Willis Towers Watson PLC (WTW) stock
WTWNasdaqInsurance Agents, Brokers & ServiceFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 29, 2026Score 18/3017% below fair value
$324.42+3.69 (+1.15%)
Close on Oct 30, 2026Market cap $30.13BP/E 19.7Yield 1.13%
Earnings
Willis Towers Watson's quarterly results as reported in its earnings releases, with the company's own outlook. Hover a number to see the sentence it came from.
Next report
Feb 2, 2027
Q4 FY2026 · estimated, before the open
Revenue, Q3 FY2026
$2.46B
+7.4% on a year earlier
Adjusted Diluted Earnings per Share, Q3 FY2026
$3.63
$3.07 a year earlier
Latest guidance
Issued
Oct 29, 2026 · 1 item
Quarterly results
Revenue and earnings per share from each of Willis Towers Watson's earnings releases, newest first
| Quarter | Reported | Revenue | YoY | EPS | Adj. EPS | Source |
|---|---|---|---|---|---|---|
| Q4 FY2026ended Dec 31, 2026 | Feb 2, 2027Expected | – | – | – | – | – |
| Q3 FY2026ended Sep 30, 2026 | Oct 29, 2026before the open | $2.46B | +7.4% | $3.24 | $3.63 | Release |
| Q2 FY2026ended Jun 30, 2026 | Jul 30, 2026before the open | $2.47B | +9.3% | $2.43 | $3.35 | Release |
| Q1 FY2026ended Mar 31, 2026 | Apr 30, 2026before the open | $2.41B | +8.6% | $3.10 | $3.72 | Release |
| Q4 FY2025ended Dec 31, 2025 | Feb 3, 2026before the open | $2.94B | -3.3% | $7.62 | $8.12 | Release |
| Q3 FY2025ended Sep 30, 2025 | Oct 30, 2025before the open | $2.29B | 0.0% | $3.11 | $3.07 | Release |
| Q2 FY2025ended Jun 30, 2025 | Jul 31, 2025before the open | $2.26B | -0.4% | $3.32 | $2.86 | Release |
| Q1 FY2025ended Mar 31, 2025 | Apr 24, 2025before the open | $2.22B | -5.1% | $2.33 | $3.13 | Release |
| Q4 FY2024ended Dec 31, 2024 | Feb 4, 2025before the open | $3.04B | +4.5% | $12.25 | $8.13 | Release |
| Q3 FY2024ended Sep 30, 2024 | Oct 31, 2024before the open | $2.29B | +5.5% | -$16.44 | $2.93 | Release |
| Q2 FY2024ended Jun 30, 2024 | Jul 25, 2024before the open | $2.27B | +5.1% | $1.36 | $2.55 | Release |
| Q1 FY2024ended Mar 31, 2024 | Apr 25, 2024before the open | $2.34B | +4.5% | $1.83 | $3.29 | Release |
| Q4 FY2023ended Dec 31, 2023 | Feb 6, 2024before the open | $2.91B | +7.0% | $5.97 | $7.44 | Release |
| Q3 FY2023ended Sep 30, 2023 | Oct 26, 2023before the open | $2.17B | +11.3% | $1.29 | $2.24 | Release |
| Q2 FY2023ended Jun 30, 2023 | Jul 27, 2023before the open | $2.16B | +6.4% | $0.88 | $2.05 | Release |
| Q1 FY2023ended Mar 31, 2023 | Apr 27, 2023before the open | $2.24B | +3.7% | $1.88 | $2.84 | Release |
| Q4 FY2022ended Dec 31, 2022 | Feb 9, 2023before the open | $2.72B | +0.4% | $5.40 | $6.33 | Release |
| Q3 FY2022ended Sep 30, 2022 | Oct 27, 2022before the open | $1.95B | -1.0% | $1.72 | $2.20 | Release |
| Q2 FY2022ended Jun 30, 2022 | Jul 28, 2022before the open | $2.03B | – | $0.97 | $2.32 | Release |
| Q1 FY2022ended Mar 31, 2022 | Apr 28, 2022before the open | $2.16B | – | $1.03 | $2.66 | Release |
| Q4 FY2021ended Dec 31, 2021 | Feb 8, 2022before the open | $2.71B | – | $19.19 | $5.67 | Release |
| Q3 FY2021ended Sep 30, 2021 | Oct 28, 2021before the open | $1.97B | – | $6.99 | $1.73 | Release |
| Q2 FY2021ended Jun 30, 2021 | Aug 3, 2021before the open | – | – | – | – | Release |
| Q1 FY2021ended Mar 31, 2021 | Apr 29, 2021before the open | – | – | – | – | Filing |
| Q4 FY2020ended Dec 31, 2020 | Feb 9, 2021before the open | – | – | – | – | Filing |
| Q3 FY2020ended Sep 30, 2020 | Oct 29, 2020before the open | – | – | – | – | Filing |
Figures as first announced; later restatements appear under Financials. Expected dates are estimated from the company's past reporting pattern.
