Willis Towers Watson (WTW) Q1 FY2026 earnings: revenue $2.4 billion, up 8.5% on the year
Willis Towers Watson plc (WTW) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.5% on the same quarter a year earlier. Net income was $297 million, up 26.4% on the year, and diluted earnings per share $3.10. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.
Revenue
$2.4 billion
+8.5% on the year · -17.8% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
18.6%
19.4% a year earlier
Q2 FY2024Q1 FY2026
Net income
$297 million
+26.4% on the year · -59.6% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$3.10
+33.0% on the year · -59.3% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 raised, 1 new, 6 kept.
Revenue up 8% as reported: Revenue reached $2.41 billion, up 8% as reported, 4% excluding currency and 3% organic. Acquisitions and divestitures contributed 1% of the change.
Adjusted diluted EPS rose 19%: Adjusted diluted EPS was $3.72 against $3.13, while diluted EPS was $3.10 against $2.33. Net income rose 27% to $303 million and adjusted net income rose 13% to $357 million.
Adjusted operating margin rose 70 basis points: Adjusted operating margin rose to 22.3% from 21.6%, with adjusted operating income of $537 million, up 12%. Reported operating margin fell to 18.6% from 19.4%.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
-10.0
771
-35.0
Capital expenditure
55.0
63.0
51.0
-12.7%
+7.8%
Free cash flow
-65.0
708
-86.0
Free cash flow margin
-2.7%
24.1%
-3.9%
Cash from investing
-840
-83.0
-84.0
Cash from financing
-203
375
24.0
Depreciation and amortisation
104
107
102
-2.8%
+2.0%
Share-based compensation
42.0
49.0
37.0
-14.3%
+13.5%
Buybacks
300
350
200
-14.3%
+50.0%
Dividends paid
88.0
89.0
88.0
-1.1%
0.0%
Dividend per share
$0.96
n/a
$0.92
+4.3%
Diluted shares, weighted
96m
97m
101m
-1.0%
-5.0%
Shares outstanding at period end
94m
95m
99m
-0.1%
-4.7%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
7,977
7,976
8,133
+0.0%
-1.9%
Non-controlling interest
82.0
76.0
81.0
+7.9%
+1.2%
Debt
6,304
9,685
5,310
-34.9%
+18.7%
Operating lease liabilities
485
472
498
+2.8%
-2.6%
Finance lease liabilities
n/a
0.0
n/a
Other liabilities
14,789
11,321
14,042
+30.6%
+5.3%
Total liabilities and equity
29,637
29,530
28,064
+0.4%
+5.6%
Fixed assets
671
695
667
-3.5%
+0.6%
Goodwill
9,662
8,938
8,841
+8.1%
+9.3%
Intangible assets
1,275
1,141
1,255
+11.7%
+1.6%
Investments
n/a
25.0
n/a
Cash and equivalents
1,855
3,132
1,507
-40.8%
+23.1%
Receivables
2,648
2,702
2,366
-2.0%
+11.9%
Other assets
13,526
12,897
13,428
+4.9%
+0.7%
Total assets
29,637
29,530
28,064
+0.4%
+5.6%
Questions
What was Willis Towers Watson's revenue in Q1 FY2026?
Willis Towers Watson (WTW) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.5% on the same quarter a year earlier.
How much did Willis Towers Watson earn in Q1 FY2026?
Net income for Q1 FY2026 was $297 million, up 26.4% on the year, and diluted earnings per share $3.10.
When did Willis Towers Watson report Q1 FY2026 results?
Willis Towers Watson filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.