Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Benefits advice, not broking, is the richer engine
HWC keeps 29.0% of revenue as segment income against 19.8% at R&B, so the advice side earns most of the profit.
For investorsWhat WTW's margin depends on once the AI-plan costs fade
For foundersPairing recurring advice with cyclical placement
Transaction and program costs alone added 1.62 points of revenue, about twice the 0.83-point fall in operating margin.
Revenue rose 7.5%, but the existing business grew 4%; acquisitions such as Newfront and Cushon, and currency, made up the difference.
This quarter's $739M of operating cash flow followed an outflow in the March quarter, so a single quarter's cash misleads on its own.
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Business Lens describes Willis Towers Watson from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
