Willis Towers Watson (WTW) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and WTW published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. WTW reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• WTW's segment revenue on this page includes each segment's interest income, as the release presents it. The last two rows are the release's own reconciling lines from segment revenue to total revenue.
• On September 30, 2026 WTW bought the remaining 51% of its Al-Futtaim Willis joint venture in the United Arab Emirates and booked a preliminary $37 million non-cash revaluation gain on its earlier stake in other income. WTW excludes that gain from adjusted EPS.
• WTW completed its acquisition of the U.S. broker Newfront on January 27, 2026, so Q3 2026 revenue includes Newfront and Q3 2025 does not. Organic growth excludes acquisitions.

Source: WTW Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How WTW splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• WTW's Health, Wealth & Career revenue was $1.4 billion in Q3 2026, up 7% from $1.3 billion in Q3 2025, 55% of total revenue.
• WTW's Risk & Broking revenue was $1.1 billion in Q3 2026, up 8% from $1.0 billion in Q3 2025, 44% of total revenue.
• WTW's Corporate, reimbursable expenses and other revenue was $21.0 million in Q3 2026, up 50% from $14.0 million in Q3 2025, under 1% of total revenue.
• WTW's Interest income revenue was $2.0 million in Q3 2026, down 67% from $6.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

WTW gives no revenue or EPS figure for the year. Its release lists 2026 financial considerations: organic growth ranges by business, margin direction, buybacks and currency effects.

In its Q3 2026 release, WTW said:

“Organic revenue: Enterprise: Mid-single digits (MSD)”

“Capital allocation: Expect share repurchases in excess of $1.0B, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities”

“Willis Re joint venture: Expected to be a headwind on Adjusted Diluted EPS of ~$0.30”

“Foreign exchange: Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.02 for the fourth quarter of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates”

Source: WTW Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WTW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. WTW's 10-K says revenue in Benefits Delivery & Outsourcing is generally higher in the fourth quarter, when annual enrollment activity occurs.

We do not hold a confirmed date for WTW's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

WTW reported Q3 2026 revenue of $2,460 million, up 8% from $2,288 million. Currency had no net effect, and organic growth, which excludes acquisitions and divestitures, was 4%. Health, Wealth & Career (HWC) brought in $1,350 million and Risk & Broking (R&B) $1,087 million. (WTW Q3 2026 release, Oct 29, 2026)

WTW's HWC revenue rose 7%, with 4% organic growth. WTW said Health grew in all regions on new business and renewals, Wealth grew on Retirement work outside North America, and Career grew on compensation survey sales. Benefits Delivery & Outsourcing declined because of lower commissions in Individual Marketplace, which connects consumers with insurers in the individual and Medicare markets. (WTW Q3 2026 release, Oct 29, 2026; WTW Form 10-K, 2025, Feb 25, 2026)

WTW's R&B revenue rose 8%, with 5% organic growth. Corporate Risk & Broking grew on new business in North America and International and on higher book-of-business settlements, which were $18 million in R&B against $6 million a year earlier. Insurance Consulting and Technology grew on software sales, partly offset by lower Consulting revenue. (WTW Q3 2026 release, Oct 29, 2026)

By service, WTW's Q3 2026 revenue included $1,000 million from broking, $854 million from consulting and $299 million from outsourced administration. By where the work was performed, North America accounted for $1,195 million, Europe $866 million and International $322 million. WTW's 10-K says it earns most of its revenue from commissions or fees for brokerage and from consulting, and commissions generally follow insurance premium levels. (WTW Form 10-Q, Q3 2026, Oct 29, 2026; WTW Form 10-K, 2025, Feb 25, 2026)

WTW's GAAP diluted EPS was $3.24 in Q3 2026 and adjusted diluted EPS was $3.63. The adjusted figure adds back $0.63 a share of amortization, $0.45 of transaction and program expenses and $0.15 of restructuring costs, and removes $0.37 from gains on disposal of operations and $0.20 of pension and postretirement benefits. (WTW Q3 2026 release, Oct 29, 2026)

The Q3 2026 disposal gain included a preliminary $37 million non-cash revaluation gain from the acquisition of the remaining 51% of Al-Futtaim Willis on September 30, 2026. Restructuring costs of $14 million came from Propel, WTW's AI Acceleration Plan, and transaction and program expenses rose to $42 million from $2 million, mainly from the Newfront and Cushon acquisitions and Propel. (WTW Form 10-Q, Q3 2026, Oct 29, 2026; WTW Q3 2026 release, Oct 29, 2026)

WTW's diluted share count fell to 94 million from 98 million. It repurchased 687,386 shares for $220 million in the quarter. The GAAP tax rate was 19.5%, and the adjusted tax rate used for adjusted EPS was 21.9%. (WTW Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

WTW does not give revenue or EPS guidance. Its release lists 2026 financial considerations: mid-single-digit organic growth for the enterprise, about 100 basis points of annual margin expansion in R&B, share repurchases above $1.0 billion, an adjusted EPS headwind of about $0.30 from the Willis Re joint venture, and a currency tailwind of about $0.35 for the full year. (WTW Q3 2026 release, Oct 29, 2026)

For Propel, which runs through December 31, 2028, WTW expects to invest about $625 million of cash for about $400 million of run-rate savings, and to reach about 30% adjusted operating margin in 2028. Run-rate savings achieved through September 30, 2026 were $18 million. WTW expects Newfront to bring about $250 million of post-close revenue in 2026 and to dilute adjusted EPS by about $0.10. (WTW Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover WTW, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones WTW's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning WTW is on is WTW a buy or a sell?, what analysts expect next is on the WTW forecast, and what the company does is on the Willis Towers Watson (WTW) stock page.

Every number on this page can be traced to a document WTW published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.