ManpowerGroup Inc.
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 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 2026-06-30; filed 2026-08-07.
0001193125-26-340522
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001193125-26-441750
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 142 current paragraphs.
36 unchanged; 73 reworded; 32 added; 27 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
Our operating profit increased 23.7% in the third quarter of 2026 and our operating profit margin increased 30 basis points compared to the third quarter of 2025. Operating profit margin increased in the third quarter of 2026 primarily due to lower selling and administrative expenses as a percent of revenue driven by less restructuring and lower personnel costs as we see the impact of previous restructuring actions taken, partially offset by lower gross profit margins, increased strategic transformation program costs and increased demand for our Manpower staffing services.
Current report
a revenue increase in Northern Europe of 5.4% (5.9% in constant currency) primarily driven by a $65.4 increase in demand for our Manpower staffing services, partially offset by an $11.1 decrease in demand for our Experis interim services and a $4.3 unfavorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue increases in Germany of $19.8, the United Kingdom of $18.0, Poland of $ 7.8, and the Nordics of $3.7, which represented revenue increases of 19.8%, 6.8%, 11.6% and 2.4%, respectively (21.7%, 7.2%, 15.1%, and a decrease of -0.5%, respectively, in constant currency); and
Current report
a revenue decrease in APME of -1.1% (4.3% increase in constant currency) primarily driven by a $28.0 unfavorable impact of currency exchange rates, partially offset by a $22.2 increase in demand for our Manpower staffing services and a $1.6 increase in demand for our Experis interim services. In Japan, revenue from services decreased by $19.1, or -6.1% (1.4% increase in constant currency), primarily driven by the $23.3 unfavorable impact of currency exchange rates, partially offset by a $4.8 increase in demand for our Manpower staffing services. In India, revenue from services decreased by $3.9, or -5.7% (3.2% increase in constant currency), primarily driven by the $6.1 unfavorable impact of currency exchange rates, partially offset by a $1.9 increase in demand for our Manpower staffing services.
Current report
a 10 basis point unfavorable impact from lower demand in career transition services.
Current report
a 10 basis point unfavorable impact due to our strategic transformation program costs.
Current report
Weighted average shares - diluted increased to 48.1 million in the third quarter of 2026 from 46.9 million in the third quarter of 2025. The increase was due to a higher share price and additional share-based award grants.
Current report
Operating Results - Nine Months Ended September 30, 2026 and 2025
Current report
a revenue increase in Northern Europe of 5.7% (2.0% increase in constant currency) primarily driven by a $118.6 increase in demand for our Manpower staffing services and the $88.2 favorable impact of currency exchange rates, partially offset by a $51.5 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the United Kingdom of $35.8, the Nordics of $35.1, Poland of $33.4, Germany of $14.8, and Belgium of $4.4, which represented revenue increases of 4.6%, 7.8%, 17.7%, 5.1%, and 1.8%, respectively (2.4%, 0.2%, 14.5%, 2.0%, and -1.5% decrease, respectively, in constant currency); and
Current report
a revenue increase in APME of 1.4% (5.7% in constant currency) primarily driven by a $78.7 increase in demand for our Manpower staffing services and a $9.1 increase in demand for our Experis interim services, partially offset by a $65.4 unfavorable impact of currency exchange rates. In Japan, revenues from services decreased by $32.5, or -3.6% (3.3% increase in constant currency), primarily driven by a $63.0 unfavorable impact of currency exchange rates, partially offset by a $27.7 increase in demand for our Manpower staffing services. In India, revenues from services decreased by $5.6, or -2.8% (5.5% increase in constant currency), primarily driven by a $16.7 unfavorable impact of currency exchange rates, partially offset by a $7.0 increase in demand for our Manpower staffing services and a $2.4 increase in demand for our Experis interim services.
Current report
a 10 basis point unfavorable impact from the decrease in margins in our MSP business.
Current report
a $28.3 positive impact from the gain on the sale of our Jefferson Wells U.S. business in the first nine months of 2026;
Current report
an $11.6 decrease in office leases and occupancy costs (-4.8% as reported, -7.4% in constant currency, and -7.2% in organic constant currency); partially offset by
Current report
a $45.7 increase due to the impact of currency exchange rates; and
Current report
a $25.6 increase in strategic transformation program costs related to our global transformation initiative in the first nine months of 2026 when compared to none in the first nine months of 2025.
