WILLIS TOWERS WATSON (WTW) Company Report

The upstream energy market delivered record profitability, with market softening accelerating since April and insurers rewarding long-term relationships.
Downstream insurers have incurred around US$3.5 billion in losses this cycle—six of eight major losses in the US refining sector—prompting 10–15% standard rate reductions and up to 20–50% in competitive tenders for clean-loss clients.
Key 2026 trends include leveraging operational relationships for upstream construction placements, constrained capacity in subsea construction, and insurer top-up reinsurance purchases indicating strategic direction.
Insurers reported strong Q3 financial results, with capacity oversupply simplifying placement structures and yielding premium savings for Q4 2025 renewals.

Nov 13, 2025, 8:00 AM

Press Release

Willis Towers Watson projects double-digit healthcare cost inflation into 2026

WTW

Global medical benefits costs are expected to rise by 10.3% in 2026, following 10.0% in 2025 and 9.5% in 2024.
Asia Pacific will see the highest increase at 14.0%, while Latin America accelerates most, from 10.5% in 2025 to 11.9% in 2026.
North America and Europe are forecast to moderate to 9.2% and 8.2%, respectively, in 2026.
New medical technologies are cited by 74% of insurers as the primary driver of ongoing cost inflation.

Nov 11, 2025, 4:21 PM

Press Release

WTW reports Q3 2025 results

WTW

Earnings

Share Buyback

Guidance Update

Reported 5% organic revenue growth and 230 bps adjusted operating margin expansion in Q3 2025, delivering adjusted EPS of $3.07, up 11% year-over-year.
Health, Wealth & Career revenue rose 4%, while Corporate Risk & Broking grew 6% (7% ex-book adjustments); Insurance Consulting & Technology was flat.
Generated $838 million of free cash flow for the nine months ended September 30, 2025, up $114 million year-over-year.
Executed $1.3 billion of share repurchases year-to-date and maintained a $1.5 billion repurchase target for 2025.
Reiterated full-year guidance for mid-single-digit growth in HWC and mid-to-high-single-digit growth in Risk & Broking, with continued margin expansion.

Oct 30, 2025, 1:00 PM

Transcript

WTW reports Q3 2025 results

WTW

Earnings

Share Buyback

Dividends

WTW generated 5% organic revenue growth, 230 bps adjusted operating margin expansion, and 11% adjusted diluted EPS growth in Q3 2025.
GAAP revenue was $2,288 M (0% YoY), operating income $418 M vs ($766 M) in Q3 2024, and diluted EPS of $3.11 vs ($16.44).
Year-to-date free cash flow was $838 M, up from $724 M a year ago, and capital return included $600 M of share repurchases and $90 M of dividends in the quarter.
Balance sheet remains strong with $1,895 M in cash, $5,313 M of debt and a 2.0× debt-to-adjusted EBITDA ratio as of Sept 30, 2025.

Oct 30, 2025, 1:00 PM

Presentation

WTW announces Q3 2025 earnings results

WTW

Earnings

Share Buyback

Guidance Update

WTW delivered 5% organic revenue growth, expanded adjusted operating margin by 230 bps to 20.4%, and reported $3.07 adjusted EPS, up 11% y/y.
Health, Wealth & Career revenue rose 4% (5% ex-book settlements), led by 7% growth in Health; Wealth grew 5%, Career 2% and BD&O 2% with a Q4-weighted commission mix.
Risk & Broking achieved 6% revenue growth (7% ex-book activity and interest), with a 18.8% operating margin, up 70 bps, driven by its specialization strategy and tech investments.
Generated $838 million free cash flow in the first nine months (up $114 million), returning $690 million to shareholders via $600 million buybacks and $90 million dividends; full-year buybacks remain at ~$1.5 billion.
Reaffirmed 2025 targets: mid-single-digit organic growth, adjusted operating margin expansion, EPS growth and free cash flow margin improvement.

