A provider of workforce solutions, ManpowerGroup connects businesses with workers through its Manpower staffing, Experis IT talent, and Talent Solutions brands, operating from thousands of offices in dozens of countries. It was born in 1948 when two Milwaukee attorneys couldn't find a temp typist to file an urgent court brief and decided to start their own temporary-help agency. The company still calls Milwaukee home, and it coined the now-common "staffing" industry along the way.
ManpowerGroup returned to operating profit in Q2 2026 as the prior year's $88.7M impairment charge did not repeat, though gross margin fell to 16.1%.
The prior year's large charge reversed, swinging the back to a profit. rose 7.5% to $4.86 billion and reached $112.0 million, driven by staffing demand in the Americas and a $30 million gain on the sale of Jefferson Wells U.S. The core staffing business is growing, but profitability per dollar of revenue continues to erode.
Key takeaways
swung to $112.0 million from a loss of $25.3 million a year ago, primarily because the prior-year period included an $88.7 million non-cash and intangible asset charge that did not repeat.
rose 7.5% to $4.86 billion, led by a 14.4% increase in the Americas driven by strong Manpower staffing demand and a $30 million gain on the sale of the Jefferson Wells U.S. business.
contracted 0.8 percentage points to 16.1%, pressured by a business mix shift toward lower-margin staffing services and the divestiture of the higher-margin Jefferson Wells business.
Section summaries
Management's Discussion and Analysis
Revenue grew 7.5% to $4.86B with net earnings of $53.5M, driven by staffing demand and a gain on sale, while prior-year impairment charges reversed to an operating profit.
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Q2 2026 rose 7.5% (5.8% ) to $4.86B, led by a 14.4% increase in the Americas from strong Manpower staffing demand and a $30M gain on the Jefferson Wells U.S. sale.
Selling and administrative expenses fell 15.3% on a reported basis, benefiting from the $30 million Jefferson Wells gain, lower personnel costs from prior restructuring actions, and the absence of the prior year's charge.
was $53.5 million, and was $1.13, compared to a net loss of $67.1 million and a loss per share of $1.44 in the prior-year quarter.
Cash used in operations was $129.0 million for the first half of 2026, while financing activities used $636.8 million primarily due to the January 2026 redemption of €500 million in notes.
What changed
The prior quarter's watch item on was whether it would stabilize above 16.0%. It rose 0.1 percentage points sequentially to 16.1%, effectively flat, as the mix shift toward enterprise clients continued to offset the benefit of the Jefferson Wells divestiture.
The prior quarter flagged the gain on the Jefferson Wells U.S. sale to be recognized in Q2. The $30 million gain was recorded and is the primary driver of the Americas 's 14.4% reported increase.
The , which was an elevated 83.8% in Q1 2026 due to restructuring and transformation costs, fell to 42.0% in Q2. It remains above the U.S. statutory rate due to the mix of earnings and French tax surcharges.
Organic constant-currency growth of 2.9% in Q1 2026 was followed by constant-currency revenue growth of 5.8% in Q2, confirming the inflection from the 0.2% organic decline for the full year 2025.
What to watch
Whether the stabilizes above 16.0% now that the Jefferson Wells divestiture is complete, or whether the ongoing mix shift toward enterprise staffing clients pushes it to a new low.
The trajectory of constant-currency growth after two consecutive quarters of , to see whether the demand inflection is sustained or was amplified by the Jefferson Wells gain.
generation in the second half of 2026, after a $129.0 million operating cash outflow in the first half, to see whether the timing reverses as it has in prior years.
The for the full year, given the Q2 rate of 42.0% remains elevated by French tax surcharges and the mix of earnings; a sustained rate above 40% would continue to pressure .
margin declined 80 to 16.1%, pressured by business mix shifts toward lower-margin staffing and the divestiture of the higher-margin Jefferson Wells business.
swung to $112.0M from a loss of $25.3M a year ago, as the prior-year period included $88.7M in and intangible asset charges.
Selling and administrative expenses fell 15.3% reported, benefiting from the $30M Jefferson Wells gain, lower personnel costs from restructuring, and the absence of the prior year's .
Cash used in operations was $129.0M for the first half of 2026, while financing activities used $636.8M primarily due to the redemption of €500M notes; available liquidity stood at $930.2M.
The was 42.0%, above the U.S. statutory rate, due to the mix of earnings, French tax surcharges, and valuation allowances on losses in certain countries.
Quantitative and Qualitative Disclosures About Market Risk
Our 2025 Annual Report on Form 10-K contains certain disclosures about market risks affecting us. There have been no material changes to the information provided which would require additional disclosures as of the date of this filing.
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Our 2025 Annual Report on Form 10-K contains certain disclosures about market risks affecting us. There have been no material changes to the information provided which would require additional disclosures as of the date of this filing.
As of the date of this filing, the Company and its operations continue to be subject to the risk factors previously disclosed in the “Risk Factors” sections contained in the 2025 Annual Report on Form 10-K.
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As of the date of this filing, the Company and its operations continue to be subject to the risk factors previously disclosed in the “Risk Factors” sections contained in the 2025 Annual Report on Form 10-K.