Omnicom Group Inc.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
(Dollars in tables in millions, except per share amounts.)
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements, including statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In addition, from time to time, we or our representatives have made, or may make, forward-looking statements, orally or in writing. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management as well as assumptions made by, and information currently available to management. Forward-looking statements may be accompanied by words such as “aim”, “anticipate”, “believe”, “plan”, “could”, “should”, “would”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “will”, “possible”, “potential”, “predict”, “project” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of our control. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include:
•risks relating to the completed merger (the “Merger”) between us and The Interpublic Group of Companies, Inc. ("IPG"), including risks related to the integration of IPG’s business, such as, among others: uncertainties associated with retaining key management and other employees; potential disruptions to client, vendor, and business partner relationships; the risk that integration activities may be more time-consuming, complex, or costly than expected; the possibility that anticipated synergies, efficiencies, and other benefits of the Merger may not be realized, or may be realized more slowly than anticipated; and risks associated with managing a larger, more complex combined organization and effectively integrating systems, processes, operations, and cultures;
•adverse economic conditions, including geopolitical events, international hostilities, acts of terrorism, public health crises, inflation or stagflation, tariffs and other trade barriers, central bank interest rate policies in countries that comprise our major markets, labor and supply chain issues affecting the distribution of our clients’ products, or a disruption in the credit markets;
•international, national or local economic conditions that could adversely affect us or our clients;
•reductions in client spending, a slowdown in client payments or a deterioration or disruption in the credit markets;
•the ability to attract new clients and retain existing clients in the manner anticipated;
•changes in client marketing and communications services requirements;
•failure to manage potential conflicts of interest between or among clients;
•unanticipated changes related to competitive factors in the marketing and communications services industries;
•unanticipated changes to, or an inability to hire and retain, key personnel;
•currency exchange rate fluctuations;
•reliance on information technology systems and risks related to cybersecurity incidents;
•effective management of the risks, challenges and efficiencies presented by utilizing artificial intelligence, or AI, technologies and related partnerships in our business, and their use by our competitors;
•failure to adapt to technological developments;
•our liquidity, long-term financing needs, credit ratings and access to capital markets;
•changes in legislation or governmental regulations affecting us or our clients;
•losses on media purchases and production costs incurred on behalf of clients;
•risks associated with assumptions we make in connection with our acquisitions, critical accounting estimates and legal proceedings;
•Our international operations, which are subject to the risks of currency repatriation restrictions, social or political conditions and an evolving regulatory environment in high-growth markets and developing countries;
•risks related to our environmental, social and governance goals and initiatives, including impacts from regulators and other stakeholders, and the impact of factors outside of our control on such goals and initiatives;
•changes in tax rates, tax laws, regulations or interpretations, or adverse outcomes of tax audits or proceedings; and
•other business, financial, operational and legal risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission ("SEC").
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that may affect the Company’s business, including those described in Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 10-K"), and in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and in other documents filed from time to time with the Securities and Exchange Commission. Except as required under applicable law, we do not assume any obligation to update these forward-looking statements.
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EXECUTIVE SUMMARY
The unaudited consolidated financial statements and related notes to the unaudited consolidated financial statements, including our critical accounting estimates, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report, should be read in conjunction with our 2025 Form 10-K.
Merger with IPG
On November 26, 2025 (the "Closing Date"), Omnicom completed its Merger with IPG. Omnicom is the acquirer of IPG under U.S. generally accepted accounting principles ("U.S. GAAP"), and as a result, the consolidated financial statements of Omnicom for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of IPG. The results of operations of IPG are included in Omnicom’s consolidated financial statements only from the Closing Date forward. Accordingly, Omnicom’s results of operations, financial condition and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of IPG’s results from the Closing Date (see Note 5 to the consolidated financial statements).
