Balance Sheet ManpowerGroup Inc.

Equities

MAN

US56418H1005

Employment Services

Real-time Estimate Cboe BZX Other stock markets 12:09:40 2026-04-14 pm EDT			5-day change	1st Jan Change
29.20 ^USD	+0.05%		+3.11%	-1.85%

Mar. 30	ManpowerGroup Greater China Limited Reports Earnings Results for the Full Year Ended December 31, 2025	CI
Mar. 19	Inadvertently published alert from ManpowerGroup on US tech hiring withdrawn	RE

f1b4a721519be3f7ceeef55d2b.GRsq_C8_AG4XH-NVQbEXVcXtmfpTDt6zFMDhiDC6ajQ.IGgflmVQdz91XKICMMRDbI-q8ZwddIr-Qqep-lfXKUxTVlixRmYyMXhn2w

Published financial data: MANPOWERGROUP INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	20.72B	19.83B	18.91B	17.85B	17.96B
Total Revenues	20.72B	19.83B	18.91B	17.85B	17.96B
Cost of Goods Sold, Total	17.32B	16.26B	15.56B	14.77B	14.96B
Gross Profit	3.41B	3.57B	3.36B	3.09B	3B
Selling General & Admin Expenses, Total	2.77B	2.91B	2.89B	2.72B	2.69B
Provision for Bad Debts	17.9M	6.2M	5.4M	9M	7.1M
Other Operating Expenses, Total	2.79B	2.92B	2.9B	2.73B	2.69B
Operating Income	619M	657M	460M	361M	305M
Interest Expense, Total	-38.8M	-46.9M	-79.7M	-90M	-95.4M
Interest And Investment Income	12M	17.9M	34.2M	33.3M	27.8M
Net Interest Expenses	-26.8M	-29M	-45.5M	-56.7M	-67.6M
Currency Exchange Gains (Loss)	-5.2M	-12.7M	-21.8M	-6.2M	-6.5M
Other Non Operating Income (Expenses)	14.7M	15.8M	18.7M	20.2M	21.2M
EBT, Excl. Unusual Items	602M	631M	412M	318M	252M
Restructuring Charges	-15.2M	-3.6M	-150M	-53.6M	-64.2M
Merger & Related Restructuring Charges	-18.8M	-14.7M	-	-	-
Impairment of Goodwill	-	-50M	-55.1M	-	-88.7M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-6M	-	-8.1M	-6.2M
Asset Writedown	-	-	-	-	-
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	568M	557M	206M	257M	93.4M
Income Tax Expense	186M	183M	117M	112M	107M
Earnings From Continuing Operations	382M	374M	88.8M	145M	-13.3M
Net Income to Company	382M	374M	88.8M	145M	-13.3M
Net Income - (IS)	382M	374M	88.8M	145M	-13.3M
Net Income to Common Incl Extra Items	382M	374M	88.8M	145M	-13.3M
Net Income to Common Excl. Extra Items	382M	374M	88.8M	145M	-13.3M
Per Share Items
Net EPS - Basic	7.02	7.16	1.78	3.04	-0.29
Basic EPS - Continuing Operations	7.02	7.16	1.78	3.04	-0.29
Basic Weighted Average Shares Outstanding	54.5M	52.2M	49.8M	47.8M	46.6M
Net EPS - Diluted	6.91	7.08	1.76	3.01	-0.29
Diluted EPS - Continuing Operations	6.91	7.08	1.76	3.01	-0.29
Diluted Weighted Average Shares Outstanding	55.4M	52.8M	50.4M	48.3M	46.6M
Normalized Basic EPS	6.9	7.56	5.16	4.16	3.39
Normalized Diluted EPS	6.79	7.47	5.1	4.12	3.39
Dividend Per Share	2.52	2.72	2.94	3.08	1.44
