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Dec 31, 2025
Willis Towers Watson Q4 2025 Earnings Report
Reported lower revenue but delivered strong organic growth and margin expansion in the fourth quarter.
Key Takeaways
WTW delivered solid fourth-quarter operating performance with strong organic revenue growth and significant margin expansion, despite lower reported revenue and net income driven by the prior sale of TRANZACT.
Organic revenue grew strongly despite a decline in reported revenue
Operating and adjusted operating margins expanded significantly year over year
Net income declined due to prior-year disposal-related gains
Risk & Broking delivered strong revenue growth and margin improvement
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
WTW expects continued margin expansion, disciplined capital allocation, and improving free cash flow in 2026.
Positive Outlook
- Continued enterprise-level margin expansion
- Strong organic growth momentum in Risk & Broking
- Ongoing share repurchase program
- Improving free cash flow generation
- Foreign exchange expected to benefit adjusted EPS
Challenges Ahead
- Willis Re joint venture EPS headwind
- Newfront acquisition expected to be dilutive in 2026
- Macroeconomic uncertainty impacting client spending
- Foreign currency volatility risk
- Integration and execution risks from acquisitions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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