Filing Flows › Willis Towers Watson (WTW) › Q2 2026 › vs Q1 2026
Willis Towers Watson (WTW) Q2 2026 vs Q1 2026 (quarter over quarter)
Willis Towers Watson's revenue rose $54.0M (+2%) from $2.4B in Q1 2026 to $2.5B in Q2 2026. The biggest changes: Risk and Broking +$49.0M (+4%); Health Wealth and Career +$8.0M (+0.6%); Corporate −$3.0M (-33%). Operating margin 14.8% against 18.6% (-3.8 pts).
Willis Towers Watson, Q2 2026: revenue $2.5B (+9% year over year), operating margin 14.8%, net earnings $229M, operating cash flow $484M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 14.8% | 18.6% | -3.8 pts |
| Net margin | 9.3% | 12.3% | -3.0 pts |
| Free cash flow margin | 17.2% | -2.7% | +19.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Health Wealth and Career | $1.3B | $1.3B | $8.0M | +0.6% |
| Risk and Broking | $1.2B | $1.1B | $49.0M | +4% |
| Corporate | $6.0M | $9.0M | −$3.0M | -33% |
| Revenue | $2.5B | $2.4B | $54.0M | +2% |
| Operating profit | $364M | $448M | −$84.0M | -19% |
| Costs & expenses | $2.1B | $2.0B | $138M | +7% |
| Pre-tax earnings | $288M | $373M | −$85.0M | -23% |
| Other expense, net | $76.0M | $75.0M | $1.0M | +1% |
| Net earnings | $229M | $297M | −$68.0M | -23% |
| Minority interests | $2.0M | $6.0M | −$4.0M | -67% |
| Income tax | $57.0M | $70.0M | −$13.0M | -19% |
| Depreciation & amortization | $110M | $104M | $6.0M | +6% |
| Share-based compensation | $67.0M | $42.0M | $25.0M | +60% |
| Working capital & other | $78.0M | −$453M | $531M | — |
| Operating cash flow | $484M | −$10.0M | $494M | — |
| Free cash flow (OCF − capex) | $425M | −$65.0M | $490M | — |
| Capital expenditures | $59.0M | $55.0M | $4.0M | +7% |
Questions
How much did Willis Towers Watson's revenue grow quarter over quarter in Q2 2026?
Willis Towers Watson's revenue rose $54.0M (+2%) from $2.4B in Q1 2026 to $2.5B in Q2 2026.
What drove Willis Towers Watson's revenue change in Q2 2026?
Risk and Broking +$49.0M (+4%); Health Wealth and Career +$8.0M (+0.6%); Corporate −$3.0M (-33%).