Stagwell reported second-quarter net revenue of $632 million, up 6% with organic growth (excluding M&A and currency impact) of 5%. 

The company reported a record $171 million (annualized revenue) in net new business wins for the quarter and $540 million in wins over the last twelve months. Wins in the quarter included IBM, Adobe, Mondelez and Heineken. 

The company reiterated full-year net revenue growth guidance of between 8% and 12% and upgraded its earnings-per-share forecast to between $1.03 and $1.17. It did not provide a net organic revenue growth guidance for the full year.   

"This was the biggest second quarter in the history of the company," CEO Mark Penn told investors and analysts on an earnings call Thursday morning.  

"Stagwell was founded as a tech forward challenger to the legacy players for the vision of providing customers with everything from global full service to platform self-service solutions," he added. Performance in Q2 "is validation of these founding principles." 

The standout performance was delivered by the company's digital transformation operation (essentially Code And Theory and Instrument), which posted an 18% net organic growth gain for the period. Communications (PR and political consulting) was up 12%.  

Those were the two biggest drivers of growth for the company in Q2. Media and marketing advisory firm Madison & Wall noted that "activity at the rest of the business was much more tame, with Media & Commerce (i.e. Assembly) up 1.0%, The Marketing Cloud (the company’s smallest segment) up 4.1%, and Marketing Services (the largest segment at 37% of net revenue) up just 0.5% organically." 

M&W noted:"This marks two consecutive quarters of flat growth for Marketing Services, the segment that houses the creative agency networks 72 and Sunny and Anomaly along with Harris Poll and NRG, which is a meaningful deceleration from the 6.6% organic growth in 3Q25." 

By region, the U.S. was up 7% and the U.K. posted a 13% gain.   

Adjusted pre-tax earnings was $109 million in Q2, up 15%, which Penn attributed to "continued focus on cost management." 

M&W noted that Stagwell did not explicitly disclose political revenues, which likely represented a 2% bump in reported organic revenue. "Consequently, the as-reported 5% organic net revenue growth was likely closer to 3% on a basis that’s comparable to other agency groups – still stronger than most of them, other than Publicis."