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Segment Information
 9 Months Ended
Sep. 30, 2025
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.

Following the adoption of ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (‘ASC 2023-07’), 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) restructuring costs; (iii) certain transaction and transformation expenses; and (iv) 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, 2025 and 2024.

 

 

 

Three Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment revenue excluding interest income

 

$

1,253

 

 

$

1,320

 

 

$

979

 

 

$

911

 

 

$

2,232

 

 

$

2,231

 

Interest income

 

 

8

 

 

 

8

 

 

 

28

 

 

 

29

 

 

 

36

 

 

 

37

 

Total segment revenue

 

 

1,261

 

 

 

1,328

 

 

 

1,007

 

 

 

940

 

 

 

2,268

 

 

 

2,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment expense

 

 

869

 

 

 

968

 

 

 

808

 

 

 

758

 

 

 

1,677

 

 

 

1,726

 

Depreciation

 

 

31

 

 

 

31

 

 

 

10

 

 

 

12

 

 

 

41

 

 

 

43

 

Total segment expense

 

 

900

 

 

 

999

 

 

 

818

 

 

 

770

 

 

 

1,718

 

 

 

1,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

361

 

 

$

329

 

 

$

189

 

 

$

170

 

 

$

550

 

 

$

499

 

 

The following table presents segment revenue, segment expenses and segment operating income for our reportable segments for the nine months ended September 30, 2025 and 2024.

 

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment revenue excluding interest income

 

$

3,584

 

 

$

3,898

 

 

$

3,008

 

 

$

2,811

 

 

$

6,592

 

 

$

6,709

 

Interest income

 

 

22

 

 

 

26

 

 

 

73

 

 

 

86

 

 

 

95

 

 

 

112

 

Total segment revenue

 

 

3,606

 

 

 

3,924

 

 

 

3,081

 

 

 

2,897

 

 

 

6,687

 

 

 

6,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment expense

 

 

2,560

 

 

 

2,890

 

 

 

2,414

 

 

 

2,287

 

 

 

4,974

 

 

 

5,177

 

Depreciation

 

 

94

 

 

 

93

 

 

 

30

 

 

 

35

 

 

 

124

 

 

 

128

 

Total segment expense

 

 

2,654

 

 

 

2,983

 

 

 

2,444

 

 

 

2,322

 

 

 

5,098

 

 

 

5,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

952

 

 

$

941

 

 

$

637

 

 

$

575

 

 

$

1,589

 

 

$

1,516

 

 

 

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, 2025 and 2024.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

 

$

2,268

 

 

$

2,268

 

 

$

6,687

 

 

$

6,821

 

Reimbursable expenses and other

 

 

20

 

 

 

21

 

 

 

85

 

 

 

74

 

Revenue

 

$

2,288

 

 

$

2,289

 

 

$

6,772

 

 

$

6,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment operating income

 

$

550

 

 

$

499

 

 

$

1,589

 

 

$

1,516

 

Impairment (i)

 

 

—

 

 

 

(1,042

)

 

 

—

 

 

 

(1,042

)

Amortization

 

 

(47

)

 

 

(56

)

 

 

(144

)

 

 

(176

)

Restructuring costs (ii)

 

 

—

 

 

 

(8

)

 

 

—

 

 

 

(29

)

Transaction and transformation (iii)

 

 

(2

)

 

 

(74

)

 

 

(4

)

 

 

(296

)

Unallocated, net (iv)

 

 

(83

)

 

 

(85

)

 

 

(223

)

 

 

(247

)

Income from operations

 

 

418

 

 

 

(766

)

 

 

1,218

 

 

 

(274

)

Interest expense

 

 

(65

)

 

 

(65

)

 

 

(194

)

 

 

(197

)

Other income/(loss), net

 

 

37

 

 

 

(1,167

)

 

 

(18

)

 

 

(1,118

)

Income/(loss) from operations before income taxes and interest
   in earnings of associates

 

$

390

 

 

$

(1,998

)

 

$

1,006

 

 

$

(1,589

)

 

(i)
Represents the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the sale of our TRANZACT business.
(ii)
Consists of costs associated with our Transformation program, which concluded during the fourth quarter of 2024.
(iii)
In addition to legal fees and other transaction costs, includes primarily consulting fees related to the Transformation program (see Note 6 — Restructuring Costs).
(iv)
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,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Ireland

 

$

33

 

 

$

31

 

 

$

105

 

 

$

99

 

 

$

8

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

999

 

 

 

1,166

 

 

 

2,977

 

 

 

3,405

 

 

 

283

 

 

 

307

 

United Kingdom

 

 

539

 

 

 

465

 

 

 

1,499

 

 

 

1,345

 

 

 

519

 

 

 

490

 

Rest of World

 

 

717

 

 

 

627

 

 

 

2,191

 

 

 

2,046

 

 

 

356

 

 

 

341

 

Total Foreign Countries

 

 

2,255

 

 

 

2,258

 

 

 

6,667

 

 

 

6,796

 

 

 

1,158

 

 

 

1,138

 

 

 

$

2,288

 

 

$

2,289

 

 

$

6,772

 

 

$

6,895

 

 

$

1,166

 

 

$

1,146

 

 

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