Willis Towers Watson (WTWN) Q3 2026 Earnings Report
MX:WTWN Q3 2026 EPS Results
- Actual EPS
- MXN 68.20
- Consensus EPS
- MXN 67.37
- Beat/Miss
- Beat by +MXN 0.83
- One Year Ago EPS
- MXN 57.68
MX:WTWN Q3 2026 Revenue Results
- Actual Revenue
- MXN 46.23B
- Expected Revenue
- MXN 46.12B
- Beat/Miss
- Beat by +MXN 119.03M
- YoY Revenue Growth
- +7.51%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Willis Towers Watson's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was positive overall. WTW reported broad-based organic growth, margin expansion, double-digit EPS growth, improved free cash flow, strong specialty and technology momentum, progress on Propel, and increased share repurchases. The main challenges were the reduction in HWC and ICT outlooks, delayed BD&O implementations, Middle East and labor-market headwinds, softer commercial insurance pricing, and continued EPS drag from Willis Re, but the company maintained its overall mid-single-digit growth outlook and long-term margin objectives.
WTW continues to expect mid-single-digit organic growth, albeit toward the lower end of that range, continued annual adjusted operating margin expansion, and improving free cash flow for 2026; Health is expected to deliver high single-digit growth, Wealth growth at the high end of the low single-digit range, Career low single-digit growth, BD&O roughly flat, HWC low to mid-single digit organic growth with continued margin expansion, ICT low single-digit growth, and R&B mid-single digit organic growth with approximately 100 basis points of margin expansion, with organic growth expected to accelerate sequentially in the fourth quarter. The company expects its adjusted tax rate to be relatively consistent with the prior year, free cash flow margin to expand for the full-year, a $0.02 foreign-currency tailwind in the fourth quarter and a $0.35 tailwind for the full-year, and full-year share repurchases to exceed $1 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities. Propel is expected to require approximately $625 million of cash investment, deliver approximately $400 million of run rate savings by the end of 2028, approximately $350 million of net run rate savings after reinvesting roughly $50 million in growth, and support an adjusted operating margin of approximately 30% in 2028; Willis Re is expected to remain a drag on adjusted EPS next year, while the company expects about a $0.30 drag to adjusted EPS in 2026 from the investment.
- Broad-Based Third-Quarter Growth and Margin ExpansionWTW delivered 4% organic revenue growth, 150 basis points of adjusted operating margin expansion to 21.9%, and 18% adjusted diluted EPS growth to $3.63 in the third quarter of 2026. Growth occurred across both segments and reflected operating leverage, technology investments, and expense discipline.
- Risk & Broking Growth Despite Softer MarketRisk & Broking grew 5% organically in the quarter, or 4% excluding book of business settlements and interest income. Corporate Risk & Broking also grew 5%, led by North America, Asia, and Central and Eastern Europe, the Middle East and Africa, with strong contributions from specialty lines including construction, surety, crisis management, and marine.
- Health, Wealth & Career Segment GrowthHealth, Wealth & Career grew 4% organically, led by Health and Career, while operating margin increased 90 basis points to 29.5%. Including the Newfront, Cushon, and FlowStone acquisitions, HWC growth was 7%.
- Strong Health PerformanceHealth grew 6% organically across all regions, driven by new business, strong renewals, and project work. Europe and international each grew high single digits or better. WTW continues to expect high single-digit organic growth in Health for the full year.
- Career Quarterly GrowthCareer grew 9% organically, or 10% excluding the Middle East, primarily from higher sales and delivery of compensation surveys. The company said the business is benefiting from demand for compensation survey work, while noting that part of the quarterly growth reflected survey-delivery timing.
- Wealth Growth and New Client WinsWealth grew 2% organically, reflecting steady retirement activity in Europe and international, new client wins globally, de-risking activity, and growth in personal wealth, pension brokerage, and defined contribution solutions. Full-year growth is expected at the high end of the low single-digit range.
- Strong Benefits Delivery & Outsourcing Sales CycleAlthough Benefits Delivery & Outsourcing revenue declined 2% organically in the quarter, the company reported its strongest individual-marketplace sales cycle in over a decade. Signed sales are expected to add more than 100,000 retirees to the platform, which currently serves 1.2 million retirees, and the business has a stronger pipeline for next year.
- Specialty Strategy Driving New BusinessWTW reported strong new-business momentum across specialty lines, including construction, transactional risk, digital infrastructure, natural resources, defense and security, sports and entertainment, and other global specialty areas. CRB also reported multi-year engagements and high client retention.
