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Willis Towers Watson Quarterly Report for Q1 Ended Mar 31, 2026

Filing Date
Filed April 30, 2026
Period End
March 31, 2026
Security
WTW
In the record · 2016–202610-K1210-Q338-K148

WTW filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 148 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’18Sep ’18
  2. Deal closed8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 10-Q filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Willis Towers Watson Public Limited Company reported first-quarter 2026 revenue of $2.41 billiona, up from $2.22 billion in the prior-year quarter, with net income attributable to WTW of $297 million compared with $235 million, and diluted earnings per share of $3.10 versus $2.33.

The filing attributes the revenue increase to currency translation, which added $100 millionb, and to acquisitions, with organic revenue growth of 3%. Income from operations rose to $448 million from $432 million, though the quarter included $41 million of transaction and integration expenses tied to the Newfront acquisition. Adjusted EBITDA was $589 million versus $532 million, and adjusted diluted earnings per share were $3.72 versus $3.13, per the filing's non-GAAP reconciliations.

Balance sheet and cash flow reflect the Newfront acquisition, completed January 27, 2026 for up-front consideration of $1.05 billionc. Cash and cash equivalents fell to $1.86 billion from $3.13 billion at year-end 2025. Net cash used in operating activities was $10 million, and free cash flow was negative $65 million.

Total debt was $6.30 billiond, essentially unchanged from $6.31 billion, after a $550 million delayed draw term loan borrowing was used to repay the 4.400% senior notes due 2026. The company repurchased $300 million of shares in the quarter and paid $88 million in dividends, and it has $992 million remaining under its share repurchase authority. Management describes a softening insurance pricing market at the time of filing.

HWC segment operating income rose to $346 million from $311 million, and R&B segment operating income rose to $252 million from $226 million. Pending acquisitions of Cushon and Al-Futtaim Willis are expected to close in the second quarter of 2026. The filing reports no material changes to risk factors from the Form 10-K filed February 25, 2026.

02—Key points

Key Highlights

  1. Revenue of $2,412 million rose 8% as reported from $2,223 million, with organic growth of 3%; currency translation added $100 million.
  2. Net income attributable to WTW was $297 million versus $235 million, and diluted EPS was $3.10 versus $2.33.
  3. Adjusted diluted EPS was $3.72 versus $3.13, and adjusted EBITDA was $589 million versus $532 million, per the filing's non-GAAP reconciliations.
  4. The Newfront acquisition closed January 27, 2026, with up-front consideration of $1.05 billion; the quarter included $41 million of transaction and integration expenses.
  5. Cash and cash equivalents declined to $1,855 million from $3,132 million, and free cash flow was negative $65 million versus negative $86 million in the prior-year quarter.
  6. Total debt was $6,304 million at March 31, 2026, after refinancing $550 million of 4.400% senior notes due 2026 with a delayed draw term loan.
  7. The company repurchased $300 million of shares, leaving approximately $992 million of repurchase authority, and management described the broking market as softening.

03—One dollar

04—Financials

Financial Highlights

Figures from 10-QQ1 FY2026filed April 30, 2026
Revenue$2.41BNet Income$297.00M12.3% Net MarginEPS (Diluted)$3.10Total Assets$29.64BCash & Equivalents$1.85BFree Cash Flow-$10.00M

Financial Statements

Q1 FY2026 against Q1 FY2025

Line itemQ1 FY2026Q1 FY2025Change
Revenue$2.41B$2.22B+8.5%
Operating Expenses$1.96B$1.79B+9.7%
Operating Income$448.00M$432.00M+3.7%
Interest Expense$77.00M$65.00M+18.5%
Net Income$297.00M$235.00M+26.4%
EPS (Basic)$3.12$2.34+33.3%
EPS (Diluted)$3.10$2.33+33.0%
Shares Outstanding (Basic)95.00M100.00M−5.0%
Shares Outstanding (Diluted)96.00M101.00M−5.0%

05—Questions

Frequently Asked Questions

  1. How did WTW's core profitability change in the first quarter of 2026?

    Income from operations rose to $448 million from $432 million, and adjusted operating income rose to $537 million from $480 million, with the adjusted operating income margin at 22.3% versus 21.6%. Both segments improved, with HWC segment operating income at $346 million versus $311 million and R&B at $252 million versus $226 million.

  2. What drove the increase in reported revenue?

    Revenue increased $189 million, or 8%, on an as-reported basis. Currency translation contributed $100 million, acquisitions and divestitures contributed 1 percentage point, and organic growth was 3%.

  3. How did the Newfront acquisition affect the balance sheet and cash flow?

    Cash used in the acquisition was approximately $792 million in cash outflows, and goodwill rose to $9,662 million from $8,938 million. Cash and cash equivalents fell to $1,855 million, and the company used a $550 million DDTL borrowing to repay its 2026 senior notes.

  4. Does the filing report any changes to the company's risk factors or outlook?

    The filing states there are no material changes from the risk factors in the Form 10-K filed February 25, 2026. Management stated that at the time of filing it was seeing a softening market, and pending Cushon and Al-Futtaim Willis acquisitions are expected to close in the second quarter of 2026.

06—Continue

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