Fourth Quarter Revenue Growth and System-Wide Size
Reported Q4 revenue was $4.7 billion, representing organic constant currency growth of 2%; system-wide revenue (including franchise) was $5.1 billion.
Sequential Improvement in Demand Indicators
Company noted sequential improvement across key markets (US, France), with Manpower brand growing 5% in the quarter (improved from 3%) and six consecutive quarters of growth in the US Manpower brand.
Adjusted EPS Above Guidance
Adjusted EPS for the quarter was $0.92, $0.09 above the guidance midpoint; reported EPS was $0.64.
SG&A Discipline and Cost Reduction
Adjusted SG&A declined 4% on a constant currency basis (3% organic constant currency decline), reflecting structural cost reductions and tighter discretionary spend; adjusted SG&A represented 14.4% of revenue in Q4.
Profitability Improvements in Key Regions
Northern Europe delivered positive operating profit for the first time in five quarters; Italy outperformed with Q4 revenue up 7% (days adjusted) and an OUP margin of 6.7%.
AI and Technology Momentum
PowerSuite now covers ~90% of the business; front-office adoption ~87%, back-office ~75%. AI recruiter toolkit scaled to 12+ markets and drove a 7% increase in placement rates; SoFi.ai pilots show workforce insights 10x faster and 99% accurate.
Strong Finish to Q4 Cash Flow
Q4 free cash flow was a positive $168 million, contributing to a stronger year-end liquidity picture despite a full-year timing-related outflow.
Asia Pacific and Japan Strength
APME revenues increased 6% organic constant currency in Q4; Japan grew 7% (days adjusted) and the region set an all-time profitability record in 2025.
Brand-Level Stabilization
Experis and Talent Solutions both showed sequential improvement versus Q3: Experis revenue decline narrowed to -6% (from -7%), Talent Solutions decline narrowed to -4% (from -8%).
Prudent Balance Sheet Management
Net debt at year-end was $806 million with adjusted gross debt / TTM adjusted EBITDA of 2.7x and total debt / capitalization of 35%; successful refinancing of €500M note completed.