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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: March 31, 2026

☐ 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 May 6, 2026
Common Stock, $.01 par value		46,507,342

       Table of Contents

    

ManpowerGroup Inc.

INDEX


		Page Number

PART I	FINANCIAL INFORMATION
Item 1	Financial Statements (unaudited)
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Consolidated Statements of Shareholders' Equity	6
	Notes to Consolidated Financial Statements	7-19
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20-28
Item 3	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4	Controls and Procedures	29

PART II	OTHER INFORMATION
Item 1A	Risk Factors	30
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5	Other Information	30
Item 6	Exhibits	31

SIGNATURES		32

      PART 1

    

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements (unaudited)

Consolidated Balance Sheets (Unaudited)

(in millions, except share and per share data)


	March 31, 2026			December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	224.9		$	871.0
Accounts receivable, less allowance for expected credit losses of $71.7 and $74.1, respectively		4,628.2			4,770.3
Prepaid expenses and other assets		209.7			149.1
Total current assets		5,062.8			5,790.4
Other Assets:
Goodwill		1,539.4			1,544.6
Intangible assets, less accumulated amortization of $583.7 and $579.1, respectively		422.9			430.1
Operating lease right-of-use assets		373.9			392.7
Other assets		874.1			879.1
Total other assets		3,210.3			3,246.5
Property and Equipment:
Land, buildings, leasehold improvements and equipment		523.2			526.9
Less: accumulated depreciation and amortization		405.0			403.7
Net property and equipment		118.2			123.2
Total assets	$	8,391.3		$	9,160.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	2,558.8		$	2,721.1
Employee compensation payable		199.4			232.3
Accrued payroll taxes and insurance		654.1			672.1
Accrued liabilities		484.9			457.6
Value added taxes payable		388.4			418.1
Short-term operating lease liability		104.6			107.4
Short-term borrowings and current maturities of long-term debt		112.4			625.0
Total current liabilities		4,502.6			5,233.6
Other Liabilities:
Long-term debt		1,034.3			1,052.1
Long-term operating lease liability		287.6			304.3
Other long-term liabilities		501.3			509.8
Total other liabilities		1,823.2			1,866.2
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 119,435,579 and 119,161,780 shares, respectively		1.2			1.2
Capital in excess of par value		3,577.4			3,572.5
Retained earnings		3,734.8			3,732.3
Accumulated other comprehensive loss		(412.1	)		(412.1	)
Treasury stock at cost, 72,937,135 and 72,864,513 shares, respectively		(4,836.3	)		(4,834.3	)
Total ManpowerGroup shareholders’ equity		2,065.0			2,059.6
Noncontrolling interests		0.5			0.7
Total shareholders’ equity		2,065.5			2,060.3
Total liabilities and shareholders’ equity	$	8,391.3		$	9,160.1

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

      PART 1

    

Consolidated Statements of Operations (Unaudited)

(in millions, except per share data)


	Three Months Ended
	March 31,
	2026		2025
Revenues from services	$	4,510.4	$	4,090.3
Cost of services		3,787.4		3,392.0
Gross profit		723.0		698.3
Selling and administrative expenses		694.7		670.1
Operating profit		28.3		28.2
Interest and other expenses, net		12.9		11.5
Earnings before income taxes		15.4		16.7
Provision for income taxes		12.9		11.1
Net earnings	$	2.5	$	5.6
Net earnings per share – basic	$	0.05	$	0.12
Net earnings per share – diluted	$	0.05	$	0.12
Weighted average shares – basic		46.7		46.8
Weighted average shares – diluted		47.1		47.3

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Consolidated Statements of Comprehensive Income (Unaudited)

(in millions)


