Willis Towers Watson

Willis Towers Watson Public Limited Company (WTW) is an advisory, broking and solutions company. It is incorporated in Ireland and has its office in London. It has two segments. Health, Wealth & Career (HWC) sells advice on benefits, retirement, pay and talent.

Risk & Broking (R&B) places insurance for corporate clients and sells insurance consulting and software. HWC earned $1,350 million and R&B earned $1,087 million of the $2,460 million of revenue in Q3 2026. Revenue was $7,338 million for nine months of 2026. WTW serves clients in more than 140 countries and markets.

Carl Hess is Chief Executive Officer. On January 27, 2026, WTW bought Newfront, a US broker. The shares trade on Nasdaq in US dollars. WTW files 10-K and 10-Q reports.

The price of WTW depends on whether its AI plan can lift margin while organic growth stays in the middle single digits. In Q3 2026, organic revenue rose 4%, the adjusted operating margin rose 150 basis points to 21.9%, and adjusted diluted earnings per share rose 18% to $3.63. For nine months, adjusted diluted earnings per share was $10.70, against $9.07 a year earlier. On July 28, 2026, the board approved Propel, an AI acceleration plan to the end of 2028.

WTW expects to spend about $625 million of cash to reach about $400 million of annual savings, and about $350 million after it reinvests $50 million. It then expects an adjusted operating margin of about 30% in 2028. By September 30, 2026, the annual savings achieved were only $18 million. For the price to hold or rise, four things must be true.

Organic growth must stay in the middle single digits. Savings must arrive on schedule. Newfront must add to profit after its 2026 dilution of about $0.10 per share. Share repurchases of more than $1.0 billion in 2026 must continue.

The Q4 2026 report in February 2027 is the next test. If savings and growth are on plan, the gap can close over the next two years. If AI tools cut the fees that advice and broking earn, or if the savings come later, the gap can last longer.

AI estimate, checked by Kevin. How it is made

1. Feb 2, 2027 · est.Pending

   Q4 2026 results and 2027 outlookOrganic growth stays in the middle single digits and the annual savings from Propel pass the $18 million of September 2026 on a clear path to $400 million, and this passes; slower growth or a delay in savings fails.
2. Apr 2027 · est.Pending

   Q1 2027 results: Newfront and marginThe adjusted operating margin rises again against Q1 2026 and Newfront adds to adjusted earnings, and this passes; a flat margin fails.

Every passed and failed checkpoint across all picks

• November 3, 2026WTW said in an 8-K that Steven Alcock, Head of Finance, International, will become Principal Accounting Officer and Controller on April 1, 2027. He succeeds Joseph Kurpis, who retires.
• October 29, 2026WTW reported Q3 2026 results. Revenue rose 8% to $2,460 million, and organic revenue rose 4%. Net income was $309 million, or $3.24 per diluted share. Adjusted diluted earnings per share was $3.63, up 18%. Free cash flow was $1.1 billion for nine months, up $226 million.
• October 29, 2026WTW said it bought back 687,386 shares for $220 million in Q3 2026. It expects share repurchases of more than $1.0 billion in 2026. It had 92,216,232 ordinary shares outstanding at October 26, 2026.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · wtw-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · wtw-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 21, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · wtw-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 25, 2026 · wtw-20251231
• 8-KEarnings release and Investor disclosureFiled February 3, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1140536)

• AI can cut demand for advice and broking, or force lower fees. WTW says Propel is in its early days. It has reached $18 million of the $400 million of annual savings that it expects.
• Organic growth can slow. Q3 2026 organic growth was 4%, and the Q3 result included book-of-business settlements of $20 million and interest income of $35 million. Both can change from year to year.
• Debt is large for a services company. Debt was $6,532 million at September 30, 2026, of which $749 million falls due within 12 months.
• The Willis Re joint venture and the Newfront purchase reduce 2026 adjusted earnings per share by about $0.30 and about $0.10. If Newfront does not meet its targets, the contingent payments change.
• Currency moves change results. WTW expects a tailwind of about $0.35 per share in 2026 at current rates.

At September 30, 2026, WTW had cash of $1,946 million and debt of $6,532 million, of which $749 million is current. Fiduciary assets of $11,057 million are client money with equal liabilities, so they are not part of this view. Read more

Yield at the current rate

1.1% (current annual rate, at today’s price)

Dividend yield

1.1% (last 12 months, at today’s price of $334.18)

Paid per share

$3.80 in the last 12 months (4 payments)

Current annual rate

$3.84 ($0.96 × 4 a year)

Payout ratio

23% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.96 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.0% a year. From 2015 to 2025, the dividend grew by about 1.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.