WTW 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.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.52B YoY-4.2%	9.93B YoY+13.8%	8.73B YoY-1.1%	8.83B YoY+3.2%
Restructuring	0.00 YoY-100.0%	61.0M YoY-38.4%	99.0M YoY+280.8%	26.0M YoY+8.3%
Amortization of intangibles	192M YoY-15.0%	226M YoY-27.6%	312M YoY-15.4%	369M YoY-20.0%
Provision for credit losses	6.00M YoY-53.8%	13.0M YoY+0.0%	13.0M YoY-31.6%	19.0M YoY-34.5%
Operating income	2.23B YoY+256.3%	627M YoY-46.8%	1.18B YoY-46.5%	2.20B YoY+156.3%
Interest expense	260M YoY-1.1%	263M YoY+26.4%	208M YoY-1.4%	211M YoY-13.5%
Other non-operating income	-21.0M YoY+92.0%	-262M YoY-191.0%	288M YoY-58.9%	701M YoY+77.0%
Equity-method income	-22.0M YoY-1200.0%	2.00M YoY-50.0%	4.00M YoY-50.0%	8.00M YoY+33.3%
Pre-tax income	1.95B YoY+1777.9%	104M YoY-91.7%	1.26B YoY-53.3%	2.69B YoY+166.3%
Income tax	318M YoY+65.6%	192M YoY-1.0%	194M YoY-63.8%	536M YoY+115.3%
	1.60B YoY+1737.8%	-98.0M YoY-109.7%	1.01B YoY-76.1%	4.22B YoY+323.9%
Income from continuing operations	—	—	1.05B YoY-51.0%	2.14B YoY+190.2%
Discontinued operations	—	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-33.3%	15.0M YoY+7.1%	14.0M YoY-41.7%
	$16.26	—	$8.98 YoY-72.6%	$32.78 YoY+328.5%
EPS (basic)	$16.34	—	$9.00 YoY-72.6%	$32.88 YoY+328.1%
	98.0M	—	112M YoY-12.5%	128M YoY-1.5%
	99.0M	—	112M YoY-13.2%	129M YoY-0.8%
Dividends per share	$3.68	—	$3.28 YoY+8.6%	$3.02 YoY+9.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’22	as ofDec 31 ’21
	16.9B YoY+11.7%	15.1B YoY-4.6%	15.8B YoY-14.3%	18.5B YoY-8.9%
Cash & equivalents	3.13B YoY+65.7%	1.89B YoY+49.8%	1.26B YoY-71.9%	4.49B YoY+120.0%
Short-term investments	25.0M	0.00	0.00 YoY-100.0%	200M
Accounts receivable	2.70B YoY+8.3%	2.49B YoY+4.5%	2.39B YoY+0.7%	2.37B YoY-1.6%
Prepaid expenses	595M YoY-51.1%	1.22B YoY+194.0%	414M YoY-32.4%	612M YoY+27.8%
Other current assets	56.0M YoY-6.7%	60.0M YoY+11.1%	54.0M YoY+0.0%	54.0M YoY-27.0%
	29.5B YoY+6.7%	27.7B YoY-12.9%	31.8B YoY-9.2%	35.0B YoY-9.2%
Property, plant & equipment	695M YoY+5.1%	661M YoY-7.9%	718M YoY-15.6%	851M YoY-16.0%
Operating lease right-of-use	487M YoY+0.4%	485M YoY-17.2%	586M YoY-18.6%	720M YoY-20.1%
Goodwill	8.94B YoY+1.6%	8.80B YoY-13.5%	10.2B YoY-0.1%	10.2B YoY-2.0%
Intangible assets	1.14B YoY-11.9%	1.29B YoY-43.0%	2.27B YoY-11.0%	2.56B YoY-14.5%
Deferred tax assets	167M YoY-29.8%	238M YoY+250.0%	68.0M YoY-13.9%	79.0M YoY-16.8%
Other non-current assets	866M YoY+7.4%	806M YoY-40.6%	1.36B YoY+12.9%	1.20B YoY+11.3%
Total non-current assets	12.7B YoY+0.6%	12.6B YoY-21.1%	15.9B YoY-3.3%	16.5B YoY-9.6%
	14.0B YoY+11.2%	12.6B YoY-14.8%	14.8B YoY+0.4%	14.7B YoY-23.8%
Short-term & current debt	550M	0.00 YoY-100.0%	250M YoY-59.2%	613M YoY-36.9%
Current lease liability	125M YoY+5.9%	118M YoY-6.3%	126M YoY-16.0%	150M YoY-1.3%
Other current liabilities	797M YoY+4.2%	765M YoY+6.8%	716M YoY-29.5%	1.01B YoY+27.2%
	21.5B YoY+9.2%	19.7B YoY-9.3%	21.7B YoY+0.1%	21.7B YoY-21.5%
