Willis Towers Watson

Financials Insurance Brokers London, United Kingdom Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.7B
                    3y CAGR +3.1%
                    
                    P11
                    
                    -2.2%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +16.5%
                    
                    P34
                    
                    +1737.8%
                    
                    Total assets
                    FY2025
                
$29.5B
                    ROA +5.4%
                    
                    P73
                    
                    +6.7%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    
                    +17.4%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

25 accounts · 5 years

Total assets $29.5B

Total liabilities $21.5B

Shareholders equity $8.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$3.1B 65.7%	$1.9B 32.7%	$1.4B 12.8%	$1.3B -71.9%	$4.5B
Accounts Receivable	$2.7B 8.3%	$2.5B -3.0%	$2.6B 7.8%	$2.4B 0.7%	$2.4B
Prepaid Expenses	$595.0M -51.1%	$1.2B 234.3%	$364.0M -12.1%	$414.0M -32.4%	$612.0M
Total Current Assets	$16.9B 11.7%	$15.1B 12.4%	$13.4B -15.2%	$15.8B -14.3%	$18.5B
Property,Plant and Equipment	$695.0M 5.1%	$661.0M -8.2%	$720.0M 0.3%	$718.0M -15.6%	$851.0M
Operating Lease Assets	$487.0M 0.4%	$485.0M -14.2%	$565.0M -3.6%	$586.0M -18.6%	$720.0M
Goodwill	$8.9B 1.6%	$8.8B -13.7%	$10.2B 0.2%	$10.2B -0.1%	$10.2B
Intangible Assets	$1.1B -11.9%	$1.3B -35.8%	$2.0B -11.3%	$2.3B -11.0%	$2.6B
Other Noncurrent Assets	$866.0M 7.4%	$806.0M -48.8%	$1.6B 15.9%	$1.4B 12.9%	$1.2B
Total Assets	$29.5B 6.7%	$27.7B -4.8%	$29.1B -8.4%	$31.8B -9.2%	$35.0B
Liabilities
Accrued Liabilities	$62.0M 1.6%	$61.0M 22.0%	$50.0M 2.0%	$49.0M -10.9%	$55.0M
Current Portion of Long Term Debt	$550.0M	$0 -100.0%	$650.0M 160.0%	$250.0M -59.2%	$613.0M
Operating Lease Liabilities	$125.0M 5.9%	$118.0M -5.6%	$125.0M -0.8%	$126.0M -16.0%	$150.0M
Other Current Liabilities	$797.0M 4.2%	$765.0M 12.8%	$678.0M -5.3%	$716.0M -29.5%	$1.0B
Total Current Liabilities	$14.0B 11.2%	$12.6B -0.3%	$12.6B -14.5%	$14.8B 0.4%	$14.7B
Long Term Debt	$5.8B 8.4%	$5.3B 16.2%	$4.6B 2.1%	$4.5B 12.5%	$4.0B
Operating Lease Liabilities Noncurrent	$472.0M -6.0%	$502.0M -15.2%	$592.0M -4.5%	$620.0M -15.5%	$734.0M
Other Noncurrent Liabilities	$246.0M -3.1%	$254.0M 6.7%	$238.0M 7.7%	$221.0M -12.6%	$253.0M
Total Liabilities	$21.5B 9.2%	$19.7B 0.9%	$19.5B -10.1%	$21.7B 0.1%	$21.7B
Equity
Additional Paid In Capital	$11.1B 1.1%	$11.0B 0.7%	$10.9B 0.3%	$10.9B 0.7%	$10.8B
Retained Earnings	$-296.0M -371.6%	$109.0M -92.6%	$1.5B -16.9%	$1.8B -62.0%	$4.6B
Accumulated Other Comprehensive Income	$-2.8B 10.3%	$-3.2B -10.6%	$-2.9B -9.0%	$-2.6B -19.9%	$-2.2B
Noncontrolling Interest	$76.0M -1.3%	$77.0M 5.5%	$73.0M -5.2%	$77.0M 60.4%	$48.0M
Total Stockholders Equity	$8.0B 0.5%	$7.9B -16.6%	$9.5B -5.0%	$10.0B -24.5%	$13.3B
Total Liabilitiesand Equity	$29.5B 6.7%	$27.7B -4.8%	$29.1B -8.4%	$31.8B -9.2%	$35.0B

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $9.7B

Operating income $2.2B

Net income $1.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$9.7B -2.2%	$9.9B 4.7%	$9.5B 7.0%	$8.9B -1.5%	$9.0B
Expenses Cost of Revenue	$7.5B -19.7%	$9.3B 14.6%	$8.1B 5.6%	$7.7B 13.1%	$6.8B
Expenses Depreciation and Amortization	$192.0M -15.0%	$226.0M -14.1%	$263.0M -15.7%	$312.0M -15.4%	$369.0M
Expenses Share Based Compensation	$153.0M 26.4%	$121.0M -3.2%	$125.0M 26.3%	$99.0M -2.0%	$101.0M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$61.0M -10.3%	$68.0M -31.3%	$99.0M 280.8%	$26.0M
Expenses Operating Expenses	$7.5B -19.7%	$9.3B 14.6%	$8.1B 5.6%	$7.7B 13.1%	$6.8B
Other Income Expense Operating Income	$2.2B 256.3%	$627.0M -54.1%	$1.4B 15.9%	$1.2B -46.5%	$2.2B
Other Income Expense Interest Expense	$260.0M -1.1%	$263.0M 11.9%	$235.0M 13.0%	$208.0M -1.4%	$211.0M
Other Income Expense Other Income/expense	$-21.0M 92.0%	$-262.0M -279.5%	$146.0M -49.3%	$288.0M -58.9%	$701.0M
Other Income Expense Income Before Tax	$2.0B 1814.7%	$102.0M -92.0%	$1.3B 1.4%	$1.3B -53.3%	$2.7B
Income Tax Income Tax Expense	$318.0M 65.6%	$192.0M -10.7%	$215.0M 10.8%	$194.0M -63.8%	$536.0M
net Income net Income	$1.6B 1737.8%	$-98.0M -109.3%	$1.1B 4.6%	$1.0B -76.1%	$4.2B
net Income Comprehensive Income	$1.9B 582.3%	$-400.0M -148.8%	$820.0M 42.9%	$574.0M -86.9%	$4.4B
Earnings Per Share Basic Eps	$16 1802.1%	$-1 -109.6%	$10 11.2%	$9 -72.6%	$33
Earnings Per Share Diluted Eps	$16 1793.8%	$-1 -109.6%	$10 10.8%	$9 -72.6%	$33
Earnings Per Share Weighted Average Shares Basic	$98.0M -3.9%	$102.0M -2.9%	$105.0M -6.3%	$112.0M -12.5%	$128.0M
Earnings Per Share Weighted Average Shares Diluted	$99.0M -2.9%	$102.0M -3.8%	$106.0M -5.4%	$112.0M -13.2%	$129.0M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $1.8B

