v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 5 — Segment Information

WTW has two reportable operating segments or business areas:

•
Health, Wealth & Career (‘HWC’); and
•
Risk & Broking (‘R&B’).

WTW’s chief operating decision maker (‘CODM’) is its chief executive officer. We determined that the operational data used by the CODM is at the segment level. Management bases strategic goals and decisions for these segments on the data presented below which is used to assess the adequacy of strategic decisions and the methods of achieving these strategies and related financial results. Management evaluates the performance of its segments and allocates resources to them based on net segment operating income performance and prospects on a pre-tax basis.

Under the segment structure and for internal and segment reporting, WTW segment revenue includes commissions and fees, interest and other income. U.S. GAAP revenue also includes amounts that were directly incurred on behalf of our clients and reimbursed by them (reimbursable expenses), which are not included in segment revenue. There is no significant segment revenue derived from transactions between the segments.

The Company has not presented any individual significant expense categories due to the following factors:

•
The CODM’s review focuses on segment operating income results in total, rather than on individual expenses to arrive at segment operating income. The CODM uses segment operating income to make decisions and allocate resources.
•
The CODM does not regularly review any individual significant expense categories at the segment level. Rather, the segment leaders are tasked with achieving the targeted segment operating income and have discretion to determine how to manage their respective expense categories to achieve the targets set by the CODM.
•
Instead, the CODM routinely reviews budgeted, forecasted and actual expense information at the consolidated level only and not at the individual segment level.

 

Segment operating income excludes certain costs, including (i) amortization of intangibles; (ii) certain transaction and program expenses; and (iii) to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses that we report for U.S. GAAP purposes. Although not reviewed individually by the CODM, amounts included in segment expenses may be determined on both a direct and allocated basis and are related to salaries and benefits, depreciation, corporate overhead charges and other operating expenses, including for occupancy, colleague travel costs, legal, marketing, technology, professional fees and professional liability costs.

The Company experiences seasonal fluctuations of its revenue. Revenue is typically higher during the Company’s first and fourth quarters due primarily to the timing of broking-related activities.

The following table presents segment revenue, segment expenses and segment operating income for our reportable segments for the three months ended September 30, 2026 and 2025.

 

 

 

Three Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment revenue excluding interest income

 

$

1,343

 

 

$

1,253

 

 

$

1,061

 

 

$

979

 

 

$

2,404

 

 

$

2,232

 

Interest income

 

 

7

 

 

 

8

 

 

 

26

 

 

 

28

 

 

 

33

 

 

 

36

 

Total segment revenue

 

 

1,350

 

 

 

1,261

 

 

 

1,087

 

 

 

1,007

 

 

 

2,437

 

 

 

2,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment expense

 

 

921

 

 

 

869

 

 

 

861

 

 

 

808

 

 

 

1,782

 

 

 

1,677

 

Depreciation

 

 

31

 

 

 

31

 

 

 

10

 

 

 

10

 

 

 

41

 

 

 

41

 

Total segment expense

 

 

952

 

 

 

900

 

 

 

871

 

 

 

818

 

 

 

1,823

 

 

 

1,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

398

 

 

$

361

 

 

$

216

 

 

$

189

 

 

$

614

 

 

$

550

 

 

The following table presents segment revenue, segment expenses and segment operating income for our reportable segments for the nine months ended September 30, 2026 and 2025.

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment revenue excluding interest income

 

$

3,863

 

 

$

3,584

 

 

$

3,292

 

 

$

3,008

 

 

$

7,155

 

 

$

6,592

 

Interest income

 

 

22

 

 

 

22

 

 

 

75

 

 

 

73

 

 

 

97

 

 

 

95

 

Total segment revenue

 

 

3,885

 

 

 

3,606

 

 

 

3,367

 

 

 

3,081

 

 

 

7,252

 

 

 

6,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment expense

 

 

2,741

 

 

 

2,560

 

 

 

2,611

 

 

 

2,414

 

 

 

5,352

 

 

 

4,974

 

Depreciation

 

 

94

 

 

 

94

 

 

 

30

 

 

 

30

 

 

 

124

 

 

 

124

 

Total segment expense

 

 

2,835

 

 

 

2,654

 

 

 

2,641

 

 

 

2,444

 

 

 

5,476

 

 

 

5,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

1,050

 

 

$

952

 

 

$

726

 

 

$

637

 

 

$

1,776

 

 

$

1,589

 

 

 

The following table presents reconciliations of the information reported by segment to the Company’s condensed consolidated statements of comprehensive income amounts reported for the three and nine months ended September 30, 2026 and 2025.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

 

$

2,437

 

 

$

2,268

 

 

$

7,252

 

 

$

6,687

 

Reimbursable expenses and other

 

 

23

 

 

 

20

 

 

 

86

 

 

 

85

 

Revenue

 

$

2,460

 

 

$

2,288

 

 

$

7,338

 

 

$

6,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment operating income

 

$

614

 

 

$

550

 

 

$

1,776

 

 

$

1,589

 

Amortization

 

 

(59

)

 

 

(47

)

 

 

(162

)

 

 

(144

)

Restructuring costs (i)

 

 

(14

)

 

 

—

 

 

 

(14

)

 

 

—

 

Transaction and program expenses (ii)

 

 

(42

)

 

 

(2

)

 

 

(144

)

 

 

(4

)

Unallocated, net (iii)

 

 

(70

)

 

 

(83

)

 

 

(215

)

 

 

(223

)

Income from operations

 

 

429

 

 

 

418

 

 

 

1,241

 

 

 

1,218

 

Interest expense

 

 

(80

)

 

 

(65

)

 

 

(235

)

 

 

(194

)

Other income/(loss), net

 

 

52

 

 

 

37

 

 

 

63

 

 

 

(18

)

Income from operations before income taxes and interest in earnings of associates

 

$

401

 

 

$

390

 

 

$

1,069

 

 

$

1,006

 

 

(i)
See Note 6 — AI Acceleration Plan for the composition of costs for 2026.
(ii)
Primarily includes share-based compensation and other transaction-related costs attributable to our Newfront and Cushon acquisitions (see Note 3 — Acquisitions and Divestitures) and costs associated with the integration of significant acquired companies and the Propel AI Acceleration Plan (see Note 6 – AI Acceleration Plan).
(iii)
Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment.

Below are our revenue (on the basis of where the work was performed) and tangible long-lived assets for Ireland, our country of domicile, countries with significant concentrations and all other foreign countries as of and for the periods ended as indicated:

 

 

 

Revenue

 

 

Long-Lived Assets (i)

 

 

 

Three months ended
 September 30,

 

 

Nine months ended
 September 30,

 

 

September 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Ireland

 

$

35

 

 

$

33

 

 

$

116

 

 

$

105

 

 

$

7

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

1,157

 

 

 

999

 

 

 

3,273

 

 

 

2,977

 

 

 

295

 

 

 

282

 

United Kingdom

 

 

529

 

 

 

539

 

 

 

1,580

 

 

 

1,499

 

 

 

496

 

 

 

521

 

Rest of World

 

 

739

 

 

 

717

 

 

 

2,369

 

 

 

2,191

 

 

 

341

 

 

 

372

 

Total Foreign Countries

 

 

2,425

 

 

 

2,255

 

 

 

7,222

 

 

 

6,667

 

 

 

1,132

 

 

 

1,175

 

 

 

$

2,460

 

 

$

2,288

 

 

$

7,338

 

 

$

6,772

 

 

$

1,139

 

 

$

1,182

 

 

(i)
Tangible long-lived assets consist of fixed assets and right-of-use (‘ROU’) assets.