Global re/insurance broker WTW saw a slight decrease in revenue for the fourth quarter and full year 2025 when compared to the prior year, driven by the sale of TRANZACT, but on an organic basis, revenue increased for both periods.
For the fourth quarter of 2025, WTW generated revenue of $2.9 billion, down 3% year-on-year on a reported basis, but up 6% on an organic basis. Income from operations increased by 13% to more than $1 billion, with an operating margin of 34.6%, compared with 29.7% a year earlier. Net income totalled $736 million in Q4’25, a decrease of 41% year-on-year, as adjusted net income fell by 3% to $784 million.
Within the firm’s Risk & Broking segment, total revenue increased by 10%, or 7% on an organic basis to $1.3 billion, driven by higher levels of new business activity and strong client retention globally. However, Insurance Consulting and Technology organic revenue declined modestly in the quarter, reports WTW, reflecting clients’ continued caution in managing expenses amid ongoing economic uncertainty.
Risk & Broking operating income increased by 14% year-on-year to $435 million in Q4’25 with an operating margin of 34.7%, compared with the prior year’s 33.5%, primarily driven by operating leverage from strong organic revenue growth.
In the broker’s Health, Wealth & Career business, total revenue decreased by 11% on a reported basis but increased by 6% on an organic basis to $1.7 billion, driven by the sale of TRANZACT. The segment’s operating income decreased by 6% to $729 million with an operating margin of 44.3%, compared with 41.9% in Q4’24.
For the full year 2025, WTW generated revenue of $9.7 billion, a 2% year-on-year decrease on a reported basis, but an increase of 5% on an organic basis, again driven by the sale of TRANZACT. Income from operations for the year increased by a significant 256% to $2.2 billion, as the operating margin increased to 23% from 6.3%. Net income for 2025 increased to a gain of $1.6 billion from a loss of $88 million in 2024, as adjusted net income increased by 1% to $1.7 billion.
For 2025, Risk & Broking generated revenue of $4.3 billion, an increase of 7% on a reported basis or 6% on an organic basis.
The Health, Wealth & Career segment delivered revenue of $5.3 billion in 2025, a year-on-year decrease of 9% on a reported basis, with organic growth of 4%.
In terms of financial considerations for the year ahead, WTW says that it expects its Willis Re joint venture to be a headwind on Adjusted Diluted EPS of ~$0.30, noting that the remaining equity investments in the interest in earnings of associates line are not expected to be material in 2026.
WTW also expects share repurchases of $1 billion or greater, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities.
Also, on the Newfront acquisition, which completed last month, WTW expects 2026 post-close revenue of around $250 million and an adjusted EBITDA margin of ~26%.
Carl Hess, WTW’s Chief Executive Officer, commented: “WTW had strong performance across our businesses driven by our team’s relentless focus and consistent execution of our strategy. We delivered on our financial targets and strengthened our business through strategic investments in talent and innovation to accelerate performance, enhance efficiency and optimize our portfolio. Our strong momentum and continued progress on our strategic objectives give us confidence as we enter 2026.”
