WTW reported a 3% decline in revenue to US$2.9 billion for the fourth quarter of 2025, according to financial results released Tuesday, though the global advisory and broking company posted 6% organic revenue growth during the period.
For the full year, London-based WTW said revenue fell 2% to US$9.7 billion, primarily reflecting the sale of TRANZACT. Organic revenue grew 5% for the year ended 31 December 2025, the company reported.
“WTW had strong performance across our businesses driven by our team’s relentless focus and consistent execution of our strategy,” Carl Hess, chief executive officer, said in a statement.
Adjusted diluted earnings per share reached US$8.12 for the quarter, up 2% from the prior year, while full-year adjusted diluted earnings per share rose 5% to US$17.08. Operating margin expanded to 34.6% for the quarter, up 490 basis points from the prior year, and reached 23.0% for the full year, up 1,670 basis points. Adjusted operating margin stood at 36.9% for the quarter and 25.2% for the year.
Segment performance was mixed. The Health, Wealth & Career segment reported US$1.65bn in revenue for Q4, down 11% from US$1.85bn in the prior year due to the TRANZACT divestiture.
Excluding the sale, the segment achieved 6% organic growth, driven by double-digit gains in international health operations, strong retirement work across all regions, and robust advisory demand. Risk & Broking revenue rose 10% to US$1.25bn in Q4 from US$1.14bn a year earlier, with 7% organic growth benefiting from higher levels of new business activity and strong client retention globally.
Cash flow from operating activities reached US$1.78bn for 2025, compared with US$1.51bn in the prior year. Free cash flow increased to US$1.55bn from US$1.27bn, primarily driven by operating margin expansion. The company repurchased US$1.65bn of shares during 2025 and indicated expectations for share buybacks of US$1.0bn or more in 2026, subject to market conditions.
WTW projected continued margin expansion, with approximately 100 basis points of average annual growth in Risk & Broking over the next two years.
Aon reported results that underscored solid underlying demand and persistent pricing strength in commercial lines. In its full-year 2025 financials, Aon posted organic revenue growth in the high single digits, driven by continued retentions and new business across risk solutions, retirement and health segments. Aon’s performance reflected steady demand for advisory services and risk management solutions, even as macroeconomic uncertainty influenced corporate spend.
Marsh & McLennan (MMC), the parent of Marsh, announced full-year 2025 revenue of US$26.2bn, with organic revenue growth of about 7%, supported by resilient market conditions and strong client engagement across its risk, strategy and people advisory units. Marsh’s brokerage arm benefited from disciplined underwriting markets and a favourable rate environment in property/casualty and specialty areas, which helped sustain premium flows. Operating margins remained robust, with MMC continuing to prioritise investment in analytics and digital services to differentiate its advisory offerings.
Arthur J. Gallagher & Co. reported annual revenue of US$9.5bn for its 2025 fiscal year, with organic growth in the mid-single digits. Gallagher’s results reflected persistent client appetite for integrated risk management and employee benefits solutions, though the firm also highlighted margin pressure in certain segments due to elevated claims and investment in technology and talent acquisition.
Gallagher reiterated its focus on disciplined acquisition integration and global footprint expansion as growth levers in 2026.
Compared with Aon and Marsh - which reported broader revenue bases and higher aggregate organic growth rates - WTW’s 5–6% organic growth sits within a competitive but varied peer landscape. Marsh & McLennan’s larger scale and diversified consulting footprint supported higher aggregate top-line growth, while Aon’s advisory momentum in risk and retirement helped sustain its expansion. Gallagher’s mid-single-digit performance mirrors broader industry patterns where retained earnings, disciplined pricing and strategic acquisitions remain core to growth.
WTW’s narrower revenue base and the drag from the TRANZACT sale contributed to reported declines on a statutory basis, but its continued organic expansion and strong operating margin performance indicate resilience in its core broking and advisory activities.
As major brokers navigate macro pressures - including softening commercial lines rates in some markets, economic uncertainty and evolving client needs - comparisons across the majors underline that organic growth and margin discipline, rather than headline revenue figures alone, are proving key indicators of competitive positioning heading into 2026.
