Omnicom Group Inc.

Omnicom said Core Operations organic revenue grew 6.1% in Q2 2026, with Core Operations revenue of $6 billion, Core Operations adjusted EBITA up $181.4 million, or 20.4%, and Core Operations adjusted EBITA margin rising to 17.8% from 15.9%. Adjusted diluted EPS was $2.65 versus $2.05 a year ago, up 29.3%, and non-GAAP adjusted net income was $745.2 million. On a consolidated basis, the company reported net interest expense of $93 million versus $41 million a year ago, integration-related costs of $40.1 million, severance and repositioning costs of $47 million, and an adjusted tax rate of 26%. For 2026, management raised full-year organic revenue growth guidance from 4% to 4.5% to 5%; they also said EBITDA and EPS should benefit from synergies, with EPS growth expected to be high teens and greater than 15%.

John Wren framed the quarter as evidence that the combined company is starting to operate more like an integrated marketing and sales platform than a holding company. He emphasized that growth came from both expanding services within existing clients and new business wins, and said clients want simplification, scale, and connected capabilities. His tone was confident and optimistic, especially around the new Omnicom’s ability to use data, AI, media, commerce, and consulting together through Omni.

Phil Angelastro focused on the financial impact of the combination and the synergy program. He said Core Operations represented 91.4% of revenue and 95% of adjusted EBITA in Q2, adjusted EBITA margins improved to 17.8%, and the company is on track for the $900 million synergy target, with 75% to 80% expected to flow through in 2026. He also detailed higher interest expense from Interpublic debt and refinancing activity, noted cash equivalents and short-term investments of $3.3 billion, and said the company had completed $3 billion of the $5 billion buyback authorization.

Analysts pressed on whether the 6.1% organic growth was sustainable, whether synergies were offset by reinvestment, and why flow-through to earnings was not even stronger. Management said growth was driven by both existing-client expansion and new wins, and that it believes the combined portfolio and the removal of slower-growth assets make the business structurally stronger. They also said they are continuing to invest in platforms like Omni, which helps explain why not every dollar of revenue growth flows straight through to profit.