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What changed in ManpowerGroup Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ManpowerGroup Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+253 added−253 removedSource: 10-K (2026-02-23) vs 10-K (2025-02-19)

Top changes in ManpowerGroup Inc.'s 2025 10-K

253 paragraphs added · 253 removed · 205 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeIn 2024, we continued to broaden and deepen our investment through our Leadership Development Programs, incorporating the 3 E’s of our development philosophy: Education, Exposure and Experience. • For our Future Leaders Program (FLP) that targets individual contributors wanting to take on their first managerial role, 110 employees completed this program in 2024 and a total of 955 employees have completed the program since its inception in 2019. • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 20 employees completed this program in 2024 - and a total of 101 employees have completed the program since it began in 2022. • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 42 employees completed the program since the program began in 2022.
Biggest changeIn 2025, we continued to broaden and deepen our investment through our Leadership Development Programs, incorporating the 3 E’s of our development philosophy: Education, Exposure and Experience. • For our Future Leaders Program (FLP) that targets individual contributors wanting to take on their first managerial role, 121 employees are enrolled in this program in 2025 and a total of 1,166 employees have completed the program since its inception in 2019. • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 25 employees will begin this program in 2026 - and a total of 101 employees have completed the program since it began in 2022.
Documents available on the website are also available in print for any shareholder who requests them. Requests may be made by writing to Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
Documents available on the website are also available in print for any shareholder who requests them. Requests may be made by writing to Corporate Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
ManpowerGroup’s offerings of innovative workforce solutions and services includes: • Recruitment and Assessment – By leveraging our trusted brands, industry knowledge and expertise, we identify the right talent in the right place to help our clients quickly access the people and skills they need when they need them.
ManpowerGroup’s offerings of innovative workforce solutions and services include: • Recruitment and Assessment – By leveraging our trusted brands, industry knowledge and expertise, we identify the right talent in the right place to help our clients quickly access the people and skills they need when they need them.
On the other hand, the large national and multinational clients, which comprised approximately 60% of our revenues in 2024, will frequently enter into non-exclusive arrangements with several firms, with the ultimate choice among them being left to local managers.
On the other hand, the large national and multinational clients, which comprised approximately 60% of our revenues in 2025, will frequently enter into non-exclusive arrangements with several firms, with the ultimate choice among them being left to local managers.
Through the end of 2024, we have trained more than 4,500 developers while also bridging the skills gaps for more than 170 tech companies across approximately 20 countries. We Are Focused on Strengthening Our Culture and Developing Our People.
Through the end of 2025, we have trained more than 4,500 developers while also bridging the skills gaps for more than 170 tech companies across approximately 20 countries. We Are Focused on Strengthening Our Culture and Developing Our People.
For example, temporary and contract workers in France are entitled to a 10% allowance for the uncertain duration of employment, which is eliminated if a full-time position is offered to them after assignment termination. Our outplacement and consulting services generally are not subject to governmental regulation in the markets in which we operate.
For example, temporary and contract workers in France are entitled to a 10% allowance for the uncertain duration of employment, which is eliminated if a full-time position is offered to them after assignment termination. 7 Part I Our outplacement and consulting services generally are not subject to governmental regulation in the markets in which we operate.
In periods of economic contraction, we may have more significant expense deleveraging, as we believe it is prudent not to reduce selling and administrative expenses to levels that could negatively impact the long-term potential of our branch network and brands. 4 Part I The nature of our operations is such that our most significant current asset is accounts receivable, with a days sales outstanding of 52 days as of December 31, 2024.
In periods of economic contraction, we may have more significant expense deleveraging, as we believe it is prudent not to reduce selling and administrative expenses to levels that could negatively impact the long-term potential of our branch network and brands. 4 Part I The nature of our operations is such that our most significant current asset is accounts receivable, with a days sales outstanding of 55 days as of December 31, 2025.
As of December 31, 2024, we conducted operations in the United Kingdom as Manpower, Experis and Talent Solutions through a network of 46 branch offices and also provided on-site services to clients who have significant permanent, temporary and contract recruitment requirements. In the United Kingdom, we also conduct operations as Brook Street Bureau PLC, or Brook Street.
As of December 31, 2025, we conducted operations in the United Kingdom as Manpower, Experis and Talent Solutions through a network of 35 branch offices and also provided on-site services to clients who have significant permanent, temporary and contract recruitment requirements. In the United Kingdom, we also conduct operations as Brook Street Bureau PLC, or Brook Street.
During 2024 in France, 91% of revenues were derived from our staffing/interim services, 1% from permanent recruitment services, 6% from outcome-based solutions and consulting and 2% from other services. In Italy, we are a leading workforce solutions and services provider. As of December 31, 2024, ManpowerGroup Italy conducted operations through a network of 204 branch offices.
During 2025 in France, 91% of revenues were derived from our staffing/interim services, 1% from permanent recruitment services, 6% from outcome-based solutions and consulting and 2% from other services. In Italy, we are a leading workforce solutions and services provider. As of December 31, 2025, ManpowerGroup Italy conducted operations through a network of 212 branch offices.
It provides a comprehensive suite of workforce solutions and services offered through Manpower, Experis or Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing. During 2024 in Italy, 93% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 2% from outcome-based solutions and consulting and 2% from other services.
It provides a comprehensive suite of workforce solutions and services offered through Manpower, Experis or Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing. During 2025 in Italy, 92% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 3% from outcome-based solutions and consulting and 2% from other services.
Our Global Footprint We have a global footprint, though our teams are managed locally: 31% of our people are in the Americas, 33% in Southern Europe, 19% in Northern Europe and 17% in Asia Pacific/Middle East.
Our Global Footprint We have a global footprint, though our teams are managed locally: 33% of our people are in the Americas, 33% in Southern Europe, 16% in Northern Europe and 17% in Asia Pacific/Middle East.
Item 1. Business Introduction and History ManpowerGroup Inc. is a global leader in innovative workforce solutions. Through our network of over 2,100 offices in approximately 75 countries and territories, we put millions of people to work each year with our global, multinational and local clients across all major industry segments.
Item 1. Business Introduction and History ManpowerGroup Inc. is a global leader in innovative workforce solutions. Through our network of approximately 2,100 offices in more than 70 countries and territories, we put millions of people to work each year with our global, multinational and local clients across all major industry segments.
Northern Europe Our largest operations in Northern Europe are in the United Kingdom, the Nordics, Germany, the Netherlands and Belgium providing a comprehensive suite of workforce solutions and services through Manpower, Experis, and Talent Solutions. Collectively, we operate through 282 branch offices in this region.
Northern Europe Our largest operations in Northern Europe are in the United Kingdom, the Nordics, Germany, the Netherlands and Belgium providing a comprehensive suite of workforce solutions and services through Manpower, Experis, and Talent Solutions. Collectively, we operate through 237 branch and 2 franchise offices in this region.
During 2024 in this segment, 81% of revenues were derived from our staffing/interim services, 2% from permanent recruitment services, 15% from outcome-based solutions and consulting and 2% from other services. 6 Part I Competition We compete in the employment services industry by offering a broad range of services, including permanent, temporary and contract recruitment, project-based workforce solutions, assessment and selection, training, career and talent management, managed service solutions, outsourcing, consulting and professional services.
During 2025 in this segment, 84% of revenues were derived from our staffing/interim services, 2% from permanent recruitment services, 12% from outcome-based solutions and consulting and 2% from other services. 6 Part I Competition We compete in the employment services industry by offering a broad range of services, including permanent, temporary and contract recruitment, project-based workforce solutions, assessment and selection, training, career and talent management, managed service solutions, outsourcing, consulting and professional services.
As of December 31, 2024, 18% are racially diverse and 36% are non-US born. Our Executive Leadership Team, which reports directly to the CEO, is 30% women, 40% racially diverse and 70% non-US born. Our Global Leadership Team, the top 86 leaders in the company, is 38% women. Gender diversity across all our markets globally aligns to our values.
As of December 31, 2025, 18% are racially diverse and 36% are non-US born. Our Executive Leadership Team, which reports directly to the CEO, is 30% women, 30% racially diverse and 70% non-US born. Our Global Leadership Team, the top 93 leaders in the company, is 40% women. Gender diversity across all our markets globally aligns to our values.
During 2024 in this segment, 90% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 2% from outcome-based solutions and consulting and 4% from other services. Southern Europe We are a leading provider of permanent, temporary and contract recruitment, assessment and selection, training and outsourcing services throughout Europe.
During 2025 in this segment, 91% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 2% from outcome-based solutions and consulting and 4% from other services. Southern Europe We are a leading provider of permanent, temporary and contract recruitment, assessment and selection, training and outsourcing services throughout Europe.
We conduct our operations in France as a leading workforce solutions and service provider through 647 branch offices as Manpower, Experis and Talent Solutions, and 169 branch offices under the name Supplay as of December 31, 2024.
We conduct our operations in France as a leading workforce solutions and service provider through 634 branch offices as Manpower, Experis and Talent Solutions, and 169 branch offices under the name Supplay as of December 31, 2025.
The trademarks have been assigned an indefinite life based on our expectation of renewing the trademarks, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Employees We had approximately 26,700 full-time equivalent employees as of December 31, 2024.
The trademarks have been assigned an indefinite-life based on our expectation of renewing the trademarks, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Employees We had approximately 25,400 full-time equivalent employees as of December 31, 2025.
Through this program, Manpower recruiters provide personalized and data-driven guidance, development, training, and access to jobs especially in growth sectors including advanced manufacturing, information technology, supply chain and customer service. MyPath has impacted over 270,000 lives through 2024, and MyPath associates now represent 30% of our associate talent pool in MyPath certified countries, across over 14,000 clients and 12 markets.
Through this program, Manpower recruiters provide personalized and data-driven guidance, development, training, and access to jobs especially in growth sectors including advanced manufacturing, information technology, supply chain and customer service. MyPath has impacted over 310,000 lives through 2025, and MyPath associates now represent 35% of our associate talent pool in MyPath certified countries, across over 15,000 clients and 12 markets.
Our core belief is that for ManpowerGroup to be successful, each of us needs to be accountable to delivering on these at all levels of our organization. In 2024, we conducted a global employee survey with over 22,000 staff participating, achieving an 80% response rate.
Our core belief is that for ManpowerGroup to be successful, each of us needs to be accountable to delivering on these at all levels of our organization. In 2025, we conducted a global employee survey with over 19,000 staff participating, achieving a 73% response rate.
As a result, employment services firms with a large network of offices compete most effectively for this business which generally has agreed-upon pricing or mark-up on services performed. Legal Regulations The employment services industry is closely regulated in all of the major markets in which we operate, except the United States, the United Kingdom, Canada and Australia.
As a result, employment services firms with a large network of offices compete most effectively for this business which generally has agreed-upon pricing or mark-up on services performed. Legal Regulations The employment services industry is closely regulated in most of the major markets in which we operate.
Our purpose is to provide meaningful and sustainable employment and is rooted in our values: People, Knowledge and Innovation. Our 26,700 employees, spanning approximately 75 countries, help improve the lives of approximately 500,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
Our purpose is to provide meaningful and sustainable employment and is rooted in our values: People, Knowledge and Innovation. Our 25,400 employees, spanning more than 70 countries, help improve the lives of approximately 485,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
Over 11,000 employees left nearly 26,000 comments to help leaders improve the employee experience at ManpowerGroup. 10 Part I
Over 8,600 employees left nearly 13,000 comments to help leaders improve the employee experience at ManpowerGroup. 10 Part I
In Other Americas, the largest operations of which include Canada, Mexico and Colombia, we had 128 branch and 7 franchise offices as of December 31, 2024.
In Other Americas, the largest operations of which include Canada, Mexico and Colombia, we had 129 branch and 11 franchise offices as of December 31, 2025.
During 2024 in Northern Europe, 85% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 8% from outcome-based solutions and consulting and 3% from other services. APME We operate through 110 branch offices in the Asia Pacific Middle East (APME) region.
During 2025 in Northern Europe, 87% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 7% from outcome-based solutions and consulting and 3% from other services. APME We operate through 111 branch and 7 franchise offices in the Asia Pacific Middle East (APME) region.
The program runs every other year and our next cohort will start in 2025 with 12 employees identified through talent planning and calibration. Upon completion of these programs, the majority of our participants have made positive leadership career moves. Strengthening our Culture We believe that all people deserve to feel safe, respected and able to thrive in the workplace.
The program runs every odd year, and the next cohort will begin in 2027. Upon completion of these programs, the majority of our participants have made positive leadership career moves. Strengthening our Culture We believe that all people deserve to feel safe, respected and able to thrive in the workplace.
The Americas segment had 416 branch and 137 franchise offices as of December 31, 2024. In the United States, where we realized 65% of the Americas’ revenue, we had 288 branch and 130 franchise offices as of December 31, 2024, as well as on-site locations at clients with significant permanent, temporary and contract recruitment requirements.
The Americas segment had 415 branch and 138 franchise offices as of December 31, 2025. In the United States, where we realized 63% of the Americas’ revenue, we had 286 branch and 127 franchise offices as of December 31, 2025, as well as on-site locations at clients with significant permanent, temporary and contract recruitment requirements.
The Southern Europe segment had 1,166 branch offices as of December 31, 2024. Our largest operations in this segment are in France (56% of the segment revenue) and Italy (20% of the segment revenue).
The Southern Europe segment had 1,174 branch and 5 franchise offices as of December 31, 2025. Our largest operations in this segment are in France (53% of the segment revenue) and Italy (22% of the segment revenue).
The United States, United Kingdom and Canada do not presently have any form of national registration or licensing requirement. 7 Part I In addition to licensing or registration requirements, many countries impose substantive restrictions on the use of temporary and contract workers.
In addition, a wide variety of ministerial requirements may be imposed, such as record keeping, written contracts and reporting. The United States, United Kingdom and Canada do not presently have any form of national registration or licensing requirement. In addition to licensing or registration requirements, many countries impose substantive restrictions on the use of temporary and contract workers.
As digital transformation and skills shortages continue in the technology field, Experis provides talent with the combination of in-demand technical skills together with the soft skills that are critical for business success.
As digital transformation and skills shortages continue in the technology field, Experis provides talent with the combination of in-demand technical skills together with the soft skills that are critical for business success. Talent Solutions Talent Solutions delivers integrated and data-driven workforce solutions to help clients more effectively attract, acquire, develop and retain qualified talent.
From talent attraction and acquisition to upskilling, development and retention, we leverage our integrated HR tech stack PowerSuite to deliver workforce solutions across multiple countries at scale. 3 Part I Our leadership position enables us to be a pathway to quality employment opportunities for people at all points in their career journey and we have connected people to meaningful work for over 75 years.
The rapid expansion and application of AI across our enterprise is enhancing these offerings, making them increasingly predictive, precise and efficient. 3 Part I Our leadership position enables us to be a pathway to quality employment opportunities for people at all points in their career journey and we have connected people to meaningful work for over 75 years.
Removed
Talent Solutions combines leading global offerings Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP) and Right Management to provide data-driven capabilities that help organizations with their workforce transformation. Talent Solutions helps organizations more effectively source, manage and develop talent at scale.
Added
Our lines of business — RPO, TAPFIN-MSP and Right Management — are seamlessly integrated with our PowerSuite™ HR tech stack to deliver workforce solutions that span the talent lifecycle across multiple countries at scale.
Removed
In addition, a wide variety of ministerial requirements may be imposed, such as record keeping, written contracts and reporting.
Added
The program runs every even year; the last cohort took place in 2024 with 20 participants. • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 9 employees completed the program in 2025 out of 12 initially selected, bringing the total to 49 participants since its start in 2022.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFor example, through our direct interaction with our clients’ businesses and facilities, including functions and systems that are sensitive or critical to their core businesses, we may be exposed to operational, regulatory, reputational and other risks specific to their business, including data security risks.
Biggest changeThe results of litigation and other legal proceedings are inherently uncertain, and adverse judgments or settlements in some, or all of these legal disputes may result in materially adverse monetary damages, fines, penalties or injunctive relief against us. 24 Part I For example, through our direct interaction with our clients’ businesses and facilities, including functions and systems that are sensitive or critical to their core businesses, we may be exposed to operational, regulatory, reputational and other risks specific to their business, including data security risks.
These activities involve significant strategic and operational risks, including: • in some instances, we have failed to, and may in the future fail to achieve our strategic objectives or fail to meet our performance expectations, including as a result of challenges integrating the acquired company and assimilating their corporate culture; • over-valuation by us of any companies or assets that we acquire; • we may have difficulties integrating the operations, leadership, personnel, financial reporting, services or other functions of acquired companies; • we have experienced, and may in the future experience disputes that arise with the sellers; • we may fail to effectively monitor compliance with corporate policies as well as regulatory requirements; 19 Part I • we may face unanticipated risks and liabilities in connection with the acquired company's operations; • we may obtain insufficient indemnification from the selling parties for liabilities incurred by the acquired companies prior to the acquisitions; and • acquisition transactions, and the integration of acquired entities, may result in a diversion of our management’s attention from other business concerns.
These activities involve significant strategic and operational risks, including: • in some instances, we have failed to, and may in the future fail to achieve our strategic objectives or fail to meet our performance expectations, including as a result of challenges integrating the acquired company and assimilating their corporate culture; • over-valuation by us of any companies or assets that we acquire; • we may have difficulties integrating the operations, leadership, personnel, financial reporting, services or other functions of acquired companies; • we have experienced, and may in the future experience disputes that arise with the sellers; • we may fail to effectively monitor compliance with corporate policies as well as regulatory requirements; • we may face unanticipated risks and liabilities in connection with the acquired company's operations; 19 Part I • we may obtain insufficient indemnification from the selling parties for liabilities incurred by the acquired companies prior to the acquisitions; and • acquisition transactions, and the integration of acquired entities, may result in a diversion of our management’s attention from other business concerns.
If we fail to continue to develop and implement AI-based services and solutions or if those technologies fail to perform as predicted, we may not be able to recover our investment in these technologies and we may fail to realize the potential benefits of AI. 15 Part I The rapidly increasing deployment of AI technology by our customers may lead to reduced demand for our services and solutions.
If we fail to continue to develop and implement AI-based services and solutions or if those technologies fail to perform as predicted, we may not be able to recover our investment in these technologies and we may fail to realize the potential growth benefits of AI. 15 Part I The rapidly increasing deployment of AI technology by our customers may lead to reduced demand for our services and solutions.
Reputational concerns could also cause us to examine our relationships with certain clients and vendors, and choose not to conduct business with certain partners, which could negatively affect our performance or operational efficiency. • Positions we take, or do not take, on politically sensitive social issues or other sustainability matters may be unpopular with certain existing or potential clients and employees, which may impact our ability to attract and retain those clients and employees. • We may experience increased compliance burdens and costs in order to implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive (CSRD)), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns.
Reputational concerns could also cause us to examine our relationships with certain clients and vendors, and choose not to conduct business with certain partners, which could negatively affect our performance or operational efficiency. • Positions we take, or do not take, on politically sensitive social issues or other sustainability matters may be unpopular with certain existing or potential clients and employees, which may impact our ability to attract and retain those clients and employees. • We may experience increased compliance burdens and costs in order to make disclosures or implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive (CSRD)), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns.
Several jurisdictions where we operate are considering or have enacted legislation and policies regulating AI, such as the European Union’s AI Act. These regulations may impose significant requirements on how we design, build and deploy AI and use AI to make employment decisions on behalf of ourselves or our clients.
Several jurisdictions where we operate are considering or have enacted legislation, guidance and policies regulating AI, such as the European Union’s AI Act. These regulations may impose significant requirements on how we design, build and deploy AI and use AI to make employment decisions on behalf of ourselves or our clients.
These include, but are not limited to, ransomware, systems failure, employee negligence or malfeasance, fraud or misappropriation, or unauthorized access to or through our information systems, whether by our employees, vendors or third parties, including a cyberattack by hackers, members of organized crime and/or state-sponsored organizations, who may develop and deploy supply chain interruptions, social engineering attacks, viruses, worms or other malicious software programs, or obtain credentials to our systems through other unrelated cyberattacks.
These include, but are not limited to, ransomware, systems failure, employee negligence or malfeasance, fraud or misappropriation, or unauthorized access to or through our information systems, whether by our employees, vendors or third parties, including a cyberattack by hackers, members of organized crime and/or state-sponsored organizations, who may develop and deploy supply chain interruptions, social engineering attacks, viruses, worms or other malicious software programs, or obtain credentials to our systems through other unrelated cyber attacks.
The countries and territories in which we operate may, among other things: • create additional regulations that prohibit or restrict the types of employment services or categories of job roles that we may provide; • expand governmental or regulatory scrutiny of the use of AI within the employment context or recruitment process; • require new or additional benefits be paid to our associates; • require pay parity for our associates or impose mandatory thresholds for employee diversity; • regulate the period of time for which we may or may not employ our workers, including maximum term limits or minimum time requirements for associates on assignment at our clients; 23 Part I • require us to obtain additional licensing to provide employment services; or • increase taxes, such as sales or value-added taxes.
The countries and territories in which we operate may, among other things: • create additional regulations that prohibit or restrict the types of employment services or categories of job roles that we may provide; • expand governmental or regulatory scrutiny of the use of AI within the employment context or recruitment process; • require new or additional benefits be paid to our associates; • require pay parity for our associates or impose mandatory thresholds for employee diversity; • regulate the period of time for which we may or may not employ our workers, including maximum term limits or minimum time requirements for associates on assignment at our clients; • require us to obtain additional licensing to provide employment services; or • increase taxes, such as sales or value-added taxes.
In addition, there is a risk the current inflationary environment and efforts to combat inflation could have an impact on the countries and territories where we do business. We are particularly susceptible to changes in demand patterns and economic conditions in Europe, which represents two of our operating segments and 64% of our revenue.
In addition, there is a risk the current inflationary environment and efforts to combat inflation could have an impact on the countries and territories where we do business. We are particularly susceptible to changes in demand patterns and economic conditions in Europe, which represents two of our operating segments and 65% of our revenue.
Additionally, we may incur liability for the actions or omissions of our partners, subcontractors or vendors and we may face challenges or be unable to enforce these obligations against those partners. Government regulations may result in prohibition or restriction of certain types of employment services or the imposition of additional licensing or tax requirements that may reduce our future earnings.
Additionally, we may incur liability for the actions or omissions of our partners, subcontractors or vendors and we may face challenges or be unable to enforce these obligations against those partners. 23 Part I Government regulations may result in prohibition or restriction of certain types of employment services or the imposition of additional licensing or tax requirements that may reduce our future earnings.
Our working capital is primarily in the form of trade receivables which generally increase as sales increase. One of the ways in which we measure our working capital is in terms of working capital as a percent of revenue with a focus on Days Sales Outstanding (“DSO”).
Our working capital is primarily in the form of trade receivables which generally increase as sales increase. One of the ways in which we measure our working capital is in terms of working capital as a percentage of revenue with a focus on Days Sales Outstanding (“DSO”).
If we are forced to refinance these borrowings on less favorable terms, our results of operations and financial condition could be materially adversely affected by increased costs and rates. The lenders under our and our subsidiaries’ credit facilities may be unwilling or unable to extend credit to us on acceptable terms or at all.
If we are forced to refinance these borrowings on less favorable terms, our results of operations and financial condition could be materially adversely affected by increased costs and rates. 21 Part I The lenders under our and our subsidiaries’ credit facilities may be unwilling or unable to extend credit to us on acceptable terms or at all.
Further, hedging activities may only offset a portion, or none at all, of the material adverse financial effects of unfavorable fluctuations in foreign exchange rates over the time the hedge is in place or effective. Our liquidity could be adversely impacted by economic conditions affecting our clients.
Further, hedging activities may only offset a portion, or none at all, of the material adverse financial effects of unfavorable fluctuations in foreign exchange rates over the time the hedge is in place or effective. 20 Part I Our liquidity could be adversely impacted by economic conditions affecting our clients.
Leveraging AI-based technology for our internal operations and service offerings presents risks, costs, and challenges as we begin to implement AI capabilities, including generative AI, to improve our operating efficiency and develop client offerings.
Leveraging AI-based technology for our internal operations and service offerings presents risks, costs, and challenges as we continue to implement AI capabilities, including generative AI, to improve our operating efficiency and develop client offerings.
AI algorithms and training methodologies may be flawed and datasets may be overbroad, insufficient, or contain biased information. Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity and health and safety, among others.
AI algorithms and training methodologies may be flawed and datasets may be over-broad, insufficient, or contain biased information. Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity and health and safety, among others.
An unfavorable outcome could result in liabilities that have a material adverse effect upon our business, financial condition or results of operations. Wisconsin law and our articles of incorporation and bylaws contain provisions that could make the takeover of our company more difficult.
An unfavorable outcome could result in liabilities that have a material adverse effect upon our business, financial condition or results of operations. 25 Part I Wisconsin law and our articles of incorporation and bylaws contain provisions that could make the takeover of our company more difficult.
With operations in approximately 75 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, terrorism, international conflict, severe weather conditions, pandemics, and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
With operations in more than 70 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, terrorism, international conflict, severe weather conditions, pandemics, and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
Qualified personnel with relevant skills may not be available to us in sufficient numbers and on terms of employment acceptable to us. Additionally, our clients may look to us for assistance in identifying and integrating into their organizations’ workers from diverse backgrounds, and who may represent different generations, geographical regions, and skillsets.
Qualified personnel with relevant skills may not be available to us in sufficient numbers and on terms of employment acceptable to us. Additionally, our clients may look to us for assistance in identifying and integrating into their organizations workers from diverse backgrounds, and who may represent different generations, geographical regions, and skill sets.
Risks relating to these activities could include possible claims of or relating to: • discrimination or harassment; • employee pay, including wage and hour requirements; • wrongful termination or retaliation; • actions or inactions of our workers, including matters for which we may have to indemnify a client; • laws governing employment screening and privacy; • classification of workers as employees or independent contractors; • employee unionization and collective bargaining activity, which we have recently experienced with certain small employee groups; • employment of undocumented or illegal workers; • issues relating to health and safety, including workers’ compensation; • employee benefits, including leave and healthcare coverage; • errors and omissions relating to the performance of professional roles such as IT professionals, accountants, engineers and the like; and • our workers’ misuse of proprietary information, misappropriation of funds, other criminal activity or torts or other similar claims. 24 Part I We may incur fines and other losses or negative publicity with respect to the above risks.
Risks relating to these activities include claims of or relating to: • discrimination or harassment; • employee pay, including wage and hour requirements; • wrongful termination or retaliation; • actions or inactions of our workers, including matters for which we may have to indemnify a client; • laws governing employment screening and privacy; • classification of workers as employees or independent contractors; • employee unionization and collective bargaining activity, which we have recently experienced with certain small employee groups; • employment of undocumented or illegal workers; • issues relating to health and safety, including workers’ compensation; • employee benefits, including leave and healthcare coverage; • errors and omissions relating to the performance of professional roles such as IT professionals, accountants, engineers and the like; and • our workers’ misuse of proprietary information, misappropriation of funds, other criminal activity or torts or other similar claims.
If any of these were to occur, the market price of our securities and our ability to obtain new business could be materially adversely affected. Our debt levels could materially adversely affect our operating flexibility and put us at a competitive disadvantage. As of December 31, 2024, we had $952.8 million of total debt.
If any of these were to occur, the market price of our securities and our ability to obtain new business could be materially adversely affected. Our debt levels could materially adversely affect our operating flexibility and put us at a competitive disadvantage. As of December 31, 2025, we had $1,677.1 million of total debt.
For example, a number of members of the Organization for Economic Co-operation and Development have agreed to enact the Pillar Two international tax reform, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions. These rules became effective in some countries in 2024.
For example, a number of members of the Organization for Economic Co-operation and Development (OECD) have agreed to enact the Pillar Two international tax reform, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions.
Our business could be impacted in several ways by our corporate sustainability initiatives, including our goals for sustainability, diversity, and inclusion. • Our positions and disclosures on these matters, or failure to achieve our commitments, could harm our reputation or brand image.
Our business could be impacted in several ways by our corporate sustainability initiatives. • Our positions and disclosures on these matters, or failure to achieve our commitments, could harm our reputation or brand image.
Based on current macroeconomic conditions, there is a significant risk that some of our most important markets will experience a recession, which would likely be accompanied by a decline in demand for our services.
Based on current macroeconomic conditions, there is a significant risk that some of our most important markets will experience, or continue to experience, recessionary pressure, which would likely be accompanied by a decline in demand for our services.
The size and breadth of our organization, comprising approximately 26,700 employees based out of over 2,100 offices in approximately 75 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
The size and breadth of our organization, comprising approximately 25,400 employees based out of approximately 2,100 offices in more than 70 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
In a recent evaluation, vulnerabilities were identified that could facilitate or contribute to a security incident involving personal data. The assessment firm was able to penetrate defensive protections adopted by us, as well as protections that we obtain from third party providers.
As a result of previous assessments, vulnerabilities were identified that could facilitate or contribute to a security incident involving personal data. The assessment firm was able to penetrate defensive protections adopted by us, as well as protections that we obtain from third party providers.
There is a risk that economic conditions in European markets or elsewhere may continue to be negatively impacted by geopolitical events. In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, and military conflicts, including the ongoing conflicts between Russia and Ukraine and Israel and Hamas.
There is a risk that economic conditions in European markets or elsewhere may continue to be negatively impacted by geopolitical events. In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, and military conflicts.
Our exposure to foreign currencies, in particular the Euro, could have a material adverse effect on our reported results and shareholders’ equity, however, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses unless we repatriate funds.
Our exposure to foreign currencies, in particular the Euro, could have a material adverse effect on our reported results and shareholders’ equity, however, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses unless we repatriate funds. Furthermore, the volatility of currencies may make year-over-year comparability of our financial results difficult.
Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. We have engaged in such dispositions in the past, including the dispositions of our businesses in Korea and Austria in 2024, the Philippines in 2023 and Russia and Hungary in 2022, respectively.
Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. We have engaged in such dispositions in the past, including the dispositions of our businesses in South Africa and New Caledonia in 2025, South Korea and Austria in 2024, and the Philippines in 2023.
These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material adverse impact on our current or future tax positions. 22 Part I The price of our common stock may fluctuate significantly, which may result in losses for investors.
These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material impact on our current or future tax positions. The price of our common stock may fluctuate significantly, which may result in losses for investors. The market price for our common stock may be subject to significant volatility.
If any of the participants in the syndicate fails to satisfy its obligations to extend credit under the facility, the other participants refuse or are unable to assume its obligations and we are unable to find an alternative source of funding at comparable rates, our liquidity may be materially adversely affected, or our interest expense may increase substantially. 21 Part I Furthermore, a number of our subsidiaries maintain uncommitted lines of credit with various banks.
If any of the participants in the syndicate fails to satisfy its obligations to extend credit under the facility, the other participants refuse or are unable to assume its obligations and we are unable to find an alternative source of funding at comparable rates, our liquidity may be materially adversely affected, or our interest expense may increase substantially.
During 2024, approximately 85% of our revenues were generated outside of the United States, the majority of which were generated in Europe. Furthermore, $952.8 million of our outstanding indebtedness as of December 31, 2024 was denominated in foreign currencies, including $928.4 million related to our Euro-denominated notes (€900.0 million).
During 2025, approximately 85% of our revenues were generated outside of the United States, the majority of which were generated in Europe. Furthermore, $1,677.1 million of our outstanding indebtedness as of December 31, 2025 was denominated in foreign currencies, including $1,639.0 million related to our Euro-denominated notes (€1,400.0 million).
In addition, some or all of these claims may give rise to litigation, which could be time-consuming to our management team and costly and could have a negative impact on our business regardless of the merits of the claim.
We have and may continue to incur fines and other losses or negative publicity with respect to the above risks. In addition, some or all of these claims may give rise to litigation, which could be time-consuming to our management team and costly and could have a negative impact on our business regardless of the merits of the claim.
Under the terms of these lines of credit, the bank is not obligated to make loans to the subsidiary or to make loans to the subsidiary at a particular interest rate.
Furthermore, a number of our subsidiaries maintain uncommitted lines of credit with various banks. Under the terms of these lines of credit, the bank is not obligated to make loans to the subsidiary or to make loans to the subsidiary at a particular interest rate.
Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our delivery of services. For example, in 2024 we continued to progress in our deployment of PowerSuite, our global cloud-based platforms for front and back office.
Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our efficiency and delivery of services. For example, we continue to implement global cloud-based platforms in an effort to improve our front and back office. These projects are complex and may consume considerable financial and personnel resources.
These labor shortages have been exacerbated by employees and potential employees leaving the labor market due to burn-out, resignation, early retirement, immigration challenges, workplace safety concerns, and childcare responsibilities. Workers have also impacted the labor market through increasing demands for change in employment conditions, such as demands for higher wages, remote work, and additional flexibility in work schedule.
These labor shortages have been exacerbated by employees and potential employees leaving the labor market due to burn-out, resignation, early retirement, immigration challenges (such as changes in visa cost and availability), workplace safety concerns, and childcare responsibilities.
Our Euro-denominated notes are designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2024, to mitigate our Euro currency translation exposure.
We seek to mitigate our exposure to foreign currency fluctuations by utilizing net investment hedges and, from time to time, foreign currency forward exchange contracts and cross-currency swaps. Our Euro-denominated notes are designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2025, to mitigate our Euro currency translation exposure.
As another example, in February 2025 the French government enacted legislation resulting in a one-year temporary increase in the corporate income tax rate for our French business from 25.825% to 36.125% for 2025 and a three-year delay to the scheduled phase-out of the French business tax (CVAE).
As another example, in February 2026 the French government passed the Finance Bill for 2026 which includes a one-year extension of the corporate income tax surcharge that was originally enacted for tax year 2025 and increased the corporate income tax rate for our French business from 25.825% to 36.125%.
Our stock price can fluctuate as a result of a variety of factors, including factors listed in these “Risk Factors” and others, many of which are beyond our control.
For example, during 2025, the price of our common stock as reported on the New York Stock Exchange ranged from a high of $62.66 to a low of $26.63. Our stock price can fluctuate as a result of a variety of factors, including factors listed in these “Risk Factors” and others, many of which are beyond our control.
We must continually evaluate and upgrade our base of available qualified personnel through recruiting and training programs to keep pace with changing client needs and emerging technologies.
Workers have also impacted the labor market through increasing demands for change in employment conditions, such as demands for higher wages, remote work, and additional flexibility in work schedule. We must continually evaluate and upgrade our base of available qualified personnel through recruiting and training programs to keep pace with changing client needs and emerging technologies.
In addition, changes in tax laws, treaties or regulations, or their interpretation or enforcement, have become more unpredictable and may become more stringent, which could materially adversely affect our tax position.
However, our judgments might not be sustained as a result of these audits and tax proceedings, and the amounts ultimately paid could be materially different from the amounts previously recorded. 22 Part I In addition, changes in tax laws, treaties or regulations, or their interpretation or enforcement, have become more unpredictable and may become more stringent, which could materially adversely affect our tax position.
We regularly assess the likely outcomes of our audits and tax proceedings to determine the appropriateness of our tax liabilities. However, our judgments might not be sustained as a result of these audits and tax proceedings, and the amounts ultimately paid could be materially different from the amounts previously recorded.
We regularly assess the likely outcomes of our audits and tax proceedings to determine the appropriateness of our tax liabilities.
Removed
In addition, during 2024, we opened our Global Business Services center in Porto, Portugal, our regional finance center to serve all of Europe and a central component of our global strategy to standardize, centralize and transform finance service delivery. These projects are complex and may consume considerable financial and personnel resources.
Added
On December 15, 2025, we offered and sold €500.0 aggregate principal amount of the Company’s 3.750% notes due December 2030. The net proceeds from the 2025 €500.0 notes of €497.4 were used in January 2026 to redeem our 2018 €500.0 notes due June 22, 2026.
Removed
We will be required to report on CSRD commencing in 2025 (filing in 2026) and will be subject to limited assurance requirements by a third party.
Added
These rules became effective in some countries in 2024 with multiple countries and the OECD continuing to issue relevant legislation and guidance.
Removed
Furthermore, the volatility of currencies may make year-over-year comparability of our financial results difficult. 20 Part I We seek to mitigate our exposure to foreign currency fluctuations by utilizing net investment hedges and, from time to time, foreign currency forward exchange contracts and cross-currency swaps.
Added
In addition, the United States Work Opportunity Tax Credit (WOTC) has not been renewed for 2026 at this time. If WOTC is enacted in the United States and retroactively applied to the beginning of 2026, we estimate it would reduce our full year estimated tax rate in the range of 1.0 to 1.5% based on current projections.
Removed
We estimate this legislation will increase our consolidated global effective tax rate in the range of 4% to 5% based on current projections.
Removed
The market price for our common stock may be subject to significant volatility. For example, during 2024, the price of our common stock as reported on the New York Stock Exchange ranged from a high of $79.12 to a low of $56.82.
Removed
The results of litigation and other legal proceedings are inherently uncertain, and adverse judgments or settlements in some, or all of these legal disputes may result in materially adverse monetary damages, fines, penalties or injunctive relief against us.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeHowever, to date these incidents have not had a material impact on our services, information systems or business . Any significant disruption to our services or access to our systems could result in a loss of clients and adversely affect our business and results of operations.