	Three Months Ended
	March 31,
	2026			2025
Net earnings	$	2.5		$	5.6
Other comprehensive income (loss):
Foreign currency translation		(14.2	)		39.0
Translation adjustments of long-term intercompany loans		(0.1	)		(0.4	)
Adjustments on derivative instruments, net of income taxes of $5.0 and $(11.7), respectively		14.7			(41.4	)
Unrealized adjustment on interest rate swap		(0.1	)		(0.1	)
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.1 and $1.7, respectively		(0.3	)		(1.2	)
Total other comprehensive income (loss)	$	—		$	(4.1	)
Comprehensive income	$	2.5		$	1.5

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

      PART 1

    

Consolidated Statements of Cash Flows (Unaudited)

(in millions)


	Three Months Ended
	March 31,
	2026			2025
Cash Flows from Operating Activities:
Net earnings	$	2.5		$	5.6
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		20.2			21.2
Deferred income taxes		6.1			7.3
Provision for credit losses		2.5			1.5
Share-based compensation		6.0			7.6
Changes in operating assets and liabilities:
Accounts receivable		92.2			245.1
Other assets		(73.5	)		(34.9	)
Accounts payable		(141.0	)		(265.1	)
Other liabilities		(41.3	)		(141.5	)
Cash used in operating activities		(126.3	)		(153.2	)
Cash Flows from Investing Activities:
Capital expenditures		(9.0	)		(13.7	)
Acquisition of business, net of cash acquired		—			(1.0	)
Proceeds from the sale of property and equipment		0.3			0.1
Cash used in investing activities		(8.7	)		(14.6	)
Cash Flows from Financing Activities:
Net change in short-term borrowings		24.0			50.7
Net proceeds from revolving debt facility		50.0			26.0
Proceeds from long-term debt		0.1			—
Repayments of long-term debt		(582.3	)		(0.1	)
Taxes paid related to net share settlement		(2.7	)		(5.9	)
Repurchases of common stock and excise tax		(0.3	)		(25.0	)
Cash (used in) provided by financing activities		(511.2	)		45.7
Effect of exchange rate changes on cash		0.1			7.7
Change in cash and cash equivalents		(646.1	)		(114.4	)
Cash and cash equivalents, beginning of period		871.0			509.4
Cash and cash equivalents, end of period	$	224.9		$	395.0
Supplemental Cash Flow Information:
Cash paid during the period for:
Interest	$	20.2		$	16.1
Income taxes, net	$	24.2		$	26.2
Operating lease liabilities	$	33.6		$	32.1
Non-cash operating activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	6.8		$	27.4

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

      PART 1

    

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, 2025		119,161,780	$	1.2	$	3,572.5		$	3,732.3	$	(412.1	)	$	(4,834.3	)	$	0.7		$	2,060.3
Net earnings									2.5											2.5
Issuances under equity plans		273,799				(1.1	)							(2.0	)					(3.1	)
Share-based compensation expense						6.0														6.0
Noncontrolling interest transactions																	(0.2	)		(0.2	)
Balance, March 31, 2026		119,435,579	$	1.2	$	3,577.4		$	3,734.8	$	(412.1	)	$	(4,836.3	)	$	0.5			2,065.5


	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

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 months ended March 31, 2026 and 2025

(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 2025 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 Credit Losses

We have an allowance for credit losses recorded as an estimate of the accounts receivable balance 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 credit losses is shown below:


	Three Months Ended March 31, 2026
Balance, December 31, 2025	$	74.1
Provision for credit losses		2.5
Write-offs		(4.0	)
Currency impact and other		(0.9	)
Balance, March 31, 2026	$	71.7

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. We evaluate the following assumptions which are used in our goodwill impairment tests: expected future revenue growth rates, operating unit profit (OUP) margins, working capital levels, discount rates, and terminal value revenue growth rate. We consider expected future revenue growth rates, OUP margins and discount rates to be the more significant assumptions. 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 first quarter of 2026, 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 were below its carrying amount. The actual results of revenues and OUP margins for our key reporting units were consistent with the forecasted assumptions used for the near-term revenue growth and OUP margins utilized in the discounted cash flow models as of our valuation date. In evaluating triggering events, we considered external data points from analysts, market peers, our past history and experience, actual operating results, and near-term and long-term forecasts. Specifically, we observed largely stable activity levels across North America and Europe, with improving trends in certain reporting units, which management expects to continue through 2026. Based on the analysis performed, we concluded that the fair value of the reporting units continued to equal or exceed the carrying value and that no triggering events requiring an interim impairment test were identified.

