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Willis Towers Watson (WTW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Willis Towers Watson (WTW) reported revenue of $2.3B for the third quarter 2025 (Q3 2025), 0% from a year earlier and +1% from the quarter before. Operating margin was 18.3%, net earnings $304M (13.3% of revenue).
Willis Towers Watson, Q3 2025: revenue $2.3B (0% year over year), operating margin 18.3%, net earnings $304M, operating cash flow $678M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +1% | 0% |
| Operating profit | $418M | +14% | — |
| Net earnings | $304M | -8% | — |
| Operating cash flow | $678M | +88% | +41% |
| Free cash flow | $621M | +105% | +48% |
What changed
Revenue was $2.3B in Q3 2025, roughly flat year over year and up 1% from the previous quarter. Health Wealth and Career was the largest line at 56% of revenue. Health Wealth and Career lost $0.07B year over year (down 5%), 6800% of the total change.
Operating profit was $0.42B, a 18.3% margin (up 51.7 points year over year). Total costs fell 39% while revenue was flat. Net earnings were $0.30B. The effective tax rate was 20.1%.
Operating cash flow was $0.68B (up 41% year over year), 222% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.23B. Capital expenditures of $0.06B left free cash flow of $0.62B.
Questions
What was Willis Towers Watson's revenue in the third quarter 2025?
Willis Towers Watson (WTW) reported revenue of $2.3B for the third quarter 2025 (Q3 2025), 0% from a year earlier and +1% from the quarter before.
Was Willis Towers Watson profitable in the third quarter 2025?
Operating profit was $418M (18.3% of revenue) and net earnings $304M.