WTW · 10-Q · 2026Q3 · Full report

Operating Expense Trends

WILLIS TOWERS WATSON PLC · 2026-10-29 · Importance 36 · Surprise 14 · Matches filing data

Total costs of providing services increased $161 million (9%) to $2.0 billion in the third quarter and $543 million (10%) to $6.1 billion in the first nine months of 2026. Salaries and benefits rose $94 million (7%) to $1.5 billion for the quarter and $306 million (7%) to $4.5 billion for nine months; acquisitions of Newfront and Cushon accounted for about half and over one-third of the respective increases. Amortization increased 26% to $59 million for the quarter and 13% to $162 million for nine months, reflecting the initial-year weighting of intangible amortization and recent acquisitions. Nine-month transaction and program expenses were $144 million, primarily including acquisition-related costs and costs associated with Propel.

Key facts

• WTW salaries and benefits for the nine months ended September 30, 2026 increased $306 million, or 7%, to $4.5 billion; over one-third of the increase resulted from Newfront and Cushon acquisitions. source
• WTW costs of providing services increased $543 million, or 10%, to $6.1 billion in the nine months ended September 30, 2026. source
• WTW costs of providing services increased $161 million, or 9%, to $2.0 billion in the three months ended September 30, 2026. source
• WTW salaries and benefits for the three months ended September 30, 2026 increased $94 million, or 7%, to $1.5 billion; approximately half of the increase resulted from the Newfront and Cushon acquisitions. source
• WTW recognized a one-time $13 million gain from the sale of office buildings in the three months ended September 30, 2026. source
• WTW salaries and benefits were 61% of revenue in the three months ended September 30, 2026, compared with 62% in the prior-year quarter. source
• WTW salaries and benefits were 61% of revenue in the nine months ended September 30, 2026, compared with 62% in the prior-year period. source

Impact estimates