WTW reported third-quarter 2026 revenue of $2.46 billion, up 8% from a year earlier, with organic revenue growth of 4%. Adjusted operating income, adjusted net income and adjusted earnings per share all rose at a faster pace than revenue, although the company’s reported operating margin declined.
Chief Executive Carl Hess said WTW’s investments in talent, technology and innovation are supporting its business. He also described Propel, the company’s AI acceleration plan, as being in its early stages, with initial benefits aimed at client service, growth opportunities, employee experience and efficiency.
Key details
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Revenue: Revenue was $2.46 billion, compared with $2.29 billion in the third quarter of 2025. Growth was 8% both as reported and after adjusting for currency movements; organic revenue growth was 4%.
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Operating performance: Reported income from operations increased 3% to $429 million. The reported operating margin fell to 17.4% from 18.3%, a decline of 0.9 percentage point.
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Adjusted results: Adjusted operating income rose 15% to $539 million, and adjusted operating margin increased to 21.9% from 20.4%. Adjusted EBITDA was $577 million, up 12%, with a margin of 23.5%, compared with 22.5% a year earlier.
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Net income and earnings per share: Net income edged up 1% to $309 million. Adjusted net income increased 13% to $339 million. Diluted earnings per share rose 4% to $3.24, while adjusted diluted earnings per share climbed 18% to $3.63.
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Tax rate: WTW reported a U.S. GAAP tax rate of 19.5% for the quarter. The company also uses an adjusted tax rate in calculating adjusted earnings per share.
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Management’s strategic comments: Hess said WTW is scaling its AI plan to support client service, pursue growth opportunities and improve efficiency. He characterized the plan’s impact so far as initial, rather than describing it as a mature or fully implemented effort.
Plain-English implications
Adjusted profitability grew faster than revenue, and adjusted operating margin improved. At the same time, the reported operating margin narrowed and reported net income was nearly flat. The adjusted and reported measures therefore tell different stories about the quarter; WTW provides reconciliations for its non-GAAP measures.