A global advisory, broking, and consulting firm, WTW helps companies navigate risk and manage their people, from placing insurance coverage on planes and ships to designing retirement plans and employee benefits. It serves clients in over 140 countries through two arms: Health, Wealth & Career and Risk & Broking. The firm was born from a 2016 "merger of equals" between insurance broker Willis Group (whose London roots reach back to 1828 at Lloyd's) and consulting firm Towers Watson. In 2022 it shortened its name to just WTW—the initials everyone already used—to unify the company as "One WTW."
WTW reports Q4 and full-year 2025 results with organic revenue growth of 6% and 5%.
Adjusted diluted EPS was $8.12 for Q4 (up 2%) and $17.08 for the full year (up 5%).
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Fourth quarter 2025 revenue was $2.94 billion, down 3% reported, with organic growth of 6%.
Full-year 2025 revenue was $9.71 billion, down 2% reported, with organic growth of 5%.
Operating margin was 34.6% for Q4 and 23.0% for the full year; adjusted operating margin was 36.9% and 25.2%, respectively.
For 2026, WTW expects share repurchases of $1.0B or greater, a Willis Re JV headwind of ~$0.30 to adjusted EPS, and a Newfront acquisition dilution of ~$0.10.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
WTW completes acquisition of Newfront, expanding U.S. middle market reach.
On January 27, 2026, Willis Towers Watson announced the completion of its previously announced acquisition of Newfront Insurance Holdings, Inc.
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Newfront, a San Francisco-based top-40 U.S. broker, now operates as part of WTW.
The acquisition expands WTW's U.S. middle market capabilities and enhances its position in high-growth sectors including technology, fintech, and life sciences.
Newfront's Business Insurance and Total Rewards segments are now part of WTW's Risk & Broking and Health, Wealth & Career segments, respectively.
Newfront Co-Founder and CEO Spike Lipkin joined WTW, focusing on integration, client development, talent acquisition, and technology.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
WTW enters $775M delayed draw term loan to fund Newfront acquisition
Proceeds will finance part of the Newfront acquisition, refinance existing debt, and fund general corporate purposes.
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On January 7, 2026, WTW and its subsidiaries entered into a $775 million delayed draw term loan facility.
The facility matures on the earlier of the third anniversary of initial borrowing or three years after two months post-acquisition closing.
Interest rates are Term SOFR plus 0.625%-1.250% or base rate plus 0.00%-0.250%, with commitment fees of 0.055%-0.140%.
The facility is unsecured, guaranteed by WTW and certain subsidiaries, and subject to customary covenants and events of default.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Willis North America prices $1.0B senior notes offering, guaranteed by WTW and subsidiaries.
On December 15, 2025, Willis North America Inc. priced $700 million of 4.550% Senior Notes due 2031 and $300 million of 5.150% Senior Notes due 2036.
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The notes are fully and unconditionally guaranteed by Willis Towers Watson PLC and certain subsidiary guarantors.
The offering is expected to close on December 22, 2025, with net proceeds of approximately $990 million.
Proceeds will fund the Newfront acquisition if it closes, and repay $550 million of 4.400% senior notes due 2026; otherwise, proceeds will repay those notes and redeem the 2036 notes.
The underwriting agreement was entered into with J.P. Morgan Securities LLC, Barclays Capital Inc., PNC Capital Markets LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC.
8.01 Other Events · 9.01 Financial Statements and Exhibits