WTW earnings analysis
What we found in WTW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 8% YoY
- Q1 2026 revenue was $2.41 billion, a $189 million increase from $2.22 billion in Q1 2025.
- EPS Increase to $3.10
- Diluted EPS for Q1 2026 rose to $3.10, up from $2.33 in Q1 2025.
- Operating Margin Stable at 19%
- Operating margin remained consistent at 19% for both Q1 2026 and Q1 2025.
- Segment Revenue Growth in HWC
- Health, Wealth & Career segment revenue grew to $1.27 billion, up 9% from $1.16 billion.
- Strong Cash Generation
- Cash flow from operations reported at $300 million for Q1 2026, building a solid liquidity position.
- Reduction in Interest Expense
- Interest expense decreased to $77 million from $65 million a year ago.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Market Sensitivity
- Management highlighted increased caution in spending on discretionary services amid geopolitical tensions and economic uncertainty.
- Career Segment Decline
- Organic revenue in the Career segment declined due to clients deferring projects amidst uncertainty.
- Interest Rate Volatility
- The company expressed concern over ongoing volatility in interest rates which may affect revenue generation.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.1
- Gross margin
- 100.0%
- Operating margin
- 19.0%
- Segment
- Health, Wealth & Career
- Segment
- Risk & Broking
What they said about what is next.
Management anticipates continued revenue growth and margin expansion, expressing confidence in maintaining operational efficiency.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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