Revenue growth remains highly volatile, swinging from a 7.3% contraction in 2024Q1 to a 10.3% expansion in 2026Q1, while gross margins have persistently declined to 16.0%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 18.38B | 17.96B | 17.85B | 18.91B | 19.83B | 20.72B | 18B | 20.86B | 21.99B | 21.03B | 19.65B | 19.33B | 20.76B | 20.25B | 20.68B | 22.01B | 18.87B | 16.04B | 21.55B | 20.5B | 17.56B | 16.08B | 14.93B | 12.18B | 10.61B | 10.48B | 10.84B | 9.77B | 8.81B | 7.26B | 6.08B |
| Revenue Growth % | 4.77% | 0.58% | -5.61% | -4.6% | -4.33% | 15.13% | -13.72% | -5.13% | 4.55% | 7.02% | 1.68% | -6.9% | 2.53% | -2.07% | -6.03% | 16.64% | 17.63% | -25.58% | 5.13% | 16.73% | 9.22% | 7.71% | 22.53% | 14.83% | 1.21% | -3.31% | 10.98% | 10.84% | 21.43% | 19.39% | 10.86% |
| Cost of Goods Sold | 15.35B | 14.96B | 14.77B | 15.56B | 16.26B | 17.32B | 15.18B | 17.49B | 18.41B | 17.55B | 16.32B | 16.03B | 17.27B | 16.88B | 17.24B | 18.3B | 15.62B | 13.22B | 17.45B | 16.65B | 14.42B | 13.13B | 12.14B | 10.05B | 8.7B | 8.53B | 8.83B | 8B | 7.26B | 5.91B | 4.9B |
| COGS % of Revenue | - | 83.31% | 82.71% | 82.25% | 81.98% | 83.56% | 84.31% | 83.82% | 83.73% | 83.43% | 83.04% | 82.95% | 83.2% | 83.37% | 83.35% | 83.16% | 82.8% | 82.43% | 80.96% | 81.23% | 82.09% | 81.66% | 81.33% | 82.46% | 82% | 81.33% | 81.43% | 81.9% | 82.32% | 81.38% | 80.53% |
| Gross Profit | 3.03B | 3B | 3.09B | 3.36B | 3.57B | 3.41B | 2.82B | 3.38B | 3.58B | 3.48B | 3.33B | 3.3B | 3.49B | 3.37B | 3.44B | 3.71B | 3.25B | 2.82B | 4.1B | 3.85B | 3.15B | 2.95B | 2.79B | 2.14B | 1.91B | 1.96B | 2.01B | 1.77B | 1.56B | 1.35B | 1.18B |
| Gross Margin % | 16.49% | 16.69% | 17.29% | 17.75% | 18.02% | 16.44% | 15.69% | 16.18% | 16.27% | 16.57% | 16.96% | 17.05% | 16.8% | 16.63% | 16.65% | 16.84% | 17.2% | 17.57% | 19.04% | 18.77% | 17.91% | 18.34% | 18.67% | 17.54% | 18% | 18.67% | 18.57% | 18.1% | 17.68% | 18.62% | 19.47% |
| Gross Profit Growth % | - | -2.89% | -8.08% | -6% | 4.84% | 20.63% | -16.31% | -5.7% | 2.71% | 4.52% | 1.15% | -5.52% | 3.61% | -2.19% | -7.13% | 14.2% | 15.16% | -31.31% | 6.6% | 22.33% | 6.69% | 5.76% | 30.48% | 11.85% | -2.38% | -2.81% | 13.85% | 13.47% | 15.3% | 14.21% | 15.06% |
| Operating Expenses | 2.88B | 2.76B | 2.78B | 3.1B | 2.91B | 2.82B | 2.45B | 2.67B | 2.78B | 2.7B | 2.58B | 2.61B | 2.77B | 2.85B | 3.03B | 3.18B | 2.94B | 2.78B | 3.59B | 3.02B | 2.61B | 2.51B | 2.39B | 1.88B | 1.68B | 1.72B | 1.7B | 1.54B | 1.34B | 1.1B | 956.6M |
| OpEx % of Revenue | - | 15.36% | 15.58% | 16.4% | 14.69% | 13.62% | 13.63% | 12.78% | 12.65% | 12.82% | 13.14% | 13.49% | 13.33% | 14.1% | 14.65% | 14.46% | 15.58% | 17.31% | 16.67% | 14.75% | 14.88% | 15.62% | 16.02% | 15.42% | 15.79% | 16.4% | 15.7% | 15.74% | 15.16% | 15.1% | 15.73% |
