Investor relations should always address business-critical headwinds and tailwinds. But which do companies refer to more—and how does that choice affect market performance?


![Image upload](https://cdn.commonstock.com/9a0cd6d1c75cac77c69b1ea9818b6389fd134119ca99c4b4d729cc5f9a8ee9ce-851x621.jpg)
_Source: McKinsey & Co._


![Image upload](https://cdn.commonstock.com/4852f53e34da4509c9c0438a752cb024941cc2824b0ffec8cb343dcd2c0f4754-705x761.jpg)
_Source: McKInsey & Co._

[https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/communicating-headwinds-and-tailwinds?stcr=40A2958716C943F9AE4ED819EB461AEF&cid=other-eml-alt-mip-mck&hlkid=e91efec2c8e8490f9acdbe96ff93628e&hctky=2206136&hdpid=513b3446-1695-42ea-8476-a4b470be04e0](https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/communicating-headwinds-and-tailwinds?stcr=40A2958716C943F9AE4ED819EB461AEF&cid=other-eml-alt-mip-mck&hlkid=e91efec2c8e8490f9acdbe96ff93628e&hctky=2206136&hdpid=513b3446-1695-42ea-8476-a4b470be04e0)

How companies communicate headwinds and tailwinds with their investors.

https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/communicating-headwinds-and-tailwinds?stcr=40A2958716C943F9AE4ED819EB461AEF&cid=other-eml-alt-mip-mck&hlkid=e91efec2c8e8490f9acdbe96ff93628e&hctky=2206136&hdpid=513b3446-1695-42ea-8476-a4b470be04e0

Communicating headwinds and tailwinds

Headwinds v tailwinds external communication from companies (McKinsey & Co.)

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