MAN 10-Q report for 2025-09-30

ManpowerGroup Inc.

MAN 10-Q report for 2025-09-30 10-Q United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: For the quarterly period ended : September 30, 2025 OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) Wisconsin 39-1672779 (State or other jurisdiction of incorporation) (IRS Employer Identification No.) 100 Manpower Place , Milwaukee , Wisconsin 53212 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 414 ) 961-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 par value MAN New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Shares Outstanding Class at October 29, 2025 Common Stock, $.01 par value 46,297,180 Table of Contents ManpowerGroup Inc. INDEX Page Number PART I FINANCIAL INFORMATION Item 1 Financial Statements (unaudited) Consolidated Balance Sheets 3 - 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive (Loss) Income 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Shareholders' Equity 7 -8 Notes to Consolidated Financial Statements 9 - 25 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615. Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on interest rate swap ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.3 ) Defined benefit pension plans and retiree health care plan, net of income taxes of $ 0.0 , $ 0.0 , $( 0.1 ) and $ 0.3 , respectively ( 0.2 ) ( 0.6 ) ( 0.5 ) ( 1.7 ) Total other comprehensive (loss) income $ ( 6.2 ) $ 30.5 $ ( 14.1 ) $ ( 3.9 ) Comprehensive income (loss) $ 11.8 $ 53.3 $ ( 57.6 ) $ 118.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 5  PART 1 ManpowerGroup Inc. Consolidated Statements o f Cash Flows (Unaudited) (in millions) Nine Months Ended September 30, 2025 2024 Cash Flows from Operating Activities: Net (loss) earnings $ ( 43.5 ) $ 122.6 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 65.5 64.8 Loss on sales of subsidiaries, net 6.2 — Non-cash impairment of goodwill and other intangible assets 88.7 — Deferred income taxes ( 16.1 ) 2.0 Provision for doubtful accounts 4.3 6.0 Share-based compensation 20.2 22.0 Changes in operating assets and liabilities: Accounts receivable ( 8.8 ) 237.8 Other assets ( 95.4 ) ( 108.7 ) Accounts payable ( 182.9 ) ( 103.4 ) Other liabilities ( 121.2 ) ( 181.5 ) Net cash (used in) provided by operating activities ( 283.0 ) 61.6 Cash Flows from Investing Activities: Capital expenditures ( 46.4 ) ( 39.8 ) Acquisition of business, net of cash acquired ( 1.0 ) ( 4.9 ) Impact to cash resulting from sales of subsidiaries ( 2.1 ) — Proceeds from the sale of property and equipment 0.8 2.8 Net cash used in investing activities ( 48.7 ) ( 41.9 ) Cash Flows from Financing Activities: Net change in short-term borrowings 65.7 13.9 Net proceeds from revolving debt facility 73.0 — Proceeds from long-term debt 0.2 0.6 Repayments of long-term debt ( 0.6 ) ( 1.2 ) Payments of contingent consideration for acquisition ( 1.3 ) ( 2.8 ) Proceeds from share-based awards — 0.8 Payments to noncontrolling interests — ( 0.2 ) Other share-based award transactions ( 6.0 ) ( 10.4 ) Repurchases of common stock and excise tax ( 38.2 ) ( 106.0 ) Dividends paid ( 33.3 ) ( 73.5 ) Net cash provided by (used in) financing activities 59.5 ( 178.8 ) Effect of exchange rate changes on cash 37.4 ( 11.3 ) Change in cash and cash equivalents ( 234.8 ) ( 170.4 ) Cash and cash equivalents, beginning of period 509.4 581.3 Cash and cash equivalents, end of period $ 274.6 $ 410.9 Supplemental Cash Flow Information: Cash paid during the period for: Interest paid $ 81.1 $ 69.9 Income taxes paid, net $ 124.0 $ 140.9 Operating lease liabilities $ 99.4 $ 91.3 Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 81.2 $ 52.9 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 