WTW

EX-99.1

2 exh_991.htm

EXHIBIT 99.1

EdgarFiling

EXHIBIT 99.1

WTW Reports Third Quarter 2026 Earnings

Revenue1 increased 8% from prior year to $2.5 billion for the quarter Organic Revenue growth of 4% for the quarter Diluted Earnings per Share was $3.24 for the quarter, up 4% over prior year Adjusted Diluted Earnings per Share was $3.63 for the quarter, up 18% over prior year Operating Margin was 17.4% for the quarter, down 90 basis points from prior year Adjusted Operating Margin was 21.9% for the quarter, up 150 basis points from prior year

LONDON, Oct. 29, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the third quarter ended September 30, 2026.

“WTW delivered another quarter of solid results in the face of a volatile market environment, reflecting the strength and resilience of our business,” said Carl Hess, WTW’s Chief Executive Officer. “Our strategy is working. Investments in talent, technology and innovation are differentiating WTW in the market and sustaining our momentum across the company. While Propel, our AI Acceleration Plan, is in its early days, I’m excited by the initial impact we’re seeing as we scale AI to enhance client service, unlock growth opportunities, strengthen our colleague experience and drive greater efficiency. Our continued strategic progress and the strength of our client proposition give us confidence in our ability to create durable long-term value.”

Consolidated Results

As reported, USD millions, except %

Key MetricsQ3-26Q3-25Y/Y Change

Revenue1$2,460$2,288Reported 8% | CC 8% | Organic 4%

Income from Operations$429$4183%

Operating Margin %17.4%18.3%(90) bps

Adjusted Operating Income$539$46715%

Adjusted Operating Margin %21.9%20.4%150 bps

Net Income$309$3061%

Adjusted Net Income$339$30113%

Diluted EPS$3.24$3.114%

Adjusted Diluted EPS$3.63$3.0718%

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 $2.46 billion for the third quarter of 2026, an increase of 8% compared to $2.29 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 8%. On an organic basis, revenue increased 4%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the third quarter of 2026 was $309 million compared to $306 million in the prior-year third quarter. Adjusted EBITDA for the third quarter was $577 million, or 23.5% of revenue, an increase of 12%, compared to Adjusted EBITDA of $515 million, or 22.5% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 19.5%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 21.9%.

Cash Flow and Capital Allocation

Cash flows from operating activities were $1.2 billion for the nine months ended September 30, 2026, compared to $1.0 billion in the prior year. Free cash flow for the nine months ended September 30, 2026 and 2025 was $1.1 billion and $838 million, respectively, an increase of $226 million. The increase was primarily driven by operating margin expansion. The period also included $29 million of cash proceeds from the disposal of buildings and related improvements. During the quarter ended September 30, 2026, the Company repurchased 687,386 of its outstanding shares for $220 million.

Third Quarter 2026 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & CareerQ3-26Q3-25Y/Y Change

Total Revenue$1,350$1,261Reported 7% | CC 7% | Organic 4%

Operating Income$398$36110%

Operating Margin %29.5%28.6%90 bps

The HWC segment had revenue of $1.35 billion in the third quarter of 2026, an increase of 7% (7% increase constant currency and organic growth of 4%) from $1.26 billion in the prior year. Health delivered organic revenue growth with positive contributions from all regions, driven by new business and strong renewals. Wealth generated organic revenue growth supported by the strength of Retirement work outside of North America and new client wins. Career organic revenue growth was primarily driven by higher compensation survey sales and a return to typical timing for compensation survey delivery, along with increased communications project work. Benefits Delivery & Outsourcing (BD&O) organic revenue declined, with growth from new client wins, project work and regulatory-driven activity in Outsourcing being more than offset by lower commissions in Individual Marketplace.

Operating margin in the HWC segment increased 90 basis points from the prior-year third quarter to 29.5%. The increase was primarily driven by improved operating leverage and expense discipline.

