

Our Financial Highlights
- Americas4,224.9
- Southern Europe8,218.3
- Northern Europe3,304.3
- APME2,161.3
- Americas141.6
- Southern Europe304.1
- Northern Europe(44.6)
- APME83.7
- '24 17,853.9
- '23 18914.5
- '22 19,827.5
- '21 20724.4
- '20 18,001.0
- '19 20,863.5
- '18 21,991.2
- '17 21,034.3
During 2024, we experienced economic uncertainty across Europe and North America. Revenues were $17.9 billion, a decrease of 3.4% in constant currency(c).
We finished 2024 with results that reflect economic uncertainty across Europe and North America, with revenues of $17.9 billion, representing a 3.4% decline in constant currency(c) and an operating profit of $306.0 million. As adjusted, earnings per share – diluted decreased to $4.55, which represents a 21% decline in constant currency(c).
- '24 370.3 306.0
- '23 462.5 255.8
- '22 660.5 581.7
- '21 609.5 585.4
- '20 376.9 187.6
- '19 719.9 644.9
- '18 836.0 796.7
- '17 823.7 789.2
- As Adjusted(d)
- As Reported
Operating profit was $306.0 million, up 25.2% in constant currency(c). As adjusted, operating profit decreased 15.6% in constant currency(c).
- '24 219.6 145.1
- '23 304/2 88.8
- '22 449.5 373.8
- '21 400.9 382.4
- '20 213.7 23.8
- '19 463.2 465.7
- '18 586.6 556.7
- '17 573.2 545.4
- As Adjusted(d)
- As Reported
Net earnings was $145.1 million, up 71.8% in constant currency(c).
- '24 2.1% 1.7%
- '23 2.4% 1.4%
- '22 3.3% 2.9%
- '21 2.9% 2.8%
- '20 2.1% 1.0%
- '19 3.5% 3.1%
- '18 3.8% 3.6%
- '17 3.9% 3.8%
- As Adjusted(d)
- As Reported
Operating profit margin increased 30 bps to 1.7% in 2024. As adjusted, operating profit margin decreased 30 bps to 2.1%.
- '24 2,126.9 952.8
- '23 2,234.1 1,002.6
- '22 2,458.1 986.5
- '21 2,531.7 1,118.3
- '20 2,453.6 1,123.9
- '19 2,761.5 1,073.4
- '18 2,698.5 1,075.4
- '17 2,857.6 947.5
- Equity
- Debt
Debt as a percentage of total capitalization was 31% in 2024.
- '24 4.55 3.01
- '23 6.04 1.76
- '22 8.52 7.08
- '21 7.24 6.91
- '20 3.67 0.41
- '19 7.68 7.72
- '18 9.02 8.56
- '17 8.45 8.04
- As Adjusted(d)
- As Reported
Net earnings per share—diluted increased to $3.01 as reported. As adjusted, net earnings per share was $4.55, a decrease of 21% in constant currency(c).
- '24 8.9% 6.4%
- '23 11.1% 3.8%
- '22 16.0% 13.5%
- '21 18.5% 17.7%
- '20 9.8% 1.3%
- '19 16.6% 14.9%
- '18 19.4% 18.6%
- '17 20.8% 20.0%
- As Adjusted(d)
- As Reported
Return on Invested Capital (“ROIC”) is defined as operating profit after tax divided by the average monthly total of net debt and equity for the year. Net debt is defined as total debt less cash and cash equivalents.
- The consolidated total of $17,853.9 million excludes eliminated intercompany revenue of $54.9 million.
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Revenues from services include fees received from our franchise offices of $14.4 million and $14.8 million for the years ended December 31, 2024 and 2023, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,125.5 million and $995.8 million for the years ended December 31, 2024 and 2023, respectively.
These fees are primarily based on revenues generated by the franchise offices, which were $368.1 million and $397.7 million for the years ended December 31, 2024 and 2023, respectively.
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When we use the term “constant currency,” it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Form 10-K for further information.
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Amounts exclude the impact of restructuring costs and other special items. A reconciliation of these Non-GAAP figures to figures calculated based on U.S. GAAP is provided on the Financial Measures page in the Investor Relations section on our Web site.