WPP Q4 slips as global ad spend slows; India grows 8.6%

WPP posted a Q4 revenue of £3,628 million, down 8.3% on a reported basis and 5.5% like for like. Revenue less pass-through costs, stood at £2,691 million, declining 10.1% reported and 6.9% like for like. North America fell 7.3% like for like in the quarter, while the UK declined 9.2%. China remained under pressure with a 13.6% drop. 

In contrast, India emerged as a bright spot, growing 8.6% like for like during the quarter.

Within business segments, WPP Media saw a sharper contraction of 10.8% like for like in Q4, while the company’s integrated creative agencies declined 4.3%. Overall, WPP’s Global Integrated Agencies business fell 7.6% in the quarter, reflecting reduced marketing budgets and client assignment losses earlier in the year.

The weaker quarter capped a challenging year for the agency network. For the full year 2025, WPP reported revenue of £13,550 million, down 8.1% on a reported basis and 3.6% like for like. Headline operating profit margin slipped to 13.0%, reflecting lower revenue and higher restructuring costs.

CEO Cindy Rose said the company is focusing on simplifying its structure and restoring growth through a new multi-year strategy called Elevate28. The plan aims to integrate media, creative, production and enterprise solutions more closely while delivering cost savings and investing in AI led capabilities.