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Willis Towers Watson (WLTW) investor relations material
Willis Towers Watson Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 5% organic revenue growth and 150 basis points of adjusted operating margin expansion in Q2 2025, with adjusted EPS up 20% year-over-year to $2.86.
Net income more than doubled to $332M, driven by lower costs and operational efficiencies.
Advanced strategic priorities, focusing on specialization, talent, and operational efficiency.
Strong recurring revenue and geographic diversification in Health, Wealth & Career (HWC) provide stability and growth.
Technology and AI investments are delivering measurable efficiency gains and client value.
Financial highlights
Q2 2025 revenue was $2.26B, flat year-over-year; organic revenue up 5%.
Adjusted operating margin increased to 18.5% in Q2 2025 from 17.0% in Q2 2024; adjusted diluted EPS grew 20% to $2.86.
Net income for Q2 2025 was $332M, up from $142M in Q2 2024; diluted EPS rose 144% to $3.32.
Adjusted EBITDA for Q2 2025 was $470M (20.8% margin), up from $445M (19.6%).
Free cash flow for the first half of 2025 was $217M, down from $305M in the prior year due to higher incentive costs and tax payments.
Outlook and guidance
On track to deliver 2025 guidance: mid single digit organic growth, adjusted operating margin expansion, adjusted EPS growth, and ongoing free cash flow margin improvement.
HWC expected to maintain mid single digit revenue growth and margin expansion for 2025 and long term.
Risk & Broking (R&B) guided to mid to high single digit organic growth and 100 basis points of average annual margin expansion over next three years.
Insurance Consulting & Technology (ICT) now expected to deliver low to mid single digit growth for 2025.
Foreign currency expected to provide a $0.05 tailwind to adjusted diluted EPS in 2025.
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