This might not matter for your case specifically, but last time I was on Windows, I found it straightforward to compile it using the msys tooling. I mention msys specifically to avoid bringing cygwin.dll into the mix, which caused me no end of headaches.

http://git.savannah.gnu.org/cgit/emacs.git/tree/nt/INSTALL.W...

As with most things in that realm, the hard part is getting all the dependencies (libpng, etc) but (a) since msys2 switched to pacman that looks a ton easier (b) AFAIK building with those graphical libraries is a nice-to-have for w3m support, so if it's a hassle you can skip it

Just be forewarned that [again, last I checked] msys has a bad interaction if your machine is a member of an Active Directory domain, but you are road-warrior-ing and it is unable to reach the domain controller; one of my more popular SO answers: https://stackoverflow.com/questions/929495/why-is-mingw-very...

I guess you can try one in pretest?

https://alpha.gnu.org/gnu/emacs/pretest/windows/