Watch for execution on Propel AI plan and margin expansion trajectory toward 30% by 2028; the $625M investment over 2 years creates a multi-year catalyst path if savings materialize as guided.
Price Chart
Executive Summary
WTW reported Q3 2026 revenue of $2.46B (+8% YoY) and adjusted diluted EPS of $3.63 (+18% YoY), both above consensus estimates of $2.45B and $3.59. The company also announced Propel, an AI acceleration plan targeting ~30% adjusted operating margin by 2028, with $625M in cash investment expected to generate $400M in run-rate savings.
Key Financial Metrics
Key Facts
- Revenue increased 8% YoY to $2.46B, above $2.45B consensus
- Adjusted diluted EPS of $3.63, up 18% YoY, above $3.59 consensus
- Organic revenue growth of 4% for the quarter
- Adjusted operating margin expanded 150 bps YoY to 21.9%
- Free cash flow YTD was $1.064B, up from $838M in prior year
- Company repurchased $220M of shares in Q3
- Propel AI Acceleration Plan announced, targeting ~30% adjusted operating margin by 2028
- Expects share repurchases in excess of $1.0B for full year 2026
Financial Impact
Revenue beat consensus by ~$10M; adjusted EPS beat consensus by $0.04; YTD FCF increased $226M YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Health, Wealth & Career | $1.4B | +7.0% |
| Risk & Broking | $1.1B | +8.0% |
Risk Factors
- Propel AI plan requires significant upfront investment with execution risk
- GAAP operating margin declined 90 bps YoY to 17.4% due to restructuring and transaction costs
- Newfront acquisition expected to be ~$0.10 dilutive to adjusted EPS in 2026
- Willis Re joint venture expected to be a ~$0.30 headwind to adjusted EPS
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-006942 |
| Exhibit: exh_992.htm | 0001171843-26-006942 |
| Document: f8k_102826.htm | 0001171843-26-006942 |
| Document: 0001171843-26-006942-index-headers.html | 0001171843-26-006942 |
| Document: 0001171843-26-006942-index.html | 0001171843-26-006942 |
| Document: 0001171843-26-006942.txt | 0001171843-26-006942 |
| 8-K Data (Synthetic) | 0001171843-26-006942 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $320.73 | awaiting T+20 | awaiting T+20 | $324.42 (+1.15%) |
Oct 1, 2026 4w ago | Press Release | $291.60 $320.73 | ▲ +9.99% | ▲ +9.29% | $324.42 (+11.26%) |
Sep 30, 2026 4w ago | Press Release | $288.23 $319.66 | ▲ +10.90% | ▲ +9.98% | $324.42 (+12.56%) |
Sep 24, 2026 5w ago | Press Release | $293.63 $332.18 | ▲ +13.13% | ▲ +13.55% | $324.42 (+10.49%) |
Sep 21, 2026 5w ago | Press Release | $305.80 $314.45 | ▲ +2.83% | ▲ +3.74% | $324.42 (+6.09%) |
Sep 10, 2026 7w ago | Press Release | $315.41 $297.86 | ▲ +5.56% | ▲ +7.69% | $324.42 (−2.86%) |
Sep 2, 2026 8w ago | Press Release | $337.52 $288.23 | ▼ −14.60% | ▼ −14.27% | $324.42 (−3.88%) |
Jul 30, 2026 13w ago | Press Release | $336.05 $339.26 | ▲ +0.95% | ▼ −3.01% | $324.42 (−3.46%) |
Jul 15, 2026 15w ago | Press Release | $285.12 $340.29 | ▲ +19.35% | ▲ +17.01% | $324.42 (+13.78%) |
US Market Status
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