0001654954-26-003988
SEC filingWPP plc reported Q1 2026 revenue of £3,030 million, down 6.6% reported and 4.0% like-for-like, consistent with prior guidance; full-year 2026 LFL revenue less pass-through costs is expected to decline mid-to-high single digits in H1 with improvement in H2, and headline operating profit margin is guided at 12%–13%.
WPP’s Q1 2026 results reflect continued execution against its Elevate28 strategy, with revenue performance broadly in line with expectations set at February’s preliminary results. The 4.0% LFL revenue decline and 6.7% LFL decline in revenue less pass-through costs were driven by persistent headwinds across major markets—particularly North America (−7.8% LFL), UK (−6.6%), and China (−12.2%)—offset partially by India’s 1.0% LFL growth. Sector-wise, CPG (−12.4% LFL) and Telecom, Media & Entertainment (−12.8% LFL) were the weakest performers, while Healthcare (−1.0% LFL) and Other (+8.0% LFL) showed relative resilience. Management attributes the sequential stabilization—e.g., WPP Media’s LFL decline improved to −8.5% from −10.8% in Q4 2025—to new business wins (Estée Lauder, Wendy’s, Jaguar Land Rover) and strategic integrations (Google Earth AI, Adobe expansion). Guidance remains unchanged: mid-to-high single-digit LFL decline in H1 2026, with an improving trajectory in H2, supported by ongoing Elevate28 execution—including structural simplification, WPP Open platform adoption, and Commerce Practice launch. The £3.4bn adjusted net debt and issuance of US$600m bonds signal continued financial discipline and investor confidence, though near-term uncertainty persists due to geopolitical tensions in the Middle East and macroeconomic pressures. The reaffirmation of 12%–13% headline operating profit margin underscores management’s focus on margin resilience amid top-line softness.