue decrease of -4.9% primarily driven by a $52.4 decrease in demand for our Experis interim services, partially offset by a $12.7 increase in demand for our Manpower staffing services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $71.2 primarily due to a $65.3 increase in demand for our Manpower staffing services.
Previous 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;
Current wording
a revenue increase in Southern Europe of 14.6% (3.0% in constant currency) primarily driven by a $212.0 favorable impact of currency exchange rates and a $57.5 increase in demand for our Manpower staffing services, partially offset by a $5.5 decrease in demand for outcome-based solutions. France, the largest market in Southern Europe, experienced a revenue increase of 10.7% (-0.3% decrease in constant currency) primarily driven by a $106.1 favorable impact of currency exchange rates, partially offset by a $4.5 decrease in demand for outcome-based solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 19.3% (7.5% in constant currency) primarily driven by the $47.0 favorable impact of currency exchange rates and a $27.3 increase in demand for our Manpower staffing services. Other Southern Europe countries experienced a revenue increase of 18.6% (6.1% in constant currency) primarily driven by the $58.9 favorable impact of currency exchange rates and a $26.8 increase in demand for our Manpower staffing services;
Previous wording
The year-over-year 70 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 110 basis point decrease in gross profit margin was primarily attributed to:
Previous wording
a 40 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts driven by enterprise clients;
Current wording
a 70 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts driven by enterprise clients and lower bench utilization and higher training costs in Europe;
Previous 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:
Current wording
The 3.7% increase in selling and administrative expenses in the first quarter of 2026 compared to the first quarter of 2025 (-2.2% in constant currency) was primarily attributed to:
Previous 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;
Current wording
a $14.3 decrease (3.0% increase in reported and -3.3% decrease in constant currency) in personnel costs primarily due to a $9.3 decrease in salaries as we saw the effects of restructuring actions previously taken; and
Previous 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
Current wording
a $9.9 decrease (1.1% increase in reported and -5.1% decrease in constant currency) in non-personnel costs primarily due to a $4.2 reduction in office lease and occupancy costs and broader cost-cutting measures.
Previous 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:
Current wording
Selling and administrative expenses as a percent of revenues decreased 100 basis points in the first quarter of 2026 compared to the first quarter of 2025 due primarily to:
Previous wording
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 wording
a 70 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;
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 $17.1 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.
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 $19.6 in the first quarter of 2026 compared to $15.6 in the first quarter of 2025 primarily due to interest costs on the €500.0 notes due December 2030 relative to the €500 notes redeemed in January 2026. Foreign exchange loss, net was $0.6 in the first quarter of 2026 compared to $0.9 in the first quarter of 2025. Miscellaneous income, net was $7.3 in the first quarter of 2026 compared to $5.0 in the first quarter of 2025.
Previous 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.
Current wording
We recorded income tax expense at an effective rate of 83.8% for the three months ended March 31, 2026, as compared to an effective rate of 66.8% for the three months ended March 31, 2025. The 2026 rate as compared to the 2025 rate was unfavorably impacted by the overall mix of earnings in the quarter. The 83.8% effective tax rate for the three months ended March 31, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, restructuring charges, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.
Previous wording
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 wording
Net earnings per share - diluted was $0.05 in the first quarter of 2026 compared to $0.12 in the first quarter of 2025. Restructuring costs and strategic transformation program costs unfavorably impacted net earnings per share - diluted by approximately $0.46, net of tax, in the first quarter of 2026.
Previous 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.
Current wording
Weighted average shares - diluted decreased to 47.1 million in the first quarter of 2026 from 47.3 million in the first quarter of 2025. This decrease was due to the impact of share repurchases completed in the second quarter of 2025, partially offset by grants of share-based awards.
Previous 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).
Current wording
In the Americas, revenues from services increased 5.6% (3.5% increase in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by a $77.9 increase in demand for our Manpower staffing services and a $21.7 favorable impact of currency exchange rates, partially offset by a $51.9 decrease in demand for our Experis interim services. In the United States (which represented 59% of the Americas' revenues), revenues from services decreased -4.9% in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $52.4 decrease in demand for our Experis interim services, partially offset by a $12.7 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 25.2% (19.4% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a $65.3 increase in demand for our Manpower staffing services and the $21.7 favorable impact of foreign currency exchange rates. Within our Other Americas segment, we experienced increases in Colombia of $21.7, Chile of $17.6, Mexico of $10.2, and Canada of $5.9, which represented increases of 48.6%, 42.7%, 18.9%, and 8.9%, respectively (31.1%, 31.3%, 2.3%, and 4.1%, respectively, in constant currency).
Previous 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.
Current wording
Gross profit margin decreased 160 basis points in the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 130 basis points to the decrease, and decreased activity in our permanent placement services, which contributed 50 basis points to the decrease, partially offset by a 20 basis point favorable impact due to increased outcome-based solutions margins.
Previous wording
OUP increased 5.1% (4.8% increase in constant currency) in the third quarter of 2025, which represented a 3.4% OUP margin, no change from the 3.4% in the third quarter of 2024. This OUP increase was primarily due to increased profitability in our Canada and Central America businesses of $1.5 and $0.7, respectively. In the United States, OUP margin decreased to 3.0% in the third quarter of 2025 from 3.2% in the third quarter of 2024 primarily due to decreased margins in our Experis interim business and our permanent placement business. Other Americas OUP margin increased to 4.3% in the third quarter of 2025 from 3.9% in the third quarter of 2024 primarily due to an increase in our gross profit margin.
Current wording
OUP decreased -24.9% (-28.5% increase in constant currency) in the first quarter of 2025, which represented a 1.7% OUP margin, a decrease from the 2.4% in the first quarter of 2025. This OUP decrease was primarily due to decreased profitability in our U.S. business of $9.3. In the United States, OUP margin decreased to 0.3% in the first quarter of 2026 from 1.6% in the first quarter of 2025 primarily due to decreased margins in our Experis interim business and our permanent placement business as well as increased restructuring costs. Other Americas OUP margin decreased to 3.7% in the first quarter of 2026 from 3.9% in the first quarter of 2025.
Previous wording
Gross profit margin decreased 40 basis points in the first nine months of 2025 compared to the first nine months of 2024. This decrease was primarily due to higher activity in our Manpower staffing services, which contributed 20 basis points to the decrease, and lower activity in our permanent recruitment services and Manpower training services, which each contributed 10 basis points to the decrease.
Current wording
Gross profit margin decreased 50 basis points in the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily due to lower margins in our Manpower staffing services, which contributed 40 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.
Previous wording
Selling and administrative expenses increased 5.9% (-0.6% decrease in constant currency and 0.2% increase in organic constant currency) during the third quarter of 2025 compared to the third quarter of 2024, primarily due to the $15.0 unfavorable impact of currency exchange rates and an increase of $1.2 in non-personnel costs, partially offset by $3.5 decrease in personnel costs in the first nine months of 2025.
Current wording
Selling and administrative expenses increased 11.3% (-0.2% decrease in constant currency) during the first quarter of 2026 compared to the first quarter of 2025, primarily due to the $25.0 unfavorable impact of currency exchange rates and an increase of $1.1 in personnel costs, partially offset by $3.4 decrease in non-personnel costs in the first quarter of 2026.
Previous wording
OUP decreased -13.4% (-18.9% in constant currency and -19.4% in organic constant currency) in the third quarter of 2025, which represented a 3.0% OUP margin, a decrease from 3.6% in the third quarter of 2024. This OUP decrease was primarily due to decreased profitability in France of $10.5. In France, the OUP margin decreased to 2.6% for the third quarter of 2025 compared to 3.6% for the third quarter of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 5.8% for the third quarter of 2025 compared to 6.5% for the third quarter of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin remained constant at 1.4% for the third quarter of 2025 from 1.4% for the third quarter of 2024.
Current wording
OUP increased 8.0% (-2.0% in constant currency) in the first quarter of 2025, which represented a 2.6% OUP margin, a decrease from 2.7% in the first quarter of 2025. This OUP increase was primarily due to the favorable impact of currency exchange rates. In France, the OUP margin decreased to 1.6% for the first quarter of 2026 compared to 2.2% for the first quarter of 2025, primarily driven by lower activity in our higher-margin permanent recruitment and outcome-based services. In Italy, the OUP margin decreased to 6.0% for the first quarter of 2026 compared to 6.2% for the first quarter of 2025 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin increased to 1.5% for the first quarter of 2026 from 1.0% for the first quarter of 2025.
