Revenue: As of FY2026 Q1, the actual value is USD 4.51 B, beating the estimate of USD 4.415 B.EPS: As of FY2026 Q1, the actual value is USD 0.05, missing the estimate of USD 0.5032.EBIT: As of FY2026 Q1, the actual value is USD 47.9 M.<h4>Overall Financial Performance (Three Months Ended March 31)</h4><ul><li>Revenues from services: Increased to $4,510.4 million in 2026 from $4,090.3 million in 2025, representing a 10.3% increase (2.9% in constant currency).</li><li>Cost of services: Increased to $3,787.4 million in 2026 from $3,392.0 million in 2025, an 11.7% increase (4.1% in constant currency).</li><li>Gross profit: Increased to $723.0 million in 2026 from $698.3 million in 2025, a 3.5% increase (a -2.8% decrease in constant currency).</li><li>Gross profit margin: Decreased from 17.1% in 2025 to 16.0% in 2026, a 110 basis point decrease primarily due to business mix changes, lower bench utilization, and reduced activity in permanent recruitment and other services.</li><li>Selling and administrative expenses: Increased to $694.7 million in 2026 from $670.1 million in 2025, a 3.7% increase (a -2.2% decrease in constant currency). The increase was primarily due to a $39.0 million impact from currency exchange rates and a $10.4 million increase in corporate expense for strategic transformation program costs, partially offset by a $14.3 million decrease in personnel costs and a $9.9 million decrease in non-personnel costs.</li><li>Operating profit: Increased slightly to $28.3 million in 2026 from $28.2 million in 2025, a 0.5% increase (a -17.8% decrease in constant currency).</li><li>Operating profit margin: Decreased from 0.7% in 2025 to 0.6% in 2026, a 10 basis point decrease primarily due to increased selling and administrative expenses from strategic transformation program costs.</li><li>Net earnings: Decreased to $2.5 million in 2026 from $5.6 million in 2025, a -55.4% decrease (a -64.7% decrease in constant currency).</li><li>Cash used in operating activities: -$126.3 million in 2026, compared to -$153.2 million in 2025. Changes in operating assets and liabilities utilized -$163.6 million in 2026 and -$196.4 million in 2025.</li><li>Capital expenditures: -$9.0 million in 2026, compared to -$13.7 million in 2025.</li><li>Cash used in investing activities: -$8.7 million in 2026, compared to -$14.6 million in 2025.</li><li>Cash used in financing activities: -$511.2 million in 2026, compared to $45.7 million provided by financing activities in 2025.</li><li>Net restructuring costs: $15.9 million in 2026 and $15.8 million in 2025.</li></ul><h4>Segmented Revenue by Service Type (Three Months Ended March 31)</h4><ul><li>Americas: Total revenue was $1,115.6 million in 2026 (up 5.6% reported, 3.5% in constant currency) compared to $1,056.7 million in 2025.<ul><li>United States: Total revenue was $654.9 million in 2026 (down -4.9%) compared to $688.8 million in 2025. Staffing and Interim revenue was $582.9 million in 2026 and $616.1 million in 2025. Outcome-Based Solutions and Consulting revenue was $2.1 million in 2026 and $2.3 million in 2025. Permanent Recruitment revenue was $27.5 million in 2026 and $29.3 million in 2025.</li><li>Other Americas: Total revenue was $460.7 million in 2026 (up 25.2% reported, 19.4% in constant currency) compared to $367.9 million in 2025. Staffing and Interim revenue was $431.1 million in 2026 and $342.2 million in 2025. Outcome-Based Solutions and Consulting revenue was $16.8 million in 2026 and $14.8 million in 2025. Permanent Recruitment revenue was $9.3 million in 2026 and $8.3 million in 2025.</li></ul></li><li>Southern Europe: Total revenue was $2,101.3 million in 2026 (up 14.6% reported, 3.0% in constant currency) compared to $1,834.0 million in 2025.