ManpowerGroup has reported organic revenue growth for the second consecutive quarter, driven by a 4.3% increase in the Americas and a 3.8% rise in Southern Europe. Total revenue stabilized at $5.2 billion in Q4 2025, up 2.1% year-over-year on a constant-currency basis. This top-line improvement reflects renewed client demand in staffing services, particularly in technology and healthcare sectors, signaling a slow but steady recovery in core markets.

While the Americas and Southern Europe outperformed expectations, ManpowerGroup’s operations in Northern Europe remain under pressure. Germany, the largest Northern European market, saw organic revenue decline by 2.5% for the quarter, reflecting ongoing economic softness and client budget constraints. The U.K. delivered flat revenue growth, and France posted a modest 0.8% gain, underscoring the uneven pace of recovery across Europe.

Persistent margin erosion continues to cloud ManpowerGroup’s earnings outlook. Gross margin contracted by 120 basis points to 18.6%, driven by a shift toward lower-margin enterprise clients and increased wage costs. Operating margin fell to 3.9%, down from 5.2% in the prior year period, as higher overhead and investment in digital platforms weighed on profitability. Management forecasts full-year operating margin near the 4.0% level, highlighting the difficulty of restoring pre-pandemic margin profiles.

Following Q4 results that surpassed consensus estimates, ManpowerGroup’s stock has risen by 9.1%. The company outperformed revenue and earnings forecasts by 120 basis points and $0.07 per share, respectively, prompting upward revisions to full-year guidance. Momentum investors point to strong Zacks Style Scores for growth and momentum, suggesting that the combination of stabilized top-line trends and an improving macro backdrop could support further share gains over the next 12 months.