Willis Towers Watson (WTW) said in its release that revenue reached $2.46 billion, up 8%, while adjusted diluted earnings per share (EPS) rose 18% and its U.S. generally accepted accounting principles (GAAP) operating margin narrowed.
That margin was 17.4%, compared with 18.3% in the year-earlier quarter. Net income reached $309 million, up from $306 million, and diluted EPS increased to $3.24 from $3.11. Adjusted net income, a non-GAAP measure, rose 13% to $339 million. Adjusted operating income increased 15% to $539 million, lifting the adjusted margin to 21.9% from 20.4%.
The SEC filing index lists an Oct. 29 Form 8-K for the quarter ended Sept. 30. It includes results of operations, a Regulation FD disclosure, and financial statements and exhibits.
Health, Wealth & Career generated $1.35 billion in revenue, up 7% on a reported basis and 4% organically, WTW said. Risk & Broking brought in $1.09 billion, an 8% increase, with 5% organic growth. WTW pointed to new business and renewals in Health, and described Risk & Broking's new business activity as strong. Outsourcing gains from new clients, projects and regulatory-related work were more than offset by lower commissions in Individual Marketplace.
For the first nine months of 2026, operating cash flow was $1.2 billion, compared with $1 billion a year earlier. Free cash flow rose to $1.1 billion from $838 million. WTW attributed most of that increase to operating-margin expansion; the period also included $29 million from building disposals. In the third quarter, the company repurchased 687,386 shares for $220 million.
WTW expects its Propel AI plan to continue through Dec. 31, 2028. The initiative carries estimated cash costs of $625 million and $25 million in noncash charges. WTW projects $400 million in run-rate savings before a $50 million reinvestment, leaving $350 million in net savings. WTW's adjusted operating-margin target for 2028 is about 30%.
WTW scheduled a call on its results and strategic priorities for 9 a.m. ET Thursday.
