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Willis Towers Watson 8-K Report, Financial Results (Oct 29, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 29, 2026
Period End
September 30, 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 · May ’17May ’17
  2. Leadership change8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 8-K filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.

WTW (Willis Towers Watson Public Limited Company) furnished its third quarter 2026 earnings press release (Exhibit 99.1) and a supplemental slide presentation (Exhibit 99.2) on October 29, 2026, covering the quarter and nine months ended September 30, 2026.

Revenue for the quarter was $2.46 billiona, up 8% as reported and 4% organic, while Income from Operations rose 3% to $429 million and Operating Margin was 17.4%, down 90 basis points. Adjusted Operating Margin expanded 150 basis points to 21.9%, and Adjusted Diluted EPS grew 18% to $3.63 versus Diluted EPS of $3.24 (up 4%). Net income attributable to WTW was $303 million for the quarter, and free cash flow for the nine months was $1.06 billion versus $838 million a year earlier.

The company repurchased $220 millionb of shares in the quarter and expects share repurchases in excess of $1.0 billion for 2026. The filing highlights Propel, WTW's AI Acceleration Plan, approved by the Board on July 28, 2026 and running through December 31, 2028. WTW expects to invest approximately $625 million of cash and incur about $25 million of non-cash charges to generate roughly $400 million of run-rate savings, or about $350 million net of approximately $50 million reinvested for growth, with a target of approximately 30% adjusted operating margin in 2028.

Through September 30, 2026, Propel had incurred $14 millionc of restructuring costs and $7 million of transaction and program expenses, and achieved $18 million of annualized run-rate savings. For 2026, WTW guides to mid-single-digit enterprise organic revenue growth, expects the Willis Re joint venture to be a headwind of about $0.30 on Adjusted Diluted EPS, and expects the Newfront acquisition to be about $0.10 dilutive to Adjusted EPS, with post-close revenue of about $250 million. An incremental currency tailwind of about $0.35 to full-year Adjusted Diluted EPS is expected at today's rates.

02—Key points

Key Highlights

  1. Q3 2026 revenue of $2.46 billion, up 8% as reported and 4% organic; Adjusted Diluted EPS of $3.63, up 18%
  2. Operating Margin fell 90 basis points to 17.4%, while Adjusted Operating Margin rose 150 basis points to 21.9%
  3. Health, Wealth & Career organic revenue grew 4% with operating margin up 90 basis points to 29.5%; Risk & Broking organic revenue grew 5% with operating margin up 100 basis points to 19.8%
  4. Propel AI Acceleration Plan targets approximately $400 million run-rate savings (about $350 million net of reinvestment) and roughly 30% adjusted operating margin in 2028, with $18 million of run-rate savings achieved to date
  5. Nine-month free cash flow was $1.06 billion versus $838 million in the prior year; Q3 share repurchases totaled $220 million
  6. 2026 outlook includes expected share repurchases above $1.0 billion and a Willis Re joint venture EPS headwind of about $0.30
  7. Newfront acquisition expected to be about $0.10 dilutive to 2026 Adjusted EPS, with about $250 million of post-close revenue

03—Questions

Frequently Asked Questions

  1. How did WTW perform in the third quarter of 2026?

    Revenue was $2.46 billion, up 8% as reported and 4% organic. Income from Operations rose 3% to $429 million, and Net Income was $309 million versus $306 million a year earlier. Diluted EPS was $3.24, and Adjusted Diluted EPS was $3.63, up 18%.

  2. Why did reported operating margin decline while adjusted operating margin improved?

    Operating Margin was 17.4%, down 90 basis points, reflecting $59 million of amortization, $14 million of restructuring costs and $42 million of transaction and program expenses. Adjusted Operating Margin was 21.9%, up 150 basis points, because the filing adjusts for those items along with acquisition-related adjustments.

  3. What is Propel and what financial outcomes does WTW expect from it?

    Propel is WTW's AI Acceleration Plan, approved by the Board on July 28, 2026 and extending through December 31, 2028. WTW expects to invest about $625 million of cash and incur about $25 million of non-cash charges to generate about $400 million of run-rate savings, or about $350 million net after reinvesting about $50 million for growth, targeting roughly 30% adjusted operating margin in 2028.

  4. What is the 2026 outlook for WTW?

    WTW expects mid-single-digit enterprise organic revenue growth, continued annual margin expansion, share repurchases in excess of $1.0 billion subject to market conditions, and an incremental foreign currency tailwind of about $0.35 to full-year 2026 Adjusted Diluted EPS at today's rates. The Willis Re joint venture is expected to be a headwind of about $0.30 on Adjusted Diluted EPS.

  5. How strong is WTW's cash generation and capital return?

    Free cash flow for the nine months ended September 30, 2026 was $1.06 billion, compared with $838 million in the prior year. During the quarter, WTW repurchased 687,386 shares for $220 million and paid quarterly dividends of $89 million, or $0.96 per share.

04—Continue

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