Filing Flows › Willis Towers Watson (WTW) › Q3 2026 › vs Q3 2025
Willis Towers Watson (WTW) Q3 2026 vs Q3 2025 (year over year)
Willis Towers Watson's revenue rose $172M (+8%) from $2.3B in Q3 2025 to $2.5B in Q3 2026. The biggest changes: Health Wealth and Career +$94.0M (+7%); Risk and Broking +$82.0M (+8%). Operating margin 17.4% against 18.3% (-0.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.4% | 18.3% | -0.8 pts |
| Net margin | 12.3% | 13.3% | -1.0 pts |
| Free cash flow margin | 27.4% | 27.1% | +0.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Health Wealth and Career | $1.4B | $1.3B | $94.0M | +7% |
| Risk and Broking | $1.1B | $1.0B | $82.0M | +8% |
| Revenue | $2.5B | $2.3B | $172M | +8% |
| Operating profit | $429M | $418M | $11.0M | +3% |
| Costs & expenses | $2.0B | $1.9B | $161M | +9% |
| Pre-tax earnings | $388M | $383M | $5.0M | +1% |
| Other expense, net | $41.0M | $35.0M | $6.0M | +17% |
| Net earnings | $303M | $304M | −$1.0M | -0.3% |
| Minority interests | $6.0M | $2.0M | $4.0M | +200% |
| Income tax | $79.0M | $77.0M | $2.0M | +3% |
| Depreciation & amortization | $114M | $103M | $11.0M | +11% |
| Share-based compensation | $70.0M | $36.0M | $34.0M | +94% |
| Working capital & other | $252M | $235M | $17.0M | +7% |
| Operating cash flow | $739M | $678M | $61.0M | +9% |
| Free cash flow (OCF − capex) | $675M | $621M | $54.0M | +9% |
| Capital expenditures | $64.0M | $57.0M | $7.0M | +12% |
Questions
How much did Willis Towers Watson's revenue grow year over year in Q3 2026?
Willis Towers Watson's revenue rose $172M (+8%) from $2.3B in Q3 2025 to $2.5B in Q3 2026.
What drove Willis Towers Watson's revenue change in Q3 2026?
Health Wealth and Career +$94.0M (+7%); Risk and Broking +$82.0M (+8%).