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About

ManpowerGroup Inc. provides workforce solutions and services under the Manpower, the Experis, and the Talent Solutions brands in the Americas, Southern Europe, Northern Europe, and the Asia Pacific/the Middle East.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding MAN

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	303.0K	$8.9M	0.01%	Mar 2026
Jim Simons Renaissance Technologies LLC	40.1K	$1.2M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED Q1 revenue $4.5B, organic growth 3%, EBITDA margin 1.4%; targeting $200M annual savings by 2028

Revenue & Profitability

Revenue was $4.5 billion in Q1 2026, representing organic constant currency growth of 3%. Adjusted EBITDA was $61 million with a margin of 1.4%, up 10 basis points year-over-year. Adjusted EPS was $0.51. Gross profit margin was 16%, down year-over-year due to staffing mix and bench utilization. Free cash flow outflow was $135 million.

Outlook

Management sees strengthening manufacturing environments, with PMIs above 50 in all major markets. Demand is resilient despite geopolitical uncertainties, and employer hesitation is driven by tariffs and geopolitical events rather than AI concerns. The company expects sustainable organic revenue growth to build progressively, with Q2 guidance of 1% to 5% organic constant currency growth (midpoint 3%) and EPS of $0.91 to $1.10.

Growth Drivers

Growth is driven by the Manpower brand (6% growth globally, seven consecutive quarters in the U.S.), strong performance in Italy (8% growth), and improving trends in France (flat) and Northern Europe. AI initiatives, including the sales targeting engine, Hubert.ai interviews, and the SoundHound partnership, are expected to become meaningful growth multipliers. Talent Solutions’ MSP and Right Management also grew.

Balance Sheet & CapEx

Capital expenditures were $9 million in Q1 2026. The company is investing in automation and AI, with ongoing restructuring and transformation charges estimated at $10 million to $15 million per quarter for the rest of 2026. These investments support the PowerSuite platform and the global transformation program targeting $200 million in permanent cost savings by 2028.

Margins

Adjusted EBITDA margin was 1.4% in Q1, up 10 basis points year-over-year. Gross margin of 16% was pressured by enterprise mix shift and bench utilization (10-20 basis points headwind). Q2 EBITDA margin is expected to be up 10 basis points at the midpoint. The company reaffirmed its long-term EBITDA margin target of 4.5% to 5%, with the $200 million savings program adding approximately 110 basis points to current run-rate margins.

Key Risks

Management flagged geopolitical uncertainty (Middle East conflict, tariffs, wars) as causing employer hesitation and volatility. The impact of AI on the workforce is seen as an opportunity rather than a risk. Near-term risks include bench utilization in Europe (seasonal), enterprise mix shift pressuring margins, and timing of healthcare IT projects affecting Experis. The company noted that free cash flow is expected to be negative in first half but positive in second half.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-16

Q2 saw 6% constant currency revenue growth to $4.9B, with strong performance in the U.S. and key verticals. Transformation initiatives and AI partnerships are driving operational efficiency and new revenue streams. Guidance anticipates continued growth and stable margins in Q3.

Q1 2026 Q1 2026 2026-04-16

Q1 2026 delivered 3% organic constant currency revenue growth and a 1.4% adjusted EBITDA margin, with strong Manpower brand performance and ongoing transformation initiatives targeting $200 million in cost savings by 2028. AI-driven solutions are scaling globally, supporting growth and operational efficiency.

Q4 2025 Q4 2025 2026-01-29

Fourth quarter results showed stabilization with 2% organic constant currency revenue growth and improved profitability driven by cost discipline and digital investments. Key markets like the US, France, and Italy showed sequential improvement, while management remains committed to long-term margin expansion and expects continued positive trends into 2026.

Q3 2025 Q3 2025 2025-10-16

Revenue returned to growth after 11 quarters of declines, with stabilization in North America and Europe and strong momentum in Latin America and APME. Adjusted EBITDA and EPS declined year-over-year, but cost actions and AI investments are driving operational efficiencies and future growth. Q4 guidance anticipates flat revenue and stable margins.

Q2 2025 Q2 2025 2025-07-17

System-wide revenue was $4.9B with adjusted EBITDA of $89M, down 25% year-over-year. U.S. and Asia Pacific showed resilience, while Northern Europe faced headwinds. Q3 guidance anticipates flat to slightly declining revenue and improved free cash flow.

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