Willis Towers Watson (WTW) Q3 2026 Earnings
Adjusted EPS excludes amortization ($0.63/share), restructuring costs ($0.15), transaction and program expenses ($0.45), net periodic pension benefits (-$0.20), gain on disposal of operations (-$0.37), acquisition-related adjustments (-$0.04) and tax effects (-$0.22); GAAP diluted EPS was $3.24
How Did WTW Stock React to Q3 2026 Earnings?
Did WTW Beat Earnings? Q3 2026 Results
Yes. Willis Towers Watson reported Q3 2026 earnings of $3.63 a share on Oct 29, 2026, beating the $3.60 consensus estimate by 0.8%. Revenue was $2.5B against a $2.5B estimate.
Willis Towers Watson delivered a mixed but broadly solid third quarter for fiscal 2026, posting adjusted EPS of $3.63 against a consensus estimate of $3.60, a beat of 0.76% that extended the company's streak of topping EPS expectations to four consecutive quarters. Revenue of $2.46 billion grew 7.5% year over year, though it fell just short of the $2.47 billion consensus by 0.22%, as acquisition contributions from Newfront and Cushon added roughly four percentage points to reported growth alongside 4% organic gains across both the Health, Wealth & Career and Risk & Broking segments. The headline story beneath the numbers was margin dynamics: adjusted operating margin expanded 150 basis points to 21.9%, while GAAP operating margin slipped 90 basis points to 17.4%, weighed down by $42 million in transaction and program expenses tied to the company's recently launched Propel AI Acceleration Plan. Looking ahead, WTW maintained its 2026 outlook for mid-single-digit organic growth, more than $1 billion in share repurchases, and continued adjusted margin expansion, with longer-term targets pointing toward a roughly 30% adjusted operating margin by 2028.
- Health organic growth of 6% with positive contributions from all regions driven by new business and strong renewals
- Wealth organic growth of 2% from Retirement work outside North America and new client wins
- Career organic growth of 9% from higher compensation survey sales and return to typical survey delivery timing
- CRB organic growth of 5% from strong new business in North America and International and higher book-of-business settlements
- ICT organic growth of 2% from Technology software sales
- Adjusted operating margin up 150 bps to 21.9% on operating leverage and expense discipline
- HWC operating income $398M (+10%); R&B operating income $216M (+14%)
- Acquisitions (Newfront, Cushon) contributed ~4% to revenue growth
“WTW delivered another quarter of solid results in the face of a volatile market environment, reflecting the strength and resilience of our business.”
Willis Towers Watson CEO, on the earnings call
What Is Willis Towers Watson's Outlook?
For 2026, WTW expects: - **Margins:** continued annual adjusted operating margin expansion at the enterprise level, with about 100 bps in R&B and incremental expansion in HWC. - **Organic revenue growth:** mid-single digits at the enterprise level. - HWC: low-to-mid single digits (Health high-single digits; Wealth and Career low-single digits; BD&O flat). - R&B: mid-single digits (CRB mid-single digits; ICT low-single digits). - **Willis Re:** a joint-venture headwind of about $0.30 to adjusted diluted EPS. - **Newfront:** about $0.10 dilutive to adjusted EPS, with about $250M of post-close revenue at about a 26% adjusted EBITDA margin. - **Capital return:** share repurchases in excess of $1.0B, which management says will not be affected by Propel. - **Free cash flow:** continued improvement in free cash flow margin. - **FX:** a foreign currency tailwind of about $0.02 in Q4 and about $0.35 for full-year 2026. Under Propel, WTW targets about $350M of net run-rate savings. Its 2028 adjusted operating margin targets are about 30% for WTW, about 35% for HWC and about 30% for R&B. Long-term goals are mid-single-digit organic growth and a leverage target of 2.0x–2.5x.
WTW YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.5B | $2.3B | +7.5% |
| Operating Income | $429.0M | $418.0M | +2.6% |
| Net Income | $303.0M | $304.0M | −0.3% |
WTW Revenue by Segment
When Does Willis Towers Watson Report Next?
Figures from SEC filings and company reports. Not investment advice.