Filing Flows › Willis Towers Watson (WTW) › Q3 2026 › vs Q2 2026
Willis Towers Watson (WTW) Q3 2026 vs Q2 2026 (quarter over quarter)
Willis Towers Watson's revenue fell $6.0M (-0.2%) from $2.5B in Q2 2026 to $2.5B in Q3 2026. The biggest changes: Health Wealth and Career +$79.0M (+6%); Risk and Broking −$76.0M (-7%). Operating margin 17.4% against 14.8% (+2.7 pts).
Willis Towers Watson, Q3 2026: revenue $2.5B (+8% year over year), operating margin 17.4%, net earnings $303M, operating cash flow $739M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.4% | 14.8% | +2.7 pts |
| Net margin | 12.3% | 9.3% | +3.0 pts |
| Free cash flow margin | 27.4% | 17.2% | +10.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Health Wealth and Career | $1.4B | $1.3B | $79.0M | +6% |
| Risk and Broking | $1.1B | $1.2B | −$76.0M | -7% |
| Revenue | $2.5B | $2.5B | −$6.0M | -0.2% |
| Operating profit | $429M | $364M | $65.0M | +18% |
| Costs & expenses | $2.0B | $2.1B | −$71.0M | -3% |
| Pre-tax earnings | $388M | $288M | $100M | +35% |
| Other expense, net | $41.0M | $76.0M | −$35.0M | -46% |
| Net earnings | $303M | $229M | $74.0M | +32% |
| Minority interests | $6.0M | $2.0M | $4.0M | +200% |
| Income tax | $79.0M | $57.0M | $22.0M | +39% |
| Depreciation & amortization | $114M | $110M | $4.0M | +4% |
| Share-based compensation | $70.0M | $67.0M | $3.0M | +4% |
| Working capital & other | $252M | $78.0M | $174M | +223% |
| Operating cash flow | $739M | $484M | $255M | +53% |
| Free cash flow (OCF − capex) | $675M | $425M | $250M | +59% |
| Capital expenditures | $64.0M | $59.0M | $5.0M | +8% |
Questions
How much did Willis Towers Watson's revenue grow quarter over quarter in Q3 2026?
Willis Towers Watson's revenue fell $6.0M (-0.2%) from $2.5B in Q2 2026 to $2.5B in Q3 2026.
What drove Willis Towers Watson's revenue change in Q3 2026?
Health Wealth and Career +$79.0M (+6%); Risk and Broking −$76.0M (-7%).