WILLIS TOWERS WATSON PLC Earnings Per Share Disclosure
Note 20 — Earnings Per Share
Basic and diluted earnings/(loss) per share are calculated by dividing net income/(loss) attributable to WTW by the average number of ordinary shares outstanding during each period. The computation of diluted earnings/(loss) per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company.
Basic and diluted earnings/(loss) per share are as follows:
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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Net income/(loss) attributable to WTW |
|
$ |
1,605 |
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|
$ |
(98 |
) |
|
$ |
1,055 |
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Basic weighted-average number of shares outstanding |
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|
98 |
|
|
|
102 |
|
|
|
105 |
|
Dilutive effect of potentially issuable shares |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Diluted weighted-average number of shares outstanding |
|
|
99 |
|
|
|
102 |
|
|
|
106 |
|
|
|
|
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Basic earnings/(loss) per share |
|
$ |
16.34 |
|
|
$ |
(0.96 |
) |
|
$ |
10.01 |
|
Dilutive effect of potentially issuable shares |
|
|
(0.08 |
) |
|
|
— |
|
|
|
(0.06 |
) |
Diluted earnings/(loss) per share |
|
$ |
16.26 |
|
|
$ |
(0.96 |
) |
|
$ |
9.95 |
|
For the year ended December 31, 2025, 0.1 million RSUs were not included in the computation of the dilutive effect of potentially issuable shares because their effect was anti-dilutive; for the year ended December 31, 2023, anti-dilutive RSUs were not material. The dilutive effect of potentially issuable shares was not computed for the year ended December 31, 2024 as the Company reported a net loss within its consolidated statement of comprehensive income.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.