Willis Towers Watson Public Limited Company (WTW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.11	$3.35	+7.7%	—	$2.5B	—
Q1 26	$3.65	$3.72	+1.9%	—	$2.4B	—
Q4 25	$7.93	$8.12	+2.4%	—	$2.9B	—
Q3 25	$3.05	$3.07	+0.7%	—	$2.3B	—
Q2 25	$2.6	$2.86	+10.0%	—	$2.3B	—
Q1 25	$3.19	$3.13	-1.9%	—	$2.2B	—
Q4 24	$8.03	$8.13	+1.2%	—	$3B	—
Q3 24	$2.72	$2.93	+7.7%	—	$2.3B	—
Q2 24	$2.32	$2.55	+9.9%	—	$2.3B	—
Q1 24	$3.25	$3.29	+1.2%	—	$2.3B	—
Q4 23	$7.06	$7.44	+5.4%	—	$2.9B	—
Q3 23	$2.04	$2.24	+9.8%	—	$2.2B	—
Q2 23	$2.33	$2.05	-12.0%	—	$2.2B	—
Q1 23	$2.8	$2.84	+1.4%	—	$2.2B	—
Q4 22	$6.25	$6.33	+1.3%	—	$2.7B	—
Q3 22	$2.13	$2.2	+3.3%	—	$2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.3	—	—	$9.7B	—
FY24	—	-$0.96	—	—	$9.9B	—
FY23	—	$10	—	—	$9.5B	—
FY22	—	$9	—	—	$8.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.9B	$8.2B	$8.5B	$8.4B	$8.6B	$9B	$8.9B	$9.5B	$9.9B	$9.7B
YoY change	+106%	+3.99%	+3.79%	-1.68%	+2.93%	+4.45%	-1.47%	+6.96%	+4.71%	-2.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.9B	8.2B	8.5B	8.4B	8.6B	9B	8.9B	9.5B	9.9B	9.7B
Cost of revenue	4.8B	5B	5.1B	4.9B	5.2B	5.3B	5.1B	5.3B	5.5B	5.6B
Gross profit	3B	3.2B	3.4B	3.4B	3.5B	3.7B	3.8B	4.1B	4.4B	4.1B
Gross margin	38.5%	39.4%	39.8%	41.1%	40.1%	41.6%	42.9%	43.6%	44.6%	42.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	1.6B	1.5B	1.6B	1.6B	1.7B	1.7B	1.8B	1.8B	1.8B	1.4B
Operating income	718M	917M	1B	1.1B	993M	1.4B	1.5B	1.8B	2.1B	2.3B
Operating margin	9.1%	11.2%	11.9%	12.7%	11.5%	15.8%	16.4%	19.2%	21.5%	23.2%
Non-operating income, net	-192M	-237M	48M	213M	262M	1.5B	8M	-305M	-1.8B	-44M
Pretax income	342M	492M	851M	1B	1B	2.7B	1.3B	1.3B	104M	2B
Income tax	-96M	-100M	136M	197M	249M	536M	194M	215M	192M	318M
Net income	438M	592M	715M	1.1B	1B	4.2B	1B	1.1B	-88M	1.6B
Net margin	5.55%	7.22%	8.4%	12.8%	11.8%	47.1%	11.5%	11.2%	-0.89%	16.6%
EBITDA	1.7B	2B	2B	2.1B	2.1B	2.4B	2.3B	2.4B	2.7B	2.6B
EPS	2.28	4.21	5.29	8.05	7.68	32.9	9	10	-0.96	16.3
Diluted EPS	2.26	4.18	5.27	8.02	7.65	32.8	8.98	9.95	-0.96	16.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.2B	2.9B	2.3B	2.3B	2.3B	3B	2.2B	2.3B	2.3B	2.9B	2.4B	2.5B
Cost of revenue	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B	1.6B
Gross profit	807M	1.6B	999M	868M	893M	1.7B	899M	812M	875M	1.5B	978M	915M
Gross margin	37.3%	54.5%	42.7%	38.3%	39%	55%	40.4%	35.9%	38.2%	51%	40.5%	37.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-29M	—	—	-21M	—	—	—	—	—	—	—	—
Operating expenses	367M	533M	457M	418M	419M	518M	365M	336M	352M	355M	385M	380M
Operating income	289M	856M	423M	312M	358M	1B	432M	370M	420M	1B	489M	425M
Operating margin	13.3%	29.4%	18.1%	13.8%	15.6%	34.5%	19.4%	16.4%	18.4%	35.3%	20.3%	17.2%
Non-operating income, net	-64M	-54M	-117M	-76M	-2.3B	708M	-64M	7M	35M	-22M	-36M	-55M
Pretax income	164M	739M	242M	168M	-2B	1.7B	303M	313M	390M	947M	376M	292M
Income tax	25M	116M	48M	26M	-322M	440M	65M	-21M	77M	197M	70M	57M
Net income	139M	623M	194M	142M	-1.7B	1.2B	239M	332M	306M	736M	303M	231M
Net margin	6.42%	21.4%	8.29%	6.27%	-73%	41.1%	10.8%	14.7%	13.4%	25.1%	12.6%	9.37%
EBITDA	439M	1.1B	565M	452M	503M	1.1B	460M	490M	536M	1.1B	598M	541M
EPS	1.3	6.02	1.84	1.37	-16.4	12.3	2.34	3.34	3.12	7.66	3.12	2.43
Diluted EPS	1.29	5.97	1.83	1.36	-16.4	12.3	2.33	3.32	3.11	7.62	3.1	2.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	20.3B	19.9B	26.3B	27.4B	30.4B	—	25.3B	32B	32.2B	27.1B
Enterprise value	—	11.9B	11B	19.1B	32.1B	31.2B	—	29.8B	36B	35.9B	32.7B
Shares outstanding	137M	135M	131M	130M	130M	128M	112M	105M	102M	98M	98M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	34.4	27.8	24.5	26.9	7.18	—	23.8	—	20	18.2
P/S	—	2.48	2.34	3.14	3.18	3.38	—	2.67	3.22	3.32	2.69
P/B	—	1.98	1.99	2.53	2.51	2.28	—	2.64	3.99	4	3.53
EV/EBITDA	—	6	5.38	9.33	15.5	13.1	—	12.2	13.5	13.7	11.6
EV/Sales	—	1.45	1.29	2.29	3.72	3.47	—	3.15	3.62	3.7	3.23
Earnings yield	—	2.91%	3.59%	4.09%	3.72%	13.9%	—	4.2%	—	5.01%	5.49%
FCF yield	—	2.39%	4.86%	2.96%	5.43%	6.12%	—	4.36%	3.97%	4.8%	5.22%
PEG	—	—	—	—	—	—	—	—	—	—	-0.67

