Research · Sep 3, 2026
[WTW] Willis Towers Watson Thesis 2026: Adjusted Earnings and Margin Expansion Sustain Capital Return
Willis Towers Watson FY25 revenue $9.71B (-2% reported / +5% organic); op income $2.23B; NI $1.61B; EPS $16.26. Adj EPS $17.08 (+15%); adj op margin 25.2% (+130bp). Q4 organic +6%. R&B +7% Q4 / 6% FY (CRB 11 consecutive HSD quarters); HWC +6% Q4 / 4% FY with op margin 44.3% (+240bp). Three acquisitions: Newfront + Cushion + Flowstone Partners. FY25 buyback $-1.65B (+83% YoY). FY26 guide: mid-single organic; adj op margin + adj EPS expansion; FCF margin expansion; at least $1B buyback; Bain reinsurance JV $0.30 EPS headwind.