ManpowerGroup's Q2 Profit
ManpowerGroup Returns to Profit in Q2, Reversing Loss with $4.9 Billion Revenue
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Key Points
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Q2 services revenue totaled $4.869 billion, up 7.5% year over year (5.8% at constant currency).
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Earnings included a positive $0.14 per share impact from the Jefferson Wells U.S. sale, along with transformation costs, restructuring charges and a discontinued operations liquidation charge.
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Demand strength was concentrated across the US, Latin America, and the Asia-Pacific/Middle East region, with notable activity in Europe, including Italy, Spain, Poland and Norway.
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Experis and Talent Solutions revenue trends improved sequentially, supported by growing RPO demand and continued MSP growth.
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Market expectations for Q3 remain a GAAP EPS of $0.96–$1.06, with consensus estimates around $0.88 per share.
ManpowerGroup swung from a loss to a profit in the second quarter of 2026, posting net earnings of $53.5 million, or $1.13 per diluted share, according to GuruFocus. That marks a sharp reversal from a net loss of $1.44 per share in the same period last year.
Revenue rose about 8% year over year to $4.869 billion, topping analyst expectations of roughly $3.72 billion, ChartMill reported. The jump was partly driven by a one-time $88 million net cash gain from selling its Jefferson Wells U.S. business for $100 million.
Jefferson Wells Sale Adds Boost to Bottom Line
The sale of Jefferson Wells U.S. added $0.14 per share to earnings. That one-time gain helped push the headline number above analyst estimates of $0.99 per share, QuiverQuant noted. Strip out the sale impact along with restructuring charges, and adjusted earnings come in at $0.99 per share.
The company also recorded transformation costs and a discontinued operations liquidation charge during the quarter. These items offset some of the gains. Even so, the overall result was a clear win compared to last year's loss.
Demand Strength Spreads Across US, Latin America, and Asia
ManpowerGroup saw strong demand in the United States, Latin America, and the Asia-Pacific and Middle East region, according to GuruFocus. In Europe, Italy, Spain, Poland, and Norway all showed notable activity. The company's CEO credited the results to solid execution across its business lines.
Three main segments drove the results: Manpower, Experis, and Talent Solutions. Experis and Talent Solutions both improved from the prior quarter. Demand for recruitment process outsourcing, known as RPO, grew steadily. Managed service provider, or MSP, business also kept climbing.
Q3 Guidance Points to Continued Earnings Growth
ManpowerGroup expects third-quarter earnings per diluted share of $0.96 to $1.06, GuruFocus reported. That range sits above Wall Street's consensus estimate of $0.88 per share. The company flagged a potential $0.02 drag from currency swings and pegged its estimated tax rate at 44%.
Revenue growth at constant currency — meaning adjusted to remove exchange rate effects — came in at 5.8% for Q2. That underlying growth rate shows demand is real, not just a product of favorable currency moves. Investors appear to agree: shares surged after the results dropped, ChartMill noted.
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