Current report
a 20 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business during the first nine months of 2026;
Current report
a 10 basis point unfavorable impact due to our strategic transformation program costs.
Current report
Net earnings per share - diluted was $1.89 in the first nine months of 2026 compared to net loss per share - diluted of -$0.93 in the first nine months of 2025. The current year-to-date period included restructuring costs, strategic transformation program costs, the sale of our Jefferson Wells U.S. business, a discontinued business liquidation charge, and Argentina hyperinflationary related non-cash currency translation losses which, in aggregate, reduced earnings per share by $0.62. In the first nine months of 2025, 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 loss per share - diluted by approximately $1.10, net of tax, and the loss from the disposition of subsidiaries recorded unfavorably impacted net earnings per share - diluted by approximately $0.13, net of tax.
Current report
Selling and administrative expenses decreased -1.1% (-2.2% in constant currency and 0.2% increase in organic constant currency) in the third quarter of 2026 compared to the third quarter of 2025, primarily driven by a $4.9 decrease due to the sale of our Jefferson Wells U.S. business, partially offset by a $2.3 unfavorable impact due to currency exchange rates.
Current report
Selling and administrative expenses decreased -4.8% (-6.1% in constant currency and -4.7% in organic constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by a $28.3 favorable impact from the gain on sale of the Jefferson Wells U.S. business during the first nine months of 2026, lower personnel costs of $16.4 as we saw the effects of restructuring actions previously taken, and a $7.6 decrease in personnel costs due to the sale of our Jefferson Wells U.S. business, partially offset by an $8.2 increase in restructuring costs and a $7.5 unfavorable impact due to currency exchange rates.
Current report
In Southern Europe, revenues from services increased 7.3% (3.0% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025 primarily due to the $261.3 favorable impact of currency exchange rates, a $176.3 increase in our Manpower staffing services, and a $14.3 increase in demand for our Experis interim services. In France, revenues from services increased 2.8% (-0.8% decrease in constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by the $115.2 favorable impact of currency exchange rates, partially offset by an $11.9 decrease in our Outcome Based Solutions and a $2.6 decrease in demand for our Manpower staffing services. In Italy, revenues from services increased 10.7% (6.9% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by a $79.8 increase in demand for our Manpower staffing services, the $51.6 favorable impact of currency exchange rates, and a $5.7 increase in demand for our Experis interim services. In Other Southern Europe, revenues from services increased 13.8% (7.7% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily due to a $99.1 increase in demand for our Manpower staffing services and a $94.4 favorable impact of currency exchange rates. Within our Other Southern Europe segment, we experienced a revenue increase in Israel of $73.1, or 23.8% (6.9% in constant currency) and Spain of $72.3, or 16.7% (12.9% in constant currency).
Current report
Gross profit margin decreased 20 basis points in the third quarter of 2026 compared to the third quarter of 2025. This decrease was primarily due to decreased margins in our Manpower staffing services, which contributed 20 basis points to the decrease, and decreased demand in our permanent recruitment services, which contributed 10 basis points to the decrease, partially offset by an increase of 10 basis points due to the favorable impact of currency exchange rates.
Current report
Gross profit margin decreased 30 basis points in the first nine months of 2026 compared to the first nine months of 2025. This decrease was primarily due to decreased margins in our Manpower staffing services, which contributed 30 basis points to the decrease and decreased demand in our permanent recruitment services, which contributed 10 basis points to the decrease, partially offset by an increase of 10 basis points due to the favorable impact of currency exchange rates.
Current report
Selling and administrative expenses decreased -0.4% (0.5% increase in constant currency) during the third quarter of 2026 compared to the third quarter of 2025, primarily due to the $2.3 favorable impact of currency exchange rates, partially offset by an increase of $1.7 in bonuses and sales commission and an increase of $0.3 in non-personnel costs.
Current report
In Northern Europe, revenues from services increased 5.7% (2.0% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by a $118.6 increase in demand for our Manpower staffing services and the $88.2 favorable impact of currency exchange rates, partially offset by a $51.5 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the United Kingdom of $35.8, the Nordics of $35.1, Poland of $33.4, Germany of $14.8, and Belgium of $4.4, which represented revenue increases of 4.6%, 7.8%, 17.7%, 5.1%, and 1.8%, respectively (2.4%, 0.2%, 14.5%, 2.0% and -1.5% decrease, respectively, in constant currency).
