WTW Q2 2026: adjusted EPS up 17.0%, GAAP EPS down 27.0%
WTW's second quarter looks better on the numbers management controls than on the ones accounting rules dictate: adjusted EPS rose 17.0% and beat consensus, while GAAP EPS fell 27.0%. Both segments expanded margins, first-half free cash flow rose 65.9%, and buyback capacity grew by $1.5 billion. The catch is that a prior-year tax charge flattered the adjusted comparison. Here is how to read the rest.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.43, down 27.0% from $3.32, while adjusted diluted EPS was $3.35, up 17.0% and roughly $0.20 (6.5%) above the $3.15 consensus estimate. The $0.92 gap between the two figures is mostly $0.65 per share of transaction and integration expenses and $0.58 of amortization, partly offset by smaller items. Watch the base: last year's adjusted EPS carried a $0.74 per-share tax adjustment that is absent this year.
Revenue came in at $2.43 billion, up from $2.26 billion a year earlier, which the release describes as 9.0% reported growth, 8.0% in constant currency and 5.0% organic. Note a data mismatch: the release text says $2.47 billion while the structured filing data says $2.43 billion, and everything here follows the structured data. The two segments were close in size — Health, Wealth & Career at $1.27 billion and Risk & Broking at $1.16 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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