6  PART 1 ManpowerGroup Inc. Consolidated Statements of Sha reholders' Equity (Unaudited) (in millions, except share and per share data) ManpowerGroup Shareholders Common Stock Shares Issued Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non- Controlling Interests Total Balance, December 31, 2024 118,853,620 $ 1.2 $ 3,546.1 $ 3,812.3 $ ( 443.0 ) $ ( 4,791.4 ) $ 1.7 $ 2,126.9 Net earnings 5.6 5.6 Other comprehensive loss ( 4.1 ) ( 4.1 ) Issuances under equity plans 288,938 ( 0.9 ) ( 5.2 ) ( 6.1 ) Share-based compensation expense 7.6 7.6 Repurchases of common stock, including excise tax ( 25.4 ) ( 25.4 ) Noncontrolling interest transactions 0.4 0.4 Balance, March 31, 2025 119,142,558 $ 1.2 $ 3,552.8 $ 3,817.9 $ ( 447.1 ) $ ( 4,822.0 ) $ 2.1 2,104.9 Net loss ( 67.1 ) ( 67.1 ) Other comprehensive loss ( 3.8 ) ( 3.8 ) Issuances under equity plans 8,080 0.4 ( 0.2 ) 0.2 Share-based compensation expense 7.7 7.7 Dividends ( 33.3 ) ( 33.3 ) Repurchases of common stock, including excise tax ( 12.1 ) ( 12.1 ) Noncontrolling interest transactions ( 1.3 ) ( 1.3 ) Balance, June 30, 2025 119,150,638 $ 1.2 $ 3,560.9 $ 3,717.5 $ ( 450.9 ) $ ( 4,834.3 ) $ 0.8 $ 1,995.2 Net earnings 18.0 18.0 Other comprehensive loss ( 6.2 ) ( 6.2 ) Issuances under equity plans 11,017 ( 0.3 ) ( 0.3 ) Share-based compensation expense 4.9 4.9 Noncontrolling interest transactions ( 0.2 ) ( 0.2 ) Balance, September 30, 2025 119,161,655 $ 1.2 $ 3,565.5 $ 3,735.5 $ ( 457.1 ) $ ( 4,834.3 ) $ 0.6 $ 2,011.4 7  PART 1 ManpowerGroup Shareholders Common Stock Shares Issued Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non- Controlling Interests Total Balance, December 31, 2023 118,387,641 $ 1.2 $ 3,514.9 $ 3,813.0 $ ( 466.0 ) $ ( 4,639.8 ) $ 10.8 $ 2,234.1 Net earnings 39.7 39.7 Other comprehensive loss ( 29.5 ) ( 29.5 ) Issuances under equity plans 420,210 ( 10.3 ) ( 10.3 ) Share-based compensation expense 7.5 7.5 Repurchases of common stock, including excise tax ( 50.3 ) ( 50.3 ) Noncontrolling interest transactions ( 3.7 ) 0.2 ( 3.5 ) Balance, March 31, 2024 118,807,851 $ 1.2 $ 3,518.7 $ 3,852.7 $ ( 495.5 ) $ ( 4,700.4 ) $ 11.0 $ 2,187.7 Net earnings 60.1 60.1 Other comprehensive loss ( 4.9 ) ( 4.9 ) Issuances under equity plans 36,195 ( 0.1 ) ( 0.1 ) ( 0.2 ) Share-based compensation expense 7.5 7.5 Dividends ( 73.5 ) ( 73.5 ) Repurchases of common stock, including excise tax ( 27.0 ) ( 27.0 ) Noncontrolling interest transactions ( 1.8 ) ( 2.0 ) ( 3.8 ) Balance, June 30, 2024 118,844,046 $ 1.2 $ 3,524.3 $ 3,839.3 $ ( 500.4 ) $ ( 4,727.5 ) $ 9.0 $ 2,145.9 Net earnings 22.8 22.8 Other comprehensive income 30.5 30.5 Issuances under equity plans 3,912 ( 0.2 ) ( 0.2 ) Share-based compensation expense 7.0 7.0 Repurchases of common stock, including excise tax ( 29.3 ) ( 29.3 ) Noncontrolling interest transactions 8.4 ( 7.4 ) 1.0 Balance, September 30, 2024 118,847,958 $ 1.2 $ 3,539.5 $ 3,862.1 $ ( 469.9 ) $ ( 4,756.8 ) $ 1.6 $ 2,177.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 8  PART 1 Notes to Consolidated Financ ial Statements (Unaudited) For the three and nine months ended September 30, 2025 and 2024 (in millions, except share and per share data) (1) Basis of Presentation and Accounting Policies Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Allowance for Expected Credit Losses We have an allowance for expected credit losses recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for expected credit losses. Items that affect this balance mainly include provision for credit losses and the write-off of accounts receivable balances. A rollforward of our allowance for expected credit losses is shown below: Nine Months Ended September 30, 2025 Balance, December 31, 2024 $ 67.6 Provision for credit losses 