WILLIS TOWERS WATSON PLC

Listed Company

WTWCIK 0001140536NasdaqLarge AcceleratedInsurance Agents, Brokers & ServiceL2FY ends Dec 31

Period

FY 2025

Revenue

$9.71B

Net Income

$1.60B

Total Assets

$29.53B

Equity

$7.98B

Shares Out

94.45M

Op. Cash Flow

$1.77B

Business

WILLIS TOWERS WATSON PLC is a global advisory, broking and solutions company that provides data-driven, insight-led services in the areas of people, risk and capital. It offers consulting, insurance brokerage and placement, benefits design and administration, retirement and investment management, risk analytics and modeling, technology platforms, employee experience tools, and private and individual insurance marketplaces. The business is managed through two reportable segments: Health, Wealth & Career and Risk & Broking. WTW serves clients across more than 140 countries through a global distribution network, digital platforms and partnerships with insurance carriers.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	9,708	9,930	9,483	8,866	8,998
Salaries and benefits	5,625	5,502	5,344	5,065	5,253
Other operating expenses	1,408	1,833	1,815	1,695	1,673
Impairment	0	1,000	0	—	—
Depreciation	226	230	242	255	281
Amortization	192	226	263	312	369
Restructuring costs	0	61	68	99	26
Transaction and transformation	23	409	386	181	−806
Total costs of providing services	7,474	9,303	8,118	7,688	6,796
Income from operations	2,234	627	1,365	1,178	2,202
Interest expense	−260	−263	−235	−208	−211
Other (loss)/income, net	−21	−262	146	288	701
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	1,953	102	1,276	—	—
Provision for income taxes	−318	−192	−215	−194	−536
INCOME/(LOSS) FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	1,635	−90	1,061	—	—
Interest in earnings of associates, net of tax	−22	2	3	—	—
NET INCOME/(LOSS)	1,613	−88	1,064	1,024	4,236
Income attributable to non-controlling interests	−8	−10	−9	−15	−14
NET INCOME/(LOSS) ATTRIBUTABLE TO WTW	1,605	−98	1,055	1,009	4,222
Basic earnings/(loss) per share	16.34	−0.96	10.01	9	32.88
Diluted earnings/(loss) per share	16.26	−0.96	9.95	8.98	32.78
Foreign currency translation	412	−204	173	−499	−87
Defined pension and post-retirement benefits	−91	−94	−408	65	260
Derivative instruments	3	−4	2	−2	2
Other comprehensive income/(loss), net of tax, before non-controlling interests	324	−302	−233	−436	175
Comprehensive income/(loss) before non-controlling interests	1,937	−390	831	588	4,411
Comprehensive income attributable to non-controlling interests	−8	−10	−11	−14	−16
Comprehensive income/(loss) attributable to WTW	1,929	−400	820	574	4,395

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,132	1,890	1,424	1,262	4,486
Fiduciary assets	10,445	9,504	9,073	11,772	11,014
Accounts receivable, net	2,702	2,494	2,572	2,387	2,370
Prepaid and other current assets	595	1,217	364	414	612
Total current assets	16,874	15,105	13,433	15,835	18,488
Fixed assets, net	695	661	720	718	851
Goodwill	8,938	8,799	10,195	10,173	10,183
Other intangible assets, net	1,141	1,295	2,016	2,273	2,555
Right-of-use assets	487	485	565	586	720
Pension benefits assets	529	530	588	827	971
Other non-current assets	866	806	1,573	1,357	1,202
Total non-current assets	12,656	12,576	15,657	15,934	16,482
TOTAL ASSETS	29,530	27,681	29,090	31,769	34,970
Fiduciary liabilities	10,445	9,504	9,073	11,772	11,014
Deferred revenue and accrued expenses	2,087	2,211	2,104	1,915	1,926
Current debt	550	0	650	250	613
Current lease liabilities	125	118	125	126	150
Other current liabilities	797	765	678	716	1,015
Total current liabilities	14,004	12,598	12,630	14,779	14,724
Long-term debt	5,756	5,309	4,567	4,471	3,974
Liability for pension benefits	660	615	563	480	757
Provision for liabilities	340	341	365	357	375
Long-term lease liabilities	472	502	592	620	734
Other non-current liabilities	246	299	238	221	253
Total non-current liabilities	7,474	7,066	6,867	6,897	6,938
TOTAL LIABILITIES	21,478	19,664	19,497	21,676	21,662
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Additional paid-in capital	11,106	10,989	10,910	10,876	10,804
Retained earnings	−296	109	1,466	1,764	4,645
Accumulated other comprehensive loss, net of tax	−2,834	−3,158	−2,856	−2,621	−2,186
Total WTW shareholders' equity	7,976	7,940	9,520	10,016	13,260
Non-controlling interests	76	77	73	77	48
Total equity	8,052	8,017	9,593	10,093	13,308
TOTAL LIABILITIES AND EQUITY	29,530	27,681	29,090	31,769	34,970

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	226	230	242	255	281
Amortization	192	226	263	312	369
Non-cash restructuring charges	0	41	38	71	0
Non-cash lease expense	97	98	105	120	160
Net periodic cost of/(credit for) defined benefit pension plans	112	4	−26	−153	−168
Provision for doubtful receivables from clients	6	13	6	13	19
Provision for/(benefit from) deferred income taxes	55	−213	−109	−50	226
Share-based compensation	153	121	125	99	101
Net (gain)/loss on disposal of operations	−40	337	−43	59	−2,679
Non-cash foreign exchange loss/(gain)	13	−31	20	−137	−10
Other, net	59	58	31	6	−25
Accounts receivable	−128	−233	−206	−188	−134
Other assets	−116	−373	−185	−197	−122
Other liabilities	−458	301	16	−495	−175
Provisions	−9	−21	4	−8	−18
Net cash from operating activities	1,775	1,512	1,345	812	2,061
Additions to fixed assets and software	−229	−245	−242	—	—
Acquisitions of operations, net of cash acquired	−15	−104	−6	−81	−47
Contributions to investments in associates	−35	−3	0	—	—
Net proceeds from sale of operations	870	619	89	−59	4,048
Cash and fiduciary funds transferred in sale of operations	−54	−5	−922	−29	−1,030
Net purchases of held-to-maturity securities	−50	0	0	—	—
Net purchases of available-for-sale securities	−40	−12	−4	—	—
Net cash from/(used in) investing activities	447	250	−1,085	−173	2,570
Senior notes issued	999	746	748	750	0
Debt issuance costs	−10	−9	−7	−5	−4
Repayments of debt	−5	−655	−254	−585	−1,008
Repurchase of shares	−1,650	−901	−1,000	−3,530	−1,627
Net proceeds/(payments) from fiduciary funds held for clients	172	785	−234	354	−40
Payments of deferred and contingent consideration related to acquisitions	−19	−2	−12	−22	−19
Cash paid for employee taxes on withholding shares	−56	−56	−26	−34	−16
Dividends paid	−358	−354	−352	−369	−374
Acquisitions of and dividends paid to non-controlling interests	−9	−13	−63	−11	−36
Net cash used in financing activities	−936	−459	−1,200	−3,445	−3,114
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,286	1,303	−940	−2,806	1,517
Effect of exchange rate changes on cash, cash equivalents and restricted cash	203	−97	11	−164	−127

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro