Willis Towers Watson Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 3% organic growth, 22.3% adjusted margin, and 19% EPS growth, with AI and tech investments driving efficiency. Guidance remains for mid-single-digit growth and margin expansion, despite Middle East headwinds and competitive pricing.
Fiscal Year 2025
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Strong Q4 and full-year results featured 6% organic growth, margin expansion, and 13% adjusted EPS growth (excluding TRANZACT). Strategic acquisitions and digital investments support 2026 guidance for continued organic growth, margin, and free cash flow expansion.
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The acquisition expands reach in the U.S. middle market and specialty sectors, enhances technology capabilities, and is structured for strong financial returns. Cost synergies of $35 million are expected by 2028, with integration led by an experienced team and a focus on talent retention.
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Q3 2025 saw 5% organic revenue growth, 230 bps margin expansion, and 11% higher adjusted EPS. Both HWC and R&B segments delivered strong results, with continued investments in technology and talent supporting growth and efficiency. Free cash flow and shareholder returns increased.
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Q2 2025 saw 5% organic revenue growth, 150 bps margin expansion, and 20% EPS growth year-over-year, driven by strong performance in Health, Wealth & Career and Risk & Broking, with technology and AI investments enhancing efficiency. Full-year guidance for growth and margin expansion is reaffirmed.
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Q1 2025 delivered 5% organic revenue growth, 100 bps margin expansion, and $3.13 adjusted EPS, with strong segment performance and robust new business wins. Full-year guidance for mid-single-digit growth and margin expansion was reaffirmed, supported by a resilient recurring revenue base and ongoing capital returns.
Fiscal Year 2024
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Delivered 5% organic revenue growth and 17% adjusted EPS growth for 2024, with margin expansion and strong free cash flow. Completed Tranzact sale, launched a reinsurance JV, and plan $1.5B in share repurchases for 2025, with continued focus on margin and cash flow improvement.
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A refreshed strategy focuses on accelerating growth, enhancing efficiency, and optimizing the portfolio, with disciplined M&A and innovation in broking and health. Financial targets include mid-single-digit organic growth, annual margin expansion, and improved free cash flow, supported by ongoing transformation and technology investments.
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Q3 2024 saw 6% organic revenue growth, 10% in Risk & Broking, and 4% in HWC, with adjusted EPS up 31% year-over-year. The sale of Transact simplifies the portfolio and is expected to boost margins and free cash flow, while share repurchase guidance was raised to $900 million.
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Second quarter saw 6% organic revenue growth, 240 bps margin expansion, and 24% EPS growth. 2024 guidance was raised for both margin and EPS, with transformation savings targets increased. R&B and Health segments led growth, while capital returns and productivity gains remain strong.