Added10-Q 2026-10-23 vs 10-K 2026-02-20
There have been no material changes to the risk factors disclosed in Item 1A in our 2025 10-K.
OMCOmnicom Group
On November 26, 2025 (the “Closing Date”), Omnicom completed its Merger with IPG (the “Merger”). 10-K, Item 1
- Employees
- 120,000
- Headquarters
- New York, NY
- CEO
- John Wren
- Next results
- around Feb 17, 2027
10 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 5, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 18 Communication companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Failure to adapt to technological developments, including emerging technologies such as generative AI and agentic AI, could adversely affect our competitive position, reputation, client relationships, results of operations and financial condition.
Our industry is highly competitive and subject to rapid technological change. Our ability to remain competitive depends in part on our ability to anticipate, develop, acquire and integrate new technologies, platforms and capabilities, including data-driven solutions, automation, generative AI and agentic AI. These technologies may require significant and ongoing investment, involve long development cycles and uncertain returns, and may not be accepted by clients or generate expected benefits.
If we fail to keep pace with technological developments, or if competitors or new market entrants adopt new technologies more quickly or effectively, or if our clients develop their own AI-related capabilities, our services could become less attractive to clients, our competitive position could be harmed, and our revenues and profitability could decline. In addition, the use of emerging technologies presents risks related to intellectual property, ethics, data privacy, cybersecurity and regulatory compliance. Any failure to address these risks effectively could adversely affect our reputation, client relationships, business results of operations and financial condition.
Our liquidity, long-term financing needs, credit rating and access to capital markets is dependent on our agencies, operating cash flow.
Our agencies’ operating cash flows have a significant impact on our liquidity and access to short-term and long-term financing in the capital markets. We maintain a committed, unsecured multi-currency revolving credit facility, which also provides us with the ability to issue commercial paper, and to manage and support our operating liquidity in the short term. In addition, we issue senior long-term notes in the capital markets. If our agencies’ operating cash flow significantly declines or any of these sources were unavailable to us or insufficient, our liquidity and ability to refinance our long-term debt could be impeded. We could be required to restructure our debt, sell assets or take other actions, and our business, results of operations and financial condition would be adversely affected. In addition, our credit rating, which is also dependent on our agencies operating cash flows among other factors, has a direct effect on our ability to obtain bank financing and access the capital markets. A downgrade to our credit rating, for any reason, could increase our borrowing costs, reduce our capacity to borrow, or impede our ability to access the capital markets, and our results of operations and financial condition would be adversely affected. See Part II for further discussion of our liquidity and capital resources.
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Regulators and legislators in the European Union, the United Kingdom, and the United States have increasingly focused on the use of online tracking technologies and the sharing of personal information with third parties for targeted or behavioral advertising. This has resulted in new or updated requirements under the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and other U.S. state privacy laws. If these laws or regulations are adopted, interpreted, or enforced in a manner that restricts our current practices, or if private market participants impose limitations on tracking technologies in response to privacy concerns, our digital services could become less effective, more costly to deliver, or subject to additional legal and operational constraints.
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Changes in tax rates, tax laws, regulations or interpretations, or adverse outcomes of tax audits or proceedings could materially adversely affect our effective tax rate, results of operations, financial condition and cash flows.
We operate in numerous jurisdictions and are subject to a complex and evolving global tax environment. The determination of our tax liabilities requires significant judgment, including with respect to the application of tax laws, transfer pricing arrangements, valuation of deferred tax assets and liabilities, and the interpretation of new or existing tax regulations. Tax authorities may
challenge our positions, and adverse outcomes from audits, investigations or litigation could result in additional tax liabilities, penalties or interest that differ materially from amounts previously recorded.
Our effective tax rate and cash flows could also be adversely affected by changes in tax laws or policies, including changes to statutory tax rates, digital services taxes, the interpretation or enforcement of existing laws, or the adoption or modification of global minimum tax regimes, such as the Global Anti-Base Erosion issued by the Organization for Economic Co-operation and Development. These developments could increase tax complexity and uncertainty and may require us to restructure operations or intercompany arrangements, potentially resulting in increased tax expense or reduced cash flows.
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New in the latest 10-Q
5 paragraphs in the 10-Q filed Oct 23, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended September 30, 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash Flows From Operating Activities: Net income $ 1,698.8 $ 941.6 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization of right-of-use assets 144.6 103.4 Amortization of intangible assets 355.2 75.0 Share-based compensation 83.3 73.1 Severance and repositioning costs 135.8 127.4 Net (gain) loss on assets held for sale and dispositions (72.5) — Other, net 8.0 3.1 Use of operating capital (2,315.4) (1,422.8) Net Cash Provided By (Used In) Operating Activities 37.8 (99.2) Cash Flows From Investing Activities: Capital expenditures (172.8) (110.7) Acquisition of businesses and interests in affiliates, net of cash acquired (7.1) (0.8) Proceeds from assets held for sale and dispositions 413.9 — Other, net — 50.7 Net Cash Provided By (Used In) Investing Activities 234.0 (60.8) Cash Flows From Financing Activities: Proceeds from borrowings 2,384.9 — Repayment of debt (1,400.0) — Change in short-term debt 2.1 0.5 Dividends paid to common shareholders (703.3) (413.9) Repurchases of common stock (3,210.3) (312.1) Proceeds from stock plans 45.0 18.0 Acquisition of additional noncontrolling interests (288.5) (39.0) Dividends paid to noncontrolling interest shareholders (60.2) (57.1) Payment of contingent purchase price obligations (7.9) (47.9) Other, net (60.8) (56.0) Net Cash Provided By (Used In) Financing Activities (3,299.0) (907.5) Effect of foreign exchange rate changes on cash and cash equivalents (57.5) 134.6 Net Increase (Decrease) in Cash and Cash Equivalents (3,084.7) (932.9) Cash and Cash Equivalents at the Beginning of Period 6,881.1 4,339.4 Cash and Cash Equivalents at the End of Period $ 3,796.4 $ 3,406.5
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Cash flows from operating, investing, and financing activities, as reflected in our Consolidated Statement of Cash Flows, is summarized in the following table:
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• Operating Activities - The $137.0 million increase in net cash provided by operating activities from the prior year period was primarily attributable to an increase in net income, which reflects the inclusion of IPG's results for the nine months ended September 30, 2026.
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• Investing Activities - The $294.8 million increase in net cash provided by investing activities from the prior year period was primarily attributable to proceeds from the disposition of a subsidiary.
Read in the 10-Q ↗
• Financing Activities - The $2,391.5 million increase in net cash used in financing activities from the prior year period was primarily attributable to increases in purchases of common stock, including shares repurchased pursuant to the accelerated share repurchase program, partially offset by higher proceeds from net borrowings.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 23, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Work on OMC in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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