No company that does business overseas is going to be surprised to hear that currencies are volatile right now and are impacting many multinationals' bottom line. But Kyriba's most recent "Currency Impact Report" puts a number to the challenge—and it's eye-opening.

Every quarter, the firm analyzes the earnings calls of 1,200 large, publicly traded companies that operate outside the financial services sector and are based in either North America or Europe. In May, we reported on Kyriba's Q2/2022 "Currency Impact Report," which studied corporates' Q4/2021 earnings calls. That analysis suggested the foreign exchange (FX) tailwinds that were increasing companies' earnings per share earlier in 2021 had shifted by the end of the year. By late last year, most multinationals in the study were instead facing headwinds, which had a cumulative impact on North American companies totaling more than $4.5 billion in the fourth quarter.