WTW

EX-99.1

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EXHIBIT 99.1

EdgarFiling

EXHIBIT 99.1

WTW Reports First Quarter 2026 Earnings

Revenue1 increased 8% from prior year to $2.4 billion for the quarter Organic Revenue growth of 3% for the quarter Diluted Earnings per Share was $3.10 for the quarter, up 33% over prior year Adjusted Diluted Earnings per Share was $3.72 for the quarter, up 19% over prior year Operating Margin was 18.6% for the quarter, down 80 basis points from prior year Adjusted Operating Margin was 22.3% for the quarter, up 70 basis points from prior year LONDON, April 30, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the first quarter ended March 31, 2026.

“WTW delivered first quarter results that demonstrate our strong operating discipline and continued progress of our strategy,” said Carl Hess, WTW’s Chief Executive Officer. “Our ongoing focus on enhancing efficiency drove margin expansion and significant EPS growth, despite a more challenging global market that created near-term headwinds to organic growth. Our investments in talent, AI and innovation to accelerate performance continue driving client value, and we remain confident in delivering our full-year commitments.”

Consolidated Results

As reported, USD millions, except %

Key MetricsQ1-26Q1-25Y/Y Change

Revenue1$2,412$2,223Reported 8% | CC 4% | Organic 3%

Income from Operations$448$4324%

Operating Margin %18.6%19.4%(80) bps

Adjusted Operating Income$537$48012%

Adjusted Operating Margin %22.3%21.6%70 bps

Net Income$303$23927%

Adjusted Net Income$357$31613%

Diluted EPS$3.10$2.3333%

Adjusted Diluted EPS$3.72$3.1319%

1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.

Revenue was $2.41 billion for the first quarter of 2026, an increase of 8% compared to $2.22 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 4%. On an organic basis, revenue increased 3%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the first quarter of 2026 was $303 million compared to $239 million in the prior-year first quarter. Adjusted EBITDA for the first quarter was $589 million, or 24.4% of revenue, an increase of 11%, compared to Adjusted EBITDA of $532 million, or 23.9% of revenue, in the prior-year first quarter. The U.S. GAAP tax rate for the first quarter was 18.6%, and the adjusted income tax rate for the first quarter used in calculating adjusted diluted earnings per share was 20.3%.

Cash Flow and Capital Allocation

Cash flows used in operating activities were $10 million for the quarter ended March 31, 2026, compared to cash flows used in operating activities of $35 million in the prior year. Free cash flow for the quarters ended March 31, 2026 and 2025 was $(65) million and $(86) million, respectively, an increase of $21 million. The increase was primarily due to operating margin expansion and the abatement of remaining Transformation program cash outflows (this program was completed in December 2024), offset by increased transaction and integration expenses in the current-year quarter as compared to the prior-year quarter. During the first quarter, the Company repurchased $300 million of WTW shares.

First Quarter 2026 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & CareerQ1-26Q1-25Y/Y Change

Total Revenue$1,265$1,165Reported 9% | CC 5% | Organic 3%

Operating Income$346$31111%

Operating Margin %27.3%26.7%60 bps

The HWC segment had revenue of $1.27 billion in the first quarter of 2026, an increase of 9% (5% increase constant currency and organic growth of 3%) from $1.17 billion in the prior year. Health delivered organic revenue growth driven by strong performance across international markets driven by new business wins and renewals. Wealth generated organic revenue growth supported by higher levels of retirement work across all regions, alongside growth in the Investments business. Career organic revenue declined as clients deferred discretionary work amid geopolitical uncertainty in the Middle East. Career also saw clients delaying projects with a moderation in advisory-related demand in North America, partially offset by growth outside North America. Benefits Delivery & Outsourcing (BD&O) organic revenue declined modestly, as expanded projects and administration engagements in Outsourcing were offset by lower commissions in Individual Marketplace.

Operating margin in the HWC segment increased 60 basis points from the prior-year first quarter to 27.3%. The increase was primarily driven by improved operating leverage and expense discipline.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & BrokingQ1-26Q1-25Y/

false 0001140536 Willis Towers Watson PLC

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2026-02-03 2026-02-03

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 3, 2026

Willis Towers Watson Public Limited Company

(Exact name of registrant as specified in its charter)

Ireland 001-16503 98-0352587

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

c/o Willis Group Limited, 51 Lime Street, London, EC3M 7DQ, England

(Address, including Zip Code, of Principal Executive Offices)

Registrant’s telephone number, including area code: (011) (44)-(20)-3124-6000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Ordinary Shares, nominal value $0.000304635 per share

WTW

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item2.02

Results of Operations and Financial Condition.

On February 3, 2026, Willis Towers Watson Public Limited Company (“WTW”) issued a press release announcing its financial results for the period ended December 31, 2025.

A copy of WTW’s press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. A reconciliation between certain non-GAAP financial measures and reported financial results is provided as an attachment to the press release.

Item 7.01

Regulation FD.

WTW also posted to the investor relations section of its website a slide presentation which it may refer to during its conference call to discuss the results. The slide presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith:

Exhibit No.

Description

99.1

Press release, dated February 3, 2026, announcing the financial results for the period ended December 31, 2025, for WTW.

99.2

Slide Presentation, supplementing the above press release.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WILLIS TOWERS WATSON

PUBLIC LIMITED COMPANY

Date: February 3, 2026

By: /s/ Andrew Krasner________________

Name: Andrew Krasner

Title: Chief Financial Officer

Willis Towers Watson PLC true 0001140536

0001140536

2025-10-30 2025-10-30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2025

Willis Towers Watson Public Limited Company

(Exact name of registrant as specified in charter)

Ireland 001-16503 98-0352587

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

c/o Willis Group Limited, 51 Lime Street, London, EC3M 7DQ, England

(Address, including Zip Code, of Principal Executive Offices)

Registrant's telephone number, including area code: (011) (44)-(20)-3124-6000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Ordinary Shares, nominal value $0.000304635 per share WTW NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note

This Amendment No. 1 to the Current Report on Form 8-K amends Item 2.02 of the Current Report on Form 8-K filed on October 30, 2025 (the “Original Form 8-K”) solely to correct an error in the Earnings Release furnished as Exhibit 99.1 thereto (the “Exhibit”). As previously furnished, the Exhibit reflected a typo in the Operating Margin Percentage data in the table captioned “Risk & Broking (“R&B”),” which has been corrected on Exhibit 99.1 to this Amendment No. 1. No other changes have been made to the Original Form 8-K.

Item 2.02. Results of Operations and Financial Condition.

Exhibit 99.1 attached hereto is a replacement of the Exhibit furnished on the Original Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibit furnished herewith:

Exhibit No.

Description

99.1

Press release, dated October 30, 2025, announcing the financial results for the period ended September 30, 2025, for WTW.

104

Cover Page Interactive File (embedded within Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Willis Towers Watson Public Limited Company

(Registrant)

Date: October 30, 2025 By: /s/ Andrew Krasner

Name: Andrew Krasner

Title: Chief Financial Officer