Jun 2026 (Q2 FY26) — Jul 30, 2026
Willis Towers Watson Q2 FY26 — AI Acceleration Plan 'Propel' Targets 30% Operating Margin by 2028
Read the full callWillis Towers Watson (WTW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Willis Towers Watson earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,466 | +9.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.8 | −1.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 229 | −30.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Risk & Broking (R&B) adjusted operating margin expansion (multi-year average) | 100 basis points of average annual adjusted operating margin expansion over the next 3 years (from Investor Day, Dec 2024) | Dec 2024 | Our prior outlook ran through 2027 and was framed as annual margin expansion of roughly 100 basis points per year in Risk and Broking and continued incremental margin expansion in Health, Wealth and Career. Propel gives us the visibility to extend that horizon and target specific adjusted operating margins of approximately 30% at the enterprise level, approximately 35% in Health, Wealth, and Career and approximately 30% in Risk and Broking, all in 2028. | Revised Up |
| Full-year adjusted diluted EPS growth (enterprise) | healthy year-over-year EPS growth | Dec 2025 | Adjusted diluted earnings per share were $3.35, representing a 17% increase compared to Q2 2025. | On Track |
1 of WILLIS TOWERS WATSON PLC's 41 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Achieved 5% organic growth for the quarter, driven by strong marketplace success.
- Expanded adjusted operating margin by 100 basis points to 19.5% year-over-year, demonstrating cost discipline.
- Delivered adjusted diluted EPS of $3.35, representing a 17% increase over the prior year.
- Risk & Broking segment led growth with 7% organic expansion, including double-digit growth in most specialty businesses.
- Announced 'Propel' AI acceleration plan targeting $350 million in net run rate savings and a 30% adjusted operating margin by 2028.
Qualified
- Career segment revenue was flat, with a nearly 50% decline in project work in the Middle East due to ongoing conflict.
- Persistent global market volatility and a softer labor market led to deferred discretionary projects.
- Insurance rates continued to decline across most lines, with U.S. casualty as a notable exception.
Price
$310.36 +4.47% · +$13.27
Performance −9.6% 1Y
1Y: $343.31 on 14 Oct 2025 → $310.36. High $350.75 (24 Aug 2026), low $242.12 (13 May 2026).
- Previous close
- $297.09
- 52-week range
- $242.12 – $350.75
- One year
- −8.56%
Overview
- Symbol
- WTW
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Risk & Broking (R&B) adjusted operating margin expansion (multi-year average) | 100 basis points of average annual adjusted operating margin expansion over the next 3 years (from Investor Day, Dec 2024) | Dec 2024 | Our prior outlook ran through 2027 and was framed as annual margin expansion of roughly 100 basis points per year in Risk and Broking and continued incremental margin expansion in Health, Wealth and Career. Propel gives us the visibility to extend that horizon and target specific adjusted operating margins of approximately 30% at the enterprise level, approximately 35% in Health, Wealth, and Career and approximately 30% in Risk and Broking, all in 2028. | Revised Up |
| Full-year adjusted diluted EPS growth (enterprise) | healthy year-over-year EPS growth | Dec 2025 | Adjusted diluted earnings per share were $3.35, representing a 17% increase compared to Q2 2025. | On Track |
Claimed
- Achieved 5% organic growth for the quarter, driven by strong marketplace success.
- Expanded adjusted operating margin by 100 basis points to 19.5% year-over-year, demonstrating cost discipline.
- Delivered adjusted diluted EPS of $3.35, representing a 17% increase over the prior year.
- Risk & Broking segment led growth with 7% organic expansion, including double-digit growth in most specialty businesses.
- Announced 'Propel' AI acceleration plan targeting $350 million in net run rate savings and a 30% adjusted operating margin by 2028.
Qualified
- Career segment revenue was flat, with a nearly 50% decline in project work in the Middle East due to ongoing conflict.
- Persistent global market volatility and a softer labor market led to deferred discretionary projects.
- Insurance rates continued to decline across most lines, with U.S. casualty as a notable exception.
