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

Each cell as a share of that year’s revenue.

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	32.3%	19.0%	15.0%	14.2%	49.9%
Accounts Receivable	27.8%	25.1%	27.1%	26.9%	26.3%
Prepaid Expenses	6.1%	12.3%	3.8%	4.7%	6.8%
Total Current Assets	173.8%	152.1%	141.7%	178.6%	205.5%
Property,Plant and Equipment	7.2%	6.7%	7.6%	8.1%	9.5%
Operating Lease Assets	5.0%	4.9%	6.0%	6.6%	8.0%
Goodwill	92.1%	88.6%	107.5%	114.7%	113.2%
Intangible Assets	11.8%	13.0%	21.3%	25.6%	28.4%
Other Noncurrent Assets	8.9%	8.1%	16.6%	15.3%	13.4%
Total Assets	304.2%	278.8%	306.8%	358.3%	388.6%
Liabilities
Accrued Liabilities	0.6%	0.6%	0.5%	0.6%	0.6%
Current Portion of Long Term Debt	5.7%	0.0%	6.9%	2.8%	6.8%
Operating Lease Liabilities	1.3%	1.2%	1.3%	1.4%	1.7%
Other Current Liabilities	8.2%	7.7%	7.1%	8.1%	11.3%
Total Current Liabilities	144.3%	126.9%	133.2%	166.7%	163.6%
Long Term Debt	59.3%	53.5%	48.2%	50.4%	44.2%
Operating Lease Liabilities Noncurrent	4.9%	5.1%	6.2%	7.0%	8.2%
Other Noncurrent Liabilities	2.5%	2.6%	2.5%	2.5%	2.8%
Total Liabilities	221.2%	198.0%	205.6%	244.5%	240.7%
Equity
Additional Paid In Capital	114.4%	110.7%	115.0%	122.7%	120.1%
Retained Earnings	-3.0%	1.1%	15.5%	19.9%	51.6%
Accumulated Other Comprehensive Income	-29.2%	-31.8%	-30.1%	-29.6%	-24.3%
Noncontrolling Interest	0.8%	0.8%	0.8%	0.9%	0.5%
Total Stockholders Equity	82.2%	80.0%	100.4%	113.0%	147.4%
Total Liabilitiesand Equity	304.2%	278.8%	306.8%	358.3%	388.6%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	77.0%	93.7%	85.6%	86.7%	75.5%
Expenses Depreciation and Amortization	2.0%	2.3%	2.8%	3.5%	4.1%
Expenses Share Based Compensation	1.6%	1.2%	1.3%	1.1%	1.1%
Expenses Restructuring and Asset Impairment	0.0%	0.6%	0.7%	1.1%	0.3%
Expenses Operating Expenses	77.0%	93.7%	85.6%	86.7%	75.5%
Other Income Expense Operating Income	23.0%	6.3%	14.4%	13.3%	24.5%
Other Income Expense Interest Expense	2.7%	2.6%	2.5%	2.3%	2.3%
Other Income Expense Other Income/expense	-0.2%	-2.6%	1.5%	3.2%	7.8%
Other Income Expense Income Before Tax	20.1%	1.0%	13.5%	14.2%	29.9%
Income Tax Income Tax Expense	3.3%	1.9%	2.3%	2.2%	6.0%
net Income net Income	16.5%	-1.0%	11.1%	11.4%	46.9%
net Income Comprehensive Income	19.9%	-4.0%	8.6%	6.5%	48.8%
Earnings Per Share Basic Eps	0.0%	-0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	-0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.0%	1.1%	1.3%	1.4%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.0%	1.1%	1.3%	1.4%

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	16.5%	-1.0%	11.1%	11.4%	46.9%
Operating Activities Depreciation and Amortization	2.3%	2.3%	2.6%	2.9%	4.1%
Operating Activities Stock Based Compensation	1.6%	1.2%	1.3%	1.1%	1.1%
Operating Activities Deferred Income Taxes	0.6%	-2.1%	-1.1%	-0.6%	1.1%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	2.3%	2.2%	2.1%	1.5%
Operating Activities Other Non Cash Items	-4.7%	3.0%	0.2%	-5.6%	-1.9%
Operating Activities net Cash From Operating Activities	18.3%	15.2%	14.2%	9.2%	22.9%
Investing Activities Business Acquisitions	0.2%	1.0%	0.1%	0.9%	0.5%
Investing Activities Purchases of Investments	0.4%	0.1%	0.0%	—	2.2%
Investing Activities net Cash From Investing Activities	4.6%	2.5%	-11.4%	-2.0%	28.6%
Financing Activities Proceeds From Debt	10.3%	7.5%	7.9%	8.5%	0.0%
Financing Activities Repayment of Debt	0.1%	6.6%	2.7%	6.6%	11.2%
Financing Activities Repurchase of Common Stock	17.0%	9.1%	10.5%	39.8%	18.1%
Financing Activities Dividends Paid	3.7%	3.6%	3.7%	4.2%	4.2%
Financing Activities Tax Withholding On Stock Based Compensation	0.6%	0.6%	0.3%	0.4%	0.2%
Financing Activities net Cash From Financing Activities	-9.6%	-4.6%	-12.7%	-38.9%	-34.6%
Cash Reconciliation Effect of Exchange Rate On Cash	2.1%	-1.0%	0.1%	-1.8%	-1.4%
Cash Reconciliation net Change In Cash	13.2%	13.1%	-9.9%	-31.6%	16.9%
Cash Reconciliation Cash At Beginning of Period	66.8%	50.3%	40.0%	53.2%	85.5%
Cash Reconciliation Cash At End of Period	66.8%	50.3%	40.0%	53.2%	85.5%

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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Willis Towers Watson

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