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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
WPP
WPP (WPP) investor relations material
WPP H2 2025 & Strategy update earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 & Strategy update earnings summary26 Feb, 2026
Executive summary
Like-for-like revenue/net sales declined 5.4% for 2025, reflecting client losses and spending cuts, with Q4 down 6.9% year-over-year.
Headline operating margin was 13%, down 180 basis points year-over-year, due to lower revenue and increased severance costs.
Fully diluted/headline EPS fell 28.4% to 63.2p, impacted by margin compression and higher tax.
Adjusted operating cash flow before working capital was £1,189m, at the top of guidance but down from £1.3bn in 2024.
New business momentum improved in late 2025 and early 2026, with major client wins exceeding the prior year’s total by February.
Financial highlights
Reported revenue less pass-through costs was £10.2bn, down 10.4% year-over-year.
Headline operating profit was £1.3bn, down 22.6% year-over-year, consistent with a 13% margin.
Profit after tax fell 30.1% to £738m.
Net debt ended 2025 at £2.2bn, up £500m year-over-year; average adjusted net debt was £3.4bn.
Final dividend proposed at 7.5p, total 2025 dividend 15p, reflecting a reduction year-over-year but stable from H1.
Outlook and guidance
Like-for-like net revenue expected down mid-to-high single digits % in H1 2026, with improvement in H2.
Headline operating margin guided at 12%-13% for 2026, reflecting ongoing investment and cost actions.
Adjusted operating cash flow before working capital expected at £800m–£900m, including £250m restructuring charges.
Average leverage ratio anticipated to rise in 2026, but average net debt to remain broadly stable.
Return to organic growth targeted during 2027, with margin and leverage improvement from 2028.
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Next WPP earnings date
H1 20266 Aug, 2026
WPP
Next WPP earnings date
H1 20266 Aug, 2026
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Frequently asked questions
WPP plc provides communications, advisory and transactional services to create and deliver growth for their clients. WPP plc's clients are companies and organizations looking for new ways to meet their customers’ needs. They include branded consumer goods producers and retailers, financial institutions, communications providers, businesses working in energy and resources and other sectors, governments and public-sector bodies, trade associations and charitable organizations. They operate in a complex world of fierce competition and accelerating change, when technology is transforming everything.
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