Previous wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 32%, 19%, 12%, 12% and 12%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services decreased -1.4% (-6.7% in constant currency and -6.2% in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by a $31.2 decrease in demand for our Experis interim 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). These decreases were 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).
Current wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, the Netherlands, Germany and Belgium (comprising 34%, 20%, 11%, 11% and 9%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services increased 8.1% (-1.8% decrease in constant currency) in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by the $72.4 favorable impact of currency exchange rates and a $19.0 increase in demand for our Manpower staffing services, partially offset by a $20.6 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $19.8, the United Kingdom of $11.9, Belgium of $6.0, and the Netherlands of $4.5, which represented revenue increases of 14.2%, 4.7%, 8.7%, and 5.3%, respectively (the Nordics were flat and decreases of -2.0%, -2.2%, and -5.2%, respectively, in constant currency). These increases were partially offset by a decrease in Germany of $4.6, which represented a revenue decrease of -5.0% (-14.4% in constant currency).
Previous wording
Gross profit margin decreased by 170 basis points in the third quarter of 2025 compared to the third quarter of 2024. The decrease was primarily due to a decrease in our Experis interim margins, which had a 60 basis point impact, a decrease in outplacement, which had a 50 point impact, and decreased activity in our higher-margin permanent recruitment business, which had a 60 basis point impact.
Current wording
Gross profit margin decreased by 140 basis points in the first quarter of 2026 compared to the first quarter of 2025. The decrease was primarily due to a decrease in our Experis interim margins, which had a 70 basis point impact, decreased activity in our higher-margin permanent recruitment business, which had a 60 basis point impact, and a decrease in our consulting business, which had a 10 basis point impact.
Previous wording
Selling and administrative expenses decreased -15.1% (-23.7% in constant currency and -23.6% in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024. The decrease was primarily driven by a $17.0 decrease in personnel costs as we experienced the impacts of restructuring actions previously taken, a $13.4 decrease in non-personnel costs, and an $11.4 decrease in restructuring costs taken in the third quarter of 2025 compared to the third quarter of 2024.
Current wording
Selling and administrative expenses decreased -7.6% (-16.7% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025. The decrease was primarily driven by a $10.4 decrease in personnel costs as we experienced the impacts of restructuring actions previously taken, a $7.2 decrease in restructuring costs taken in the first quarter of 2026 compared to the first quarter of 2025, and a $5.8 decrease in non-personnel costs, partially offset by the $13.1 unfavorable impact of currency exchange rates.
Previous wording
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 wording
OUP in Northern Europe increased 55.5% (62.8% in constant currency) in the first quarter of 2026, which represented a -1.0% OUP margin, an increase from -2.5% in the first quarter of 2025. This OUP margin increase was primarily driven by OUP increases in the Nordics of $2.5 and the United Kingdom of $2.0.
Previous wording
Revenues from services decreased -7.5% (-8.0% decrease in constant currency and an 8.2% increase in organic constant currency) in the third quarter of 2025 compared to the third quarter of 2024 primarily driven by the disposition and franchising of our Korea business in 2024. In Japan (which represented 60% of APME’s revenues), revenues from services increased by $20.4, or 7.0% (6.0% in constant currency), primarily driven by a $14.0 increase in demand for our Manpower staffing services, $3.0 favorable impact of currency exchange rates, and a $1.9 increase in demand for our Experis interim services. In India (which represented 13% of APME’s revenues), revenues from services increased by $5.9, or 9.4% (14.1% in constant currency), primarily driven by a $4.6 increase in demand for our Manpower staffing services and a $3.3 increase in demand for our Experis interim services, partially offset by the $2.9 unfavorable impact of currency exchange rates.
