Filing Flows › Willis Towers Watson (WTW) › Q2 2026 › vs Q2 2025
Willis Towers Watson (WTW) Q2 2026 vs Q2 2025 (year over year)
Willis Towers Watson's revenue rose $205M (+9%) from $2.3B in Q2 2025 to $2.5B in Q2 2026. The biggest changes: Risk and Broking +$118M (+11%); Health Wealth and Career +$94.0M (+8%); Corporate −$7.0M (-54%). Operating margin 14.8% against 16.3% (-1.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 14.8% | 16.3% | -1.5 pts |
| Net margin | 9.3% | 14.6% | -5.4 pts |
| Free cash flow margin | 17.2% | 13.4% | +3.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Health Wealth and Career | $1.3B | $1.2B | $94.0M | +8% |
| Risk and Broking | $1.2B | $1.1B | $118M | +11% |
| Corporate | $6.0M | $13.0M | −$7.0M | -54% |
| Revenue | $2.5B | $2.3B | $205M | +9% |
| Operating profit | $364M | $368M | −$4.0M | -1% |
| Costs & expenses | $2.1B | $1.9B | $209M | +11% |
| Pre-tax earnings | $288M | $311M | −$23.0M | -7% |
| Other expense, net | $76.0M | $57.0M | $19.0M | +33% |
| Net earnings | $229M | $331M | −$102M | -31% |
| Minority interests | $2.0M | $1.0M | $1.0M | +100% |
| Income tax | $57.0M | −$21.0M | $78.0M | — |
| Depreciation & amortization | $110M | $106M | $4.0M | +4% |
| Share-based compensation | $67.0M | $31.0M | $36.0M | +116% |
| Working capital & other | $78.0M | −$107M | $185M | — |
| Operating cash flow | $484M | $361M | $123M | +34% |
| Free cash flow (OCF − capex) | $425M | $303M | $122M | +40% |
| Capital expenditures | $59.0M | $58.0M | $1.0M | +2% |
Questions
How much did Willis Towers Watson's revenue grow year over year in Q2 2026?
Willis Towers Watson's revenue rose $205M (+9%) from $2.3B in Q2 2025 to $2.5B in Q2 2026.
What drove Willis Towers Watson's revenue change in Q2 2026?
Risk and Broking +$118M (+11%); Health Wealth and Career +$94.0M (+8%); Corporate −$7.0M (-54%).