WTW has reported robust results for the third quarter ended 30 September 2025, with flat revenue of $2.3 billion as 5% organic growth offset the impact of the sale of its TRANZACT business, the global advisory and broking firm announced on Thursday.
The company posted diluted earnings per share of $3.11 for the quarter, while adjusted diluted earnings per share reached $3.07, marking an 11% increase compared with the prior year. Operating margin expanded to 18.3%, with adjusted operating margin rising 230 basis points to 20.4%.
“WTW’s market-leading solutions and focused execution on our strategy drove another quarter of strong results,” said Carl Hess, Chief Executive Officer. “In the third quarter, we delivered solid revenue performance alongside strong operating margin expansion and earnings per share growth.”
Net income for the quarter totalled $306 million, a sharp turnaround from the $1.67-billion net loss recorded in Q3 2024, which included impairment charges related to the TRANZACT divestiture. Adjusted EBITDA rose 8% to $515 million, representing 22.5% of revenue.
The Health, Wealth & Career segment reported revenue of $1.26 billion, down 5% from the prior year due to the TRANZACT divestiture. Excluding the sale, organic revenue grew 4%, driven by gains across all regions in the Health business and strong Retirement performance in the UK and North America. Operating margins in the segment expanded 390 basis points to 28.6%.
Risk & Broking revenue rose 7% to $1.01 billion, with organic growth of 6%. Corporate Risk & Broking’s performance was primarily supported by new business and project-based placements within global specialty businesses, which offset insurance rate pressures. Operating margins in this segment increased 70 basis points to 18.8%.
For the nine months ended 30 September, cash flows from operating activities reached $1.0 billion, up from $913 million in the prior-year period. Free cash flow increased by $114 million to $838 million, largely driven by operating margin expansion.
During the quarter, WTW repurchased 1,848,098 shares for $600 million. The company expects total share repurchases of approximately $1.5 billion for the full year, subject to market conditions.
“As we enter the fourth quarter, our sustained momentum and continued traction in the market give us confidence in our ability to reach our full-year financial goals, despite macroeconomic uncertainty,” Hess added.