| Selling, General & Admin | 2.78B | 2.76B | 2.78B | 3.05B | 2.91B | 2.82B | 2.45B | 2.67B | 2.78B | 2.7B | 2.58B | 2.61B | 2.77B | 2.85B | 3.03B | 3.18B | 2.94B | 2.78B | 3.59B | 3.02B | 2.61B | 2.51B | 2.39B | 1.88B | 1.68B | 1.72B | 1.64B | 1.47B | 1.28B | 1.05B | 921M |
| SG&A % of Revenue | - | 15.36% | 15.58% | 16.11% | 14.69% | 13.62% | 13.63% | 12.78% | 12.65% | 12.82% | 13.14% | 13.49% | 13.33% | 14.1% | 14.65% | 14.46% | 15.58% | 17.31% | 16.67% | 14.75% | 14.88% | 15.62% | 16.02% | 15.42% | 15.79% | 16.4% | 15.09% | 15.09% | 14.53% | 14.53% | 15.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 55.1M | 0 | 0 | 0 | 0 | 0 | 35.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.8M | 63.7M | 55.6M | 41.6M | 35.6M |
| Operating Income | 150.2M | 238.8M | 306M | 255.8M | 660.5M | 585.4M | 370.9M | 644.9M | 796.7M | 788.2M | 750.8M | 688.9M | 719.9M | 511.9M | 411.7M | 524.2M | -122M | 41.7M | 509.2M | 825.4M | 532.1M | 436.5M | 395.8M | 257.9M | 234.8M | 238M | 311M | 230.6M | 222.5M | 255.4M | 227M |
| Operating Margin % | 0.82% | 1.33% | 1.71% | 1.35% | 3.33% | 2.82% | 2.06% | 3.09% | 3.62% | 3.75% | 3.82% | 3.56% | 3.47% | 2.53% | 1.99% | 2.38% | -0.65% | 0.26% | 2.36% | 4.03% | 3.03% | 2.71% | 2.65% | 2.12% | 2.21% | 2.27% | 2.87% | 2.36% | 2.52% | 3.52% | 3.73% |
| Operating Income Growth % | - | -21.96% | 19.62% | -61.27% | 12.83% | 57.83% | -42.49% | -19.05% | 1.08% | 4.98% | 8.99% | -4.31% | 40.63% | 24.34% | -21.46% | 529.67% | -392.57% | -91.81% | -38.31% | 55.12% | 21.9% | 10.28% | 53.47% | 9.84% | -1.34% | -23.47% | 34.87% | 3.64% | -12.88% | 12.51% | 7.23% |
| EBITDA | 235.2M | 324.8M | 392.6M | 344.4M | 745.1M | 658.8M | 447.2M | 722.1M | 882.5M | 872.6M | 836.1M | 766.6M | 803.7M | 606.2M | 512.2M | 628.6M | -11.9M | 138.9M | 616.3M | 924.4M | 620.9M | 531.3M | 490.1M | 329.9M | 307.5M | 318M | 377.8M | 294.3M | 278.1M | 297M | 262.6M |
| EBITDA Margin % | 1.28% | 1.81% | 2.2% | 1.82% | 3.76% | 3.18% | 2.48% | 3.46% | 4.01% | 4.15% | 4.25% | 3.97% | 3.87% | 2.99% | 2.48% | 2.86% | -0.06% | 0.87% | 2.86% | 4.51% | 3.54% | 3.3% | 3.28% | 2.71% | 2.9% | 3.03% | 3.48% | 3.01% | 3.16% | 4.09% | 4.32% |
| EBITDA Growth % | -33.65% | -17.27% | 14% | -53.78% | 13.1% | 47.32% | -38.07% | -18.18% | 1.13% | 4.37% | 9.07% | -4.62% | 32.58% | 18.35% | -18.52% | 5382.35% | -108.57% | -77.46% | -33.33% | 48.88% | 16.86% | 8.41% | 48.56% | 7.28% | -3.3% | -15.83% | 28.37% | 5.83% | -6.36% | 13.1% | 9.65% |
| D&A (Non-Cash Add-back) | 85M | 86M | 86.6M | 88.6M | 84.6M | 73.4M | 76.3M | 77.2M | 85.8M | 84.4M | 85.3M | 77.7M | 83.8M | 94.3M | 100.5M | 104.4M | 110.1M | 97.2M | 107.1M | 99M | 88.8M | 94.8M | 94.3M | 72M | 72.7M | 80M | 66.8M | 63.7M | 55.6M | 41.6M | 35.6M |
| EBIT | 190.7M | 188.8M | 346.8M | 285.6M | 604M | 606.9M | 191M | 729.9M | 801.7M | 786.7M | 750.8M | 696.7M | 717.5M | 512.6M | 410.2M | 522.7M | -121.5M | 38.8M | 506.5M | 844.6M | 532.1M | 428.8M | 414.9M | 257.9M | 234.8M | 238M | 311M | 230.6M | 222.5M | 255.4M | 227M |