4.3 Write-offs ( 3.0 ) Currency impact and other 10.2 Balance, September 30, 2025 $ 79.1 Leases We determine whether a contract is or contains a lease at contract inception. We recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases with contract terms longer than 12 months. We classify the lease as a finance or operating lease which affects the recognition, measurement, and presentation of lease expenses and cash flows. Our Consolidated Balance Sheets present ROU assets, short-term lease liability and long-term lease liability as separate line items. ROU assets represent our right to use an underlying asset for the lease Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on interest rate swap ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.3 ) Defined benefit pension plans and retiree health care plan, net of income taxes of $ 0.0 , $ 0.0 , $( 0.1 ) and $ 0.3 , respectively ( 0.2 ) ( 0.6 ) ( 0.5 ) ( 1.7 ) Total other comprehensive (loss) income $ ( 6.2 ) $ 30.5 $ ( 14.1 ) $ ( 3.9 ) Comprehensive income (loss) $ 11.8 $ 53.3 $ ( 57.6 ) $ 118.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 5  PART 1 ManpowerGroup Inc. Consolidated Statements o f Cash Flows (Unaudited) (in millions) Nine Months Ended September 30, 2025 2024 Cash Flows from Operating Activities: Net (loss) earnings $ ( 43.5 ) $ 122.6 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 65.5 64.8 Loss on sales of subsidiaries, net 6.2 — Non-cash impairment of goodwill and other intangible assets 88.7 — Deferred income taxes ( 16.1 ) 2.0 Provision for doubtful accounts 4.3 6.0 Share-based compensation 20.2 22.0 Changes in operating assets and liabilities: Accounts receivable ( 8.8 ) 237.8 Other assets ( 95.4 ) ( 108.7 ) Accounts payable ( 182.9 ) ( 103.4 ) Other liabilities ( 121.2 ) ( 181.5 ) Net cash (used in) provided by operating activities ( 283.0 ) 61.6 Cash Flows from Investing Activities: Capital expenditures ( 46.4 ) ( 39.8 ) Acquisition of business, net of cash acquired ( 1.0 ) ( 4.9 ) Impact to cash resulting from sales of subsidiaries ( 2.1 ) — Proceeds from the sale of property and equipment 0.8 2.8 Net cash used in investing activities ( 48.7 ) ( 41.9 ) Cash Flows from Financing Activities: Net change in short-term borrowings 65.7 13.9 Net proceeds from revolving debt facility 73.0 — Proceeds from long-term debt 0.2 0.6 Repayments of long-term debt ( 0.6 ) ( 1.2 ) Payments of contingent consideration for acquisition ( 1.3 ) ( 2.8 ) Proceeds from share-based awards — 0.8 Payments to noncontrolling interests — ( 0.2 ) Other share-based award transactions ( 6.0 ) ( 10.4 ) Repurchases of common stock and excise tax ( 38.2 ) ( 106.0 ) Dividends paid ( 33.3 ) ( 73.5 ) Net cash provided by (used in) financing activities 59.5 ( 178.8 ) Effect of exchange rate changes on cash 37.4 ( 11.3 ) Change in cash and cash equivalents ( 234.8 ) ( 170.4 ) Cash and cash equivalents, beginning of period 509.4 581.3 Cash and cash equivalents, end of period $ 274.6 $ 410.9 Supplemental Cash Flow Information: Cash paid during the period for: Interest paid $ 81.1 $ 69.9 Income taxes paid, net $ 124.0 $ 140.9 Operating lease liabilities $ 99.4 $ 91.3 Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 81.2 $ 52.9 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 6  PART 1 ManpowerGroup Inc. Consolidated Statements of Sha reholders' Equity (Unaudited) (in millions, except share and per share data) ManpowerGroup Shareholders Common Sto Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on int