Oct 30, 2025, 1:00 PM

Transcript

WTW reports Q3 2025 results

WTW

Earnings

Share Buyback

Guidance Update

WTW delivered 5% organic revenue growth, 230 bps adjusted operating margin expansion, and $3.07 adjusted EPS (+11% YoY) in Q3 2025.
Health, Wealth & Career grew 4%, or 5% ex-book settlements, with operating margin of 28.6% (+390 bps; +100 bps ex-TRANZACT), and remains on track for mid-single-digit full-year growth.
Risk & Broking achieved 6% revenue growth (7% ex-book activity), with operating margin of 18.8% (+70 bps; +100 bps ex-FX), driving mid-to-high single-digit growth momentum.
Generated $838 million free cash flow through Sept. 30 (+$114 million YoY), returned $690 million to shareholders (including $600 million in buybacks), and targets ~$1.5 billion in share repurchases for 2025.
Reiterated full-year 2025 objectives of mid-single-digit organic growth, adjusted margin expansion, EPS growth, and continued free cash flow margin improvement.

Oct 30, 2025, 1:00 PM

Transcript

WTW reports Q3 2025 earnings

WTW

Earnings

Share Buyback

WTW reported Q3 revenue of $2.29 billion, flat year-over-year, with 5% organic growth.
Adjusted diluted EPS was $3.07, up 11% versus Q3 2024.
Adjusted operating margin expanded 230 basis points to 20.4%.
Generated net income of $306 million (versus a net loss of $1.67 billion prior year) and repurchased 1.85 million shares for $600 million during the quarter.

Oct 30, 2025, 10:03 AM

8-K

WTW reports Q3 2025 earnings

WTW

Earnings

Share Buyback

Revenue of $2.29 billion was flat year-over-year, with 5% organic growth in Q3 2025.
Net income of $306 million versus a loss of $1.67 billion in Q3 2024, driving diluted EPS of $3.11 (adjusted EPS $3.07, +11% yoy).
Adjusted operating margin expanded 230 bps to 20.4% (operating margin 18.3%) in the quarter.
Free cash flow was $838 million for the nine months ended September 30, 2025, and the company executed $600 million of share repurchases in Q3.

Oct 30, 2025, 10:03 AM

Press Release

Willis Towers Watson amends and restates credit agreement

WTW

Debt Issuance

On October 17, 2025, Willis Towers Watson Public Limited Company and its subsidiaries executed a Third Amended and Restated Credit Agreement with Barclays Bank PLC as Administrative Agent, replacing the October 6, 2021 facility.
The amended facility provides revolving credit commitments of up to $1.5 billion, letters of credit commitments up to $150 million, and a swing line facility up to $300 million.
The agreement includes covenants requiring a minimum 4.00x Consolidated Cash Interest Coverage Ratio and a maximum 3.50x Consolidated Leverage Ratio, with one-time reset options tied to qualifying acquisitions.
Proceeds will refinance existing indebtedness under the prior agreement, cover transaction expenses, and fund working capital, capital expenditures and permitted acquisitions.

Oct 20, 2025, 8:30 PM

8-K

Willis Towers Watson: Commercial insurance market sees stability and buyer opportunities

WTW

The commercial insurance sector is entering a period of stability after pandemic-era volatility, supported by over $1 trillion in surplus capital and $725 billion in reinsurance capacity.
Property insurance has moved into a soft market, with renewal rates down 5.5% in Q1 2025 and 8% in Q2 2025.
Workers’ Compensation remains favorable, underpinned by a $16 billion reserve surplus.
Artificial intelligence is now transforming underwriting, claims management, and product design, delivering deeper risk insights and faster decision-making.

Oct 3, 2025, 5:55 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for WILLIS TOWERS WATSON.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Carl Hess say about margins?What are WILLIS TOWERS WATSON's strategic priorities?How is WILLIS TOWERS WATSON positioned vs competitors?How did WILLIS TOWERS WATSON do last quarter?

Let Fintool AI Agent track WILLIS TOWERS WATSON's earnings for you

Get instant analysis when filings drop