The numbers
– 6.6% – year-on-year (YoY) revenue decline in Q1 2026, down 4.0% on a like-for-like basis.
– $4 billion (£3.3 billion) – revenue in the three months to April.
– 8.9% – YoY decline in revenue-less-past through costs to $2.9 billion (£2.2 billion) in Q1, a decrease of 6.7% on a like-for-like basis.
– Organic growth slowdown of 11.1% in Africa and the Middle East, amid conflict in the latter. China was 12.2% lower, while North America fell 7.8%.
Watercooler talk
While it’s not a requirement for U.K. or European public companies to do so, WPP has historically had its CEO chair all of its quarterly earnings calls. However, today, WPP chief executive (CEO) Cindy Rose wasn’t there to field questions from investors and analysts as the company posted an 8.9% net revenue drop for Q1.
Instead, as the business marked its ninth quarter of decline, chief financial officer (CFO) Joanne Wilson led the update alone.
WPP confirmed to ADWEEK that, in line with other U.K.-listed companies such as Unilever and Diageo, Rose will now only be present for updates during WPP’s half-year and full-year results.
Like-for-like revenues derived from WPP’s top 25 clients were down 9.4% YoY, reflecting the impact of earlier losses carried over from 2025, including Mars’ $1.7 billion media account.
“This level of performance is not where we wanted to be, but with organic growth a lagging metric, this is very much in line with our expectations,” said Wilson.
The CFO assured investors that, thanks to net new business in Q1, WPP’s Elevate28 turnaround plan is “on track,” thanks to recent client wins and retentions, which have included Estée Lauder’s global media account and media for Wendy’s and SC Johnson in the U.S.
Wilson said net new business was the “key leading indicator” of success, but declined to give a specific figure, saying it was “broadly in line” with Q4 2025.
JPMorgan’s new business rankings, which WPP topped in Q1, estimated that the ad network had pulled in $820 million in deals in the period, followed by Publicis Groupe’s at $700m.
Key quote
In a pre-prepared statement, Rose said: “Consistent organic growth remains our North Star. While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025.”