MAN 10-Q report for 2025-09-30 10-Q United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: For the quarterly period ended : September 30, 2025 OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) Wisconsin 39-1672779 (State or other jurisdiction of incorporation) (IRS Employer Identification No.) 100 Manpower Place , Milwaukee , Wisconsin 53212 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 414 ) 961-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 par value MAN New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Shares Outstanding Class at October 29, 2025 Common Stock, $.01 par value 46,297,180 Table of Contents ManpowerGroup Inc. INDEX Page Number PART I FINANCIAL INFORMATION Item 1 Financial Statements (unaudited) Consolidated Balance Sheets 3 - 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive (Loss) Income 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Shareholders' Equity 7 -8 Notes to Consolidated Financial Statements 9 - 25 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615. Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on interest rate swap ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.3 ) Defined benefit pension plans and retiree health care plan, net of income taxes of $ 0.0 , $ 0.0 , $( 0.1 ) and $ 0.3 , respectively ( 0.2 ) ( 0.6 ) ( 0.5 ) ( 1.7 ) Total other comprehensive (loss) income $ ( 6.2 ) $ 30.5 $ ( 14.1 ) $ ( 3.9 ) Comprehensive income (loss) $ 11.8 $ 53.3 $ ( 57.6 ) $ 118.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 5  PART 1 ManpowerGroup Inc. Consolidated Statements o f Cash Flows (Unaudited) (in millions) Nine Months Ended September 30, 2025 2024 Cash Flows from Operating Activities: Net (loss) earnings $ ( 43.5 ) $ 122.6 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 65.5 64.8 Loss on sales of subsidiaries, net 6.2 — Non-cash impairment of goodwill and other intangible assets 88.7 — Deferred income taxes ( 16.1 ) 2.0 Provision for doubtful accounts 4.3 6.0 Share-based compensation 20.2 22.0 Changes in operating assets and liabilities: Accounts receivable ( 8.8 ) 237.8 Other assets ( 95.4 ) ( 108.7 ) Accounts payable ( 182.9 ) ( 103.4 ) Other liabilities ( 121.2 ) ( 181.5 ) Net cash (used in) provided by operating activities ( 283.0 ) 61.6 Cash Flows from Investing Activities: Capital expenditures ( 46.4 ) ( 39.8 ) Acquisition of business, net of cash acquired ( 1.0 ) ( 4.9 ) Impact to cash resulting from sales of subsidiaries ( 2.1 ) — Proceeds from the sale of property and equipment 0.8 2.8 Net cash used in investing activities ( 48.7 ) ( 41.9 ) Cash Flows from Financing Activities: Net change in short-term borrowings 65.7 13.9 Net proceeds from revolving debt facility 73.0 — Proceeds from long-term debt 0.2 0.6 Repayments of long-term debt ( 0.6 ) ( 1.2 ) Payments of contingent consideration for acquisition ( 1.3 ) ( 2.8 ) Proceeds from share-based awards — 0.8 Payments to noncontrolling interests — ( 0.2 ) Other share-based award transactions ( 6.0 ) ( 10.4 ) Repurchases of common stock and excise tax ( 38.2 ) ( 106.0 ) Dividends paid ( 33.3 ) ( 73.5 ) Net cash provided by (used in) financing activities 59.5 ( 178.8 ) Effect of exchange rate changes on cash 37.4 ( 11.3 ) Change in cash and cash equivalents ( 234.8 ) ( 170.4 ) Cash and cash equivalents, beginning of period 509.4 581.3 Cash and cash equivalents, end of period $ 274.6 $ 410.9 Supplemental Cash Flow Information: Cash paid during the period for: Interest paid $ 81.1 $ 69.9 Income taxes paid, net $ 124.0 $ 140.9 Operating lease liabilities $ 99.4 $ 91.3 Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 81.2 $ 52.9 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 6  PART 1 ManpowerGroup Inc. Consolidated Statements of Sha reholders' Equity (Unaudited) (in millions, except share and per share data) ManpowerGroup Shareholders Common Stock Shares Issued Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non- Controlling Interests