ManpowerGroup Inc.

Second-quarter reported revenue was $4.9 billion, up 6% constant currency; system-wide revenue was $5.3 billion. Adjusted EBITDA was $103 million, with a 2.1% margin, up 10 bps year over year. Gross margin was 16.1%, and adjusted EPS was $0.99 versus reported EPS of $1.13. By segment, Manpower revenue grew 8% constant currency, Experis declined 2%, and Talent Solutions was flat. For Q3 2026, management guided EPS to $0.96-$1.06, organic days-adjusted constant-currency revenue growth to 6% at the midpoint, gross profit margin to 16% at the midpoint, and EBITDA margin up 10 bps year over year at the midpoint.

Jonas Prising framed the quarter as evidence that the company is executing well against improving demand, with stronger commercial performance and better operating leverage. He said Manpower has moved from stabilization into recovery, while Experis, Talent Solutions, and Perm are still described as stabilizing but improving. He also emphasized portfolio optimization, disciplined pricing, and the $200 million transformation program as key levers for durable, profitable growth.

Jack McGinnis highlighted that reported revenue was $4.9 billion, system-wide revenue was $5.3 billion, adjusted EBITDA was $103 million, and adjusted EPS was $0.99. He said gross profit margin was 16.1%, staffing margin improved sequentially, SG&A as adjusted was down 1% in constant currency, and free cash flow was an outflow of $9 million versus an outflow of $207 million a year ago. He also noted cash of $181 million, total debt of $1.04 billion, net debt of $863 million, and reiterated restructuring and transformation costs of about $10 million-$15 million per quarter through year-end.

Analysts focused on whether the quarter’s improvement reflected real recovery or company-specific share gains, and management said it was both: better market demand plus better targeting, especially in high-growth verticals and geographies. Questions also probed gross margin, with Jack saying staffing margin was stable despite mix pressure and the Jefferson Wells divestiture, and that Perm is now flat and should run around 15.5%-16.5% of gross profit in more stable conditions. On AI, Becky said time-to-fill is down 67% in early use, the screening/interview tools are scaling toward 70% of revenue by year-end, and the company is seeing early traction from partnerships such as SoundHound AI and IBM watsonx.