Biggest changeHowever, to date these incidents have not materially affected nor are these specific prior incidents reasonably likely to materially affect the company, including its business strategy, results of operations, or financial condition . Any significant disruption to our services or access to our systems could result in a loss of clients and adversely affect our business and results of operations.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeBecky Frankiewicz Age 53 Regional President, North America and Chief Commercial Officer since June 2022. Regional President, North America from July 2017 to June 2022. General Manager Quaker Foods North America at PepsiCo from October 2014 to July 2017. An employee of ManpowerGroup since July 2017. A director of Energizer Holdings, Inc. since January 2020. Michelle S.
Biggest changeGeneral Manager Quaker Foods North America at PepsiCo from October 2014 to July 2017. An employee of ManpowerGroup since July 2017. A director of Energizer Holdings, Inc. since January 2020. John T. McGinnis Age 59 Executive Vice President, Chief Financial Officer of ManpowerGroup since February 2016. Global Controller of Morgan Stanley from January 2014 to February 2016.
Executive Vice President, President of ManpowerGroup - the Americas from January 2009 to October 2012. Executive Vice President, President – United States and Canadian Operations from January 2006 to December 2008. A director of ManpowerGroup since May 2014. An employee of ManpowerGroup since May 1999. A director of Kohl's Corporation since August 2015. John T.
Executive Vice President, President of ManpowerGroup – the Americas from January 2009 to October 2012. Executive Vice President, President – United States and Canadian Operations from January 2006 to December 2008. A director of ManpowerGroup since May 2014. An employee of ManpowerGroup since May 1999. A director of Kohl's Corporation since August 2015.
A director of RXO, Inc. since November 2022. 27 Part I OTHER INF ORMATION Audit Committee Approval of Audit-Related and Non-Audit Services The Audit Committee of our Board of Directors has approved the following audit-related and non-audit services performed or to be performed for us by our independent registered public accounting firm, Deloitte & Touche LLP and Affiliates, in 2024: (a) tax compliance services with respect to tax compliance review for international returns, preparation and/or review of tax returns, including sales and use tax, excise tax, income tax, local tax, property tax, and value added tax and consultation regarding appropriate handling of items on the United States and international tax returns, assistance with U.S. and non-U.S. tax audits and examinations and advise and assist with respect to transfer pricing matters; (b) tax consulting services with respect to U.S. federal, state, local and international tax research and consultation related to US tax reform and regulatory changes, U.S. foreign tax credit research and consultation and advice and assistance with respect to transfer pricing matters; and (c) audit-related services with respect certifications and attestation reports related to certain financial and non-financial information for specific client requirements and government subsidies for certain of our foreign subsidiaries and sustainability advisory services related to advice and recommendations regarding management’s sustainability program. 28 Part II PAR T II
A director of RXO, Inc. since November 2022. 28 Part I OTHER INF ORMATION Audit Committee Approval of Audit-Related and Non-Audit Services The Audit Committee of our Board of Directors has approved the following audit-related and non-audit services performed or to be performed for us by our independent registered public accounting firm, Deloitte & Touche LLP and Affiliates, in 2025: (a) tax compliance services with respect to tax compliance review for international returns, preparation and/or review of tax returns, including sales and use tax, excise tax, income tax, local tax, property tax, and value added tax and consultation regarding appropriate handling of items on the United States and international tax returns, assistance with U.S. and non-U.S. tax audits and examinations and advise and assist with respect to transfer pricing matters; (b) tax consulting services with respect to U.S. federal, state, local and international tax research and consultation related to US tax reform and regulatory changes, U.S. foreign tax credit research and consultation and advice and assistance with respect to transfer pricing matters; and (c) audit-related services with respect to certifications and attestation reports related to certain financial and non-financial information for specific client requirements and government subsidies for certain of our foreign subsidiaries, sustainability advisory services related to advice and recommendations regarding management’s sustainability program, the issuance of comfort letters in connection with debt offerings, and other permissible audit related services. 29 Part II PAR T II
Item 4. Mine Saf ety Disclosures Not applicable. 26 Part I I NFORMATION ABOUT OUR EXECUTIVE OFFICERS (as of February 19, 2025) Name of Officer Office Jonas Prising Age 60 Chairman of ManpowerGroup since December 2015. Chief Executive Officer of ManpowerGroup since May 2014. ManpowerGroup President from November 2012 to May 2014.
Item 4. Mine Saf ety Disclosures Not applicable. 27 Part I I NFORMATION ABOUT OUR EXECUTIVE OFFICERS (as of February 23, 2026) Name of Officer Office Jonas Prising Age 61 Chairman of ManpowerGroup since December 2015. Chief Executive Officer of ManpowerGroup since May 2014. ManpowerGroup President from November 2012 to May 2014.
Nettles Age 53 Executive Vice President, Chief People and Legal Officer since January 2025. Executive Vice President, Chief People and Culture Officer from May 2022 to December 2024. Senior Vice President, Chief People and Culture Office from July 2019 to May 2022. Chief People and Diversity Officer of Molson Coors Brewing Company from October 2016 to July 2019.
Executive Vice President, Chief People and Culture Officer from May 2022 to December 2024. Senior Vice President, Chief People and Culture Officer from July 2019 to May 2022. Chief People and Diversity Officer of Molson Coors Brewing Company from October 2016 to July 2019. Chief Human Resources Officer of MillerCoors from October 2014 to October 2016.
Chief Human Resources Officer of MillerCoors from October 2014 to October 2016. Prior thereto, held other positions at MillerCoors since 2009. An employee of ManpowerGroup since July 2019.
Prior thereto, held other positions at MillerCoors since 2009. An employee of ManpowerGroup since July 2019.
McGinnis Age 58 Executive Vice President, Chief Financial Officer of ManpowerGroup since February 2016. Global Controller of Morgan Stanley from January 2014 to February 2016. Chief Financial Officer, HSBC North America from July 2012 to January 2014. Chief Financial Officer, HSBC Bank USA from July 2010 to January 2014. An employee of ManpowerGroup since February 2016.
Chief Financial Officer, HSBC North America from July 2012 to January 2014. Chief Financial Officer, HSBC Bank USA from July 2010 to January 2014. An employee of ManpowerGroup since February 2016. Michelle S. Nettles Age 54 Executive Vice President, Chief People and Legal Officer since January 2025 and Corporate Secretary since October 2025.
Added
Elected to serve on the board of directors of the Federal Reserve Bank of Chicago in January 2026. Becky Frankiewicz Age 54 President and Chief Strategy Officer since June 2025. Regional President, North America and Chief Commercial Officer from June 2022 to June 2025. Regional President, North America from July 2017 to June 2022.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(b) Includes 1,145 shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain officers in settlement of restricted stock. 29 Part II Performance Graph Set forth below is a graph for the periods ending December 31, 2019-2024 comparing the cumulative total shareholder return on our common stock with the cumulative total return of companies in the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index.
Biggest changeTotal number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plan or programs Maximum number of shares that may yet be purchased under the plan or programs October 1 - 31, 2025 — $ — — 1,931,551 2 November 1 - 30, 2025 — — — 1,931,551 December 1 - 31, 2025 38 (a) — — 1,931,551 Total 38 $ — — 1,931,551 (a) Represents shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by a board member in settlement of deferred stock. 30 Part II Performance Graph Set forth below is a graph for the periods ending December 31, 2020-2025 comparing the cumulative total shareholder return on our common stock with the cumulative total return of companies in the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index.
The graph assumes a $100 investment on December 31, 2019 in our common stock, the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and assumes the reinvestment of all dividends.
The graph assumes a $100 investment on December 31, 2020 in our common stock, the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and assumes the reinvestment of all dividends.
We are included in the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and we estimate that we constituted 1% of the total market capitalization of the companies included in the index.
We are included in the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and we estimate that we constituted less than 1% of the total market capitalization of the companies included in the index.
Item 5. Market for Registrant’s Common Equity, Related Shar eholder Matters and Issuer Purchases of Equity Securities Common Stock Listing and Trading The Company's common stock is listed for trading on the New York Stock Exchange under the symbol MAN. Shareholders of Record As of February 17, 2025, the Company's common stock was held by approximately 2,500 record holders.
Item 5. Market for Registrant’s Common Equity, Related Shar eholder Matters and Issuer Purchases of Equity Securities Common Stock Listing and Trading The Company's common stock is listed for trading on the New York Stock Exchange under the symbol MAN. Shareholders of Record As of February 19, 2026, the Company's common stock was held by approximately 2,400 record holders.
The following table shows the total number of shares repurchased during the fourth quarter of 2024. As of December 31, 2024, there were 2.6 million shares remaining authorized for repurchase under the 2023 authorization.
The following table shows the total number of shares repurchased during the fourth quarter of 2025. As of December 31, 2025, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.
December 31 2019 2020 2021 2022 2023 2024 ManpowerGroup $ 100 $ 93 $ 100 $ 86 $ 82 $ 59 S&P 400 Midcap Stock Index 100 112 138 118 135 151 S&P 1500 Human Resources and Employment Services Sub-Industry Index 100 99 148 109 113 132
December 31 2020 2021 2022 2023 2024 2025 ManpowerGroup $ 100 $ 108 $ 92 $ 88 $ 64 $ 33 S&P 400 Midcap Stock Index 100 123 105 121 135 143 S&P 1500 Human Resources and Employment Services Sub-Industry Index 100 149 110 115 133 111
Removed
Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plan or programs Maximum number of shares that may yet be purchased under the plan or programs October 1 - 31, 2024 254,386 (a) $ 63.09 253,605 2,893,160 2 November 1 - 30, 2024 142,747 (b) 63.56 141,602 2,751,558 December 1 - 31, 2024 156,631 57.46 156,631 2,594,927 Total 553,764 $ 61.61 551,838 2,594,927 (a) Includes 781 shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain officers in settlement of restricted stock.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest change(See Financial Measures - Constant Currency and Organic Constant Currency on page 31 for information.) Amounts represent 2024 Percentages represent 2024 compared to 2023 Reported Amount (in millions) Reported Variance Impact of Currency Variance in Constant Currency Impact of Acquisitions and Dispositions (in Constant Currency) Organic Constant Currency Variance Revenues from Services Americas: United States $ 2,766.6 (3.5 )% — (3.5 )% — (3.5 )% Other Americas 1,458.3 (5.8 ) (21.0 ) 15.2 — 15.2 4,224.9 (4.3 ) (7.4 ) 3.1 — 3.1 Southern Europe: France 4,618.4 (5.1 ) — (5.1 ) — (5.1 ) Italy 1,677.0 (1.9 ) (0.1 ) (1.8 ) — (1.8 ) Other Southern Europe 1,922.9 (0.9 ) (0.9 ) — (0.6 ) 0.6 8,218.3 (3.5 ) (0.2 ) (3.3 ) (0.2 ) (3.1 ) Northern Europe 3,304.3 (11.8 ) 1.1 (12.9 ) — (12.9 ) APME 2,161.3 (6.9 ) (4.6 ) (2.3 ) (3.5 ) 1.2 17,908.8 Intercompany Eliminations (54.9 ) ManpowerGroup $ 17,853.9 (5.6 )% (2.2 )% (3.4 )% (0.4 )% (3.0 )% Gross Profit - ManpowerGroup $ 3,086.8 (8.1 )% (1.9 )% (6.2 )% (0.3 )% (5.9 )% Operating Unit Profit (Loss) Americas: United States $ 77.7 (17.6 )% — (17.6 )% — (17.6 )% Other Americas 63.9 (10.3 ) (12.9 ) 2.6 — 2.6 141.6 (14.5 ) (5.6 ) (8.9 ) — (8.9 ) Southern Europe: France 151.8 (19.4 ) — (19.4 ) — (19.4 ) Italy 113.1 (9.3 ) 0.1 (9.4 ) — (9.4 ) Other Southern Europe 39.2 (12.5 ) (1.6 ) (10.9 ) 3.1 (14.0 ) 304.1 (15.0 ) (0.2 ) (14.8 ) 0.4 (15.2 ) Northern Europe (44.6 ) 61.8 0.9 60.9 — 60.9 APME 83.7 (9.7 ) (6.0 ) (3.7 ) (2.3 ) (1.4 ) Operating Unit Profit - ManpowerGroup $ 484.8 (2.9 )% (2.9 )% — (0.1 )% 0.1 % Cash Sources and Uses Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities.
