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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

☐ 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

      PART 1

    

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements (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.

      PART 1

    

ManpowerGroup Inc.

Consolidated 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.

      PART 1

    

ManpowerGroup Inc.

Consolidated Statements of 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 Comprehensive 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.

      PART 1

    

ManpowerGroup Inc.

Consolidated Statements of 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.

      PART 1

    

ManpowerGroup Inc.

Consolidated Statements of Shareholders' 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

      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.

      PART 1

    

Notes to Consolidated Financial 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 term. Lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collateralization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option.

Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations.

      PART 1

    

Impairment of Goodwill and Other Indefinite-Lived Intangible Assets

In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. In the event the fair value of a reporting unit is less than the carrying value including goodwill, we record an impairment charge equal to the excess of the carrying amount over the fair value. Similarly, if the fair value of an indefinite-lived intangible asset is less than its carrying value, we record an impairment charge for the difference.

We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit (OUP) margins, working capital levels, discount rates, and a terminal value multiple. The expected future revenue growth rates and OUP margins are determined after taking into consideration historical performance, our assessment of future market potential, and expected future business performance conditions. We believe that the discounted cash flow model provides the most reasonable and meaningful estimate of fair value, consistent with how market participants would value our reporting units in an orderly transaction.

For indefinite-lived intangible assets, we use either an income approach or a relief-from-royalty method, depending on the nature of the asset. Significant assumptions include expected future revenue growth rates, profit margins, discount rates, and market participant assumptions.

Management closely monitors the financial and operating results relative to the assumptions used in our fair value estimates, as well as macroeconomic conditions and strategic initiatives that may impact the reporting units and indefinite-lived intangible assets. During the second quarter of 2025, in connection with the preparation of our financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit or indefinite-lived intangible asset was below its carrying amount. We identified several factors affecting our United Kingdom and Switzerland reporting units that led us to conclude an interim goodwill impairment assessment was necessary. These factors included deterioration of the macroeconomic and local market conditions, financial performance below management’s planned revenue and OUP expectations for the first half of 2025, and downward revisions to full-year 2025 revenue and OUP projections. As a result, we recognized a partial non-cash goodwill impairment loss of $33.4 for our United Kingdom reporting unit in our Northern Europe segment and $24.7 for our Switzerland reporting unit in our Southern Europe segment, reducing their carrying values to estimated fair value. Key assumptions in the United Kingdom discounted cash flow valuation included a discount rate of 11.4%, working capital as a percentage of revenue of 6.6%, revenue growth for the next 10 years ranging from -8.4% to 10.0%, and terminal value revenue growth and OUP margin of 3.0% and 3.2%, respectively. Key assumptions in the Switzerland discounted cash flow valuation included a discount rate of 11.2%, working capital as a percentage of revenue of 10.5%, revenue growth for the next 10 years ranging from -12.4% to 12.0% and terminal value revenue growth and OUP margin of 3.0% and 4.2%, respectively.

In addition, we recognized a full impairment of $30.6 related to the reacquired franchise right associated with our Switzerland business, which is an indefinite-lived intangible asset. Key assumptions included in the indefinite-lived intangible asset impairment test included a discount rate of 13.7% and OUP margins ranging from 1.0% to 4.0%.

During the third quarter of 2025, we completed the annual impairment test of our goodwill and indefinite-lived intangible assets. The fair value exceeded the carrying amount by more than 10% for all reporting units except the United Kingdom and Switzerland, whose carrying values had already been adjusted to fair value in the second quarter. As of September 30, 2025, the goodwill balances related to our United Kingdom and Switzerland reporting units were $77.9 and $35.4, respectively.

Due to current macroeconomic conditions in North America and Europe, our assumptions for near-term revenue growth and OUP margins were lower than in the prior year, resulting in reduced excess fair value for several reporting units. Key assumptions for reporting units included in the North America and Europe segments included average revenue growth rates for the next 10 years of 3.3% and 2.6%, respectively, average OUP margins of 5.8% and 2.4%, respectively, and discount rates ranging from 9.4% to 10.8% and 10.1% to 12.4%, respectively. Management closely monitors the performance and assumptions used in our fair value estimates, along with macroeconomic and operational developments that may impact future impairment assessments.

There could be significant further decreases in the operating results of our reporting units for a sustained period, which may result in a recognition of goodwill impairment that could be material to the Consolidated Financial Statements.

      PART 1

    

(2) Recent Accounting Standards

In September 2025, the FASB issued new guidance on internal-use software. The guidance removes the requirement to evaluate costs by development stage and allows capitalization to begin once management commits funding and completion is probable. The new standard is effective as of January 1, 2028, with early adoption permitted. It may be adopted prospectively or retrospectively. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.

In November 2024, the FASB issued new guidance on disaggregation of income statement expenses. The guidance requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The guidance is effective for our 2027 annual financial statements and early adoption is permitted. We are currently assessing the impact of the adoption of this guidance on our financial statement disclosures.

In December 2023, the FASB issued a final standard on improvements to income tax disclosures. The guidance requires that public entities on an annual basis disclose disaggregated information about the rate reconciliation as well as income taxes paid. The new standard is effective for our 2025 annual disclosures and will be adopted prospectively. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements.

(3) Revenue Recognition

For client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date.

We do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to September 30, 2025 related to remaining performance obligations, which are not material.

We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities.

Our deferred revenue was $30.8 as of September 30, 2025 and $30.3 as of December 31, 2024.

In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for descriptions of revenue service types.


	Three Months Ended September 30,
	2025											2024(a)
	Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total			Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total
Americas:
United States	$	617.4	$	2.8	$	27.4	$	43.2	$	690.8		$	615.0	$	2.8	$	34.0	$	45.6	$	697.4
Other Americas		378.7		16.8		9.2		3.2		407.9			328.0		13.5		9.5		2.1		353.1
		996.1		19.6		36.6		46.4		1,098.7			943.0		16.3		43.5		47.7		1,050.5
Southern Europe:
France		1,077.6		65.8		10.1		20.0		1,173.5			1,058.7		66.0		11.2		20.9		1,156.8
Italy		434.1		11.2		11.0		6.2		462.5			394.1		8.5		10.3		6.2		419.1
Other Southern Europe		464.4		81.7		13.8		9.6		569.5			420.5		78.9		12.3		8.0		519.7
		1,976.1		158.7		34.9		35.8		2,205.5			1,873.3		153.4		33.8		35.1		2,095.6
Northern Europe		712.1		56.7		23.5		24.5		816.8			709.4		58.3		28.7		31.9		828.3
APME		433.9		62.9		12.8		10.9		520.5			455.7		82.4		13.6		11.1		562.8
		4,118.2		297.9		107.8		117.6		4,641.5			3,981.4		310.4		119.6		125.8		4,537.2
Intercompany Eliminations										(7.1	)										(7.0	)
Total									$	4,634.4										$	4,530.2

(a)

Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco. All previously reported results have been recast to conform to the current year presentation.

      PART 1

    


	Nine Months Ended September 30,

	2025										2024(a)

	Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total		Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total

Americas:
United States	$	1,833.1	$	8.2	$	83.0	$	129.4	$	2,053.7	$	1,846.2	$	8.6	$	91.2	$	128.8	$	2,074.8
Other Americas		1,077.7		48.0		27.1		8.9		1,161.7		997.9		37.1		33.6		7.9		1,076.5
		2,910.8		56.2		110.1		138.3		3,215.4		2,844.1		45.7		124.8		136.7		3,151.3
Southern Europe:

ManpowerGroup Inc. 10-Q