ManpowerGroup Inc. (MAN) Income Statement
MAN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMAN revenue and net income
Where MAN's revenue goes
2025Each bar shows an amount and its share of revenue. MAN kept −0.1% of revenue as net income.
MAN profit margins
MAN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.6% | −3.2% | −0.0% | −0.7% |
| Gross profit | −2.9% | −5.7% | +1.2% | −0.9% |
| Operating income | −22.0% | −28.8% | −8.4% | −10.1% |
| Net income | −109.2% | — | — | — |
| EPS (diluted) | −34.7% | −29.6% | −4.2% | −5.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MAN quarterly EPS vs estimates
ManpowerGroup beat the analyst EPS estimate in 7 of the last 8 quarters.
MAN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.96B | $17.85B | $18.91B | $19.83B | $20.72B | $18.00B | $20.86B | $21.99B | $21.03B | $19.65B |
| Cost of revenue | $14.96B | $14.77B | $15.56B | $16.26B | $17.32B | $15.18B | $17.49B | $18.41B | $17.55B | $16.32B |
| Gross profit | $3.00B | $3.09B | $3.36B | $3.57B | $3.41B | $2.82B | $3.38B | $3.58B | $3.48B | $3.33B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $2.76B | $2.78B | $2.98B | $2.91B | $2.82B | $2.57B | $2.67B | $2.78B | $2.70B | $2.58B |
| Total operating expenses | $2.76B | $2.78B | $3.05B | $2.91B | $2.82B | $2.45B | $2.67B | $2.78B | $2.70B | $2.58B |
| Operating income | $238.8M | $306.0M | $255.8M | $660.5M | $585.4M | $370.9M | $644.9M | $796.7M | $788.2M | $750.8M |
| Interest income | $74.1M | $33.3M | $32.4M | $40.9M | $32.0M | $35.1M | $6.0M | $6.0M | $4.8M | $3.6M |
| Interest expense | $95.4M | $90.0M | $49.9M | $46.9M | $38.8M | $43.3M | $44.4M | $47.0M | $49.4M | $49.5M |
| Income before taxes | $93.4M | $256.8M | $205.9M | $557.1M | $568.1M | $147.7M | $685.5M | $754.7M | $737.3M | $701.3M |
| Income taxes | $106.7M | $111.7M | $117.1M | $183.3M | $185.7M | $123.9M | $219.8M | $198.0M | $191.9M | $257.6M |
| Net income | −$13.3M | $145.1M | $88.8M | $373.8M | $382.4M | $23.8M | $465.7M | $556.7M | $545.4M | $443.7M |
| EBITDA | $274.8M | $433.4M | $255.8M | $688.6M | $680.3M | $267.3M | $807.1M | $892.4M | $866.4M | $834.6M |
| EPS (diluted) | $2.97 | $4.55 | $6.02 | $8.50 | $7.10 | $3.68 | $7.46 | $8.94 | $7.07 | $6.32 |
| Gross margin | 16.7% | 17.3% | 17.8% | 18.0% | 16.4% | 15.7% | 16.2% | 16.3% | 16.6% | 17.0% |
| Operating margin | 1.3% | 1.7% | 1.4% | 3.3% | 2.8% | 2.1% | 3.1% | 3.6% | 3.7% | 3.8% |
| Net margin | −0.1% | 0.8% | 0.5% | 1.9% | 1.8% | 0.1% | 2.2% | 2.5% | 2.6% | 2.3% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.84B | $4.86B | $4.51B | $4.71B | $4.63B | $4.52B | $4.09B | $4.40B | $4.53B | $4.52B | $4.40B | $4.63B |
| Cost of revenue | $4.07B | $4.08B | $3.79B | $3.95B | $3.86B | $3.76B | $3.39B | $3.64B | $3.75B | $3.73B | $3.64B | $3.82B |
| Gross profit | $767.3M | $780.3M | $723.0M | $766.7M | $776.8M | $763.7M | $698.3M | $755.1M | $782.1M | $785.9M | $763.7M | $810.7M |
| Sales, general & admin | $685.0M | $668.3M | $694.7M | $686.1M | $702.3M | $700.3M | $670.1M | $686.9M | $711.3M | $684.8M | $697.8M | $675.4M |
