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LONDON - On Thursday, Willis Towers Watson (NASDAQ:WTW) reported third quarter adjusted earnings per share of $3.07, exceeding analyst estimates of $3.05, while revenue reached $2.3 billion, slightly above the consensus forecast of $2.27 billion.
The company’s shares slipped 0.17% following the earnings announcement, reflecting a neutral market reaction to the results.
WTW achieved significant margin improvement in the quarter, with adjusted operating margin expanding 230 basis points to 20.4% compared to the prior year. Adjusted diluted EPS increased 11% YoY, demonstrating the company’s ability to drive profitability even as it navigates portfolio changes.
"WTW’s market-leading solutions and focused execution on our strategy drove another quarter of strong results," said Carl Hess, WTW’s Chief Executive Officer. "In the third quarter, we delivered a solid revenue performance, alongside strong operating margin expansion and earnings per share growth."
The Risk & Broking segment led growth with a 7% revenue increase to $1.01 billion, driven by new business and project-based placements within global specialty businesses. The Health, Wealth & Career segment reported revenue of $1.26 billion, down 5% due to the TRANZACT divestiture, but achieved 4% organic growth.
Free cash flow for the first nine months of 2025 reached $838 million, up from $724 million in the same period last year. During the quarter, WTW repurchased approximately 1.85 million shares for $600 million as part of its capital allocation strategy.
Management expressed confidence in meeting full-year financial targets despite macroeconomic uncertainty, citing sustained momentum and continued market traction as the company enters the fourth quarter.
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