Current guidance
Willis Towers Watson's latest outlook for periods it has not reported yet, compared with what it said before
| Metric | Period | Guidance | Before | Change | Given |
|---|---|---|---|---|---|
| post-close revenuenon-GAAP | FY2026 | $250.00M | $250.00M | Reaffirmed | Jul 30, 2026 |
| margin expansion in R&Bnon-GAAP | FY2026 | 100% | – | New | Jul 30, 2026 |
| adjusted EBITDA marginnon-GAAP | FY2026 | 26% | – | New | Apr 30, 2026 |
| Adjusted Diluted EPS headwindnon-GAAP | FY2026 | $0.30 | -$0.30 | Lowered | Jul 30, 2026 |
| adjusted EBITDA marginnon-GAAP | FY2026 | 26% | 26% | Reaffirmed | Jul 30, 2026 |
| share repurchases | FY2026 | $1.00B | – | New | Jul 30, 2026 |
| share repurchasesnon-GAAP | FY2026 | $1.00B | – | New | Apr 30, 2026 |
| adjusted operating marginnon-GAAP | FY2028 | 30% | – | New | Oct 29, 2026 |
| Adjusted Operating Marginnon-GAAP | FY2028 | 30% | – | New | Jul 30, 2026 |
Guidance history
Every forecast Willis Towers Watson put in an earnings release, newest first
| Given | Metric | Period | Guidance | Change |
|---|---|---|---|---|
| Oct 29, 2026 | adjusted operating margin | FY2028 | 30% | New |
| Jul 30, 2026 | Adjusted Diluted EPS headwind | FY2026 | $0.30 | Lowered |
| Jul 30, 2026 | dilutive to Adjusted EPS | FY2026 | $0.10 | Lowered |
| Jul 30, 2026 | foreign currency tailwind on Adjusted Diluted EPS | FY2026 | $0.35 | Raised |
| Jul 30, 2026 | margin expansion in R&B | FY2026 | 100% | New |
| Jul 30, 2026 | Adjusted Operating Margin | FY2028 | 30% | New |
| Jul 30, 2026 | adjusted EBITDA margin | FY2026 | 26% | Reaffirmed |
| Jul 30, 2026 | share repurchases | FY2026 | $1.00B | New |
| Jul 30, 2026 | post-close revenue | FY2026 | $250.00M | Reaffirmed |
| Apr 30, 2026 | adjusted EBITDA margin | FY2026 | 26% | New |
| Apr 30, 2026 | headwind on Adjusted Diluted EPS | FY2026 | -$0.30 | New |
| Apr 30, 2026 | dilutive to Adjusted EPS | FY2026 | -$0.10 | Raised |
| Apr 30, 2026 | incremental foreign currency tailwind on Adjusted Diluted EPS | FY2026 | $0.10 | Raised |
| Apr 30, 2026 | foreign currency tailwind on Adjusted Diluted EPS | FY2026 | $0.35 | Raised |
| Apr 30, 2026 | share repurchases | FY2026 | $1.00B | New |
| Apr 30, 2026 | post-close revenue | FY2026 | $250.00M | Reaffirmed |
| Feb 3, 2026 | adjusted EBITDA margin | FY2026 | 26% | New |
| Feb 3, 2026 | post-close revenue | FY2026 | $250.00M | New |
| Oct 30, 2025 | share repurchases | FY2025 | $1.50B | New |
| Apr 24, 2025 | average annual margin expansion | next 3 years | 100 | – |
| Apr 24, 2025 | share repurchases | FY2025 | $1.50B | Reaffirmed |
| Apr 24, 2025 | headwind on adjusted diluted earnings per share | FY2025 | -$0.35 – -$0.25 | New |
| Feb 4, 2025 | share repurchases | FY2025 | $1.50B | New |
| Oct 31, 2024 | adjusted diluted earnings per share | FY2024 | $16.00 – $17.00 | Reaffirmed |
| Oct 31, 2024 | adjusted operating margin | FY2024 | 23% – 23.5% | Reaffirmed |
| Oct 31, 2024 | non-cash pension income | FY2024 | $88.00M | Lowered |
| Oct 31, 2024 | cumulative run-rate savings from the Transformation program | FY2024 | $450.00M | Raised |
| Oct 31, 2024 | foreign currency headwind on adjusted earnings per share | FY2024 | $0.06 | Raised |
| Oct 31, 2024 | revenue | FY2024 | $9.90B | Reaffirmed |
| Jul 25, 2024 | Adjusted Diluted EPS | FY2024 | $16.00 – $17.00 | Raised |
| Jul 25, 2024 | Adjusted Operating Margin | FY2024 | 23% – 23.5% | Raised |
| Jul 25, 2024 | Revenue | FY2024 | $9.90B | Reaffirmed |
| Apr 25, 2024 | adjusted diluted earnings per share | FY2024 | $15.40 – $17.00 | Reaffirmed |
| Apr 25, 2024 | adjusted operating margin | FY2024 | 22.5% – 23.5% | Reaffirmed |
| Apr 25, 2024 | non-cash pension income | FY2024 | $88.00M | Lowered |
| Apr 25, 2024 | cumulative run-rate savings from the Transformation program | FY2024 | $425.00M | Raised |