Biggest change(See Financial Measures - Constant Currency and Organic Constant Currency on page 32 for information.) Amounts represent 2025 Percentages represent 2025 compared to 2024 Reported Amount (in millions) Reported Variance Impact of Currency Variance in Constant Currency Impact of Acquisitions and Dispositions (in Constant Currency) Organic Constant Currency Variance Revenues from Services Americas: United States $ 2,735.4 (1.1 )% — (1.1 )% — (1.1 )% Other Americas 1,613.4 10.6 % (4.2 )% 14.8 % — 14.8 % 4,348.8 2.9 % (1.5 )% 4.4 % — 4.4 % Southern Europe: France 4,459.4 (1.6 )% 4.3 % (5.9 )% — (5.9 )% Italy 1,822.1 8.6 % 4.8 % 3.8 % — 3.8 % Other Southern Europe 2,154.8 7.2 % 5.4 % 1.8 % (2.5 )% 4.3 % 8,436.3 2.7 % 4.7 % (2.0 )% (0.5 )% (1.5 )% Northern Europe 3,161.1 (4.3 )% 4.0 % (8.3 )% (0.2 )% (8.1 )% APME 2,041.9 (5.5 )% 0.8 % (6.3 )% (13.7 )% 7.4 % 17,988.1 Intercompany Eliminations (31.0 ) ManpowerGroup $ 17,957.1 0.6 % 2.7 % (2.1 )% (1.9 )% (0.2 )% Gross Profit - ManpowerGroup $ 2,997.6 (2.9 )% 2.2 % (5.1 )% (1.0 )% (4.1 )% Operating Unit Profit (Loss) Americas: United States $ 66.0 (15.1 )% — (15.1 )% — (15.1 )% Other Americas 70.9 11.0 % (1.7 )% 12.7 % — 12.7 % 136.9 (3.3 )% (0.7 )% (2.6 )% — (2.6 )% Southern Europe: France 109.9 (26.5 )% 3.5 % (30.0 )% — (30.0 )% Italy 115.8 2.3 % 4.6 % (2.3 )% — (2.3 )% Other Southern Europe 34.9 (15.7 )% 4.7 % (20.4 )% 2.6 % (23.0 )% 260.6 (14.3 )% 4.1 % (18.4 )% 0.4 % (18.8 )% Northern Europe (43.3 ) 2.9 % (4.6 )% 7.5 % (0.9 )% 8.4 % APME 100.6 20.4 % 1.3 % 19.1 % (9.6 )% 28.7 % Operating Profit - ManpowerGroup $ 150.1 (50.9 )% 1.8 % (52.7 )% (0.9 )% (51.8 )% Cash Sources and Uses Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities.
Interest on the €400.0 notes is payable in arrears on June 30 of each year. The Notes are unsecured senior obligations and rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities.
Interest on the 2022 €400.0 notes is payable in arrears on June 30 of each year. The Notes are unsecured senior obligations and rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities.
Outstanding letters of credit issued totaled $0.4, hence additional borrowings of $599.6 were available to us under the facility as of both December 31, 2024 and 2023. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings.
Outstanding letters of credit issued totaled $0.4, hence additional borrowings of $599.6 were available to us under the facility as of both December 31, 2025 and 2024. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings.
We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine or immaterial to the financial statements. 37 Part II Our principal ongoing cash needs are to finance working capital, capital expenditures, debt payments, interest expense, dividends, share repurchases and acquisitions.
We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine or immaterial to the financial statements. 38 Part II Our principal ongoing cash needs are to finance working capital, capital expenditures, debt payments, interest expense, dividends, share repurchases and acquisitions.
The proceeds from the €400.0 notes were used in July 2022 to repay our €400.0 1.875% notes due September 11, 2022. The €400.0 notes were issued at a price of 99.465% to yield an effective interest rate of 3.514%, net of a favorable impact of a forward starting interest rate swap.
The proceeds from the 2022 €400.0 notes were used in July 2022 to redeem our €400.0 1.875% notes due September 11, 2022. The 2022 €400.0 notes were issued at a price of 99.465% to yield an effective interest rate of 3.514%, net of a favorable impact of a forward starting interest rate swap.
Absent any other changes, a 25 basis point increase or decrease in the weighted-average expected return on plan assets would decrease or increase our 2025 consolidated pension expense by $1.4. (See Note 9 to the Consolidated Financial Statements found in Item 8.
Absent any other changes, a 25 basis point increase or decrease in the weighted-average expected return on plan assets would decrease or increase our 2025 consolidated pension expense by $1.6. (See Note 9 to the Consolidated Financial Statements found in Item 8.
Item 6. [Reserved] 30 Part II 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in millions, except share and per share data Financial Measures — Constant Currency And Organic Constant Currency Changes in our financial results include the impact of changes in foreign currency exchange rates, acquisitions and dispositions.
Item 6. [Reserved] 31 Part II 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in millions, except share and per share data Financial Measures — Constant Currency And Organic Constant Currency Changes in our financial results include the impact of changes in foreign currency exchange rates, acquisitions and dispositions.
Both the €500.0 notes and €400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities.
Both the 2018 €500.0 notes and 2022 €400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities.
These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2024. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss.
These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2025. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss ("AOCL").
"Management's Discussion and Analysis of Financial Condition and Results of Operations." Results of Operations - For Years of Operation Ending December 31, 2024 and 2023 The financial discussion that follows focuses on 2024 results compared to 2023.
"Management's Discussion and Analysis of Financial Condition and Results of Operations." Results of Operations - For Years of Operation Ending December 31, 2025 and 2024 The financial discussion that follows focuses on 2025 results compared to 2024.
On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 2026 (the “€500.0 notes”). The net proceeds from the €500.0 notes of €495.7 were used to repay our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases.
On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 2026 (the “2018 €500.0 notes”). The net proceeds from the 2018 €500.0 notes of €495.7 were used to redeem our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases.
The revenue decrease in our Talent Solutions brand, which includes Recruitment Process Outsourcing (RPO), TAPFIN - MSP, and our Right Management offerings, was driven primarily by decreased activity in our RPO permanent recruitment business, partially offset by increased demand for our Right Management outplacement services and increased demand in our MSP business.
The revenue decrease in our Talent Solutions brand, which includes Recruitment Process Outsourcing (RPO), TAPFIN - MSP, and our Right Management offerings, was driven primarily by decreased activity in our RPO permanent recruitment business, and decreased demand for our Right Management outplacement services.
An uncertain tax position, one which does not exceed the 50% threshold, will not be recognized in the financial statements. 41 Part II We provide for income taxes on a quarterly basis based on an estimated annual tax rate.
An uncertain tax position, one which does not exceed the 50% threshold, will not be recognized in the financial statements. We provide for income taxes on a quarterly basis based on an estimated annual tax rate.
The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgements, change of control and customary ERISA defaults.
The Credit Agreement contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults.
We experienced a -4.3% revenue decrease in the Americas primarily driven by the unfavorable impact of currency exchange rates and a decrease in demand for our Experis interim services, partially offset by an increase in demand for our Manpower staffing services, an increase in demand for our Talent Based Outsourcing (TBO) business and an increase in demand for our Right Management outplacement services.
We experienced a 2.9% revenue increase in the Americas primarily driven by an increase in demand for our Manpower staffing services, an increase in demand for our Talent Based Outsourcing (TBO) business and an increase in demand for our Right Management outplacement services, partially offset by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates.
We are focused on managing costs as efficiently as possible in the short term while continuing to progress transformational actions aligned with our strategic priorities. 32 Part II Consolidated Results - 2024 compared to 2023 The following table presents selected consolidated financial data for 2024 as compared to 2023.
We are focused on managing costs as efficiently as possible in the short term while continuing to progress transformational actions aligned with our strategic priorities. 33 Part II Consolidated Results - 2025 compared to 2024 The following table presents selected consolidated financial data for 2025 as compared to 2024.
During the year, we initiated significant restructuring actions on businesses heavily impacted by the continuing decline in activity. With these actions, we expect our overall cost structure to decline. We expect to continue to monitor expenses closely to maintain the benefit of our efforts to optimize our organizational cost structures.
During the year, we initiated significant restructuring actions on businesses heavily impacted by the continuing economic uncertainty. With these actions, we expect our overall cost structure to decline. We expect to continue to monitor expenses closely to maintain the benefit of our efforts to optimize our organizational cost structures.
Rating agencies use proprietary methodology in determining their ratings and outlook which includes, among other things, financial ratios based upon debt levels and earnings performance. Assessment of the Liquidity Position We have assessed our liquidity position as of December 31, 2024 and for the near future. As of December 31, 2024, our cash and cash equivalents balance was $509.4.
Rating agencies use proprietary methodology in determining their ratings and outlook which includes, among other things, financial ratios based upon debt levels and earnings performance. Assessment of the Liquidity Position We have assessed our liquidity position as of December 31, 2025 and for the near future. As of December 31, 2025, our cash and cash equivalents balance was $871.0.
As of December 31, 2024, goodwill and other intangible assets resulting from the 2024 acquisitions were $1.4 and $3.1, respectively. We did not make any acquisitions in 2023. Dispositions Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint, as well as improve our overall efficiency.
As of December 31, 2024, goodwill and other intangible assets resulting from the 2024 acquisitions were $1.4 and $3.1, respectively. Dispositions Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint as well as improve our overall efficiency.
Furthermore, we have access to the previously mentioned credit lines of up to $300.0 ($600.0 in the third quarter) to meet the working capital needs of our subsidiaries, of which $266.1 was available to use, in addition to $150.0 of uncommitted credit facilities at our parent company, as of December 31, 2024.
Furthermore, we have access to the previously mentioned credit lines of up to $300.0 ($600.0 in the third quarter) to meet the working capital needs of our subsidiaries, of which $261.9 was available to use, in addition to $150.0 of uncommitted credit facilities at our parent company, as of December 31, 2025.
In 2024, we repurchased a total of 2.0 million shares under the 2023 authorization, at a total cost of $140.9 including excise tax on share repurchases of $0.9.
In 2025, we repurchased a total of 0.7 million shares under the 2023 authorization, at a total cost of $37.5 including excise tax on share repurchases of $0.5. In 2024, we repurchased a total of 2.0 million shares under the 2023 authorization, at a total cost of $140.9 including excise tax on share repurchases of $0.9.
As of December 31, 2024, deferred taxes related to non-United States withholding and other taxes were provided on $1,353.5 of accumulated unremitted earnings of non-United States subsidiaries that may be remitted to the United States.
As of December 31, 2025, deferred taxes related to non-United States withholding and other taxes were provided on $1,662.1 of accumulated unremitted earnings of non-United States subsidiaries that may be remitted to the United States.
Additional borrowings of $266.1 could have been made under these lines as of December 31, 2024. 40 Part II Our long-term debt has a rating of Baa1 with stable outlook from Moody's Investor Services and BBB from Standard and Poor's with negative outlook. Both of the credit ratings are investment grade.
Additional borrowings of $261.9 could have been made under these lines as of December 31, 2025. 41 Part II Our long-term debt has a rating of Baa1 with stable outlook from Moody's Investor Services and BBB- from Standard and Poor's with negative outlook. Both of the credit ratings are investment grade.
As of December 31, 2024, we had $348.8 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund corporate activities.
As of December 31, 2025, we had $236.1 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund corporate activities.
As of December 31, 2024 and 2023, we have recorded a deferred tax liability of $25.9 and $23.1, respectively, related to these non-United States earnings that may be remitted.
As of December 31, 2025 and 2024, we have recorded a deferred tax liability of $28.2 and $25.9, respectively, related to these non-United States earnings that may be remitted.
As of December 31, 2024, we had an additional $289.4 of accumulated unremitted earnings of non-United States subsidiaries for which we have not provided deferred taxes as amounts are deemed indefinitely reinvested.
As of December 31, 2025, we had an additional $372.0 of accumulated unremitted earnings of non-United States subsidiaries for which we have not provided deferred taxes as amounts are deemed indefinitely reinvested.
Other In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2024, such uncommitted credit lines totaled $290.5, of which $266.1 was unused.
Other In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2025, such uncommitted credit lines totaled $363.1, of which $325.0 was unused.
As defined in the Credit Agreement, we had a net Debt-to-EBITDA ratio of 1.97 to 1 (compared to the maximum allowable ratio of 3.5 to 1) and a Fixed Charge Coverage ratio of 3.27 to 1 (compared to the minimum required ratio of 1.5 to 1) as of December 31, 2024.
As defined in the Credit Agreement, we had a net Debt-to-EBITDA ratio of 2.78 to 1 (compared to the maximum allowable ratio of 3.5 to 1) and a Fixed Charge Coverage ratio of 2.72 to 1 (compared to the minimum required ratio of 1.5 to 1) as of December 31, 2025.
