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Revenue
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
We have three reportable segments as of June 30, 2025: MD&E, IA&C and SC&E, as further discussed in Note 12. MD&E principally generates revenue from providing global media and communications services, digital services and products, advertising and marketing technology, e‐commerce services, data management and analytics, strategic consulting, and digital brand experience. IA&C principally generates revenue from providing advertising, corporate and brand identity services, and strategic consulting. SC&E generates revenue from providing best-in-class global public relations and communications services, events, sports and entertainment marketing, and strategic consulting.
Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.
 Three months ended
June 30,
Six months ended
June 30,
Total revenue:2025202420252024
United States$1,645.1 $1,755.8 $3,219.0 $3,417.8 
International:
United Kingdom213.2 237.5 395.5 448.4 
Continental Europe242.3 229.5 437.5 433.4 
Asia Pacific173.0 202.6 320.1 375.7 
Latin America93.5 110.2 172.6 202.8 
Other169.7 174.4 314.7 327.8 
Total International891.7 954.2 1,640.4 1,788.1 
Total Consolidated$2,536.8 $2,710.0 $4,859.4 $5,205.9 
 
 Three months ended
June 30,
Six months ended
June 30,
Revenue before billable expenses:2025202420252024
United States$1,426.3 $1,525.5 $2,784.5 $3,001.8 
International:
United Kingdom178.0 193.7 337.4 371.7 
Continental Europe202.5 199.2 371.8 378.7 
Asia Pacific140.2 167.3 259.5 310.1 
Latin America86.8 102.2 159.3 189.3 
Other138.9 139.2 256.5 258.4 
Total International746.4 801.6 1,384.5 1,508.2 
Total Consolidated$2,172.7 $2,327.1 $4,169.0 $4,510.0 
MD&EThree months ended
June 30,
Six months ended
June 30,
Total revenue:2025202420252024
United States$613.1 $680.5 $1,219.7 $1,318.2 
International344.3 389.3 638.6 725.0 
Total MD&E$957.4 $1,069.8 $1,858.3 $2,043.2 
Revenue before billable expenses:
United States$611.9 $677.8 $1,213.6 $1,311.3 
International335.8 380.9 621.8 708.8 
Total MD&E$947.7 $1,058.7 $1,835.4 $2,020.1 
 
IA&CThree months ended
June 30,
Six months ended
June 30,
Total revenue:2025202420252024
United States$578.7 $627.0 $1,121.6 $1,251.6 
International370.6 378.0 691.0 717.1 
Total IA&C$949.3 $1,005.0 $1,812.6 $1,968.7 
Revenue before billable expenses:
United States$553.2 $599.3 $1,069.6 $1,200.0 
International307.3 315.6 572.6 596.2 
Total IA&C$860.5 $914.9 $1,642.2 $1,796.2 

SC&EThree months ended
June 30,
Six months ended
June 30,
Total revenue:2025202420252024
United States$453.3 $448.3 $877.7 $848.0 
International176.8 186.9 310.8 346.0 
Total SC&E$630.1 $635.2 $1,188.5 $1,194.0 
Revenue before billable expenses:
United States$261.2 $248.4 $501.3 $490.5 
International103.3 105.1 190.1 203.2 
Total SC&E$364.5 $353.5 $691.4 $693.7 
Contract Balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
June 30,
2025
December 31,
2024
Accounts receivable, net of allowance of $37.4 and $37.0, respectively
$4,850.7 $5,649.7 
Accounts receivable, billable to clients2,103.0 2,088.4 
Contract assets47.0 50.1 
Contract liabilities (deferred revenue)654.9 509.0 
Contract assets are primarily comprised of contract incentives that are generally satisfied annually under the terms of our contracts and are transferred to accounts receivable when the right to payment becomes unconditional. Contract liabilities relate
to advance consideration received from customers under the terms of our contracts primarily related to reimbursements of third-party expenses, whether we act as principal or agent, and to a lesser extent, periodic retainer fees, both of which are generally recognized shortly after billing.
The majority of our contracts are for periods of one year or less with the exception of our data management contracts. For those contracts with a term of more than one year, we had approximately $583.0 of unsatisfied performance obligations as of June 30, 2025, which will be recognized as services are performed over the remaining contractual terms through 2030.