The full ledger
Open WILLIS TOWERS WATSON PLC’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Willis Towers Watson Q1 FY26 — AI Integration and Margin Expansion Amidst Geopolitical Headwinds
Read the full callEvery analysed call
Willis Towers Watson earnings calls (WTW)
Financials
What the filings say
Net profit, year on year: −31% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,289 | 3,035 | 2,223 | 2,261 | 2,288 | 2,936 | 2,412 | 2,466 |
| Expenses | 3,055 | 2,134 | 1,791 | 1,893 | 1,870 | 1,920 | 1,964 | 2,102 |
| Operating profit | -766 | 901 | 432 | 368 | 418 | 1,016 | 448 | 364 |
| Operating margin | −33.5% | 29.7% | 19.4% | 16.3% | 18.3% | 34.6% | 18.6% | 14.8% |
| Interest | 65 | 66 | 65 | 64 | 65 | 66 | 77 | 78 |
| Profit before tax | -1,998 | 1,688 | 303 | 313 | 390 | 947 | 376 | 292 |
| Tax rate | 16.1% | 26.1% | 21.4% | −6.7% | 19.7% | 20.8% | 18.6% | 19.5% |
| Net profit | -1,675 | 1,246 | 235 | 331 | 304 | 735 | 297 | 229 |
| EPS ($ per share) | -16.44 | — | 2.34 | 3.34 | 3.12 | — | 3.12 | 2.43 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 1,201 | 1,792 | 2,434 | 4,645 | 1,764 | 1,466 | 109 | -296 |
| Total liabilities | 22,388 | 25,057 | 27,599 | 21,662 | 21,676 | 19,497 | 19,664 | 21,478 |
| Fixed assets | 942 | 1,046 | 1,013 | 851 | 718 | 720 | 661 | 695 |
| Investments | — | — | — | 200 | 0 | — | 0 | 25 |
| Total assets | 32,385 | 35,426 | 38,531 | 34,970 | 31,769 | 29,090 | 27,681 | 29,530 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,288 | 1,081 | 1,774 | 2,061 | 812 | 1,345 | 1,512 | 1,775 |
| Cash from investing | -341 | -1,614 | -160 | 2,570 | -173 | -1,085 | 250 | 447 |
| Cash from financing | -903 | 455 | 378 | -3,114 | -3,445 | -1,200 | -459 | -936 |
| Net cash flow | 44 | — | — | — | — | — | — | — |
| Capital expenditure | -268 | — | — | — | — | -242 | -245 | -229 |
| Free cash flow | 1,020 | — | — | — | — | 1,103 | 1,267 | 1,546 |
WTW revenue by segment
Health Wealth and Career shrank from 60% to 53% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Health Wealth and Career | 60% | 62% | 54% | 54% | 57% | 58% | 54% | 53% | +7.9% |
| Risk and Broking | 41% | 37% | 46% | 46% | 44% | 42% | 46% | 47% | +11.6% |
| Corporate | 0% | <1% | <1% | <1% | 0% | <1% | <1% | <1% | 0.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 46%
- Rest Of World 30%
- GB 22%
- IE 2%
As WTW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
98 filings between Nov 25, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$2.07M
4 purchases by 3 insiders
Sales
$1.16M
2 sales by 2 insiders
Compensation
not trading decisions- 57
- Award — granted as compensation
- 34
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Clarke Lucy | $1.50M | — | May 6, 2026 |
| Furman Matthew | — | $912.0K | Mar 3, 2026 |
| Hess Carl Aaron | $510.2K | — | May 4, 2026 |
| Faber Alexis | — | $250.2K | Aug 10, 2026 |
| Hammond Michael P. | $67.2K | — | Feb 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Clarke Lucy President of Risk & Broking | Tax withheld | 1,916 | $552.2K |
| Aug 10, 2026 | Faber Alexis Chief Operating Officer | Sale | 730 | $250.2K |
| Jul 15, 2026 | Gebauer Julie Jarecke Pres.-Health, Wealth & Career | Award | 12 | $0 |
| Jul 15, 2026 | Faber Alexis Chief Operating Officer | Award | 6 | $0 |
| Jul 15, 2026 | Furman Matthew General Counsel | Award | 6 | $0 |
| Jul 15, 2026 | Banas Kristy D Chief Human Resources Officer | Award | 5 | $0 |
| Jul 15, 2026 | Krasner Andrew Jay Chief Financial Officer | Award | 15 | $0 |