Current report
Revenues from services increased 1.4% (5.7% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025 primarily driven by a $78.7 increase in demand for our Manpower staffing services and a $9.1 increase in demand for our Experis interim services, partially offset by a $65.4 unfavorable impact of currency exchange rates. In Japan, revenues from services decreased by $32.5, or -3.6% (3.3% increase in constant currency), primarily driven by a $63.0 unfavorable impact of currency exchange rates, partially offset by a $27.7 increase in demand for our Manpower staffing services. In India, revenues from services decreased by $5.6, or -2.8% (5.5% increase in constant currency), primarily driven by a $16.7 unfavorable impact of currency exchange rates, partially offset by a $7.0 increase in demand for our Manpower staffing services and a $2.4 increase in demand for our Experis interim services.
Current report
Application of Critical Accounting Policies
Current report
The Company is supplementing the critical accounting policies as described in the 2025 Annual Report with the following critical accounting estimates.
Current report
In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value.
Current report
We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. We evaluate the following assumptions which are used in our goodwill impairment tests: expected future revenue growth rates, operating unit profit (OUP) margins, working capital levels, discount rates, and terminal value revenue growth rate. We consider expected future revenue growth rates, OUP margins and discount rates to be the more significant assumptions. The expected future revenue growth rates and OUP margins are determined after taking into consideration historical performance, our assessment of future market potential, and expected future business performance conditions. We believe that the discounted cash flow model provides the most reasonable and meaningful estimate of fair value, consistent with how market participants would value our reporting units in an orderly transaction.
Current report
Management closely monitors the financial and operating results relative to the assumptions used in our fair value estimates, as well as macroeconomic conditions and strategic initiatives that may impact the reporting units and indefinite-lived intangible assets. During the third quarter of 2026, we completed the annual impairment test of our goodwill and indefinite-lived intangible assets. The fair value exceeded the carrying amount by more than 10% for all reporting units with the exception of Switzerland. The carrying value of the Switzerland reporting unit had previously been adjusted to fair value as a result of an impairment charge recognized during the second quarter of 2025. As of September 30, 2026, the goodwill balance related to our Switzerland reporting unit was $32.4.
Current report
Key assumptions for our United States reporting unit in our Americas segment, which represents the reporting unit with the most significant goodwill balance, included a discount rate of 9.2%, revenue growth rates for the next 10 years ranging from 3.0% to 8.0% and average OUP margins of 4.8%. Management closely monitors the performance and assumptions used in our fair value estimates, along with macroeconomic and operational developments that may impact future impairment assessments.
Current report
We have recently had stable activity levels in certain markets, and in prior periods, we have experienced decreases in our operating results. There could be further decreases in our operating results, which may result in the recognition of goodwill impairments.
Removed paragraphs (27)
Previous 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.
Previous 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
Previous 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.
Previous report
a 20 basis point unfavorable impact from other services.
Previous 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;
Previous report
a $30.0 positive impact from the gain on sale of our Jefferson Wells U.S. business in the current-year quarter;
Previous 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;
Previous report
a 30 basis point favorable impact due to decreases office lease expense and other non-personnel costs; and
Previous report
Operating Results - Six Months Ended June 30, 2026 and 2025
Previous 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
Previous report
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 report
a 20 basis point unfavorable impact from decreased demand for our career transition services.
Previous 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;
Previous 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
Previous report
a $49.1 increase due to the impact of currency exchange rates; and
Previous 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;
Previous report
a 10 basis point favorable currency impact; and
Previous report
a 20 basis point increase due to strategic transformation program costs related to our global transformation initiative.
Previous 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.
Previous report
Selling and administrative expenses decreased -13.9% (-15.2% in constant currency and -13.7% organic constant currency) in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by a $30.0 favorable impact from the gain on sale of the Jefferson Wells U.S. business during the second quarter of 2026 and lower personnel costs of $6.2 as we saw the effects of restructuring actions taken.
Previous report
Selling and administrative expenses decreased -6.7% (-8.0% in constant currency and -7.2% in organic constant currency) in the first half of 2026 compared to the first half of 2025, primarily driven by a $30.0 favorable impact from the gain on sale of the Jefferson Wells U.S. business during the first half of 2026 and lower personnel costs of $13.1 as we saw the effects of restructuring actions taken.
