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Staffing & employment services · Industrials · Fiscal year ends Dec 31
ManpowerGroup reported revenue of $18B in the fiscal year ended Dec 2025, up 0.6% from the year before. Operating income was $150M, an operating margin of 0.8%, and net income was −$13M. Operating cash flow of −$104M less capital expenditure of $57M left free cash flow of −$161M. Net debt was $772M.
Ranks among the 5 staffing & employment services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 20,724 | 19,828 | 18,915 | 17,854 | 17,957 |
| Cost of revenue | 17,317 | 16,255 | 15,557 | 14,767 | 14,960 |
| Gross profit | 3,408 | 3,572 | 3,358 | 3,087 | 2,998 |
| Selling, general & admin | 2,822 | 2,991 | 3,102 | 2,781 | 2,848 |
| Operating income | 585 | 582 | 256 | 306 | 150 |
| Interest expense | 38.8 | −46.9 | −79.7 | −90.0 | −95.4 |
| Pre-tax income | 568 | 557 | 206 | 257 | 93.4 |
| Income tax | 186 | 183 | 117 | 112 | 107 |
| Net income | 382 | 374 | 88.8 | 145 | −13.3 |
| Diluted EPS | 6.91 | 7.08 | 1.76 | 3.01 | −0.29 |
| Diluted shares | 55.4 | 52.8 | 50.4 | 48.3 | 46.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 848 | 639 | 581 | 509 | 871 |
| Receivables | 5,448 | 5,137 | 4,830 | 4,297 | 4,770 |
| Current assets | 6,423 | 5,934 | 5,572 | 4,970 | 5,790 |
| Net PP&E | 117 | 112 | 130 | 118 | 123 |
| Goodwill | 1,722 | 1,628 | 1,587 | 1,563 | 1,545 |
| Total assets | 9,829 | 9,130 | 8,830 | 8,201 | 9,160 |
| Deferred revenue | 34.8 | 35.6 | 31.9 | 30.3 | 45.6 |
| Current liabilities | 5,781 | 4,912 | 4,800 | 4,437 | 5,234 |
| Short-term debt | 536 | 5.1 | 3.1 | 2.4 | 590 |
| Long-term debt | 566 | 960 | 991 | 929 | 1,052 |
| Total liabilities | 7,297 | 6,672 | 6,596 | 6,074 | 7,100 |
| Shareholders' equity | 2,522 | 2,447 | 2,223 | 2,125 | 2,060 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 645 | 423 | 348 | 309 | −104 |
| Capital expenditure | 64.2 | 75.6 | 78.2 | 51.1 | 57.3 |
| Free cash flow | 581 | 348 | 270 | 258 | −161 |
| Depreciation & amortisation | 73.4 | 84.6 | 88.6 | 86.6 | 86.0 |
| Stock-based compensation | 36.8 | 37.6 | 28.7 | 27.3 | 26.3 |
| Acquisitions | 924 | 16.4 | 0.0 | 4.9 | 1.0 |
| Share buybacks | 210 | 270 | 180 | 140 | 38.2 |
| Dividends paid | 137 | 140 | 144 | 146 | 66.7 |
| Dividend per share | 2.52 | 2.72 | 2.94 | 3.08 | 1.44 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.3% | −4.6% | −5.6% | 0.6% |
| Operating income growth (YoY) | – | −0.6% | −56.0% | 19.6% | −50.9% |
| EPS growth (YoY) | – | 2.5% | −75.1% | 71.0% | −109.6% |
| Gross margin | 16.4% | 18.0% | 17.8% | 17.3% | 16.7% |
| Operating margin | 2.8% | 2.9% | 1.4% | 1.7% | 0.8% |
| Net margin | 1.8% | 1.9% | 0.5% | 0.8% | −0.1% |
| Return on equityBlank when equity is negative | 15.2% | 15.3% | 4.0% | 6.8% | −0.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.5% | 13.8% | 6.3% | 8.1% | 3.8% |
| Free cash flow margin | 2.8% | 1.8% | 1.4% | 1.4% | −0.9% |
| Cash conversion (CFO ÷ net income) | 1.69x | 1.13x | 3.92x | 2.13x | 7.83x |
| Receivable days | 96 | 95 | 93 | 88 | 97 |
| Interest cover | 15.1x | −12.4x | −3.21x | −3.40x | −1.57x |
| Debt ÷ equity | 0.44x | 0.39x | 0.45x | 0.44x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 254 | 326 | 412 | 422 | 772 |
| Current ratio | 1.11x | 1.21x | 1.16x | 1.12x | 1.11x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.