WTW
Willis Towers Watson Public Limited Company329.76
-1.01-0.31%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
R&B pricing headwinds detailed
Q&A largely reaffirmed prepared remarks on solid results and guidance, but unpacked Risk & Broking dynamics amid softening rates. Lucy Clarke noted project wins in construction, M&A, and surety are routine specialty fare, not anomalies, while property pricing pressure intensified—making high-single-digit growth harder yet attainable. Management recommitted to 100bps annual R&B margin expansion via tech, despite top-line hurdles. Analysts probed FCF strength and BD&O Q4 ramp; responses highlighted seasonality and TRANZACT tailwinds. Pricing bites harder. Confident outlook holds; watch R&B resilience.
Key Stats
Market Cap
32.17BP/E (TTM)
15.80Basic EPS (TTM)
20.87Dividend Yield
0.01%Recent Filings
8-K
WTW issues $1B notes
Willis Towers Watson's Willis North America completed a $1 billion senior notes offering on December 22, 2025—$700 million 4.550% due 2031 and $300 million 5.150% due 2036, guaranteed by parent entities. Net proceeds of ~$990 million target the pending Newfront acquisition and full repayment of $550 million 4.400% notes due 2026. If Newfront fails, proceeds repay those notes and redeem the 2036 tranche. Debt matures far out.
8-K
WTW prices $1B notes
Willis North America priced $700M 4.550% senior notes due 2031 and $300M 5.150% notes due 2036, guaranteed by parent WTW and subsidiaries, expecting $990M net proceeds and close on December 22. Funds target Newfront acquisition costs plus full repayment of $550M 4.400% notes due 2026 if it closes; otherwise, repay those notes and redeem 2036 notes. Offering stands alone.
8-K
WTW acquires Newfront for $1.3B
WTW signed a definitive agreement on December 9, 2025, to acquire Newfront for $1.3 billion total consideration—$1.05 billion upfront ($900 million cash, $150 million equity) plus up to $250 million contingent. Closing expected Q1 2026, pending approvals. It bolsters U.S. middle-market presence and tech capabilities. Synergies hit $35 million run-rate by 2028, but $0.10 dilutive to Adjusted EPS in 2026.
10-Q
Q3 FY2025 results
Willis Towers Watson posted steady revenue of $2.3B for Q3 FY2025 ended September 30, 2025, flat y/y but up 5% organically (derived) after stripping out TRANZACT sale effects, while YTD revenue dipped 2% y/y to $6.8B amid that divestiture yet grew 5% organically on strong HWC consulting and R&B broking gains. Operating income swung to $418M from a $766M loss, lifting margins to 18.3% as prior-year impairments and transformation costs vanished; diluted EPS hit $3.11, up from a $16.44 loss, reconciling neatly to 98M shares with no anti-dilution flags. Cash from operations reached $1.0B YTD, yielding $838M free cash flow after $166M capex, bolstering $1.9B cash and full $1.5B revolver access despite $5.3B debt. Share repurchases devoured $1.3B YTD, underscoring capital return focus. Yet competition in softening insurance markets could pressure broking fees.
8-K
WTW Q3 earnings: 5% organic growth
WTW reported Q3 2025 revenue of $2.3 billion, flat year-over-year due to the TRANZACT sale, yet organic growth hit 5% amid economic uncertainty. Adjusted operating margin expanded 230 basis points to 20.4%, boosting adjusted diluted EPS 11% to $3.07, while free cash flow for nine months rose to $838 million. Momentum persists; reinsurance joint venture poses a $0.10 per share headwind. Solid execution shines through.
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