MAN ManpowerGroup Inc.

Overview and Growth

ManpowerGroup Inc.'s fiscal 2025 revenue totaled $17.96B. Revenue of $17.96B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 0.6% above fiscal 2024 revenue of $17.85B, marking a year-over-year increase. Diluted earnings per share were -$0.29, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 109.6% from $3.01 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Total assets stood at $9.16B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 1.96x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $3.00B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 16.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $150.10M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 0.8%, showing how efficiently sales converted into operating profit. Before income taxes, the company reported $93.40M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 0.5%, relating income before taxes directly to revenue. Income tax expense totaled $106.70M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 114.2% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

At period end, the $9.16B asset base was financed through $7.10B of liabilities and $2.06B of equity. At period end, current assets of $5.79B compared with current liabilities of $5.23B, defining the company’s short-term resource position. The current ratio was 1.11x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $871.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 16.6%, excluding receivables and other current assets. The company carried $1.68B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.81x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 18.3%, showing how much of the asset base was matched by borrowing. Book equity represented 22.5% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 77.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 9.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $8.20B in fiscal 2024, the current asset base moved 11.7% and finished higher. Against $2.13B of equity in fiscal 2024, the current book-equity balance moved 3.1% and ended lower. Cash and equivalents were 71.0% higher than fiscal 2024 cash of $509.40M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $104.10M, rather than cash generation from operations. The company spent $57.30M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $161.40M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 0.9% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 1.8% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.