Willis Towers Watson (WTW) official guidance

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times. After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

We expect to capture efficiencies and generate approximately $400 million in run rate savings through an investment of approximately $625 million, reflecting a disciplined cash cost to achieve ratio of about 1.6.

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times. After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

We expect to capture efficiencies and generate approximately $400 million in run rate savings through an investment of approximately $625 million, reflecting a disciplined cash cost to achieve ratio of about 1.6.

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.

We continue to expect our adjusted tax rate to be relatively consistent with the prior year.

The tax rate for 2026 should be relatively consistent with 2025. That's about 21.1%.

* Expected to be a headwind on Adjusted Diluted EPS of ~$0.30

* Expected to be a headwind on Adjusted Diluted EPS of ~$0.30

* Expected to be a headwind on Adjusted Diluted EPS of ~$0.30

As part of our investment program, we will continue to make investments in our reinsurance JV as it scales its newly launched commercial operations. We expect this to be a headwind of about $0.30 to adjusted EPS this year.

Expected to be a headwind on Adjusted Diluted EPS of ~$0.30

We remain confident in our ability to deliver mid-single-digit organic growth, continued annual adjusted operating margin expansion, and improving free cash flow for 2026.

Despite the short-term headwinds that impacted the first quarter, we remain confident in our ability to deliver on our near-term goals of mid-single-digit growth, continued margin expansion, and free cash flow margin improvement.

* Continual improvement in FCF margin primarily from operating margin expansion along with evolving our business mix

We expect to continue expanding our free cash flow margin in 2026 from operating margin expansion and the absence of transformation program cash costs, with partial offsets from transaction and integration expense related to our recently announced acquisitions.

Continual improvement in FCF margin primarily from operating margin expansion along with evolving our business mix

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times. After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

Importantly, as we execute on this plan and realize savings, we'll continue to invest in attractive opportunities over the long term, with approximately $50 million in the savings earmarked for growth investments.

After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times. After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

We plan to reinvest a portion of the savings generated to support growth, ultimately delivering $350 million in net run rate savings.

After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

We expect to deliver adjusted operating margin of approximately 30% in 2028, with meaningful benefits in both segments.

After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.

+ Incremental annual margin expansion in HWC

We expect to deliver continued margin expansion in 2026.

+ Incremental annual margin expansion in HWC

+ Incremental annual margin expansion in HWC

+ Incremental annual margin expansion in HWC

+ ~100 basis points of annual margin expansion in R&B

We remain confident in our full-year growth outlook of mid-single digits and 100 basis points of margin expansion.

+ ~100 basis points of annual margin expansion in R&B

* Continued annual margin expansion at the enterprise level driven by:

We remain confident in our ability to deliver mid-single-digit organic growth, continued annual adjusted operating margin expansion, and improving free cash flow for 2026.

Continued annual margin expansion at the enterprise level driven by:

This outlook aligns with our long-term guidance of mid-single-digit organic growth, adjusted operating margin expansion, and free cash flow margin expansion, and is supported by the same core tailwinds that contributed to our success in 2025.

+ BD&O: Flat

We continue to expect low single-digit growth for BD&O for the full year, driven by fourth quarter activity based on our current pipeline for individual marketplace annual enrollment, client implementations, and regulatory-driven project work in our outsourcing business.

+ BD&O: LSD

+ Career: LSD

We continue to expect low to mid-single-digit growth for the full year for career.

+ Career: LSD to MSD

+ Health: High-single digits (HSD)

We continue to expect high single-digit organic growth in Health for 2026, supported by demand driven by high healthcare inflation and the important role of our specialty solutions in helping clients manage rising health-related costs.

+ Health: High-single digits (HSD)

* Health, Wealth & Career: Low-single digits (LSD) to MSD

We remain confident in HWC's full-year outlook for mid-single-digit growth and continued margin expansion.

* Health, Wealth & Career: Mid-single digits (MSD)

We remain confident in HWC's full-year outlook for mid-single-digit growth and continued margin expansion, even with the headwinds from economic uncertainty and geopolitical pressure impacting parts of career.

+ ICT: LSD

We continue to expect low to mid-single-digit growth for ICT for the full year.

+ ICT: LSD to MSD

+ Wealth: LSD

+ Wealth: Low-single digits (LSD)

* Enterprise: Mid-single digits (MSD)

We remain confident in our ability to deliver mid-single-digit organic growth, continued annual adjusted operating margin expansion, and improving free cash flow for 2026.

Despite the short-term headwinds that impacted the first quarter, we remain confident in our ability to deliver on our near-term goals of mid-single-digit growth, continued margin expansion, and free cash flow margin improvement.

This outlook aligns with our long-term guidance of mid-single-digit organic growth, adjusted operating margin expansion, and free cash flow margin expansion, and is supported by the same core tailwinds that contributed to our success in 2025.