Payout Ratio	35.72	37.43	162.5	100.48	-501.5
Supplemental Items
EBITDA	687M	732M	535M	432M	374M
EBITA	644M	694M	495M	394M	337M
EBIT	619M	657M	460M	361M	305M
EBITDAR	854M	882M	690M	584M	535M
Effective Tax Rate - (Ratio)	32.69	32.9	56.87	43.5	114.24
Current Domestic Taxes	23.5M	24.4M	4.4M	3.2M	35.5M
Current Foreign Taxes	164M	154M	133M	141M	107M
Total Current Taxes	187M	178M	138M	144M	142M
Deferred Domestic Taxes	8.2M	12.1M	-12.6M	-19.7M	-36.2M
Deferred Foreign Taxes	-9.5M	-7.3M	-8M	-12.7M	400K
Total Deferred Taxes	-1.3M	4.8M	-20.6M	-32.4M	-35.8M
Normalized Net Income	376M	395M	257M	199M	158M
Non-Cash Pension Expense	200K	-800K	6.2M	1.5M	2.8M
Supplemental Operating Expense Items
Advertising Expense	28.1M	29.6M	28.9M	28.3M	28.1M
Net Rental Expense, Total	167M	149M	155M	152M	161M
Imputed Operating Lease Interest Expense	34M	39.16M	71.16M	79.3M	71.78M
Imputed Operating Lease Depreciation	133M	110M	84.24M	72.5M	89.02M
Stock-Based Comp., SG&A Exp. (Total)	36.8M	37.6M	28.7M	27.3M	26.3M
Total Stock-Based Compensation	36.8M	37.6M	28.7M	27.3M	26.3M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	848M	639M	581M	509M	871M
Total Cash And Short Term Investments	848M	639M	581M	509M	871M
Accounts Receivable, Total	5.45B	5.12B	4.79B	4.28B	4.77B
Total Receivables	5.45B	5.12B	4.79B	4.28B	4.77B
Prepaid Expenses	102M	158M	161M	164M	149M
Other Current Assets, Total	24.7M	14M	38.4M	18.1M	-
Total Current Assets	6.42B	5.93B	5.57B	4.97B	5.79B
Gross Property Plant And Equipment	968M	951M	940M	850M	920M
Accumulated Depreciation	-478M	-473M	-397M	-370M	-404M
Net Property Plant And Equipment	490M	478M	544M	480M	516M
Long-term Investments	114M	95.8M	102M	104M	100M
Goodwill	1.72B	1.63B	1.59B	1.56B	1.54B
Other Intangibles, Total	622M	597M	564M	523M	469M
Other Long-Term Assets, Total	458M	397M	461M	561M	740M
Total Assets	9.83B	9.13B	8.83B	8.2B	9.16B
Liabilities
Accounts Payable, Total	3.04B	2.83B	2.72B	2.61B	2.72B
Accrued Expenses, Total	2.01B	1.89B	1.86B	1.63B	1.7B
Short-term Borrowings	16.8M	21.5M	9M	21M	34.6M
Current Portion of Long-Term Debt	536M	5.1M	3.1M	2.4M	590M
Current Portion of Leases	110M	106M	100M	98.6M	107M
Unearned Revenue Current, Total	34.8M	35.6M	31.9M	30.3M	45.6M
Other Current Liabilities	29.7M	25.8M	75.6M	45.5M	33.9M
Total Current Liabilities	5.78B	4.91B	4.8B	4.44B	5.23B
Long-Term Debt	566M	960M	990M	929M	1.05B
Long-Term Leases	276M	267M	323M	279M	304M
Unearned Revenue Non Current	-	-	-	-	-
Other Non Current Liabilities	675M	534M	483M	429M	510M
Total Liabilities	7.3B	6.67B	6.6B	6.07B	7.1B
Common Stock, Total	1.2M	1.2M	1.2M	1.2M	1.2M
Additional Paid In Capital	3.44B	3.48B	3.51B	3.55B	3.57B
Retained Earnings	3.63B	3.87B	3.81B	3.81B	3.73B
Treasury Stock	-4.17B	-4.45B	-4.64B	-4.79B	-4.83B
Comprehensive Income and Other	-389M	-459M	-466M	-443M	-412M
Total Common Equity	2.52B	2.45B	2.22B	2.13B	2.06B
Minority Interest	10M	10.8M	10.8M	1.7M	700K
Total Equity	2.53B	2.46B	2.23B	2.13B	2.06B
Total Liabilities And Equity	9.83B	9.13B	8.83B	8.2B	9.16B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	53.65M	50.62M	48.24M	46.69M	46.42M
ECS Total Common Shares Outstanding	53.6M	50.56M	48.42M	46.75M	46.3M
Book Value / Share	47.05	48.4	45.91	45.46	44.49
Tangible Book Value	178M	222M	72.2M	39.2M	45.6M
Tangible Book Value Per Share	3.32	4.39	1.49	0.84	0.98
Total Debt	1.5B	1.36B	1.43B	1.33B	2.09B
Net Debt	656M	720M	845M	821M	1.22B
Debt Equivalent of Unfunded Proj. Benefit Obligation	161M	105M	136M	102M	71.3M
Debt Equivalent Oper. Leases	1.34B	1.2B	1.24B	1.21B	1.29B
Minority Interest, Total (Incl. Fin. Div)	10M	10.8M	10.8M	1.7M	700K
Equity Method Investments, Total	114M	95.8M	102M	104M	100M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	500K	400K	400K	400K	500K
Buildings, Total	6.7M	6.3M	6.4M	6M	6.3M
Machinery, Total	299M	296M	276M	252M	261M
Full Time Employees	30K	30.9K	27.9K	26.7K	25.4K
Accumulated Allowance for Doubtful Accounts (Supple)	122M	109M	99.2M	67.6M	74.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	382M	374M	88.8M	145M	-13.3M
Depreciation & Amortization - CF	43.7M	37.7M	40.2M	38.1M	37.5M
Amortization of Goodwill and Intangible Assets - (CF)	24.2M	37.1M	34.6M	32.7M	31.3M
Depreciation & Amortization, Total	67.9M	74.8M	74.8M	70.8M	68.8M
Amortization of Deferred Charges, Total - (CF)	5.5M	9.8M	13.8M	15.8M	17.2M
(Gain) Loss From Sale Of Asset	-	6M	1.3M	8.2M	6.2M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	50M	57.3M	-	88.7M
Stock-Based Compensation (CF)	36.8M	37.6M	28.7M	27.3M	26.3M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	17.9M	6.2M	5.4M	9M	7.1M
Other Operating Activities, Total	-1.3M	4.8M	-20.6M	-32.4M	-35.8M
Change In Accounts Receivable	-641M	28.8M	392M	261M	-142M
Change In Accounts Payable	-	-	-	15.7M	-42.5M
Change in Other Net Operating Assets	776M	-168M	-293M	-211M	-84.5M
Cash from Operations	645M	423M	348M	309M	-104M
Capital Expenditure	-64.2M	-75.6M	-78.2M	-51.1M	-57.3M
Cash Acquisitions	-924M	-16.4M	-	-4.9M	-1M
Divestitures	1.6M	6.7M	4.1M	-12.2M	-900K
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Cash from Investing	-987M	-85.3M	-74.1M	-68.2M	-59.2M
Short Term Debt Issued, Total	-	7.2M	-	14M	14.4M
Long-Term Debt Issued, Total	75.5M	421M	1M	3.7M	587M
Total Debt Issued	75.5M	428M	1M	17.7M	601M
Short Term Debt Repaid, Total	-3M	-	-12.8M	-	-
Long-Term Debt Repaid, Total	-2.2M	-487M	-4.4M	-1.6M	-700K
Total Debt Repaid	-5.2M	-487M	-17.2M	-1.6M	-700K
Issuance of Common Stock	5.1M	300K	1.8M	800K	-
Repurchase of Common Stock	-210M	-270M	-180M	-140M	-38.2M
Common Dividends Paid	-137M	-140M	-144M	-146M	-66.7M
Common & Preferred Stock Dividends Paid	-137M	-140M	-144M	-146M	-66.7M
Other Financing Activities, Total	-12.5M	-13.8M	-11M	-13.5M	-10.1M
Cash from Financing	-284M	-482M	-350M	-282M	486M
Foreign Exchange Rate Adjustments	-93.4M	-64.7M	17.7M	-30.5M	39.4M
Net Change in Cash	-719M	-209M	-57.7M	-71.9M	362M
Supplemental Items
Cash Interest Paid	37M	38.2M	75.9M	84.9M	97.5M
Cash Income Tax Paid (Refund)	140M	202M	182M	188M	148M
Levered Free Cash Flow	506M	369M	489M	390M	-86.15M
Unlevered Free Cash Flow	530M	399M	539M	446M	-26.52M
Change In Net Working Capital	-97.2M	58.8M	-212M	-158M	272M
Net Debt Issued / Repaid	70.3M	-58.7M	-16.2M	16.1M	600M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.04	4.33	3.2	2.65	2.2
Return on Total Capital	9.63	10.46	7.69	6.34	5.02
Return On Equity %	15.34	14.98	3.78	6.65	-0.64
Return on Common Equity	15.41	15.05	3.8	6.67	-0.64
Margin Analysis
Gross Profit Margin %	16.44	18.02	17.75	17.29	16.69
SG&A Margin	13.37	14.67	15.29	15.22	14.95
EBITDA Margin %	3.32	3.69	2.83	2.42	2.08
EBITA Margin %	3.11	3.5	2.62	2.21	1.88
EBIT Margin %	2.99	3.32	2.43	2.02	1.7
Income From Continuing Operations Margin %	1.85	1.89	0.47	0.81	-0.07
Net Income Margin %	1.85	1.89	0.47	0.81	-0.07
Net Avail. For Common Margin %	1.85	1.89	0.47	0.81	-0.07
Normalized Net Income Margin	1.82	1.99	1.36	1.11	0.88
Levered Free Cash Flow Margin	2.44	1.86	2.59	2.18	-0.48
Unlevered Free Cash Flow Margin	2.56	2.01	2.85	2.5	-0.15
Asset Turnover
Asset Turnover	2.16	2.09	2.11	2.1	2.07
Fixed Assets Turnover	40.4	40.96	37.02	34.88	36.07
Receivables Turnover (Average Receivables)	4	3.76	3.82	3.94	3.97
Short Term Liquidity
Current Ratio	1.11	1.21	1.16	1.12	1.11
Quick Ratio	1.09	1.17	1.12	1.08	1.08
Operating Cash Flow to Current Liabilities	0.11	0.09	0.07	0.07	-0.02
Days Sales Outstanding (Average Receivables)	91.23	97.08	95.67	92.97	91.97
Average Days Payable Outstanding	58.67	65.91	65.16	66.12	65.07
Long Term Solvency
Total Debt/Equity	59.41	55.27	63.83	62.55	101.38
Total Debt / Total Capital	37.27	35.6	38.96	38.48	50.34
LT Debt/Equity	33.24	49.9	58.8	56.82	65.84
Long-Term Debt / Total Capital	20.85	32.14	35.89	34.95	32.69
Total Liabilities / Total Assets	74.24	73.08	74.7	74.07	77.51
EBIT / Interest Expense	15.96	14.01	5.77	4.01	3.2
