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Willis Towers Watson

WTW Clue Score59
United Kingdom Fiscal year ends December CIK 0001140536
$296.26 -0.54% Close, 9 Oct 2026
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Price $296.26 +22.09% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue7.89Operating income0.35Net income0.42EPS, diluted3.04Fiscal year 2017Revenue8.20 +4.0%Operating income0.52Net income0.57 +35.2%EPS, diluted4.18 +37.5%Fiscal year 2018Revenue8.41 +2.6%Operating income0.81Net income0.70 +22.4%EPS, diluted5.27 +26.1%Fiscal year 2019Revenue8.29 −1.5%Operating income1.05Net income1.04 +50.2%EPS, diluted8.02 +52.2%Fiscal year 2020Revenue8.55 +3.2%Operating income0.86Net income1.00 −4.6%EPS, diluted7.65 −4.6%Fiscal year 2021Revenue8.83 +3.2%Operating income2.20Net income4.22 +323.9%EPS, diluted32.78 +328.5%Fiscal year 2022Revenue8.73 −1.1%Operating income1.18Net income1.01 −76.1%EPS, diluted8.98 −72.6%Fiscal year 2023Revenue9.30 +6.6%Operating income1.37Net income1.06 +4.6%EPS, diluted9.95 +10.8%Fiscal year 2024Revenue9.74 +4.7%Operating income0.63Net income−0.10 −109.3%EPS, diluted−0.96 −109.6%Fiscal year 2025Revenue9.52 −2.3%Operating income2.23Net income1.61EPS, diluted16.26
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 7.89 8.20 8.41 8.29 8.55 8.83 8.73 9.30 9.74 9.52
Growth +4.0% +2.6% −1.5% +3.2% +3.2% −1.1% +6.6% +4.7% −2.3%
Operating income 0.35 0.52 0.81 1.05 0.86 2.20 1.18 1.37 0.63 2.23
Net income 0.42 0.57 0.70 1.04 1.00 4.22 1.01 1.06 −0.10 1.61
Growth +35.2% +22.4% +50.2% −4.6% +323.9% −76.1% +4.6% −109.3%
EPS, diluted 3.04 4.18 5.27 8.02 7.65 32.78 8.98 9.95 −0.96 16.26
Growth +37.5% +26.1% +52.2% −4.6% +328.5% −72.6% +10.8% −109.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin4.4%Net margin5.3%Free cash flow margin9.1%Fiscal year 2017Operating margin6.3%Net margin6.9%Free cash flow margin6.9%Fiscal year 2018Operating margin9.6%Net margin8.3%Free cash flow margin12.1%Fiscal year 2019Operating margin12.7%Net margin12.6%Fiscal year 2020Operating margin10.0%Net margin11.6%Fiscal year 2021Operating margin24.9%Net margin47.8%Fiscal year 2022Operating margin13.5%Net margin11.6%Fiscal year 2023Operating margin14.7%Net margin11.3%Free cash flow margin11.9%Fiscal year 2024Operating margin6.4%Net margin−1.0%Free cash flow margin13.0%Fiscal year 2025Operating margin23.5%Net margin16.9%Free cash flow margin16.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 4.4% 6.3% 9.6% 12.7% 10.0% 24.9% 13.5% 14.7% 6.4% 23.5%
Net margin 5.3% 6.9% 8.3% 12.6% 11.6% 47.8% 11.6% 11.3% −1.0% 16.9%
Free cash flow margin 9.1% 6.9% 12.1% n/a n/a n/a n/a 11.9% 13.0% 16.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.93Capital expenditure−0.22Free cash flow0.72Buybacks−0.40Dividends paid−0.20Fiscal year 2017Operating cash flow0.86Capital expenditure−0.30Free cash flow0.56 −21.4%Buybacks−0.53Dividends paid−0.28Fiscal year 2018Operating cash flow1.29Capital expenditure−0.27Free cash flow1.02 +81.5%Buybacks−0.60Dividends paid−0.31Fiscal year 2019Operating cash flow1.08Buybacks−0.15Dividends paid−0.33Fiscal year 2020Operating cash flow1.77Buybacks0.00Dividends paid−0.35Fiscal year 2021Operating cash flow2.06Buybacks−1.63Dividends paid−0.37Fiscal year 2022Operating cash flow0.81Buybacks−3.53Dividends paid−0.37Fiscal year 2023Operating cash flow1.35Capital expenditure−0.24Free cash flow1.10Buybacks−1.00Dividends paid−0.35Fiscal year 2024Operating cash flow1.51Capital expenditure−0.25Free cash flow1.27 +14.9%Buybacks−0.90Dividends paid−0.35Fiscal year 2025Operating cash flow1.78Capital expenditure−0.23Free cash flow1.55 +22.0%Buybacks−1.65Dividends paid−0.36
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.93 0.86 1.29 1.08 1.77 2.06 0.81 1.35 1.51 1.78
Capital expenditure −0.22 −0.30 −0.27 n/a n/a n/a n/a −0.24 −0.25 −0.23
Free cash flow 0.72 0.56 1.02 n/a n/a n/a n/a 1.10 1.27 1.55
Growth −21.4% +81.5% +14.9% +22.0%
Buybacks −0.40 −0.53 −0.60 −0.15 0.00 −1.63 −3.53 −1.00 −0.90 −1.65
Dividends paid −0.20 −0.28 −0.31 −0.33 −0.35 −0.37 −0.37 −0.35 −0.35 −0.36

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.87Total debt3.36Net cash (debt)−2.49Shareholders’ equity10.07Debt to equity0.33Fiscal year 2017Cash1.03Total debt4.45Net cash (debt)−3.42Shareholders’ equity10.13Debt to equity0.44Fiscal year 2018Cash1.03Total debt4.58Net cash (debt)−3.54Shareholders’ equity9.85Debt to equity0.46Fiscal year 2019Cash0.89Total debt5.62Net cash (debt)−4.73Shareholders’ equity10.25Debt to equity0.55Fiscal year 2020Cash2.04Total debt5.64Net cash (debt)−3.60Shareholders’ equity10.82Debt to equity0.52Fiscal year 2021Cash4.49Total debt4.59Net cash (debt)−0.10Shareholders’ equity13.26Debt to equity0.35Fiscal year 2022Cash1.26Total debt4.72Net cash (debt)−3.46Shareholders’ equity10.02Debt to equity0.47Fiscal year 2023Cash1.42Total debt5.22Net cash (debt)−3.79Shareholders’ equity9.52Debt to equity0.55Fiscal year 2024Cash1.89Total debt5.31Net cash (debt)−3.42Shareholders’ equity7.94Debt to equity0.67Fiscal year 2025Cash3.13Total debt6.31Net cash (debt)−3.17Shareholders’ equity7.98Debt to equity0.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.87 1.03 1.03 0.89 2.04 4.49 1.26 1.42 1.89 3.13
Total debt 3.36 4.45 4.58 5.62 5.64 4.59 4.72 5.22 5.31 6.31
Net cash (debt) −2.49 −3.42 −3.54 −4.73 −3.60 −0.10 −3.46 −3.79 −3.42 −3.17
Shareholders’ equity 10.07 10.13 9.85 10.25 10.82 13.26 10.02 9.52 7.94 7.98
Debt to equity 0.33 0.44 0.46 0.55 0.52 0.35 0.47 0.55 0.67 0.79

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
7.89 8.20 8.41 8.29 8.55 8.83 8.73 9.30 9.74 9.52
Growth +4.0% +2.6% −1.5% +3.2% +3.2% −1.1% +6.6% +4.7% −2.3%
0.35 0.52 0.81 1.05 0.86 2.20 1.18 1.37 0.63 2.23
Growth +48.3% +56.8% +30.3% −18.5% +156.3% −46.5% +15.9% −54.1% +256.3%
0.34 0.49 0.85 1.05 1.01 2.69 1.26 1.28 0.10 1.95
−0.10 −0.10 0.14 0.20 0.25 0.54 0.19 0.22 0.19 0.32
0.42 0.57 0.70 1.04 1.00 4.22 1.01 1.06 −0.10 1.61
Growth +35.2% +22.4% +50.2% −4.6% +323.9% −76.1% +4.6% −109.3%
Per share
3.07 4.21 5.29 8.05 7.68 32.88 9.00 10.01 −0.96 16.34
3.04 4.18 5.27 8.02 7.65 32.78 8.98 9.95 −0.96 16.26
Growth +37.5% +26.1% +52.2% −4.6% +328.5% −72.6% +10.8% −109.6%
137.0 135.0 131.0 130.0 130.0 128.0 112.0 105.0 102.0 98.0
138.0 136.0 132.0 130.0 130.0 129.0 112.0 106.0 102.0 99.0
Growth −1.4% −2.9% −1.5% +0.0% −0.8% −13.2% −5.4% −3.8% −2.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 2.2% a year over five years, and earnings per share grew 16.3% a year.
  • The diluted share count fell 23.8% in five years, so buybacks did some of the work per share.
  • Operating margin is up 13.4 points on five years ago, at 23.5%.
  • A net loss in 1 of 10 years on file.