Total Balance, December 31, 2024 118,853,620 $ 1.2 $ 3,546.1 $ 3,812.3 $ ( 443.0 ) $ ( 4,791.4 ) $ 1.7 $ 2,126.9 Net earnings 5.6 5.6 Other comprehensive loss ( 4.1 ) ( 4.1 ) Issuances under equity plans 288,938 ( 0.9 ) ( 5.2 ) ( 6.1 ) Share-based compensation expense 7.6 7.6 Repurchases of common stock, including excise tax ( 25.4 ) ( 25.4 ) Noncontrolling interest transactions 0.4 0.4 Balance, March 31, 2025 119,142,558 $ 1.2 $ 3,552.8 $ 3,817.9 $ ( 447.1 ) $ ( 4,822.0 ) $ 2.1 2,104.9 Net loss ( 67.1 ) ( 67.1 ) Other comprehensive loss ( 3.8 ) ( 3.8 ) Issuances under equity plans 8,080 0.4 ( 0.2 ) 0.2 Share-based compensation expense 7.7 7.7 Dividends ( 33.3 ) ( 33.3 ) Repurchases of common stock, including excise tax ( 12.1 ) ( 12.1 ) Noncontrolling interest transactions ( 1.3 ) ( 1.3 ) Balance, June 30, 2025 119,150,638 $ 1.2 $ 3,560.9 $ 3,717.5 $ ( 450.9 ) $ ( 4,834.3 ) $ 0.8 $ 1,995.2 Net earnings 18.0 18.0 Other comprehensive loss ( 6.2 ) ( 6.2 ) Issuances under equity plans 11,017 ( 0.3 ) ( 0.3 ) Share-based compensation expense 4.9 4.9 Noncontrolling interest transactions ( 0.2 ) ( 0.2 ) Balance, September 30, 2025 119,161,655 $ 1.2 $ 3,565.5 $ 3,735.5 $ ( 457.1 ) $ ( 4,834.3 ) $ 0.6 $ 2,011.4 7  PART 1 ManpowerGroup Shareholders Common Stock Shares Issued Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non- Controlling Interests Total Balance, December 31, 2023 118,387,641 $ 1.2 $ 3,514.9 $ 3,813.0 $ ( 466.0 ) $ ( 4,639.8 ) $ 10.8 $ 2,234.1 Net earnings 39.7 39.7 Other comprehensive loss ( 29.5 ) ( 29.5 ) Issuances under equity plans 420,210 ( 10.3 ) ( 10.3 ) Share-based compensation expense 7.5 7.5 Repurchases of common stock, including excise tax ( 50.3 ) ( 50.3 ) Noncontrolling interest transactions ( 3.7 ) 0.2 ( 3.5 ) Balance, March 31, 2024 118,807,851 $ 1.2 $ 3,518.7 $ 3,852.7 $ ( 495.5 ) $ ( 4,700.4 ) $ 11.0 $ 2,187.7 Net earnings 60.1 60.1 Other comprehensive loss ( 4.9 ) ( 4.9 ) Issuances under equity plans 36,195 ( 0.1 ) ( 0.1 ) ( 0.2 ) Share-based compensation expense 7.5 7.5 Dividends ( 73.5 ) ( 73.5 ) Repurchases of common stock, including excise tax ( 27.0 ) ( 27.0 ) Noncontrolling interest transactions ( 1.8 ) ( 2.0 ) ( 3.8 ) Balance, June 30, 2024 118,844,046 $ 1.2 $ 3,524.3 $ 3,839.3 $ ( 500.4 ) $ ( 4,727.5 ) $ 9.0 $ 2,145.9 Net earnings 22.8 22.8 Other comprehensive income 30.5 30.5 Issuances under equity plans 3,912 ( 0.2 ) ( 0.2 ) Share-based compensation expense 7.0 7.0 Repurchases of common stock, including excise tax ( 29.3 ) ( 29.3 ) Noncontrolling interest transactions 8.4 ( 7.4 ) 1.0 Balance, September 30, 2024 118,847,958 $ 1.2 $ 3,539.5 $ 3,862.1 $ ( 469.9 ) $ ( 4,756.8 ) $ 1.6 $ 2,177.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 8  PART 1 Notes to Consolidated Financ ial Statements (Unaudited) For the three and nine months ended September 30, 2025 and 2024 (in millions, except share and per share data) (1) Basis of Presentation and Accounting Policies Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Allowance for Expected Credit Losses We have an allowance for expected credit losses recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for expected credit losses. Items that affect this balance mainly include provision for credit losses and the write-off of accounts receivable balances. A rollforward of our allowance for expected credit losses is shown below: Nine Months Ended September 30, 2025 Balance, December 31, 2024 $ 67.6 Provision for credit losses 4.3 Write-offs ( 3.0 ) Currency impact and other 10.2 Balance, September 30, 2025 $ 79.1 Leases We determine whether a contract is or contains a lease at contract inception. We recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases with contract terms longer than 