Form 8-K
8-K — WILLIS TOWERS WATSON PLC
Accession: 0001171843-26-006942
Filed: 2026-10-29
Period: 2026-09-30
CIK: 0001140536
SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — f8k_102826.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (exh_991.htm)
EX-99.2 — EXHIBIT 99.2 (exh_992.htm)
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0001140536
Willis Towers Watson PLC
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2026-09-30
2026-09-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 2026
Willis Towers Watson Public Limited Company
(Exact name of registrant as specified
in its charter)
Ireland
001-16503
98-0352587
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
c/o Willis Group Limited, 51 Lime Street, London, EC3M 7DQ, England
(Address, including Zip Code, of Principal Executive Offices)
Registrant’s telephone number, including area code:(011) (44)-(20)-3124-6000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary Shares, nominal value $0.000304635 per share
WTW
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On October 29, 2026, Willis Towers Watson Public Limited
Company (“WTW”) issued a press release announcing its financial results for the period ended September 30, 2026.
A copy of WTW’s press release is attached hereto
as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. A reconciliation between certain non-GAAP
financial measures and reported financial results is provided as an attachment to the press release.
Item 7.01
Regulation FD.
WTW also posted to the investor relations section of
its website a slide presentation which it may refer to during its conference call to discuss the results. The slide presentation is attached
hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in Item 2.02 and Item 7.01
of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that section. Such information shall not be incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in any such filing.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
The following exhibits are furnished herewith:
Exhibit
No.
Description
99.1
Press release, dated October 29, 2026, announcing the financial results for the period ended
September 30, 2026, for WTW.
99.2
Slide Presentation, supplementing the above press release.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WILLIS TOWERS WATSON
PUBLIC LIMITED COMPANY
Date: October 29, 2026
By:
/s/ Andrew Krasner
Name:
Andrew Krasner
Title:
Chief Financial Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: exh_991.htm · Sequence: 2
EdgarFiling
EXHIBIT 99.1
WTW Reports Third Quarter 2026 Earnings
Revenue1 increased 8% from prior year to $2.5 billion for the quarter
Organic Revenue growth of 4% for the quarter
Diluted Earnings per Share was $3.24 for the quarter, up 4% over prior year
Adjusted Diluted Earnings per Share was $3.63 for the quarter, up 18% over prior year
Operating Margin was 17.4% for the quarter, down 90 basis points from prior year
Adjusted Operating Margin was 21.9% for the quarter, up 150 basis points from prior year
LONDON, Oct. 29, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the third quarter ended September 30, 2026.
“WTW delivered another quarter of solid results in the face of a volatile market environment, reflecting the strength and resilience of our business,” said Carl Hess, WTW’s Chief Executive Officer. “Our strategy is working. Investments in talent, technology and innovation are differentiating WTW in the market and sustaining our momentum across the company. While Propel, our AI Acceleration Plan, is in its early days, I’m excited by the initial impact we’re seeing as we scale AI to enhance client service, unlock growth opportunities, strengthen our colleague experience and drive greater efficiency. Our continued strategic progress and the strength of our client proposition give us confidence in our ability to create durable long-term value.”
Consolidated Results
As reported, USD millions, except %
Key Metrics Q3-26 Q3-25 Y/Y Change
Revenue1 $2,460 $2,288 Reported 8% | CC 8% | Organic 4%
Income from Operations $429 $418 3%
Operating Margin % 17.4% 18.3% (90) bps
Adjusted Operating Income $539 $467 15%
Adjusted Operating Margin % 21.9% 20.4% 150 bps
Net Income $309 $306 1%
Adjusted Net Income $339 $301 13%
Diluted EPS $3.24 $3.11 4%
Adjusted Diluted EPS $3.63 $3.07 18%
1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
Revenue was $2.46 billion for the third quarter of 2026, an increase of 8% compared to $2.29 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 8%. On an organic basis, revenue increased 4%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.
Net Income for the third quarter of 2026 was $309 million compared to $306 million in the prior-year third quarter. Adjusted EBITDA for the third quarter was $577 million, or 23.5% of revenue, an increase of 12%, compared to Adjusted EBITDA of $515 million, or 22.5% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 19.5%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 21.9%.
Cash Flow and Capital Allocation
Cash flows from operating activities were $1.2 billion for the nine months ended September 30, 2026, compared to $1.0 billion in the prior year. Free cash flow for the nine months ended September 30, 2026 and 2025 was $1.1 billion and $838 million, respectively, an increase of $226 million. The increase was primarily driven by operating margin expansion. The period also included $29 million of cash proceeds from the disposal of buildings and related improvements. During the quarter ended September 30, 2026, the Company repurchased 687,386 of its outstanding shares for $220 million.
Third Quarter 2026 Segment Highlights
Health, Wealth & Career (“HWC”)
As reported, USD millions, except %
Health, Wealth & Career Q3-26 Q3-25 Y/Y Change
Total Revenue $1,350 $1,261 Reported 7% | CC 7% | Organic 4%
Operating Income $398 $361 10%
Operating Margin % 29.5% 28.6% 90 bps
The HWC segment had revenue of $1.35 billion in the third quarter of 2026, an increase of 7% (7% increase constant currency and organic growth of 4%) from $1.26 billion in the prior year. Health delivered organic revenue growth with positive contributions from all regions, driven by new business and strong renewals. Wealth generated organic revenue growth supported by the strength of Retirement work outside of North America and new client wins. Career organic revenue growth was primarily driven by higher compensation survey sales and a return to typical timing for compensation survey delivery, along with increased communications project work. Benefits Delivery & Outsourcing (BD&O) organic revenue declined, with growth from new client wins, project work and regulatory-driven activity in Outsourcing being more than offset by lower commissions in Individual Marketplace.
Operating margin in the HWC segment increased 90 basis points from the prior-year third quarter to 29.5%. The increase was primarily driven by improved operating leverage and expense discipline.
Risk & Broking (“R&B”)
As reported, USD millions, except %
Risk & Broking Q3-26 Q3-25 Y/Y Change
Total Revenue $1,087 $1,007 Reported 8% | CC 8% | Organic 5%
Operating Income $216 $189 14%
Operating Margin % 19.8% 18.8% 100 bps
The R&B segment had revenue of $1.09 billion in the third quarter of 2026, an increase of 8% (8% increase constant currency and organic growth of 5%) from $1.01 billion in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by strong new business activity in North America and International, along with higher book-of-business settlement activity, partially offset by a strong prior-year comparable that included revenue recognized from multi-year project-based placements within the global specialty businesses. Insurance Consulting and Technology (ICT) delivered organic revenue growth primarily from strong software sales in the Technology practice, partially offset by lower Consulting revenue.
Operating margin in the R&B segment increased 100 basis points from the prior-year third quarter to 19.8%. The increase was primarily driven by higher book-of-business settlement activity alongside disciplined expense management.
Propel: WTW's AI Acceleration Plan
On July 28, 2026, the Board of Directors of WTW approved and authorized management to execute Propel, an Artificial Intelligence ('AI') Acceleration Plan. Propel will extend through December 31, 2028 and embed AI and automation across the Company. Supported by WTW's ongoing investments in AI, data and technology, including the acquisition of Newfront, Propel is expected to enhance client service, create additional opportunities for growth and strengthen the colleague experience, as well as streamline core operating processes. WTW expects these efforts to accelerate performance and enhance efficiency, reinforcing WTW's strategic objectives.
The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges
to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6
times. After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350
million in net run-rate savings and approximately 30% adjusted operating margin in 2028.
The costs incurred under Propel from commencement to September 30, 2026 consisted of $14 million in restructuring costs and $7 million in transaction and program expenses. The annualized run-rate savings achieved under Propel from commencement to September 30, 2026 were $18 million. Please refer to the third quarter 2026 supplemental slides in the Investor Relations section of the Company's website for further details.