We have recently had stable activity levels in certain markets, and in prior periods, we have experienced decreases in our operating results. There could be further decreases in our operating results, which may result in the recognition of goodwill impairments.

Subsequent Event

On April 30, 2026, the Company completed the sale of its Jefferson Wells U.S. business, a non-core finance and accounting business in the United States, which is part of our Americas segment, for a transaction value of $100 million. Net cash proceeds at closing approximated $88 million after working capital adjustments and other items. The transaction will result in a gain on sale, which will be finalized and recognized in the second quarter of 2026.

      PART 1

    

(2) Recent Accounting Standards

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 can be adopted prospectively or retrospectively. Adoption of this guidance will not have a material impact on our Consolidated Financial Statements.

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. Adoption of this guidance will not have a material impact on our Consolidated Financial Statements.

In November 2025, the FASB issued new guidance on hedge accounting. The guidance provides additional requirements in five areas: similar risk assessment, treatment of Choose-Your-Rate debt, nonfinancial forecasted transactions, net written options, and dual-hedging foreign-currency-denominated debt. The guidance is effective for us as of January 1, 2027. 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 March 31, 2026 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 $36.4 and $45.6 as of March 31, 2026 and December 31, 2025, respectively.

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 2025 Annual Report on Form 10-K for descriptions of revenue service types.


	Three Months Ended March 31,
	2026											2025
	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	$	582.9	$	2.1	$	27.5	$	42.4	$	654.9		$	616.1	$	2.3	$	29.3	$	41.1	$	688.8
Other Americas		431.1		16.8		9.3		3.5		460.7			342.2		14.8		8.3		2.6		367.9
		1,014.0		18.9		36.8		45.9		1,115.6			958.3		17.1		37.6		43.7		1,056.7
Southern Europe:
France		972.0		65.5		10.9		20.2		1,068.6			871.6		64.0		11.3		18.8		965.7
Italy		441.8		13.8		13.7		5.4		474.7			368.8		11.1		12.0		5.9		397.8
Other Southern Europe		446.4		87.4		16.2		8.0		558.0			371.4		76.1		13.7		9.3		470.5
		1,860.2		166.7		40.8		33.6		2,101.3			1,611.8		151.2		37.0		34.0		1,834.0
Northern Europe		680.6		60.3		23.9		25.3		790.1			621.0		58.7		26.7		24.4		730.8
APME		430.6		58.7		11.4		9.8		510.5			396.0		60.5		11.3		8.6		476.4
		3,985.4		304.6		112.9		114.6		4,517.5			3,587.1		287.5		112.6		110.7		4,097.9
Intercompany Eliminations										(7.1	)										(7.6	)
Total									$	4,510.4										$	4,090.3

      PART 1

    

In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments:


	Three Months Ended March 31,
	2026							2025
	Services transferred over time		Services transferred at a point in time		Total			Services transferred over time		Services transferred at a point in time		Total
Americas:
United States	$	640.9	$	14.0	$	654.9		$	673.6	$	15.2	$	688.8
Other Americas		454.6		6.1		460.7			363.8		4.1		367.9
		1,095.5		20.1		1,115.6			1,037.4		19.3		1,056.7
Southern Europe:
France		1,058.4		10.2		1,068.6			955.1		10.6		965.7
Italy		461.8		12.9		474.7			386.6		11.2		397.8
Other Southern Europe		545.5		12.5		558.0			459.7		10.8		470.5
		2,065.7		35.6		2,101.3			1,801.4		32.6		1,834.0
Northern Europe		773.8		16.3		790.1			710.3		20.5		730.8
APME		500.8		9.7		510.5			466.8		9.6		476.4
		4,435.8		81.7		4,517.5			4,015.9		82.0		4,097.9
Intercompany Eliminations						(7.1	)						(7.6	)
Total					$	4,510.4						$	4,090.3

