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Willis Towers Watson (WTW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Willis Towers Watson (WTW) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $2.5B · 12¢ of every $1 of revenue kept as net profit · operating margin 17.4%

Willis Towers Watson made $2.5B in Q3 2026 (+8% Y/Y): Health Wealth and Career $1.4B, Risk and Broking $1.1B. Operating margin 17.4%, net earnings $303M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.5B
Year over year+8%
Operating margin17.4%
Net earnings$303M
Operating cash flow$739M

Drawing the Sankey…

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Willis Towers Watson Q3 2026 revenue breakdown: Sankey diagram of revenue (Health Wealth and Career, Risk and Broking), costs, profit and cash flow
Willis Towers Watson Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.5B in Q3 2026, up 8% year over year and roughly flat from the previous quarter. Health Wealth and Career was the largest line at 56% of revenue. Health Wealth and Career added $0.09B year over year (up 7%), 55% of the total change.

Operating profit was $0.43B, a 17.4% margin (down 0.8 points year over year). Of the extra revenue versus Q3 2025, 6% reached operating profit, below the 18% margin then. Total costs grew 9% against revenue growth of 8%. Net earnings were $0.30B, roughly flat year over year. The effective tax rate was 20.4%.

Operating cash flow was $0.74B (up 9% year over year), 239% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.25B. Capital expenditures of $0.06B left free cash flow of $0.68B.

Quarterly history

Willis Towers Watson revenue by quarterWillis Towers Watson revenue by quarter$2.2BQ1 2025$2.3BQ2 2025$2.3BQ3 2025$2.9BQ4 2025$2.4BQ1 2026$2.5BQ2 2026$2.5BQ3 2026
Willis Towers Watson net earnings by quarterWillis Towers Watson net earnings by quarter$235MQ1 2025$331MQ2 2025$304MQ3 2025$736MQ4 2025$297MQ1 2026$229MQ2 2026$303MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.5B+8%17.4%$303M$739M
Q2 202610-QJul 30, 2026$2.5B+9%14.8%$229M$484M
Q1 202610-QApr 30, 2026$2.4B+8%18.6%$297M−$10.0M
Q4 202510-KFeb 25, 2026$2.9B-3%34.6%$736M$771M
Q3 202510-QOct 30, 2025$2.3B0%18.3%$304M$678M
Q2 202510-QAug 1, 2025$2.3B-0.2%16.3%$331M$361M
Q1 202510-QApr 24, 2025$2.2B-5%19.4%$235M−$35.0M

Charts

Willis Towers Watson: revenue growth, year over year and quarter over quarterWillis Towers Watson: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q1 20250%+2%Q2 20250%+1%Q3 2025-3%+28%Q4 2025+8%-18%Q1 2026+9%+2%Q2 2026+8%0%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q 0%.
Willis Towers Watson: where the cash came from (+) and went (−), TTM to Q3 2026Willis Towers Watson: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.0BOther financing$1.6BBuybacks−$1.3BAcquisitions−$1.1BNet borrowing (+) / repaid (−)−$553MDividends−$356MCapital spending−$241MCash drawn (+) / kept (−)$67.0MTaxes on employees’ shares−$64.0MExchange rates−$37.0MPartners−$11.0MOther investing−$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Willis Towers Watson: profit against cash, quarter by quarterWillis Towers Watson: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$599MQ4 2024$239M−$35.0MQ1 2025$332M$361MQ2 2025$306M$678MQ3 2025$736M$771MQ4 2025$303M−$10.0MQ1 2026$231M$484MQ2 2026$309M$739MQ3 2026
Latest (Q3 2026): Net income $309M, Operating cash flow $739M.
Willis Towers Watson: diluted shares by fiscal yearWillis Towers Watson: diluted shares by fiscal year130MFY2020129MFY2021112MFY2022106MFY2023102MFY202499MFY2025
-23.8% since FY2020: buybacks shrank the count.
Willis Towers Watson: long-term debt falling due (FY2025)Willis Towers Watson: long-term debt falling due (FY2025)$828M2026$1.0B2027$831M2028$930M2029$190M2030$5.9BLater
Cash $3.1B, short-term investments $25.0M, long-term debt $9.7B at 2025-12-31.
Willis Towers Watson in its industry: growth against margin (24 companies, SIC 6411)Willis Towers Watson in its industry: growth against margin (24 companies, SIC 6411)revenue growth, year over year →↑ operating marginmedian +8%median 17%MRSHAONAJGEQHBROERIERYANBWINARXHGTYCRD-AACTSLQTCRVLLIFEGSHDTWFGNPEHTHRDZNQDMIHITEZRAWTW (+8%, 17%)
Insurance Agents, Brokers & Service; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Willis Towers Watson

WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. Utilizing the global view and local expertise of our approximately 47,000 colleagues serving more than 140 countries and markets, we help organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance. We design and deliver solutions that manage risk, optimize benefits, cultivate talent and expand the power of capital to protect and strengthen institutions and individuals. Working closely with our clients, we uncover opportunities for sustainable success.

In its own words, from its 10-K, filed Feb 25, 2026.

Willis Towers Watson against its Insurance Agents, Brokers & Service peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 17.4% against the peers' median 17.8%.

CompanyQuarterRevenueY/YOp. margin
WTW Willis Towers WatsonQ3 2026$2.5B+8%17.4%
MRSH Marsh & McLennan CompaniesQ3 2026$6.9B+8%17.7%
AON AonQ3 2026$4.1B+3%19.7%
AJG Arthur J. GallagherQ3 2026$4.0B+18%13.0%
EQH Equitable HoldingsQ3 2026$3.9B+168%35.8%
BRO Brown & BrownQ3 FY27$1.7B+7%18.6%
ERIE Erie IndemnityQ3 2026$1.1B+0.3%19.4%
RYAN Ryan Specialty HoldingsQ3 2026$790M+5%17.8%
BWIN Baldwin Insurance GroupQ2 2026$493M+30%-1.7%

Source: Willis Towers Watson 10-Q on SEC EDGAR · CIK 1140536 · Insurance Agents, Brokers & Service

Guidance and outlook

Willis Towers Watson Revenue: guidance against what was reportedWillis Towers Watson Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$9.9B
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

More on WTW

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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