NYSE · Financial Statements

ManpowerGroup (MAN) Financial Statements

$47.53 NYSE: MAN Market Cap $2.21B

ManpowerGroup most recently reported annual revenue of $18.0B, a net loss of $13.0M. Revenue was roughly flat over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

ManpowerGroup: Revenue fell from $19.7B in 2016 to $18.0B in 2025, a change of -8.6% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 3.8% to 1.3%, a shift of -2.5 percentage points; the most recent year shows a net loss of $13.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$19.7B$21.0B$22.0B$20.9B$18.0B$20.7B$19.8B$18.9B$17.9B$18.0B
Operating Expenses$18.9B$20.2B$21.2B$20.2B$17.6B$20.1B$19.2B$18.7B$17.5B$17.7B
Operating Profit$751.0M$788.0M$797.0M$645.0M$371.0M$585.0M$661.0M$256.0M$306.0M$239.0M
Operating Margin3.8%3.8%3.6%3.1%2.1%2.8%3.3%1.4%1.7%1.3%
Other Income$-44.0M$-52.0M$-42.0M$41.0M$-223.0M$-17.0M$-103.0M$-50.0M$-49.0M$-145.0M
Interest$50.0M$49.0M$47.0M$44.0M$43.0M$39.0M$47.0M$80.0M$90.0M$95.0M
Depreciation$85.0M$84.0M$86.0M$77.0M$76.0M$73.0M$85.0M$89.0M$87.0M$86.0M
Profit Before Tax$701.0M$737.0M$755.0M$686.0M$148.0M$568.0M$557.0M$206.0M$257.0M$93.0M
Tax$36.7M$26.0M$26.2M$32.1M$83.9M$32.7M$32.9M$56.9M$43.5M$114.2M
Net Profit$444.0M$545.0M$557.0M$466.0M$24.0M$382.0M$374.0M$89.0M$145.0M$-13.0M
EPS$6.27$8.04$8.55$7.72$0.41$6.90$7.08$1.76$3.01$-0.29
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$4.7B$4.6B$4.4B$4.5B$4.5B$4.4B$4.1B$4.5B$4.6B$4.7B$4.5B$4.9B
Operating Expenses$4.6B$4.5B$4.3B$4.4B$4.5B$4.3B$4.1B$4.5B$4.6B$4.6B$4.5B$4.7B
Operating Profit$70.0M$135.0M$66.0M$101.0M$71.0M$68.0M$28.0M$-25.0M$67.0M$81.0M$28.0M$112.0M
Operating Margin1.5%2.9%1.5%2.2%1.6%1.6%0.7%-0.6%1.4%1.7%0.6%2.3%
Interest$21.0M$20.0M$20.0M$22.0M$25.0M$23.0M$23.0M$26.0M$24.0M$23.0M$26.0M$50.0M
Profit Before Tax$55.0M$-55.0M$58.0M$92.0M$59.0M$48.0M$17.0M$-42.0M$53.0M$66.0M$15.0M$92.0M
Tax$44.6M$-53.6M$31.0M$35.0M$61.5M$52.8M$66.5M$-60.5M$66.0M$54.0M$83.8M$42.1M
Net Profit$30.0M$-84.0M$40.0M$60.0M$23.0M$23.0M$6.0M$-67.0M$18.0M$30.0M$3.0M$54.0M
EPS$0.60$-1.74$0.81$1.24$0.47$0.47$0.12$-1.44$0.38$0.64$0.05$1.14

Over the 10 years reported for ManpowerGroup, borrowings increased from $825.0M in 2016 to $2.4B in 2025, cash stood at $871.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 1.11 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$7.6B$8.9B$8.5B$9.2B$9.3B$9.8B$9.1B$8.8B$8.2B$9.2B
Current Assets$5.1B$6.2B$6.0B$6.5B$6.7B$6.4B$5.9B$5.6B$5.0B$5.8B
Cash$599.0M$689.0M$592.0M$1.0B$1.6B$848.0M$639.0M$581.0M$509.0M$871.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$4.4B$5.4B$5.3B$5.3B$4.9B$5.4B$5.1B$4.8B$4.3B$4.8B
Fixed Assets$147.0M$158.0M$153.0M$592.0M$554.0M$490.0M$478.0M$544.0M$480.0M$516.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$146.0M$159.0M$161.0M$98.0M$107.0M$114.0M$96.0M$102.0M$104.0M$0
Other Assets$1.2B$1.3B$1.3B$1.3B$1.2B$1.7B$1.6B$1.6B$1.6B$1.5B
Total Liabilities$5.1B$6.0B$5.8B$6.5B$6.9B$7.3B$6.7B$6.6B$6.1B$7.1B
Current Liabilities$3.7B$4.8B$4.2B$4.4B$4.7B$5.8B$4.9B$4.8B$4.4B$5.2B
Borrowings$825.0M$948.0M$1.1B$1.5B$1.5B$1.4B$1.4B$1.4B$1.2B$2.4B
Other Liabilities$4.3B$5.1B$4.7B$4.9B$5.3B$5.9B$5.3B$5.2B$4.8B$4.7B
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$2.4B$2.8B$2.6B$2.7B$2.4B$2.5B$2.4B$2.2B$2.1B$2.1B

For ManpowerGroup, operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was negative at $161.0M; free cash flow was positive in 9 of 10 years; financing activities used $46.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$600.0M$401.0M$483.0M$814.0M$936.0M$645.0M$423.0M$348.0M$309.0M$-104.0M
Investing Cash Flow$-167.0M$-129.0M$-120.0M$-69.0M$-93.0M$-1.1B$-161.0M$-152.0M$-119.0M$-116.0M
Financing Cash Flow$-472.0M$-201.0M$-536.0M$-228.0M$-268.0M$-217.0M$-283.0M$-189.0M$-153.0M$-46.0M
Net Cash Flow$-132.0M$91.0M$-97.0M$434.0M$541.0M$-719.0M$-209.0M$-58.0M$-72.0M$362.0M
Free Cash Flow$543.0M$346.0M$418.0M$762.0M$886.0M$581.0M$348.0M$270.0M$258.0M$-161.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.04
EV / EBITDA8.71
FCF Yield2.33%
Quick Ratio1.04
Interest Coverage2.35
Return 1Y21.95%
Return 3Y-24.43%
Return 5Y-44.14%

ManpowerGroup (MAN) financials — frequently asked questions

What is ManpowerGroup's annual revenue?

ManpowerGroup (MAN) reported annual revenue of $18.0B in its most recent fiscal year.

What is ManpowerGroup's net profit?

ManpowerGroup (MAN) reported a net loss of $13.0M in its most recent fiscal year.

What is MAN EV/EBITDA?

ManpowerGroup's enterprise value to EBITDA (EV/EBITDA) ratio is 8.71.

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