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Brown & Brown vs Willis Towers Watson: revenue, profit, margins and growth compared

Brown & Brown brought in $5.9B of revenue in fiscal 2025, Willis Towers Watson $9.7B in fiscal 2025. Revenue changed by +22.8% at Brown & Brown and -2.2% at Willis Towers Watson on the year before, so Brown & Brown grew faster. Brown & Brown kept 17.9% of its revenue as net profit, Willis Towers Watson 16.5%. Free cash flow was $1.4B at Brown & Brown and $1.5B at Willis Towers Watson.

Side by side, latest fiscal year

BROWTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.9B$9.7B
Revenue growth+22.8%-2.2%
Net income$1.1B$1.6B
Net margin17.9%16.5%
Free cash flow$1.4B$1.5B
Free cash flow margin23.4%15.9%
Earnings per share (diluted)$3.16$16.26
Cash$1.1B$3.1B
Debt$7.6B$9.7B
Price to earnings19.318.1
Market value$20.4B$27.3B
Dividend yield1.02%1.25%
Rank by revenue in sector#91 of 444 · Finance#62 of 444 · Finance

Over the years

Revenue
BRO FY2018: $2BBRO FY2019: $2.4BBRO FY2020: $2.6BBRO FY2021: $3.1BBRO FY2022: $3.6BBRO FY2023: $4.3BBRO FY2024: $4.8BBRO FY2025: $5.9BWTW FY2018: $8.5BWTW FY2019: $8.4BWTW FY2020: $8.6BWTW FY2021: $9BWTW FY2021: $8.9BWTW FY2023: $9.5BWTW FY2024: $9.9BWTW FY2025: $9.7BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $5.9BWTW $9.7B
Net income
BRO FY2018: $344.3MBRO FY2019: $398.5MBRO FY2020: $480.5MBRO FY2021: $587.1MBRO FY2022: $672MBRO FY2023: $871MBRO FY2024: $993MBRO FY2025: $1.1BWTW FY2018: $695MWTW FY2019: $1BWTW FY2020: $996MWTW FY2021: $4.2BWTW FY2021: $1BWTW FY2023: $1.1BWTW FY2024: -$98MWTW FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.1BWTW $1.6B
Net margin
BRO FY2018: 17.1%BRO FY2019: 16.7%BRO FY2020: 18.4%BRO FY2021: 19.2%BRO FY2022: 18.8%BRO FY2023: 20.5%BRO FY2024: 20.7%BRO FY2025: 17.9%WTW FY2018: 8.2%WTW FY2019: 12.5%WTW FY2020: 11.6%WTW FY2021: 46.9%WTW FY2021: 11.4%WTW FY2023: 11.1%WTW FY2024: -1.0%WTW FY2025: 16.5%FY18FY19FY20FY21FY22FY23FY24FY25
BRO 17.9%WTW 16.5%
Revenue growth
BRO FY2019: +18.8%BRO FY2020: +9.2%BRO FY2021: +16.8%BRO FY2022: +17.1%BRO FY2023: +19.1%BRO FY2024: +12.9%BRO FY2025: +22.8%WTW FY2019: -1.7%WTW FY2020: +2.9%WTW FY2021: +4.4%WTW FY2021: -1.5%WTW FY2023: +7.0%WTW FY2024: +4.7%WTW FY2025: -2.2%FY19FY20FY21FY22FY23FY24FY25
BRO +22.8%WTW -2.2%
Free cash flow
BRO FY2018: $526MBRO FY2019: $605.1MBRO FY2020: $642.3MBRO FY2021: $763.8MBRO FY2022: $829MBRO FY2023: $941MBRO FY2024: $1.1BBRO FY2025: $1.4BWTW FY2018: $1BWTW FY2023: $1.1BWTW FY2024: $1.3BWTW FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.4BWTW $1.5B

Fiscal years as each company reports them; the two may end in different months.

Questions about Brown & Brown and Willis Towers Watson

Which is bigger by revenue, Brown & Brown or Willis Towers Watson?

Willis Towers Watson is bigger by revenue: $9.7B in fiscal 2025, against $5.9B for Brown & Brown in fiscal 2025.

Which keeps more of its revenue as profit, Brown & Brown or Willis Towers Watson?

Brown & Brown had a net margin of 17.9% in fiscal 2025; Willis Towers Watson had 16.5% in fiscal 2025.

Which grew revenue faster, Brown & Brown or Willis Towers Watson?

In their latest fiscal years revenue changed by +22.8% at Brown & Brown and -2.2% at Willis Towers Watson.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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