| Jul 15, 2026 | Hess Carl Aaron Chief Executive Officer | Award | 52 | $0 |
| Jul 15, 2026 | Kurpis Joseph Stephen PAO and Controller | Award | 1 | $0 |
| Jul 15, 2026 | Pullum Anne Co-Head of Corporate Dev. | Award | 7 | $0 |
| Jul 15, 2026 | Qureshi Imran Ahmed Global Head of Geographies | Award | 6 | $0 |
| Jul 15, 2026 | Clarke Lucy President of Risk & Broking | Award | 41 | $0 |
| May 20, 2026 | Chipman Stephen M. Director | Award | 925 | $0 |
| May 20, 2026 | Beale Inga K Director | Award | 925 | $0 |
| May 20, 2026 | Tomczyk Fredric J Director | Award | 925 | $0 |
| May 20, 2026 | Hunt Jacqueline Director | Award | 925 | $0 |
| May 20, 2026 | Swanback Michelle R Director | Award | 925 | $0 |
| May 20, 2026 | Chima Fumbi F. Director | Award | 1,417 | $0 |
| May 20, 2026 | REILLY PAUL C Director | Award | 1,319 | $0 |
| May 20, 2026 | Hammond Michael P. Director | Award | 925 | $0 |
| May 15, 2026 | Chima Fumbi F. Director | Tax withheld | 534 | $132.3K |
| May 15, 2026 | Hunt Jacqueline Director | Tax withheld | 341 | $84.4K |
| May 15, 2026 | Hammond Michael P. Director | Tax withheld | 341 | $84.4K |
| May 15, 2026 | Beale Inga K Director | Tax withheld | 341 | $84.4K |
| May 15, 2026 | Tomczyk Fredric J Director | Tax withheld | 341 | $84.4K |
| May 15, 2026 | REILLY PAUL C Director | Tax withheld | 495 | $122.7K |
| May 15, 2026 | Chipman Stephen M. Director | Tax withheld | 341 | $84.4K |
| May 15, 2026 | Swanback Michelle R Director | Tax withheld | 341 | $84.4K |
| May 6, 2026 | Clarke Lucy President of Risk & Broking | Purchase | 1,896 | $499.3K |
| May 4, 2026 | Hess Carl Aaron Chief Executive Officer | Purchase | 2,000 | $510.2K |
| Apr 21, 2026 | Banas Kristy D Chief Human Resources Officer | Tax withheld | 105 | $31.3K |
| Apr 21, 2026 | Kurpis Joseph Stephen PAO and Controller | Tax withheld | 10 | $2.9K |
| Apr 21, 2026 | Faber Alexis Chief Operating Officer | Tax withheld | 104 | $31.0K |
| Apr 21, 2026 | Qureshi Imran Ahmed Global Head of Geographies | Tax withheld | 118 | $35.0K |
| Apr 21, 2026 | Pullum Anne Co-Head of Corporate Dev. | Tax withheld | 144 | $42.9K |
| Apr 21, 2026 | Furman Matthew General Counsel | Tax withheld | 157 | $46.9K |
| Apr 21, 2026 | Clarke Lucy President of Risk & Broking | Tax withheld | 225 | $67.1K |
| Apr 21, 2026 | Gebauer Julie Jarecke Pres.-Health, Wealth & Career | Tax withheld | 223 | $66.4K |
| Apr 21, 2026 | Krasner Andrew Jay Chief Financial Officer | Tax withheld | 289 | $86.1K |
| Apr 21, 2026 | Hess Carl Aaron Chief Executive Officer | Tax withheld | 1,235 | $367.5K |
| Apr 20, 2026 | Banas Kristy D Chief Human Resources Officer | Award | 771 | $0 |
| Apr 20, 2026 | Kurpis Joseph Stephen PAO and Controller | Award | 97 | $0 |
| Apr 20, 2026 | Faber Alexis Chief Operating Officer | Award | 848 | $0 |
| Apr 20, 2026 | Qureshi Imran Ahmed Global Head of Geographies | Award | 1,054 | $0 |
| Apr 20, 2026 | Pullum Anne Co-Head of Corporate Dev. | Award | 1,054 | $0 |
| Apr 20, 2026 | Furman Matthew General Counsel | Award | 914 | $0 |
| Apr 20, 2026 | Clarke Lucy President of Risk & Broking | Award | 1,761 | $0 |
| Apr 20, 2026 | Gebauer Julie Jarecke Pres.-Health, Wealth & Career | Award | 1,820 | $0 |
| Apr 20, 2026 | Krasner Andrew Jay Chief Financial Officer | Award | 2,360 | $0 |
| Apr 20, 2026 | Hess Carl Aaron Chief Executive Officer | Award | 8,430 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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