Risk & Broking (“R&B”)

As reported, USD millions,

EX-99.1

2 exh_991.htm

EXHIBIT 99.1

EdgarFiling

EXHIBIT 99.1

WTW Reports Second Quarter 2026 Earnings

Revenue1 increased 9% from prior year to $2.5 billion for the quarter Organic Revenue growth of 5% for the quarter Diluted Earnings per Share was $2.43 for the quarter, down 27% over prior year Adjusted Diluted Earnings per Share was $3.35 for the quarter, up 17% over prior year Operating Margin was 14.8% for the quarter, down 150 basis points from prior year Adjusted Operating Margin was 19.5% for the quarter, up 100 basis points from prior year Announced Propel, WTW's AI Acceleration Plan, to further scale AI and automation across WTW, targeting approximately 30% Adjusted Operating Margin2 in 2028 while positioning the Company for future growth Increased existing share repurchase authority by $1.5 billion LONDON, July 30, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2026.

“WTW delivered solid second quarter results, reflecting business momentum and disciplined execution,” said Carl Hess, WTW’s Chief Executive Officer. “This performance underscores the meaningful progress we've made embedding AI and automation across our business, enabling us to deliver higher-value client solutions and a more compelling colleague experience. Propel, WTW's AI Acceleration Plan announced today, builds on that foundation and is intended to further accelerate performance and enhance efficiency, creating value for shareholders and further strengthening WTW's differentiated position in the market. We remain confident in delivering on our full-year 2026 guidance and achieving our new 2028 margin target.”

Consolidated Results

As reported, USD millions, except %

Key MetricsQ2-26Q2-25Y/Y Change

Revenue1$2,466$2,261Reported 9% | CC 8% | Organic 5%

Income from Operations$364$368(1)%

Operating Margin %14.8%16.3%(150) bps

Adjusted Operating Income$480$41915%

Adjusted Operating Margin %19.5%18.5%100 bps

Net Income$231$332(30)%

Adjusted Net Income$316$28511%

Diluted EPS$2.43$3.32(27)%

Adjusted Diluted EPS$3.35$2.8617%

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.

2 See “WTW Non-GAAP Measures” below with respect to forward-looking non-GAAP measures.

Revenue was $2.47 billion for the second quarter of 2026, an increase of 9% compared to $2.26 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 8%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the second quarter of 2026 was $231 million compared to $332 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $529 million, or 21.5% of revenue, an increase of 13%, compared to Adjusted EBITDA of $470 million, or 20.8% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was 19.8%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 19.6%.

Cash Flow and Capital Allocation

Cash flows from operating activities were $474 million for the six months ended June 30, 2026, compared to $326 million in the prior year. Free cash flow for the six months ended June 30, 2026 and 2025 was $360 million and $217 million, respectively, an increase of $143 million. The increase was primarily driven by operating margin expansion. During the quarter ended June 30, 2026, the Company repurchased 1,733,574 of its outstanding shares for $450 million.

Second Quarter 2026 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & CareerQ2-26Q2-25Y/Y Change

Total Revenue$1,270$1,180Reported 8% | CC 7% | Organic 4%

Operating Income$306$2809%

Operating Margin %24.1%23.8%30 bps

The HWC segment had revenue of $1.27 billion in the second quarter of 2026, an increase of 8% (7% increase constant currency and organic growth of 4%) from $1.18 billion in the prior year. Health delivered organic revenue growth with positive contributions from all regions. Wealth generated organic revenue growth supported by higher levels of retirement work across all regions. Career revenue was flat on an organic basis as increased levels of communications project work and broad-based pay work were offset by constrained revenue in the Middle East due to the ongoing conflict. Benefits Delivery & Outsourcing (BD&O) revenue increased organically as expanded project work, new client wins and regulatory driven work in Outsourcing were partially offset by lower commissions in Individual Marketplace.

Operating margin in the HWC segment increased 30 basis points from the prior-year second quarter to 24.

EX-99.1

2 exh_991.htm

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/