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Willis Towers Watson

Willis Towers Watson (WTW) Q2 2026 Earnings

Reported Jul 30, 2026 at 6:02 AM ET · SEC Source

Q2 26 EPS

$3.35

Q2 26 Revenue

$2.47B

vs S&P Since Q2 26

+0.8%

BEATING MARKET

WTW +5.7% vs S&P +4.9%

Market Reaction

Did WTW Beat Earnings? Q2 2026 Results

Willis Towers Watson posted a strong second quarter, with adjusted diluted EPS climbing 17% to $3.35 and revenue rising 9.1% year-over-year to $2.47 billion, marking the company's fourth consecutive quarter of beating consensus EPS estimates. The hea… Read more Willis Towers Watson posted a strong second quarter, with adjusted diluted EPS climbing 17% to $3.35 and revenue rising 9.1% year-over-year to $2.47 billion, marking the company's fourth consecutive quarter of beating consensus EPS estimates. The headline numbers were powered by 5% organic revenue growth and 100 basis points of adjusted operating margin expansion to 19.5%, with Risk & Broking delivering 7% organic growth and Health, Wealth & Career contributing 4%. GAAP earnings told a more complicated story, as net income fell 30% to $231 million, weighed down by $61 million in transaction and integration costs tied to the Newfront acquisition, compared to just $2 million in the prior-year period. The quarter's most consequential development was the unveiling of Propel, WTW's AI Acceleration Plan, which targets roughly $350 million in net run-rate savings through approximately $625 million in cash investment, supporting a 30% adjusted operating margin target by 2028. The company reaffirmed full-year guidance, including mid-single digit organic revenue growth and share repurchases of $1 billion or greater.

Key Takeaways

  • • 5% organic revenue growth driven by both HWC (4%) and R&B (7%)
  • • Adjusted operating margin expansion of 100 basis points to 19.5%
  • • Operating leverage and expense discipline driving margin improvement
  • • Health segment delivered 8% organic growth across all regions
  • • CRB drove 7% organic growth from new business activity and strong client retention globally
  • • ICT organic revenue increased 6% driven by strong software sales in Technology practice
  • • Share count reduction from 100 million to 94 million diluted shares year-over-year

WTW Forward Guidance & Outlook

WTW reaffirmed full-year 2026 guidance unchanged. The company expects mid-single digit organic revenue growth at the enterprise level, with HWC at mid-single digits (Health: high-single digits, Wealth: low-single digits, Career: low-to-mid-single digits, BD&O: low-single digits) and R&B at mid-single digits (CRB: mid-single digits, ICT: low-to-mid-single digits). Continued annual adjusted operating margin expansion is expected, driven by ~100 basis points of annual margin expansion in R&B and incremental margin expansion in HWC. The Willis Re joint venture is expected to be a ~$0.30 headwind on adjusted diluted EPS. The Newfront acquisition is expected to be ~$0.10 dilutive to adjusted EPS in 2026, with post-close revenue of ~$250M and adjusted EBITDA margin of ~26%. Share repurchases of $1.0B or greater are expected, subject to market conditions. A foreign currency tailwind of ~$0.35 is expected for full-year 2026. Through the Propel AI Acceleration Plan, WTW targets approximately 30% adjusted operating margin in 2028, with ~$625M in cash investment generating ~$400M in run-rate savings and ~$350M in net run-rate savings after ~$50M in growth reinvestment.

24/7 Wall St

WTW YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WTW Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“WTW delivered solid second quarter results, reflecting business momentum and disciplined execution. This performance underscores the meaningful progress we've made embedding AI and automation across our business, enabling us to deliver higher-value client solutions and a more compelling colleague experience. Propel, WTW's AI Acceleration Plan announced today, builds on that foundation and is intended to further accelerate performance and enhance efficiency, creating value for shareholders and further strengthening WTW's differentiated position in the market. We remain confident in delivering on our full-year 2026 guidance and achieving our new 2028 margin target.”

— Carl Hess, Q2 2026 Earnings Press Release

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