WILLIS TOWERS WATSON PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WILLIS TOWERS WATSON PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	7,887	8,202	8,513	8,370	8,615	8,998	8,866	9,483	9,930	9,708
Operating expenses	7,539	7,686	7,704
Operating income	348	516	809	1,054	859	2,202	1,178	1,365	627	2,234
Interest expense	184	188	208	234	244	211	208	235	263	260
Interest income	2	3	3	21	18	12	55
Other non-operating income	178	164	250	226	396	701	288	146	-262	-21
Pre-tax income	342	492	851	1,046	1,011	2,692	1,258	1,276	102	1,953
Income tax	-96	-100	136	197	249	536	194	215	192	318
Income from continuing operations				820	738	2,142	1,049	1,055	-98
Net income to minority interests	18	24	20	29	24	14	15	9	10	8
Net income	420	568	695	1,044	996	4,222	1,009	1,055	-98	1,605
EBITDA	526	768	1,022	1,294	1,167	2,483	1,433	1,607	857	2,460
EPS, basic	3.07	4.21	5.29	8.05	7.68	32.88	9.00	10.01	-0.96	16.34
EPS, diluted	3.04	4.18	5.27	8.02	7.65	32.78	8.98	9.95	-0.96	16.26
Shares, basic (weighted)	137	135	131	130	130	128	112	105	102	98
Shares, diluted (weighted)	138	136	132	130	130	129	112	106	102	99
Dividend per share	1.92	2.12	2.40	2.60	2.75	3.02	3.28	3.36	3.52	3.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	870	1,030	1,033	887	2,039	4,486	1,262	1,424	1,890	3,132
Short-term investments						200	0		0	25
Receivables	2,080	2,246	2,379	2,621	2,408	2,370	2,387	2,572	2,494	2,702
Other current assets	55	71	57	112	74	54	54	53	60	56
Total current assets	13,792	15,861	16,420	17,037	20,301	18,488	15,835	13,433	15,105	16,874
Property, plant and equipment	839	985	942	1,046	1,013	851	718	720	661	695
Lease right-of-use assets			0	968	901	720	586	565	485	487
Goodwill	10,413	10,519	10,465	10,385	10,392	10,183	10,173	10,195	8,799	8,938
Intangible assets	4,368	3,882	3,318	3,478	2,989	2,555	2,273	2,016	1,295	1,141
Other non-current assets	353	447	467	835	1,080	1,202	1,357	1,573	806	866
Total assets	30,253	32,458	32,385	35,426	38,531	34,970	31,769	29,090	27,681	29,530
Accounts payable	117	136	163
Accrued liabilities	200	313	321
Short-term debt	508	85	186	316	971	613	250	650	0	550
Total current liabilities	13,370	14,755	15,301	16,070	19,332	14,724	14,779	12,630	12,598	14,004
Long-term debt	3,357	4,450	4,389	5,301	4,664	3,974	4,471	4,567	5,309	5,756
Lease liabilities			0	964	917	734	620	592	502	472
Other non-current liabilities	532	544	429	335	290	253	221	238	299	246
Total liabilities	20,019	22,181	22,388	25,057	27,599	21,662	21,676	19,497	19,664	21,478
Total debt	4,943	5,638	6,400	8,017	7,884	6,636	6,756	7,435	8,611	9,685
Paid-in capital	10,596	10,538	10,615	10,687	10,748	10,804	10,876	10,910	10,989	11,106
Retained earnings	1,452	1,104	1,201	1,792	2,434	4,645	1,764	1,466	109	-296
Treasury stock	-99	-3	-3	-3	-3	-3	-3	0
Other comprehensive income	-1,884	-1,513	-1,961	-2,227	-2,359	-2,186	-2,621	-2,856	-3,158	-2,834
Shareholders' equity	10,065	10,126	9,852	10,249	10,820	13,260	10,016	9,520	7,940	7,976
Minority interests	118	123	119	120	112	48	77	73	77	76
Total equity	10,183	10,249	9,971	10,369	10,932	13,308	10,093	9,593	8,017	8,052
Total liabilities and equity	30,253	32,458	32,385	35,426	38,531	34,970	31,769	29,090	27,681	29,530

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	438	592	715	1,073	1,020	4,236	1,024	1,064	-88	1,613
Depreciation and amortization	178	252	213	240	308	281	255	242	230	226
Stock-based compensation	123	67	50	74	90	101	99	125	121	153
Deferred income tax	-244	-285	-115	-81	99	96	-54	-109	-213	55
Change in receivables	-101	-64	68	-261	72	-134	-188	-206	-233	-128
Cash from operations	933	862	1,288	1,081	1,774	2,061	812	1,345	1,512	1,775
Capital expenditures	-218	-300	-268					-242	-245	-229
Acquisitions	476	-13	-36	-1,329	-69	-47	-81	-6	-104	-15
Purchases of investments				0	0	-200		-4	-12	-40
Cash from investing	195	-335	-341	-1,614	-160	2,570	-173	-1,085	250	447
Debt issued	1,606	649	998	997	282	0	750	748	746	999
Debt repaid	-1,901	-734	-170	-995	-327	-1,008	-585	-254	-655	-5
Stock issued	63	61	45	45	16	10	7	0	0
Share buybacks	-396	-532	-602	-150	0	-1,627	-3,530	-1,000	-901	-1,650
Dividends paid	-199	-277	-306	-329	-346	-374	-369	-352	-354	-358
Cash from financing	-775	-479	-903	455	378	-3,114	-3,445	-1,200	-459	-936
Exchange rate effect	-15	112	-41	0	126	-127	-164	11	-97	203
Net change in cash		48	44	-78	1,992	1,517	-2,806	-940	1,303	1,286
Free cash flow	715	562	1,020					1,103	1,267	1,546
Interest paid	143	169	176	210	229	212	201	223	242	252
Income taxes paid	158	203	178	299	310	570	428	348	312	441

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $293.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.2%	Operating income / revenue.
EBITDA margin	24.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.8%	Pre-tax income / revenue.
Net margin	15.5%	Net income / revenue.
FCF margin	16.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.0%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	14.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	256.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	187.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	16.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	21.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	4.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.4%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$4.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.97x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.85x	Operating income / interest expense.
Working capital	$1.50B	Current assets - current liabilities.
Goodwill and intangibles / assets	36.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	15.0x	Revenue / average property, plant and equipment.
Receivables turnover	3.88x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
FCF conversion	107.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$107.47	Revenue / diluted weighted shares.
FCF per share	$17.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$20.46	Cash from operations / diluted weighted shares.
Book value per share	$81.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$37.14	Tangible book value / shares outstanding.
Cash per share	$17.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	100.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$27.30B	Share price x shares outstanding.
Enterprise value	$32.17B	Market cap + total debt - cash - short-term investments.
P/E	17.4x	Market cap / net income. Only when net income is positive.
P/S	2.70x	Market cap / revenue.
P/B	3.55x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	3.18x	Enterprise value / revenue.
EV/EBIT	14.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	7.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.80x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WILLIS TOWERS WATSON PLC's revenue in fiscal 2025?

WILLIS TOWERS WATSON PLC reported revenue of $9.71B for fiscal 2025, 2.2% lower than the year before.

Was WILLIS TOWERS WATSON PLC profitable in fiscal 2025?

Yes. Net income was $1.61B, a net margin of 16.5%.

How much free cash flow did WILLIS TOWERS WATSON PLC generate in fiscal 2025?

Cash from operations of $1.78B minus capital expenditures of $229.0M left free cash flow of $1.55B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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