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Advertising agencies · Communication Services · Fiscal year ends Dec 31 · Reports in GBP
WPP reported revenue of GBP 13.6B in the fiscal year ended Dec 2025, down 8.1% from the year before. Operating income was GBP 382M, an operating margin of 2.8%, and net income was −GBP 172M. Operating cash flow of GBP 724M less capital expenditure of GBP 91M left free cash flow of GBP 633M. Net debt was GBP 2.2B.
Ranks among the 3 advertising agencies companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 12,801 | 14,429 | 14,845 | 14,741 | 13,550 |
| Cost of revenue | 10,598 | 11,890 | 12,326 | 12,290 | 11,404 |
| Gross profit | 2,204 | 2,539 | 2,519 | 2,451 | 2,146 |
| Operating income | 1,229 | 1,358 | 531 | 1,325 | 382 |
| Interest expense | 284 | 359 | 389 | 417 | 352 |
| Pre-tax income | 951 | 1,160 | 346 | 1,031 | 131 |
| Income tax | 230 | 385 | 149 | 402 | 303 |
| Net income | 721 | 775 | 197 | 629 | −172 |
| Diluted EPS | 0.53 | 0.61 | 0.10 | 0.49 | −0.20 |
| Diluted shares | 1,215 | 1,116 | 1,094 | 1,097 | 1,076 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 3,883 | 2,492 | 2,218 | 2,638 | 2,694 |
| Receivables | 11,362 | 9,031 | 8,460 | 7,722 | 7,279 |
| Current assets | 15,336 | 15,098 | 13,944 | 13,661 | 13,170 |
| Net PP&E | 896 | 1,001 | 828 | 909 | 724 |
| Goodwill | 7,612 | 8,453 | 8,389 | 7,610 | 6,946 |
| Payables | 15,252 | 14,236 | 13,323 | 14,216 | 13,409 |
| Current liabilities | 16,485 | 17,708 | 16,305 | 15,516 | 14,835 |
| Short-term debt | 225 | 663 | 946 | 584 | 822 |
| Long-term debt | 4,217 | 3,802 | 3,775 | 3,744 | 4,114 |
| Shareholders' equity | 3,616 | 3,681 | 3,376 | 3,475 | 2,540 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,029 | 701 | 1,238 | 1,408 | 724 |
| Capital expenditure | 263 | 209 | 177 | 189 | 91.0 |
| Free cash flow | 1,766 | 492 | 1,061 | 1,219 | 633 |
| Depreciation & amortisation | 444 | 451 | 447 | – | – |
| Stock-based compensation | 99.6 | 122 | 140 | 109 | 73.0 |
| Acquisitions | 228 | 218 | 227 | 47.0 | 133 |
| Share buybacks | 819 | 862 | 54.0 | 82.0 | 97.0 |
| Dividends paid | 429 | 435 | 524 | 492 | 393 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.7% | 2.9% | −0.7% | −8.1% |
| Operating income growth (YoY) | – | 10.5% | −60.9% | 149.5% | −71.2% |
| EPS growth (YoY) | – | 16.6% | −83.5% | 389.1% | −140.5% |
| Gross margin | 17.2% | 17.6% | 17.0% | 16.6% | 15.8% |
| Operating margin | 9.6% | 9.4% | 3.6% | 9.0% | 2.8% |
| Net margin | 5.6% | 5.4% | 1.3% | 4.3% | −1.3% |
| Return on equityBlank when equity is negative | 19.9% | 21.1% | 5.8% | 18.1% | −6.8% |
| Free cash flow margin | 13.8% | 3.4% | 7.1% | 8.3% | 4.7% |
| Cash conversion (CFO ÷ net income) | 2.82x | 0.90x | 6.28x | 2.24x | −4.21x |
| Receivable days | 324 | 228 | 208 | 191 | 196 |
| Payable days | 525 | 437 | 395 | 422 | 429 |
| Interest cover | 4.33x | 3.78x | 1.37x | 3.18x | 1.09x |
| Debt ÷ equity | 1.23x | 1.21x | 1.40x | 1.25x | 1.94x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 559 | 1,973 | 2,503 | 1,690 | 2,242 |
| Current ratio | 0.93x | 0.85x | 0.86x | 0.88x | 0.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.