v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4 — Revenue

Disaggregation of Revenue

The Company reports revenue by segment in Note 5 — Segment Information. The following tables present revenue by service offering and segment, as well as reconciliations to total revenue for the three and six months ended June 30, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

 

 

 

Three Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Broking

 

$

161

 

 

$

150

 

 

$

946

 

 

$

846

 

 

$

—

 

 

$

—

 

 

$

1,107

 

 

$

996

 

Consulting

 

 

745

 

 

 

704

 

 

 

109

 

 

 

99

 

 

 

—

 

 

 

1

 

 

 

854

 

 

 

804

 

Outsourced administration

 

 

288

 

 

 

240

 

 

 

16

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

304

 

 

 

257

 

Other

 

 

68

 

 

 

78

 

 

 

66

 

 

 

57

 

 

 

—

 

 

 

—

 

 

 

134

 

 

 

135

 

Total revenue by service offering

 

 

1,262

 

 

 

1,172

 

 

 

1,137

 

 

 

1,019

 

 

 

—

 

 

 

1

 

 

 

2,399

 

 

 

2,192

 

Reimbursable expenses and other (i)

 

 

22

 

 

 

18

 

 

 

4

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

29

 

 

 

23

 

Total revenue from customer contracts

 

$

1,284

 

 

$

1,190

 

 

$

1,141

 

 

$

1,022

 

 

$

3

 

 

$

3

 

 

$

2,428

 

 

$

2,215

 

Interest and other income

 

 

8

 

 

 

8

 

 

 

27

 

 

 

28

 

 

 

3

 

 

 

10

 

 

 

38

 

 

 

46

 

Total revenue

 

$

1,292

 

 

$

1,198

 

 

$

1,168

 

 

$

1,050

 

 

$

6

 

 

$

13

 

 

$

2,466

 

 

$

2,261

 

 

 

 

 

Six Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Broking

 

$

345

 

 

$

296

 

 

$

1,795

 

 

$

1,636

 

 

$

—

 

 

$

—

 

 

$

2,140

 

 

$

1,932

 

Consulting

 

 

1,476

 

 

 

1,383

 

 

 

237

 

 

 

218

 

 

 

2

 

 

 

1

 

 

 

1,715

 

 

 

1,602

 

Outsourced administration

 

 

566

 

 

 

508

 

 

 

36

 

 

 

38

 

 

 

—

 

 

 

—

 

 

 

602

 

 

 

546

 

Other

 

 

131

 

 

 

141

 

 

 

152

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

283

 

 

 

271

 

Total revenue by service offering

 

 

2,518

 

 

 

2,328

 

 

 

2,220

 

 

 

2,022

 

 

 

2

 

 

 

1

 

 

 

4,740

 

 

 

4,351

 

Reimbursable expenses and other (i)

 

 

41

 

 

 

35

 

 

 

7

 

 

 

6

 

 

 

3

 

 

 

3

 

 

 

51

 

 

 

44

 

Total revenue from customer contracts

 

$

2,559

 

 

$

2,363

 

 

$

2,227

 

 

$

2,028

 

 

$

5

 

 

$

4

 

 

$

4,791

 

 

$

4,395

 

Interest and other income

 

 

17

 

 

 

17

 

 

 

60

 

 

 

52

 

 

 

10

 

 

 

20

 

 

 

87

 

 

 

89

 

Total revenue

 

$

2,576

 

 

$

2,380

 

 

$

2,287

 

 

$

2,080

 

 

$

15

 

 

$

24

 

 

$

4,878

 

 

$

4,484

 

 

(i)
Reimbursable expenses and other, as well as Corporate revenue, are excluded from segment revenue, but included in total revenue on the condensed consolidated statements of comprehensive income. Amounts included in Corporate revenue may include eliminations, adjustments to reserves and impacts from hedged revenue transactions.

Interest and other income is included in segment revenue and total revenue, however it has been presented separately in the above table because it does not arise directly from contracts with customers. The significant components of interest and other income are as follows for the periods presented above:

 

 

 

Three Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Book-of-business settlements

 

$

1

 

 

$

—

 

 

$

3

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

3

 

Interest income

 

 

7

 

 

 

7

 

 

 

24

 

 

 

23

 

 

 

2

 

 

 

10

 

 

 

33

 

 

 

40

 

Other income

 

 

—

 

 

 

1

 

 

 

—

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

3

 

Total interest and other income

 

$

8

 

 

$

8

 

 

$

27

 

 

$

28

 

 

$

3

 

 

$

10

 

 

$

38

 

 

