Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

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 with Customer, Asset and Liability

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

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

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