WTW reported steady revenue of $2.3 billion for the third quarter ending September 30, 2025, as growth in its core business balanced out the impact of selling its TRANZACT unit. The global advisory and broking firm announced these results on Thursday, showing solid progress despite some changes in its business structure.
The company earned $3.11 per diluted share for the quarter. When adjusting for special items, the earnings per share were $3.07, marking an 11% jump from the previous year. Operating margins also improved, reaching 18.3%, with adjusted margins climbing to 20.4%, up 230 basis points.
CEO Carl Hess highlighted the company’s strong execution, saying their strategy helped deliver good revenue and growing profits in this quarter. This was reflected in WTW’s net income, which totaled $306 million. This is a big turnaround from the third quarter of 2024 when the company had a net loss of $1.67 billion due to impairment charges linked to the TRANZACT sale. Adjusted EBITDA grew 8% to $515 million, which equals 22.5% of revenue.
Looking closer at its business units, the Health, Wealth & Career segment brought in $1.26 billion in revenue. This was 5% lower than last year because of the divestiture but showed a 4% organic revenue increase when excluding that sale. Growth came from all regions, especially in Health and Retirement services in Britain and North America. Margins in this segment rose significantly by 390 basis points to 28.6%.
The Risk & Broking segment also performed well, with revenue climbing 7% to $1.01 billion. Organic growth was 6%, helped by new projects and specialty business placements, even as insurance rates were a challenge. Operating margins for this part of the business grew by 70 basis points to 18.8%.
For the first nine months of 2025, WTW’s operating cash flow reached $1 billion, up from $913 million the previous year. Free cash flow rose by $114 million to $838 million, driven mainly by better operating margins.
The company also bought back nearly 1.85 million shares during the quarter for about $600 million. WTW expects to repurchase around $1.5 billion in shares for the whole year, depending on market conditions.
Hess expressed confidence about meeting the full-year financial goals, citing continued momentum and positive market activity as the company moves into the final quarter despite uncertainties in the broader economy.