Select 2026 Financial Considerations
Adjusted operating margin:
Continued annual margin expansion at the enterprise level driven by:
~100 basis points of annual margin expansion in R&B
Incremental annual margin expansion in HWC
Organic revenue:
Enterprise: Mid-single digits (MSD)
Health, Wealth & Career: Low-single digits (LSD) to MSD
Health: High-single digits (HSD)
Wealth: LSD
Career: LSD
BD&O: Flat
Risk & Broking: MSD
CRB: MSD
ICT: LSD
Willis Re joint venture:
Expected to be a headwind on Adjusted Diluted EPS of ~$0.30
The remaining equity investments in the interest in earnings of associates line are not expected to be material in 2026
Newfront acquisition:
Expected to be ~$0.10 dilutive to Adjusted EPS in 2026
Expected 2026 post-close revenue of ~$250M and an adjusted EBITDA margin of ~26%
Newfront’s Total Rewards business segment (~42%) will be included in HWC and Newfront’s Business Insurance business segment (~58%) will be included in R&B
Capital allocation:
Expect share repurchases in excess of $1.0B, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities
Free cash flow:
Continual improvement in FCF margin primarily from operating margin expansion along with evolving our business mix
Foreign exchange:
Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.02 for the fourth quarter of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates
The 2026 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under "WTW Non-GAAP Measures" below.
Conference Call
The Company will host a conference call to discuss the financial results for the third quarter 2026, including an update on strategic priorities. It will be held on Thursday, October 29, 2026, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving more than 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.
WTW Non-GAAP Measures
In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.
We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.
Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:
Restructuring costs and transaction and program expenses – Management believes it is appropriate to adjust for restructuring costs, significant acquisition-related transaction expenses, and program expenses, which include integration expenses pertaining to significant acquisitions and expenses associated with our Propel AI Acceleration Plan. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Acquisition-related adjustments – Adjustment to remove the gains or losses associated with earnout adjustments, including both fair value adjustments and interest accretion, and gains or losses associated with amounts that were estimated at the time of acquisition but for which the measurement period has ended.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs.
We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.
We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.
Our non-GAAP measures and their accompanying definitions are presented as follows:
Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior-year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.
Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.
Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and program expenses, acquisition-related adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.
Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and program expenses, gains and losses on disposals of operations, net periodic pension and postretirement benefits, acquisition-related adjustments, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.
Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and program expenses, gains and losses on disposals of operations, net periodic pension and postretirement benefits, acquisition-related adjustments, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of significant adjustments. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.
Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.
Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and program expenses, gains and losses on disposals of operations, net periodic pension and postretirement benefits, acquisition-related adjustments, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.
Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and program expenses, gains and losses on disposals of operations, net periodic pension and postretirement benefits, acquisition-related adjustments, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of significant adjustments, which are not core to our current and future operations.
Free Cash Flow – Cash flows from operating activities less net cash used to purchase fixed assets and software. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.
Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.
These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.
WTW Forward-Looking Statements
We have included in this document ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations or certain considerations relating to our future results. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; the impact of macroeconomic trends, including inflation, changes in interest rates, trade policies and other geopolitical risks; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies, including with respect to our reinsurance joint-venture investment with Bain Capital; our indebtedness; our ability to execute strategic transactions, including both acquisitions and dispositions, including our ability to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired businesses (such as our recent acquisitions of Newfront Insurance Holdings, Inc. and Cushon) or effect internal reorganizations; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives or investments in technology; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings or investment initiatives including our newly launched artificial intelligence acceleration plan (the ‘Plan’); our cybersecurity and privacy processes; our application of artificial intelligence technologies throughout our business and our ability to compete with artificial intelligence technologies offered by new or existing competitors; our ability to protect our intellectual property; our compliance with laws and regulations; risks associated with being an Irish-incorporated company; our recognition of future impairment charges; and plans and references to future successes, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net income, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.
There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, including with respect to our cash flow generation, the timing with respect to such achievement and how such achievement may be impacted by any of the risks or uncertainties set forth herein or elsewhere; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine war and conflict in the Middle East, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; our ability to effectively apply artificial intelligence and other technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; the effect of competitive products (including those incorporating artificial intelligence) and pricing including the level of success of new product developments and related global expansion; the risk of increased liability or new legal claims arising from or relating to our operations, products and/or services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; compliance with extensive government regulation; the risk of regulatory claims, government inquiries or investigations or the potential for regulatory action in various jurisdictions where we operate around the world; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage organizational changes, including as a result of our investments in improving systems and processes or other initiatives, and in connection with our acquisition and divestiture activities; the risks relating to the implementation of the Plan; disasters or business continuity problems; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; our ability to increase free cash flow through enhanced billing, collection and other working capital efforts; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; our ability to hire key employees and maintain an appropriate number of employees; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; the risk of sanctions imposed by governments, or changes to associated sanction regulations and related counter-sanctions; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; risks relating to our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to applicable U.S. state, federal and/or foreign laws, rules and regulations, recent judicial decisions and case law developments, and any other relevant policy changes and legislative actions, including the ‘Act to provide for reconciliation pursuant to title II of H. Con. Res. 14’ (‘H.R. 1’) signed into law on July 4, 2025, on our business, operations or results; the impact of recent or potential changes in state, federal, and/or foreign tax laws and regulations, including those that may impose additional excise taxes or impact our effective tax rate, including H.R. 1; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that market downturns can have a significant impact on investments made across our portfolios; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.
The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.
Contact
INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com
WTW
Supplemental Segment Information
(In millions of U.S. dollars)
(Unaudited)
REVENUE
Components of Revenue Change(i)
Less: Less:
Three Months Ended
September 30, As Reported Currency Constant
Currency Acquisitions/ Organic
2026 2025 % Change Impact Change Divestitures Change
Health, Wealth & Career
Revenue excluding interest income $ 1,343 $ 1,253 7% 0% 7% 4% 4%
Interest income 7 8
Total 1,350 1,261 7% 0% 7% 4% 4%
Risk & Broking
Revenue excluding interest income $ 1,061 $ 979 8% 0% 8% 4% 5%
Interest income 26 28
Total 1,087 1,007 8% 0% 8% 3% 5%
Segment Revenue $ 2,437 $ 2,268 8% 0% 8% 4% 4%
Corporate, reimbursable expenses and other 21 14
Interest income 2 6
Revenue $ 2,460 $ 2,288 8% 0% 8% 4% 4%(ii)
Components of Revenue Change(i)
Less: Less:
Nine Months Ended
September 30, As Reported Currency Constant Currency Acquisitions/ Organic
2026 2025 % Change Impact Change Divestitures Change
Health, Wealth & Career
Revenue excluding interest income $ 3,863 $ 3,584 8% 1% 6% 3% 3%
Interest income 22 22
Total 3,885 3,606 8% 1% 6% 3% 3%
Risk & Broking
Revenue excluding interest income $ 3,292 $ 3,008 9% 2% 7% 2% 5%
Interest income 75 73
Total 3,367 3,081 9% 2% 7% 2% 4%
Segment Revenue $ 7,252 $ 6,687 8% 2% 7% 3% 4%
Corporate, reimbursable expenses and other 75 59
Interest income 11 26
Revenue $ 7,338 $ 6,772 8% 2% 6% 3% 4%(ii)
(i) Components of revenue change may not add due to rounding.
(ii) Interest income did not contribute to organic change for the three and nine months ended September 30, 2026.
BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME
Three Months Ended September 30,
HWC R&B Corporate Total
2026 2025 2026 2025 2026 2025 2026 2025
Book-of-business settlements $ 2 $ — $ 18 $ 6 $ — $ — $ 20 $ 6
Interest income 7 8 26 28 2 6 35 42
Total $ 9 $ 8 $ 44 $ 34 $ 2 $ 6 $ 55 $ 48
Nine Months Ended September 30,
HWC R&B Corporate Total
2026 2025 2026 2025 2026 2025 2026 2025
Book-of-business settlements $ 4 $ 2 $ 28 $ 9 $ — $ — $ 32 $ 11
Interest income 22 22 75 73 11 26 108 121
Total $ 26 $ 24 $ 103 $ 82 $ 11 $ 26 $ 140 $ 132
SEGMENT OPERATING INCOME (i)
Three Months Ended
September 30,
2026 2025
Health, Wealth & Career $ 398 $ 361
Risk & Broking 216 189
Segment Operating Income $ 614 $ 550
Nine Months Ended
September 30,
2026 2025
Health, Wealth & Career $ 1,050 $ 952
Risk & Broking 726 637
Segment Operating Income $ 1,776 $ 1,589
(i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and program expenses, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.