Risks and Uncertainties
Global economic disruptions, including geopolitical events, international hostilities, acts of terrorism, public health crises, inflation or stagflation, tariffs and other trade barriers, central bank interest rate policies in our major markets, and labor or supply chain challenges, could contribute to economic uncertainty and volatility. The impact of these conditions on our business may vary by geographic market and service discipline. We monitor macroeconomic conditions, client revenue levels, and other relevant factors and may take actions to align our cost structure with changes in client demand and to manage working capital. However, there can be no assurance that such actions will be sufficient to mitigate the effects of adverse economic conditions, reductions in client spending, changes in client creditworthiness, or other developments.
Our Business
Omnicom is a strategic holding company that operates through global networks, connected capabilities and specialized agencies, which connect its comprehensive portfolio of companies to deliver marketing, sales, communications, and commerce services to many of the largest global companies. Our products and service offerings support client objectives across our primary focus areas: media, data, commerce, CRM, content, creativity and AI.
Omnicom’s agencies integrate data, creativity, and technology to deliver coordinated marketing, communications, and commerce solutions. All of our agencies are supported by our integrated technology platform: Omni, which includes Acxiom and Interact which were acquired from IPG and Flywheel Commerce Cloud, respectively, as well as privacy-focused identity and data management capabilities. These capabilities include the integration of emerging AI-based tools, such as generative AI, into planning, creative advertising, media, and analytics workflows.
Omnicom client teams collaborate and accelerate client-service innovation through two integral enterprise-wide solutions: the Global Growth Team (GGT) and our Client Success Leaders (CSLs). GGT ensures an integrated, enterprise-level view of client needs and innovative solutions across new business development. CSLs manage our agency’s capabilities, providing holistic, tailored solutions across our service lines for individual client strategies and key performance indicators (KPIs) to enable client success.
Our global networks include: Omnicom Advertising (OA), Omnicom Media (OM), the DAS Group of Companies (DAS), and the Communications Consultancy Network (CCN). OA includes our creative brands, BBDO, TBWA, and McCann, which we acquired from IPG, and the brands included within the Advertising Collective. OM includes OMD, PHD, Hearts & Sciences, as well as UM, Acxiom, Initiative and Mediahub, which we acquired from IPG. DAS includes Omnicom Precision Marketing and MRM, which we acquired from IPG and Omnicom Health, which includes IPG Health. CCN includes FleishmanHillard and Ketchum, as well as Golin and Weber Shandwick, which we acquired from IPG.
On a global, pan-regional, and local basis, our agencies provide a comprehensive range of services across our fundamental disciplines. Beginning in 2026, we realigned our disciplines as follows and as described below: Integrated Media, Advertising, Health, Public Relations, and Experiential & Other. The classification of certain services and prior period amounts have been reclassified to conform to the current period presentation.
Integrated Media includes strategic media planning and buying, performance media and audience-based solutions, as well as digital commerce and data and identity solutions. It also includes proprietary data, analytics, and precision marketing capabilities and automated content delivery solutions. Advertising includes creative, brand development, and integrated advertising services across digital and traditional channels, supporting clients' brand strategy and communications needs. Health includes specialized medical communications, market access strategy and other services to global health and pharmaceutical companies. Public Relations services include corporate communications, crisis management, public affairs, and media relations services. Experiential & Other includes experiential design and execution, live and digital events, and entertainment and sports marketing, as well as consulting, branding, and design services. It also includes field marketing, merchandising, custom communications and training, and other specialized marketing and support services.
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Our geographic markets include the Americas, which includes North America and Latin America, Europe, the Middle East and Africa (EMEA), and Asia-Pacific.
Our business model was built and continues to evolve around our clients. While our networks, connected capabilities and agencies operate under different names and frame their ideas in different disciplines, we organize our services around our clients. Our Omni platform integrates data and technology in support of the services provided by all of our disciplines. Our fundamental business principle is that our clients’ specific requirements are the central focus of how we structure our service offerings and allocate our resources. This client-centric business model requires that multiple agencies and disciplines within Omnicom collaborate in formal client networks, such as our CSLs and GGT, as well as informal virtual client networks, resulting in a client matrix organization structure. This collaboration allows us to execute our clients’ marketing requirements in a consistent and comprehensive manner. We use our client-centric approach to grow our business by expanding our service offerings to existing clients, moving into new markets and obtaining new clients. In addition, we pursue selective acquisitions of complementary companies with strong entrepreneurial management teams that could fill gaps in our service delivery to our existing clients.