Previous report
In Southern Europe, revenues from services increased 10.7% (3.5% in constant currency) in the first half of 2026 compared to the first half of 2025 primarily due to the $285.3 favorable impact of currency exchange rates and a $137.1 increase in our Manpower staffing services. In France, revenues from services increased 6.2% (-0.1% decrease in constant currency) in the first half of 2026 compared to the first half of 2025, 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. In Italy, revenues from services increased 14.1% (7.2% in constant currency) in the first half of 2026 compared to the first half of 2025, primarily driven by the $59.5 favorable impact of currency exchange rates and a $56.5 increase in demand for our Manpower staffing services. In Other Southern Europe, revenues from services increased 17.4% (8.1% in constant currency) in the first half of 2026 compared to the first half of 2025, primarily due to the $91.9 favorable impact of currency exchange rates and a $69.2 increase in demand for our Manpower staffing services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $61.0, or 22.8% (15.5% in constant currency) and Israel of $53.9, or 27.5% (7.8% in constant currency).
Previous report
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 report
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 report
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 report
In Northern Europe, revenues from services increased 5.9% (-0.1% decrease in constant currency) in the first half of 2026 compared to the first half of 2025, 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.
Previous report
Revenues from services increased 2.8% (6.5% in constant currency) in the first half of 2026 compared to the first half of 2025 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. In Japan, revenues from services decreased by $13.5, or -2.2% (4.3% increase in constant currency), primarily driven a $39.7 unfavorable impact of currency exchange rates, partially offset by a $22.9 increase in demand for our Manpower staffing services. In India, revenues from services decreased by $1.7, or -1.3% (6.6% increase in constant currency), primarily driven by 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.
Reworded paragraphs (73)
Previous wording
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 wording
In the third quarter of 2026, we delivered continued revenue growth and improved profitability, driven by strong performance in the Manpower brand, particularly in the United States, and broad-based growth across many of our key markets. Demand trends continued to improve during the quarter, with strong revenue growth in the United States and Northern Europe, including the United Kingdom and Germany, as well as continued growth in Italy and Asia Pacific Middle East. Experis trends improved globally, with the U.S. business returning to organic growth, while Talent Solutions benefited from continued growth in MSP and strengthening RPO activity, partially offset by lower outplacement activity in Right Management. While performance continues to vary across markets and brands, the continued strength in Manpower, improving trends across Experis and Talent Solutions, and progress on our transformation strategy reinforce our belief that 2026 represents an important inflection point for ManpowerGroup and position the business for long-term profitable growth.
Previous 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.
Current wording
During the third quarter of 2026, the United States dollar strengthened on average, relative to the currencies in most of our markets, and overall had an unfavorable impact on our reported results. The changes in the foreign currency exchange rates had a -0.8% unfavorable impact on revenues from services. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.
Previous wording
During the second quarter of 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.
Current wording
During the third quarter of 2026 compared to the third quarter of 2025, we experienced a 13.5% 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. During the third quarter of 2026 compared to the third quarter of 2025, we experienced a 1.0% revenue increase in Southern Europe, primarily due to an increase in demand for Manpower staffing services and an increase in demand for our Experis interim services, partially offset by the unfavorable impact of currency exchange rates. During the third quarter of 2026 compared to the third quarter of 2025, we experienced a 5.4% revenue increase in Northern Europe, primarily due to 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. We experienced a -1.1% revenue decrease in APME in the third quarter of 2026 compared to the third 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 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.
Current wording
From a brand perspective, we experienced revenue increases in Manpower and Talent Solutions while Experis experienced a revenue decrease in the third quarter of 2026 compared to the third quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services. In our Talent Solutions brand, the revenue increase was primarily due to increased demand for our MSP and RPO businesses. The revenue decrease in our Experis brand was primarily due to the sale of our Jefferson Wells U.S. business, which represented a portion of our Experis interim services business.
Previous 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.
Current wording
In the third quarter of 2026, our gross profit margin decreased 70 basis points compared to the third quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix shifts, decreased demand in our permanent recruitment business, and decreased margins in our career transition business.
Previous 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:
Current wording
The year-over-year increase in revenues from services was 4.4% (5.2% in constant currency and 5.6% in organic constant currency) primarily attributed to:
Previous 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.
Current wording
a revenue increase in the Americas of 13.5% (11.5% increase in constant currency and 13.6% in organic constant currency) primarily driven by a $119.8 increase in demand for our Manpower staffing services and a $21.6 favorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue increase of 5.5% (8.6% in organic constant currency) primarily driven by a $41.5 increase in demand for our Manpower staffing services and an $11.1 increase in demand in our Experis interim services, partially offset by a $19.2 decrease in our Experis interim services due to the sale of our Jefferson Wells U.S. business. The revenue increase in the United States was accompanied by a revenue increase of 27.0% (21.7% in constant currency) in our Other Americas countries, primarily driven by a $78.3 increase in demand for our Manpower staffing services and a $4.9 increase in demand for our Experis interim services.
Previous wording
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 wording
a revenue increase in Southern Europe of 1.0% (2.1% in constant currency) primarily driven by a $39.1 increase in demand for our Manpower staffing services and a $6.4 increase in demand for our Experis interim services, partially offset by a $24.0 unfavorable impact of currency exchange rates. France, the largest market in Southern Europe, experienced a revenue decrease of -3.5% (-1.9% in constant currency) primarily driven by an $18.6 unfavorable impact of currency exchange rates, a $14.1 decrease in demand for our Manpower staffing services, and a $3.2 decrease in demand for our Outcome Based Solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 4.5% (6.2% in constant currency) primarily driven by a $23.3 increase in demand for our Manpower staffing services, partially offset by a $7.9 unfavorable impact of currency exchange rates;
Previous wording
The year-over-year 100 basis point decrease in gross profit margin was primarily attributed to:
Current wording
The year-over-year 70 basis point decrease in gross profit margin was primarily attributed to:
Previous wording
a 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;
Current wording
a 50 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts;
Previous wording
a 10 basis point unfavorable impact from decreases in permanent recruitment margins due to lower levels of activity; and
Current wording
a 10 basis point unfavorable impact from decreases in permanent recruitment demand; and
Previous 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:
Current wording
The -2.5% decrease in selling and administrative expenses in the third quarter of 2026 compared to the third quarter of 2025 (-2.0% in constant currency and -1.3% in organic constant currency) was primarily attributed to:
Previous wording
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 wording
a $15.9 decrease (-4.0% as reported, -3.5% in constant currency, and -2.6% in organic constant currency) in personnel costs primarily due to a $12.2 decrease in salaries as we saw the effects of restructuring actions previously taken and a $4.4 decrease due to the sale of our Jefferson Wells U.S. business;
Previous wording
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 wording
a $13.4 decrease (-62.8% as reported, -62.3% in constant currency and organic constant currency) in restructuring costs when compared to the third quarter of 2025; and
Previous wording
a $10.1 increase due to the impact of changes in currency exchange rates.
Current wording
a $3.3 decrease due to the impact of changes in currency exchange rates; partially offset by
Previous wording
a $7.1 increase in strategic transformation program costs related to our global transformation initiative; and
Current wording
an $8.4 increase in strategic transformation program costs.
Previous 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:
Current wording
Selling and administrative expenses as a percent of revenues decreased 100 basis points in the third quarter of 2026 compared to the third quarter of 2025 due primarily to:
Previous wording
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 wording
a 30 basis point favorable impact as a result of the decrease in restructuring costs incurred in the third quarter of 2026 compared to the third quarter of 2025; and
Previous wording
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $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.
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 $20.2 in the third quarter of 2026 compared to $17.1 in the third quarter of 2025 primarily due to increased interest expense on €500.0 notes due December 2030. Foreign exchange loss, net was $1.3 in the third quarter of 2026 compared to $2.4 in the third quarter of 2025. Miscellaneous income, net was $7.2 in the third quarter of 2026 compared to $5.8 in the third quarter of 2025.
Previous wording
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 wording
We recorded income tax expense at an effective rate of 49.8% for the three months ended September 30, 2026, as compared to an effective tax rate of 66.0% for the three months ended September 30, 2025. The 2026 rate as compared to the 2025 rate was favorably impacted by the higher level and overall mix of earnings due in part to fewer restructuring costs recorded in the quarter as compared to the amount recorded in 2025. The 49.8% effective tax rate for the three months ended September 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
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 wording
Net earnings per share - diluted was $0.71 in the third quarter of 2026 compared to net earnings per share - diluted of $0.38 in the third quarter of 2025. The current year quarter included restructuring costs, strategic transformation program costs, an adjustment related to the sale of our Jefferson Wells U.S. business, and Argentina hyperinflationary related non-cash currency translation losses, which negatively impacted earnings per share by $0.30 in the third quarter of 2026 compared to restructuring costs and a non-cash currency translation charge related to our Argentina business which unfavorably impacted net earnings per share - diluted by approximately $0.45, net of tax, in the third quarter of 2025.