EBITDA / Interest Expense	22.02	18.8	8.66	6.49	5.61
(EBITDA - Capex) / Interest Expense	20.37	17.18	7.68	5.92	5.01
Total Debt / EBITDA	1.76	1.54	2.07	2.28	3.9
Net Debt / EBITDA	0.77	0.82	1.22	1.41	2.28
Total Debt / (EBITDA - Capex)	1.9	1.69	2.33	2.5	4.37
Net Debt / (EBITDA - Capex)	0.83	0.89	1.38	1.54	2.55
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.13	-4.33	-4.6	-5.61	0.58
Gross Profit, 1 Yr. Growth %	20.63	4.84	-6	-8.08	-2.89
EBITDA, 1 Yr. Growth %	54.24	7.9	-27.97	-19.24	-13.38
EBITA, 1 Yr. Growth %	61.59	9.39	-29.82	-20.38	-14.52
EBIT, 1 Yr. Growth %	66.91	7.65	-31.1	-21.5	-15.45
Earnings From Cont. Operations, 1 Yr. Growth %	1.51K	-2.25	-76.24	63.4	-109.17
Net Income, 1 Yr. Growth %	1.51K	-2.25	-76.24	63.4	-109.17
Normalized Net Income, 1 Yr. Growth %	76.36	6.42	-35.89	-22.6	-20.72
Diluted EPS Before Extra, 1 Yr. Growth %	1.59K	2.46	-75.14	71.02	-109.63
Accounts Receivable, 1 Yr. Growth %	10.93	-5.53	-6.48	-10.7	11.48
Net Property, Plant and Equip., 1 Yr. Growth %	-8.51	-2.51	13.81	-11.8	7.55
Total Assets, 1 Yr. Growth %	5.37	-7.11	-3.29	-7.13	11.69
Tangible Book Value, 1 Yr. Growth %	-81.24	24.93	-67.48	-45.71	16.33
Common Equity, 1 Yr. Growth %	3.31	-2.95	-9.15	-4.41	-3.09
Cash From Operations, 1 Yr. Growth %	-31.14	-34.35	-17.74	-11.2	-133.67
Capital Expenditures, 1 Yr. Growth %	26.63	17.76	3.44	-34.65	12.13
Levered Free Cash Flow, 1 Yr. Growth %	-43.82	-26.22	30.17	-20.31	-122.1
Unlevered Free Cash Flow, 1 Yr. Growth %	-42.85	-24.05	33.04	-17.24	-105.95
Dividend Per Share, 1 Yr. Growth %	11.5	7.94	8.09	4.76	-53.25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.33	4.95	-4.47	-5.11	-2.56
Gross Profit, 2 Yr. CAGR %	0.48	12.46	-0.73	-7.04	-5.52
EBITDA, 2 Yr. CAGR %	-7.06	28.21	-11.86	-22.36	-16.36
EBITA, 2 Yr. CAGR %	-7.38	32.07	-12.41	-23.83	-17.5
EBIT, 2 Yr. CAGR %	-7.28	33.12	-13.9	-24.98	-18.53
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.38	296.31	-51.81	-37.7	-61.3
Net Income, 2 Yr. CAGR %	-9.38	296.31	-51.81	-37.7	-61.3
Normalized Net Income, 2 Yr. CAGR %	-5.95	38.11	-17.41	-28.14	-21.67
Diluted EPS Before Extra, 2 Yr. CAGR %	-5.39	315.55	-49.53	-34.8	-59.41
Accounts Receivable, 2 Yr. CAGR %	1.65	2.14	-6.01	-8.61	-0.22
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.99	-5.56	5.34	0.19	-2.61
Total Assets, 2 Yr. CAGR %	3.23	-1.07	-5.22	-5.23	1.85
Tangible Book Value, 2 Yr. CAGR %	-61.63	-51.59	-36.26	-57.98	-20.53
Common Equity, 2 Yr. CAGR %	-4.12	0.13	-6.1	-6.81	-3.75
Cash From Operations, 2 Yr. CAGR %	-11.02	-32.77	-26.51	-14.53	-45.32
Capital Expenditures, 2 Yr. CAGR %	10.16	22.11	10.37	-17.79	-14.4
Levered Free Cash Flow, 2 Yr. CAGR %	-4.26	-35.97	-1.75	4.13	-58.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.37	-34.45	0.75	7.1	-77.82
Dividend Per Share, 2 Yr. CAGR %	7.52	9.71	8.01	6.41	-30.01
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.96	-1.68	1.66	-4.85	-3.25
Gross Profit, 3 Yr. CAGR %	-1.62	1.91	5.93	-3.24	-5.68
EBITDA, 3 Yr. CAGR %	-9.27	-2.74	6.29	-14.39	-19.47
EBITA, 3 Yr. CAGR %	-9.6	-2.55	7.51	-15.15	-20.84
EBIT, 3 Yr. CAGR %	-9.51	-3.01	7.45	-16.51	-21.93
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.77	-7.07	55.1	-27.6	-67.11
Net Income, 3 Yr. CAGR %	-11.77	-7.07	55.1	-27.6	-67.11
Normalized Net Income, 3 Yr. CAGR %	-8.81	-2.47	7.53	-19.18	-25.74
Diluted EPS Before Extra, 3 Yr. CAGR %	-6.89	-2.84	62.52	-24.2	-65.53
Accounts Receivable, 3 Yr. CAGR %	1.08	-0.96	-0.82	-7.6	-2.35
Net Property, Plant and Equip., 3 Yr. CAGR %	47.55	-6.88	0.5	-0.72	2.58
Total Assets, 3 Yr. CAGR %	4.88	-0.34	-1.81	-5.86	0.11
Tangible Book Value, 3 Yr. CAGR %	-45.1	-43.13	-57.6	-39.58	-41
Common Equity, 3 Yr. CAGR %	-1.33	-3.73	-3.07	-5.54	-5.59
Cash From Operations, 3 Yr. CAGR %	10.1	-19.6	-28.09	-21.73	-37.35
Capital Expenditures, 3 Yr. CAGR %	-0.26	12.64	15.54	-7.33	-8.82
Levered Free Cash Flow, 3 Yr. CAGR %	7.81	-12.55	-18.41	-8.37	-37.89
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.98	-11.75	-16.56	-5.64	-59.14
Dividend Per Share, 3 Yr. CAGR %	7.65	7.66	9.16	6.92	-19.1
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.07	-1.17	-2.97	-3.07	-0.05
Gross Profit, 5 Yr. CAGR %	0.44	0.5	-1.27	-1.77	1.2
EBITDA, 5 Yr. CAGR %	-3.8	-4.19	-10.28	-11.5	-3.42
EBITA, 5 Yr. CAGR %	-3.94	-4.15	-10.7	-12.09	-3.29
EBIT, 5 Yr. CAGR %	-3.77	-4.41	-11.26	-12.9	-3.81
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.93	-7.28	-30.73	-20.8	-10.99
Net Income, 5 Yr. CAGR %	-2.93	-7.28	-30.73	-20.8	-10.99
Normalized Net Income, 5 Yr. CAGR %	-3	-3.94	-12.32	-14.09	-5.27
Diluted EPS Before Extra, 5 Yr. CAGR %	1.96	-2.51	-27.12	-17.17	-6.69
Accounts Receivable, 5 Yr. CAGR %	4.3	-0.94	-1.91	-4.09	-0.58
Net Property, Plant and Equip., 5 Yr. CAGR %	27.18	24.82	28.94	-4.11	-0.75
Total Assets, 5 Yr. CAGR %	5.35	0.55	0.72	-2.32	-0.36
Tangible Book Value, 5 Yr. CAGR %	-26.43	-27.96	-41.72	-49.61	-45.49
Common Equity, 5 Yr. CAGR %	1.32	-2.48	-3.27	-4.98	-3.34
Cash From Operations, 5 Yr. CAGR %	1.45	1.09	-6.34	-17.61	-35.55
Capital Expenditures, 5 Yr. CAGR %	2.44	6.69	3.86	-0.69	2.48
Levered Free Cash Flow, 5 Yr. CAGR %	-1.05	3.13	3.91	-6.72	-37.46
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.24	2.79	4.47	-5.11	-50.88
Dividend Per Share, 5 Yr. CAGR %	7.94	7.9	7.8	7.16	-8.62