Willis Towers Watson (WTW) posted steady revenue and strong profits for the third quarter of 2025, recovering sharply from heavy losses recorded a year earlier. The company reported $2.29 billion in revenue for the quarter, the same as in Q3 2024. Despite flat revenue, WTW managed to turn a net loss of $1.67 billion from last year’s third quarter into a $306 million net income this year.
This financial turnaround was helped by the sale of WTW’s direct-to-consumer insurance distribution business, TRANZACT. WTW had bought TRANZACT in 2019 for $1.3 billion but sold it in early January 2025 for $632.4 million, leading to some impairment charges and non-cash losses that affected revenues both years.
On an organic basis, WTW grew by 5% in Q3 2025, slightly lower than the 6% organic growth it saw in the same quarter last year. Earnings per share also saw a huge swing, with a diluted profit of $3.11 in Q3 2025 compared to a diluted loss of $16.44 per share in Q3 2024.
Breaking down segment performance, WTW’s Risk & Broking segment – which includes Corporate Risk & Broking (CRB) and Insurance Consulting and Technology (ICT) – saw revenue increase 7% to $1.01 billion this quarter. CRB grew by 6% organically, fueled by new business and revenue from project-based global specialty work. On the other hand, ICT revenue remained flat as clients kept a cautious eye on spending amid ongoing economic uncertainty.
Looking at the first nine months of 2025, WTW’s revenue was $6.77 billion, slightly down from $6.9 billion in the same period in 2024. However, net income improved dramatically to $877 million compared to a loss of $1.34 billion for those months last year.
WTW’s CEO, Carl Hess, highlighted the company’s focused efforts and solid execution, pointing to the strong operating margin growth and improved earnings per share as signs of progress.
After a challenging stretch marked by write-downs and restructuring, WTW appears to be stabilizing and showing healthier financial results as it adapts its business mix and manages costs in an uncertain economic environment.