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Willis Towers Watson Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved strong Q4 and full-year organic revenue growth of 6% and 5%, respectively, with margin expansion driven by strategic focus, talent investment, and portfolio optimization.
Strategic acquisitions (Newfront, Cushon, FlowStone) and the TRANZACT divestiture enhanced the business mix and growth profile.
Digital platforms, data analytics, and AI-driven efficiency initiatives supported margin expansion.
Returned $1.65B to shareholders via share repurchases and paid $350M–$358M in dividends in 2025.
Net income for the year was $1.61B, rebounding from a prior year loss due to impairment charges.
Financial highlights
Q4 organic revenue growth of 6%, adjusted operating margin up 80 bps to 36.9%, and adjusted EPS of $8.12 (up 13% YoY excluding TRANZACT).
Full-year organic growth of 5%, adjusted operating margin up 130 bps to 25.2%, and adjusted EPS of $17.08 (up 13% YoY excluding TRANZACT).
Free cash flow for 2025 was $1.55B–$1.546B, up $279M YoY, with a margin of 15.9%.
Q4 income from operations rose 13% to $1.016B; full-year income from operations surged 256% to $2.234B.
Q4 revenue was $2.94B (down 3% YoY); full-year revenue was $9.71B (down 2%), primarily due to the TRANZACT sale.
Outlook and guidance
2026 guidance: mid-single-digit organic growth, continued margin and free cash flow expansion.
Expecting ~100 bps annual margin expansion in Risk & Broking and incremental expansion in Health, Wealth & Career.
Foreign exchange expected to be a $0.30 tailwind to adjusted EPS in 2026.
At least $1B allocated to share repurchases in 2026, with ongoing evaluation of M&A opportunities.
Newfront acquisition expected to be ~$0.10 dilutive to adjusted EPS in 2026, with $250M post-close revenue and ~26% adjusted EBITDA margin.
2026 EPS headwinds: Newfront and Willis Re impact
Beyond TRANZACT, what sustains margin expansion?
How will 2026 share repurchases balance investments?
R&B's market share in digital infrastructure?
BD&O Medicare changes: 2026 vs. beyond?
Future M&A priorities and appetite
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Next Willis Towers Watson earnings date
Q1 202623 Apr, 2026
Willis Towers Watson
Next Willis Towers Watson earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Willis Towers Watson plc, through its subsidiaries, operates as an advisory, broking, and solutions company worldwide. The company offers risk management services, such as risk advice, risk transfer, and purchase of insurance and reinsurance; managing wholesale brokerage services; and various consulting services to corporate, public sector, financial institutions, professional services firms, and individuals.
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