WPP plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WPP plc files with the SEC in its annual reports.

In GBP millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	14,887	13,146	13,047	13,234	12,003	12,801	14,429	14,845	14,741	13,550
Cost of revenue	11,847	10,482	10,559	10,825	9,988	10,598	11,890	12,326	12,290	11,404
Gross profit	3,041	2,665	2,488	2,409	2,015	2,204	2,539	2,519	2,451	2,146
Operating income	2,063	1,578	1,245	1,296	-2,278	1,229	1,358	531	1,325	382
Interest expense				359	312	284	359	389	417	352
Interest income				99	82.7	69.4	145	127	137	78
Pre-tax income	1,891	1,894	1,019	1,214	-2,791	951	1,160	346	1,031	131
Income tax	389	83	256	287	127	230	385	149	402	303
Income from continuing operations		1,811	763	927	-2,918	721	775
Net income to minority interests	102	95.7	76.5	93.8	63.8	83	92	87	87	43
Net income	1,400	1,964	825	844	-2,965	638	683	110	542	-215
EBITDA	2,323	1,787	1,455	1,804	-1,736	1,673	1,809	978
EPS, basic	1.18	1.56	0.66	0.68	-2.43	0.53	0.62	0.10	0.50	-0.20
EPS, diluted	1.17	1.54	0.65	0.67	-2.43	0.53	0.61	0.10	0.49	-0.20

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,903	1,998	2,201	11,306	12,899	3,883	2,492	2,218	2,638	2,694
Receivables	12,375	12,531	13,102	11,822	10,972	11,362	9,031	8,460	7,722	7,279
Inventory	400	424
Total current assets	15,443	24,616	24,366	23,756	23,982	15,336	15,098	13,944	13,661	13,170
Property, plant and equipment	969	980	1,083	876	791	896	1,001	828	909	724
Lease right-of-use assets			1,895	1,735	1,505	1,395	1,528	1,382	1,385	1,317
Goodwill	13,214	12,875	13,133	10,111	7,389	7,612	8,453	8,389	7,610	6,946
Intangible assets	2,217	2,018	1,842	1,469	1,389	1,360	1,452	850	737	734
Accounts payable	15,010	14,240	15,022	14,188	13,860	15,252	14,236	13,323	14,216	13,409
Short-term debt				8,798	8,619	567	1,169	946	584	822
Total current liabilities	16,765	24,973	25,016	24,054	23,227	16,485	17,708	16,305	15,516	14,835
Lease liabilities				1,948	1,833	1,762	1,928	1,862	1,780	1,673
Total debt	6,033	6,481	6,218	4,273	5,033	4,442	4,465	4,721	4,328	4,936
Paid-in capital	562	569	570	570	570	575	576	577	579	579
Retained earnings	8,406	8,842	8,950	8,576	4,959	4,367	3,760	3,488	2,827	2,052
Shareholders' equity	9,325	9,492	9,360	7,926	4,732	3,616	3,681	3,376	3,475	2,540
Minority interests	443	469	424	371	318	453	480	457	259	232
Total equity	9,812	9,961	9,577	8,297	5,050	4,068	4,160	3,833	3,734	2,772

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,502	2,059	901	938	-2,901	721	775	197	629	-172
Depreciation and amortization	259	209	209	508	542	444	451	447
Cash from operations	1,774	1,408	1,694	1,851	2,051	2,029	701	1,238	1,408	724
Capital expenditures	-252	-289	-315	-339	-218	-263	-209	-177	-189	-91
Cash from investing	-916	-500	185	1,760	-163	-638	-409	-380	278	-347
Debt issued							0	1,053	1,060	874
Debt repaid				-1,713	-283	-397	-221	-1,102	-1,087	-418
Share buybacks	-427	-504	-207	-43.8	-290	-819	-862	-54	-82	-97
Dividends paid	-706	-839	-854	-847	-205	-429	-435	-524	-492	-393
Cash from financing	-1,194	-786	-1,614	-2,922	-251	-2,057	-1,911	-904	-989	-319
Exchange rate effect	292	-27.2	-61.5	-89.7	-99.2	-130	64	-80	-90	1
Free cash flow	1,522	1,119	1,379	1,511	1,832	1,766	492	1,061	1,219	633
Interest paid	242	247	253	271	174	174	210	275	306	282

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	15.8%	Gross profit / revenue.
Operating margin	2.8%	Operating income / revenue.
Pre-tax margin	1.0%	Pre-tax income / revenue.
Net margin	-1.6%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Effective tax rate	231.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-7.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on invested capital (ROIC)	6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-12.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-71.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-34.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-139.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-140.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-48.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-48.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-19.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-26.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Net debt	£2.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.09x	Operating income / interest expense.
Working capital	-£1.67B	Current assets - current liabilities.
Tangible book value	-£5.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Fixed asset turnover	16.6x	Revenue / average property, plant and equipment.
Receivables turnover	1.81x	Revenue / average receivables.
Days sales outstanding	202 days	365 x average receivables / revenue.
Days payables	442 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-£0.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-£0.20	Net income per basic share, as reported (split-adjusted).
Dividends / FCF	62.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	15.3%	Share buybacks / free cash flow, when free cash flow is positive.

What was WPP plc's revenue in fiscal 2025?

WPP plc reported revenue of £13.55B for fiscal 2025, 8.1% lower than the year before.

Was WPP plc profitable in fiscal 2025?

No. It reported a net loss of £215.0M.

How much free cash flow did WPP plc generate in fiscal 2025?

Cash from operations of £724.0M minus capital expenditures of £91.0M left free cash flow of £633.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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