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ManpowerGroup cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$16.8M in Q3 2026 · $7.4M over twelve months

Operating cash flow−$8.0M
Capital spending−$8.8M
Free cash flow−$16.8M
Cash / net income-0.2×

Analysis

In Q3 2026, ManpowerGroup generated −$8.0M of operating cash flow and spent $8.8M on capital projects, leaving free cash flow of −$16.8M. That is $61.5M less than in Q3 2025 ($44.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $41.9M; the largest uses were dividends ($66.9M), net borrowing (+) / repaid (−) ($46.0M), capital spending ($34.5M); besides operations, cash came from other investing ($87.5M), asset & business sales ($1.8M); the cash balance fell by $41.5M.

Operating cash flow was −$8.0M against net income of $34.1M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$166M, receivables +$85.6M, depreciation & amortization +$20.4M.

Free cash flow

ManpowerGroup: free cash flow by quarterManpowerGroup: free cash flow by quarter$236MQ4 2024−$167MQ1 2025−$207MQ2 2025$44.7MQ3 2025$168MQ4 2025−$135MQ1 2026−$8.5MQ2 2026−$16.8MQ3 2026
Operating cash flow less capital spending.
ManpowerGroup: operating cash flow against capital spendingManpowerGroup: operating cash flow against capital spendingOperating cash flowCapital spending$248M$11.3MQ4 2024−$153M$13.7MQ1 2025−$190M$17.6MQ2 2025$59.8M$15.1MQ3 2025$179M$10.9MQ4 2025−$126M$9.0MQ1 2026−$2.7M$5.8MQ2 2026−$8.0M$8.8MQ3 2026
Latest (Q3 2026): Operating cash flow −$8.0M, Capital spending $8.8M.

Capital allocation, year by year

ManpowerGroup: where the cash came from (up) and went (down), by fiscal yearManpowerGroup: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $645MFY2021: Net borrowing −$4.7MFY2021: Shares issued $5.1MFY2021: Asset sales $1.6MFY2021: Capital spending −$64.2MFY2021: Acquisitions −$924MFY2021: Buybacks −$210MFY2021: Dividends −$137M$652MFY2021FY2022: Operating cash flow $423MFY2022: Net borrowing $16.3MFY2022: Shares issued $300KFY2022: Asset sales $6.7MFY2022: Capital spending −$75.6MFY2022: Acquisitions −$16.4MFY2022: Buybacks −$270MFY2022: Dividends −$140M$447MFY2022FY2023: Operating cash flow $348MFY2023: Net borrowing −$16.2MFY2023: Shares issued $1.8MFY2023: Asset sales $4.1MFY2023: Capital spending −$78.2MFY2023: Buybacks −$180MFY2023: Dividends −$144M$354MFY2023FY2024: Operating cash flow $309MFY2024: Net borrowing $3.7MFY2024: Shares issued $800KFY2024: Asset sales $2.4MFY2024: Capital spending −$51.1MFY2024: Acquisitions −$4.9MFY2024: Buybacks −$140MFY2024: Dividends −$146M$316MFY2024FY2025: Operating cash flow −$104MFY2025: Net borrowing $600MFY2025: Asset sales $1.2MFY2025: Capital spending −$57.3MFY2025: Acquisitions −$1.0MFY2025: Buybacks −$38.2MFY2025: Dividends −$66.7M$602MFY2025
Over these 5 years operating cash flow totalled $1.6B; the largest uses were acquisitions ($947M) and buybacks ($838M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$233M
Debt$1.7B
Net debt$1.4B
Due within a year$468M
Cash runway3.5 years

ManpowerGroup is burning cash: its operations consume cash, a free cash flow of −$67.2M a year at the current rate against $233M of cash and investments: a runway of about 3.5 years; $468M of debt also comes due within a year, which would need refinancing or new money before any new financing.

ManpowerGroup: debt maturities by year (FY2025)ManpowerGroup: debt maturities by year (FY2025)$468MYear 1$584MYear 4
Principal due in each year as disclosed in the annual report, against $233M of cash and investments now.

Where the cash came from and went

ManpowerGroup: sources (+) and uses (−) of cash, Q3 2026ManpowerGroup: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$52.5MOther financing$50.0MNet borrowing (+) / repaid (−)$18.2MCapital spending−$8.8MOperating cash flow−$8.0MAsset & business sales$700KExchange rates$400K
ManpowerGroup: sources (+) and uses (−) of cash, TTM to Q3 2026ManpowerGroup: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$87.5MDividends−$66.9MNet borrowing (+) / repaid (−)−$46.0MOperating cash flow$41.9MCash drawn (+) / kept (−)$41.5MCapital spending−$34.5MOther financing−$29.4MExchange rates$4.4MAsset & business sales$1.8MBuybacks−$300K

From profit to cash

ManpowerGroup: net income to operating cash flow, Q3 2026ManpowerGroup: net income to operating cash flow, Q3 2026Net income$34.1MDepreciation & amortization$20.4MStock-based pay$7.3MDeferred taxes−$2.2MReceivables$85.6MPayables−$166MPrepaid and other assets$17.2MOther liabilities−$9.9MOperating cash flow−$8.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$8.0M−$8.8M———$18.2M−$52.5M−$16.8M
Q2 2026−$2.7M−$5.8M———−$41.2M$44.3M−$8.5M
Q1 2026−$126M−$9.0M—−$300K—−$558M$646M−$135M
Q4 2025$179M−$10.9M——−$33.4M$535M−$596M$168M
Q3 2025$59.8M−$15.1M———−$1.5M$15.2M$44.7M
Q2 2025−$190M−$17.6M—−$13.2M—$16.2M$105M−$207M
Q1 2025−$153M−$13.7M−$1.0M−$25.0M—$50.6M$114M−$167M
Q4 2024$248M−$11.3M—−$34.0M−$72.3M$2.8M−$98.5M$236M

ManpowerGroup: income statement and cash flow

ManpowerGroup, Q3 2026: revenue $4.8B (+4% year over year), operating margin 1.7%. The chart follows the revenue to costs, profit and cash.

ManpowerGroup: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.