financial statements

The full income statement, balance sheet, and cash-flow statement for Willis Towers Watson Public Limited Company (WTW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.52B YoY-2.3%	9.74B YoY+4.7%	9.30B YoY+6.6%	8.73B YoY-1.1%	8.83B YoY+3.2%
Restructuring	0.00 YoY-100.0%	61.0M YoY-10.3%	68.0M YoY-31.3%	99.0M YoY+280.8%	26.0M YoY+8.3%
Amortization of intangibles	192M YoY-15.0%	226M YoY-14.1%	263M YoY-15.7%	312M YoY-15.4%	369M YoY-20.0%
Provision for credit losses	6.00M YoY-53.8%	13.0M YoY+116.7%	6.00M YoY-53.8%	13.0M YoY-31.6%	19.0M YoY-34.5%
Operating income	2.23B YoY+256.3%	627M YoY-54.1%	1.36B YoY+15.9%	1.18B YoY-46.5%	2.20B YoY+156.3%
Interest expense	260M YoY-1.1%	263M YoY+11.9%	235M YoY+13.0%	208M YoY-1.4%	211M YoY-13.5%
Other non-operating income	-21.0M YoY+92.0%	-262M YoY-279.5%	146M YoY-49.3%	288M YoY-58.9%	701M YoY+77.0%
Equity-method income	-22.0M YoY-1200.0%	2.00M YoY-33.3%	3.00M YoY-25.0%	4.00M YoY-50.0%	8.00M YoY+33.3%
Pre-tax income	1.95B YoY+1814.7%	102M YoY-92.0%	1.28B YoY+1.4%	1.26B YoY-53.3%	2.69B YoY+166.3%
Income tax	318M YoY+65.6%	192M YoY-10.7%	215M YoY+10.8%	194M YoY-63.8%	536M YoY+115.3%
	1.60B YoY+1737.8%	-98.0M YoY-109.3%	1.05B YoY+4.6%	1.01B YoY-76.1%	4.22B YoY+323.9%
Income from continuing operations	—	-98.0M YoY-109.3%	1.05B YoY+0.6%	1.05B YoY-51.0%	2.14B YoY+190.2%
Discontinued operations	—	0.00	0.00 YoY+100.0%	-40.0M YoY-101.9%	2.08B YoY+706.2%
Net income to non-controlling interest	8.00M YoY-20.0%	10.0M YoY+11.1%	9.00M YoY-40.0%	15.0M YoY+7.1%	14.0M YoY-41.7%
	$16.26 YoY+1793.8%	-$0.96 YoY-109.6%	$9.95 YoY+10.8%	$8.98 YoY-72.6%	$32.78 YoY+328.5%
EPS (basic)	$16.34 YoY+1802.1%	-$0.96 YoY-109.6%	$10.01 YoY+11.2%	$9.00 YoY-72.6%	$32.88 YoY+328.1%
Weighted-avg shares (basic)	98.0M YoY-3.9%	102M YoY-2.9%	105M YoY-6.3%	112M YoY-12.5%	128M YoY-1.5%
Weighted-avg shares (diluted)	99.0M YoY-2.9%	102M YoY-3.8%	106M YoY-5.4%	112M YoY-13.2%	129M YoY-0.8%
Dividends per share	$3.68 YoY+4.5%	$3.52 YoY+4.8%	$3.36 YoY+2.4%	$3.28 YoY+8.6%	$3.02 YoY+9.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	16.9B YoY+11.7%	15.1B YoY+12.4%	13.4B YoY-15.2%	15.8B YoY-14.3%	18.5B YoY-8.9%
Cash & equivalents	3.13B YoY+65.7%	1.89B YoY+32.7%	1.42B YoY+12.8%	1.26B YoY-71.9%	4.49B YoY+120.0%
Short-term investments	25.0M	0.00	0.00	0.00 YoY-100.0%	200M
Accounts receivable	2.70B YoY+8.3%	2.49B YoY-3.0%	2.57B YoY+7.8%	2.39B YoY+0.7%	2.37B YoY-1.6%
Prepaid expenses	595M YoY-51.1%	1.22B YoY+234.3%	364M YoY-12.1%	414M YoY-32.4%	612M YoY+27.8%
Other current assets	56.0M YoY-6.7%	60.0M YoY+13.2%	53.0M YoY-1.9%	54.0M YoY+0.0%	54.0M YoY-27.0%
	29.5B YoY+6.7%	27.7B YoY-4.8%	29.1B YoY-8.4%	31.8B YoY-9.2%	35.0B YoY-9.2%
Property, plant & equipment	695M YoY+5.1%	661M YoY-8.2%	720M YoY+0.3%	718M YoY-15.6%	851M YoY-16.0%
Operating lease right-of-use	487M YoY+0.4%	485M YoY-14.2%	565M YoY-3.6%	586M YoY-18.6%	720M YoY-20.1%
Goodwill	8.94B YoY+1.6%	8.80B YoY-13.7%	10.2B YoY+0.2%	10.2B YoY-0.1%	10.2B YoY-2.0%
Intangible assets	1.14B YoY-11.9%	1.29B YoY-35.8%	2.02B YoY-11.3%	2.27B YoY-11.0%	2.56B YoY-14.5%
Deferred tax assets	167M YoY-29.8%	238M YoY+176.7%	86.0M YoY+26.5%	68.0M YoY-13.9%	79.0M YoY-16.8%
Other non-current assets	866M YoY+7.4%	806M YoY-48.8%	1.57B YoY+15.9%	1.36B YoY+12.9%	1.20B YoY+11.3%
Total non-current assets	12.7B YoY+0.6%	12.6B YoY-19.7%	15.7B YoY-1.7%	15.9B YoY-3.3%	16.5B YoY-9.6%
	14.0B YoY+11.2%	12.6B YoY-0.3%	12.6B YoY-14.5%	14.8B YoY+0.4%	14.7B YoY-23.8%
Accounts payable	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%
Short-term & current debt	550M	0.00 YoY-100.0%	650M YoY+160.0%	250M YoY-59.2%	613M YoY-36.9%
Current lease liability	125M YoY+5.9%	118M YoY-5.6%	125M YoY-0.8%	126M YoY-16.0%	150M YoY-1.3%
Other current liabilities	797M YoY+4.2%	765M YoY+12.8%	678M YoY-5.3%	716M YoY-29.5%	1.01B YoY+27.2%
	21.5B YoY+9.2%	19.7B YoY+0.9%	19.5B YoY-10.1%	21.7B YoY+0.1%	21.7B YoY-21.5%
Long-term debt	5.76B YoY+8.4%	5.31B YoY+16.2%	4.57B YoY+2.1%	4.47B YoY+12.5%	3.97B YoY-14.8%
Non-current lease liability	472M YoY-6.0%	502M YoY-15.2%	592M YoY-4.5%	620M YoY-15.5%	734M YoY-20.0%
Deferred tax liabilities	45.0M YoY+0.0%	45.0M YoY-91.7%	542M YoY-27.5%	748M YoY-11.5%	845M YoY+50.6%
Other non-current liabilities	246M YoY-17.7%	299M YoY+25.6%	238M YoY+7.7%	221M YoY-12.6%	253M YoY-12.8%
Total non-current liabilities	7.47B YoY+5.8%	7.07B YoY+2.9%	6.87B YoY-0.4%	6.90B YoY-0.6%	6.94B YoY-16.1%
	7.98B YoY+0.5%	7.94B YoY-16.6%	9.52B YoY-5.0%	10.0B YoY-24.5%	13.3B YoY+22.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	11.1B YoY+1.1%	11.0B YoY+0.7%	10.9B YoY+0.3%	10.9B YoY+0.7%	10.8B YoY+0.5%
Retained earnings	-296M YoY-371.6%	109M YoY-92.6%	1.47B YoY-16.9%	1.76B YoY-62.0%	4.64B YoY+90.8%
Treasury stock	5.00M YoY+0.0%	5.00M	0.00 YoY-100.0%	3.00M YoY+0.0%	3.00M YoY+0.0%
Accumulated other comprehensive income	-2.83B YoY+10.3%	-3.16B YoY-10.6%	-2.86B YoY-9.0%	-2.62B YoY-19.9%	-2.19B YoY+7.3%
Non-controlling interest	76.0M YoY-1.3%	77.0M YoY+5.5%	73.0M YoY-5.2%	77.0M YoY+60.4%	48.0M YoY-57.1%
Total equity incl. non-controlling	8.05B YoY+0.4%	8.02B YoY-16.4%	9.59B YoY-5.0%	10.1B YoY-24.2%	13.3B YoY+21.7%
Total liabilities & equity	29.5B YoY+6.7%	27.7B YoY-4.8%	29.1B YoY-8.4%	31.8B YoY-9.2%	35.0B YoY-9.2%