Current wording
Revenues from services increased 7.1% (8.1% in constant currency) in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by an increase in demand for our Manpower staffing solutions of $31.3 and an increase in demand for our Experis interim services of $5.7, partially offset by the unfavorable impact of currency exchange rates of $4.6. In Japan (which represented 57% of APME’s revenues), revenues from services increased by $8.8, or 3.1% (6.2% in constant currency), primarily driven by a $15.0 increase in demand for our Manpower staffing services and a $1.1 increase in demand for our Experis interim services, partially offset by the $9.0 unfavorable impact of currency exchange rates. In India (which represented 13% of APME’s revenues), revenues from services increased by $3.0, or 4.5% (10.4% in constant currency), primarily driven by a $3.0 increase in demand for our Manpower staffing services and a $2.9 increase in demand for our Experis interim services, partially offset by the $3.9 unfavorable impact of currency exchange rates.
Previous wording
Gross profit margin increased by 110 basis points in the first nine months of 2025 compared to the first nine months of 2024, primarily due to increased margins for our Experis brand, which contributed 60 basis points to the increase and increased margins for our Manpower brand, which contributed 50 basis points to the increase.
Current wording
Gross profit margin decreased by 40 basis points in the first quarter of 2026 compared to the first quarter of 2025, primarily due to decreased margins for our Manpower brand, which contributed 40 basis points to the decrease.
Previous wording
OUP in APME increased 15.8% (11.4% in constant currency and 22.0% in organic constant currency) in the third quarter of 2025, which represented a 5.1% OUP margin, an increase from 4.1% in the third quarter of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing and interim services, partially offset by an increase in selling and administrative expenses as percent of revenue.
Current wording
OUP in APME increased 7.7% (11.4% in constant currency) in the first quarter of 2026, which represented a 4.3% OUP margin, an increase from 4.2% in the first quarter of 2025. This OUP margin increase was primarily driven by a decrease in selling and administrative expenses as percent of revenue.
Previous wording
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling arrangement, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of September 30, 2025, we had $185.9 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.
Current wording
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use cash pooling arrangements, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of March 31, 2026, we had $150.8 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.
Previous wording
Cash used in operating activities was $283.0 for the nine months ended September 30, 2025 compared to $61.6 provided for the nine months ended September 30, 2024. Changes in operating assets and liabilities utilized $408.3 and $155.8 of cash during the nine months ended September 30, 2025 and 2024, respectively. These changes were primarily attributable to the timing of collections and payments. Accounts receivable increased to $4,632.3 as of September 30, 2025 from $4,297.2 as of December 31, 2024 primarily due to the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by six days from December 31, 2024 to 58 days as of September 30, 2025.
Current wording
Cash used in operating activities was $126.3 for the three months ended March 31, 2026 compared to $153.2 for the three months ended March 31, 2025. Changes in operating assets and liabilities utilized $163.6 and $196.4 of cash during the three months ended March 31, 2026 and 2025, respectively. These changes were primarily attributable to the timing of collections and payments. Accounts receivable decreased to $4,628.2 as of March 31, 2026 from $4,770.3 as of December 31, 2025 primarily due to lower revenues relative to the prior quarter and the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by four days from December 31, 2025 to 59 days as of March 31, 2026, driven primarily by business mix shifts to enterprise and quarter-end timing of certain receivables involving our TAPFIN-MSP business.
Previous wording
Cash used in investing activities was $48.7 and $41.9 for the nine months ended September 30, 2025 and 2024, respectively. Capital expenditures were $46.4 for the nine months ended September 30, 2025 compared to $39.8 for the nine months ended September 30, 2024. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. Our investing activities also include acquisitions and investments in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was $2.3 and $7.7 for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
Cash used in investing activities was $8.7 and $14.6 for the three months ended March 31, 2026 and 2025, respectively. Capital expenditures were $9.0 for the three months ended March 31, 2026 compared to $13.7 for the three months ended March 31, 2025. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. Our investing activities also include acquisitions and investments in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was none and $1.0 for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Cash provided by financing activities was $59.5 for the nine months ended September 30, 2025 compared to $178.8 used in the nine months ended September 30, 2024. Net debt borrowings were $138.3 and $13.3 in the nine months ended September 30, 2025 and 2024, respectively. The larger borrowings in 2025 were due to our working capital needs.