| Apr 25, 2024 | foreign currency headwind on adjusted earnings per share | FY2024 | $0.05 | New |
| Apr 25, 2024 | revenue | FY2024 | $9.90B | Reaffirmed |
| Feb 6, 2024 | adjusted diluted earnings per share | FY2024 | $15.40 – $17.00 | Reaffirmed |
| Feb 6, 2024 | adjusted operating margin | FY2024 | 22.5% – 23.5% | Reaffirmed |
| Feb 6, 2024 | revenue | FY2024 | $9.90B | New |
| Oct 26, 2023 | free cash flow margin | FY2023 | 12% | Reaffirmed |
| Oct 26, 2023 | non-cash pension income | FY2023 | $112.00M | Reaffirmed |
| Oct 26, 2023 | incremental run-rate savings from the Transformation program | FY2023 | $160.00M | Reaffirmed |
| Oct 26, 2023 | foreign currency headwind on adjusted earnings per share | FY2023 | $0.07 | Raised |
| Jul 27, 2023 | Adjusted Diluted EPS | FY2024 | $15.40 – $17.00 | Lowered |
| Jul 27, 2023 | free cash flow margin | FY2023 | 12% | New |
| Jul 27, 2023 | Adjusted Operating Margin | FY2024 | 22.5% – 23.5% | Lowered |
| Jul 27, 2023 | non-cash pension income | FY2023 | $112.00M | Reaffirmed |
| Jul 27, 2023 | incremental run-rate savings from the Transformation Program | FY2023 | $160.00M | Raised |
| Jul 27, 2023 | foreign currency headwind on adjusted earnings per share | FY2023 | $0.05 | Reaffirmed |
| Jul 27, 2023 | total annualized run-rate savings | FY2024 | $380.00M | New |
| Jul 27, 2023 | costs to achieve these savings | FY2024 | $900.00M | Raised |
| Jul 27, 2023 | Revenue | FY2024 | $9.90B | Reaffirmed |
| Apr 27, 2023 | non-cash pension income | FY2023 | $112.00M | Reaffirmed |
| Apr 27, 2023 | incremental run-rate savings from the Transformation Program | FY2023 | $100.00M | Reaffirmed |
| Apr 27, 2023 | foreign currency headwind on adjusted earnings per share | FY2023 | $0.05 | Raised |
| Feb 9, 2023 | non-cash pension income | FY2023 | $112.00M | New |
| Feb 9, 2023 | incremental run-rate savings from the Transformation Program | FY2023 | $100.00M | New |
| Feb 9, 2023 | foreign currency headwind on adjusted earnings per share | FY2023 | $0.01 | New |
| Oct 27, 2022 | Adjusted Diluted EPS | FY2024 | $17.50 – $20.50 | New |
| Oct 27, 2022 | 3-year Free Cash Flow | FY2024 | $4.30B – $5.30B | New |
| Oct 27, 2022 | Adjusted Operating Margin | FY2024 | 23% – 24% | New |
| Oct 27, 2022 | cumulative run-rate savings from the Transformation Program | FY2022 | $110.00M | Raised |
| Oct 27, 2022 | non-cash pension income | FY2022 | $20.00M | Lowered |
| Oct 27, 2022 | foreign currency headwind on adjusted earnings per share | FY2022 | $0.25 – $0.30 | Raised |
| Oct 27, 2022 | Transformation Program Annual Cost Savings | FY2024 | $360.00M | New |
| Oct 27, 2022 | Transformation Program Costs to Achieve | FY2024 | $900.00M | Raised |
| Oct 27, 2022 | Revenue | FY2024 | $9.90B | New |
| Jul 28, 2022 | cumulative run-rate savings from the Transformation Program | FY2022 | $80.00M | Raised |
| Jul 28, 2022 | year-over-year decline in non-cash pension income | FY2022 | $20.00M | Lowered |
| Jul 28, 2022 | foreign currency headwind on adjusted earnings per share | FY2022 | $0.20 – $0.25 | Raised |
| Apr 28, 2022 | run-rate savings from FY2022 Transformation Program | FY2022 | $30.00M | New |
| Apr 28, 2022 | non-cash pension income | FY2022 | $20.00M | Lowered |
| Apr 28, 2022 | foreign currency headwind on adjusted earnings per share | FY2022 | $0.15 – $0.20 | New |
| Oct 28, 2021 | adjusted operating margin | FY2021 | 19.5% – 20% | New |
| Oct 28, 2021 | organic revenue growth | FY2021 | +6% | New |
Read from the company's earnings releases; each figure links to its sentence on hover. “Raised” and “Lowered” compare with the previous range for the same metric and period.
Press releases
Releases Willis Towers Watson filed with the SEC as exhibits to Form 8-K or 6-K
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