(14) Segment Data

Effective January 1, 2025, our segment reporting was realigned to break out our Morocco business from France. Accordingly, France is now adjusted to exclude Morocco. All previously reported results have been recast to conform to the current year presentation.

Our chief operating decision maker ("CODM") is our Chief Executive Officer, who evaluates the performance of our operating segments using operating unit profit ("OUP"). OUP serves as the measure of profitability for monitoring actual results against budgeted expectations as well as investment and resource allocation among our segments. In addition, the CODM utilizes OUP in conducting competitive analysis, benchmarking our performance against that of our competitors and determining compensation.

We are organized and managed primarily on a geographic basis. Each country and business unit generally has its own distinct management team, providing services under our global brands and maintains its own financial reports. Each operation reports directly or indirectly through a regional manager to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; and APME.

The segments derive a majority of their revenues from our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services, outplacement services, talent management services and other services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales.

Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts.


Year Ended December 31, 2025	Revenue			Cost of Services			Selling and Administrative Expenses			OUP
Americas:
United States(a)	$	2,735.4		$	2,039.5		$	629.9		$	66.0
Other Americas		1,613.4			1,368.0			174.5			70.9
		4,348.8			3,407.5			804.4			136.9
Southern Europe:
France		4,459.4			3,831.8			517.7			109.9
Italy		1,822.1			1,533.3			173.0			115.8
Other Southern Europe		2,154.8			1,871.2			248.7			34.9
		8,436.3			7,236.3			939.4			260.6
Northern Europe		3,161.1			2,639.2			565.2			(43.3	)
APME		2,041.9			1,701.4			239.9			100.6
Total Segments		17,988.1			14,984.4			2,548.9			454.8
Intercompany Eliminations		(31.0	)		(24.9	)		(6.1	)		—
	$	17,957.1		$	14,959.5		$	2,542.8		$	454.8
Reconciliation of operating unit profit (segment OUP)
Corporate expenses										$	(184.7	)
Impairment charges(b)											(88.7	)
Intangible asset amortization expense(c)											(31.3	)
Operating profit											150.1
Interest and other expenses, net										$	(56.7	)
Earnings before income taxes										$	93.4

(a)

The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $10.1 for 2025.

(b)

Impairment charges for the year ended December 31, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite-lived intangible asset in our Switzerland business.

(c)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.


Year Ended December 31, 2025	Total Assets		Long-lived Assets(a)		Depreciation and Amortization Expense

Americas:
United States	$	2,973.4	$	76.4	$	9.2
Other Americas		547.6		15.0		2.4
		3,521.0		91.4		11.6
Southern Europe:
France		2,236.5		180.5		15.5
Italy		555.2		50.1		2.1
Other Southern Europe		893.3		50.2		4.4
		3,685.0		280.8		22.0
Northern Europe		443.9		117.2		11.8
APME		668.2		55.4		5.8
Corporate(b)		842.0		10.4		3.5
Intangible asset amortization expense(c)		—		—		31.3
	$	9,160.1	$	555.2	$	86.0

(a)

Long-lived assets consist of net property and equipment, net capitalized software and right-of-use assets.

(b)

Corporate assets include assets that were not used in the operations of any segment. The most significant assets were purchased intangibles and cash, including the proceeds from the €500.0 Euro notes issued in December 2025.

(c)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.


Year Ended December 31, 2024	Revenue			Cost of Services			Selling and Administrative Expenses			OUP
Americas:
United States(a)	$	2,766.6		$	2,032.3		$	656.6		$	77.7
Other Americas		1,458.3			1,220.4			174.0			63.9
		4,224.9			3,252.7			830.6			141.6
Southern Europe:(b)
France		4,531.5			3,873.8			508.2			149.5
Italy		1,677.0			1,398.1			165.8			113.1
Other Southern Europe		2,009.8			1,745.7			222.6			41.5
		8,218.3			7,017.6			896.6			304.1
Northern Europe		3,304.3			2,728.0			620.9			(44.6	)
APME		2,161.3			1,820.1			257.5			83.7
Total Segments		17,908.8			14,818.4			2,605.6			484.8
Intercompany Eliminations		(54.9	)		(51.3	)		(3.6	)		—
	$	17,853.9		$	14,767.1		$	2,602.0		$	484.8
Reconciliation of operating unit profit (segment OUP)
Corporate expenses										$	(146.1	)
Intangible asset amortization expense(c)											(32.7	)
Operating profit											306.0
Interest and other expenses, net											(49.2	)
Earnings before income taxes										$	256.8

(a)

The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $10.7 for 2024.

(b)

Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco. All previously reported results have been recast to conform to the current year presentation.

(c)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.


Year Ended December 31, 2024	Total Assets		Long-lived Assets(a)		Depreciation and Amortization Expense

Americas:
United States	$	2,902.4	$	77.7	$	9.7
Other Americas		465.3		13.3		2.6
		3,367.7		91.0		12.3
Southern Europe:(b)
France		2,021.2		171.8		15.2
Italy		479.3		45.6		2.0
Other Southern Europe		790.9		45.5		3.9
		3,291.4		262.9		21.1
Northern Europe		597.7		115.1		10.9
APME		615.0		39.7		5.5
Corporate(c)		329.2		7.5		4.1
Intangible asset amortization expense(d)		—		—		32.7
	$	8,201.0	$	516.2	$	86.6

(a)

Long-lived assets consist of net property and equipment, net capitalized software and right-of-use assets.

(b)

Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco's total assets.

(c)

Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash.

(d)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.


Year Ended December 31, 2023	Revenue			Cost of Services			Selling and Administrative Expenses		OUP
Americas:(a)
United States	$	2,866.2		$	2,081.6		$	690.2	$	94.4
Other Americas		1,548.6			1,294.5			182.9		71.2
		4,414.8			3,376.1			873.1		165.6
Southern Europe:(b)
France		4,790.1			4,076.7			526.6		186.8
Italy		1,708.8			1,418.4			165.7		124.7
Other Southern Europe		2,016.4			1,731.8			238.4		46.2
		8,515.3			7,226.9			930.7		357.7
Northern Europe		3,748.0			3,099.0			765.7		(116.7	)
APME		2,322.3			1,940.2			289.5		92.6
Total Segments		19,000.4			15,642.2			2,859.0		499.2
Intercompany Eliminations		(85.9	)		(85.9	)		—		—
	$	18,914.5		$	15,556.3		$	2,859.0	$	499.2
Reconciliation of operating unit profit (segment OUP)
Corporate expenses									$	(153.7	)
Goodwill impairment charges										(55.1	)
Intangible asset amortization expense(c)										(34.6	)
Operating profit										255.8
Interest and other expenses, net										(49.9	)
Earnings before income taxes									$	205.9

(a)

The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $11.9 for 2023.

(b)

(c)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.


Year Ended December 31, 2023	Total Assets		Long-lived Assets(a)		Depreciation and Amortization Expense

Americas:
United States	$	3,050.4	$	87.9	$	9.5
Other Americas		437.8		16.5		2.2
		3,488.2		104.4		11.7
Southern Europe:(b)
France		2,222.4		182.9		12.7
Italy		487.0		50.6		2.2
Other Southern Europe		831.6		55.9		4.4
		3,541.0		289.4		19.3
Northern Europe		586.3		138.0		13.9
APME		719.1		46.1		6.3
Corporate(c)		495.6		10.7		2.8
Intangible asset amortization expense(d)		—		—		34.6
	$	8,830.2	$	588.6	$	88.6

(a)

Long-lived assets consist of net property and equipment, net capitalized software and right-of-use assets.

(b)

Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco's total assets.

(c)

Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash.

(d)

Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.

Historical Timeline

Fiscal Year	Filed
2025	Feb 23, 2026	Showing above
2024	Feb 19, 2025

2023	Feb 16, 2024

2022	Feb 17, 2023

2021	Feb 18, 2022

2020	Feb 19, 2021

2019	Feb 21, 2020

2018	Feb 22, 2019

2017	Feb 23, 2018

2016	Feb 21, 2017

2015	Feb 22, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

ManpowerGroup Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures