Willis Towers Watson Public Company Stock Earnings Reports

WTW reported Q1 2026 results with 3% organic revenue growth, an adjusted operating margin of 22.3% (up ~70 bps year-over-year) and adjusted diluted EPS of $3.72 (up 19% vs. Q1 2025). Revenue was at the low end of plan, driven by a challenging and volatile market backdrop (notably geopolitical disruption in the Middle East) that caused delays in some advisory work and a miss vs. new-business expectations in Risk & Broking (R&B). Management reiterated confidence in the long-term strategy: continued investment in AI, proprietary data, specialization and global scale. They highlighted early commercial traction from AI-enabled products (Rewards AI, WorkVue, Coverage Gap Analysis, Navigator, Neuron operating system, CRB digital claims platform) and the integration of Newfront technology and talent to accelerate productivity and revenue generation. Segment highlights: Health, Wealth & Career (HWC) grew 3% with Health up 6% and continued robust demand driven by high healthcare inflation; Career was pressured (-3%) by regional project delays but management expects improvement later in the year; R&B grew 2% (1% excluding certain items), with a softer Q1 due to strong prior-year comps, timing of new business and some pricing pressure—management narrowed R&B full-year guidance to mid-single-digit organic growth. ICT grew 5% led by technology sales (Radar). Financial/operational details: foreign exchange provided a ~$0.25 EPS tailwind in Q1 and is expected to be ~$0.35 for the full year; GAAP and adjusted tax rates trended lower vs. prior year; free cash flow was negative $65M (improved vs prior year) and the company returned $388M to shareholders in the quarter (including $300M buybacks). Capital allocation priorities remain: share repurchases (at least $1B planned), dividends and disciplined M&A. Management reaffirmed medium-term objectives of mid-single-digit organic growth, continued margin expansion (targeting ~100 bps average annual adjusted operating margin expansion over the next two years) and free cash flow margin improvement.