v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
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 table presents revenue by service offering and segment, as well as a reconciliation to total revenue for the three months ended March 31, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

 

 

 

Three Months Ended March 31,

 

 

 

HWC

 

 

R&B

 

 

Corporate (i)

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Broking

 

$

184

 

 

$

146

 

 

$

849

 

 

$

790

 

 

$

—

 

 

$

—

 

 

$

1,033

 

 

$

936

 

Consulting

 

 

731

 

 

 

679

 

 

 

128

 

 

 

119

 

 

 

2

 

 

 

—

 

 

 

861

 

 

 

798

 

Outsourced administration

 

 

278

 

 

 

268

 

 

 

20

 

 

 

21

 

 

 

—

 

 

 

—

 

 

 

298

 

 

 

289

 

Other

 

 

63

 

 

 

63

 

 

 

86

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

149

 

 

 

136

 

Total revenue by service offering

 

 

1,256

 

 

 

1,156

 

 

 

1,083

 

 

 

1,003

 

 

 

2

 

 

 

—

 

 

 

2,341

 

 

 

2,159

 

Reimbursable expenses and other (i)

 

 

19

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

1

 

 

 

22

 

 

 

21

 

Total revenue from customer contracts

 

$

1,275

 

 

$

1,173

 

 

$

1,086

 

 

$

1,006

 

 

$

2

 

 

$

1

 

 

$

2,363

 

 

$

2,180

 

Interest and other income

 

 

9

 

 

 

9

 

 

 

33

 

 

 

24

 

 

 

7

 

 

 

10

 

 

 

49

 

 

 

43

 

Total revenue

 

$

1,284

 

 

$

1,182

 

 

$

1,119

 

 

$

1,030

 

 

$

9

 

 

$

11

 

 

$

2,412

 

 

$

2,223

 

 

(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 table 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 March 31,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Book-of-business settlements

 

$

1

 

 

$

2

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

2

 

Interest income

 

 

8

 

 

 

7

 

 

 

25

 

 

 

22

 

 

 

7

 

 

 

10

 

 

 

40

 

 

 

39

 

Other income

 

 

—

 

 

 

—

 

 

 

1

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

2

 

Total interest and other income

 

$

9

 

 

$

9

 

 

$

33

 

 

$

24

 

 

$

7

 

 

$

10

 

 

$

49

 

 

$

43

 

The following table presents revenue from service offerings by the geography where our work was performed for the three months ended March 31, 2026 and 2025. The reconciliation to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue is shown in the table above.

 

 

 

Three Months Ended March 31,

 

 

 

HWC

 

 

R&B

 

 

Corporate

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

673

 

 

$

645

 

 

$

347

 

 

$

326

 

 

$

—

 

 

$

—

 

 

$

1,020

 

 

$

971

 

Europe

 

 

444

 

 

 

391

 

 

 

592

 

 

 

538

 

 

 

2

 

 

 

—

 

 

 

1,038

 

 

 

929

 

International

 

 

139

 

 

 

120

 

 

 

144

 

 

 

139

 

 

 

—

 

 

 

—

 

 

 

283

 

 

 

259

 

Total revenue by geography

 

$

1,256

 

 

$

1,156

 

 

$

1,083

 

 

$

1,003

 

 

$

2

 

 

$

—

 

 

$

2,341

 

 

$

2,159

 

 

 

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 accounts receivable and deferred revenue balances at March 31, 2026 and December 31, 2025:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Billed receivables, net of allowance for doubtful accounts of $34 million and $30 million

 

$

1,836

 

 

$

1,833

 

Unbilled receivables

 

 

579

 

 

 

543

 

Current contract assets

 

 

233

 

 

 

326

 

Accounts receivable, net

 

$

2,648

 

 

$

2,702

 

Non-current accounts receivable, net

 

$

32

 

 

$

42

 

Deferred revenue

 

$

813

 

 

$

700

 

 

During the three months ended March 31, 2026, revenue of approximately $304 million was recognized that was reflected as deferred revenue at December 31, 2025.

During the three months ended March 31, 2026, the Company had no revenue related to performance obligations satisfied in a prior period.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of March 31, 2026 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 2026

 

 

2027

 

 

2028 onward

 

 

Total

 

Revenue expected to be recognized on contracts as of March 31, 2026

 

$

526

 

 

$

484

 

 

$

503

 

 

$

1,513

 

 

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 March 31, 2026 have been excluded from the table above.