SEGMENT OPERATING MARGINS
Three Months Ended
September 30,
2026 2025
Health, Wealth & Career 29.5% 28.6%
Risk & Broking 19.8% 18.8%
Nine Months Ended
September 30,
2026 2025
Health, Wealth & Career 27.0% 26.4%
Risk & Broking 21.5% 20.7%
RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
Three Months Ended
September 30,
2026 2025
Segment Operating Income $ 614 $ 550
Amortization (59 ) (47 )
Restructuring costs(i) (14 ) —
Transaction and program expenses(ii) (42 ) (2 )
Unallocated, net(iii) (70 ) (83 )
Income from Operations 429 418
Interest expense (80 ) (65 )
Other income, net 52 37
Income from operations before income taxes and interest in earnings of associates $ 401 $ 390
Nine Months Ended
September 30,
2026 2025
Segment Operating Income $ 1,776 $ 1,589
Amortization (162 ) (144 )
Restructuring costs(i) (14 ) —
Transaction and program expenses(ii) (144 ) (4 )
Unallocated, net(iii) (215 ) (223 )
Income from Operations 1,241 1,218
Interest expense (235 ) (194 )
Other income/(loss), net 63 (18 )
Income from operations before income taxes and interest in earnings of associates $ 1,069 $ 1,006
(i) Includes costs associated with our recently-commenced Propel AI Acceleration Plan.
(ii) Primarily includes share-based compensation and other transaction-related costs attributable to our Newfront and Cushon acquisitions and costs associated with the integration of significant acquired companies and the Propel AI Acceleration Plan.
(iii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
WTW
Reconciliations of Non-GAAP Measures
(In millions of U.S. dollars, except per share data)
(Unaudited)
RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE
Three Months Ended
September 30,
2026 2025
Net income attributable to WTW $ 303 $ 304
Adjusted for certain items:
Amortization 59 47
Restructuring costs 14 —
Transaction and program expenses 42 2
Net periodic pension and postretirement benefits (19 ) (12 )
Gain on disposal of operations (35 ) (26 )
Acquisition-related adjustments (4 ) —
Tax effect on certain items listed above(i) (21 ) (9 )
Tax effect of significant adjustments — (5 )
Adjusted Net Income $ 339 $ 301
Weighted-average ordinary shares, diluted 94 98
Diluted Earnings Per Share $ 3.24 $ 3.11
Adjusted for certain items:(ii)
Amortization 0.63 0.48
Restructuring costs 0.15 —
Transaction and program expenses 0.45 0.02
Net periodic pension and postretirement benefits (0.20 ) (0.12 )
Gain on disposal of operations (0.37 ) (0.27 )
Acquisition-related adjustments (0.04 ) —
Tax effect on certain items listed above(i) (0.22 ) (0.09 )
Tax effect of significant adjustments — (0.05 )
Adjusted Diluted Earnings Per Share(ii) $ 3.63 $ 3.07
Nine Months Ended
September 30,
2026 2025
Net income attributable to WTW $ 829 $ 870
Adjusted for certain items:
Amortization 162 144
Restructuring costs 14 —
Transaction and program expenses 144 4
Net periodic pension and postretirement benefits (33 ) 50
Gain on disposal of operations (35 ) (40 )
Acquisition-related adjustments (4 ) —
Tax effect on certain items listed above(i) (65 ) (47 )
Tax effect of significant adjustments — (79 )
Adjusted Net Income $ 1,012 $ 902
Weighted-average ordinary shares, diluted 95 100
Diluted Earnings Per Share $ 8.76 $ 8.74
Adjusted for certain items:(ii)
Amortization 1.71 1.45
Restructuring costs 0.15 —
Transaction and program expenses 1.52 0.04
Net periodic pension and postretirement benefits (0.35 ) 0.50
Gain on disposal of operations (0.37 ) (0.40 )
Acquisition-related adjustments (0.04 ) —
Tax effect on certain items listed above(i) (0.69 ) (0.47 )
Tax effect of significant adjustments — (0.79 )
Adjusted Diluted Earnings Per Share(ii) $ 10.70 $ 9.07
(i) The tax effect was calculated using an effective tax rate for each item.
(ii) Per share values and totals may differ due to rounding.
RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA
Three Months Ended September 30,
2026 2025
Net income $ 309 12.6% $ 306 13.4%
Provision for income taxes 79 77
Interest expense 80 65
Depreciation 55 56
Amortization 59 47
Restructuring costs 14 —
Transaction and program expenses 42 2
Net periodic pension and postretirement benefits (19 ) (12 )
Gain on disposal of operations (37 ) (26 )
Acquisition-related adjustments (5 ) —
Adjusted EBITDA and Adjusted EBITDA Margin $ 577 23.5% $ 515 22.5%
Nine Months Ended September 30,
2026 2025
Net income $ 843 11.5% $ 877 13.0%
Provision for income taxes 206 121
Interest expense 235 194
Depreciation 166 167
Amortization 162 144
Restructuring costs 14 —
Transaction and program expenses 144 4
Net periodic pension and postretirement benefits (33 ) 50
Gain on disposal of operations (37 ) (40 )
Acquisition-related adjustments (5 ) —
Adjusted EBITDA and Adjusted EBITDA Margin $ 1,695 23.1% $ 1,517 22.4%
RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME
Three Months Ended September 30,
2026 2025
Income from operations and Operating margin $ 429 17.4% $ 418 18.3%
Adjusted for certain items:
Amortization 59 47
Restructuring costs 14 —
Transaction and program expenses 42 2
Acquisition-related adjustments (5 ) —
Adjusted operating income and Adjusted operating income margin $ 539 21.9% $ 467 20.4%
Nine Months Ended September 30,
2026 2025
Income from operations and Operating margin $ 1,241 16.9% $ 1,218 18.0%
Adjusted for certain items:
Amortization 162 144
Restructuring costs 14 —
Transaction and program expenses 144 4
Acquisition-related adjustments (5 ) —
Adjusted operating income and Adjusted operating income margin $ 1,556 21.2% $ 1,366 20.2%
RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE
Three Months Ended
September 30,
2026 2025
Income from operations before income taxes and interest in earnings of associates $ 401 $ 390
Adjusted for certain items:
Amortization 59 47
Restructuring costs 14 —
Transaction and program expenses 42 2
Net periodic pension and postretirement benefits (19 ) (12 )
Gain on disposal of operations (37 ) (26 )
Acquisition-related adjustments (4 ) —
Adjusted income before taxes $ 456 $ 401
Provision for income taxes $ 79 $ 77
Tax effect on certain items listed above(i) 21 9
Tax effect of significant adjustments — 5
Adjusted income taxes $ 100 $ 91
U.S. GAAP tax rate 19.5 % 19.7 %
Adjusted income tax rate 21.9 % 22.4 %
Nine Months Ended
September 30,
2026 2025
Income from operations before income taxes and interest in earnings of associates $ 1,069 $ 1,006
Adjusted for certain items:
Amortization 162 144
Restructuring costs 14 —
Transaction and program expenses 144 4
Net periodic pension and postretirement benefits (33 ) 50
Gain on disposal of operations (37 ) (40 )
Acquisition-related adjustments (4 ) —
Adjusted income before taxes $ 1,315 $ 1,164
Provision for income taxes $ 206 $ 121
Tax effect on certain items listed above(i) 65 47
Tax effect of significant adjustments — 79
Adjusted income taxes $ 271 $ 247
U.S. GAAP tax rate 19.3 % 12.0 %
Adjusted income tax rate 20.6 % 21.2 %
(i) The tax effect was calculated using an effective tax rate for each item.
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW
Nine Months Ended
September 30,
2026 2025
Cash flows from operating activities $ 1,213 $ 1,004
Less: Net additions to fixed assets and software(i) (149 ) (166 )
Free Cash Flow $ 1,064 $ 838
(i) Includes cash proceeds of $29 million collected in connection with the sale of fixed assets, which resulted in a gain of approximately $13 million in other operating expenses on the condensed consolidated statements of income.
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
Condensed Consolidated Statements of Income
(In millions of U.S. dollars, except per share data)
(Unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Revenue $ 2,460 $ 2,288 $ 7,338 $ 6,772
Costs of providing services
Salaries and benefits 1,507 1,413 4,492 4,186
Other operating expenses 354 352 1,119 1,053
Depreciation 55 56 166 167
Amortization 59 47 162 144
Restructuring costs 14 — 14 —
Transaction and program expenses 42 2 144 4
Total costs of providing services 2,031 1,870 6,097 5,554
Income from operations 429 418 1,241 1,218
Interest expense (80 ) (65 ) (235 ) (194 )
Other income/(loss), net 52 37 63 (18 )
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES 401 390 1,069 1,006
Provision for income taxes (79 ) (77 ) (206 ) (121 )
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES 322 313 863 885
Interest in earnings of associates, net of tax (13 ) (7 ) (20 ) (8 )
NET INCOME 309 306 843 877
Income attributable to non-controlling interests (6 ) (2 ) (14 ) (7 )
NET INCOME ATTRIBUTABLE TO WTW $ 303 $ 304 $ 829 $ 870
EARNINGS PER SHARE
Basic earnings per share $ 3.25 $ 3.12 $ 8.79 $ 8.80
Diluted earnings per share $ 3.24 $ 3.11 $ 8.76 $ 8.74
Weighted-average ordinary shares, basic 93 98 94 99
Weighted-average ordinary shares, diluted 94 98 95 100
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars, except share data)
(Unaudited)
September 30, December 31,
2026 2025
ASSETS
Cash and cash equivalents $ 1,946 $ 3,132
Fiduciary assets 11,057 10,445
Accounts receivable, net 2,462 2,702
Prepaid and other current assets 669 595
Total current assets 16,134 16,874
Fixed assets, net 665 695
Goodwill 9,778 8,938
Other intangible assets, net 1,431 1,141
Right-of-use assets 474 487
Pension benefits assets 586 529
Other non-current assets 928 866
Total non-current assets 13,862 12,656
TOTAL ASSETS $ 29,996 $ 29,530
LIABILITIES AND EQUITY
Fiduciary liabilities $ 11,057 $ 10,445
Deferred revenue and accrued expenses 1,965 2,087
Current debt 749 550
Current lease liabilities 118 125
Other current liabilities 729 797
Total current liabilities 14,618 14,004
Long-term debt 5,783 5,756
Liability for pension benefits 583 660
Provision for liabilities 368 340
Long-term lease liabilities 448 472
Other non-current liabilities 356 246
Total non-current liabilities 7,538 7,474
TOTAL LIABILITIES 22,156 21,478
COMMITMENTS AND CONTINGENCIES
EQUITY(i)
Additional paid-in capital 11,304 11,106
Accumulated deficit (707 ) (296 )
Accumulated other comprehensive loss, net of tax (2,833 ) (2,834 )
Total WTW shareholders' equity 7,764 7,976
Non-controlling interests 76 76
Total Equity 7,840 8,052
TOTAL LIABILITIES AND EQUITY $ 29,996 $ 29,530
__________
(i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 92,337,120 (2026) and 95,079,835 (2025); Outstanding 92,337,120 (2026) and 95,079,835 (2025) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2026 and 2025.
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
Condensed Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
(Unaudited)
Nine Months Ended
September 30,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ 843 $ 877
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation 166 167
Amortization 162 144
Non-cash restructuring costs 14 —
Non-cash lease expense 75 71
Net periodic cost of defined benefit pension plans 9 100
Provision for doubtful receivables from clients 11 8
Benefit from deferred income taxes (54 ) (62 )
Share-based compensation 179 104
Gain on disposal of operations (37 ) (40 )
Non-cash foreign exchange (gain)/loss (20 ) 30
Other, net 42 34
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable 275 382
Other assets (124 ) (142 )
Other liabilities (354 ) (689 )
Provisions 26 20
Net cash from operating activities 1,213 1,004
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software (178 ) (166 )
Sale of fixed assets 29 —
Acquisitions of operations, net of cash acquired (1,103 ) (14 )
Contributions to investments in associates, net (20 ) (16 )
Net proceeds from sale of operations 12 870
Cash and fiduciary funds transferred in sale of operations — (54 )
Net purchases of held-to-maturity securities — (50 )
Net purchases of available-for-sale securities (3 ) (40 )
Other, net (2 ) —
Net cash (used in)/from investing activities (1,265 ) 530
CASH FLOWS USED IN FINANCING ACTIVITIES
Borrowing of other debt 775 —
Debt issuance costs (4 ) —
Repayments of debt (552 ) (4 )
Repurchase of shares (970 ) (1,300 )
Net proceeds from fiduciary funds held for clients 52 343
Payments of deferred and contingent consideration related to acquisitions (3 ) (19 )
Cash paid for employee taxes on withholding shares (61 ) (53 )
Dividends paid (267 ) (269 )
Acquisitions of and dividends paid to non-controlling interests (11 ) (9 )
Net cash used in financing activities (1,041 ) (1,311 )
(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (1,093 ) 223
Effect of exchange rate changes on cash, cash equivalents and restricted cash (38 ) 202
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i) 6,487 4,998
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i) $ 5,356 $ 5,423
__________
(i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
(In millions of U.S. dollars)
Nine Months Ended
September 30,
2026 2025
Supplemental disclosures of cash flow information:
Cash and cash equivalents $ 1,946 $ 1,895
Fiduciary funds (included in fiduciary assets) 3,410 3,528
Total cash, cash equivalents and restricted cash $ 5,356 $ 5,423
Decrease in cash, cash equivalents and other restricted cash $ (1,161 ) $ (66 )
Increase in fiduciary funds 68 289
Total (i) $ (1,093 ) $ 223
(i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: exh_992.htm · Sequence: 3
Exhibit 99.2
wtwco.com Earnings Release Supplemental Materials 2026 Third Quarter Financial Results October 29, 2026 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
wtwco.com WTW Forward - Looking Statements We have included in this document ‘forward - looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those la ws. These forward - looking statements include information about possible or assumed future results of our operations or certain considerations relating to our futu re results. All statements, other than statements of historical facts, that address activities, events or developments that we e xpe ct or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man - made disasters like health pandemics and other world health crises; the impact of macroeconomic trends, including inflation, changes in interest rates, trade policies and other geopolit ica l risks; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies, including with respect to our reinsu ra nce joint - venture investment with Bain Capital; our indebtedness; our ability to execute strategic transactions, including both acquisitions and dispositions, including our abil ity to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired busi ne sses (such as our recent acquisitions of Newfront Insurance Holdings, Inc. and Cushon) or effect internal reorganizations; demand for our services and competitive strengths; s tra tegic goals; the benefits of new initiatives or investments in technology; growth of our business and operations; the sustain ed health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and tec hno logy changes, including investments in improving systems and processes; our ability to implement and realize anticipated bene fit s of any cost - savings or investment initiatives including our newly launched artificial intelligence acceleration plan (the ‘Plan’); our cybersecurity and privac y p rocesses; our application of artificial intelligence technologies throughout our business and our ability to compete with artifi cial intelligence technologies offered by new or existing competitors; our ability to protect our intellectual property; our compliance with laws and regulations; risks assoc iat ed with being an Irish - incorporated company; our recognition of future impairment charges; and plans and references to future su ccesses, including our future financial and operating results, short - term and long - term financial goals, plans, objectives, expectations and intentions, including with resp ect to free cash flow generation, adjusted net income, adjusted operating margin and adjusted earnings per share, are forward - lo oking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘g oal ’, ‘focus’, ‘probably’, or similar expressions, we are making forward - looking statements. Such statements are based upon the cur rent beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forw ard - looking statements. All forward - looking disclosure is speculative by its nature. There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ mat eri ally from those in the forward - looking statements contained in this document, including the following: our ability to successful ly establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inor gan ic growth through acquisitions; our ability to achieve our short - term and long - term financial goals, including with respect to o ur cash flow generation, the timing with respect to such achievement and how such achievement may be impacted by any of the risks or uncertainties set forth herein or elsewhere; th e risks related to changes in general economic conditions, business and political conditions, changes in the financial market s, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; our ability to make divestitures or acquisitions , i ncluding our ability to integrate or manage acquired businesses or carve - out businesses to be disposed, as well as our ability t o identify and successfully execute on opportunities for strategic collaboration; the risks relating to the adverse impacts of macroeconomic trends, including those relating to chang es in trade policies and tariffs, as