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Willis Towers Watson (WLTW) investor relations material
Willis Towers Watson Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved 5% organic revenue growth and 230 basis points of adjusted operating margin expansion in Q3 2025, with adjusted EPS up 11% year-over-year to $3.07.
Net income rebounded to $306 million in Q3 2025, a turnaround from a $1.67 billion loss in Q3 2024, driven by the absence of impairment and disposal losses.
Strategy focused on performance acceleration, efficiency, and portfolio optimization, with continued investments in digital tools, AI, and automation.
Returned $600 million to shareholders via share repurchases and paid $90 million in dividends in Q3 2025.
Notable new business wins in both Health, Wealth & Career (HWC) and Risk & Broking (R&B) segments, including large mandates and innovative solutions.
Financial highlights
Q3 2025 revenue was $2.3 billion, flat year-over-year due to the TRANZACT sale, but organic revenue grew 5%.
Adjusted operating margin for Q3 2025 was 20.4%, up 230 basis points year-over-year; adjusted EPS was $3.07, up 11%.
Free cash flow for the first nine months was $838 million, up $114 million year-over-year.
Share repurchases totaled $1.3 billion year-to-date, with $1.6 billion remaining authorized.
Net income for Q3 2025 was $306 million (EPS $3.11 diluted), compared to a loss of $1.67 billion in Q3 2024.
Outlook and guidance
On track to deliver full-year objectives: mid single-digit organic growth, margin expansion, adjusted EPS growth, and improved free cash flow margin.
Expect share repurchases of approximately $1.5 billion in 2025, subject to market conditions.
Anticipates ~100 basis points of average annual margin expansion in Risk & Broking over the next three years, with incremental margin expansion at HWC and enterprise levels.
Foreign currency expected to provide a tailwind to adjusted diluted EPS in Q4 and full year 2025.
No material impact anticipated from recent tax legislation or global minimum tax.
Quantify TRANZACT's 2024 adjusted EPS contribution?
What is the remaining impact of the Transformation program?
Detail the 2025 adjusted EPS headwinds/tailwinds?
Detail R&B margin levers given rate pressure.
Are HWC growth drivers sustainable long-term?
Explain 2025 share repurchase target of $1.5B.
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Next Willis Towers Watson earnings date
Q4 20255 Feb, 2026
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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.
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