Willis Towers Watson
Advises employers on people and capital while brokering commercial and specialty insurance.
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Profile
Advises employers and institutions on health benefits, retirement, investments, compensation and workforce programs, while brokering commercial and specialty insurance and supplying actuarial technology to insurers. Revenue comes mainly from consulting fees and brokerage commissions across two global segments, with administration and retirement relationships often recurring under multi-year contracts.
Advises employers and institutions on health benefits, retirement, investment portfolios, compensation and employee experience through Health, Wealth & Career. Benefits Delivery & Outsourcing adds pension and benefits administration, while consulting, technology and multi-year service contracts generate recurring client work.
Places commercial and specialty insurance through Corporate Risk & Broking and supplies actuarial consulting and software to insurers through Insurance Consulting and Technology. Operations span North America, Europe and other international markets, serving middle-market businesses, multinationals and public institutions. Brokerage revenue comes from fees and commissions; it does not underwrite insurance risk. Commission income moves with carrier-set premiums, while pension and benefits work depends on evolving regulation.
Company facts
Categories
Key statistics
Year to date +5.3% · Average volume (30d) 547.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $315 | $350 | |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $344 | $380 | |
| Aug 3, 2026 | UBS | Reiterate | Buy | $382 | $405 | |
| Aug 3, 2026 | Morgan Stanley | Target | $275 | $315 | ||
| Aug 3, 2026 | Citigroup | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $3.11 | $3.35 | +7.7% | $2.42B | $2.47B | +2.0% | +6.37% |
| Apr 30, 2026Q1 FY26 | $3.66 | $3.72 | +1.6% | $2.41B | $2.41B | −0.1% | +0.05% |
| Feb 3, 2026Q4 FY25 | $7.96 | $8.12 | +2.0% | $2.85B | $2.94B | +2.9% | +1.38% |
| Oct 30, 2025Q3 FY25 | $3.05 | $3.07 | +0.7% | $2.27B | $2.29B | +0.6% | −1.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.22B | $2.26B | $2.29B | $2.94B | $2.41B | $2.47B | |
| Gross profit | $899.0M | $812.0M | $875.0M | $1.50B | $593.0M | $2.47B | |
| Operating income | $432.0M | $368.0M | $418.0M | $1.02B | $448.0M | $364.0M | |
| Net income | $235.0M | $331.0M | $304.0M | $735.0M | $297.0M | $229.0M | |
| Diluted EPS | $2.33 | $3.31 | $3.11 | $7.62 | $3.10 | $2.43 | |
| Gross margin | 40.4% | 35.9% | 38.2% | 51.0% | 24.6% | 100.0% | |
| Operating margin | 19.4% | 16.3% | 18.3% | 34.6% | 18.6% | 14.8% |
Fiscal years (4-quarter sums)FY21 $9.00B · FY22 $8.87B · FY23 $9.48B · FY24 $9.93B · FY25 $9.71B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.63B · Total debt $7.10B · Total assets $30.56B · Shareholders' equity $7.69B
Dividends
Raised for 9 straight years — most recently to $0.96 from $0.92 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.96 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.96 | raised from $0.92 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.92 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.92 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.92 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.92 | raised from $0.88 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.88 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.88 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 92.87M · Float 92.43M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.31M | 8.95% | 13F | Aug 7, 2026 |
| Dodge & Cox | 8.03M | 8.64% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 6.17M | 6.65% | 13F | Aug 13, 2026 |
| Harris Associates L P | 5.91M | 6.36% | 13F | Aug 14, 2026 |
| Artisan Partners Asset Management Inc. | 5.54M | 5.90% | 13G | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Alexis Faber | officer: Chief Operating Officer | −730 | $342.70 |
| May 6, 2026 | Lucy Clarke | officer: President of Risk & Broking | +1,896 | $263.37 |
| May 4, 2026 | Carl Aaron Hess | director, officer: Chief Executive Officer | +2,000 | $255.08 |
| Mar 3, 2026 | Matthew Furman | officer: General Counsel | −3,000 | $304.00 |
| Feb 13, 2026 | Lucy Clarke | officer: President of Risk & Broking | +3,500 | $284.84 |
Peers
- Aon
Near-peer in every WTW market; tried $30B acquisition blocked by DOJ in 2021.
- Arthur J. Gallagher
Bought Willis Re (Gallagher Re); fast-growing P&C and reinsurance challenger.
- Brown & Brown
Named in WTW's 10-K; high-growth independent P&C and employee benefits broker.
- ADP
Named in WTW 10-K; HCM platform competes in benefits admin and private exchange.
- Cognizant Technology Solutions
Named in WTW 10-K; IT/BPO rival in HR tech, benefits admin, insurance systems.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Cognizant Technology Solutions | $64.12 | +0.11% | $28.85B | 13.8 | 10.6 | 1.3 | +4.5% |
| Median | 21.7 | 17.6 | 4.3 | +6.8% |