(4) Share-Based Compensation Plans

During the three months ended March 31, 2026 and 2025, we recognized share-based compensation expense of $6.0 and $7.6, respectively. The expense relates to deferred stock units, restricted stock, restricted stock units, performance share units and a savings-related share option scheme in the United Kingdom. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was none for both the three months ended March 31, 2026 and 2025.

Our annual grant of share-based compensation generally takes place during the first quarter of each fiscal year. The number of equity-based shares granted to employees and members of our Board of Directors, as well as the weighted-average fair value per share, are as follows:


	For the Three Months Ended March 31,
	2026				2025
	Shares Granted (thousands)		Wtd.-Avg. Per Share Fair Value		Shares Granted (thousands)		Wtd.-Avg. Per Share Fair Value
Restricted Stock and Restricted Stock Units		743		25.14		424		49.08
Performance Share Units		447		31.50		215		58.36
Deferred Stock Units		36		29.73		19		57.72
Total Shares Granted		1,226	$	27.59		658	$	52.36

(5) Acquisitions

From time to time, we acquire and invest in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was none and $1.0 for the three months ended March 31, 2026 and 2025, respectively.

(6) Restructuring Costs

We recorded net restructuring costs of $15.9 and $15.8 during the three months ended March 31, 2026, and 2025, respectively. Payments made from the restructuring reserve were $17.8 and $12.3 during the three months ended March 31, 2026 and 2025, respectively. We use our restructuring reserve for severance, office closures, office consolidations, and professional and other fees related to restructuring in multiple countries and territories. We expect a majority of the remaining $32.7 reserve will be paid by the end of 2026.

      PART 1

    

Changes in the restructuring reserve by reportable segment and Corporate are shown below:


	Americas(a)			Southern Europe(b)			Northern Europe			APME		Corporate		Total
Balance, December 31, 2025	$	2.7		$	8.0		$	24.2		$	0.2	$	—	$	35.1
Severance costs		6.2			4.0			4.8			0.4		—		15.4
Lease costs(c)		0.5			—			—			—		—		0.5
Non-cash charges		(0.5	)		—			—			—		—		(0.5	)
Costs paid		(3.4	)		(5.3	)		(9.1	)		—		—		(17.8	)
Balance, March 31, 2026	$	5.5		$	6.7		$	19.9		$	0.6	$	—	$	32.7

(a)

Balances related to the United States were $0.6 and $4.1 as of December 31, 2025 and March 31, 2026, respectively.

(b)

Balances related to France were $3.1 and $4.4 as of December 31, 2025 and March 31, 2026, respectively. Balances related to Italy were $0.6 as of both December 31, 2025 and March 31, 2026.

(c)

Liabilities related to exited leased facilities are recorded within our short-term and long-term operating lease liabilities within our Consolidated Balance Sheets.

(7) Income Taxes

We recorded income tax expense at an effective rate of 83.8% for the three months ended March 31, 2026, as compared to an effective rate of 66.8% for the three months ended March 31, 2025. The 2026 rate as compared to the 2025 rate was unfavorably impacted by the overall mix of earnings in the quarter. The 83.8% effective tax rate for the three months ended March 31, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, restructuring charges, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.

We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $41.1 as of March 31, 2026. If recognized, the entire amount would favorably affect the effective tax rate except for $9.9. As of December 31, 2025, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $41.4.

We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2019 through 2026 for our major operations in France, Italy, the United Kingdom and the United States. As of March 31, 2026, we were subject to tax audits in Germany, India, Israel, Mexico, Spain and the United States.

