WILLIS TOWERS WATSON PLC WTW
WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. Utilizing the global view and local expertise of our approximately 47,000 colleagues serving more than 140 countries and markets, we help organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance. We design and deliver solutions that manage risk, optimize benefits, cultivate talent and expand the power of capital to protect and strengthen institutions and individuals. Working closely with our clients, we uncover opportunities for sustainable success.
Our clients operate on a global and local scale in a multitude of businesses and industries throughout the world and generally range in size from large, major multinational corporations to middle-market domestic and international companies. Our clients include many of the world's leading corporations, including approximately 93% of the FTSE 100, 89% of the Fortune 1000, and 92% of the Fortune Global 500 companies. We also advise the majority of the world's leading insurance companies. We work with major corporations, emerging growth companies, governmental agencies and not-for-profit institutions in a wide variety of industries, with many of our client relationships spanning decades. None of the Company's clients individually represented more than 10% of its consolidated revenue for each of the years ended December 31, 2025, 2024 and 2023. We place insurance with approximately 2,500 insurance carriers, none of which individually accounted for a significant concentration of the total premiums we placed on behalf of our clients in 2025, 2024 or 2023.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.52B | $9.74B | $9.30B | $8.73B | $8.83B | $8.55B | $8.29B | $8.41B | $8.20B | $7.89B |
| Total operating expenses | $7.47B | $9.30B | $8.12B | $7.69B | $6.80B | $7.76B | $7.32B | $7.70B | $7.69B | $7.54B |
| Operating income | $2.23B | $627.0M | $1.36B | $1.18B | $2.20B | $859.0M | $1.05B | $809.0M | $516.0M | $348.0M |
| Interest expense | $260.0M | $263.0M | $235.0M | $208.0M | $211.0M | $244.0M | $234.0M | $208.0M | $188.0M | $184.0M |
| Pre-tax income | $1.95B | $102.0M | $1.28B | $1.26B | $2.69B | $1.01B | $1.05B | $851.0M | $492.0M | $342.0M |
| Income tax | $318.0M | $192.0M | $215.0M | $194.0M | $536.0M | $249.0M | $197.0M | $136.0M | $100.0M | $96.0M |
| Net income | $1.60B | -$98.0M | $1.05B | $1.01B | $4.22B | $996.0M | $1.04B | $695.0M | $568.0M | $420.0M |
| EPS, basic | 16.34 | -0.96 | 10.01 | 9.00 | 32.88 | 7.68 | 8.05 | 5.29 | 4.21 | 3.07 |
| EPS, diluted | 16.26 | -0.96 | 9.95 | 8.98 | 32.78 | 7.65 | 8.02 | 5.27 | 4.18 | 3.04 |
| Shares, diluted (wtd. avg.) | $99.0M | $102.0M | $106.0M | $112.0M | $129.0M | $130.0M | $130.0M | $132.0M | $136.0M | $138.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.13B | $1.89B | $1.42B | $4.72B | $7.69B | $6.30B | $4.18B | $4.26B | $1.03B | $870.0M |
| Short-term investments | $25.0M | $0 | — | $0 | $200.0M | — | — | — | — | — |
| Receivables | $2.70B | $2.49B | $2.57B | $2.39B | $2.37B | $2.41B | $2.62B | $2.38B | $2.25B | $2.08B |
| Total current assets | $16.87B | $15.11B | $13.43B | $15.84B | $18.49B | $20.30B | $17.04B | $16.42B | $15.86B | $13.79B |
| Property, plant and equipment | $695.0M | $661.0M | $720.0M | $718.0M | $851.0M | $1.01B | $1.05B | $942.0M | $985.0M | $839.0M |
| Goodwill | $8.94B | $8.80B | $10.20B | $10.17B | $10.18B | $10.39B | $10.38B | $10.46B | $10.52B | $10.41B |
| Other intangibles | $1.14B | $1.29B | $2.02B | $2.27B | $2.56B | $2.99B | $3.43B | $3.32B | $3.88B | $4.33B |
| Total assets | $29.53B | $27.68B | $29.09B | $31.77B | $34.97B | $38.53B | $35.43B | $32.38B | $32.46B | $30.25B |
| Accounts payable | — | — | — | — | — | — | — | $163.0M | $136.0M | $117.0M |
| Short-term debt | $550.0M | $0 | $650.0M | $250.0M | $613.0M | $971.0M | $316.0M | $186.0M | $85.0M | $508.0M |
| Total current liabilities | $14.00B | $12.60B | $12.63B | $14.78B | $14.72B | $19.33B | $16.07B | $15.30B | $14.76B | $13.37B |
| Long-term debt | $5.76B | $5.31B | $4.57B | $4.47B | $3.97B | $4.66B | $5.30B | $4.39B | $4.45B | $3.36B |
| Total liabilities | $21.48B | $19.66B | $19.50B | $21.68B | $21.66B | $27.60B | $25.06B | $22.39B | $22.18B | $20.02B |
| Retained earnings | -$296.0M | $109.0M | $1.47B | $1.76B | $4.64B | $2.43B | $1.79B | $1.20B | $1.10B | $1.45B |
| Total equity | $7.98B | $7.94B | $9.59B | $10.09B | $13.31B | $10.93B | $10.37B | $9.97B | $10.25B | $10.18B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.77B | $1.51B | $1.34B | $812.0M | $2.06B | $1.77B | $1.08B | $1.29B | $862.0M | $933.0M |
| Depreciation and amortisation | $226.0M | $230.0M | $242.0M | $255.0M | $281.0M | $308.0M | $240.0M | $213.0M | $252.0M | $178.0M |
| Stock-based compensation | $153.0M | $121.0M | $125.0M | $99.0M | $101.0M | $90.0M | $74.0M | $50.0M | $67.0M | $123.0M |
| Capital expenditure | $229.0M | $245.0M | $242.0M | — | — | — | — | $268.0M | $300.0M | $218.0M |
| Investing cash flow | $447.0M | $250.0M | -$1.08B | -$173.0M | $2.57B | -$160.0M | -$1.61B | -$341.0M | -$335.0M | $195.0M |
| Financing cash flow | -$936.0M | -$459.0M | -$1.20B | -$3.44B | -$3.11B | $378.0M | $455.0M | -$903.0M | -$479.0M | -$775.0M |
| Dividends paid | $358.0M | $354.0M | $352.0M | $369.0M | $374.0M | $346.0M | $329.0M | $306.0M | $277.0M | $199.0M |
| Buybacks | $1.65B | $901.0M | $1.00B | $3.53B | $1.63B | $0 | $150.0M | $602.0M | $532.0M | $396.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-069307.
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