| Net Interest Income | -71.6M | -67.6M | -56.7M | -45.5M | -29M | -26.8M | -30.2M | -38.4M | -41M | -44.6M | -45.9M | -33.5M | -31.5M | -33.4M | -35.2M | -35.5M | -37.5M | -50M | -41.8M | -29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 27M | 27.8M | 33.3M | 34.2M | 17.9M | 12M | 13.1M | 6M | 6M | 4.8M | 3.6M | 2.5M | 4.4M | 3.7M | 6.6M | 7.3M | 6.2M | 11.7M | 22.1M | 24.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 98.6M | 95.4M | 90M | 79.7M | 46.9M | 38.8M | 43.3M | 44.4M | 47M | 49.4M | 49.5M | 36M | 35.9M | 37.1M | 41.8M | 44.3M | 43.2M | 61.7M | 50.9M | 34.2M | 50.2M | 41.8M | 26.3M | 0 | 46.8M | 40M | 45.8M | 24.8M | 108.7M | 6.2M | 0 |
| Other Income/Expense | -58.1M | -145.4M | -49.2M | -49.9M | -103.4M | -17.3M | -223.2M | 40.6M | -42M | -51.9M | -44.2M | -28.2M | -38.3M | -36.4M | -43.3M | -44.3M | -508.1M | -64.6M | -50.9M | -34.2M | -50.2M | -34.1M | -26.3M | 1.96B | -46.8M | -40M | -46M | -24.8M | -108.7M | -6.2M | 15.3M |
| Pretax Income | 92.1M | 93.4M | 256.8M | 205.9M | 557.1M | 568.1M | 147.7M | 685.5M | 754.7M | 737.3M | 701.3M | 660.7M | 681.6M | 475.5M | 368.4M | 479.9M | -165.2M | -22.9M | 458.3M | 791.2M | 481.9M | 394.7M | 369.5M | 2.22B | 188M | 198M | 265.2M | 205.8M | 113.8M | 249.2M | 242.3M |
| Pretax Margin % | 0.5% | 0.52% | 1.44% | 1.09% | 2.81% | 2.74% | 0.82% | 3.29% | 3.43% | 3.51% | 3.57% | 3.42% | 3.28% | 2.35% | 1.78% | 2.18% | -0.88% | -0.14% | 2.13% | 3.86% | 2.74% | 2.45% | 2.47% | 18.23% | 1.77% | 1.89% | 2.45% | 2.11% | 1.29% | 3.43% | 3.99% |
| Income Tax | 108.5M | 106.7M | 111.7M | 117.1M | 183.3M | 185.7M | 123.9M | 219.8M | 198M | 191.9M | 257.6M | 241.5M | 254M | 187.5M | 170.8M | 228.3M | 98.4M | -13.7M | 239.4M | 306.5M | 176.2M | 134.6M | 123.8M | 84.4M | 74.8M | 73M | 94M | 55.8M | 38.1M | 85.3M | 80M |
| Effective Tax Rate % | 117.81% | 114.24% | 43.5% | 56.87% | 32.9% | 32.69% | 83.89% | 32.06% | 26.24% | 26.03% | 36.73% | 36.55% | 37.27% | 39.43% | 46.36% | 47.57% | -59.56% | 59.83% | 52.24% | 38.74% | 36.56% | 34.1% | 33.5% | 3.8% | 39.79% | 36.87% | 35.44% | 27.11% | 33.48% | 34.23% | 33.02% |
| Net Income | -16.4M | -13.3M | 145.1M | 88.8M | 373.8M | 382.4M | 23.8M | 465.7M | 556.7M | 545.4M | 443.7M | 419.2M | 427.6M | 288M | 197.6M | 251.6M | -263.6M | -9.2M | 218.9M | 484.7M | 398M | 260.1M | 245.7M | 137.7M | 113.2M | 125M | 171.2M | 150M | 75.7M | 163.9M | 162.3M |
| Net Margin % | -0.09% | -0.07% | 0.81% | 0.47% | 1.89% | 1.85% | 0.13% | 2.23% | 2.53% | 2.59% | 2.26% | 2.17% | 2.06% | 1.42% | 0.96% | 1.14% | -1.4% | -0.06% | 1.02% | 2.36% | 2.27% | 1.62% | 1.65% | 1.13% | 1.07% | 1.19% | 1.58% | 1.54% | 0.86% | 2.26% | 2.67% |