Current wording
Cash used in financing activities was $511.2 for the three months ended March 31, 2026 compared to $45.7 provided in the three months ended March 31, 2025. Net debt repayments were $508.2 for the three months ended March 31, 2026 compared to borrowings of $76.6 in the three months ended March 31, 2025. The larger repayments in 2026 were due to the redemption in January 2026 of our€500.0 notes originally issued in 2018.
Previous wording
Our €500.0 notes and €400.0 notes are due June 2026 and June 2027, respectively. We plan to refinance the notes at maturity, or prior to maturity, with new borrowings. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets for replacement of those notes.
Current wording
Our €400.0 notes and €500.0 notes are due June 2027 and December 2030, respectively. We plan to refinance the notes at maturity, or prior to maturity, with new borrowings. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets for replacement of those notes.
Previous wording
Our $600.0 revolving credit agreement requires that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The exclusion of certain restructuring expenses is also allowed in the determination of EBITDA in the agreement. During the second quarter of 2025, the definition of net debt in the agreement was amended to define net debt as total debt less cash in excess of $200.0 through December 31, 2025 and less cash in excess of $300.0 thereafter. As defined in the agreement, we had a Net Debt-to-EBITDA ratio of 3.18 to 1 and a fixed charge coverage ratio of 2.76 to 1 as of September 30, 2025. Based on our current forecast, we expect to be in compliance with our financial covenants for the next 12 months.
Current wording
Our $600.0 revolving credit agreement, maturing December 15, 2030, requires that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The exclusion of certain restructuring expenses is also allowed in the determination of EBITDA in the agreement. During the second quarter of 2025, the definition of net debt in the agreement was amended to define net debt as total debt less cash in excess of $200.0 through December 31, 2025 and less cash in excess of $300.0 thereafter. As defined in the agreement, we had a Net Debt-to-EBITDA ratio of 2.86 to 1 and a fixed charge coverage ratio of 2.89 to 1 as of March 31, 2026. Based on our current forecast, we expect to be in compliance with our financial covenants for the next 12 months.
Previous wording
As of September 30, 2025, we had letters of credit of $0.4 issued and $73.0 drawn under our $600.0 revolving credit facility, reflecting year-to-date borrowings of $2,951.0 and repayments of $2,878.0. We also had $50.0 drawn under our $150.0 working capital facility. Additional borrowings of $526.6 and $100.0 were available to us under our $600.0 revolving credit facility and $150.0 working capital facility, respectively, as of September 30, 2025.
Current wording
As of March 31, 2026, we had letters of credit of $0.4 and $50.0 drawn under our $600.0 revolving credit facility. We also had $33.0 drawn under our $150.0 working capital facility. Additional borrowings of $549.6 and $117.0 were available to us under our $600.0 revolving credit facility and $150.0 working capital facility, respectively, as of March 31, 2026.
Previous wording
In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet the working capital needs of our subsidiary operations. As of September 30, 2025, such uncommitted credit lines totaled $371.4, of which $332.0 was unused. Under the revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Additional borrowings of $332.0 could have been made under these lines as of September 30, 2025.
Current wording
In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet the working capital needs of our subsidiary operations. As of March 31, 2026, such uncommitted credit lines totaled $364.0, of which $334.6 was unused. Under the revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Additional borrowings of $270.6 could have been made under these lines as of March 31, 2026.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
a 20 basis point unfavorable impact from decreases in our TAPFIN-MSP margins due to lower levels of activity.
Current report — wording carried from elsewhere
a 20 basis point favorable impact due to lower office lease and occupancy costs; and
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
The following table presents selected consolidated financial data for the nine months ended September 30, 2025 as compared to 2024.
Previous report — wording carried elsewhere
The year-over-year 50 basis point decrease in gross profit margin was primarily attributed to:
Previous report — wording carried elsewhere
a 20 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
Previous report — wording carried elsewhere
a 20 basis point unfavorable impact from decreases in permanent recruitment; and
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
Gross profit margin decreased by 90 basis points in the first nine months of 2025 compared to the first nine months of 2024. The decrease was primarily due to decreased activity in our higher-margin permanent recruitment business, which had a 50 basis point impact, and a decrease in our Experis interim margins, which had a 40 basis point impact.