WTWWillis Towers Watson

Financials · Insurance Brokers · Nasdaq

WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. 10-K, Item 1

Headquarters: London England, X0
CEO: Carl Aaron Hess
Next results: around Feb 2, 2027

Compare with peers → Embed

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	16.28	Sales (ttm)	10.3B	Net income (ttm)	1.6B	Sales growth	-2.2%	EPS growth	-	Sales Q/Q	+7.5%
Free cash flow	1.7B	Gross margin	-	Oper. margin	22.0%	Net margin	15.2%	FCF margin	17.0%	ROE	20.1%
ROA	5.2%	R&D / sales	-	Dividend	3.68	Debt/Eq	0.84	Curr. ratio	1.10	Cash	1.9B
Op. cash flow (ttm)	2.0B	EBITDA	2.5B	EBITDA margin	25.3%	Net debt	4.6B	Quick ratio	1.10	Interest cover	8.59
ROIC	13.1%	Payout ratio	22.6%	Tax rate	16.3%	Stock pay / sales	1.6%	Shares out.	92.2M	Shares Y/Y	-2.9%
Book / share	84.19	Cash / share	21.10	Sales / share	111.41	Asset turnover	0.34	Days sales out.	102	Sales 3Y CAGR	+3.1%
Sales 5Y CAGR	+2.4%	EPS 3Y CAGR	+21.9%	EPS 5Y CAGR	+16.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth slowed to -2.2%+4.7% → -2.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 23.0%6.3% → 23.0% · Operating income / revenue · 10-K ↗
Net income turned to a profit−$98.0M → $1.6B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

WTW against Financials peers

Ten years, side by side → · All 76 →

WTWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

-2.2%70th of 76 · median +7.2%

Net margin

15.2%54th of 76 · median 20.4%

Return on equity

20.1%22nd of 74 · median 16.7%

Free cash flow margin

17.0%34th of 49 · median 21.5%

Debt / equity (less is better)

0.8438th of 62 · median 0.70

WTW and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
WTW Willis Towers Watson	$10.3B	-2.2%	-	15.2%	20.1%	17.0%	0.84
GPN Global Payments	$11.5B	-0.4%	61.5%	-11.2%	-5.6%	-1.5%	0.98
HBAN Huntington Bancshares	$10.4B	+10.6%	-	24.0%	7.7%	28.1%	0.73
MTB M&T Bank	$10.0B	+4.4%	-	30.2%	10.7%	-	0.71
BEN Franklin Resources	$9.4B	+7.3%	-	11.4%	9.0%	8.7%	0.22
NDAQ Nasdaq, Inc.	$9.2B	+11.6%	63.2%	22.8%	17.4%	24.7%	0.73

Profitability

1 of 3

!
Net margin below the peer median15.2% vs 20.4%
✓
Return on equity above 15%20.1%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 5.3% → 16.5%

Cash and shareholders

2 of 2

✓
Share count down over 5 years−23.8%
✓
Dividend per share up over 5 years$2.75 → $3.68

Free cash flow, FY2016 to FY2025: 715.0M → 1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Notes	Notes and bonds	–	not stated	$6.3B
Senior Notes (Senior Notes)	Notes and bonds	–	not stated	$3.3B
4.650% senior notes due 2027	Notes and bonds	4.65%	not stated	$748.0M
5.350% senior notes due 2033	Notes and bonds	5.35%	not stated	$743.0M
5.900% senior notes due 2054	Notes and bonds	5.90%	not stated	$738.0M
2.950% senior notes due 2029	Notes and bonds	2.95%	not stated	$725.0M
4.550% senior notes due 2031	Notes and bonds	4.55%	not stated	$695.0M
4.500% senior notes due 2028	Notes and bonds	4.50%	not stated	$598.0M
3.875% senior notes due 2049	Notes and bonds	3.88%	not stated	$543.0M
5.050% senior notes due 2048	Notes and bonds	5.05%	not stated	$396.0M
5.150% senior notes due 2036	Notes and bonds	5.15%	not stated	$298.0M
6.125% senior notes due 2043	Notes and bonds	6.12%	not stated	$272.0M

All 12 lines

From the debt note in the 10-K's XBRL (0001193125-26-069307), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.7B Net income 1.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $9.4B of revenue came from

by product, year to Dec 31, 2025

Broking $4.3B · 46%
Consulting $3.3B · 35%
Outsourced administration $1.2B · 12%
Other $644.0M · 7%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

WTW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue9.7B

Net income1.6B

Free cash flow1.5B

EPS (diluted)16.26

Dividend per share3.68

Diluted shares99.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
HWC	5.3B	54.5%	-8.8%
R&B	4.2B	43.5%	+7.6%
Corporate	3.0M	0.0%	-72.7%

10-K 0001193125-26-069307, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Broking	4.3B	44.6%	-9.9%
Consulting	3.3B	33.8%	+7.1%
Outsourced administration	1.2B	12.0%	-0.2%
Other	644.0M	6.6%	+6.3%

10-K 0001193125-26-069307, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Total Foreign Countries	9.6B	98.5%	-2.4%
UNITED STATES	4.5B	46.4%	-12.2%
Rest of World	3.0B	30.9%	+6.5%
UNITED KINGDOM	2.1B	21.3%	+11.1%
Ireland	143.0M	1.5%	+9.2%