12 months. We classify the lease as a finance or operating lease which affects the recognition, measurement, and presentation of lease expenses and cash flows. Our Consolidated Balance Sheets present ROU assets, short-term lease liability and long-term lease liability as separate line items. ROU assets represent our right to use an underlying asset for the lease Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on interest rate swap ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.3 ) Defined benefit pension plans and retiree health care plan, net of income taxes of $ 0.0 , $ 0.0 , $( 0.1 ) and $ 0.3 , respectively ( 0.2 ) ( 0.6 ) ( 0.5 ) ( 1.7 ) Total other comprehensive (loss) income $ ( 6.2 ) $ 30.5 $ ( 14.1 ) $ ( 3.9 ) Comprehensive income (loss) $ 11.8 $ 53.3 $ ( 57.6 ) $ 118.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 5  PART 1 ManpowerGroup Inc. Consolidated Statements o f Cash Flows (Unaudited) (in millions) Nine Months Ended September 30, 2025 2024 Cash Flows from Operating Activities: Net (loss) earnings $ ( 43.5 ) $ 122.6 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 65.5 64.8 Loss on sales of subsidiaries, net 6.2 — Non-cash impairment of goodwill and other intangible assets 88.7 — Deferred income taxes ( 16.1 ) 2.0 Provision for doubtful accounts 4.3 6.0 Share-based compensation 20.2 22.0 Changes in operating assets and liabilities: Accounts receivable ( 8.8 ) 237.8 Other assets ( 95.4 ) ( 108.7 ) Accounts payable ( 182.9 ) ( 103.4 ) Other liabilities ( 121.2 ) ( 181.5 ) Net cash (used in) provided by operating activities ( 283.0 ) 61.6 Cash Flows from Investing Activities: Capital expenditures ( 46.4 ) ( 39.8 ) Acquisition of business, net of cash acquired ( 1.0 ) ( 4.9 ) Impact to cash resulting from sales of subsidiaries ( 2.1 ) — Proceeds from the sale of property and equipment 0.8 2.8 Net cash used in investing activities ( 48.7 ) ( 41.9 ) Cash Flows from Financing Activities: Net change in short-term borrowings 65.7 13.9 Net proceeds from revolving debt facility 73.0 — Proceeds from long-term debt 0.2 0.6 Repayments of long-term debt ( 0.6 ) ( 1.2 ) Payments of contingent consideration for acquisition ( 1.3 ) ( 2.8 ) Proceeds from share-based awards — 0.8 Payments to noncontrolling interests — ( 0.2 ) Other share-based award transactions ( 6.0 ) ( 10.4 ) Repurchases of common stock and excise tax ( 38.2 ) ( 106.0 ) Dividends paid ( 33.3 ) ( 73.5 ) Net cash provided by (used in) financing activities 59.5 ( 178.8 ) Effect of exchange rate changes on cash 37.4 ( 11.3 ) Change in cash and cash equivalents ( 234.8 ) ( 170.4 ) Cash and cash equivalents, beginning of period 509.4 581.3 Cash and cash equivalents, end of period $ 274.6 $ 410.9 Supplemental Cash Flow Information: Cash paid during the period for: Interest paid $ 81.1 $ 69.9 Income taxes paid, net $ 124.0 $ 140.9 Operating lease liabilities $ 99.4 $ 91.3 Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities $ 81.2 $ 52.9 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 6  PART 1 ManpowerGroup Inc. Consolidated Statements of Sha reholders' Equity (Unaudited) (in millions, except share and per share data) ManpowerGroup Shareholders Common Sto Results of Operations 26 - 40 Item 3 Quantitative and Qualitative Disclosures About Market Risk 40 Item 4 Controls and Procedures 41 PART II OTHER INFORMATION Item 1A Risk Factors 42 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5 Other Information 42 Item 6 Exhibits 43 SIGNATURES 44 2  PART 1 PART I - FINANC IAL INFORMATION Item 1 – Financial St atements (unaudited) ManpowerGroup Inc. Consolidated Balance Sheets (Unaudited) (in millions) ASSETS September 30, 2025 December 31, 2024 Cash and cash equivalents $ 274.6 $ 509.4 Accounts