Generative AI and agentic AI have, and we believe will continue to have, a significant impact on how we provide services to our clients and how we enhance the productivity of our people. As the marketing industry adjusts to the evolving AI landscape, we seek to leverage these technologies to better serve our clients and maintain our competitive advantage. In January 2026, we unveiled our next generation of Omni, our proprietary marketing intelligence platform. Omni integrates our connected capabilities, high-quality and comprehensive identity and data infrastructure, and cutting-edge AI into a single operating system that we believe will give our clients a unified foundation to connect strategy, execution, and performance across their entire marketing ecosystem.
As we continue to make investments in new technologies, we remain committed to responsible AI practices and collaboration to harness AI's potential, while evaluating related risks, such as ethical considerations, public perception and reputational concerns, intellectual property protection, regulatory compliance, privacy and data security concerns and our ability to effectively adopt this new emerging technology.
Our clients operate in virtually every sector of the global economy. For the twelve months ended March 31, 2026, our largest client accounted for 2.2% of our revenue, and our 100 largest clients, which represent many of the world’s major marketers, accounted for approximately 52.5% of our revenue. Our clients operate in virtually every sector of the global economy with no one industry representing more than 19% of our revenue for the three months ended March 31, 2026.
Although our revenue is generally balanced between the United States and international markets and we have a large and diverse client base, we are not immune to general economic downturns.
Global economic conditions and disruptions have a direct impact on our business and financial performance. Adverse global economic conditions and disruptions pose a risk that our clients may reduce, postpone or cancel spending on marketing and communications services, which would reduce the demand for our services. Revenue is typically lower in the first and third quarters and higher in the second and fourth quarters, reflecting client spending patterns during the year, as well as additional project work that usually occurs in the fourth quarter. Certain global events targeted by major marketers for advertising expenditures, such as the FIFA World Cup and the Olympics, and certain national events, such as the U.S. election process, may affect our revenue year-over-year in certain businesses. Typically, these events do not have a significant impact on our revenue in any period.
Given our size and breadth, we monitor several financial indicators. The KPIs that we focus on are revenue growth and variability of operating expenses.
We analyze revenue growth by reviewing the components and mix of the growth, including growth by principal regional market, connected capabilities and marketing disciplines, the impact from foreign currency exchange rate changes, and growth from our largest clients. Operating expenses primarily consist of cost of services, selling, general and administrative expenses, or SG&A, and depreciation and amortization, and are analyzed for each network by the Chief Operating Decision Maker, who allocates resources accordingly.
Financial Performance
Worldwide revenue for the three months ended March 31, 2026 increased $2,552.5 million, or 69.2%, to $6,242.9 million, compared to $3,690.4 million in the prior-year-period. Our performance benefited from the Merger, as the first quarter of 2026 represents the first full quarter of results including IPG following the Closing Date. The year-over-year increase in worldwide revenue reflected worldwide constant currency growth (defined below) of $2,378.3 million, or 64.4% and a favorable impact from foreign exchange rates of $174.2 million, which increased revenue by 4.8%.
The mix of our revenue did not change substantially as a result of the Merger. Across our disciplines, revenue increased as follows year-over-year: Integrated Media, $1,173.0 million, Advertising, $385.6 million, Public Relations, $286.7 million, Health, $337.5 million, and Experiential & Other, $369.7 million.
Worldwide revenue increased across our geographic markets for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, as follows, and was primarily driven by the acquisition of IPG: North America, $1,773.6
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million, Latin America, $99.7 million, Europe, $444.0 million, Middle East and Africa, $73.4 million, and Asia-Pacific, $161.8 million.
The table below presents worldwide organic growth period to period compared to the combined basis, net of businesses held for sale or disposition (as defined below).
