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Sep 30
Willis Towers Watson Q3 2025 Earnings Report
Willis Towers Watson reported strong Q3 2025 results with EPS and margins up, driven by organic growth and operating leverage.
Key Takeaways
WTW delivered solid Q3 2025 performance with 5% organic revenue growth, higher operating margins, and 11% growth in adjusted EPS. Segment performance was supported by strong advisory demand and improved operational efficiency.
Revenue held steady at $2.288 billion due to TRANZACT divestiture, but organic growth was 5%
Net income was $306 million and adjusted EPS rose to $3.07, up 11% from Q3 2024
Operating margin improved to 18.3%, while adjusted operating margin reached 20.4%
Segment operating margins rose in both HWC (28.6%) and R&B (18.8%)
Willis Towers Watson
Willis Towers Watson
Willis Towers Watson Revenue by Segment
Willis Towers Watson Revenue by Geographic Location
Revenue by Segment
Health, Wealth & Career Revenue
CapyFin.comRisk & Broking Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
WTW reaffirmed confidence in reaching full-year 2025 financial goals, expecting ongoing margin expansion and continued revenue growth amid macroeconomic uncertainty.
Positive Outlook
- Expected ~$1.5B in share repurchases subject to market conditions
- Foreign currency tailwind expected to benefit Q4 adjusted EPS by $0.15
- Average annual margin expansion of ~100 bps expected in Risk & Broking
- Incremental annual margin expansion expected across HWC and enterprise
- Improved free cash flow and reduced Transformation-related cash outflows
Challenges Ahead
- Loss of TRANZACT reduces year-over-year comparability
- Reinsurance JV expected to be a $0.10 net headwind to EPS
- Macroeconomic uncertainty may impact client spend in ICT segment
- Some deferred compensation survey revenue shifted to Q4
- Book-of-business settlements and interest income not included in organic growth