During the fourth quarter of 2024, in connection with the preparation of our annual financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit or indefinite-lived intangible assets were below its carrying amount.
During the fourth quarter of 2025, in connection with the preparation of our annual financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting units were below its carrying amount.
For a discussion of 2023 results compared to 2022, see the company’s Annual Report on Form 10-K for the year ended December 31, 2023 . During 2024, revenues decreased -5.6% compared to 2023.
For a discussion of 2024 results compared to 2023, see the company’s Annual Report on Form 10-K for the year ended December 31, 2024 . During 2025, reported revenues increased 0.6% compared to 2024.
This decrease was primarily due to decreased profitability in our United States business of $16.7, which experienced decreased activity in our higher-margin permanent recruitment business, as noted above, partially offset by decreases to selling and administrative expenses as a percent of revenue.
This decrease was primarily due to decreased profitability in our United States business of $11.7, which experienced decreased activity in our Experis interim business and decreased activity in our higher-margin permanent recruitment business, partially offset by a decrease in our selling and administrative expenses as a percentage of revenue.
Therefore, they have been excluded from our aggregate commitments identified above. The cost of these guarantees and letters of credit was $1.4 for 2024. Total capitalization as of December 31, 2024 was $3,079.7, comprised of $952.8 in debt and $2,126.9 in equity.
Therefore, they have been excluded from our aggregate commitments identified above. The cost of these guarantees and letters of credit was $1.7 for 2025. Total capitalization as of December 31, 2025 was $3,737.4, comprised of $1,677.1 in debt and $2,060.3 in equity.
In our Experis brand, the revenue decrease was primarily due to decreased demand for our interim services and decreased demand for our Experis solutions services.
In our Experis brand, the revenue decrease was primarily due to decreased demand for our interim services, decreased demand for our Experis consulting business, and decreased demand for our Experis permanent placement services.
In connection with the disposition, we recognized a one-time net loss on disposition of $8.0, of which $9.7 was included in selling and administrative expenses and a gain of $1.7 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2022.
In connection with this transaction, we recognized a one-time net loss on disposition of $1.4, of which $0.2 was included in selling and administrative expenses and $1.2 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2025.
"Financial Statements and Supplementary Data" for further information.) Revolving Credit Agreement On May 27, 2022, we entered into a new Credit Agreement (the “Credit Agreement”) with a syndicate of commercial banks with a termination date of May 27, 2027 to replace our previous $600.0 revolving credit facility.
"Financial Statements and Supplementary Data" for further information.) Revolving Credit Agreement On December 15, 2025, we entered into a new $600.0 five-year Credit Agreement (the “Credit Agreement”) with a syndicate of commercial banks to replace our previous $600.0 revolving credit facility.
In 2024 our gross profit margin decreased 50 basis points compared to 2023 primarily due to decreases in our permanent recruitment business, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period and a decrease in staffing/interim margins due to mix shifts and lower volumes while pricing remained stable.
In 2025 our gross profit margin decreased 60 basis points compared to 2024 primarily due to decreases in our permanent recruitment business, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period. Also, we experienced a decrease in staffing and interim margins due to mix shifts towards enterprise accounts.
In the United States, OUP margin decreased to 2.8% in 2024 from 3.3% in 2023 primarily due to decreased activity in our higher-margin permanent recruitment and Manpower and Experis staffing/interim businesses, as noted above, partially offset by a decrease in our selling and administrative expenses as a percent of revenue.
In the United States, OUP margin decreased to 2.4% in 2025 from 2.8% in 2024 primarily due to decreased activity in our Experis interim business and decreased activity in our higher-margin permanent recruitment business, partially offset by a decrease in our selling and administrative expenses as a percentage of revenue.
The year-over-year 50 basis point decrease in gross profit margin was primarily attributed to: • a 40 basis point unfavorable impact due to decreases in permanent recruitment, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period; and • a 20 basis point unfavorable impact from the decrease in staffing/interim margins due to mix shifts and lower volumes while pricing remained stable; partially offset by • a 10 basis point favorable impact from increased career transition activity in Right Management as outplacement activity increased.
The year-over-year 60 basis point decrease in gross profit margin was primarily attributed to: • a 25 basis point unfavorable impact due to decreases in permanent recruitment, including Talent Solutions RPO, as permanent hiring demand continued to soften and experienced reduced levels from the prior year period; • a 25 basis point unfavorable impact from the decrease in staffing and interim margins due to mix shifts towards enterprise clients; and • a 10 basis point unfavorable impact from decreased career transition activity in Right Management as outplacement activity increased.
To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results. 31 Part II During 2024, we experienced the following quarterly changes to our consolidated revenues compared to 2023: a -7.3% decrease in revenue in the first quarter due to softening demand for staffing services due to increased economic uncertainty, partially offset by an increase in demand for our Right Management outplacement services; a revenue decrease of -6.9% in the second quarter due to the continued softening demand for staffing and permanent recruitment services; a revenue decrease of -3.1% in the third quarter due to the continued softening demand for staffing services, partially offset by an increase in demand for our Right Management outplacement services; and ending the year with a -5.0% revenue decrease in the fourth quarter of 2024 due to the continuing decrease in demand for our staffing services.
To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results. 32 Part II During 2025, we experienced the following quarterly changes to our consolidated revenues compared to 2024: a -7.1% decrease (-4.6% in constant currency and -2.4% in organic constant currency) in revenue in the first quarter due to decreased demand in our Manpower staffing business and softening demand in our Experis interim business; revenue stayed flat (-3.5% in constant currency and -1.4% in organic constant currency) in the second quarter due to an increase in demand for our Manpower staffing business offset by decreased demand in our Experis interim business; a revenue increase of 2.3% (a decrease of -1.5% in constant currency and an increase of 0.7% in organic constant currency) in the third quarter due to an increase in demand for our Manpower staffing business and decreased demand in our Experis interim business; and ending the year with a 7.1% (1.3% in constant currency and 2.2% in organic constant currency) revenue increase in the fourth quarter of 2025 due to the increase in demand for our Manpower staffing services.
Working capital is primarily in the form of trade receivables, which generally increase as revenues increase. The amount of financing necessary to support revenue growth depends on receivables turnover, which differs in each market where we operate. Cash provided by operating activities was $309.2, $348.2 and $423.3 for 2024, 2023 and 2022, respectively.
Working capital is primarily in the form of trade receivables, which generally increase as revenues increase. The amount of financing necessary to support revenue growth depends on receivables turnover, which differs in each market where we operate. Cash used in operating activities was $104.1 in 2025, as compared to $309.2 generated in 2024.
We experienced a -6.9% revenue decrease in APME, primarily driven by the unfavorable impact of currency exchange rates, decreased demand in our permanent recruitment business and a decrease in demand in our TBO business, partially offset by an increase in demand for our Manpower and Experis staffing/interim services.
We experienced a 2.7% revenue increase in Southern Europe, primarily driven by the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Manpower staffing and Experis interim services and a decrease in demand for our permanent recruitment services.
Management has discussed the development, selection and disclosure of these estimates and assumptions with the Audit Committee of our Board of Directors. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pension plans covering permanent employees. The most significant plans are located in Switzerland, the United Kingdom, the Netherlands, Germany and France.
A discussion of the more significant estimates follows. Management has discussed the development, selection and disclosure of these estimates and assumptions with the Audit Committee of our Board of Directors. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pension plans covering permanent employees.
On October 15, 2024, we disposed of our Austria business in our Southern Europe segment for cash proceeds of $0.1 and simultaneously entered into a franchising agreement.
Our South Korea business contributed $349.9 of revenues for the year ended December 31, 2023. On October 15, 2024, we disposed of our Austria business in our Southern Europe segment for cash proceeds of $0.1 and simultaneously entered into a franchising agreement.
Foreign exchange loss, net was $6.2 in 2024 compared to $21.8 in 2023 primarily due to a reduction in foreign currency exchange losses in Argentina. Miscellaneous income, net was $13.7 in 2024 compared to $17.4 in 2023. We recorded income tax expense at an effective rate of 43.5% for 2024, as compared to an effective rate of 56.9% for 2023.
Foreign exchange loss, net was $6.5 in 2025 compared to $6.2 in 2024. Miscellaneous income, net was $17.4 in 2025 compared to $13.7 in 2024. We recorded income tax expense at an effective rate of 114.2% for 2025, as compared to an effective rate of 43.5% for 2024.
(in millions, except per share data) 2024 2023 Reported Variance Variance in Constant Currency Variance in Organic Constant Currency Revenues from services $ 17,853.9 $ 18,914.5 (5.6 )% (3.4 )% (3.0 )% Cost of services 14,767.1 15,556.5 (5.1 ) (2.8 ) Gross profit 3,086.8 3,358.0 (8.1 ) (6.2 ) (5.9 ) Gross profit margin 17.3 % 17.8 % Selling and administrative expenses, excluding goodwill impairment charges 2,780.8 3,047.1 (8.7 ) (7.1 ) Goodwill impairment charges — 55.1 Selling and administrative expenses 2,780.8 3,102.2 (10.4 ) (8.8 ) (8.5 ) Selling and administrative expenses as a % of revenues 15.6 % 16.4 % Operating profit 306.0 255.8 19.6 25.2 25.4 Operating profit margin 1.7 % 1.4 % Net interest expense 56.7 45.5 Other expenses (income), net (7.5 ) 4.4 Earnings before income taxes 256.8 205.9 24.7 31.1 Provision for income taxes 111.7 117.1 (4.6 ) Effective income tax rate 43.5 % 56.9 % Net earnings $ 145.1 $ 88.8 63.5 71.8 Net earnings per share - diluted $ 3.01 $ 1.76 70.6 79.3 Weighted average shares - diluted 48.3 50.4 (4.2 )% The year-over-year decrease in revenues from services of -5.6% (-3.4% in constant currency and -3.0% in organic constant currency) was attributed to: • a revenue decrease in the Americas of -4.3% (increase of 3.1% in constant currency) primarily driven by the $325.8 unfavorable impact of currency exchange rates and a $144.8 decrease in demand for our Experis interim services, partially offset by a $248.8 increase in demand for our Manpower staffing services, a $24.4 increase in demand for TBO and a $9.3 increase in demand for our Right Management outplacement services.
(in millions, except per share data) 2025 2024 Reported Variance Variance in Constant Currency Variance in Organic Constant Currency Revenues from services $ 17,957.1 $ 17,853.9 0.6 % (2.1 )% (0.2 )% Cost of services 14,959.5 14,767.1 1.3 (1.4 ) Gross profit 2,997.6 3,086.8 (2.9 ) (5.1 ) (4.1 ) Gross profit margin 16.7 % 17.3 % Selling and administrative expenses, excluding goodwill impairment charges 2,758.8 2,780.8 (0.8 ) (2.8 ) Goodwill impairment charges 88.7 — Selling and administrative expenses 2,847.5 2,780.8 2.4 0.1 1.1 Selling and administrative expenses as a % of revenues 15.9 % 15.6 % Operating profit 150.1 306.0 (50.9 ) (52.7 ) (51.8 ) Operating profit margin 0.8 % 1.7 % Net interest expense 67.6 56.7 Other expenses (income), net (10.9 ) (7.5 ) Earnings before income taxes 93.4 256.8 (63.6 ) (64.8 ) Provision for income taxes 106.7 111.7 (4.6 ) Effective income tax rate 114.2 % 43.5 % Net (loss) earnings $ (13.3 ) $ 145.1 (109.2 ) (108.9 ) Net (loss) earnings per share - diluted $ (0.29 ) $ 3.01 (109.5 ) (109.2 ) Weighted average shares - diluted 46.6 48.3 (3.5 )% The year-over-year increase in revenues from services of 0.6% (-2.1% in constant currency and -0.2% in organic constant currency) was attributed to: • a revenue increase in the Americas of 2.9% (increase of 4.4% in constant currency) primarily driven by a $292.1 increase in demand for our Manpower staffing services, a $14.6 increase in demand for TBO, partially offset by a $133.5 decrease in demand for our Experis interim services and the $60.9 unfavorable impact of currency exchange rates.
In Other Americas, revenues from services decreased -5.8% (increase of 15.2% in constant currency) in 2024 compared to 2023 primarily driven by the $325.8 unfavorable impact of foreign currency exchange rates, partially offset by a $202.1 increase in demand for our Manpower and Experis staffing/interim services and a $24.6 increase in demand for our TBO business.
In Other Americas, revenues from services increased 10.6% (14.8% in constant currency) in 2025 compared to 2024 primarily driven by a $217.1 increase in demand for our Manpower staffing service and a $14.6 increase in demand for our TBO business, partially offset by the $60.9 unfavorable impact of foreign currency exchange rates and a $16.1 decrease in demand for our Experis interim service.
