ManpowerGroup Inc.
For the period ended Jun 30, 2026. Filed Aug 7, 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.
Jun 30, 2026 · Filed Aug 7, 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 2026-03-31; filed 2026-05-08.
0001193125-26-215064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-340522
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 88 previous paragraphs and 139 current paragraphs.
31 unchanged; 42 reworded; 61 added; 15 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (61)
Current report
In the second quarter of 2026, we delivered strong revenue growth and improved profitability, with particularly strong demand in the United States, Latin America, Asia Pacific Middle East and select European markets including Italy, Spain, Poland and Norway. Employers remain measured in their workforce planning decisions, but hiring activity continued to improve across many of our key markets. Demand trends strengthened during the quarter, supported by very strong growth in the Manpower brand and sequential improvement across Experis and Talent Solutions. While performance continues to vary across markets and brands, improving trends in Experis, continued growth in MSP, and strengthening RPO activity support our view that 2026 represents an important inflection point for ManpowerGroup as we execute our transformation strategy and position the business for long-term profitable growth.
Current report
Our operating profit increased $137.3 in the second quarter of 2026 and our operating profit margin increased 290 basis points compared to the second quarter of 2025. Operating profit margin increased in the second quarter of 2026 primarily due to the negative impact of impairment in the prior year related to our goodwill and indefinite lived intangible assets, the positive impact from the gain on sale of the Jefferson Wells U.S. business in the current year, and increased demand in our Manpower staffing services.
Current report
a revenue increase in Northern Europe of 3.9% (1.4% in constant currency) primarily driven by a $34.2 increase in demand for our Manpower staffing services and the $20.1 favorable impact of currency exchange rates, partially offset by a $19.7 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $11.7, Poland of $ 11.4, the United Kingdom of $5.9 and Belgium of $2.4, which represented revenue increases of 7.3%, 18.1%, 2.3% and 2.9%, respectively (1.1%, 15.0%, 1.9%, and 0.5%, respectively, in constant currency). This was partially offset by decreases in the Netherlands of $3.3 and Germany of $0.4, which represented revenue decreases of -3.6% and -0.4% respectively (-5.9% and -2.6% respectively, in constant currency); and
Current report
a revenue decrease in APME of -1.2% (5.0% increase in constant currency) primarily driven by a $32.8 unfavorable impact of currency exchange rates, partially offset by a $25.2 increase in demand for our Manpower staffing services and a $1.8 increase in demand for our Experis interim services. Japan's -7.0% revenue decrease (2.7% increase in constant currency) is primarily due to a $30.8 unfavorable impact of currency exchange rates, partially offset by a $7.9 increase in demand for our Manpower staffing services. India's -6.9% revenue decrease (3.0% increase in constant currency) is primarily due to a $6.7 unfavorable impact of currency exchange rates, partially offset by a $2.2 increase in demand for our Manpower staffing services.
Current report
a 20 basis point unfavorable impact from other services.
Current report
an $88.7 impact of goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the prior-year quarter ended June 30, 2025 compared to no impairment charges in the current-year quarter ended June 30, 2026;
Current report
a $30.0 positive impact from the gain on sale of our Jefferson Wells U.S. business in the current-year quarter;
Current report
a $7.3 decrease (-51.3% as reported and -52.9% in constant currency) in restructuring costs when compared to the second quarter of 2025; partially offset by
Current report
a $7.1 increase in strategic transformation program costs related to our global transformation initiative; and
Current report
a 200 basis point favorable impact attributable to our goodwill and indefinite lived intangible asset impairment charges in 2025 which were related to our Switzerland and United Kingdom reporting units compared to no impairment charges in the current-year quarter ended June 30, 2026;
Current report
a 50 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business;
Current report
a 30 basis point favorable impact due to decreases office lease expense and other non-personnel costs; and
Current report
a 20 basis point favorable impact as a result of the decrease in restructuring costs incurred in the second quarter of 2026 compared to the second quarter of 2025.
