Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. Net Income for the third quarter of 2025 was USD 306 million compared to Net Loss of USD 1.67 billion in the prior-year third quarter. Adjusted EBITDA for the third quarter was USD 515 million, or 22.5% of revenue, an increase of 8%, compared to Adjusted EBITDA of USD 479 million, or 20.9% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 19.7%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 22.4%.
Key takeaways of the report:
- Revenue of USD 2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
- Organic Revenue growth of 5% for the quarter
- Diluted Earnings per Sharewas USD 3.11 for the quarter
- Adjusted Diluted Earnings per Share was USD 3.07 for the quarter, up 11% over prior year
- Operating Margin was 18.3% for the quarter
- Adjusted Operating Margin was 20.4% for the quarter, up 230 basis points from prior year.
“WTW’s market-leading solutions and focused execution on our strategy drove another quarter of strong results”, said Carl Hess, WTW’s Chief Executive Officer. “In the third quarter, we delivered a solid revenue performance, alongside strong operating margin expansion and earnings per share growth. As we enter the fourth quarter, our sustained momentum and continued traction in the market give us confidence in our ability to reach our full year financial goals, despite macro uncertainty”, the CEO added.
The full report can be found here.
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