WTW’s web revenue fell 30% year-on-year to $231m, and reported diluted earnings per share dropped 27% to $2.43. On the adjusted measures that strip out one-off gadgets, the image reverses solely: adjusted diluted EPS rose 17% to $3.35, and adjusted working margin expanded 100 foundation factors to 19.5%. Two issues clarify virtually all the hole. Transaction and integration prices tied largely to the Newfront acquisition, which WTW closed in January, jumped from $2m in the identical quarter final yr to $61m this quarter. On prime of that, final yr’s comparable quarter benefited from a one-off $74m beneficial tax merchandise that flattered the 2025 baseline, making this yr’s comparability look worse than the underlying pattern actually is.
