WTW has reported third-quarter 2026 revenue of $2.46bn, up 8% from $2.29bn in the prior-year quarter, with organic revenue growth of 4%.
Net income was $309m, up 1% from $306m, and adjusted net income rose 13% to $339m. Diluted EPS was $3.24, up 4%, while adjusted diluted EPS rose 18% to $3.63. Operating margin fell 90 basis points to 17.4%, and adjusted operating margin rose 150 basis points to 21.9%.
Risk & Broking revenue was $1,087m, up 8%, with organic growth of 5% and an operating margin of 19.8%. WTW said Corporate Risk & Broking growth was driven by new business in North America and International and higher book-of-business settlement activity, partly offset by a strong prior-year comparable. Health, Wealth & Career revenue was $1,350m, up 7%, with organic growth of 4%.
Free cash flow for the first nine months was $1.1bn, up $226m. In the quarter, WTW repurchased 687,386 shares for $220m, and it expects 2026 share repurchases in excess of $1.0bn, subject to market conditions.
"WTW delivered another quarter of solid results in the face of a volatile market environment, reflecting the strength and resilience of our business," said Carl Hess, Chief Executive Officer of WTW. "Our strategy is working. Investments in talent, technology and innovation are differentiating WTW in the market and sustaining our momentum across the company. While Propel, our AI Acceleration Plan, is in its early days, I’m excited by the initial impact we’re seeing as we scale AI to enhance client service, unlock growth opportunities, strengthen our colleague experience and drive greater efficiency. Our continued strategic progress and the strength of our client proposition give us confidence in our ability to create durable long-term value."
Propel, WTW's AI Acceleration Plan, runs to 31 December 2028. WTW expects to invest about $625m of cash to generate about $400m in run-rate savings and an adjusted operating margin of about 30% in 2028. It has achieved $18m of annualised run-rate savings so far.
WTW said its Newfront acquisition is expected to be about $0.10 dilutive to adjusted EPS in 2026, with expected 2026 post-close revenue of about $250m.
WTW is a global advisory, broking, and solutions company providing solutions in people, risk, and capital, with colleagues serving more than 140 countries and markets.
