WTW Q1 2025

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Earnings

Willis Towers Watson came up short on both top and bottom lines in the first quarter of 2025, as the December 2024 divestiture of its TRANZACT business cast a long shadow over reported results. The professional services firm posted adjusted EPS of $3… Read more Willis Towers Watson came up short on both top and bottom lines in the first quarter of 2025, as the December 2024 divestiture of its TRANZACT business cast a long shadow over reported results. The professional services firm posted adjusted EPS of $3.13, missing the consensus estimate of $3.19 by 1.84%, while revenue of $2.22 billion fell 2.92% below expectations and declined 5.0% year-over-year, with the TRANZACT exit accounting for the bulk of that reported drag. Beneath the surface, however, organic revenue grew 5%, underpinned by a standout 7% organic expansion in Risk and Broking and 3% growth in Health, Wealth and Career, suggesting the core franchise remains on solid footing. Margins improved across both segments, with adjusted operating margin advancing 100 basis points to 21.6%. Looking ahead, management targets mid-single-digit organic revenue growth, roughly 100 basis points of average annual margin expansion in Risk and Broking over the next three years, and approximately $1.50 billion in full-year share repurchases, though a $0.25 to $0.35 EPS headwind from a new reinsurance joint venture with Bain Capital will weigh on year-over-year comparisons.