What Does AppLovin Offer That Omnicom Does Not

Two distinct approaches define how Omnicom (OMC) and AppLovin capture what brands spend on advertising. Omnicom sells the work of its agencies across media, advertising, and public relations. By contrast, AppLovin runs an ad platform built on its own models, focused mostly on games. Investors have treated the two differently over the past year. AppLovin stock lost 52% over that period, while Omnicom returned 6.9%, even though AppLovin recorded faster revenue growth. So what is each company actually offering you?

Omnicom Raised Expectations While AppLovin Missed On Profit

Omnicom raised its 2026 forecast for organic revenue growth during its second-quarter call, citing its first-half performance. For the businesses Omnicom is keeping, which exclude those already sold or held for sale, organic growth reached 6.1% in the second quarter. Management noted that Omnicom's Integrated Media business led the way.

AppLovin delivered a different second-quarter narrative. The company reported a 53% increase in quarterly revenue from a year earlier, yet its main profit measure arrived just below its forecast range. Management attributed this shortfall to timing, noting that the next step-up in AppLovin's models landed just after the quarter closed.

Looking ahead to the third quarter of 2026, AppLovin forecast revenue 46% to 48% above the prior year. That target represents the company's first forecast for the quarter, rather than a raise. So only Omnicom improved upon its previous guidance. AppLovin instead projected fast growth following a quarter that fell short.

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Omnicom Is Absorbing A Merger, AppLovin Is Buying Computing

Following its acquisition of Interpublic, Omnicom now functions as a single unified group. Management currently describes the business as more of an operating company than a traditional holding entity. The combination generated cost savings that management cited as the main reason Omnicom's core adjusted margin rose, adding that those savings are on track. Omnicom also carries much more debt, equal to 52% of its market value, against 3.8% for AppLovin.

AppLovin saw its costs rise from the first quarter. Management said this increase occurred mainly because the company required more computing to train its models. Currently, AppLovin spends about $0.10 on computing for each extra dollar of revenue.

The company is also pushing beyond games into consumer and e-commerce advertising, though these efforts are still early. Management acknowledged that AppLovin has less data and less sophisticated models in those markets.

Omnicom Trails AppLovin On Nearly Every Comparison

AppLovin trades at a lower multiple of earnings, and it is generating faster growth. The stock is currently priced at 20.7 times its earnings over the past twelve months, well below the 56.3 times multiple for Omnicom. Top-line expansion shows a similar divide. AppLovin's revenue rose 61% over the same twelve months, against 41% for Omnicom, a figure lifted by the Interpublic acquisition. Omnicom's organic growth was 6.1% in the second quarter. Over a three-year period, AppLovin's revenue grew 44% a year on average, compared with 17.0% for Omnicom.

The starkest gap appears in profit. Over the past twelve months, AppLovin posted an operating margin of 77%, dwarfing the 5.3% margin reported by Omnicom.

Beyond its stronger stock return over the past year, Omnicom remains ahead in one other area: its latest forecast was a raise.

Ultimately, AppLovin offers faster growth and far wider margins at a lower multiple of earnings, all while carrying little debt. Omnicom counters with a raised forecast and cost savings still to come. Looking forward, AppLovin's third-quarter revenue against the forecast it gave in August is the critical metric to watch when the company reports on November 4, 2026.

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