The costs paid out of our restructuring reserve were $93.7 in 2024. We have entered into guarantee contracts and stand-by letters of credit that total $571.0 as of December 31, 2024 ($524.2 for guarantees and $46.8 for stand-by letters of credit). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness.
The costs paid out of our restructuring reserve were $72.9 in 2025. 39 Part II We have entered into guarantee contracts and stand-by letters of credit that total $626.1 as of December 31, 2025 ($582.3 for guarantees and $43.8 for stand-by letters of credit). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness.
Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $157.3, the Nordics of $175.2, Germany of $84.5, the Netherlands of $6.7 and Belgium of $10.9, which represented revenue decreases of -12.1%, -21.8%, -15.1%, -1.8% and -3.4%, respectively (-14.5%, -21.2%, -15.2%, -1.8% and -3.4%, respectively, in constant currency).
Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $101.5, Germany of $97.2, the Nordics of $12.8, and Netherlands of $ $2.3, and an increase in Belgium of $27.0, which represented revenue decreases of -8.9%, -20.4%, -2.0%, and -0.6% and an increase of 8.7%, respectively (decreases of -11.7%, -23.7%, -7.0%, and -4.9% and an increase of 3.7%, respectively, in constant currency).
Our €500.0 ($516.6) notes mature in June 2026, and our €400.0 ($411.8) notes mature in June 2027. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.
Our 2018 €500.0 ($586.9) notes were redeemed in January 2026, our 2025 €500.0 ($583.8) notes mature in December 2030, and our 2022 €400.0 ($468.3) notes mature in June 2027. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $56.7 in 2024 compared to $45.5 in 2023 primarily due to increased revolver and other short-term borrowings at a higher interest rate during the period.
Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $67.6 in 2025 compared to $56.7 in 2024 resulting from increased short term borrowings in 2025 compared to 2024.
In the United States, revenues from services decreased -3.5% in 2024 compared to 2023, primarily driven by a $105.4 decrease in demand for our Manpower and Experis staffing/interim services and a $6.7 decrease in demand for our permanent recruitment services, partially offset by a $7.9 increase in demand for our Right Management outplacement services.
In the United States, revenues from services decreased -1.1% in 2025 compared to 2024, primarily driven by a $117.4 decrease in demand for our Experis interim services and a $16.1 decrease in demand for our permanent recruitment services, partially offset by a $75.0 increase in demand for our Manpower staffing services.
In Japan, revenues from services increased 0.5% (8.4% in constant currency) primarily driven by a $94.1 increase in demand for our Manpower and Experis staffing/interim services, partially offset by the $89.1 unfavorable impact of currency exchange rates.
In Japan, revenues from services increased 7.3% (5.9% in constant currency) primarily driven by a $50.1 increase in demand for our Manpower staffing services, a $15.7 favorable impact of currency exchange rates, and an $8.3 increase in demand for our Experis interim services.
From a brand perspective, we experienced a revenue decrease in Manpower, Experis and Talent Solutions during 2024 compared to 2023. The revenue decrease in our Manpower brand was due to decreased demand for our staffing services and the unfavorable impact of currency exchange rates.
From a brand perspective, we experienced a revenue increase in Manpower, partially offset by revenue decreases in our Experis and Talent Solutions brands during 2025 compared to 2024. The revenue increase in our Manpower brand was due to the favorable impact of currency exchange rates, partially offset by decreased demand for our outcome based services and permanent placement business.
France, the largest market in Southern Europe, experienced a revenue decrease of -5.1% (-5.1% in constant currency) primarily driven by a $248.2 decrease in demand for our Manpower staffing services, partially offset by a $12.6 increase in demand for our Right Management outplacement services.
France, the largest market in Southern Europe, experienced a revenue decrease of -1.6% (-5.9% in constant currency) primarily driven by a $250.1 decrease in demand for our Manpower staffing services, partially offset by a $197.4 favorable impact from currency exchange rates.
The calculations of annual pension expense and the pension liability required at year-end include various actuarial assumptions such as discount rates, expected rate of return on plan assets, compensation increases and employee turnover rates. We review the actuarial assumptions on an annual basis and make modifications to the assumptions as necessary.
Pension expense is estimated to be approximately $16.0 in 2026. 42 Part II The calculations of annual pension expense and the pension liability required at year-end include various actuarial assumptions such as discount rates, expected rate of return on plan assets, compensation increases and employee turnover rates.
Gross profit margin decreased 50 basis points in 2024 compared to 2023. This decrease was primarily due to decreased margins in our Experis interim services, which contributed 120 basis points to the decrease.
Gross profit margin decreased 140 basis points in 2025 compared to 2024. This decrease was primarily due to decreased demand in our Experis interim services, which contributed 110 basis points to the decrease and decreased demand in our Talent Solutions business, which contributed 40 basis points to the decrease.
Italy, our second-largest market in Southern Europe, experienced a revenue decrease of -1.9% (-1.8% in constant currency) primarily driven by a $24.7 decrease in demand for our Manpower staffing services and a $7.0 decrease in demand for our permanent recruitment services; • a revenue decrease in Northern Europe of -11.8% (-12.9% in constant currency), primarily due to decreased demand of $390.1 for our Manpower and Experis staffing/interim services, decreased demand of $33.7 in our permanent recruitment business and decreased demand of $78.7 for our Experis solutions services, partially offset by the $39.5 favorable impact of currency exchange rates, increased demand of $11.9 within our MSP business and increased demand of $6.2 for our Right Management outplacement services.
Italy, our second-largest market in Southern Europe, experienced a revenue increase of 8.6% (3.8% in constant currency) primarily driven by an $80.5 favorable impact in currency exchange rates, a $61.0 increase in demand for our Manpower staffing services and an $11.4 increase in demand for our consulting business; • a revenue decrease in Northern Europe of -4.3% (-8.3% in constant currency and -8.1% in organic constant currency), primarily due to decreased demand of $112.0 for our Experis interim services, an $85.5 decrease in demand for our Manpower staffing services, a $25.2 decrease in demand in our permanent recruitment business, and a $19.2 decrease in demand in our consulting business, partially offset by the $132.4 favorable impact of currency exchange rates.
OUP decreased -14.5% (-8.9% in constant currency) in 2024, which represents a 3.4% OUP margin, a decrease from 3.8% in 2023.
OUP decreased -3.3% (-2.6% in constant currency) in 2025, which represents a 3.1% OUP margin, a decrease from 3.4% in 2024.
Within our Other Southern Europe segment, we experienced revenue decreases in Switzerland of $50.4, or -10.4% (-12.2% in constant currency), partially offset by a revenue increase in Spain of $18.1, or 3.7% (3.7% in constant currency). Gross profit margin decreased 50 basis points in 2024 compared to 2023.
Within our Other Southern Europe segment, we experienced revenue increases in Spain and Israel of $95.3 and $64.6, or 18.5% and 18.0%, respectively (13.0% and 9.7%, respectively, in constant currency), partially offset by a revenue decrease in Switzerland of $28.0, or -6.5% (-12.1% in constant currency). Gross profit margin decreased 40 basis points in 2025 compared to 2024.
In Other Southern Europe, revenues from services decreased -0.9% (flat in constant currency and increase of 0.6% in organic constant currency) in 2024 compared to 2023, primarily driven by the $16.2 unfavorable impact of currency exchange rates and an $18.9 decrease in demand for our Experis solutions services, partially offset by a $13.5 increase in demand in our TBO business and an $8.8 increase in demand for our Manpower and Experis staffing/interim services.
In Other Southern Europe, revenues from services increased 7.2% (1.8% in constant currency and 4.3% in organic constant currency) in 2025 compared to 2024, primarily driven by the $108.1 favorable impact of currency exchange rates and a $46.2 increase in demand for our Manpower staffing services, partially offset by a $17.0 decrease in demand in our TBO business.
The total cash consideration paid for acquisitions, net of cash acquired, for the years ended December 31, 2024, 2023, and 2022 was $7.7, $0.0 and $20.2, respectively. The 2024 payments represent a consideration payment for a franchise in the United States and contingent consideration payments related to a previous acquisition.
Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions, net of cash acquired, for the years ended December 31, 2025 and 2024 was $2.3 and $7.7, respectively. The 2025 payments mainly represent a contingent consideration payment related to a previous acquisition.
The United States, our largest market in the Americas, experienced a revenue decrease of -3.5% primarily driven by a $105.4 decrease in demand for our Manpower and Experis staffing/interim services and a $6.7 decrease in demand for our permanent recruitment services, partially offset by a $7.9 increase in demand for our Right Management outplacement services; • a revenue decrease in Southern Europe of -3.5% (-3.3% in constant currency and -3.1% in organic constant currency) primarily driven by a $273.0 decrease in demand for our Manpower and Experis staffing/interim services and a $23.9 decrease in demand for our permanent recruitment services, partially offset by a $14.6 increase in demand for our Right Management outplacement services.
The United States, our largest market in the Americas, experienced a revenue decrease of -1.1% primarily driven by a $117.4 decrease in demand for our Experis interim services and a $16.1 decrease in demand for our permanent recruitment services, partially offset by a $75.0 increase in our Manpower staffing services; • a revenue increase in Southern Europe of 2.7% (-2.0% in constant currency and -1.5% in organic constant currency) primarily driven by a $386.0 favorable impact due to currency exchange rates and a $17.4 increase in demand for our consulting services, partially offset by a $142.9 decrease in demand for our Manpower staffing services, a $27.5 decrease in demand for our outcome based solutions and an $8.6 decrease in demand for our permanent recruitment services.
Absent any other changes, a 25 basis point increase in the weighted-average discount rate would increase our 2025 consolidated pension expense by $0.1, and a 25 basis point decrease in the weighted-average discount rate would increase our 2025 consolidated pension expense by $3.0.
In determining the estimated 2026 pension expense for non-United States plans, we used a weighted-average discount rate of 3.1% and weighted-average expected return on plan assets of 3.3%. Absent any other changes, a 25 basis point increase or decrease in the weighted-average discount rate would increase or decrease our 2026 consolidated pension expense by $0.1.
The pension settlement expense recorded in 2024 and 2023 negatively impacted net earnings per share - diluted by approximately $0.08 and $0.12, net of tax, in 2024 and 2023, respectively. Goodwill and other impairment charges recorded in 2023 negatively impacted net earnings per share - diluted by approximately $1.13 per share, net of tax, in 2023, respectively.
The loss from the disposition of subsidiaries recorded in the of 2025 and other items unfavorably impacted net earnings per share - diluted by approximately $0.26, net of tax. The pension settlement expense recorded in 2025 and 2024 negatively impacted net earnings per share - diluted by approximately $0.04 and $0.08, net of tax, in 2025 and 2024, respectively.
In France, revenues from services decreased -5.1% (-5.1% in constant currency) in 2024 compared to 2023, primarily driven by a $248.2 decrease in demand for our Manpower staffing services, partially offset by a $12.6 increase in demand for our Right Management outplacement services.
In France, revenues from services decreased -1.6% (-5.9% in constant currency) in 2025 compared to 2024, primarily driven by a $250.1 decrease in demand for our Manpower staffing services, partially offset by a $197.4 increase due to the favorable impact of currency exchange rates.
In Italy, the OUP margin decreased to 6.7% in 2024 from 7.3% in 2023 primarily driven by an increase in selling and administrative expenses as a percent of revenue and a decrease in our higher-margin permanent recruitment business.
In France, the OUP margin decreased to 2.5% in 2025 compared to 3.3% in 2024 primarily driven by an increase in lower margin staffing demand and a decrease in our higher-margin permanent recruitment business. In Italy, the OUP margin decreased to 6.4% in 2025 from 6.7% in 2024 primarily driven by increased demand in our lower margin staffing business.
This OUP decrease was primarily driven by the decreased activity in our permanent recruitment business, partially offset by a decrease in selling and administrative expenses, as noted above. 36 Part II Financial Measures Constant Currency And Organic Constant Currency Reconciliation Certain constant currency and organic constant currency percent variances are discussed throughout this report.
This OUP increase was primarily driven by increased margins in our Manpower staffing and Experis interim services and a decrease in selling and administrative expenses. 37 Part II Financial Measures Constant Currency And Organic Constant Currency Reconciliation Certain constant currency and organic constant currency percent variances are discussed throughout this report.
During 2024 compared to 2023, most of our markets experienced revenue decreases due to softening demand for our staffing and permanent recruitment services and the strengthening of the dollar in certain markets, partially offset by increased demand for our Right Management outplacement services.