| Net Income Growth % | -114.77% | -109.17% | 63.4% | -76.24% | -2.25% | 1506.72% | -94.89% | -16.35% | 2.07% | 22.92% | 5.84% | -1.96% | 48.47% | 45.75% | -21.46% | 195.45% | -2765.22% | -104.2% | -54.84% | 21.78% | 53.02% | 5.86% | 78.43% | 21.64% | -9.44% | -26.99% | 14.13% | 98.15% | -53.81% | 0.99% | 26.8% |
| Net Income (Continuing) | -16.4M | -13.3M | 145.1M | 88.8M | 373.8M | 382.4M | 23.8M | 465.7M | 556.7M | 545.4M | 443.7M | 419.2M | 427.6M | 288M | 197.6M | 251.6M | -263.6M | -9.2M | 218.9M | 484.7M | 305.7M | 255.1M | 247.3M | 137.7M | 113.2M | 125M | 171M | 150M | 75.7M | 163.9M | 162.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 500K | 700K | 1.7M | 10.8M | 10.8M | 10M | 12.6M | 18.5M | 73.6M | 82.7M | 84.5M | 67.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.29 | 3.01 | 1.76 | 7.08 | 6.90 | 0.41 | 7.72 | 8.55 | 8.04 | 6.27 | 5.40 | 5.30 | 3.62 | 2.47 | 3.04 | -3.25 | -0.12 | 2.58 | 5.73 | 4.54 | 2.87 | 2.59 | 1.70 | 1.41 | 1.59 | 2.22 | 1.91 | 0.93 | 1.97 | 1.95 |
| EPS Growth % | -116.09% | -109.63% | 71.02% | -75.14% | 2.61% | 1582.93% | -94.69% | -9.71% | 6.34% | 28.23% | 16.11% | 1.89% | 46.41% | 46.56% | -18.75% | 193.54% | -2608.33% | -104.65% | -54.97% | 26.21% | 58.19% | 10.81% | 52.35% | 20.57% | -11.32% | -28.38% | 16.23% | 105.38% | -52.79% | 1.03% | 22.64% |
| EPS (Basic) | - | -0.29 | 3.04 | 1.78 | 7.16 | 7.02 | 0.41 | 7.77 | 8.62 | 8.13 | 6.33 | 5.46 | 5.38 | 3.69 | 2.49 | 3.08 | -3.25 | -0.12 | 2.61 | 5.83 | 4.62 | 2.95 | 2.76 | 1.79 | 1.47 | 1.64 | 2.26 | 1.94 | 0.94 | 2.01 | 1.95 |
| Diluted Shares Outstanding | 47.1M | 46.6M | 48.3M | 50.4M | 52.8M | 55.4M | 58.3M | 60.3M | 65.1M | 67.9M | 70.8M | 77.7M | 80.7M | 79.6M | 80.1M | 82.8M | 81M | 78.3M | 79.7M | 84.6M | 87.7M | 91.1M | 96.8M | 81M | 80.28M | 78.62M | 77.03M | 78.53M | 81.4M | 83.2M | 83.36M |
| Basic Shares Outstanding | 46.7M | 46.6M | 47.8M | 49.8M | 52.2M | 54.5M | 58M | 59.9M | 64.6M | 67.1M | 70.1M | 76.8M | 79.5M | 78M | 79.5M | 81.6M | 81M | 78.3M | 78.7M | 83.1M | 86.2M | 88.1M | 88.9M | 76.93M | 77.01M | 76.22M | 75.66M | 77.32M | 80.53M | 81.54M | 83.23M |
| Dividend Payout Ratio | - | - | 100.48% | 162.5% | 37.43% | 35.72% | 542.44% | 27.76% | 22.87% | 22.68% | 26.68% | 28.86% | 18.08% | 25% | 34.31% | 25.87% | - | - | 26.54% | 11.78% | 12.79% | 15.84% | 11.03% | 11.33% | 13.52% | 12% | 8.76% | 10.2% | 20.08% | 8.42% | 7.58% |
Cyclical margin compression risk
According to recent quarterly filings, ManpowerGroup's revenue growth has exhibited significant volatility, oscillating from a 7.3% contraction in 2024Q1 to a 10.3% expansion by 2026Q1, reflecting the company's high sensitivity to global manufacturing PMIs and shifting demand for contingent labor across its primary geographic markets.
The recent return to double-digit top-line growth suggests a potential stabilization in demand, yet the inconsistency in quarterly performance highlights the difficulty of maintaining momentum in a cyclical staffing environment. Investors should monitor whether this growth is driven by volume recovery in industrial staffing or if it reflects inflationary pricing adjustments that may not be sustainable.
