Willis Towers Watson
WTW · NasdaqInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
Willis Towers Watson reported revenue of $9.5B in the fiscal year ended Dec 2025, down 2.3% from the year before. Operating income was $2.2B, an operating margin of 23.5%, and net income was $1.6B. Operating cash flow of $1.8B less capital expenditure of $229M left free cash flow of $1.5B. Net debt was $3.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.8B | $8.7B | $9.3B | $9.7B | $9.5B |
| Operating income | $2.2B | $1.2B | $1.4B | $627M | $2.2B |
| Interest expense | $211M | $208M | $235M | $263M | $260M |
| Pre-tax income | $2.7B | $1.3B | $1.3B | $102M | $2B |
| Income tax | $536M | $194M | $215M | $192M | $318M |
| Net income | $4.2B | $1B | $1.1B | −$98M | $1.6B |
| Diluted EPS | 32.78 | 8.98 | 9.95 | −0.96 | 16.26 |
| Diluted shares | 129M | 112M | 106M | 102M | 99M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.5B | $1.3B | $1.4B | $1.9B | $3.1B |
| Receivables | $2.4B | $2.4B | $2.6B | $2.5B | $2.7B |
| Current assets | $18.5B | $15.8B | $13.4B | $15.1B | $16.9B |
| Net PP&E | $851M | $718M | $720M | $661M | $695M |
| Goodwill | $10.2B | $10.2B | $10.2B | $8.8B | $8.9B |
| Total assets | $35B | $31.8B | $29.1B | $27.7B | $29.5B |
| Deferred revenue | $576M | $646M | $677M | $732M | $700M |
| Current liabilities | $14.7B | $14.8B | $12.6B | $12.6B | $14B |
| Short-term debt | $613M | $250M | $650M | $0 | $550M |
| Long-term debt | $4B | $4.5B | $4.6B | $5.3B | $5.8B |
| Total liabilities | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Shareholders' equity | $13.3B | $10B | $9.5B | $7.9B | $8B |
| Backlog (remaining obligations) | $1.8B | $1.8B | $1.3B | $1.4B | $1.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $812M | $1.3B | $1.5B | $1.8B |
| Capital expenditure | – | – | $242M | $245M | $229M |
| Free cash flow | – | – | $1.1B | $1.3B | $1.5B |
| Depreciation & amortisation | $281M | $255M | $242M | $230M | $226M |
| Stock-based compensation | $101M | $99M | $125M | $121M | $153M |
| Acquisitions | $47M | $81M | $6M | $104M | $15M |
| Share buybacks | $1.6B | $3.5B | $1B | $901M | $1.7B |
| Dividends paid | $374M | $369M | $352M | $354M | $358M |
| Dividend per share | 3.02 | 3.28 | 3.36 | 3.52 | 3.68 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.1% | 6.6% | 4.7% | −2.3% |
| Operating income growth (YoY) | – | −46.5% | 15.9% | −54.1% | 256.3% |
| EPS growth (YoY) | – | −72.6% | 10.8% | −109.6% | – |
| Operating margin | 24.9% | 13.5% | 14.7% | 6.4% | 23.5% |
| Net margin | 47.8% | 11.6% | 11.3% | −1.0% | 16.9% |
| Return on equityBlank when equity is negative | 31.8% | 10.1% | 11.1% | −1.2% | 20.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.9% | 6.9% | 8.3% | 4.2% | 14.4% |
| Free cash flow margin | – | – | 11.9% | 13.0% | 16.2% |
| Cash conversion (CFO ÷ net income) | 0.49x | 0.80x | 1.27x | −15.4x | 1.11x |
| Receivable days | 98 | 100 | 101 | 93 | 104 |
| Interest cover | 10.4x | 5.66x | 5.81x | 2.38x | 8.59x |
| Debt ÷ equity | 0.35x | 0.47x | 0.55x | 0.67x | 0.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $101M | $3.5B | $3.8B | $3.4B | $3.2B |
| Current ratio | 1.26x | 1.07x | 1.06x | 1.20x | 1.20x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.