10-K · February 25, 2026
WTW’s 10-K emphasizes a ‘One WTW’ strategy to grow via integrated advisory, broking and tech-enabled solutions and to optimize the portfolio through selective M&A and efficiency programs. Results show a clear margin and…
Earnings analysis · 10-Q
WTW earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Willis Towers Watson (WTW) reported Q1 2026 revenue of $2.41 billion, marking an increase of 8% compared to the same period last year, along with an adjusted EPS of $3.10, up from $2.33. The company demonstrated strong…
Read full summary
Willis Towers Watson (WTW) reported Q1 2026 revenue of $2.41 billion, marking an increase of 8% compared to the same period last year, along with an adjusted EPS of $3.10, up from $2.33. The company demonstrated strong performance in its Health, Wealth & Career segment while facing challenges in the Career segment due to deferred discretionary spending by clients. Management remains optimistic about future growth and margin expansion despite prevailing economic uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.1
- Segment
- Health, Wealth & Career
- Segment
- Risk & Broking
What stood out
-
Revenue Growth of 8% YoY
Q1 2026 revenue was $2.41 billion, a $189 million increase from $2.22 billion in Q1 2025.
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EPS Increase to $3.10
Diluted EPS for Q1 2026 rose to $3.10, up from $2.33 in Q1 2025.
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Operating Margin Stable at 19%
Operating margin remained consistent at 19% for both Q1 2026 and Q1 2025.
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Segment Revenue Growth in HWC
Health, Wealth & Career segment revenue grew to $1.27 billion, up 9% from $1.16 billion.
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Strong Cash Generation
Cash flow from operations reported at $300 million for Q1 2026, building a solid liquidity position.
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Reduction in Interest Expense
Interest expense decreased to $77 million from $65 million a year ago.
What to watch
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Market Sensitivity
Management highlighted increased caution in spending on discretionary services amid geopolitical tensions and economic uncertainty.
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Career Segment Decline
Organic revenue in the Career segment declined due to clients deferring projects amidst uncertainty.
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Interest Rate Volatility
The company expressed concern over ongoing volatility in interest rates which may affect revenue generation.
Management's outlook
Management anticipates continued revenue growth and margin expansion, expressing confidence in maintaining operational efficiency.
Earlier filings 4
10-Q · August 1, 2025
Willis Towers Watson (WTW) reported Q2 2025 results showing a slight revenue decline from Q2 2024 but a significant increase in earnings per share. Revenue was $2.26 billion, down from $2.27 billion year-over-year,…
10-Q · April 24, 2025
WTW reported Q1 2025 revenue of $2,223 million, down $118 million (−5.0%) year-over-year, while operating income improved to $432 million (19.4% operating margin) vs $280 million in Q1 2024. Diluted EPS rose to $2.33…
10-K · February 25, 2025
WTW positions itself as a diversified global advisory, broking and solutions platform (‘One WTW’) serving more than 140 countries with ~49,000 colleagues. The company runs two reportable segments (Health, Wealth &…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.