As reported in financial statements, ManpowerGroup's gross margin has experienced a persistent decline, contracting from 17.5% in 2023Q4 to 16.0% in 2026Q1, which suggests that the firm is struggling to maintain its pricing power amidst an increasingly competitive landscape for professional and industrial talent.
This compression indicates that the company is likely unable to fully pass through wage inflation to its clients, effectively narrowing the bill-rate to pay-rate spread. The inability to defend these margins warrants further investigation into whether the shift toward lower-margin contingent labor is permanently diluting the firm's overall profitability profile.
Based on ManpowerGroup's reported figures, operating income has failed to scale efficiently with revenue, as evidenced by an operating margin that plummeted to -0.6% in 2025Q2 before recovering to a modest 0.6% in 2026Q1, indicating that fixed costs remain disproportionately high relative to current gross profit.
The company's extensive network of 2,200 offices appears to be a significant drag on operating leverage, as SG&A expenses have not been rationalized in proportion to the cyclical downturn in revenue. This suggests that management may be carrying excess capacity, which continues to weigh on the bottom line even as top-line growth shows signs of life.
Data from recent income statements suggests that ManpowerGroup's net income remains highly fragile, with the company reporting a net margin of only 0.1% in 2026Q1, a figure that appears vulnerable to even minor fluctuations in non-operating items or tax rate anomalies inherent in its global operations.
Short-term earnings volatility, highlighted by the swing from a $67.1 million loss in 2025Q2 to a $2.5 million profit in 2026Q1, raises questions regarding the quality of earnings and the firm's ability to generate consistent shareholder value. Investors should be wary of relying on these thin margins as a baseline for future performance, as the current cost structure appears ill-equipped for sustained profitability.
Quick answers to the most common questions about buying MAN stock.
For fiscal year 2025, ManpowerGroup Inc. (MAN) reported total revenue of $17.96B. This represents a 195.4% increase compared to $6.08B in 1996.
ManpowerGroup Inc. (MAN) reported a net loss of $13.3M for the fiscal year ending 2025.
ManpowerGroup Inc. (MAN) reported an operating income of $238.8M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
ManpowerGroup Inc. (MAN) generated $3.00B in gross profit for the year, representing a gross profit margin of 16.7%. This demonstrates the company's core pricing power and production efficiency.