Willis Towers Watson (WTW) financial statements
Willis Towers Watson reported revenue of $9.7B in fiscal 2025, up 2.3% a year over 9 years.
Net income was $1.6B and the operating margin 23.0%, against 4.4% in 2016.
Free cash flow was $1.5B, and the company returned $358M in dividends and $1.6B in net buybacks.
The diluted share count fell 28% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Willis Towers Watson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.9B | $8.2B | $8.5B | $8.4B | $8.6B | $9.0B | $8.9B | $9.5B | $9.9B | $9.7B |
| Operating income | $348M | $516M | $809M | $1.1B | $859M | $2.2B | $1.2B | $1.4B | $627M | $2.2B |
| Interest expense | $184M | $188M | $208M | $234M | $244M | $211M | $208M | $235M | $263M | $260M |
| Pre-tax income | $342M | $492M | $851M | $1.0B | $1.0B | $2.7B | $1.3B | $1.3B | $104M | $2.0B |
| Income tax | -$96M | -$100M | $136M | $197M | $249M | $536M | $194M | $215M | $192M | $318M |
| Net income | $420M | $568M | $695M | $1.0B | $996M | $4.2B | $1.0B | $1.1B | -$98M | $1.6B |
| EPS (diluted) | $3.04 | $4.18 | $5.27 | $8.02 | $7.65 | $32.78 | $8.98 | $9.95 | -$0.96 | $16.26 |
| Diluted shares | 138M | 136M | 132M | 130M | 130M | 129M | 112M | 106M | 102M | 99M |
| Operating margin | 4.4% | 6.3% | 9.5% | 12.6% | 10.0% | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% |
| Net margin | 5.3% | 6.9% | 8.2% | 12.5% | 11.6% | 46.9% | 11.4% | 11.1% | -1.0% | 16.5% |
Balance sheet
Fiscal years, from Willis Towers Watson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $870M | $1.0B | $1.0B | $887M | $2.0B | $4.7B | $1.3B | $1.4B | $1.9B | $3.2B |
| Receivables | $2.1B | $2.2B | $2.4B | $2.6B | $2.4B | $2.4B | $2.4B | $2.6B | $2.5B | $2.7B |
| Total current assets | $13.8B | $15.9B | $16.4B | $17.0B | $20.3B | $18.5B | $15.8B | $13.4B | $15.1B | $16.9B |
| Property, plant and equipment | $839M | $985M | $942M | $1.0B | $1.0B | $851M | $718M | $720M | $661M | $695M |
| Goodwill | $10.4B | $10.5B | $10.5B | $10.4B | $10.4B | $10.2B | $10.2B | $10.2B | $8.8B | $8.9B |
| Total assets | $30.3B | $32.5B | $32.4B | $35.4B | $38.5B | $35.0B | $31.8B | $29.1B | $27.7B | $29.5B |
| Total current liabilities | $13.4B | $14.8B | $15.3B | $16.1B | $19.3B | $14.7B | $14.8B | $12.6B | $12.6B | $14.0B |
| Long-term debt | $3.4B | $4.5B | $4.4B | $5.3B | $4.7B | $4.0B | $4.5B | $4.6B | $5.3B | $5.8B |
| Total liabilities | $20.0B | $22.2B | $22.4B | $25.1B | $27.6B | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Shareholders' equity | $10.1B | $10.1B | $9.9B | $10.2B | $10.8B | $13.3B | $10.0B | $9.5B | $7.9B | $8.0B |
| Net debt | $3.0B | $3.5B | $3.5B | $4.7B | $3.6B | $101M | $3.5B | $3.8B | $3.4B | $3.2B |
Cash flow
Fiscal years, from Willis Towers Watson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $933M | $862M | $1.3B | $1.1B | $1.8B | $2.1B | $812M | $1.3B | $1.5B | $1.8B |
| Capital spending | $303M | $375M | $322M | $59M | $63M | $53M | $66M | $331M | $354M | $229M |
| Free cash flow | $630M | $487M | $966M | $1.0B | $1.7B | $2.0B | $746M | $1.0B | $1.2B | $1.5B |
| Stock-based compensation | $123M | $67M | $50M | $74M | $90M | $101M | $99M | $125M | $121M | $153M |
| Dividends paid | $199M | $277M | $306M | $329M | $346M | $374M | $369M | $352M | $354M | $358M |
| Share buybacks (net) | -$396M | -$532M | -$602M | -$150M | $0 | -$1.6B | -$3.5B | -$1.0B | -$901M | -$1.6B |
| Net borrowing | -$1.9B | -$734M | -$170M | -$995M | -$327M | -$1.0B | -$585M | -$254M | -$655M | -$5M |
| Free cash flow margin | 8.0% | 5.9% | 11.3% | 12.2% | 19.9% | 22.3% | 8.4% | 10.7% | 11.7% | 15.9% |
| Dividends per share | $1.44 | $2.04 | $2.32 | $2.53 | $2.66 | $2.90 | $3.29 | $3.32 | $3.47 | $3.62 |
Questions
What was Willis Towers Watson's revenue in 2025?
$9.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Willis Towers Watson generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Willis Towers Watson's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.