The GAAP miss is largely due to $0.30 in one-time charges, but the revenue miss and flat gross margin suggest underlying demand softness. Q4 guidance midpoint of $1.08 is slightly below consensus $1.09, indicating management expects only modest improvement. Watch for the CEO transition and whether the transformation program delivers the $200M cost savings target by 2028.
Price Chart
Executive Summary
ManpowerGroup reported Q3 2026 GAAP EPS of $0.71, well below the adjusted $1.01 consensus, and revenue of $4.84B missed the $4.93B estimate. Revenue grew 4.4% YoY but gross profit declined 0.2%, and the company guided Q4 EPS to $1.03-$1.13, implying a sequential improvement. The miss was driven by $0.30 in restructuring and transformation costs, but the underlying operational trends (Manpower brand strength, U.S. Experis returning to growth) were positive.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP EPS $0.71 vs consensus $1.07 (miss of 33.6%)
- Adjusted EPS $1.01, in line with consensus of $1.01
- Revenue $4.84B vs consensus $4.93B (miss of 1.8%)
- Revenue grew 4.4% YoY (5.2% constant currency), gross profit declined 0.2% YoY
- Operating profit rose 23.7% YoY to $82.3M, driven by SG&A cost reductions
- Q4 2026 guidance: EPS $1.03-$1.13 (midpoint $1.08 vs consensus $1.09)
- CEO succession announced: Becky Frankiewicz to become CEO Jan 1, 2027
Financial Impact
GAAP EPS of $0.71 missed consensus by $0.36 (33.6%), revenue missed by ~$90M (1.8%)
Risk Factors
- Revenue growth decelerating (8% in Q2 vs 4.4% in Q3)
- Gross margin compression (-70 bps YoY) despite cost cuts
- France revenue declining 3.5% YoY, a key market
- CEO transition adds execution risk in 2027
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-422291 |
| Document: man-20261015.htm | 0001193125-26-422291 |
| Document: man-ex99_2.htm | 0001193125-26-422291 |
| Document: 0001193125-26-422291-index-headers.html | 0001193125-26-422291 |
| Document: 0001193125-26-422291-index.html | 0001193125-26-422291 |
| Document: 0001193125-26-422291.txt | 0001193125-26-422291 |
| 8-K Data (Synthetic) | 0001193125-26-422291 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $43.74 $46.60 | ▼ −6.54% | ▼ −7.55% | $46.18 (−5.58%) |
Oct 15, 2026 11d ago | 8-K | $43.74 $46.60 | ▲ +6.54% | ▲ +7.55% | $46.18 (+5.58%) |
Oct 1, 2026 25d ago | Press Release | $56.28 $54.36 | ▼ −3.41% | ▼ −4.71% | $46.18 (−17.95%) |
Aug 11, 2026 10w ago | 8-K | $56.24 $59.48 | ▲ +5.76% | ▲ +6.16% | $46.18 (−17.89%) |
Aug 7, 2026 11w ago | Institutional Cluster | $56.60 $58.30 | ▼ −3.00% | ▼ −2.61% | $46.18 (+18.41%) |
Jul 16, 2026 14w ago | 8-K | $51.65 $49.95 | ▲ +3.29% | ▲ +1.62% | $46.18 (+10.59%) |
Jun 11, 2026 19w ago | Institutional Cluster | $34.00 $34.29 | ▲ +0.85% | ▲ +0.42% | $46.18 (+35.82%) |
Apr 16, 2026 27w ago | 8-K | $31.00 $29.26 | ▲ +5.61% | ▲ +6.60% | $46.18 (−48.97%) |
Mar 23, 2026 31w ago | DEFA14A | $27.87 $29.46 | ▲ +5.71% | ▲ +6.13% | $46.18 (+65.70%) |
US Market Status
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