receivable, less allowance for expected credit losses of  $ 79.1  and $ 67.6 , respectively 4,632.3 4,297.2 Prepaid expenses and other assets 194.0 163.7 Total current assets 5,100.9 4,970.3 Other Assets: Goodwill 1,543.9 1,563.4 Intangible assets, less accumulated amortization of  $ 571.8  and $ 530.4 , respectively 437.0 486.1 Operating lease right-of-use assets 402.4 361.3 Other assets 837.8 701.5 Total other assets 3,221.1 3,112.3 Property and Equipment: Land, buildings, leasehold improvements and equipment 543.2 488.2 Less: accumulated depreciation and amortization 418.3 369.8 Net property and equipment 124.9 118.4 Total assets $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3  PART 1 ManpowerGroup Inc. Conso lidated Balance Sheets (Unaudited) (in millions, except share and per share data) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current Liabilities: Accounts payable $ 2,577.5 $ 2,612.9 Employee compensation payable 238.2 241.1 Accrued payroll taxes and insurance 629.2 615.2 Accrued liabilities 427.9 475.1 Value added taxes payable 396.4 370.8 Short-term operating lease liability 106.9 98.6 Short-term borrowings and current maturities of long-term debt 747.8 23.4 Total current liabilities 5,123.9 4,437.1 Other Liabilities: Long-term debt 468.3 929.4 Long-term operating lease liability 314.1 279.0 Other long-term liabilities 529.2 428.6 Total other liabilities 1,311.6 1,637.0 Shareholders’ Equity: ManpowerGroup shareholders' equity Preferred stock, $ .01  par value, authorized 25,000,000  shares, none  issued — — Common stock, $ .01  par value, authorized 125,000,000  shares, issued 119,161,655  and 118,853,620  shares, respectively 1.2 1.2 Capital in excess of par value 3,565.5 3,546.1 Retained earnings 3,735.5 3,812.3 Accumulated other comprehensive loss ( 457.1 ) ( 443.0 ) Treasury stock at cost, 72,864,475  and 72,105,407  shares, respectively ( 4,834.3 ) ( 4,791.4 ) Total ManpowerGroup shareholders’ equity 2,010.8 2,125.2 Noncontrolling interests 0.6 1.7 Total shareholders’ equity 2,011.4 2,126.9 Total liabilities and shareholders’ equity $ 8,446.9 $ 8,201.0 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4  PART 1 ManpowerGroup Inc. Consolidated Statements o f Operations (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues from services $ 4,634.4 $ 4,530.2 $ 13,244.0 $ 13,454.2 Cost of services 3,865.5 3,748.1 11,013.1 11,122.5 Gross profit 768.9 782.1 2,230.9 2,331.7 Selling and administrative expenses, excluding impairment charges 702.3 711.3 2,072.7 2,093.9 Impairment charges — — 88.7 — Selling and administrative expenses 702.3 711.3 2,161.4 2,093.9 Operating profit 66.6 70.8 69.5 237.8 Interest and other expenses, net 13.7 11.6 41.7 28.7 Earnings before income taxes 52.9 59.2 27.8 209.1 Provision for income taxes 34.9 36.4 71.3 86.5 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Net earnings (loss) per share – basic $ 0.39 $ 0.48 $ ( 0.93 ) $ 2.56 Net earnings (loss) per share – diluted $ 0.38 $ 0.47 $ ( 0.93 ) $ 2.53 Weighted average shares – basic 46.5 47.6 46.6 47.9 Weighted average shares – diluted 46.9 48.1 46.6 48.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. ManpowerGroup Inc. Consolidated Statements of Com prehensive Income (Loss) (Unaudited) (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net earnings (loss) $ 18.0 $ 22.8 $ ( 43.5 ) $ 122.6 Other comprehensive income / loss: Foreign currency translation ( 68.3 ) 84.3 77.5 5.8 Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.1 , $ 0.1  and $ 0.1 , respectively 0.2 ( 0.3 ) ( 0.5 ) ( 0.2 ) Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively 62.2 ( 52.8 ) ( 90.3 ) ( 7.5 ) Unrealized adjustment on int

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