well as political events, war, such as the Russia - Ukraine war and conflict in the Middle East, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertain ty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agenci es and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long - term goals; our ability to successfully hedg e against fluctuations in foreign currency rates; significant competition that we face and the potential for loss of market s har e and/or profitability; the impact of seasonality and differences in timing of renewals and non - recurring revenue increases from disposals and book - of - business sales; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; material int err uptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related ris ks of cybersecurity breaches or incidents; the insufficiency of client data protection, potential breaches of information system s o r insufficient safeguards against cybersecurity breaches or incidents; our ability to effectively apply artificial intelligence and other technology, data and analytics solu tio ns, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting cl ien t preferences and gaining competitive advantage, among other things; the effect of competitive products (including those incorporating artificial intelligence) and pricing in clu ding the level of success of new product developments and related global expansion; the risk of increased liability or new le gal claims arising from or relating to our operations, products and/or services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substanti al negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; compliance with extensive government regulation; the risk o f r egulatory claims, government inquiries or investigations or the potential for regulatory action in various jurisdictions wher e w e operate around the world; our ability to integrate direct - to - consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfull y manage organizational changes, including as a result of our investments in improving systems and processes or other initiat ive s, and in connection with our acquisition and divestiture activities; the risks relating to the implementation of the Plan; disasters or business continuity problems; the ris ks relating to the adverse impacts of natural or man - made disasters such as health pandemics and other world health crises on th e demand for our products and services, our cash flows and our business operations; our ability to increase free cash flow through enhanced billing, collection and other work ing capital efforts; our ability to properly identify and manage conflicts of interest; reputational damage, including from assoc ia tion with third parties; reliance on third - party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; our ability to hire key employees and maintain an appropriate number of employees; our ability to maintain our corporate culture; doing busi ne ss internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; the risk of sanctions impose d b y governments, or changes to associated sanction regulations and related counter - sanctions; changes and developments in the insu rance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or opera tio nal conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential inf ringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, r ela ted to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assump tio ns that are used to estimate our benefit obligations and their effect on adjusted earnings per share; risks relating to our capital structure, including indebtedness amounts, the li mitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disc los ure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential ch ang es to applicable U.S. state, federal and/or foreign laws, rules and regulations, recent judicial decisions and case law devel opm ents, and any other relevant policy changes and legislative actions, including the ‘Act to provide for reconciliation pursuant to title II of H. Con. Res. 14’ (‘H.R. 1’) sig ned into law on July 4, 2025, on our business, operations or results; the impact of recent or potential changes in state, federal , and/or foreign tax laws and regulations, including those that may impose additional excise taxes or impact our effective tax rate, including H.R. 1; U.S. federal income tax consequen ces to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognitio n of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed o r h igher - than - expected expenses; the risk that market downturns can have a significant impact on investments made across our portfo lios; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company str uct ure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidia rie s. The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual pe rfo rmance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10 - K, and our subsequent filin gs with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com. Although we believe that the assumptions underlying our forward - looking statements are reasonable, any of these assumptions, and therefore also the forward - looking statements based on these assumptions, could themselves prove to be inaccurate. Given the si gnificant uncertainties inherent in the forward - looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward - looking statements speak only as of the date made and we will not update these forward - looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward - looking events disc ussed in this document may not occur, and we caution you against unduly relying on these forward - looking statements. 2 © 2026 WTW. All rights reserved.
wtwco.com WTW Non - GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s ma nag ement uses to evaluate the business and for financial planning, we present the following non - GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/M argin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin. The Company believes that those measures are relevant and provide pertinent information widely used by analysts, investors an d o ther interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. Reconciliations of these measures are included in the accompanying appendix of these earnings release supplemental materials. The Company does not reconcile its forward - looking non - GAAP financial measures to the corresponding U.S. GAAP measures, due to v ariability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency i mpa cts necessary for a quantitative reconciliation of these forward - looking non - GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasona ble efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non - GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non - GAAP measures. 3 © 2026 WTW. All rights reserved.
wtwco.com Maintained commitment to return capital to shareholders, with share repurchases of $220 million and dividends of $89 million in Q3 2026 Continued disciplined execution to enhance efficiency, drive operating leverage and margin expansion, and improve free cash flow Generated Organic revenue growth 1 of 4%, Adjusted Operating Margin 1 expansion of +150bps and Adjusted Diluted EPS 1 growth of 18% in Q3 2026 Began implementing Propel, WTW’s AI Acceleration Plan announced in July, targeting ~30% Adjusted Operating Margin 1 in 2028 while positioning the Company for future growth © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Key Takeaways Sustained market and new business momentum, driven by specialization, data and analytics, smart connections and technology investments 4 1 Signifies Non - GAAP financial measures. See Appendix I for Non - GAAP reconciliations.
wtwco.com Key figures © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q3 2026 GAAP Financial Results Nine months ended September 30, Three months ended September 30, $USD million, except EPS and % 2025 2026 2025 2026 $6,772 $7,338 8% $2,288 $2,460 8% Revenue % change $1,218 $1,241 2% $418 $429 3% Income from Operations % change 18.0% 16.9% (110) bps 18.3% 17.4% (90) bps Operating Margin % change, basis points $877 $843 (4)% $306 $309 1% Net Income % change $8.74 $8.76 0% $3.11 $3.24 4% Diluted EPS % change $1,004 $1,213 21% Net Cash From Operating Activities % change 5
wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q3 and YTD 2026 Key Figures Total Revenue $USD billions Ad justed O perating Margin 1 % Free Cash Flow 1 $USD millions Adjusted Diluted EPS 1 $USD Including Non - GAAP Financial Results $7.3 $6.8 YTD 2026 YTD 2025 +4% YTD Organic 1 growth 1. Signifies Non - GAAP financial measures. See Appendix I for Non - GAAP reconciliations. $2.5 $2.3 Q3 - 26 Q3 - 25 +4% Q3 Organic 1 growth $10.70 $9.07 YTD 2026 YTD 2025 +18% YTD growth $3.63 $3.07 Q3 - 26 Q3 - 25 + 18 % Q3 growth YTD 2026 YTD 2025 21.2 % 20.2 % +10 0 bps YTD y/y margin Q3 - 26 Q3 - 25 21.9 % 20.4 % +150 bps Q3 y/y margin $1,064 $838 YTD 2026 YTD 2025 +$226M YTD y/y FCF 6
wtwco.com Financial Review © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7
wtwco.com Q3 2026 Segment Highlights 1 • For the quarter, HWC had organic revenue growth 2 of 4% – Health delivered 6% organic revenue growth with positive contributions from all regions, driven by new business and strong renewals – Wealth generated 2% organic revenue growth supported by the strength of Retirement work outside of North America and new client wins – Career organic revenue growth of 9% was primarily driven by higher compensation survey sales and a return to typical timing for compensation survey delivery, along with increased communications project work – BD&O organic revenue declined by 2% with growth from new client wins, project work and regulatory - driven activity in Outsourcing being more than offset by lower commissions in Individual Marketplace • Operating income was $398 million in the quarter, an increase of 10% from the prior year • Operating margin increased 90 bps from the prior year primarily due to improved operating leverage and expense discipline Quarterly Segment Performance: Health, Wealth & Career © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. $1,350 $1,261 Q3 - 26 Q3 - 25 Revenue ($M) Segment Operating Margin 1 Q3 - 25 Q3 - 26 Organic Revenue Growth 2 7% 6% Health 5% 2% Wealth 2% 9% Career 2% (2)% Benefits Delivery & Outsourcing (BD&O) 4% 4% Health, Wealth & Career 29.5% 28.6% Q3 - 26 Q3 - 25 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations . 8
wtwco.com Q3 2026 Segment Highlights 1 • For the quarter, R&B had organic revenue growth 2 of 5% – CRB generated organic revenue growth of 5% driven by strong new business activity in North America and International, along with higher book - of - business settlement activity, partially offset by a strong prior - year comparable that included revenue recognized from multi - year project - based placements within the global specialty businesses – ICT organic revenue increased 2% for the quarter driven by strong software sales in the Technology practice, partially offset by lower Consulting revenue • Operating income was $216 million in the quarter, an increase of 14% from the prior year • Operating margin increased 100 bps driven primarily by higher book - of - business settlement activity alongside disciplined expense management Quarterly Segment Performance: Risk & Broking © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. $1,087 $1,007 Q3 - 26 Q3 - 25 Revenue ($M) Segment Operating Margin 1 19.8% 18.8% Q3 - 26 Q3 - 25 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations . 9 Q3 - 25 Q3 - 26 Organic Revenue Growth 2 6% 5% Corporate Risk & Broking (CRB) 0% 2% Insurance Consulting & Technology (ICT) 6% 5% Risk & Broking
wtwco.com Propel Update: Costs to Achieve and Run - Rate Savings 10 Projected Cumulative From Inception Q3 - 26 ($ millions) ~625 7 7 Cash 1 ~25 14 14 Non - Cash 2 ~650 21 21 Total Costs Incurred ~400 18 18 Run - Rate Savings 3 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Part of transaction and program expenses . 2 Part of restructuring costs . 3 Net of incremental AI run costs. • Incurred $7 million of cash costs and $14 million of non - cash charges during the third quarter; the non - cash charges relate to an asset impairment in R&B • Achieved $18 million of annualized run - rate savings from actions completed in the third quarter • Expect ~$625 million of cash costs and ~$25 million of non - cash charges through 2028 to generate ~$400 million of run - rate savings • After reinvesting ~$50 million to support growth, expect ~$350 million of run - rate savings net of reinvestment
wtwco.com Maintaining a Flexible Balance Sheet © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Total Debt equals sum of current debt and long - term debt as shown on the Consolidated Balance Sheets. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. Reinforcing our business fundamentals; safeguarding WTW’s financial strengths Dec 31, 2025 Sept 30, 2026 ($ millions) 3,132 1,946 Cash and Cash Equivalents 6,306 6,532 Total Debt 1 8,052 7,840 Total Equity 2.4x 2.3x Debt to Adj. EBITDA 2 Trailing 12 - month Disciplined capital management strategy Provides WTW with the financial flexibility to reinvest in our businesses, capitalize on market growth opportunities and support significant value creation for shareholders • Our capital structure provides a solid foundation of business strength and reinforces our ability to capture long - term growth and create value for shareholders • History of effectively managing our leverage with a commitment to maintaining our investment grade credit rating • Committed to a disciplined approach to managing outstanding debt and our leverage profile 11
wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Executing Against a Balanced Capital Allocation Strategy CASH RETURNED TO SHAREHOLDERS $ 15.1 B FY2016 to Q3 2026 MEANINGFUL DIVIDEND GROWTH + 7 % Cash dividend growth 10 years CAGR 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $ 0.48 $ 0.53 $ 0.65 $ 0.71 $0.80 $ 0.82 $ 0.84 $ 0.88 $ 0.92 $ 0.96 $ 0.60 +7% Quarterly cash dividend per share Capital Allocation Priorities • Reinvest in capabilities, businesses, and processes • Invest in innovation, technology, and new business • Return excess cash to shareholders through share repurchases and dividends to create long - term shareholder value • Strengthen balance sheet and liquidity • Business portfolio management • Pursue opportunistic M&A to strengthen capabilities Q3 2026 Highlights • Repurchased $220 million of shares during the quarter • Paid quarterly cash dividends of $89 million, $0.96 per common share 12 Allocating capital to opportunities with the potential for highest return $277 $306 $329 $346 $374 $369 $352 $354 $358 $267 $396 $709 $602 $150 $901 $970 $199 2016 2017 2018 2019 2020 $1,627 2021 $3,530 2022 $1,000 2023 2024 $1,650 2025 2026 $595 $986 $908 $479 $346 $2,001 $3,899 $1,352 $1,255 $2,008 $1,237 Share repurchases Dividends
wtwco.com Business Overview © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 13
wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 14 WTW at a Glance Delivering superior advice, broking and solutions in the areas of people, risk and capital Segments 1 Geographies 1 Global reach, local expertise 140+ countries & markets served by 48,100 colleagues Global and diversified client base • 90% of the Fortune Global 500 • 89% of the U.S. Fortune 1000 • 96% of the FTSE 100 • Significant middle market presence Rich heritage Servicing clients since 1828 1 Presented as % of full year 2025 revenue 55% 45% Health, Wealth & Career Risk & Broking 49% 39% 12% North America Europe International
wtwco.com +4% Organic Segment Overview: Health, Wealth & Career 1,2 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Health, Wealth & Career: World - class portfolio of leading businesses providing advisory and consulting services within human capital, employee benefits and retirement verticals Benefits Delivery & Outsourcing provides medical exchange and outsourcing services to active employees and retirees across the group and individual markets as well as pension outsourcing Health provides advice, broking, solutions and software for employee benefit plans, HR organizations and management teams of our clients Wealth provides advice and management for retirement and investment asset owners using a sophisticated framework for managing risk Career provides compensation advisory services, employee experience software and platforms, and other career - related consulting services to our clients 15 FY25 Revenue and Organic Growth 3 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results pr ior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 All figures are shown excluding TRANZACT. 3 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. HWC Segment Excluding TRANZACT USD millions / % $4,607 $4,545 $4,777 $4,992 $5,254 26.5% 2021 27.2% 2022 29.6% 2023 31.4% 2024 32.0% 2025 Total Revenue Operating Margin +3% Organic +4% Organic HWC +4% Organic +6% Organic
wtwco.com Insurance Consulting and Technology provides advice and technology solutions to the insurance industry to help clients measure and manage risk and capital and improve performance +7% Organic Segment Overview: Risk & Broking 1 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Risk & Broking: Risk advisory and solutions business delivering innovative, integrated solutions tailored to client needs and underpinned by cutting edge data and analytics, technology and experienced risk thinkers Corporate Risk & Broking provides a broad range of risk advice, insurance brokerage and consulting services to clients worldwide ranging from small businesses to multinational corporations 16 FY25 Revenue and Organic Growth 2 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results pr ior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. +1% Organic R&B Segment USD millions / % $3,564 $3,460 $3,735 $4,038 $4,334 23.4% 2021 21.2% 2022 21.8% 2023 23.7% 2024 24.7% 2025 Total Revenue Operating Margin R&B +6% Organic
wtwco.com Strategy & Outlook © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 17
wtwco.com Focused on Creating Long - Term Value for Shareholders © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Our successful rebuild and transformation has strengthened WTW’s position and results 18 Accelerating performance through innovation and expansion in attractive markets 1 Enhancing efficiency to deliver continued adjusted operating margin expansion and FCF improvement Optimizing portfolio to elevate financial performance and strategic position Generating attractive shareholder returns through balanced capital allocation strategy 2 4 3
wtwco.com 19 WTW Strategic & Financial Framework Accelerate Performance We will build on recent momentum to drive performance in our businesses Strategic Priorities Enhance Efficiency We will focus on enhancing operational efficiency to sustain margin and FCF improvement Optimize Portfolio We will invest strategically to optimize our portfolio and pursue scaled and high - growth broking businesses Financial Outlook Mid - single digit organic growth 1 plus opportunistic inorganic growth Revenue Growth Continued annual margin expansion , driven by improved efficiency and business mix Adjusted Operating Margin Annual growth driven by margin expansion and disciplined capital management Adjusted EPS Improve FCF margin and grow FCF by evolving business mix, expanding operating margin and managing working capital Free Cash Flow © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Signifies forward - looking Non - GAAP financial measures. See WTW Non - GAAP measures on page 3 for more.