The components of period-over-period revenue change:
Core Operations1 | |||||||||||||||||||||||||||||||||||||
2025 Revenue1 | Less: Dispositions & Held for Sale | $ | % Growth | ||||||||||||||||||||||||||||||||||
Combined revenue for the three months ended March 31, 20252 | $ | 6,013.0 | $ | 748.3 | $ | 5,264.7 | |||||||||||||||||||||||||||||||
| Components of revenue change: | |||||||||||||||||||||||||||||||||||||
| Foreign exchange rate impact | 174.2 | 29.9 | 144.2 | 2.7 | % | ||||||||||||||||||||||||||||||||
| Net effect of dispositions | (151.0) | (151.0) | — | — | % | ||||||||||||||||||||||||||||||||
| Organic growth | 206.7 | — | 206.7 | 3.9 | % | ||||||||||||||||||||||||||||||||
Revenue for the three months ended March 31, 20262 | $ | 6,242.9 | $ | 627.2 | $ | 5,615.7 | 6.7 | % | |||||||||||||||||||||||||||||
1) Core Operations, net of dispositions and held for sale, excludes revenue of: businesses that have been disposed of or are classified as held for sale. Amounts for periods prior to the Closing Date are calculated on a combined basis for Omnicom and IPG.
2) Represents combined Omnicom and IPG revenue for the prior year period. The $6.0 billion is comprised of the Omnicom's reported revenue of $3.7 billion and IPG's reported revenue of $2.3 billion, for the three months March 31, 2025 and is provided for comparative purposes. This information has been prepared for informational purposes only and does not represent pro forma financial information prepared in accordance with Article 11 of Regulation S-X. Accordingly, such information does not purport to represent what the Company’s revenue would have been had the acquisition occurred at an earlier date and should not be considered indicative of future performance.
Revenue from Core Operations increased $350.9 million, or 6.7% as compared to the combined Core Operations revenue for the prior-year-period. This was driven by organic growth of 3.9% and a positive impact from foreign exchange rate of $144.2 million, or 2.7%. Revenue from businesses that were either disposed of or classified as held for sale as of March 31, 2026 contributed $627.2 million of revenue in the current period.
The components and percentages are calculated as follows:
•Foreign exchange rate impact is calculated by translating the current period’s local currency revenue using the prior period average exchange rates to derive current period constant currency revenue. The foreign exchange rate impact is the difference between the current period revenue in U.S. Dollars and the current period constant currency revenue.
•Organic growth is calculated by subtracting the foreign exchange rate impact from total revenue growth, which is equal to the current period revenue from Core Operations minus the prior period revenue from Core Operations.
•Percentage growth is calculated by dividing the individual amount by the prior period Core Operations revenue base.
When we use the term Constant currency growth it refers to the change in revenue in the period, excluding the effects of foreign currency exchange rate fluctuations. This measure is calculated by adjusting current period revenue to eliminate the impact of changes in foreign exchange rates and comparing the resulting amount to prior-year revenue.
Changes in the value of foreign currencies against the U.S. Dollar affect our results of operations and financial position. For the most part, because the revenue and expense of our foreign operations are both denominated in the same local currency, the economic impact on operating margin is minimized. Assuming exchange rates at March 31, 2026 remain unchanged, we expect the changes in foreign exchange rates will positively impact our revenue by 3.0% for the second quarter and positively impact our revenue by 1.0% for the full year.
In the normal course of business, our agencies both gain and lose business from clients each year due to a variety of factors. Under our client-centric approach, we seek to broaden our relationships with all of our clients. Our largest client represented 2.2% and 2.7% of revenue for the twelve months ended March 31, 2026 and 2025, respectively. Our ten largest and 100 largest clients represented 16.4% and 52.5% of revenue for the twelve months ended March 31, 2026, respectively, and 19.1% and 53.6% of revenue for the twelve months ended March 31, 2025, respectively.
