v3.26.3
Revenue
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

 

 

 

Three Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Broking

 

$

143

 

 

$

121

 

 

$

857

 

 

$

794

 

 

$

—

 

 

$

—

 

 

$

1,000

 

 

$

915

 

Consulting

 

 

750

 

 

 

714

 

 

 

104

 

 

 

104

 

 

 

—

 

 

 

—

 

 

 

854

 

 

 

818

 

Outsourced administration

 

 

285

 

 

 

282

 

 

 

14

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

299

 

 

 

299

 

Other

 

 

163

 

 

 

136

 

 

 

67

 

 

 

58

 

 

 

—

 

 

 

—

 

 

 

230

 

 

 

194

 

Total revenue by service offering

 

 

1,341

 

 

 

1,253

 

 

 

1,042

 

 

 

973

 

 

 

—

 

 

 

—

 

 

 

2,383

 

 

 

2,226

 

Reimbursable expenses and other (i)

 

 

21

 

 

 

16

 

 

 

5

 

 

 

3

 

 

 

(5

)

 

 

(5

)

 

 

21

 

 

 

14

 

Total revenue from customer contracts

 

$

1,362

 

 

$

1,269

 

 

$

1,047

 

 

$

976

 

 

$

(5

)

 

$

(5

)

 

$

2,404

 

 

$

2,240

 

Interest and other income

 

 

9

 

 

 

8

 

 

 

45

 

 

 

34

 

 

 

2

 

 

 

6

 

 

 

56

 

 

 

48

 

Total revenue

 

$

1,371

 

 

$

1,277

 

 

$

1,092

 

 

$

1,010

 

 

$

(3

)

 

$

1

 

 

$

2,460

 

 

$

2,288

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Broking

 

$

488

 

 

$

417

 

 

$

2,652

 

 

$

2,430

 

 

$

—

 

 

$

—

 

 

$

3,140

 

 

$

2,847

 

Consulting

 

 

2,226

 

 

 

2,097

 

 

 

341

 

 

 

322

 

 

 

2

 

 

 

1

 

 

 

2,569

 

 

 

2,420

 

Outsourced administration

 

 

851

 

 

 

790

 

 

 

50

 

 

 

55

 

 

 

—

 

 

 

—

 

 

 

901

 

 

 

845

 

Other

 

 

294

 

 

 

277

 

 

 

219

 

 

 

188

 

 

 

—

 

 

 

—

 

 

 

513

 

 

 

465

 

Total revenue by service offering

 

 

3,859

 

 

 

3,581

 

 

 

3,262

 

 

 

2,995

 

 

 

2

 

 

 

1

 

 

 

7,123

 

 

 

6,577

 

Reimbursable expenses and other (i)

 

 

62

 

 

 

51

 

 

 

12

 

 

 

9

 

 

 

(2

)

 

 

(2

)

 

 

72

 

 

 

58

 

Total revenue from customer contracts

 

$

3,921

 

 

$

3,632

 

 

$

3,274

 

 

$

3,004

 

 

$

—

 

 

$

(1

)

 

$

7,195

 

 

$

6,635

 

Interest and other income

 

 

26

 

 

 

25

 

 

 

105

 

 

 

86

 

 

 

12

 

 

 

26

 

 

 

143

 

 

 

137

 

Total revenue

 

$

3,947

 

 

$

3,657

 

 

$

3,379

 

 

$

3,090

 

 

$

12

 

 

$

25

 

 

$

7,338

 

 

$

6,772

 

 

(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 tables 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 September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Book-of-business settlements

 

$

2

 

 

$

—

 

 

$

18

 

 

$

6

 

 

$

—

 

 

$

—

 

 

$

20

 

 

$

6

 

Interest income

 

 

7

 

 

 

8

 

 

 

26

 

 

 

28

 

 

 

2

 

 

 

6

 

 

 

35

 

 

 

42

 

Other income

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Total interest and other income

 

$

9

 

 

$

8

 

 

$

45

 

 

$

34

 

 

$

2

 

 

$

6

 

 

$

56

 

 

$

48

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Book-of-business settlements

 

$

4

 

 

$

2

 

 

$

28

 

 

$

9

 

 

$

—

 

 

$

—

 

 

$

32

 

 

$

11

 

Interest income

 

 

22

 

 

 

22

 

 

 

75

 

 

 

73

 

 

 

11

 

 

 

26

 

 

 

108

 

 

 

121

 

Other income

 

 

—

 

 

 

1

 

 

 

2

 

 

 

4

 

 

 

1

 

 

 

—

 

 

 

3

 

 

 

5

 

Total interest and other income

 

$

26

 

 

$

25

 

 

$

105

 

 

$

86

 

 

$

12

 

 

$

26

 

 

$

143

 

 

$

137

 

The following tables present revenue from service offerings by the geography where our work was performed for the three and nine months ended September 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 September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

761

 

 

$

719

 

 

$

434

 

 

$

365

 

 

$

—

 

 

$

—

 

 

$

1,195

 

 

$

1,084

 

Europe

 

 

428

 

 

 

400

 

 

 

438

 

 

 

457

 

 

 

—

 

 

 

—

 

 

 

866

 

 

 

857

 

International

 

 

152

 

 

 

134

 

 

 

170

 

 

 

151

 

 

 

—

 

 

 

—

 

 

 

322

 

 

 

285

 

Total revenue by geography

 

$

1,341

 

 

$

1,253

 

 

$

1,042

 

 

$

973

 

 

$

—

 

 

$

—

 

 

$

2,383

 

 

$

2,226

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

2,146

 

 

$

2,029

 

 

$

1,250

 

 

$

1,092

 

 

$

—

 

 

$

1

 

 

$

3,396

 

 

$

3,122

 

Europe

 

 

1,291

 

 

 

1,183

 

 

 

1,518

 

 

 

1,449

 

 

 

2

 

 

 

—

 

 

 

2,811

 

 

 

2,632

 

International

 

 

422

 

 

 

369

 

 

 

494

 

 

 

454

 

 

 

—

 

 

 

—

 

 

 

916

 

 

 

823

 

Total revenue by geography

 

$

3,859

 

 

$

3,581

 

 

$

3,262

 

 

$

2,995

 

 

$

2

 

 

$

1

 

 

$

7,123

 

 

$

6,577

 

 

 

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 September 30, 2026 and December 31, 2025:

 

 

 

September 30, 2026

 

 

December 31, 2025

 

Billed receivables, net of allowance for doubtful accounts of $40 million and $30 million

 

$

1,732

 

 

$

1,833

 

Unbilled receivables

 

 

623

 

 

 

543

 

Current contract assets

 

 

107

 

 

 

326

 

Accounts receivable, net

 

$

2,462

 

 

$

2,702

 

Non-current accounts receivable, net

 

$

32

 

 

$

42

 

Deferred revenue

 

$

770

 

 

$

700

 

 

During the three and nine months ended September 30, 2026, revenue of $61 million and $456 million, respectively, was recognized that was reflected as deferred revenue at December 31, 2025. During the three months ended September 30, 2026, revenue of $336 million was recognized that was reflected as deferred revenue at June 30, 2026.

During the three and nine months ended September 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 September 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 September 30, 2026

 

$

204

 

 

$

635

 

 

$

809

 

 

$

1,648

 

 

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 September 30, 2026 have been excluded from the table above.