WTW reported third‑quarter 2025 results for the three months ended September 30, 2025, showing revenue of $2.29 billion, flat on a reported basis but up 5 % on an organic basis.
Net income rose to $306 million from a loss of $1.67 billion in the same period a year earlier, driven largely by the absence of the one‑time loss associated with the 2024 sale of TRANZACT.
Adjusted EBITDA reached $515 million, a 22.5 % margin and an 8 % increase from the prior year. Diluted earnings per share were $3.11, up from a loss of $16.44 in Q3 2024.
The Health, Wealth & Career segment generated $1.26 billion in revenue, a 4 % organic increase, and delivered an operating margin of 28.6 %. The Risk & Broking segment reported $1.01 billion in revenue, up 7 % organically, with an operating margin of 18.8 %.
Share repurchases totaled 1.85 million shares for $600 million during the quarter, and free cash flow for the nine‑month period reached $838 million, up $114 million from the prior year.
Management reaffirmed confidence in meeting full‑year financial targets, citing sustained momentum in advisory services and continued execution of cost‑control initiatives.
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