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Ryan Specialty vs Willis Towers Watson: revenue, profit, margins and growth compared

Ryan Specialty brought in $3.1B of revenue in fiscal 2025, Willis Towers Watson $9.7B in fiscal 2025. Revenue changed by +21.3% at Ryan Specialty and -2.2% at Willis Towers Watson on the year before, so Ryan Specialty grew faster. Ryan Specialty kept 2.1% of its revenue as net profit, Willis Towers Watson 16.5%. Free cash flow was $640.7M at Ryan Specialty and $1.5B at Willis Towers Watson.

Side by side, latest fiscal year

RYANWTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.1B$9.7B
Revenue growth+21.3%-2.2%
Net income$63.4M$1.6B
Net margin2.1%16.5%
Free cash flow$640.7M$1.5B
Free cash flow margin21.0%15.9%
Earnings per share (diluted)n/a$16.26
Cash$158.3M$3.1B
Debt$3.3B$9.7B
Price to earningsn/a18.1
Market value$9.7B$27.3B
Dividend yieldn/a1.25%
Rank by revenue in sector#122 of 444 · Finance#62 of 444 · Finance

Over the years

Revenue
RYAN FY2019: $765.1MRYAN FY2021: $1BRYAN FY2021: $1.4BRYAN FY2022: $1.7BRYAN FY2023: $2.1BRYAN FY2024: $2.5BRYAN FY2025: $3.1BWTW FY2018: $8.5BWTW FY2019: $8.4BWTW FY2020: $8.6BWTW FY2021: $9BWTW FY2021: $8.9BWTW FY2023: $9.5BWTW FY2024: $9.9BWTW FY2025: $9.7BFY18FY19FY20FY21FY22FY23FY24FY25
RYAN $3.1BWTW $9.7B
Net income
RYAN FY2019: $64.2MRYAN FY2021: $68.1MRYAN FY2021: $65.9MRYAN FY2022: $61.1MRYAN FY2023: $61MRYAN FY2024: $94.7MRYAN FY2025: $63.4MWTW FY2018: $695MWTW FY2019: $1BWTW FY2020: $996MWTW FY2021: $4.2BWTW FY2021: $1BWTW FY2023: $1.1BWTW FY2024: -$98MWTW FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
RYAN $63.4MWTW $1.6B
Net margin
RYAN FY2019: 8.4%RYAN FY2021: 6.7%RYAN FY2021: 4.6%RYAN FY2022: 3.5%RYAN FY2023: 2.9%RYAN FY2024: 3.8%RYAN FY2025: 2.1%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
RYAN 2.1%WTW 16.5%
Revenue growth
RYAN FY2021: +33.1%RYAN FY2021: +40.7%RYAN FY2022: +20.4%RYAN FY2023: +20.4%RYAN FY2024: +21.1%RYAN FY2025: +21.3%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
RYAN +21.3%WTW -2.2%
Free cash flow
RYAN FY2019: $149.4MRYAN FY2021: $130.2MRYAN FY2021: -$69.7MRYAN FY2022: $327.8MRYAN FY2023: $477.2MRYAN FY2024: $514.9MRYAN FY2025: $640.7MWTW FY2018: $1BWTW FY2023: $1.1BWTW FY2024: $1.3BWTW FY2025: $1.5BFY18FY19FY21FY22FY23FY24FY25
RYAN $640.7MWTW $1.5B

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

Questions about Ryan Specialty and Willis Towers Watson

Which is bigger by revenue, Ryan Specialty or Willis Towers Watson?

Willis Towers Watson is bigger by revenue: $9.7B in fiscal 2025, against $3.1B for Ryan Specialty in fiscal 2025.

Which keeps more of its revenue as profit, Ryan Specialty or Willis Towers Watson?

Ryan Specialty had a net margin of 2.1% in fiscal 2025; Willis Towers Watson had 16.5% in fiscal 2025.

Which grew revenue faster, Ryan Specialty or Willis Towers Watson?

In their latest fiscal years revenue changed by +21.3% at Ryan Specialty 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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