10-K 0001193125-26-069307, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2024	FY2025
Revenue	7.9B	8.2B	8.5B	8.4B	8.6B	9.0B	8.9B	9.5B	9.9B	9.7B
Operating income	348.0M	516.0M	809.0M	1.1B	859.0M	2.2B	1.2B	1.4B	627.0M	2.2B
Interest expense	184.0M	188.0M	208.0M	234.0M	244.0M	211.0M	208.0M	235.0M	263.0M	260.0M
Pretax income	342.0M	492.0M	851.0M	1.0B	1.0B	2.7B	1.3B	1.3B	102.0M	2.0B
Income tax	-96.0M	-100.0M	136.0M	197.0M	249.0M	536.0M	194.0M	215.0M	192.0M	318.0M
Net income	420.0M	568.0M	695.0M	1.0B	996.0M	4.2B	1.0B	1.1B	-98.0M	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	138.0M	136.0M	132.0M	130.0M	130.0M	129.0M	112.0M	106.0M	102.0M	99.0M
Depreciation & amortization	178.0M	252.0M	213.0M	240.0M	308.0M	281.0M	255.0M	242.0M	230.0M	226.0M
EBITDA	526.0M	768.0M	1.0B	1.3B	1.2B	2.5B	1.4B	1.6B	857.0M	2.5B
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%
Revenue growth	-	+4.0%	+3.8%	-1.7%	+2.9%	+4.4%	-1.5%	+7.0%	+4.7%	-2.2%
EPS growth	-	+37.5%	+26.1%	+52.2%	-4.6%	+328%	-72.6%	+10.8%	-110%	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2024	FY2025
Cash	870.0M	1.0B	1.0B	887.0M	2.0B	4.5B	1.3B	1.4B	1.9B	3.1B
Short-term investments	-	-	-	-	-	200.0M	0	-	0	25.0M
Receivables	2.1B	2.2B	2.4B	2.6B	2.4B	2.4B	2.4B	2.6B	2.5B	2.7B
Current assets	13.8B	15.9B	16.4B	17.0B	20.3B	18.5B	15.8B	13.4B	15.1B	16.9B
Property & equipment	839.0M	985.0M	942.0M	1.0B	1.0B	851.0M	718.0M	720.0M	661.0M	695.0M
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
Accounts payable	117.0M	136.0M	163.0M	-	-	-	-	-	-	-
Current liabilities	13.4B	14.8B	15.3B	16.1B	19.3B	14.7B	14.8B	12.6B	12.6B	14.0B
Total debt	5.5B	5.7B	6.4B	8.0B	7.9B	6.6B	6.8B	7.4B	8.6B	9.7B
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
Retained earnings	1.5B	1.1B	1.2B	1.8B	2.4B	4.6B	1.8B	1.5B	109.0M	-296.0M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2024	FY2025
Operating cash flow	933.0M	862.0M	1.3B	1.1B	1.8B	2.1B	812.0M	1.3B	1.5B	1.8B
Capital spending	218.0M	300.0M	268.0M	-	-	-	-	242.0M	245.0M	229.0M
Free cash flow	715.0M	562.0M	1.0B	-	-	-	-	1.1B	1.3B	1.5B
Stock-based pay (added back)	123.0M	67.0M	50.0M	74.0M	90.0M	101.0M	99.0M	125.0M	121.0M	153.0M
Dividends paid	199.0M	277.0M	306.0M	329.0M	346.0M	374.0M	369.0M	352.0M	354.0M	358.0M
Buybacks	396.0M	532.0M	602.0M	150.0M	0	1.6B	3.5B	1.0B	901.0M	1.6B
Acquisitions	-476.0M	13.0M	36.0M	1.3B	69.0M	47.0M	81.0M	6.0M	104.0M	15.0M
Debt raised	1.6B	649.0M	998.0M	997.0M	282.0M	0	750.0M	748.0M	746.0M	999.0M
Debt repaid	1.9B	734.0M	170.0M	995.0M	327.0M	1.0B	585.0M	254.0M	655.0M	5.0M
Investing cash flow	195.0M	-335.0M	-341.0M	-1.6B	-160.0M	2.6B	-173.0M	-1.1B	250.0M	447.0M
Financing cash flow	-775.0M	-479.0M	-903.0M	455.0M	378.0M	-3.1B	-3.4B	-1.2B	-459.0M	-936.0M
Dividend per share	1.92	2.12	2.40	2.60	2.75	3.02	3.28	3.36	3.52	3.68

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2024	FY2025
Stock-based pay (expense)	123.0M	67.0M	50.0M	74.0M	90.0M	101.0M	99.0M	125.0M	121.0M	153.0M
Stock-based pay / revenue	1.6%	0.8%	0.6%	0.9%	1.0%	1.1%	1.1%	1.3%	1.2%	1.6%
Operating lease cost	-	-	-	191.0M	181.0M	192.0M	175.0M	146.0M	144.0M	122.0M
Operating lease cash paid	-	-	-	205.0M	190.0M	186.0M	173.0M	155.0M	152.0M	151.0M
Finance lease principal paid	-	-	-	2.0M	3.0M	3.0M	4.0M	4.0M	5.0M	5.0M
Right-of-use assets	-	-	0	968.0M	901.0M	720.0M	586.0M	565.0M	485.0M	487.0M
Operating lease liabilities	-	-	1.1B	1.1B	1.1B	884.0M	746.0M	717.0M	620.0M	597.0M
Finance lease liabilities	-	-	29.0M	25.0M	22.0M	19.0M	16.0M	12.0M	7.0M	2.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on WTW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WTW/export.csv") into a cell.