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Sep 30, 2025
ManpowerGroup Q3 2025 Earnings Report
ManpowerGroup posted lower net earnings in Q3 2025 as restructuring costs and weak permanent recruitment activity weighed on results.
Key Takeaways
ManpowerGroup reported $4.63 billion in revenue and $18 million in net income for Q3 2025. Earnings declined due to restructuring charges, currency losses, and weak demand in certain segments. Adjusted EPS was $0.83, supported by strong performance in Other Americas and stabilization in core markets.
Revenue reached $4.63 billion, growing 2% YoY as reported.
Net income declined to $18 million due to restructuring costs and hyperinflationary losses in Argentina.
Gross profit margin decreased to 16.6%, impacted by lower recruitment and outplacement activity.
APME and Northern Europe saw revenue declines, while Other Americas grew by over 15%.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup expects Q4 2025 diluted EPS to range from $0.78 to $0.88, including an 8-cent favorable currency impact and a 46.5% effective tax rate.
Positive Outlook
- EPS guidance implies improvement over Q3 adjusted earnings.
- Currency tailwinds expected to positively impact Q4 results.
- Ongoing cost-structure improvements to support future margins.
- Stabilization in core markets like North America and Europe to continue.
- Organizational focus on efficiency and market share expansion.
Challenges Ahead
- High tax rate expected to impact bottom-line profitability.
- Permanent recruitment and RPO activity remains under pressure.
- APME and Northern Europe facing persistent demand challenges.
- Impairment risks remain due to continued regional weaknesses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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