Willis Towers Watson (WTW) Q3 2026 earnings summary

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.