(8) Net Earnings Per Share

The calculations of net earnings per share - basic and net earnings per share - diluted were as follows:


	Three Months Ended
	March 31,
	2026		2025
Net earnings available to common shareholders	$	2.5	$	5.6
Weighted-average common shares outstanding (in millions)
Weighted-average common shares outstanding - basic		46.7		46.8
Effect of dilutive securities - share-based awards		0.4		0.5
Weighted-average common shares outstanding - diluted		47.1		47.3
Net earnings per share - basic	$	0.05	$	0.12
Net earnings per share - diluted	$	0.05	$	0.12

There were 0.6 million and 0.7 million share-based awards excluded from the calculation of net earnings per share - diluted for the three months ended March 31, 2026 and 2025, respectively, because their impact was anti-dilutive.

      PART 1

    

(9) Goodwill and Other Intangible Assets

We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:


	March 31, 2026						December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(a)	$	1,539.4	$	—	$	1,539.4	$	1,544.6	$	—	$	1,544.6
Intangible assets:
Finite-lived:
Customer relationships	$	830.6	$	560.6	$	270.0	$	833.2	$	556.1	$	277.1
Other		25.3		23.1		2.2		25.3		23.0		2.3
		855.9		583.7		272.2		858.5		579.1		279.4
Indefinite-lived:
Tradenames(b)		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights(c)		98.7		—		98.7		98.7		—		98.7
		150.7		—		150.7		150.7		—		150.7
Total intangible assets	$	1,006.6	$	583.7	$	422.9	$	1,009.2	$	579.1	$	430.1

(a)

Balances were net of accumulated impairment loss of $807.4 as of both March 31, 2026 and December 31, 2025.

(b)

Balances were net of accumulated impairment loss of $139.5 as of both March 31, 2026 and December 31, 2025.

(c)

Balances were net of accumulated impairment loss of $30.6 as of both March 31, 2026 and December 31, 2025.

Total consolidated amortization expense related to intangible assets for the remainder of 2026 is expected to be $20.9 and in each of the next five years as follows: 2027 - $27.1, 2028 - $27.1, 2029 - $26.7, 2030 - $26.3 and 2031 - $26.2.

Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:


	Americas(a)			Southern Europe(b)			Northern Europe			APME			Corporate(c)		Total
Balance, December 31, 2025	$	1,050.4		$	139.9		$	164.7		$	64.1		$	125.5	$	1,544.6
Currency impact		(0.7	)		(1.8	)		(2.1	)		(0.6	)		—		(5.2	)
Balance, March 31, 2026	$	1,049.7		$	138.1		$	162.6		$	63.5		$	125.5	$	1,539.4

(a)

Balances related to the United States were $1,007.2 as of both December 31, 2025 and March 31, 2026.

(b)

Balances related to France were $80.5 and $79.2 as of December 31, 2025 and March 31, 2026, respectively. Balances related to Italy were $4.0 as of both December 31, 2025 and March 31, 2026.

(c)

The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. Right Management is allocated to the reporting units of the countries in which Right Management operates. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balances to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing.

      PART 1

    

(10) Retirement Plans

The components of the net periodic benefit cost (credit) for our retirement plans were as follows:


	Three Months Ended March 31,
	Defined Benefit Pension Plans						Retiree Health Care Plan
	2026			2025			2026			2025
Service cost	$	3.6		$	3.6		$	-		$	-
Interest cost		5.7			4.7			0.1			0.1
Expected return on assets		(5.3	)		(4.8	)		-			-
Net (gain) loss		(0.2	)		0.1			-			-
Prior service cost (credit)		0.1			0.1			(0.2	)		(0.2	)
Total benefit cost (credit)	$	3.9		$	3.7		$	(0.1	)	$	(0.1	)

During the three months ended March 31, 2026 and 2025, contributions made to our pension plans were $4.5 and $5.5, respectively, and contributions made to our retiree health care plan were $0.3 for both periods. During 2026, we expect to make total contributions of approximately $20.0 to our pension plans and to fund our retiree health care payments as incurred.