Investing cash flow $447.0M

Financing cash flow $-936.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.6B 1737.8%	$-98.0M -109.3%	$1.1B 4.6%	$1.0B -76.1%	$4.2B
Operating Activities Depreciation and Amortization	$226.0M -1.7%	$230.0M -5.0%	$242.0M -5.1%	$255.0M -30.9%	$369.0M
Operating Activities Stock Based Compensation	$153.0M 26.4%	$121.0M -3.2%	$125.0M 26.3%	$99.0M -2.0%	$101.0M
Operating Activities Deferred Income Taxes	$55.0M 125.8%	$-213.0M -95.4%	$-109.0M -101.9%	$-54.0M -156.3%	$96.0M
Operating Activities Changes In Operating Assets and Liabilities	$128.0M -45.1%	$233.0M 13.1%	$206.0M 9.6%	$188.0M 40.3%	$134.0M
Operating Activities Other Non Cash Items	$-458.0M -252.2%	$301.0M 1781.3%	$16.0M 103.2%	$-495.0M -182.9%	$-175.0M
Operating Activities net Cash From Operating Activities	$1.8B 17.4%	$1.5B 12.4%	$1.3B 65.6%	$812.0M -60.6%	$2.1B
Investing Activities Business Acquisitions	$15.0M -85.6%	$104.0M 1633.3%	$6.0M -92.6%	$81.0M 72.3%	$47.0M
Investing Activities Purchases of Investments	$40.0M 233.3%	$12.0M 200.0%	$4.0M	—	$200.0M
Investing Activities net Cash From Investing Activities	$447.0M 78.8%	$250.0M 123.0%	$-1.1B -527.2%	$-173.0M -106.7%	$2.6B
Financing Activities Proceeds From Debt	$999.0M 33.9%	$746.0M -0.3%	$748.0M -0.3%	$750.0M	$0
Financing Activities Repayment of Debt	$5.0M -99.2%	$655.0M 157.9%	$254.0M -56.6%	$585.0M -42.0%	$1.0B
Financing Activities Repurchase of Common Stock	$1.6B 83.1%	$901.0M -9.9%	$1.0B -71.7%	$3.5B 117.0%	$1.6B
Financing Activities Dividends Paid	$358.0M 1.1%	$354.0M 0.6%	$352.0M -4.6%	$369.0M -1.3%	$374.0M
Financing Activities Tax Withholding On Stock Based Compensation	$56.0M 0.0%	$56.0M 115.4%	$26.0M -23.5%	$34.0M 112.5%	$16.0M
Financing Activities net Cash From Financing Activities	$-936.0M -103.9%	$-459.0M 61.8%	$-1.2B 65.2%	$-3.4B -10.6%	$-3.1B
Cash Reconciliation Effect of Exchange Rate On Cash	$203.0M 309.3%	$-97.0M -981.8%	$11.0M 106.7%	$-164.0M -29.1%	$-127.0M
Cash Reconciliation net Change In Cash	$1.3B -1.3%	$1.3B 238.6%	$-940.0M 66.5%	$-2.8B -285.0%	$1.5B
Cash Reconciliation Cash At Beginning of Period	$6.5B 29.8%	$5.0B 31.8%	$3.8B -19.7%	$4.7B -38.6%	$7.7B
Cash Reconciliation Cash At End of Period	$6.5B 29.8%	$5.0B 31.8%	$3.8B -19.7%	$4.7B -38.6%	$7.7B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+23.0%	+6.3%	+14.4%	+13.3%	+24.5%
Operating margin	+23.0%	+6.3%	+14.4%	+13.3%	+24.5%
Net margin	+16.5%	-1.0%	+11.1%	+11.4%	+46.9%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+3.1%	+3.3%	+3.3%	+1.9%	+1.9%
Returns
ROE	+20.1%	-1.2%	+11.1%	+10.1%	+31.8%
ROA	+5.4%	-0.4%	+3.6%	+3.2%	+12.1%
ROIC	+16.8%	+0.0%	+8.5%	+7.4%	+13.2%
Liquidity
Current ratio	1.20x	1.20x	1.06x	1.07x	1.26x
Quick ratio	0.42x	0.35x	0.32x	0.25x	0.47x
Leverage
D/E	2.69x	2.48x	2.05x	2.16x	1.63x
Interest coverage	8.59x	2.38x	5.81x	5.66x	10.44x
Efficiency
Asset turnover	0.33x	0.36x	0.33x	0.28x	0.26x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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Willis Towers Watson

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