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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.
Willis Towers Watson
Willis Towers Watson (WTW) investor relations material
Willis Towers Watson Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 8% YoY to $2.460B, with 4% organic growth; adjusted operating margin expanded 150 bps to 21.9% and adjusted diluted EPS increased 18% to $3.63.
Momentum reflected new business, renewals, specialization, technology and analytics, alongside efficiency and free-cash-flow priorities.
Financial highlights
Q3 adjusted operating income was $539M, up 15%; adjusted net income was $339M, up 13%.
Q3 GAAP operating income was $429M, up 3%; diluted EPS was $3.24, up 4% YoY.
Nine-month revenue was $7.338B, up 8% reported and 4% organically; adjusted diluted EPS was $10.70 versus $9.07.
Nine-month free cash flow was $1.064B versus $838M; operating cash flow was $1.213B versus $1.004B.
Outlook and guidance
FY26 enterprise organic growth outlook remains mid-single digits, toward the lower end; HWC outlook is low-to-mid single digits and R&B mid-single digits.
FY26 adjusted margins are expected to expand annually, including ~100 bps in R&B and incremental expansion in HWC; free-cash-flow margin is expected to improve.
Propel targets $400M gross and $350M net annual run-rate savings by end-2028, after $50M growth reinvestment, and an adjusted operating margin near 30%.
Newfront is expected to contribute $250M post-close 2026 revenue at ~26% adjusted EBITDA margin and dilute adjusted EPS by ~$0.10; Willis Re is expected to reduce 2026 adjusted EPS by ~$0.30.
FY26 share repurchases are expected to exceed $1.0B, subject to market conditions and investment opportunities.
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- 5% organic growth, margin gains, and $473M in savings set up for continued strong performance.WTWQ4 2024
Next Willis Towers Watson earnings date
Q4 20264 Feb, 2027
Willis Towers Watson
Next Willis Towers Watson earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Willis Towers Watson plc, through its subsidiaries, operates as an advisory, broking, and solutions company worldwide. The company offers risk management services, such as risk advice, risk transfer, and purchase of insurance and reinsurance; managing wholesale brokerage services; and various consulting services to corporate, public sector, financial institutions, professional services firms, and individuals.