wtwco.com Accelerating performance and enhancing efficiency through AI, automation, data and technology Propel, WTW’s AI Acceleration Plan 20 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Investment in Growth . Differentiated Client Experience Productivity & Efficiency Gains Create Capacity . Efficiency creates capacity to invest in growth and enhance shareholder value Reinvest created capacity in innovation, client solutions, data assets, talent and growth initiatives that strengthen WTW's competitive position Deliver better insights, differentiated solutions and improved client experiences that support growth and drive margin expansion Leverage AI, automation and capability centers to streamline work, reduce manual effort and increase productivity across the enterprise Efficiency gains create capacity that can be redeployed toward higher - value work, strategic priorities and client - facing activities Self - reinforcing growth engine
wtwco.com Further Accelerating Performance and Enhancing Efficiency © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 21 Health, Wealth & Career • Scaling AI tools across data ingestion and analysis workflows, delivering enhanced insights • Automating high - volume workflows and deploying AI agents to support internal and external administrative processes • Driving less client administrative work, faster service, and more colleague time on high - value advice Risk & Broking • Continuing to implement Neuron, our AI - powered operating platform, across the entire placement lifecycle • Building auditable, agent - assisted workflows that simplify complex processes and reduce manual work • Equipping brokers with intelligent tools that improve speed, accuracy, and client service Enterprise Functions • Embedding AI across finance, legal, HR, sales & marketing, and IT to automate and streamline core processes • Improving speed and strengthening decision - making • Reducing operating costs and creating a more scalable, efficient organization aligned to strategic priorities Scaling AI and automation to drive the next wave of growth and productivity
wtwco.com Propel Financial Outlook Expected Through 2028 © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 22 1 Signifies forward - looking Non - GAAP financial measures. See WTW Non - GAAP measures on page 3 for more. ~$625M Cash investment (cost - to - achieve) Additional ~$25M of non - cash costs ~$400M Run - rate savings ~ 1.6x cost to achieve ratio ~$350M Net run - rate savings Net run - rate savings after ~$50M of reinvestment for growth Focused initiatives across the enterprise are expected to drive sustainable adjusted operating margin expansion through 2028 2028 ADJUSTED OPERATING MARGINS ¹ ~30% WTW Total ~35% Health, Wealth & Career ~30% Risk & Broking
wtwco.com 23 2025 +200 - 220bps Operating leverage and portfolio optimization +300 - 330 bps (+) Propel savings ~(50)bps ( - ) Propel growth reinvestments 2028E 1 25.2% ~30% Propel: WTW’s Estimated 2028 Adjusted Operating Margin 1 Builds on WTW’s position of strength and adds to continued margin expansion Operating leverage and portfolio optimization R&B’s existing +100 bps margin expansion to 2027 with continued expansion thereafter HWC’s existing incremental margin improvement Integration activities and cost synergies remain on track (+) Propel adds +300 to +330 bps by 2028 Propel captures an incremental margin expansion opportunity ( - ) Propel provides for reinvestment in growth Reinvested in solutions that strengthen the client value proposition and capture accretive growth ~30% 1 Signifies forward - looking Non - GAAP financial measures. See WTW Non - GAAP measures on page 3 for more. © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
wtwco.com 24 Long - term Organic Revenue Growth Outlook 1 Signifies forward - looking Non - GAAP financial measures. See WTW Non - GAAP measures on page 3 for more and Appendix I for Non - GAAP reconciliations. © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. WTW’s sustainable long - term, mid - single digit organic growth 1 SEGMENT GROWTH PROFILES Health, Wealth & Career Mid - single digit Mid - to high - single digits CRB Mid - to high - single digits ICT High - single digits Health Low - single digits Wealth Mid - single digits Career Mid - single digits BD&O Risk & Broking Mid - to high - single digit
wtwco.com Balanced capital allocation strategy to reflect continued pursuit of a higher growth portfolio and margin expansion 25 Capital Allocation Strategy - Driving Growth, Margin and Returns Ongoing organic investments in talent, technology, and new products to drive sustainable growth and capture margin expansion opportunities Disciplined approach to M&A aligned with strategic priorities: strengthening core businesses and accelerating financial performance Share repurchases remain a central component of the capital allocation strategy and will not be impacted by Propel Maintain appropriate financial flexibility Share repurchases Create value by returning capital to shareholders Quarterly dividends Reflects strong free cash flow generation Debt / leverage management Long - term leverage target of 2.0x to 2.5x Organic & inorganic investment Talent, Innovation, M&A © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.
wtwco.com 26 Select 2026 Financial Considerations © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 “HSD” High - Single Digits; “MSD” Mid - Single Digits; “LSD” Low - Single Digits Adjusted Operating Margin Continued annual margin expansion at the enterprise level driven by: ~100 basis points of annual margin expansion in R&B Incremental annual margin expansion in HWC Willis Re Joint Venture Expected to be a headwind on Adjusted Diluted EPS of ~$0.30 The remaining equity investments in the interest in earnings of associates line are not expected to be material in 2026 Organic Revenue 1 Enterprise: MSD Health, Wealth & Career: LSD - to - MSD • Health: HSD • Wealth: LSD • Career: LSD • BD&O: Flat Risk & Broking: MSD • CRB: MSD • ICT: LSD Foreign Exchange Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.02 for the fourth quarter of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates Newfront Acquisition Expected to be ~$0.10 dilutive to Adjusted EPS in 2026 Expected 2026 post - close revenue of ~$250M and an adjusted EBITDA margin of ~26% Newfront’s Total Rewards business segment (~42%) will be included in HWC and Newfront’s Business Insurance business segment (~58%) will be included in R&B Capital Allocation and Free Cash Flow Expect share repurchases in excess of $1.0B, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities Continual improvement in FCF margin primarily from operating margin expansion along with evolving our business mix
wtwco.com Appendix I Reconciliation of Non - GAAP Measures © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 27
wtwco.com Constant Currency and Organic Revenue Change QTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 28 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the three months ended September 30, 2026. Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 1,343$ 1,253$ 7% 0% 7% 4% 4% Interest income 7 8 Total 1,350 1,261 7% 0% 7% 4% 4% Risk & Broking Revenue excluding interest income 1,061$ 979$ 8% 0% 8% 4% 5% Interest income 26 28 Total 1,087 1,007 8% 0% 8% 3% 5% Segment Revenue 2,437$ 2,268$ 8% 0% 8% 4% 4% Corporate, reimbursable expenses and other 21 14 Interest income 2 6 Revenue 2,460$ 2,288$ 8% 0% 8% 4% 4% (ii) Components of Revenue Change (i)September 30, Three Months Ended
wtwco.com Constant Currency and Organic Revenue Change YTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 29 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the nine months ended September 30, 2026 Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2026 2025 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 3,863$ 3,584$ 8% 1% 6% 3% 3% Interest income 22 22 Total 3,885 3,606 8% 1% 6% 3% 3% Risk & Broking Revenue excluding interest income 3,292$ 3,008$ 9% 2% 7% 2% 5% Interest income 75 73 Total 3,367 3,081 9% 2% 7% 2% 4% Segment Revenue 7,252$ 6,687$ 8% 2% 7% 3% 4% Corporate, reimbursable expenses and other 75 59 Interest income 11 26 Revenue 7,338$ 6,772$ 8% 2% 6% 3% 4% (ii) September 30, Components of Revenue Change (i) Nine Months Ended
wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD As reported, USD millions except % 30 2026 2025 Income from operations and Operating margin 429$ 17.4% 418$ 18.3% Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Acquisition-related adjustments (5) — Adjusted operating income and Adjusted operating income margin 539$ 21.9% 467$ 20.4% 2026 2025 Net income 309$ 12.6% 306$ 13.4% Provision for income taxes 79 77 Interest expense 80 65 Depreciation 55 56 Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (37) (26) Acquisition-related adjustments (5) — Adjusted EBITDA and Adjusted EBITDA Margin 577$ 23.5% 515$ 22.5% Three Months Ended September 30, Three Months Ended September 30,
