WTW — what changed in the latest 10-Q
A section-by-section comparison of WTW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-04-30 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +45 | −69 | ~44 | 46 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-04-30
Revenue for the three months ended March 31, 2026 was $2.4 billion, compared to $2.2 billion for the three months ended March 31, 2025, an increase of $189 million, or 8%, on an as-reported basis. Adjusting for the impacts of foreign currency and acquisitions and disposals, our organic revenue growt…
HWC segment revenue for the three months ended March 31, 2026 and 2025 was $1.3 billion and $1.2 billion, respectively. Health delivered organic revenue growth driven by strong performance across international markets driven by new business wins and renewals. Wealth generated organic revenue growth …
R&B segment revenue for the three months ended March 31, 2026 and 2025 was $1.1 billion and $1.0 billion, respectively. Corporate Risk & Broking had organic revenue growth driven by new business activity and strong client retention globally. Insurance Consulting and Technology delivered organic reve…
R&B segment operating income for the three months ended March 31, 2026 and 2025 was $252 million and $226 million, respectively. R&B segment operating income increased primarily due to expense discipline and the impact of foreign exchange.
Total costs of providing services for the three months ended March 31, 2026 were $2.0 billion, compared to $1.8 billion for the three months ended March 31, 2025, an increase of $173 million, or 10%. See the following discussion for further details.
Text removed vs the prior filing · source: 10-Q · 2025-10-30
Revenue for both the three months ended September 30, 2025 and 2024 was $2.3 billion, a decrease of $1 million on an as-reported basis. Adjusting for the impacts of foreign currency and acquisitions and disposals, our organic revenue growth was 5% for the three months ended September 30, 2025. Reven…
HWC segment revenue for both the three months ended September 30, 2025 and 2024 was $1.3 billion. Health delivered organic revenue growth, with increases across all regions, partially offset by the headwind from the prior-year’s book-of-business settlement activity. Wealth generated organic revenue …
The following table sets forth HWC segment revenue for the nine months ended September 30, 2025 and 2024 and the components of the change in revenue for the nine months ended September 30, 2025 from the nine months ended September 30, 2024.
HWC segment revenue for the nine months ended September 30, 2025 and 2024 was $3.6 billion and $3.9 billion, respectively. Health delivered organic revenue growth in all regions, led by double-digit increases across International which benefited from strong new business and geographic expansion coup…
HWC segment operating income for the nine months ended September 30, 2025 and 2024 was $952 million and $941 million, respectively. HWC segment operating income increased primarily from operating efficiencies which were partially offset by the prior-year sale of TRANZACT.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice