Adecco Group AG (XSWX:ADEN) Operating Income: CHF517 Mil (TTM As of Mar. 2026)

What is Adecco Group AG Operating Income?

Adecco Group AG XSWX:ADEN +2.34% 61 Operating Income is CHF517 Mil as of Mar. 2026. GuruFocus rates XSWX:ADEN with a GF Score™ of 61/100 and a GF Value™ of CHF25.83 (Significantly Undervalued). The stock has 3 warning signs investors should review.

Adecco Group AG's Operating Income for the three months ended in Mar. 2026 was CHF97 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF517 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Adecco Group AG's Operating Income for the three months ended in Mar. 2026 was CHF97 Mil. Adecco Group AG's Revenue for the three months ended in Mar. 2026 was CHF5,150 Mil. Therefore, Adecco Group AG's Operating Margin % for the quarter that ended in Mar. 2026 was 1.89%.

Warning Sign:

Adecco Group AG operating margin has been in a 5-year decline. The average rate of decline per year is -4.5%.

Adecco Group AG's 5-Year average Growth Rate for Operating Margin % was -4.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Adecco Group AG's annualized ROC % for the quarter that ended in Mar. 2026 was 3.28%. Adecco Group AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 40.96%.

Adecco Group AG (XSWX:ADEN) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Adecco Group AG's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	389.556 * ( 1 - 38.94% )	/	( (7953.136	+	6558.71)	/ 2 )
=	237.8628936	/	7255.923
=	3.28 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	10969.972	-	2773.287	-	( 362.058	-	max(0, 4492.127	-	4735.676	+	362.058	))
=	7953.136

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	10941.195	-	4105.792	-	( 276.693	-	max(0, 4531.753	-	4808.446	+	276.693	))
=	6558.71

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Adecco Group AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	466.008	/	( ( (861.287 + max(167.031, 0))	+	(820.976 + max(425.961, 0)) )	/	2 )
=	466.008	/	( ( 1028.318	+	1246.937 )	/	2 )
=	466.008	/	1137.6275
=	40.96 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3921.047	+	0	+	452.571)	-	(2773.287	+	0	+	1433.3)
=	167.031

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3999.302	+	0	+	532.451)	-	(4105.792	+	0	+	-9.0949470177293E-13)
=	425.961

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Adecco Group AG's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	97.389	/	5149.761
	=	1.89 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Adecco Group AG Operating Income Related Terms

Adecco Group AG Operating Income Historical Data

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The historical data trend for Adecco Group AG's Operating Income can be seen below:

Adecco Group AG Operating Income Chart

Adecco Group AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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820.05

511.20

573.39

473.34

502.03

Adecco Group AG Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															85.02	103.17	143.90	172.63	97.39

61GF Score

Adecco Group AG XSWX:ADEN

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Adecco Group AG Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF517 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF517 Mil mean?

Adecco Group AG (XSWX:ADEN) has a Operating Income of CHF517 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Adecco Group AG and its competitors.

Is Adecco Group AG's Operating Income too high?

Adecco Group AG's current Operating Income is CHF517 Mil. Overall, Adecco Group AG has a GF Score™ of 61/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Adecco Group AG's Operating Income compare to KFY and RHI?

Adecco Group AG's Operating Income of CHF517 Mil can be compared against companies in the Business Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Business Services company?

A good Operating Income depends on the Business Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Adecco Group AG and its competitors. Adecco Group AG's current Operating Income is CHF517 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Adecco Group AG stock overvalued right now?

Based on GuruFocus' analysis, Adecco Group AG (XSWX:ADEN) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF25.83, compared to a current price of CHF16.15 — trading 37.5% below its estimated fair value. The current Operating Income is CHF517 Mil. Adecco Group AG's overall GF Score™ is 61/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Adecco Group AG (XSWX:ADEN), the current Operating Income is CHF517 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Adecco Group AG (XSWX:ADEN) Overvalued in 2026?

Based on GuruFocus' analysis, Adecco Group AG stock appears to be undervalued. The current stock price of CHF16.15 is trading 37.5% below its estimated GF Value™ of CHF25.83. GuruFocus considers Adecco Group AG to be Significantly Undervalued.

Key valuation signals for XSWX:ADEN:

Operating Income: CHF517 Mil
GF Value™: CHF25.83 vs. price of CHF16.15 (37.5% below fair value)
GF Score™: 61/100 with 3 warning signs

No single metric tells the full story. See the XSWX:ADEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Adecco Group AG Business Description

Industry Industrials Business Services

Comparable Companies XSWX:DKSH XSWX:OFN XAMS:RAND KFY TSE:2181 RHI HKSE:02225 TNET MAN NSP TSE:9744 TSE:2154 SHSE:600861 ASX:MMS TSE:215A BBSI KFRC TSE:2124 WAR:GPP SAU:1831

Other Exchanges AHEXY:USA AHEXF:USA 1ADEN:Italy ADENz:UK 0QNM:UK ADI1:Germany ADEN:Austria

Address Bellerivestrasse 30, Zurich, CHE, CH-8008

Website https://www.adeccogroup.com

Adecco Group provides human capital solutions. The majority of its revenue comes from flexible placement, but the company also offers permanent placement, career transition, outsourcing, and consulting services in engineering, digital, and IT. The company is organized into three business units—Adecco, Akkodis, and LHH—and operates in over 60 countries.

61GF Score

Get the complete analysis for XSWX:ADEN

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF16.15

Price

CHF25.83

GF Value

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