The beat was modest but the margin expansion and strong free cash flow are positive. Watch for continued execution on the Propel AI plan and whether organic growth sustains at mid-single digits. The $0.30 headwind from the Willis Re JV and $0.10 dilution from Newfront are known offsets.
Price Chart
Executive Summary
WTW reported Q3 2026 adjusted diluted EPS of $3.63, beating the $3.59 consensus by 1.1% (a beat). Revenue of $2.46B was slightly above the $2.45B consensus. Organic revenue grew 4% YoY, adjusted operating margin expanded 150 bps to 21.9%, and the company reiterated its mid-single-digit organic growth outlook with continued margin expansion. The Propel AI plan targets $350M net run-rate savings and ~30% adjusted operating margin by 2028.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS $3.63 vs consensus $3.59 (beat by 1.1%)
- Revenue $2.46B vs consensus $2.45B (slight beat)
- Organic revenue growth 4% YoY
- Adjusted operating margin expanded 150 bps to 21.9%
- Adjusted EBITDA margin improved to 23.5% from 22.5%
- Free cash flow $1.064B YTD, up from $838M
- Propel AI plan targets $350M net run-rate savings and ~30% adjusted operating margin by 2028
- Share repurchases of $220M in Q3, with >$1.0B expected for full year 2026
Financial Impact
Adjusted EPS beat of $0.04 (1.1%) on $2.46B revenue; adjusted operating margin up 150 bps; free cash flow up 27% YTD
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Health, Wealth & Career | $1.4B | +7.0% |
| Risk & Broking | $1.1B | +8.0% |
Risk Factors
- Propel AI plan requires $625M cash investment with execution risk
- Newfront acquisition dilutive to adjusted EPS by ~$0.10 in 2026
- Willis Re JV expected to be a ~$0.30 headwind to adjusted EPS
- Organic growth at 4% is at the low end of mid-single-digit guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3391029 |
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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