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A summary of our consolidated results of operations period-over-period:
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 6,242.9 | $ | 3,690.4 | $ | 2,552.5 | 69.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income2 | $ | 646.2 | $ | 452.6 | $ | 193.6 | 42.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Margin2 | 10.4% | 12.3% | (1.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income - Omnicom Group Inc.2 | $ | 405.2 | $ | 287.7 | $ | 117.5 | 40.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share - Omnicom Group Inc.: Diluted2,3 | $ | 1.35 | $ | 1.45 | $ | (0.10) | (6.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITA1,2,3 | $ | 763.6 | $ | 474.4 | $ | 289.2 | 61.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITA Margin %1,2,3,4 | 12.2% | 12.9% | (0.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1) Reconciliation of Non-GAAP Financial Measures on page 27.
2) For the three months ended March 31, 2026, operating expenses included $4.1 million ($3.1 million after-tax), related to repositioning costs, primarily related to severance actions in connection with the Merger, and $34.3 million ($27.8 million after-tax) of losses on dispositions of certain businesses in connection with the Merger (see Notes 10 and 11 to the unaudited consolidated financial statements). In addition, included in selling, general and administrative expenses for the three months ended March 31, 2026, are integration and acquisition related costs of $59.4 million ($46.7 million after-tax), related to the Merger. The net impact of these items reduced operating income for the three months ended March 31, 2026, by $97.8 million ($77.6 million after-tax), which reduced diluted net income per share - Omnicom Group Inc. by $0.26. Included in selling, general and administrative expenses for the three months ended March 31, 2025 are acquisition related expenses of $33.8 million ($32.7 million after-tax) in connection with the Merger, which reduced diluted net income per share - Omnicom Group Inc. by $0.17.
3) EBITA is defined as earnings before interest, income taxes and amortization of acquired intangible assets and internally developed strategic platform assets. We believe EBITA is useful in evaluating the impact of amortization of acquired intangible assets and internally developed strategic platform assets on operating performance and allows for comparability between reporting periods. The effect of after-tax amortization of acquired intangible assets and internally developed strategic platform assets decreased diluted net income per share by $0.29 and $0.08 for the three months ended March 31, 2026 and 2025, respectively.
4) The effect on EBITA Margin of dispositions and assets held for sale for the three months ended March 31, 2026 was a $627.2 million reduction to revenue and a $27.9 million reduction to EBITA, which resulted in a 1.0% decrease in EBITA Margin.
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CONSOLIDATED RESULTS OF OPERATIONS
The period-over-period change in results of operations:
Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | |||||||||||||||||||||||||||
| Revenue | $ | 6,242.9 | $ | 3,690.4 | $ | 2,552.5 | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||
| Salary and service costs | 4,639.6 | 2,746.3 | 1,893.3 | ||||||||||||||||||||||||||
| Occupancy and other costs | 527.3 | 314.6 | 212.7 | ||||||||||||||||||||||||||
Severance and repositioning costs2 | 4.1 | — | 4.1 | ||||||||||||||||||||||||||
Loss on assets held for sale and dispositions2 | 34.3 | — | 34.3 | ||||||||||||||||||||||||||
| Cost of services | 5,205.3 | 3,060.9 | 2,144.4 | ||||||||||||||||||||||||||
Selling, general and administrative expenses2 | 224.5 | 117.9 | 106.6 | ||||||||||||||||||||||||||
| Depreciation and amortization | 166.9 | 59.0 | 107.9 | ||||||||||||||||||||||||||
Total Operating Expenses2 | 5,596.7 | 3,237.8 | 2,358.9 | ||||||||||||||||||||||||||