During 2025 compared to 2024, most of our markets experienced increased revenues due to currency exchange rates partially offset by softening demand for our staffing, interim and permanent recruitment services.
We review market data and historical rates, on a country-by-country basis, to check for reasonableness in setting both the discount rate and the expected return on plan assets. We determine the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year.
We determine the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year. The expected return on plan assets is determined based on the expected returns of the various investment asset classes held in the plans.
We experienced a revenue decrease of -11.8% in Northern Europe, primarily due to decreased demand in our Manpower and Experis staffing/interim services, decreased demand in our permanent recruitment business and decreased demand for our Experis solutions services, partially offset by increased demand in our TAPFIN - Managed Service Provider (MSP) business and increased demand for our Right Management outplacement services.
We experienced a revenue decrease of -4.3% in Northern Europe, primarily due to decreased demand in our Manpower staffing and Experis interim services and decreased demand in our permanent recruitment business, partially offset by the favorable impact of currency exchange rates.
OUP in APME decreased -9.7% (-4.0% in constant currency and -1.4% in organic constant currency), in 2024, which represents a 3.9% OUP margin, a decrease from 4.0% in 2023.
Operating unit loss in Northern Europe improved 2.9% (7.5% in constant currency and 8.4% in organic constant currency) in 2025, which represents a -1.4% OUP margin, a decrease from -1.3% in 2024.
Selling and administrative expenses as a percent of revenues decreased 80 basis points in the year ended December 31, 2024 compared to the year ended December 31, 2023 due primarily to: • a 50 basis point favorable impact as a result of lower restructuring costs incurred in 2024 compared to 2023; and • a 30 basis point favorable impact as we anniversaried the impact of goodwill impairment charges in 2023.
Selling and administrative expenses as a percentage of revenues increased 30 basis points in the year ended December 31, 2025 compared to the year ended December 31, 2024 due primarily to: • a 50 basis point unfavorable impact due to goodwill and other impairment charges; • a 30 basis point unfavorable impact due to increase corporate expense; • a 20 basis point favorable impact due to lower personnel costs; • a 20 basis point favorable impact as a result of lower lease and office related costs; and • a 10 basis point favorable impact due to currency exchange rates.
The 43.5% effective tax rate for 2024 was higher than the United States Federal statutory rate of 21% primarily due to restructuring costs in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French business tax and the overall mix of earnings.
The 114.2% effective tax rate for 2025 was higher than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax. 35 Part II Net loss per share - diluted was $0.29 in 2025 compared to net earnings per share - diluted of $3.01 in 2024.
Net earnings per share - diluted was $3.01 in 2024 compared to $1.76 in 2023. Restructuring costs recorded in 2024 and 2023 negatively impacted net earnings per share - diluted by approximately $1.10 and $2.74 per share, net of tax, in 2024 and 2023, respectively.
Goodwill and other impairment charges recorded in 2025 negatively impacted net earnings per share - diluted by approximately $1.78 per share, net of tax. Restructuring costs recorded in 2025 and 2024 negatively impacted net earnings per share - diluted by approximately $1.16 and $1.10 per share, net of tax, in 2025 and 2024, respectively.
In the Northern Europe region, revenues from services decreased -11.8% (-12.9% in constant currency) in 2024 compared to 2023, primarily due to decreased demand of $390.1 for our Manpower and Experis staffing/interim services, decreased demand of $33.7 in our permanent recruitment business and decreased demand of $78.7 for our Experis solutions services, partially offset by the $39.5 favorable impact of currency exchange rates, increased demand of $11.9 within our MSP business and increased demand of $6.2 for our Right Management outplacement services.
In the Northern Europe region, revenues from services decreased -4.3% (-8.3% in constant currency and -8.1% in organic constant currency) in 2025 compared to 2024, primarily due to a decrease in demand of $112.0 for our Experis interim service, an $85.5 decrease in demand for our Manpower staffing service, a decrease in demand of $25.2 in our permanent recruitment business and a decrease in demand of $19.2 in our consulting business, partially offset by the $132.4 favorable impact of currency exchange rates.
Application of Critical Accounting Policies The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts. A discussion of the more significant estimates follows.
(b) Available capacity under the working capital facility represents $150.0 of total borrowing c apacity less outstanding borrowings and letters of credit. Application of Critical Accounting Policies The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts.
Southern Europe In Southern Europe, revenues from services decreased -3.5% (-3.3% in constant currency and -3.1% in organic constant currency) in 2024 compared to 2023.
APME Revenues from services decreased -5.5% (-6.3% in constant currency and an increase of 7.4% in organic constant currency) in 2025 compared to 2024.
Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple.
We evaluate the following assumptions which are used in our goodwill impairment tests: expected future revenue growth rates, OUP margins, working capital levels, discount rates, and terminal value revenue growth rate. We consider expected future revenue growth rates, OUP margins and discount rates to be the more significant assumptions.
Changes in operating assets and liabilities generated $65.4 of cash, compared to $98.7 generated and $139.7 utilized in 2024, 2023 and 2022, respectively. The decrease in 2024 from 2023 was primarily attributable to decreased accounts receivable collections and an increase in capitalized implementation costs related to our cloud computing arrangements, partially offset by an increase in accounts payable.
Changes in operating assets and liabilities utilized $269.3 of cash in 2025, compared to $65.4 generated in 2024. These changes were primarily attributable to the timing of collections and payments, as well as an increase in capitalized implementation costs related to our cloud computing arrangements.
In connection with the disposition, we recognized a one-time net loss on disposition of $1.3, which was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2023. On January 17, 2022, we disposed of our Russia business in our Northern Europe segment for cash proceeds of $3.2.
We recognized a one-time net loss on disposition of $4.8, of which $2.2 was included in selling and administrative expenses and $2.6 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2025.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe assets and liabilities of our non-United States subsidiaries are translated into United States dollars at the exchange rates in effect at year-end. The resulting translation adjustments are recorded in shareholders’ equity as a component of accumulated other comprehensive loss. The United States dollar strengthened relative to many foreign currencies as of December 31, 2024 compared to December 31, 2023.
Biggest changeFluctuations in currency exchange rates also impact the United States dollar amount of our shareholders’ equity. The assets and liabilities of our non-United States subsidiaries are translated into United States dollars at the exchange rates in effect at year-end. The resulting translation adjustments are recorded in shareholders’ equity as a component of AOCL.
However, adverse economic conditions in any of our largest markets, or in several markets simultaneously, would have a material impact on our consolidated financial results. Recently Issued Accounting Standards See Note 1 to the Consolidated Financial Statements found in Item 8. "Financial Statements and Supplementary Data." 44 Part II
However, adverse economic conditions in any of our largest markets, or in several markets simultaneously, would have a material impact on our consolidated financial results. Recently Issued Accounting Standards See Note 1 to the Consolidated Financial Statements found in Item 8. "Financial Statements and Supplementary Data." 46 Part II
For our foreign subsidiaries, exchange rates impact the United States dollar value of our reported earnings, our investments in the subsidiaries and the intercompany transactions with the subsidiaries. 42 Part II Approximately 85% of our revenues are generated outside of the United States, with 48% generated from our European operations with a Euro-functional currency.
For our foreign subsidiaries, exchange rates impact the United States dollar value of our reported earnings, our investments in the subsidiaries and the intercompany transactions with the subsidiaries. 44 Part II Approximately 85% of our revenues are generated outside of the United States, with 48% generated from our European operations with a Euro-functional currency.
If the United States dollar had weakened an additional 10% as of December 31, 2023, resulting translation adjustments recorded in shareholders’ equity would have increased by approximately $60.0 from the amounts reported. Although currency fluctuations impact our reported results and shareholders’ equity, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses.
If the United States dollar had weakened an additional 10% as of December 31, 2025, resulting translation adjustments recorded in shareholders’ equity would have increased by approximately $70.0 from the amounts reported. Although currency fluctuations impact our reported results and shareholders’ equity, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses.
To reduce the currency risk related to these transactions, we may borrow funds in the relevant foreign currency under our revolving credit agreement or we may enter into a forward contract to hedge the transfer. As of December 31, 2024, we had outstanding $928.4 in principal amount of Euro-denominated notes (€900.0).
To reduce the currency risk related to these transactions, we may borrow funds in the relevant foreign currency under our revolving credit agreement or we may enter into a forward contract to hedge the transfer. As of December 31, 2025, we had outstanding $1,639.0 (€1,400.0) in principal amount of Euro-denominated notes.
The hypothetical impact of the stated change in rates on 2024 total other comprehensive income (loss) for the Euro Notes and forward contracts is as follows: 2024 (in millions) Market Sensitive Instrument 10% Depreciation in Exchange Rates 10% Appreciation in Exchange Rates Euro Notes: €500.0, 1.81% Notes due June 2026 $ 51.8 $ (51.8 ) €400.0, 3.50% Notes due June 2027 41.4 (41.4 ) Forward contracts: €(126.7) to $(131.9) 13.1 (13.1 ) ¥340.0 to $2.2 (0.2 ) 0.2 43 Part II Interest Rates Our exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations.
The hypothetical impact of the stated change in rates on 2025 total other comprehensive income/loss for the Euro Notes and forward contracts is as follows: 2025 (in millions) Market Sensitive Instrument 10% Depreciation in Exchange Rates 10% Appreciation in Exchange Rates Euro Notes: €500.0, 1.81% Notes due June 2026 $ 58.7 $ (58.7 ) €400.0, 3.50% Notes due June 2027 47.0 (47.0 ) Forward contracts: €(195.2) to $(230.0) 22.9 (22.9 ) ¥368.1 to $2.4 0.2 (0.2 ) 45 Part II Interest Rates Our exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations.
These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2024. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, both net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss.
Of these notes, $1,055.2 (€900.0) have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2025. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, both net of tax, the related translation gains or losses are included as a component of AOCL.
As of December 31, 2024, we had the following fixed- and variable-rate borrowings: (in millions) Amount Weighted- Average Interest Rate (a) Variable-rate borrowings $ 21.0 33.3 % Fixed-rate borrowings 931.8 2.6 % Total debt $ 952.8 (a) The rates are impacted by currency exchange rate movements.
As of December 31, 2025, we had the following fixed- and variable-rate borrowings: (in millions) Amount Weighted- Average Interest Rate (a) Variable-rate borrowings $ 34.6 13.3 % Fixed-rate borrowings 1,642.5 3.0 % Total debt $ 1,677.1 (a) The rates are impacted by currency exchange rate movements.
Consequently, as the value of the United States dollar changes relative to the currencies of our major markets, our reported results vary. The United States dollar strengthened in 2024 on average, where as it was generally stable relative to the currencies of our major markets during 2023.
Consequently, as the value of the United States dollar changes relative to the currencies of our major markets, our reported results vary. The United States dollar generally weakened in 2025, where as it strengthened on average relative to the currencies of our major markets during 2024. Revenues from services in constant currency were 2.7% lower than reported revenues in 2025.
Shareholders’ equity decreased by $61.5, net of tax, due to changes in accumulated other comprehensive loss during 2024, due to the currency impact on these designated borrowings.
Shareholders’ equity decreased by $125.3, net of tax, due to changes in AOCL during 2025, due to the currency impact on these designated borrowings.
A change in the strength of the United States dollar by an additional 10% would have impacted our revenues from services by approximately 8.5% and 8.4% from the amounts reported in 2024 and 2023, respectively. Fluctuations in currency exchange rates also impact the United States dollar amount of our shareholders’ equity.
In 2024, revenues from services in constant currency were 2.2% higher than reported revenues. A change in the strength of the United States dollar by an additional 10% would have impacted our revenues from services by approximately 8.5% from the amounts reported in both 2025 and 2024.
The United States dollar weakened relative to many foreign currencies as of December 31, 2023 compared to December 31, 2022. Consequently, shareholders’ equity increased by $17.1 as a result of the foreign currency translation as of December 31, 2023.
As a result of the United States dollar weakening against many foreign currencies as of December 31, 2025 compared to December 31, 2024, shareholders’ equity increased by $81.4 due to foreign currency translation.
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Revenues from services in constant currency were 2.2% higher than reported revenues in 2024. In 2023, revenues from services in constant currency were 0.6% higher than reported revenues.
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Consequently, shareholders’ equity decreased by $4.0 as a result of the foreign currency translation as of December 31, 2024. If the United States dollar had strengthened an additional 10% as of December 31, 2024, resulting translation adjustments recorded in shareholders’ equity would have decreased by approximately $6.0 from the amounts reported.

Other MAN 10-K year-over-year comparisons