| Total operating expenses | $685.0M | $668.3M | $694.7M | $686.1M | $710.2M | $789.0M | $670.1M | $686.9M | $711.3M | $684.8M | $697.8M | $675.4M |
| Operating income | $82.3M | $112.0M | $28.3M | $80.6M | $66.6M | −$25.3M | $28.2M | $68.2M | $70.8M | $101.1M | $65.9M | $135.3M |
| Interest income | — | $4.8M | $6.1M | $19.0M | $12.7M | $19.1M | $6.9M | $10.2M | $14.0M | $15.1M | $8.1M | $9.7M |
| Interest expense | $28.0M | $49.5M | $25.7M | $22.9M | $24.0M | $26.0M | $22.5M | $23.0M | $24.6M | $22.0M | $20.4M | $20.0M |
| Income before taxes | $68.0M | $92.4M | $15.4M | $65.6M | $52.9M | −$41.8M | $16.7M | $47.7M | $59.2M | $92.4M | $57.5M | −$55.0M |
| Income taxes | $33.9M | $38.9M | $12.9M | $35.4M | $34.9M | $25.3M | $11.1M | $25.2M | $36.4M | $32.3M | $17.8M | $29.5M |
| Net income | $34.1M | $53.5M | $2.5M | $30.2M | $18.0M | −$67.1M | $5.6M | $22.5M | $22.8M | $60.1M | $39.7M | −$84.5M |
| EBITDA | $116.4M | $163.4M | $61.3M | $109.0M | $99.0M | $6.4M | $60.4M | $92.5M | $105.6M | $135.8M | $99.5M | −$10.7M |
| EPS (diluted) | $1.01 | $0.99 | $0.51 | $0.92 | $0.83 | $0.78 | $0.44 | $1.02 | $1.29 | $1.30 | $0.94 | $1.45 |
| Gross margin | 15.9% | 16.1% | 16.0% | 16.3% | 16.8% | 16.9% | 17.1% | 17.2% | 17.3% | 17.4% | 17.3% | 17.5% |
| Operating margin | 1.7% | 2.3% | 0.6% | 1.7% | 1.4% | −0.6% | 0.7% | 1.6% | 1.6% | 2.2% | 1.5% | 2.9% |
| Net margin | 0.7% | 1.1% | 0.1% | 0.6% | 0.4% | −1.5% | 0.1% | 0.5% | 0.5% | 1.3% | 0.9% | −1.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MAN's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MAN financial results
In fiscal year 2025 (ended December 31, 2025), ManpowerGroup reported revenue of $18.0 billion, up 0.6% from the year before. It had a net loss of $13.3 million, a net profit margin of −0.1%. Diluted earnings per share came to $2.97. Over five years revenue grew at an average rate of −0.0% a year.
See the MAN stock overview for the latest quote and news, or the MAN chart for price history and technical indicators.
MAN income statement FAQ
What is ManpowerGroup's annual revenue?
ManpowerGroup reported total revenue of $18.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.6% from $17.9 billion the previous year.
Is ManpowerGroup profitable?
No. ManpowerGroup reported a net loss of $13.3 million in fiscal 2025, a net profit margin of −0.1%; its operating margin was 1.3%.
What is ManpowerGroup's gross margin?
ManpowerGroup's gross margin was 16.7% in fiscal 2025: for every $100 of revenue, ManpowerGroup kept $17 after the direct cost of its products and services.
How fast is ManpowerGroup growing?
Revenue grew −0.0% a year on average over the last five fiscal years, from $18.0 billion to $18.0 billion.
What are ManpowerGroup's earnings per share?
ManpowerGroup earned $2.97 per diluted share in fiscal 2025, compared with $4.55 a year earlier.
When does ManpowerGroup's fiscal year end?
ManpowerGroup's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.