wtwco.com © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD As reported, USD millions except % 31 2026 2025 Income from operations and Operating margin 1,241$ 16.9% 1,218$ 18.0% Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Acquisition-related adjustments (5) — Adjusted operating income and Adjusted operating income margin 1,556$ 21.2% 1,366$ 20.2% 2026 2025 Net income 843$ 11.5% 877$ 13.0% Provision for income taxes 206 121 Interest expense 235 194 Depreciation 166 167 Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (37) (40) Acquisition-related adjustments (5) — Adjusted EBITDA and Adjusted EBITDA Margin 1,695$ 23.1% 1,517$ 22.4% Nine Months Ended September 30, Nine Months Ended September 30,
wtwco.com Adjusted Net Income and Adjusted Diluted EPS QTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 32 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Per share values and totals may differ due to rounding. 2026 2025 Net income attributable to WTW 303$ 304$ Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (35) (26) Acquisition-related adjustments (4) — Tax effect on certain items listed above (i) (21) (9) Tax effect of significant adjustments — (5) Adjusted Net Income 339$ 301$ Weighted-average ordinary shares, diluted 94 98 Diluted Earnings Per Share 3.24$ 3.11$ Adjusted for certain items: (ii) Amortization 0.63 0.48 Restructuring costs 0.15 — Transaction and program expenses 0.45 0.02 Net periodic pension and postretirement benefits (0.20) (0.12) Gain on disposal of operations (0.37) (0.27) Acquisition-related adjustments (0.04) — Tax effect on certain items listed above (i) (0.22) (0.09) Tax effect of significant adjustments — (0.05) Adjusted Diluted Earnings Per Share (ii) 3.63$ 3.07$ Three Months Ended September 30,
wtwco.com Adjusted Net Income and Adjusted Diluted EPS YTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 33 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Per share values and totals may differ due to rounding. 2026 2025 Net income attributable to WTW 829$ 870$ Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (35) (40) Acquisition-related adjustments (4) — Tax effect on certain items listed above (i) (65) (47) Tax effect of significant adjustments — (79) Adjusted Net Income 1,012$ 902$ Weighted-average ordinary shares, diluted 95 100 Diluted Earnings Per Share 8.76$ 8.74$ Adjusted for certain items: (ii) Amortization 1.71 1.45 Restructuring costs 0.15 — Transaction and program expenses 1.52 0.04 Net periodic pension and postretirement benefits (0.35) 0.50 Gain on disposal of operations (0.37) (0.40) Acquisition-related adjustments (0.04) — Tax effect on certain items listed above (i) (0.69) (0.47) Tax effect of significant adjustments — (0.79) Adjusted Diluted Earnings Per Share (ii) 10.70$ 9.07$ Nine Months Ended September 30,
wtwco.com Adjusted Income Before Taxes, Adjusted Income Tax Rate QTD As reported, USD millions except % © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 34 (i) The tax effect was calculated using an effective tax rate for each item. 2026 2025 Income from operations before income taxes and interest in earnings of associates 401$ 390$ Adjusted for certain items: Amortization 59 47 Restructuring costs 14 — Transaction and program expenses 42 2 Net periodic pension and postretirement benefits (19) (12) Gain on disposal of operations (37) (26) Acquisition-related adjustments (4) — Adjusted income before taxes 456$ 401$ Provision for income taxes 79$ 77$ Tax effect on certain items listed above (i) 21 9 Tax effect of significant adjustments — 5 Adjusted income taxes 100$ 91$ U.S. GAAP tax rate 19.5% 19.7% Adjusted income tax rate 21.9% 22.4% Three Months Ended September 30,
wtwco.com Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD and Free Cash Flow As reported, USD millions except % © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 35 (i) The tax effect was calculated using an effective tax rate for each item. (ii) Includes cash proceeds of $29 million collected in connection with the sale of fixed assets, which resulted in a gain of appr oxi mately $13 million in other operating expenses on the condensed consolidated statements of income. 2026 2025 Income from operations before income taxes and interest in earnings of associates 1,069$ 1,006$ Adjusted for certain items: Amortization 162 144 Restructuring costs 14 — Transaction and program expenses 144 4 Net periodic pension and postretirement benefits (33) 50 Gain on disposal of operations (37) (40) Acquisition-related adjustments (4) — Adjusted income before taxes 1,315$ 1,164$ Provision for income taxes 206$ 121$ Tax effect on certain items listed above (i) 65 47 Tax effect of significant adjustments — 79 Adjusted income taxes 271$ 247$ U.S. GAAP tax rate 19.3% 12.0% Adjusted income tax rate 20.6% 21.2% 2026 2025 Cash flows from operating activities 1,213$ 1,004$ Less: Net additions to fixed assets and software (ii) (149) (166) Free Cash Flow 1,064$ 838$ Nine Months Ended September 30, Nine Months Ended September 30,
wtwco.com Appendix II GAAP to Non - GAAP Income Statement Walk © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 36
wtwco.com GAAP to Non - GAAP Income Statement Walk QTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except per share data and % 37 Non - GAAP Non - GAAP Adjustments GAAP Three Months Ended September 30, 2026 Tax effect Gain on disposal of operations Acquisition - related adjustments Net periodic pension and postretirement benefits Amortization, restructuring, transaction and program expenses Three Months Ended September 30, 2026 $ 2,460 $ 2,460 Revenue Costs of providing services: 1,507 1,507 Salaries and benefits 359 5 354 Other operating expenses 55 55 Depreciation — (59) 59 Amortization — (14) 14 Restructuring costs — (42) 42 Transaction and program expenses 1,921 5 (115) 2,031 Total cost of providing services 539 (5) 115 429 Income from operations 21.9% 17.4% Operating Margin (79) 1 (80) Interest expense (4) (37) (19) 52 Other income/(loss), net 456 (37) (4) (19) 115 401 Income from operations before income taxes and interest in earnings of associates (100) (21) (79) Provision for income taxes 21.9% 19.5% Tax Rate 356 (21) (37) (4) (19) 115 322 Income from operations before interest in earnings of associates (13) (13) Interest in earnings of associates, net of tax 343 (21) (37) (4) (19) 115 309 Net income (4) 2 (6) Income attributable to non - controlling interests $ 339 $ (21) $ (35) $ (4) $ (19) $ 115 $ 303 Net income attributable to WTW 94 94 Weighted - average ordinary shares, diluted $3.63 $3.24 Diluted earnings per share
wtwco.com GAAP to Non - GAAP Income Statement Walk YTD © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except per share data and % 38 Non - GAAP Non - GAAP Adjustments GAAP Nine Months Ended September 30, 2026 Tax effect Gain on disposal of operations Acquisition - related adjustments Net periodic pension and postretirement benefits Amortization, restructuring, transaction and program expenses Nine Months Ended September 30, 2026 $ 7,338 $ 7,338 Revenue Costs of providing services: 4,492 4,492 Salaries and benefits 1,124 5 1,119 Other operating expenses 166 166 Depreciation — (162) 162 Amortization — (14) 14 Restructuring costs — (144) 144 Transaction and program expenses 5,782 5 (320) 6,097 Total cost of providing services 1,556 (5) 320 1,241 Income from operations 21.2% 16.9% Operating Margin (234) 1 (235) Interest expense (7) (37) (33) 63 Other income/(loss), net 1,315 (37) (4) (33) 320 1,069 Income from operations before income taxes and interest in earnings of associates (271) (65) (206) Provision for income taxes 20.6% 19.3% Tax Rate 1,044 (65) (37) (4) (33) 320 863 Income from operations before interest in earnings of associates (20) (20) Interest in earnings of associates, net of tax 1,024 (65) (37) (4) (33) 320 843 Net income (12) 2 (14) Income attributable to non - controlling interests $ 1,012 $ (65) $ (35) $ (4) $ (33) $ 320 $ 829 Net income attributable to WTW 95 95 Weighted - average ordinary shares, diluted $10.70 $8.76 Diluted earnings per share
wtwco.com About WTW At WTW (NASDAQ: WTW), we provide data - driven, insight - led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving more than 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success — and provide perspective that moves you. Learn more at www.wtwco.com . © 2026 WTW. All rights reserved. See “WTW Forward - Looking Statements“ above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 39
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dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration