ManpowerGroup 10-Q: Q3 EPS $0.71, Cash Falls to $233M After €500M Note Redemption
MAN sits 84% above its 52-week low of $25.15.
Summary
ManpowerGroup's Q3 10-Q confirms the already-reported $0.71 EPS and $4.84B revenue, and adds detail on a $638M cash decline driven by the January redemption of €500M notes, plus an unresolved JFTC investigation in Japan.
Key Events · Earnings and Guidance · MAN
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Q3 Earnings Confirmed in Full Filing
Revenue $4,840.0M, net earnings $34.1M and diluted EPS $0.71 versus $18.0M and $0.38 a year ago; nine-month EPS $1.89 against a $0.93 loss.
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Cash Drops $638M on Note Redemption
Cash and equivalents fell to $233.1M from $871.0M at December 31, 2025, after redeeming the €500.0M notes in January 2026; total debt is now $1,103.4M versus $1,677.1M.
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Operating Cash Burn of $137M
Nine-month operating cash use was $137.0M, driven by a $255.8M payables outflow; DSO rose four days to 59.
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Covenant Headroom Intact
Net Debt-to-EBITDA of 2.59 to 1 against a 3.5 to 1 limit, with $549.6M available on the revolver and $140.0M on the working capital facility.
Analysis · MAN · Trade & Services
The headline numbers were already out on October 15, but the full 10-Q fills in what the press release did not. Cash dropped to $233.1M from $871.0M at year-end after redeeming the €500.0M notes in January, and nine-month operations burned $137.0M of cash as payables unwound. Debt is down to $1,103.4M and the leverage covenant sits at 2.59x against a 3.5x limit, so liquidity is not stretched. Still, the thinner cash cushion and a 59-day DSO are the things to weigh against the improving profit trend. The annual goodwill test cleared for every unit except Switzerland, where $32.4M of goodwill sits after last year's write-down, and the Japanese Fair Trade Commission probe remains unresolved with no estimate of impact.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.5% of the 1545 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MAN was trading at $46.30 on NYSE in the Trade & Services sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $25.15 to $63.88. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.