Current report
Net earnings per share - diluted was $1.13 in the second quarter of 2026 compared to net loss per share - diluted of -$1.44 in the second quarter of 2025. The gain on the sale of our Jefferson Wells U.S. business and a discontinued business liquidation charge favorably impacted net earnings per share $0.37, partially offset by restructuring and strategic transformation program costs with an unfavorable impact of $0.23. The net positive impact of all these factors is approximately $0.14, net of tax, in the second quarter of 2026.
Current report
Weighted average shares - diluted increased to 47.4 million in the second quarter of 2026 from 46.5 million in the second quarter of 2025. The increase was primarily attributable to the inclusion of certain dilutive securities in the second quarter of 2026 weighted average share count. In the second quarter of 2025, all dilutive securities were excluded due to the net loss incurred during the period.
Current report
Operating Results - Six Months Ended June 30, 2026 and 2025
Current report
The year-over-year increase in revenues from services of 8.8% (4.4% in constant currency and 4.7% in organic constant currency) was attributed to:
Current report
a revenue increase in the Americas of 10.0% (8.0% in constant currency and 8.7% in organic constant currency) primarily driven by a $204.0 increase in demand for our Manpower staffing services and a $41.7 favorable impact of currency exchange rates, partially offset by a decrease in demand for Experis interim services of $59.8. The United States, our largest market in the Americas, experienced a revenue increase of 0.5% (1.4% in organic constant currency) primarily driven by a $55.0 increase in demand for our Manpower staffing services and a $10.6 increase in demand for MSP services, partially offset by a $62.8 decrease in demand for our Experis interim services. The revenue increase in the United States was accompanied by an increase in our Other America countries, which experienced a revenue increase of $163.2, primarily driven by the $149.1 increase in demand for our Manpower staffing services.
Current report
a revenue increase in Southern Europe of 10.7% (3.5% in constant currency) primarily driven by the $285.3 favorable impact of currency exchange rates and a $137.1 increase in our Manpower staffing services. France, the largest market in Southern Europe, experienced a revenue increase of 6.2% (-0.1% decrease in constant currency) primarily driven by the $133.9 favorable impact of currency exchange rates and an $11.5 increase in demand for our Manpower staffing services, partially offset by an $8.7 decrease in our Outcome Based Solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 14.1% (7.2% in constant currency) primarily driven by the $59.5 favorable impact of currency exchange rates and a $56.5 increase in demand for our Manpower staffing services.
Current report
a revenue increase in Northern Europe of 5.9% (-0.1% decrease in constant currency) primarily driven by the $92.5 favorable impact of currency exchange rates and a $53.1 increase in demand for our Manpower staffing services, partially offset by a $40.4 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $31.4, Poland of $25.5, the United Kingdom of $17.8, Belgium of $8.4, and the Netherlands of $1.2, which represented revenue increases of 10.5%, 21.2%, 3.4%, 5.6%, and 0.7%, respectively (0.6%, 14.2%, flat, and decreases of -0.7% and -5.5%, respectively, in constant currency). This was partially offset by a revenue decrease in Germany of $5.0, or -2.7% (-8.4% in constant currency); and
Current report
a 60 basis point unfavorable impact from the decrease in staffing and interim margins from business mix shifts and the sale of the higher-margin Jefferson Wells U.S. business;
Current report
a 20 basis point unfavorable impact from decreased demand for our career transition services.