Previous wording
The following table presents selected consolidated financial data for the six months ended June 30, 2026 as compared to 2025.
Current wording
The following table presents selected consolidated financial data for the nine months ended September 30, 2026 as compared to 2025.
Previous wording
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 wording
The year-over-year increase in revenues from services of 7.3% (4.7% in constant currency and 5.0% in organic constant currency) was attributed to:
Previous wording
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 wording
a revenue increase in the Americas of 11.2% (9.2% in constant currency and 10.3% in organic constant currency) primarily driven by a $323.8 increase in demand for our Manpower staffing services and a $63.3 favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services of $63.1. The United States, our largest market in the Americas, experienced a revenue increase of 2.2% (3.8% in organic constant currency) primarily driven by a $96.4 increase in demand for our Manpower staffing services and an $18.1 increase in demand for MSP services, partially offset by a $39.3 decrease in demand for our Experis interim services and a $31.6 decrease in revenue for our Experis interim services due to the sale of our Jefferson Wells U.S. business. The revenue increase in the United States was accompanied by an increase in our Other Americas countries, which experienced a revenue increase of 27.1% (21.7% in constant currency), primarily driven by the $227.4 increase in demand for our Manpower staffing services.
Previous 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;
Current wording
a revenue increase in Southern Europe of 7.3% (3.0% in constant currency) primarily driven by the $261.3 favorable impact of currency exchange rates, a $176.3 increase in demand for our Manpower staffing services, and a $14.3 increase in demand for our Experis interim services. France, the largest market in Southern Europe, experienced a revenue increase of 2.8% (-0.8% decrease in constant currency) primarily driven by the $115.2 favorable impact of currency exchange rates, partially offset by an $11.9 decrease in our Outcome Based Solutions and a $2.6 decrease in demand for our Manpower staffing services. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 10.7% (6.9% in constant currency) primarily driven by a $79.8 increase in demand for our Manpower staffing services, the $51.6 favorable impact of currency exchange rates, and a $5.7 increase in demand for our Experis interim services.
Previous wording
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 wording
a 50 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;
Previous wording
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 wording
The -5.3% decrease in selling and administrative expenses in the first nine months of 2026 compared to the first nine months of 2025 (-7.4% in constant currency and -7.0% in organic constant currency) was primarily attributed to:
Previous wording
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 wording
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 nine months of 2025 compared to no impairment charges in the first nine months of 2026;
Previous 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
Current wording
a $40.1 decrease (-0.5% as reported, -3.0% in constant currency, and -2.4% in organic constant currency) in personnel costs primarily due to a $28.8 decrease in salaries as we saw the effects of restructuring actions previously taken and an $8.3 decrease due to the sale of our Jefferson Wells U.S. business;
Previous wording
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 wording
a $21.2 decrease (-39.9% as reported and -42.5% in constant currency and organic constant currency) in restructuring costs incurred in the first nine months of 2026 compared to the first nine months of 2025; and
Previous wording
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 wording
Selling and administrative expenses as a percent of revenues decreased 190 basis points in the first nine months of 2026 compared to the first nine months of 2025 due primarily to:
Previous wording
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 wording
a 70 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 nine months of 2025 compared to no impairment charges in the first nine months of 2026;
Previous wording
a 30 basis point favorable impact due to decreases office lease and occupancy expense and other non-personnel costs;
Current wording
a 20 basis point favorable impact due to decreases in office lease and occupancy expense and other non-personnel costs;
Previous wording
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 wording
a 20 basis point favorable impact as a result of the decrease in restructuring costs incurred in the first nine months of 2026 compared to the first nine months of 2025; partially offset by
Previous wording
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $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 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 $58.8 in the first nine months of 2026 compared to $50.5 in the first nine months of 2025 primarily due to increased interest expense on the €500.0 notes due December 2030 during the period. Foreign exchange loss, net was $3.6 in the first nine months of 2026 compared to $4.6 in the first nine months of 2025. Miscellaneous income, net was $15.6 in the first nine months of 2026 compared to $13.4 in the first nine months of 2025.
Previous 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.