- Expanded Client Relationships and Strategic WinsThe company won or expanded several significant relationships, including an AI workforce transformation engagement with a Fortune 500 energy company; Benefits Delivery & Outsourcing, Embark, and benefit-account administration for a large U.S. utility serving roughly 50,000 employees and retirees; and a seven-figure engagement with a global AI infrastructure company spanning health and benefits, global benefits governance, LifeSight, and employee communications.
- Technology and AI Product ExpansionWTW continued deploying AI-enabled products and capabilities, including Via Retirement, the Radar AI Assistant, RiskIQ Nexus, AI-enabled workforce transformation solutions, and AI-enabled operating models across broking and administration. Via Retirement combines AI-enabled financial planning, a digital experience, and institutional-grade investment and annuity products at lower fees than the retail market.
- Violet AI Administration DeploymentWTW and Microsoft deployed an agentic administration process within Violet across 160 vendors and more than 20 clients. The process manages end-to-end workflows with human oversight and has saved tens of thousands of human hours so far.
- Propel Progress and Long-Term Margin TargetWTW expects to invest approximately $625 million of cash under Propel to deliver approximately $400 million of run-rate savings by the end of 2028. After roughly $50 million of reinvestment in growth, the company continues to expect approximately $350 million of net run-rate savings and an adjusted operating margin of approximately 30% in 2028.
- Early Propel SavingsWTW incurred approximately $7 million of cash costs and $14 million of non-cash charges under Propel in the third quarter. In-quarter savings were modest, but actions taken so far represent approximately $18 million of annualized run-rate savings. The company expects investment and savings to ramp up in 2027 and compound through 2028.
- Portfolio Optimization ProgressThe Newfront and Cushon integrations remain on track, with cost synergies pacing modestly ahead of plan. WTW also assumed full ownership of Al-Futtaim Willis following regulatory approvals in the UAE and Bahrain, expanding access to specialist and global placement capabilities in the Middle East.
- Willis Re Expansion MilestonesWillis Re appointed Neil Eckert as CEO, with his start expected in early 2027, and announced an agreement to acquire BMS Re's U.S. reinsurance broking business, subject to regulatory approval. Willis Re's global specialty lines are operating in London and Bermuda, its European leadership is in place, its Asia management team is starting, and the company expects to close 2026 with more than 350 people.
- Willis Re Technology Build Ahead of ScheduleWillis Re's AI-enabled technology environment is ahead of schedule, with some components already up and running and exceeding management's expectations.
- Improved Free Cash FlowFree cash flow for the nine months ended September 30 was $1.064 billion, up $226 million from $838 million in the prior-year period. The increase was primarily driven by operating margin expansion, and included $29 million of proceeds from the sale of office buildings. WTW expects to expand its free cash flow margin for the full year even while funding Propel.
- Share Repurchases and Capital ReturnWTW repurchased $220 million of shares and paid $89 million of quarterly cash dividends in the third quarter. Year-to-date repurchases reached $970 million, and the company now expects full-year repurchases to exceed $1 billion, subject to market conditions and potential organic or inorganic investment opportunities.
- Full-Year Company Outlook MaintainedWTW continues to expect mid-single-digit organic growth for 2026, albeit toward the lower end of that range, continued annual adjusted operating margin expansion, and improving free cash flow.
MX:WTWN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 172.35- | 152.55 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 67.3768.20 | 57.68 | 18.24% (+10.52) | |
| Jul 30, 2026 | 2026 (Q2) | 58.4662.94 | 53.73 | 17.13% (+9.21) | |
| Apr 30, 2026 | 2026 (Q1) | 68.7069.89 | 58.8 | 18.85% (+11.08) | |
| Feb 03, 2026 | 2025 (Q4) | 149.52152.55 | 152.74 | -0.12% (-0.19) | |
| Oct 30, 2025 | 2025 (Q3) | 57.3057.68 | 55.05 | 4.78% (+2.63) | |
| Jul 31, 2025 | 2025 (Q2) | 49.4153.73 | 47.91 | 12.16% (+5.82) | |
| Apr 24, 2025 | 2025 (Q1) | 60.3258.80 | 61.81 | -4.86% (-3.01) | |
| Feb 04, 2025 | 2024 (Q4) | 151.21152.74 | 139.77 | 9.27% (+12.96) | |
| Oct 31, 2024 | 2024 (Q3) | 51.0855.05 | 42.08 | 30.80% (+12.96) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.