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Willis Towers Watson (WTW) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Willis Towers Watson (WTW) reported revenue of $2.5B for the second quarter 2026 (Q2 2026), +9% from a year earlier and +2% from the quarter before. Operating margin was 14.8%, net earnings $229M (9.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +2% | +9% |
| Operating profit | $364M | -19% | -1% |
| Net earnings | $229M | -23% | -31% |
| Operating cash flow | $484M | — | +34% |
| Free cash flow | $425M | — | +40% |
What changed
Revenue was $2.5B in Q2 2026, up 9% year over year and up 2% from the previous quarter. Health Wealth and Career was the largest line at 52% of revenue. Risk and Broking added $0.12B year over year (up 11%), 58% of the total change. Corporate declined 54%.
Operating profit was $0.36B, a 14.8% margin (down 1.5 points year over year). Operating profit fell $4.0M even though revenue rose $0.20B versus Q2 2025, so costs grew faster than sales. Total costs grew 11% against revenue growth of 9%. Net earnings were $0.23B, down 31% year over year. The effective tax rate was 19.8%.
Operating cash flow was $0.48B (up 34% year over year), 210% 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 $0.08B. Capital expenditures of $0.06B left free cash flow of $0.42B.
Questions
What was Willis Towers Watson's revenue in the second quarter 2026?
Willis Towers Watson (WTW) reported revenue of $2.5B for the second quarter 2026 (Q2 2026), +9% from a year earlier and +2% from the quarter before.
Was Willis Towers Watson profitable in the second quarter 2026?
Operating profit was $364M (14.8% of revenue) and net earnings $229M.