<ul><li>France: Total revenue was $1,068.6 million in 2026 (up 10.7% reported, -0.3% in constant currency) compared to $965.7 million in 2025. Staffing and Interim revenue was $972.0 million in 2026 and $871.6 million in 2025. Outcome-Based Solutions and Consulting revenue was $65.5 million in 2026 and $64.0 million in 2025. Permanent Recruitment revenue was $10.9 million in 2026 and $11.3 million in 2025.</li><li>Italy: Total revenue was $474.7 million in 2026 (up 19.3% reported, 7.5% in constant currency) compared to $397.8 million in 2025. Staffing and Interim revenue was $441.8 million in 2026 and $368.8 million in 2025. Outcome-Based Solutions and Consulting revenue was $13.8 million in 2026 and $11.1 million in 2025. Permanent Recruitment revenue was $13.7 million in 2026 and $12.0 million in 2025.</li><li>Other Southern Europe: Total revenue was $558.0 million in 2026 (up 18.6% reported, 6.1% in constant currency) compared to $470.5 million in 2025. Staffing and Interim revenue was $446.4 million in 2026 and $371.4 million in 2025. Outcome-Based Solutions and Consulting revenue was $87.4 million in 2026 and $76.1 million in 2025. Permanent Recruitment revenue was $16.2 million in 2026 and $13.7 million in 2025.</li></ul></li><li>Northern Europe: Total revenue was $790.1 million in 2026 (up 8.1% reported, -1.8% in constant currency) compared to $730.8 million in 2025. Staffing and Interim revenue was $680.6 million in 2026 and $621.0 million in 2025. Outcome-Based Solutions and Consulting revenue was $60.3 million in 2026 and $58.7 million in 2025. Permanent Recruitment revenue was $23.9 million in 2026 and $26.7 million in 2025.</li><li>APME: Total revenue was $510.5 million in 2026 (up 7.1% reported, 8.1% in constant currency) compared to $476.4 million in 2025. Staffing and Interim revenue was $430.6 million in 2026 and $396.0 million in 2025. Outcome-Based Solutions and Consulting revenue was $58.7 million in 2026 and $60.5 million in 2025. Permanent Recruitment revenue was $11.4 million in 2026 and $11.3 million in 2025.</li></ul><h4>Segmented Operational Metrics (Three Months Ended March 31)</h4><ul><li>Americas: Operating Unit Profit (OUP) was $19.1 million in 2026, down from $25.5 million in 2025, representing an OUP margin of 1.7% in 2026, down from 2.4% in 2025. Selling and administrative expenses increased 0.5% (a -0.9% decrease in constant currency).</li><li>Southern Europe: OUP was $54.2 million in 2026, up from $50.2 million in 2025, representing an OUP margin of 2.6% in 2026, down from 2.7% in 2025. Selling and administrative expenses increased 11.3% (a -0.2% decrease in constant currency).</li><li>Northern Europe: OUP was -$8.2 million in 2026, up from -$18.3 million in 2025, representing an OUP margin of -1.0% in 2026, up from -2.5% in 2025. Selling and administrative expenses decreased -7.6% (a -16.7% decrease in constant currency).</li><li>APME: OUP was $21.7 million in 2026, up from $20.0 million in 2025, representing an OUP margin of 4.3% in 2026, up from 4.2% in 2025. Selling and administrative expenses increased 2.7% (3.2% in constant currency).</li></ul><h4>Liquidity and Capital Resources (as of March 31)</h4><ul><li>Available liquidity: $891.5 million in 2026, down from $1,620.6 million in 2025.</li><li>Total debt: $1,146.7 million in 2026, down from $1,677.1 million in 2025.</li><li>Debt to capitalization: 35.7% in 2026, down from 44.9% in 2025.</li><li>Long-term debt to total debt: 90.2% in 2026, up from 62.7% in 2025.</li></ul><h4>Future Outlook and Strategy</h4>万宝盛华人力资源 (ManpowerGroup Inc.) expects to comply with its financial covenants for the next 12 months. The company plans to refinance its €400.0 million notes due June 2027 and €500.0 million notes due December 2030 at or prior to maturity with new borrowings, anticipating no problems accessing credit markets. The majority of the remaining $32.7 million restructuring reserve is expected to be paid by the end of 2026.

Manpowergroup | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 4.51 B