Operating Income2 | 646.2 | 452.6 | 193.6 | ||||||||||||||||||||||||||
| Interest Expense | 119.0 | 59.1 | 59.9 | ||||||||||||||||||||||||||
| Interest Income | 47.0 | 29.7 | 17.3 | ||||||||||||||||||||||||||
Income Before Income Taxes and Income (Loss) From Equity Method Investments | 574.2 | 423.2 | 151.0 | ||||||||||||||||||||||||||
| Income Tax Expense | 154.6 | 120.7 | 33.9 | ||||||||||||||||||||||||||
Income (Loss) From Equity Method Investments | (0.9) | 0.9 | (1.8) | ||||||||||||||||||||||||||
Net Income2 | 418.7 | 303.4 | 115.3 | ||||||||||||||||||||||||||
| Net Income Attributed To Noncontrolling Interests | 13.5 | 15.7 | (2.2) | ||||||||||||||||||||||||||
Net Income - Omnicom Group Inc.2 | $ | 405.2 | $ | 287.7 | $ | 117.5 | |||||||||||||||||||||||
Net Income Per Share - Omnicom Group Inc.:2,3 | |||||||||||||||||||||||||||||
| Basic | $ | 1.36 | $ | 1.46 | $ | (0.10) | |||||||||||||||||||||||
| Diluted | $ | 1.35 | $ | 1.45 | $ | (0.10) | |||||||||||||||||||||||
| Revenue | $ | 6,242.9 | $ | 3,690.4 | $ | 2,552.5 | |||||||||||||||||||||||
Operating Margin %2 | 10.4 | % | 12.3 | % | |||||||||||||||||||||||||
EBITA1,2,3 | $ | 763.6 | $ | 474.4 | $ | 289.2 | |||||||||||||||||||||||
EBITA Margin %1,2,3,4 | 12.2 | % | 12.9 | % | (0.7) | % | |||||||||||||||||||||||
1) Reconciliation of Non-GAAP Financial Measures on page 27.
2) For the three months ended March 31, 2026, operating expenses included $4.1 million ($3.1 million after-tax), related to repositioning costs, primarily related to severance actions in connection with the Merger, and $34.3 million ($27.8 million after-tax) of losses on dispositions of certain businesses in connection with the Merger (see Notes 10 and 11 to the unaudited consolidated financial statements). In addition, included in selling, general and administrative expenses for the three months ended March 31, 2026, are integration and acquisition related costs of $59.4 million ($46.7 million after-tax), related to the Merger. The net impact of these items reduced operating income for the three months ended March 31, 2026, by $97.8 million ($77.6 million after-tax), which reduced diluted net income per share - Omnicom Group Inc. by $0.26. Included in selling, general and administrative expenses for the three months ended March 31, 2025 are acquisition related expenses of $33.8 million ($32.7 million after-tax) in connection with the Merger, which reduced diluted net income per share - Omnicom Group Inc. by $0.17.
3) EBITA is defined as earnings before interest, income taxes and amortization of acquired intangible assets and internally developed strategic platform assets. We believe EBITA is useful in evaluating the impact of amortization of acquired intangible assets and internally developed strategic platform assets on operating performance and allows for comparability between reporting periods. The effect of after-tax amortization of acquired intangible assets and internally developed strategic platform assets decreased diluted net income per share by $0.29 and $0.08 for the three months ended March 31, 2026 and 2025, respectively.
4) The effect on EBITA Margin of dispositions and assets held for sale for the three months ended March 31, 2026 was a $627.2 million reduction to revenue and a $27.9 million reduction to EBITA, which resulted in a 1.0% decrease in EBITA Margin.
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Revenue by Discipline
To monitor the changing needs of our clients and to further expand the scope of our services to key clients, we monitor revenue across a broad range of disciplines and group them into the following categories. Our networks, connected capabilities, and agencies provide a comprehensive range of services across our principal disciplines: Integrated Media, Advertising, Health, Public Relations, and Experiential & Other.
Beginning in the first quarter of 2026, we realigned the classification of certain services and prior period amounts have been reclassified to conform to the current period presentation.
