WTW reported flat revenue of $2.3 billion for the third quarter ended Sept. 30, 2025, as organic growth of 5% offset the impact of its TRANZACT business sale, the global advisory and broking company announced 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 from the prior year. Operating margin expanded to 18.3%, with adjusted operating margin climbing 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 reversal from the $1.67-billion net loss recorded in the third quarter of 2024, which included impairment charges related to the TRANZACT sale. Adjusted EBITDA rose 8% to $515 million, or 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 that sale, organic revenue grew 4%, driven by increases across all regions in the Health business and strong Retirement work in Great Britain and North America. Operating margins in the segment expanded 390 basis points to 28.6%.
Risk & Broking revenue climbed 7% to $1.01 billion, with organic growth of 6%. Corporate Risk & Broking’s performance was primarily driven by new business and project-based placements within global specialty businesses, offsetting insurance rate headwinds. Operating margins in the segment increased 70 basis points to 18.8%.
For the nine months ended Sept. 30, cash flows from operating activities reached $1.0 billion, up from $913 million in the prior-year period. Free cash flow increased $114 million to $838 million, primarily due to operating margin expansion.
During the quarter, WTW repurchased 1,848,098 shares for $600 million. The company expects share repurchases of approximately $1.5 billion for the full year, subject to market conditions.
Hess expressed confidence in achieving full-year financial targets.
“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 macro uncertainty,” he said.
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