Current wording
We recorded income tax expense at an effective rate of 48.7% for the nine months ended September 30, 2026, as compared to an effective tax rate of 256.2% for the nine months ended September 30, 2025. The 2026 rate was favorably impacted by the overall mix of earnings and the gain on the sale of our Jefferson Wells U.S. business recorded in the second quarter. 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 48.7% effective tax rate for the nine months ended September 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
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 wording
Weighted average shares - diluted increased to 47.6 in the first nine months of 2026 from 46.6 in the first nine months of 2025. The increase was attributable to the inclusion of certain dilutive securities in the nine months of 2026 weighted average share count, a higher share price and additional share-based award grants. In the nine months of 2025, all dilutive securities were excluded due to the net loss incurred during the period.
Previous 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).
Current wording
In the Americas, revenues from services increased 13.5% (11.5% increase in constant currency and 13.6% in organic constant currency) in the third quarter of 2026 compared to the third quarter of 2025 primarily due to a $119.8 increase in demand for our Manpower staffing services and a $21.6 favorable impact of currency exchange rates. In the United States (which represented 58% of the Americas' revenues), revenues from services increased 5.5% (8.6% in organic constant currency) in the third quarter of 2026 compared to the third quarter of 2025, primarily driven by a $41.5 increase in demand for our Manpower staffing services and an $11.1 increase in demand for our Experis interim services, partially offset by a $19.2 decrease in our Experis interim services due to the sale of our Jefferson Wells U.S. business. In Other Americas, revenues from services increased 27.0% (21.7% in constant currency) in the third quarter of 2026 compared to the third quarter of 2025, primarily driven by a $78.3 increase in demand for our Manpower staffing services and a $4.9 increase in demand for our Experis interim services. Within our Other Americas segment, we experienced an increase in Colombia of $17.8, Chile of $14.8, Brazil of $14.8, Mexico of $6.0, and Argentina of $6.0, which represented increases of 36.0%, 31.2%, 48.4%, 9.9%, and 19.2%, respectively (8.3%, 27.6%, 40.1%, 1.8%, and 34.4%, respectively, in constant currency).
Previous wording
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).
Current wording
In the Americas, revenues from services increased 11.2% (9.2% increase in constant currency and 10.3% in organic constant currency) in the first nine months of 2026 compared to the first nine months of 2025 primarily due to a $323.8 increase in demand for our Manpower staffing services and a $63.3 favorable impact due to currency exchange rates, partially offset by a decrease in demand for Experis interim services of $63.1. In the United States, revenues from services increased 2.2% (3.8% in organic constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by a $96.4 increase in demand for our Manpower staffing services and an $18.1 increase in demand for MSP services, partially offset by a $39.3 decrease in demand for our Experis interim services and a $31.6 decrease in revenue for our Experis interim services due to the sale of our Jefferson Wells U.S. business. In Other Americas, revenues from services increased 27.1% (21.7% in constant currency) in the first nine months of 2026 compared to the first nine months of 2025, primarily driven by the $227.4 increase in demand for our Manpower staffing services. Within our Other Americas segment, we experienced an increase in Colombia of $61.6, Chile of $48.3, Brazil of $30.4, Mexico of $25.0, Peru of $17.8, and Canada of $11.6, which represented increases of 44.8%, 36.5%, 34.2%, 14.3%, 15.9%, and 5.3%, respectively (22.5%, 29.5%, 22.7%, 2.1%, 8.7%, and 4.5%, respectively, in constant currency).
Previous wording
Gross profit margin decreased 220 basis points in the second quarter of 2026 compared to the second quarter of 2025. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 140 basis points to the decrease, decreased activity in our outplacement services and permanent placement, which each contributed 30 basis points to the decrease, and decreased activity due to business mix shifts, which contributed 20 basis points to the decrease.
Current wording
Gross profit margin decreased 210 basis points in the third quarter of 2026 compared to the third quarter of 2025. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 60 basis points to the decrease, lower margins due to the sale of our Jefferson Wells U.S. business, which contributed 50 basis points to the decrease, decreased activity in our permanent recruitment services, which contributed 40 basis points to the decrease, decreased activity in our outplacement services, which contributed 30 basis points to the decrease, decreased margin in our MSP business, which contributed 20 basis points to the decrease, and decreased activity in our consulting business which contributed 10 basis points to the decrease, respectively.
Showing the first 40 of 73 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
a 10 basis point favorable impact due to currency exchange rates; partially offset by
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
a 50 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business;
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
a $17.0 increase in strategic transformation program costs related to our global transformation initiative.