The period-over-period change in revenue and constant currency growth by discipline:
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 vs. 2025 | |||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ Change | % Constant Currency Growth | ||||||||||||||||||||||||||||||
Integrated Media | 2,978.4 | 47.7 | % | 1,805.4 | 48.9 | % | 1,173.0 | 60.0 | % | ||||||||||||||||||||||||||
| Advertising | 1,060.2 | 17.0 | % | 674.6 | 18.3 | % | 385.6 | 50.4 | % | ||||||||||||||||||||||||||
| Public Relations | 696.6 | 11.2 | % | 359.1 | 9.7 | % | 337.5 | 90.5 | % | ||||||||||||||||||||||||||
| Health | 585.7 | 9.4 | % | 299.0 | 8.1 | % | 286.7 | 94.1 | % | ||||||||||||||||||||||||||
| Experiential & Other | 922.0 | 14.7 | % | 552.3 | 15.0 | % | 369.7 | 63.1 | % | ||||||||||||||||||||||||||
Revenue1 | $ | 6,242.9 | $ | 3,690.4 | $ | 2,552.5 | 64.4 | % | |||||||||||||||||||||||||||
1) Revenue for the three months ended March 31, 2026, includes amounts attributable to disposals or entities classified as held for sale, consisting of $627.2 million.
The mix of our revenue did not change substantially as a result of the Merger. Across our disciplines, revenue increased as follows year-over-year: Integrated Media, $1,173.0 million, Advertising, $385.6 million, Public Relations, $286.7 million, Health, $337.5 million, and Experiential & Other, $369.7 million. Constant currency growth was $2,378.4 million, or 64.4%, compared to the prior year period. Changes in foreign currency exchange rates period-over-period increased revenue $174.2 million, or 4.7%. The increase in revenue from foreign exchange translation was primarily related to the strengthening of most currencies, including the Euro, British Pound and Australian Dollar, against the U.S. Dollar.
Revenue by Geography
The period-over-period change in revenue and constant currency growth in our geographic markets:
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 vs. 2025 | |||||||||||||||||||||||||||||||||
| $ | % of Revenue | $ | % of Revenue | $ Change | % Constant Currency Growth | ||||||||||||||||||||||||||||||
| Americas: | |||||||||||||||||||||||||||||||||||
| North America | $ | 3,885.1 | 62.2 | % | $ | 2,111.5 | 57.2 | % | $ | 1,773.6 | 83.6 | % | |||||||||||||||||||||||
| Latin America | 196.1 | 3.1 | % | 96.4 | 2.6 | % | 99.7 | 85.3 | % | ||||||||||||||||||||||||||
| EMEA: | |||||||||||||||||||||||||||||||||||
| Europe | 1,439.0 | 23.1 | % | 995.0 | 27.0 | % | 444.0 | 32.4 | % | ||||||||||||||||||||||||||
| Middle East and Africa | 144.3 | 2.3 | % | 70.8 | 1.9 | % | 73.4 | 94.0 | % | ||||||||||||||||||||||||||
| Asia-Pacific | 578.5 | 9.2 | % | 416.7 | 11.3 | % | 161.8 | 34.1 | % | ||||||||||||||||||||||||||
Revenue1 | $ | 6,242.9 | $ | 3,690.4 | $ | 2,552.5 | 64.4 | % | |||||||||||||||||||||||||||
1) Revenue for the three months ended March 31, 2026, includes amounts attributable to disposals or entities classified as held for sale, consisting of $627.2 million.
Next expected filings
- ~2026-07-15 10-Q expected by 2026-08-06 (in 6 days)
- ~2026-10-21 10-Q expected by 2026-11-12 (in 104 days)
- ~2027-02-19 10-K expected by 2027-03-11 (in 225 days)
- ~2027-04-28 10-Q expected by 2027-05-20 (in 293 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-29 10-Q Quarterly Report
- 2026-04-28 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-03-02 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-02-20 10-K Annual Report
- 2026-02-18 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-29 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
- 2025-12-03 S-4 REGISTRATION STATEMENT
- 2025-12-02 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-11-26 8-K Material Agreement Entered; Completion of Acquisition/Disposition; Material Financial Obligation; Material Modification to Rights; Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-11-26 8-K Other Events; Financial Statements and Exhibits
- 2025-10-30 8-K Other Events; Financial Statements and Exhibits
- 2025-10-22 10-Q Quarterly Report
- 2025-10-21 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-09-30 8-K Other Events; Financial Statements and Exhibits
- 2025-09-09 8-K Other Events; Financial Statements and Exhibits