$

46

 

 

 

 

Six Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Book-of-business settlements

 

$

2

 

 

$

2

 

 

$

10

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

5

 

Interest income

 

 

15

 

 

 

14

 

 

 

49

 

 

 

45

 

 

 

9

 

 

 

20

 

 

 

73

 

 

 

79

 

Other income

 

 

—

 

 

 

1

 

 

 

1

 

 

 

4

 

 

 

1

 

 

 

—

 

 

 

2

 

 

 

5

 

Total interest and other income

 

$

17

 

 

$

17

 

 

$

60

 

 

$

52

 

 

$

10

 

 

$

20

 

 

$

87

 

 

$

89

 

 

The following tables present revenue from service offerings by the geography where our work was performed for the three and six months ended June 30, 2026 and 2025. Reconciliations to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue are shown in the tables above.

 

 

 

Three Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

712

 

 

$

665

 

 

$

469

 

 

$

401

 

 

$

—

 

 

$

1

 

 

$

1,181

 

 

$

1,067

 

Europe

 

 

419

 

 

 

392

 

 

 

488

 

 

 

454

 

 

 

—

 

 

 

—

 

 

 

907

 

 

 

846

 

International

 

 

131

 

 

 

115

 

 

 

180

 

 

 

164

 

 

 

—

 

 

 

—

 

 

 

311

 

 

 

279

 

Total revenue by geography

 

$

1,262

 

 

$

1,172

 

 

$

1,137

 

 

$

1,019

 

 

$

—

 

 

$

1

 

 

$

2,399

 

 

$

2,192

 

 

 

 

 

Six Months Ended June 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

1,385

 

 

$

1,310

 

 

$

816

 

 

$

727

 

 

$

—

 

 

$

1

 

 

$

2,201

 

 

$

2,038

 

Europe

 

 

863

 

 

 

783

 

 

 

1,080

 

 

 

992

 

 

 

2

 

 

 

—

 

 

 

1,945

 

 

 

1,775

 

International

 

 

270

 

 

 

235

 

 

 

324

 

 

 

303

 

 

 

—

 

 

 

—

 

 

 

594

 

 

 

538

 

Total revenue by geography

 

$

2,518

 

 

$

2,328

 

 

$

2,220

 

 

$

2,022

 

 

$

2

 

 

$

1

 

 

$

4,740

 

 

$

4,351

 

 

Contract Balances

The Company reports accounts receivable, net on the condensed consolidated balance sheets, which includes billed and unbilled receivables and current contract assets. In addition to accounts receivable, net, the Company had the following non-current accounts receivable and deferred revenue balances at June 30, 2026 and December 31, 2025:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Billed receivables, net of allowance for doubtful accounts of $37 million and $30 million

 

$

1,851

 

 

$

1,833

 

Unbilled receivables

 

 

595

 

 

 

543

 

Current contract assets

 

 

157

 

 

 

326

 

Accounts receivable, net

 

$

2,603

 

 

$

2,702

 

Non-current accounts receivable, net

 

$

36

 

 

$

42

 

Deferred revenue

 

$

832

 

 

$

700

 

 

During the three and six months ended June 30, 2026, revenue of $91 million and $395 million, respectively, was recognized that was reflected as deferred revenue at December 31, 2025. During the three months ended June 30, 2026, revenue of $274 million was recognized that was reflected as deferred revenue at March 31, 2026.

During the three and six months ended June 30, 2026, the Company had no revenue related to performance obligations satisfied in a prior period.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of June 30, 2026 or have been partially satisfied as of this date. The following table shows the expected timing for the satisfaction of the remaining performance obligations. This table does not include contract renewals or variable consideration, which was excluded from the transaction prices in accordance with the guidance on constraining estimates of variable consideration.

In addition, in accordance with ASC 606, Revenue From Contracts With Customers (‘ASC 606’), the Company has elected not to disclose the remaining performance obligations when one or both of the following circumstances apply:

•
Performance obligations which are part of a contract that has an original expected duration of less than one year, and
•
Performance obligations satisfied in accordance with ASC 606-10-55-18 (‘right to invoice’).

 

 

 

Remainder of 2026

 

 

2027

 

 

2028 onward

 

 

Total

 

Revenue expected to be recognized on contracts as of June 30, 2026

 

$

371

 

 

$

534

 

 

$

577

 

 

$

1,482

 

 

Since most of the Company’s contracts are cancellable with less than one year’s notice and have no substantive penalty for cancellation, the majority of the Company’s remaining performance obligations as of June 30, 2026 have been excluded from the table above.