Long-term debt	5.76B YoY+8.4%	5.31B YoY+18.7%	4.47B YoY+12.5%	3.97B YoY-14.8%
Non-current lease liability	472M YoY-6.0%	502M YoY-19.0%	620M YoY-15.5%	734M YoY-20.0%
Deferred tax liabilities	—	45.0M YoY-94.0%	748M YoY-11.5%	845M YoY+50.6%
Other non-current liabilities	246M YoY-17.7%	299M YoY+35.3%	221M YoY-12.6%	253M YoY-12.8%
Total non-current liabilities	7.47B YoY+5.8%	7.07B YoY+2.5%	6.90B YoY-0.6%	6.94B YoY-16.1%
	7.98B YoY+0.5%	7.94B YoY-20.7%	10.0B YoY-24.5%	13.3B YoY+22.6%
Additional paid-in capital	11.1B YoY+1.1%	11.0B YoY+1.0%	10.9B YoY+0.7%	10.8B YoY+0.5%
Retained earnings	-296M YoY-371.6%	109M YoY-93.8%	1.76B YoY-62.0%	4.64B YoY+90.8%
Treasury stock	—	—	3.00M YoY+0.0%	3.00M YoY+0.0%
Accumulated other comprehensive income	-2.83B YoY+10.3%	-3.16B YoY-20.5%	-2.62B YoY-19.9%	-2.19B YoY+7.3%
Non-controlling interest	76.0M YoY-1.3%	77.0M YoY+0.0%	77.0M YoY+60.4%	48.0M YoY-57.1%
Total equity incl. non-controlling	8.05B YoY+0.4%	8.02B YoY-20.6%	10.1B YoY-24.2%	13.3B YoY+21.7%
Total liabilities & equity	29.5B YoY+6.7%	27.7B YoY-12.9%	31.8B YoY-9.2%	35.0B YoY-9.2%
	94.5M YoY-5.2%	99.7M YoY-6.5%	107M YoY-9.5%	118M YoY-8.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’22	as ofDec 31 ’21
	1.77B YoY+17.4%	1.51B YoY+86.2%	812M YoY-60.6%	2.06B YoY+16.2%
Depreciation & amortization	226M YoY-1.7%	230M YoY-9.8%	255M YoY-9.3%	281M YoY-8.8%
Share-based compensation	153M YoY+26.4%	121M YoY+22.2%	99.0M YoY-2.0%	101M YoY+12.2%
Deferred income taxes	55.0M	—	-54.0M YoY-156.3%	96.0M YoY-3.0%
Change in receivables	128M YoY-45.1%	233M YoY+23.9%	188M YoY+40.3%	134M YoY+286.1%
	447M YoY+78.8%	250M YoY+244.5%	-173M YoY-106.7%	2.57B YoY+1706.3%
Capital expenditure	229M YoY-6.5%	245M	—	—
Free cash flow	1.55B YoY+22.0%	1.27B	—	—
Acquisitions	15.0M YoY-85.6%	104M YoY+28.4%	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+86.7%	-3.44B YoY-10.6%	-3.11B YoY-923.8%
Long-term debt issued	999M YoY+33.9%	746M YoY-0.5%	750M	0.00 YoY-100.0%
Long-term debt repaid	5.00M YoY-99.2%	655M YoY+12.0%	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-74.5%	3.53B YoY+117.0%	1.63B
Dividends paid	358M YoY+1.1%	354M YoY-4.1%	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+40.9%	-164M YoY-29.1%	-127M YoY-200.8%
Interest paid	252M	—	201M YoY-5.2%	212M YoY-7.4%
Income taxes paid	441M	—	428M YoY-24.9%	570M YoY+83.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	31.1B YoY-0.5%	31.2B YoY+18.0%	26.5B YoY-5.3%	28.0B YoY+2.9%
P/E	19.4×	—	9.4× YoY+41.6%	6.6× YoY-75.7%
P/S	3.3× YoY+3.8%	3.1× YoY+4.8%	3.0× YoY-5.3%	3.2× YoY-0.3%
P/B	3.9× YoY-1.0%	3.9× YoY+46.2%	2.7× YoY+27.6%	2.1× YoY-16.0%
P/FCF	20.1× YoY-18.5%	24.6× YoY-11.6%	27.9× YoY-5.3%	29.5× YoY+2.9%
	5.2%	—	10.7% YoY-29.4%	15.1% YoY+311.9%
	5.0% YoY+22.6%	4.1% YoY+13.2%	3.6% YoY+5.6%	3.4% YoY-2.8%
	1.1%	—	1.3% YoY+5.5%	1.3% YoY-2.6%
Source filing	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.