Willis Towers Watson (WTW) Q2 FY2026 earnings: revenue $2.5 billion, up 9.1% on the year
Willis Towers Watson plc (WTW) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.1% on the same quarter a year earlier. Net income was $229 million, down 30.8% on the year, and diluted earnings per share $2.43. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.
Revenue
$2.5 billion
+9.1% on the year · +2.2% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
14.8%
16.3% a year earlier
Q3 FY2024Q2 FY2026
Net income
$229 million
-30.8% on the year · -22.9% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$2.43
-26.8% on the year · -21.6% on the quarter
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 lowered, 4 new, 6 kept.
Revenue up 9%, organic up 5%: Revenue was $2.47 billion, up 9% as reported and 8% in constant currency. Organic growth was 5%. Acquisitions and divestitures added 3 points and currency 1 point.
Diluted EPS down, adjusted EPS up: Diluted EPS was $2.43, down 27% from $3.32. Adjusted diluted EPS was $3.35, up 17% from $2.86, after adjusting for amortization and transaction and integration expenses.
R&B organic growth 7%: R&B revenue was $1.16 billion, up 11% as reported, 10% in constant currency and 7% organically.
$ million except per share. Read moreFree 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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
484
-10.0
361
+34.1%
Capital expenditure
59.0
55.0
58.0
+7.3%
+1.7%
Free cash flow
425
-65.0
303
+40.3%
Free cash flow margin
17.2%
-2.7%
13.4%
Cash from investing
-336
-840
696
Cash from financing
-408
-203
-824
Depreciation and amortisation
110
104
106
+5.8%
+3.8%
Share-based compensation
67.0
42.0
31.0
+59.5%
+116.1%
Buybacks
450
300
500
+50.0%
-10.0%
Dividends paid
90.0
88.0
91.0
+2.3%
-1.1%
Dividend per share
$0.96
$0.96
$0.92
0.0%
+4.3%
Diluted shares, weighted
94m
96m
100m
-2.1%
-6.0%
Shares outstanding at period end
93m
94m
98m
-1.7%
-4.8%
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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
7,688
7,977
8,100
-3.6%
-5.1%
Non-controlling interest
82.0
82.0
80.0
0.0%
+2.5%
Debt
6,530
6,304
5,311
+3.6%
+23.0%
Operating lease liabilities
454
485
500
-6.4%
-9.2%
Finance lease liabilities
n/a
n/a
0.0
Other liabilities
15,805
14,789
14,487
+6.9%
+9.1%
Total liabilities and equity
30,559
29,637
28,478
+3.1%
+7.3%
Fixed assets
675
671
696
+0.6%
-3.0%
Goodwill
9,735
9,662
8,938
+0.8%
+8.9%
Intangible assets
1,444
1,275
1,232
+13.3%
+17.2%
Investments
34.0
n/a
25.0
+36.0%
Cash and equivalents
1,627
1,855
1,963
-12.3%
-17.1%
Receivables
2,603
2,648
2,364
-1.7%
+10.1%
Other assets
14,441
13,526
13,260
+6.8%
+8.9%
Total assets
30,559
29,637
28,478
+3.1%
+7.3%
Questions
What was Willis Towers Watson's revenue in Q2 FY2026?
Willis Towers Watson (WTW) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.1% on the same quarter a year earlier.
How much did Willis Towers Watson earn in Q2 FY2026?
Net income for Q2 FY2026 was $229 million, down 30.8% on the year, and diluted earnings per share $2.43.
When did Willis Towers Watson report Q2 FY2026 results?
Willis Towers Watson filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 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 30 June 2026, filed 30 July 2026: the filing.