Shares outstanding (cover)	95.7M YoY-4.9%	101M YoY-2.5%	103M YoY-4.6%	108M YoY-13.1%	125M YoY-3.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.77B YoY+17.4%	1.51B YoY+12.4%	1.34B YoY+65.6%	812M YoY-60.6%	2.06B YoY+16.2%
Depreciation & amortization	226M YoY-1.7%	230M YoY-5.0%	242M YoY-5.1%	255M YoY-9.3%	281M YoY-8.8%
Share-based compensation	153M YoY+26.4%	121M YoY-3.2%	125M YoY+26.3%	99.0M YoY-2.0%	101M YoY+12.2%
Deferred income taxes	55.0M YoY+125.8%	-213M YoY-95.4%	-109M YoY-101.9%	-54.0M YoY-156.3%	96.0M YoY-3.0%
Change in receivables	128M YoY-45.1%	233M YoY+13.1%	206M YoY+9.6%	188M YoY+40.3%	134M YoY+286.1%
	447M YoY+78.8%	250M YoY+123.0%	-1.08B YoY-527.2%	-173M YoY-106.7%	2.57B YoY+1706.3%
Capital expenditure	229M YoY-6.5%	245M YoY+1.2%	242M	—	—
Acquisitions	15.0M YoY-85.6%	104M YoY+1633.3%	6.00M YoY-92.6%	81.0M YoY+72.3%	47.0M YoY-31.9%
Purchases of investments	—	—	—	—	200M
Other investing activities	—	—	—	0.00	0.00 YoY-100.0%
	-936M YoY-103.9%	-459M YoY+61.8%	-1.20B YoY+65.2%	-3.44B YoY-10.6%	-3.11B YoY-923.8%
Long-term debt repaid	5.00M YoY-99.2%	655M YoY+157.9%	254M YoY-56.6%	585M YoY-42.0%	1.01B YoY+208.3%
Common stock issued	—	0.00	0.00 YoY-100.0%	7.00M YoY-30.0%	10.0M YoY-37.5%
Common stock repurchased	1.65B YoY+83.1%	901M YoY-9.9%	1.00B YoY-71.7%	3.53B YoY+117.0%	1.63B
Dividends paid	358M YoY+1.1%	354M YoY+0.6%	352M YoY-4.6%	369M YoY-1.3%	374M YoY+8.1%
Other financing activities	—	—	—	0.00	0.00 YoY+100.0%
FX effect on cash	203M YoY+309.3%	-97.0M YoY-981.8%	11.0M YoY+106.7%	-164M YoY-29.1%	-127M YoY-200.8%
Interest paid	252M YoY+4.1%	242M YoY+8.5%	223M YoY+10.9%	201M YoY-5.2%	212M YoY-7.4%
Income taxes paid	441M YoY+41.3%	312M YoY-10.3%	348M YoY-18.7%	428M YoY-24.9%	570M YoY+83.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	31.5B YoY-0.3%	31.6B YoY+26.7%	24.9B YoY-5.9%	26.5B YoY-10.5%	29.6B YoY+9.0%
P/E	19.6×	—	24.8× YoY+159.9%	9.5× YoY+35.9%	7.0× YoY-74.3%
P/S	3.3× YoY+2.1%	3.2× YoY+17.0%	2.8× YoY-9.9%	3.1× YoY-7.4%	3.3× YoY+11.2%
P/B	3.9× YoY-0.7%	4.0× YoY+47.9%	2.7× YoY-1.7%	2.7× YoY+22.5%	2.2× YoY-11.1%
P/FCF	20.4× YoY-18.3%	24.9× YoY+18.0%	21.1× YoY-51.3%	43.3× YoY+201.6%	14.4× YoY-6.2%
Earnings yield	5.1%	—	4.0% YoY-61.5%	10.5% YoY-26.4%	14.3% YoY+289.0%
FCF yield	4.9% YoY+22.4%	4.0% YoY-15.3%	4.7% YoY+105.2%	2.3% YoY-66.8%	7.0% YoY+6.6%
Dividend yield	1.1% YoY-0.3%	1.1% YoY-19.3%	1.4% YoY+3.9%	1.3% YoY+5.5%	1.3% YoY-2.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WTW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WTW filings on SEC EDGAR → Not investment advice.

WTW▼ financial statements

About this data

financial statements