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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Robert Walters
Robert Walters (RWA) investor relations material
Robert Walters Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary14 Oct, 2026
Executive summary
Q3 net fees were £69.7m versus £69.6m, flat reported and up 1% in constant currency, improving from a 3% decline in H1; more than half of specialist recruitment markets grew, versus 48% in H1.
Improved productivity, cost actions and stronger market-level execution supported momentum, while conditions remained mixed and uncertain.
Financial highlights
Net fee income per fee earner rose 8% YoY in constant currency; after typical 2%-3% annual wage inflation, management estimated a 5%-6% gain.
Underlying monthly cost run rate was ~£22m in Q3, down from ~£23m in Q2 2026.
Fee rates remained stable, with further improvement a focus for now and next year.
Q3 year-to-date net fees were £204.3m, down 3% reported and 2% in constant currency.
Outlook and guidance
FY2026 financial result expected to be at least in line with current market expectations; company-compiled consensus from three analyst estimates is an operating loss of £8.3m.
Mixed market conditions point to continued volatility and caution in Q4.
2027 focus is operating leverage: profit growth outpacing net fee income growth, which in turn outpaces headcount growth.
Year-end 2026 net cash expected to be stable versus the 2025 year-end position.
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Latest events from Robert Walters
- Sequential improvement in H1 2026 net fees, led by UK, Japan, Spain, and New Zealand growth.RWA
Corporate presentation - Net fee income fell 3–4% YoY, but cost actions and outsourcing growth improved results.RWAH1 2026
- Q2 net fees down 4% year-over-year, with UK and outsourcing segments showing strong growth.RWAQ2 2026 TU
- Q1 2026 net fees improved sequentially, with growth in Japan, Spain, and recruitment outsourcing.RWAInvestor presentation
- Q1 2026 net fees down 2% year-on-year, with growth in Japan, Spain, and outsourcing.RWAQ1 2026 TU
- Net fee income fell 14–15% with an operating loss, but early recovery signs emerged in key markets.RWAH2 2025
- Disciplined entrepreneurialism and tech-driven efficiency target 16%-19% margins and growth.RWACMD 2024
- Net fee income fell 14–18%, but cost actions preserved cash and the dividend amid tough markets.RWAH1 2024
- Q2 net fee income fell 12% year-on-year; recovery not expected before 2025.RWAQ2 2024 TU
Next Robert Walters earnings date
Q4 2026 TU15 Jan, 2027
Robert Walters
Next Robert Walters earnings date
Q4 2026 TU15 Jan, 2027
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Frequently asked questions
Robert Walters Plc, together with its subsidiaries, provides professional recruitment consultancy services worldwide. The company offers permanent, contract and interim recruitment services in the fields of accounting and finance, banking and financial services, engineering, human resources, information technology, legal, sales and marketing, secretarial and support and supply chain; it also provides staffing and recruitment process outsourcing as well as managed services.