(11) Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:


	March 31,			December 31,
	2026			2025
Foreign currency translation	$	(263.9	)	$	(249.7	)
Translation loss on long-term intercompany loans, net of income taxes of $19.2 on both dates		(133.7	)		(133.6	)
Loss on derivative instruments, net of income tax benefit of $(16.4) and $(21.4), respectively		(39.2	)		(53.9	)
Gain on interest rate swap, net of income taxes of $0.1 on both dates		0.4			0.5
Defined benefit pension plans, net of income tax benefit of $(16.3) and $(16.4), respectively		23.8			24.0
Retiree health care plan, net of income taxes of $1.8 on both dates		0.5			0.6
Accumulated other comprehensive loss	$	(412.1	)	$	(412.1	)

Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses, net in our Consolidated Statements of Operations. We recorded income of $0.2 and an expense of $0.3 during the three months ended March 31, 2026 and 2025, respectively.

The Board of Directors declared a semi-annual dividend of $0.72 per share on May 8, 2026 and May 2, 2025. The 2026 dividends are payable on June 15, 2026 to shareholders of record as of June 1, 2026. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025.

In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2026, we did not repurchase any shares under the 2023 authorization. During the three months ended March 31, 2025, we repurchased 0.4 million shares under the 2023 authorization at a cost of $25.0. As of March 31, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

(12) Interest and Other Expenses, Net

Interest and other expenses, net consisted of the following:


	Three Months Ended
	March 31,
	2026			2025
Interest expense	$	25.7		$	22.5
Interest income		(6.1	)		(6.9	)
Foreign exchange loss		0.6			0.9
Miscellaneous income, net		(7.3	)		(5.0	)
Interest and other expenses, net	$	12.9		$	11.5

      PART 1

    

(13) Derivative Financial Instruments and Fair Value Measurements

Derivative Financial Instruments

We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed using derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into cross-currency swaps and foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings.

Net Investment Hedges

We use cross currency swaps, forward contracts and a portion of our foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in certain of our foreign subsidiaries. For derivative instruments that are designated and qualify as hedges of our net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in foreign currency translation, a component of accumulated other comprehensive loss (“AOCL”), to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is also recorded in foreign currency translation.

The €400.0 ($460.9) notes due June 2027 and the €500.0 ($573.4) notes due December 2030 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of March 31, 2026.

On September 10, 2025, we de-designated our previous cross-currency swap and entered into a new agreement under which we pay fixed-rate Swiss franc (“CHF”) and receive fixed-rate United States dollar (“USD”) payments. The new swap, designated as a net investment hedge of our foreign subsidiary with a CHF functional currency, includes modified terms such as a reset of the USD fixed rate and an extension of maturity. The notional amount of the swap is $413.8 and consists of three tranches, each representing one-third of the total notional amount, with staggered maturities on September 10, 2026, September 10, 2027 and September 11, 2028. The swap contains a significant financing component. Accordingly, future cash settlements related to the swap will be classified within financing activities in the Consolidated Statements of Cash Flows.

The new swap was designated as a net investment hedge under the spot method. At the time of de-designation, the total mark-to-market loss on the original swap was $99.6, of which $82.2 was related to currency effects and was recorded in foreign currency translation within AOCL. The remaining $17.4 represents the excluded component, which is being amortized into interest expense over the life of the new swap.

The effect of our net investment hedges on AOCL for the three months ended March 31, 2026 and 2025 was as follows:


	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended March 31,
Instrument	2026		2025
Euro Notes	$	16.9	$	(41.8	)
Cross-currency swaps		1.4		(10.5	)

Cash Flow Hedges

We use forward currency exchange contracts to hedge the changes in cash flows of certain operational expenses denominated in foreign currency due to changes in foreign currency exchange rates. The changes in fair value of the forward currency exchange contracts derivatives are recorded in AOCL and reclassified into earnings when the underlying operating expense is recognized in earnings.

ManpowerGroup Inc. 10-Q