Revenue: As of FY2026 Q2, the actual value is USD 2.466 B, beating the estimate of USD 2.409 B.

EPS: As of FY2026 Q2, the actual value is USD 2.43, missing the estimate of USD 2.592.

EBIT: As of FY2026 Q2, the actual value is USD 364 M.

Financial and Operational Metrics

Operational Metrics (Q2 2026)

• Net Income: Net income was $231 million, representing a -30% decrease from $332 million in the prior-year second quarter.
• Adjusted Net Income: Adjusted net income increased by 11% to $316 million, up from $285 million in the prior-year second quarter.
• Income from Operations: Income from operations was $364 million, a -1% change from $368 million in Q2 2025.
• Operating Margin: The operating margin was 14.8%, a decrease of -150 basis points from 16.3% in the prior year.
• Adjusted Operating Income: Adjusted operating income increased by 15% to $480 million, up from $419 million in Q2 2025.
• Adjusted Operating Margin: The adjusted operating margin was 19.5%, an increase of 100 basis points from 18.5% in the prior year.
• Adjusted EBITDA: Adjusted EBITDA for the second quarter was $529 million, or 21.5% of revenue, marking a 13% increase compared to $470 million, or 20.8% of revenue, in the prior-year second quarter.
• Operating Costs: Total costs of providing services were $2,102 million, up from $1,893 million in Q2 2025.

Operational Metrics (YTD 2026)

• Income from Operations: Income from operations was $812 million, a 2% increase from $800 million in YTD 2025.
• Operating Margin: The operating margin was 16.6%, a decrease of -120 basis points from 17.8% in YTD 2025.
• Net Income: Net income was $534 million, a -6% decrease from $571 million in YTD 2025.
• Adjusted Operating Margin: The adjusted operating margin was 20.8%, an expansion of +80 basis points year-over-year.

Segment Performance (Q2 2026)

• Health, Wealth & Career (HWC) Segment: Total revenue was $1,270 million, an 8% increase (4% organic growth) from $1,180 million in the prior year. Operating income was $306 million, a 9% increase from the prior year, with the operating margin increasing 30 basis points to 24.1%. Within HWC, the Health segment had 8% organic revenue growth, Wealth generated 2% organic revenue growth, Career organic revenue was flat, and Benefits Delivery & Outsourcing (BD&O) organic revenue increased by 1%.
• Risk & Broking (R&B) Segment: Total revenue was $1,164 million, an 11% increase (7% organic growth) from $1,047 million in the prior year. Operating income was $258 million, a 16% increase from the prior year, with the operating margin increasing 100 basis points to 22.2%. Within R&B, Corporate Risk & Broking (CRB) generated 7% organic revenue growth, and Insurance Consulting & Technology (ICT) organic revenue increased 6%.

Cash Flow

• Cash Flows from Operating Activities: For the six months ended June 30, 2026, cash flows from operating activities were $474 million, a 45% increase from $326 million in YTD 2025.
• Free Cash Flow: Free cash flow for the six months ended June 30, 2026, was $360 million, an increase of $143 million from $217 million in the prior year. For Q2 2026, free cash flow was $143 million.

Capital Allocation

• Share Repurchases: During Q2 2026, Willis Towers Watson Public Limited Company repurchased 1,733,574 shares for $450 million. The Board of Directors approved a $1.5 billion increase to the existing share repurchase authority, adding to the approximately $500 million remaining.
• Quarterly Cash Dividends: Quarterly cash dividends paid were $90 million, or $0.96 per common share.

Balance Sheet (as of June 30, 2026)

• Cash and Cash Equivalents: $1,627 million.
• Total Debt: $6,530 million.
• Total Equity: $7,770 million.
• Debt to Adjusted EBITDA (Trailing 12-month): 2.4x.

Outlook / Guidance

Willis Towers Watson Public Limited Company’s Propel AI Acceleration Plan targets an Adjusted Operating Margin of approximately 30% by 2028, driven by an estimated $350 million in net run-rate savings after reinvestment for growth. For 2026, the company expects continued annual margin expansion at the enterprise level, specifically ~100 basis points in Risk & Broking and incremental expansion in Health, Wealth & Career, alongside share repurchases of $1.0 billion or greater. The company anticipates mid-single digit organic revenue growth for both Health, Wealth & Career and Risk & Broking segments in 2026, and long-term mid-single digit organic revenue growth across its segments.