Current report
The -6.6% decrease in selling and administrative expenses in the first half of 2026 compared to the first half of 2025 (-10.0% in constant currency and -9.7% in organic constant currency) was primarily attributed to:
Current report
an $88.7 impact of goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the first half of 2025 compared to no impairment charges in the first half of 2026;
Current report
a $30.0 positive impact from the gain on the sale of our Jefferson Wells U.S. business in the first half of 2026;
Current report
a $24.1 decrease (1.2% increase as reported, -2.8% decrease in constant currency, and -2.3% in organic constant currency) in personnel costs primarily due to an $18.8 decrease in salaries as we saw the effects of restructuring actions previously taken;
Current report
an $8.0 decrease to office lease and occupancy costs (-3.4% as reported, -7.7% in constant currency, and -7.5% in organic constant currency); and
Current report
a $7.9 decrease (-22.6% as reported and -27.6% in constant currency) in restructuring costs incurred in the first half of 2026 compared to the first half of 2025; partially offset by
Current report
a $49.1 increase due to the impact of currency exchange rates; and
Current report
a $17.0 increase in strategic transformation program costs related to our global transformation initiative.
Current report
Selling and administrative expenses as a percent of revenues decreased 240 basis points in the first half of 2026 compared to the first half of 2025 due primarily to:
Current report
a 100 basis point decrease attributable to goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the first half of 2025 compared to no impairment charges in the first half of 2026;
Current report
a 70 basis point favorable impact as personnel costs decreased as a percent of revenues primarily due to decreased salaries due to previous restructuring actions;
Current report
a 40 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business during the first half of 2026;
Current report
a 10 basis point favorable currency impact; and
Current report
a 10 basis point favorable impact as a result of the decrease in restructuring costs incurred in the first half of 2026 compared to the first half of 2025; partially offset by
Current report
We recorded income tax expense on pre-tax earnings resulting in an effective rate of 48.0% for the six months ended June 30, 2026, as compared to income tax expense on a pre-tax loss resulting in a negative effective tax rate of 144.8% for the six months ended June 30, 2025. The 2026 rate was favorably impacted by the gain on the sale of our Jefferson Wells U.S. business and unfavorably impacted by restructuring charges, strategic transformation program costs, and a discontinued business liquidation charge recorded in the first six months of 2026. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 48.0% effective tax rate for the six months ended June 30, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.
Current report
Net earnings per share - diluted was $1.19 in the first half of 2026 compared to net loss per share - diluted of -$1.32 in the first half of 2025. The gain on the sale of our Jefferson Wells U.S. business and a discontinued business liquidation charge favorably impacted net earnings per share $0.38, but was partially offset by restructuring and strategic transformation program costs with an unfavorable impact of $0.70. The net positive impact of all these factors is approximately $0.32, net of tax, in the first half of 2026.
Current report
Weighted average shares - diluted increased to 47.2 in the first half of 2026 from 46.7 in the first half of 2025. The increase was primarily attributable to the inclusion of certain dilutive securities in the first half of 2026 weighted average share count. In the first half of 2025, all dilutive securities were excluded due to the net loss incurred during the period.
Current report
In the Americas, revenues from services increased 10.0% (8.0% increase in constant currency and 8.7% in organic constant currency) in the first half of 2026 compared to the first half of 2025 primarily due to a $204.0 increase in demand for our Manpower staffing services and a $41.7 favorable impact due to currency exchange rates, partially offset by a decrease in demand for Experis interim services of $59.8. In the United States, revenues from services increased 0.5% (1.4% in organic constant currency) in the first half of 2026 compared to the first half of 2025, primarily driven by a $55.0 increase in demand for our Manpower staffing services and a $10.6 increase in demand for MSP services, partially offset by a $62.8 decrease in demand for our Experis interim services. In Other Americas, revenues from services increased 27.2% (21.6% in constant currency) in the first half of 2026 compared to the first half of 2025, primarily driven by the $149.1 increase in demand for our Manpower staffing services. Within our Other Americas segment, we experienced an increase in Colombia of $43.9, Chile of $33.5, Mexico of $19.0, Canada of $10.3, and Peru of $9.9, which represented increases of 49.6%, 39.5%, 16.7%, 7.4%, and 13.6%, respectively (30.4%, 30.6%, 2.3%, 5.2%, and 5.4%, respectively, in constant currency).
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Removed paragraphs (15)
Previous 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.
Previous report
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 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
Previous report
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 report
a 10 basis point favorable impact due to lower travel and entertainment expenses.
Previous report
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 report
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 report
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 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.
Previous report
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 report
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 report
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 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.
Previous report
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 report
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.
Reworded paragraphs (42)
Previous 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.
Current wording
During the second 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. The changes in the foreign currency exchange rates had a 1.7% 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 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.
Current wording
During the second quarter of 2026 compared to the second quarter of 2025, we experienced a 14.4% 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 second quarter of 2026 compared to the second quarter of 2025, we experienced a 7.4% revenue increase in Southern Europe, primarily due to an increase in demand for Manpower staffing services, the favorable impact of currency exchange rates, and an increase in demand for our Experis interim services. During the second quarter of 2026 compared to the second quarter of 2025, we experienced a 3.9% revenue increase in Northern Europe, primarily due to 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. We experienced a -1.2% revenue decrease in APME in the second quarter of 2026 compared to the second quarter of 2025 primarily due to the unfavorable impact of currency exchange rates, partially offset by an increase in demand for our Manpower staffing services and an increase in demand for our Experis interim services.
Previous 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.
Current wording
From a brand perspective, we experienced revenue increases in Manpower and Talent Solutions while Experis experienced a revenue decrease in the second quarter of 2026 compared to the second quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Outcome Based Solutions. In our Talent Solutions brand, the revenue increase was primarily due to the favorable impact of currency exchange rates. The revenue decrease in our Experis brand was primarily due to decreased demand in our interim services and permanent recruitment services.
Previous 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.
Current wording
In the second quarter of 2026, our gross profit margin decreased 80 basis points compared to the second quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix shifts and impact from the sale of the higher-margin Jefferson Wells U.S. business.
Previous wording
The year-over-year increase in revenues from services was 10.3% (2.9% in constant currency) primarily attributed to:
Current wording
The year-over-year increase in revenues from services was 7.5% (5.8% in constant currency and 6.1% in organic constant currency) primarily attributed to:
Previous 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.
Current wording
a revenue increase in the Americas of 14.4% (12.5% increase in constant currency and 13.9% in organic constant currency) primarily driven by a $126.1 increase in demand for our Manpower staffing services and a $20.0 favorable impact of currency exchange rates, partially offset by a $7.9 decrease in demand for our Experis interim services. The United States, our largest market in the Americas, experienced a revenue increase of 6.0% (8.0% in organic constant currency) primarily driven by a $42.3 increase in demand for our Manpower staffing services, partially offset by a $10.3 decrease in demand for our Experis interim services. The revenue increase in the United States was accompanied by a revenue increase of 29.0% (23.8% in constant currency) in our Other America countries, primarily driven by an $83.0 increase in demand for our Manpower staffing services.
Previous 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;
Current wording
a revenue increase in Southern Europe of 7.4% (4.0% in constant currency) primarily driven by a $79.6 increase in demand for our Manpower staffing services, a $73.3 favorable impact of currency exchange rates, and a $5.0 increase in demand for our Experis interim services. France, the largest market in Southern Europe, experienced a revenue increase of 2.5% (flat in constant currency) primarily driven by a $27.8 favorable impact of currency exchange rates and an $8.1 increase in demand for our Manpower staffing services, partially offset by a $4.2 decrease in demand for our Outcome Based Solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 9.6% (7.0% in constant currency) primarily driven by a $29.2 increase in demand for our Manpower staffing services and a $12.5 favorable impact of currency exchange rates;
Previous wording
The year-over-year 110 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 80 basis point decrease in gross profit margin was primarily attributed to:
Previous 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;
Current wording
a 50 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts and the sale of the higher-margin Jefferson Wells U.S. business;
Previous wording
a 20 basis point unfavorable impact from decreases in our TAPFIN-MSP margins due to lower levels of activity.
Current wording
a 10 basis point unfavorable impact from decreases in permanent recruitment margins due to lower levels of activity; and
Previous 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:
Current wording
The -15.3% decrease in selling and administrative expenses in the second quarter of 2026 compared to the second quarter of 2025 (-16.6% in constant currency and -16.1% in organic constant currency) was primarily attributed to:
Previous 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
Current wording
a $9.8 decrease (-0.5% as reported, -2.2% in constant currency, and -1.4% in organic constant currency) in personnel costs primarily due to a $9.4 decrease in salaries as we saw the effects of restructuring actions previously taken; and
Previous wording
a $39.0 increase due to the impact of changes in currency exchange rates; and
Current wording
a $10.1 increase due to the impact of changes in currency exchange rates.
Previous 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:
Current wording
Selling and administrative expenses as a percent of revenues decreased 370 basis points in the second quarter of 2026 compared to the second quarter of 2025 due primarily to:
Previous wording
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $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.
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 $19.0 in the second quarter of 2026 compared to $17.8 in the second quarter of 2025 primarily due to increased interest expense on €500.0 notes due December 2030. Foreign exchange loss, net was $1.7 in the second quarter of 2026 compared to $1.3 in the second quarter of 2025. Miscellaneous income, net was $1.1 in the second quarter of 2026 compared to $2.6 in the second quarter of 2025.
Previous 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.
Current wording
We recorded income tax expense on pre-tax earnings resulting in an effective rate of 42.0% for the three months ended June 30, 2026, as compared to income tax expense on a pre-tax loss resulting in a negative effective tax rate of 60.2% for the three months ended June 30, 2025. The 2026 rate was favorably impacted by the gain on the sale of our Jefferson Wells U.S. business and unfavorably impacted by strategic transformation program costs, restructuring charges, and a discontinued business liquidation charge recorded in the second quarter. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 42.0% effective tax rate for the three months ended June 30, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.
Previous wording
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 wording
a revenue increase in APME of 2.8% (6.5% in constant currency) primarily driven by a $56.5 increase in demand for our Manpower staffing services and a $7.5 increase in demand for our Experis interim services, partially offset by a $37.5 unfavorable impact of currency exchange rates. Within our APME segment, we experienced revenue decreases in Japan of -2.2% and India of -1.3% (increases of 4.3% and 6.6% in constant currency, respectively). Japan's revenue decrease was primarily due to a $39.7 unfavorable impact of currency exchange rates, partially offset by a $22.9 increase in demand for our Manpower staffing services. India's revenue decrease was primarily due to a $10.6 unfavorable impact of currency exchange rates, partially offset by a $5.1 increase in demand for our Manpower staffing services and a $2.5 increase in demand for our Experis interim services.
Previous wording
a 20 basis point unfavorable impact from decreases in permanent recruitment margins due to lower levels of activity; and
Current wording
a 20 basis point unfavorable impact from decreases in permanent recruitment due to lower levels of activity; and
Previous wording
a 20 basis point favorable impact due to lower office lease and occupancy costs; and
Current wording
a 30 basis point favorable impact due to decreases office lease and occupancy expense and other non-personnel costs;
Previous wording
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 wording
a 20 basis point increase due to strategic transformation program costs related to our global transformation initiative.
Previous 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).
Current wording
In the Americas, revenues from services increased 14.4% (12.5% increase in constant currency and 13.9% in organic constant currency) in the second quarter of 2026 compared to the second quarter of 2025 primarily due to a $126.1 increase in demand for our Manpower staffing services and a $20.0 favorable impact of currency exchange rates, partially offset by a $7.9 decrease in demand for our Experis interim services. In the United States (which represented 59% of the Americas' revenues), revenues from services increased 6.0% (8.0% in organic constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by a $42.3 increase in demand for our Manpower staffing services, partially offset by a $10.3 decrease in demand for our Experis interim services. In Other Americas, revenues from services increased 29.0% (23.8% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by an $83.0 increase in demand for our Manpower staffing services. Within our Other Americas segment, we experienced an increase in Colombia of $22.2, Chile of $15.9, Mexico of $8.7, Canada of $4.4, and Argentina of $4.1, which represented increases of 50.7%, 36.5%, 14.7%, 6.0%, and 11.1%, respectively (29.7%, 29.9%, 2.4%, 6.1%, and 36.2%, respectively, in constant currency).
Previous wording
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 wording
In Southern Europe, revenues from services increased 7.4% (4.0% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025 primarily due to a $79.6 increase in demand for our Manpower staffing services, a $73.3 favorable impact of currency exchange rates, and a $5.0 increase in demand for our Experis interim services. In France (which represented 51% of Southern Europe’s revenues), revenues from services increased 2.5% (flat in constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by a $27.8 favorable impact of currency exchange rates and an $8.1 increase in demand for our Manpower staffing services, partially offset by a $4.2 decrease in demand for our Outcome Based Solutions. In Italy (which represented 23% of Southern Europe’s revenues), revenues from services increased 9.6% (7.0% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by a $29.2 increase in demand for our Manpower staffing service and the $12.5 favorable impact of currency exchange rates. In Other Southern Europe, revenues from services increased 16.2% (9.9% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily due to a $42.4 increase in demand for our Manpower staffing services and the $33.0 favorable impact of currency exchange rates. Within our Other Southern Europe segment, we experienced revenue increases in Spain of $29.6, or 20.4% (17.7% in constant currency) and Israel of $29.5, or 29.7% (7.2% in constant currency).
Previous 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.
Current wording
Gross profit margin decreased 40 basis points in the second quarter of 2026 compared to the second quarter of 2025. This decrease was primarily due to increased demand Manpower staffing services, which contributed 30 basis points to the decrease, and lower activity in our Outcome Based solutions, which contributed 10 basis points to the decrease.
Previous 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.
Current wording
Gross profit margin decreased 40 basis points in the first half of 2026 compared to the first half of 2025. This decrease was primarily due to due to increased demand in our Manpower staffing services, which contributed 40 basis points to the decrease.
Previous 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.
Current wording
Selling and administrative expenses increased 4.7% (1.2% in constant currency) during the second quarter of 2026 compared to the second quarter of 2025, primarily due to the $8.2 unfavorable impact of currency exchange rates and an increase of $3.1 increase in personnel costs, partially offset by a decrease of $2.1 in non-personnel costs.
Previous 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).
Current wording
In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 33%, 21%, 11%, 11% and 10%, respectively, of Northern Europe’s revenues). In Northern Europe, revenues from services increased 3.9% (1.4% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by a $34.2 increase in demand for our Manpower staffing services and the $20.1 favorable impact of currency exchange rates, partially offset by a $19.7 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $11.7, Poland of $11.4, the United Kingdom of $5.9, and Belgium of $2.4, which represented revenue increases of 7.3%, 18.1%, 2.3%, and 2.9%, respectively (1.1%, 15.0%, 1.9%, and 0.5%, respectively, in constant currency). These increases were partially offset by decreases in the Netherlands of $3.3, and Germany of $0.4, which represented revenue decreases of -3.6%, and -0.4% respectively (-5.9% and -2.6%, respectively, in constant currency).
Previous 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.
Current wording
Gross profit margin decreased by 70 basis points in the second quarter of 2026 compared to the second quarter of 2025. The decrease was primarily due to a decrease in our Experis interim demand, which had a 70 basis point impact and decreased activity in our higher-margin permanent recruitment business, which had a 40 basis point impact, partially offset by increased activity in our Manpower staffing services, which had a 40 basis point impact.
Previous 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.
Current wording
Selling and administrative expenses decreased -7.9% (-13.6% in constant currency) in the first half of 2026 compared to the first half of 2025. The decrease was primarily driven by a decrease of $18.7 in restructuring costs incurred in the first six months of 2026 compared to the first six months of 2025 and a $17.8 decrease in personnel costs as we experienced the impacts of restructuring actions previously taken, partially offset by the $16.4 unfavorable impact due to currency exchange rates.
Previous 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.
Current wording
OUP in Northern Europe increased $10.9 in the second quarter of 2026, which represented a 0.2% OUP margin, an increase from -1.1% in the second quarter of 2025. This OUP margin increase was primarily driven by OUP increases in Germany of $7.0 and the Nordics of $6.9 resulting from a decrease in SG&A as a percentage of revenue, partially offset by a decrease in gross profit margin.
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 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.
Current wording
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling arrangement, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of June 30, 2026, we had $152.4 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
Conversely, as the demand for our services declines, we generally experience a decrease in our working capital needs. This occurs as the existing accounts receivable are collected and not replaced at the same level, and thus our accounts receivable balance declines. There is less of an effect on current liabilities due to the shorter cycle time of the payroll-related items. While this may result in an increase in our operating cash flows, longer payment terms and timing of payroll, tax and supplier-related payments significantly impact our cash position and cash flows each period. Any increase in operating cash flows from an economic slowdown would not be sustained in the event that a downturn continues for an extended period, as we are seeing in the current economic cycle.
Current wording
Conversely, as the demand for our services declines, we generally experience a decrease in our working capital needs. This occurs as the existing accounts receivable are collected and not replaced at the same level, and thus our accounts receivable balance declines. There is less of an effect on current liabilities due to the shorter cycle time of the payroll-related items. While this may result in an increase in our operating cash flows, longer payment terms and timing of payroll, tax and supplier-related payments significantly impact our cash position and cash flows each period. Any increase in operating cash flows from an economic slowdown would not be sustained in the event that a downturn continues for an extended period.
Previous 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.
Current wording
Cash used in operating activities was $129.0 and $342.8 for the six months ended June 30, 2026 and June 30, 2025, respectively. Changes in operating assets and liabilities utilized $230.5 and $441.3 of cash during the six months ended June 30, 2026 and 2025, respectively. These changes were primarily attributable to the timing of collections and payments. Accounts receivable decreased to $4,733.8 as of June 30, 2026 from $4,770.3 as of December 31, 2025 due to the impact of changes in currency exchange rates, partially offset by higher revenue during the second quarter of 2026. Days Sales Outstanding ("DSO") increased by one day from December 31, 2025 to 56 days as of June 30, 2026.
Previous 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.
Current wording
Cash provided by investing activities was $73.4 for the six months ended June 30, 2026 compared to $34.0 used for the six months ended June 30, 2025. The increase in 2026 was due to the $87.5 proceeds from the sale of our Jefferson Wells U.S. business. Capital expenditures were $14.8 and $31.3 for the six months ended June 30, 2026 and 2025, respectively. 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. The decrease in 2026 was mainly due to lower investments in capitalized software. 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 $0.8 and $2.3 for the six months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Cash used in financing activities was $636.8 for the six months ended June 30, 2026 compared to $124.0 provided in the six months ended June 30, 2025. Net debt repayments were $599.4 for the six months ended June 30, 2026 compared to borrowings of $202.8 in the six months ended June 30, 2025. The larger repayments in 2026 were due to the redemption in January 2026 of our€500.0 notes originally issued in 2018. The borrowings in 2025 included $136.0 proceeds from our revolving debt facility, compared to no outstanding borrowings under the facility for the six months ended June 30, 2026.
Previous 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.
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. As defined in the agreement, we had a Net Debt-to-EBITDA ratio of 2.51 to 1 and a fixed charge coverage ratio of 2.98 to 1 as of June 30, 2026. Based on our current forecast, we expect to be in compliance with our financial covenants for the next 12 months.
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 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.
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 June 30, 2026, such uncommitted credit lines totaled $364.0, of which $343.4 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 $279.4 could have been made under these lines as of June 30, 2026.
Previous wording
We have assessed our liquidity position as of March 31, 2026 and for the near future. As of March 31, 2026, our cash and cash equivalents balance was $224.9. We also have access to the previously mentioned revolving credit facility that could have immediately provided us with up to $600.0 of additional cash, less any outstanding borrowings and letters of credit, and we have an option to request an increase to the total availability under the revolving credit facility by an additional $300.0 and each lender may participate in the requested increase at their discretion. In addition, we have access to the previously mentioned credit lines to meet the working capital needs of our subsidiaries, of which $270.6 was available to use as of March 31, 2026. Our €400.0 ($460.9) notes mature in June 2027 and our €500.0 ($573.4) notes mature in December 2030. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.
Current wording
We have assessed our liquidity position as of June 30, 2026 and for the near future. As of June 30, 2026, our cash and cash equivalents balance was $180.6. We also have access to the previously mentioned revolving and uncommitted credit facilities that could have immediately provided us with up to $600.0 and $150.0 of additional cash, respectively, less any outstanding borrowings and letters of credit. We have an option to request an increase to the total availability under the revolving credit facility by an additional $300.0 and each lender may participate in the requested increase at their discretion. In addition, we have access to the previously mentioned credit lines to meet the working capital needs of our subsidiaries, of which $279.4 was available to use as of June 30, 2026. Our €400.0 ($455.9) notes mature in June 2027, and our €500.0 ($567.0) notes mature in December 2030. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.
Previous wording
The Board of Directors declared a semi-annual dividend of $0.72 per share on May 8, 2026 and May 2, 2025. The 2026 dividends are payable on June 15, 2026 to shareholders of record as of June 1, 2026. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025.
Current wording
The Board of Directors declared a semi-annual dividend of $0.72 per share on May 8, 2026 and May 2, 2025, respectively. The 2026 dividends were paid on June 15, 2026 to shareholders of record as of June 1, 2026. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025.
Previous wording
In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2026, we did not repurchase any shares under the 2023 authorization. During the three months ended March 31, 2025, we repurchased 0.4 million shares under the 2023 authorization at a cost of $25.0. As of March 31, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.
Current wording
In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the six months ended June 30, 2026, we did not repurchase any shares under the 2023 authorization. During the six months ended June 30, 2025, we repurchased 0.7 million shares under the 2023 authorization at a cost of $37.0. As of June 30, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.
Previous wording
We had aggregate commitments of $2,579.6 as of March 31, 2026 related to debt, operating leases, severance and office closure costs, and certain other commitments compared to $3,146.5 as of December 31, 2025.
Current wording
We had aggregate commitments of $2,431.6 as of June 30, 2026 related to debt, operating leases, severance and office closure costs, and certain other commitments compared to $3,146.5 as of December 31, 2025.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
The following table presents selected consolidated financial data for the six months ended June 30, 2026 as compared to 2025.
Current report — wording carried from elsewhere
The year-over-year 100 basis point decrease in gross profit margin was primarily attributed to:
Current report — wording carried from elsewhere
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $38.6 in the first half of 2026 compared to $33.4 in the first half of 2025 primarily due to increased interest expense on €500.0 notes due December 2030 during the period. Foreign exchange loss, net was $2.3 in the first half of 2026 compared to $2.2 in the first half of 2025. Miscellaneous income, net was $8.4 in the first half of 2026 compared to $7.6 in the first half of 2025.
Current report — wording carried from elsewhere
Gross profit margin decreased by 110 basis points in the first half of 2026 compared to the first half of 2025. The decrease was primarily due to a decrease in our Experis interim demand, which had a 70 basis point impact and decreased activity in our higher-margin permanent recruitment business, which had a 40 basis point impact.
Current report — wording carried from elsewhere
Selling and administrative expenses decreased -8.2% (-10.5% in constant currency) in the second quarter of 2026 compared to the second quarter of 2025. The decrease was primarily driven by an $11.5 decrease in restructuring costs taken in the second quarter of 2026 compared to the second quarter of 2025 and a $7.4 decrease in personnel costs as we experienced the impacts of restructuring actions previously taken.