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Revenue
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024. 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

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Broking

 

$

121

 

 

$

262

 

 

$

794

 

 

$

744

 

 

$

—

 

 

$

—

 

 

$

915

 

 

$

1,006

 

Consulting

 

 

714

 

 

 

653

 

 

 

104

 

 

 

93

 

 

 

—

 

 

 

—

 

 

 

818

 

 

 

746

 

Outsourced administration

 

 

282

 

 

 

268

 

 

 

17

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

299

 

 

 

284

 

Other

 

 

136

 

 

 

134

 

 

 

58

 

 

 

53

 

 

 

—

 

 

 

—

 

 

 

194

 

 

 

187

 

Total revenue by service offering

 

 

1,253

 

 

 

1,317

 

 

 

973

 

 

 

906

 

 

 

—

 

 

 

—

 

 

 

2,226

 

 

 

2,223

 

Reimbursable expenses and other (i)

 

 

16

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

(5

)

 

 

(5

)

 

 

14

 

 

 

15

 

Total revenue from customer contracts

 

$

1,269

 

 

$

1,334

 

 

$

976

 

 

$

909

 

 

$

(5

)

 

$

(5

)

 

$

2,240

 

 

$

2,238

 

Interest and other income

 

 

8

 

 

 

11

 

 

 

34

 

 

 

34

 

 

 

6

 

 

 

6

 

 

 

48

 

 

 

51

 

Total revenue

 

$

1,277

 

 

$

1,345

 

 

$

1,010

 

 

$

943

 

 

$

1

 

 

$

1

 

 

$

2,288

 

 

$

2,289

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Broking

 

$

417

 

 

$

876

 

 

$

2,430

 

 

$

2,264

 

 

$

—

 

 

$

—

 

 

$

2,847

 

 

$

3,140

 

Consulting

 

 

2,097

 

 

 

1,966

 

 

 

322

 

 

 

294

 

 

 

1

 

 

 

1

 

 

 

2,420

 

 

 

2,261

 

Outsourced administration

 

 

790

 

 

 

791

 

 

 

55

 

 

 

63

 

 

 

—

 

 

 

—

 

 

 

845

 

 

 

854

 

Other

 

 

277

 

 

 

262

 

 

 

188

 

 

 

180

 

 

 

—

 

 

 

—

 

 

 

465

 

 

 

442

 

Total revenue by service offering

 

 

3,581

 

 

 

3,895

 

 

 

2,995

 

 

 

2,801

 

 

 

1

 

 

 

1

 

 

 

6,577

 

 

 

6,697

 

Reimbursable expenses and other (i)

 

 

51

 

 

 

49

 

 

 

9

 

 

 

9

 

 

 

(2

)

 

 

(3

)

 

 

58

 

 

 

55

 

Total revenue from customer contracts

 

$

3,632

 

 

$

3,944

 

 

$

3,004

 

 

$

2,810

 

 

$

(1

)

 

$

(2

)

 

$

6,635

 

 

$

6,752

 

Interest and other income

 

 

25

 

 

 

29

 

 

 

86

 

 

 

96

 

 

 

26

 

 

 

18

 

 

 

137

 

 

 

143

 

Total revenue

 

$

3,657

 

 

$

3,973

 

 

$

3,090

 

 

$

2,906

 

 

$

25

 

 

$

16

 

 

$

6,772

 

 

$

6,895

 

 

(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

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Book-of-business settlements

 

$

—

 

 

$

3

 

 

$

6

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

7

 

Interest income

 

 

8

 

 

 

8

 

 

 

28

 

 

 

29

 

 

 

6

 

 

 

6

 

 

 

42

 

 

 

43

 

Other income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total interest and other income

 

$

8

 

 

$

11

 

 

$

34

 

 

$

34

 

 

$

6

 

 

$

6

 

 

$

48

 

 

$

51

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Book-of-business settlements

 

$

2

 

 

$

3

 

 

$

9

 

 

$

8

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

11

 

Interest income

 

 

22

 

 

 

26

 

 

 

73

 

 

 

86

 

 

 

26

 

 

 

18

 

 

 

121

 

 

 

130

 

Other income

 

 

1

 

 

 

—

 

 

 

4

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

2

 

Total interest and other income

 

$

25

 

 

$

29

 

 

$

86

 

 

$

96

 

 

$

26

 

 

$

18

 

 

$

137

 

 

$

143

 

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, 2025 and 2024. 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

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

North America

 

$

719

 

 

$

830

 

 

$

365

 

 

$

364

 

 

$

—

 

 

$

—

 

 

$

1,084

 

 

$

1,194

 

Europe

 

 

400

 

 

 

362

 

 

 

457

 

 

 

397

 

 

 

—

 

 

 

—

 

 

 

857

 

 

 

759

 

International

 

 

134

 

 

 

125

 

 

 

151

 

 

 

145

 

 

 

—

 

 

 

—

 

 

 

285

 

 

 

270

 

Total revenue by geography

 

$

1,253

 

 

$

1,317

 

 

$

973

 

 

$

906

 

 

$

—

 

 

$

—

 

 

$

2,226

 

 

$

2,223

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

North America

 

$

2,029

 

 

$

2,480

 

 

$

1,092

 

 

$

1,056

 

 

$

1

 

 

$

—

 

 

$

3,122

 

 

$

3,536

 

Europe

 

 

1,183

 

 

 

1,069

 

 

 

1,449

 

 

 

1,317

 

 

 

—

 

 

 

1

 

 

 

2,632

 

 

 

2,387

 

International

 

 

369

 

 

 

346

 

 

 

454

 

 

 

428

 

 

 

—

 

 

 

—

 

 

 

823

 

 

 

774

 

Total revenue by geography

 

$

3,581

 

 

$

3,895

 

 

$

2,995

 

 

$

2,801

 

 

$

1

 

 

$

1

 

 

$

6,577

 

 

$

6,697

 

 

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 contract assets and deferred revenue balances at September 30, 2025 and December 31, 2024:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Billed receivables, net of allowance for doubtful accounts of $33 million and $36 million

 

$

1,538

 

 

$

1,604

 

Unbilled receivables

 

 

557

 

 

 

569

 

Current contract assets

 

 

94

 

 

 

321

 

Accounts receivable, net

 

$

2,189

 

 

$

2,494

 

Non-current accounts receivable, net

 

$

37

 

 

$

18

 

Deferred revenue

 

$

717

 

 

$

732

 

 

During the three and nine months ended September 30, 2025, revenue of $51 million and $513 million, respectively, was recognized that was reflected as deferred revenue at December 31, 2024. During the three months ended September 30, 2025, revenue of $314 million was recognized that was reflected as deferred revenue at June 30, 2025.

During the three and nine months ended September 30, 2025, the Company recognized revenue of $4 million and $5 million, respectively, related to performance obligations satisfied prior to 2025.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of September 30, 2025 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 2025

 

 

2026

 

 

2027 onward

 

 

Total

 

Revenue expected to be recognized on contracts as of September 30, 2025

 

$

179

 

 

$

631

 

 

$

807

 

 

$

1,617

 

 

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, 2025 have been excluded from the table above.