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Creating value in all directions

2022 Letter to Shareholders

From our Chair & CEO

“Our exceptional performance in fiscal 2022 is a testament to our ability to create enduring 360° value for all our stakeholders: clients, people, shareholders, partners and communities.”

— JULIE SWEET, Chair & Chief Executive Officer

Our financial results



A record increase of 26% in local currency and 22% in U.S. dollars from fiscal 2021

New bookings


Record bookings, an increase of 25% in local currency and 21% in U.S. dollars

Diluted earnings per share


A 22% increase on an adjusted basis after adjusting fiscal 2021 GAAP EPS to exclude gains on an investment of $0.36 per share

Operating margin


An expansion of 10 basis points from fiscal 2021

Free cash flow


Defined as operating cash flow of $9.5 billion net of property and equipment additions of $718 million

Cash returned to shareholders


Defined as cash dividends of $2.5 billion plus share repurchases of $4.1 billion

Other highlights


Deployed across 38 acquisitions that are well-balanced across markets, services and strategic priorities


Invested in R&D in our assets, platforms, and industry and functional solutions


Invested in training and development of our people


We celebrated our 157,000 promotions and added nearly 100,000 people to our global workforce


We are now 47% women, on track to achieve our goal of 50% by 2025


Training hours, an increase of 27% over fiscal 2021


Consecutive years as one of World's Most Ethical Companies by Ethisphere


Improved brand value in BrandZ's 100 Most Valuable Global Brands

No. 1

On the Refinitiv Diversity & Inclusion Index

Comparison of cumulative total return

Awards and recognition

Ad Age A-List Awards

13 consecutive years on list; Agency of the Year in 2021

Bloomberg Gender-Equality Index

Highest-scoring company in 2022, marking 5 consecutive years on list

BrandZ Most Valuable Global Brands

Increased brand value 28% to $82.6B, ranked No. 26, marking 17 consecutive years on list

Business Today India’s Best Companies to Work For

No. 4, among Top 10 for 11 consecutive years

CDP Climate Change Leader

8 years

Disability Equality Index

Among top-scoring companies for 6 consecutive years; Top Corporation for Disability-Owned Businesses in 2022

DiversityInc Top 50 Companies for Diversity in the U.S.

No. 1, marking 16 consecutive years on list; to be named to Hall of Fame in 2023

Dow Jones Sustainability Index North America

17 consecutive years

Ethisphere World’s Most Ethical Companies

15 consecutive years

Forbes Global 2000

No. 183, marking 19 consecutive years on list 

FORTUNE Global 500

No. 268, marking 21 consecutive years on list

FORTUNE Most Powerful Women

Chair & CEO Julie Sweet No. 2 on first-ever global list

FORTUNE World’s Most Admired Companies

No. 1 in our industry for 9 years, No. 33 overall, marking 20 consecutive years on list

FTSE4Good Global Index

Since 2005

Great Place to Work Best Workplaces

Top 10 in Argentina, Asia, Brazil, France, India, Japan, Mexico, Philippines, U.K. and U.S.; also recognized in Greater China

Human Rights Campaign Corporate Equality Index

Received top score in Argentina, Brazil, Chile, Mexico and U.S.

Interbrand Best Global Brands

Increased brand value 7% to $17.7B, ranked No. 32, marking 20 consecutive years on list

JUST Capital America’s Most JUST Companies

Top 20 for 3 years, marking 6 consecutive years on list

Minshu Top Employers in Japan

No. 1 in our industry, No. 13 overall, marking 7 consecutive years on list

Nikkei Leading Management Consultants in Japan

Among highest rated, inaugural year

Refinitiv Diversity & Inclusion Index

No. 1 for 3 out of the last 5 years

The Times Top 50 Employers for Women in the U.K.

Recognized for 7 consecutive years

Wall Street Journal Management Top 250

No. 14, marking 5 consecutive years on list

Women’s Career Index (FKi) in Germany

No. 1 for 4 consecutive years

Workplace Pride Global Benchmark

Received 100% score, marking 6 consecutive years on list

Additional information

Stock listing

Available information

Trademark references

Forward-looking statements and certain factors that may affect our business

Reconciliation of non-GAAP measures