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Willis Towers Watson (WTW) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Willis Towers Watson (WTW) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -18% from the quarter before. Operating margin was 18.6%, net earnings $297M (12.3% of revenue).
Willis Towers Watson, Q1 2026: revenue $2.4B (+8% year over year), operating margin 18.6%, net earnings $297M, operating cash flow −$10.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | -18% | +9% |
| Operating profit | $448M | -56% | +4% |
| Net earnings | $297M | -60% | +26% |
| Operating cash flow | −$10.0M | -101% | — |
What changed
Revenue was $2.4B in Q1 2026, up 9% year over year and down 18% from the previous quarter. Health Wealth and Career was the largest line at 53% of revenue. Health Wealth and Career added $0.10B year over year (up 9%), 54% of the total change. Corporate declined 18%.
Operating profit was $0.45B, a 18.6% margin (down 0.9 points year over year). Of the extra revenue versus Q1 2025, 8% reached operating profit, below the 19% margin then. Total costs grew 10% against revenue growth of 9%. Net earnings were $0.30B, up 26% year over year. The effective tax rate was 18.8%.
Operating cash flow was −$0.01B. Non-cash charges added back $0.10B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.46B. Capital expenditures of $0.06B exceeded it, leaving free cash flow of −$0.07B.
Questions
What was Willis Towers Watson's revenue in the first quarter 2026?
Willis Towers Watson (WTW) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -18% from the quarter before.
Was Willis Towers Watson profitable in the first quarter 2026?
Operating profit was $448M (18.6% of revenue) and net earnings $297M.