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.5%	39.4%	39.8%	41.1%	40.1%	41.6%	42.9%	43.6%	44.6%	42.1%	37.1%
Operating margin	9.1%	11.2%	11.9%	12.7%	11.5%	15.8%	16.4%	19.2%	21.5%	23.2%	17.6%
Net margin	5.55%	7.22%	8.4%	12.8%	11.8%	47.1%	11.5%	11.2%	-0.89%	16.6%	15.5%
ROE	4.28%	5.76%	7.15%	10.3%	9.33%	31.8%	10.1%	11.1%	-1.1%	20%	19.8%
ROA	1.45%	1.82%	2.21%	3.03%	2.65%	12.1%	3.22%	3.66%	-0.32%	5.46%	5.08%
ROIC	25.1%	51.1%	78.4%	26.7%	4.79%	8.07%	8.62%	10.7%	0%	16%	14.3%
Return on tangible assets	63.4%	16.2%	15%	17.6%	8.67%	44.6%	14.9%	22.8%	-1.17%	17.2%	19.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.03	1.07	1.07	1.06	1.05	1.26	1.07	1.06	1.2	1.2	1.1
Quick ratio	1.03	1.07	1.07	1.06	1.05	1.26	1.07	1.06	1.2	1.2	1.1
Debt / equity	0.39	0.46	0.47	0.65	0.61	0.41	0.54	0.62	0.74	0.86	0.91
Debt / assets	0.13	0.14	0.15	0.19	0.17	0.16	0.17	0.2	0.21	0.23	0.23
Net debt / EBITDA	-4.36	-4.3	-4.37	-3.47	2.26	0.34	1.83	1.85	1.52	1.42	1.93
Interest coverage	2.86	3.62	5.09	5.47	5.14	13.8	7.05	6.44	1.4	8.51	8.01
Effective tax rate	0%	0%	16%	18.8%	24.6%	19.9%	15.4%	16.8%	100%	16.3%	20%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	57.6	60.8	65	64.4	66.3	70.3	79.2	90.3	97.4	99.1	105.8
EPS (basic)	2.28	4.21	5.29	8.05	7.68	32.9	9	10	-0.96	16.3	16.3
EPS (diluted)	2.26	4.18	5.27	8.02	7.65	32.8	8.98	9.95	-0.96	16.3	16
Book value per share	74.7	76.1	76.3	79.8	84.1	104	90.1	91.4	78.6	82.2	82.7
FCF per share	4.6	3.61	7.37	5.97	11.4	14.5	5.43	10.5	12.4	15.8	18
Cash per share	83	97.7	104.1	106.9	15.7	36.6	11.3	13.6	18.5	32.3	17.9
Capex per share	1.59	2.22	2.05	1.89	1.72	1.16	1.23	1.46	1.33	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.76%	3.66%	3.15%	2.94%	2.59%	1.64%	1.56%	1.61%	1.37%	—	—
Capex / operating cash flow	21.4%	34.4%	19%	20.9%	11%	3.02%	14.5%	11%	92.5%	—	—
Payout ratio	45.4%	46.8%	42.8%	30.7%	33.9%	8.83%	36%	33.1%	-402.3%	22.2%	23.3%
Dividend yield	—	1.36%	1.54%	1.25%	1.26%	1.23%	—	1.39%	1.11%	1.11%	1.31%

Yield

1.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.96

ex-dividend Sep 30, 2026

Payout ratio

23%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.96
Jun 30, 2026	$0.96
Mar 31, 2026	$0.96

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.11	$3.35	+7.7%	—	$2.5B	—
Q1 26	$3.65	$3.72	+1.9%	—	$2.4B	—
Q4 25	$7.93	$8.12	+2.4%	—	$2.9B	—
Q3 25	$3.05	$3.07	+0.7%	—	$2.3B	—
Q2 25	$2.6	$2.86	+10.0%	—	$2.3B	—
Q1 25	$3.19	$3.13	-1.9%	—	$2.2B	—
Q4 24	$8.03	$8.13	+1.2%	—	$3B	—
Q3 24	$2.72	$2.93	+7.7%	—	$2.3B	—
Q2 24	$2.32	$2.55	+9.9%	—	$2.3B	—
Q1 24	$3.25	$3.29	+1.2%	—	$2.3B	—
Q4 23	$7.06	$7.44	+5.4%	—	$2.9B	—
Q3 23	$2.04	$2.24	+9.8%	—	$2.2B	—
Q2 23	$2.33	$2.05	-12.0%	—	$2.2B	—
Q1 23	$2.8	$2.84	+1.4%	—	$2.2B	—
Q4 22	$6.25	$6.33	+1.3%	—	$2.7B	—
Q3 22	$2.13	$2.2	+3.3%	—	$2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.3	—	—	$9.7B	—
FY24	—	-$0.96	—	—	$9.9B	—
FY23	—	$10	—	—	$9.5B	—
FY22	—	$9	—	—	$8.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.9B	$8.2B	$8.5B	$8.4B	$8.6B	$9B	$8.9B	$9.5B	$9.9B	$9.7B
YoY change	+106%	+3.99%	+3.79%	-1.68%	+2.93%	+4.45%	-1.47%	+6.96%	+4.71%	-2.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.9B	8.2B	8.5B	8.4B	8.6B	9B	8.9B	9.5B	9.9B	9.7B
Cost of revenue	4.8B	5B	5.1B	4.9B	5.2B	5.3B	5.1B	5.3B	5.5B	5.6B
Gross profit	3B	3.2B	3.4B	3.4B	3.5B	3.7B	3.8B	4.1B	4.4B	4.1B
Gross margin	38.5%	39.4%	39.8%	41.1%	40.1%	41.6%	42.9%	43.6%	44.6%	42.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	1.6B	1.5B	1.6B	1.6B	1.7B	1.7B	1.8B	1.8B	1.8B	1.4B
Operating income	718M	917M	1B	1.1B	993M	1.4B	1.5B	1.8B	2.1B	2.3B
Operating margin	9.1%	11.2%	11.9%	12.7%	11.5%	15.8%	16.4%	19.2%	21.5%	23.2%
Non-operating income, net	-192M	-237M	48M	213M	262M	1.5B	8M	-305M	-1.8B	-44M
Pretax income	342M	492M	851M	1B	1B	2.7B	1.3B	1.3B	104M	2B
Income tax	-96M	-100M	136M	197M	249M	536M	194M	215M	192M	318M
Net income	438M	592M	715M	1.1B	1B	4.2B	1B	1.1B	-88M	1.6B
Net margin	5.55%	7.22%	8.4%	12.8%	11.8%	47.1%	11.5%	11.2%	-0.89%	16.6%
EBITDA	1.7B	2B	2B	2.1B	2.1B	2.4B	2.3B	2.4B	2.7B	2.6B
EPS	2.28	4.21	5.29	8.05	7.68	32.9	9	10	-0.96	16.3
Diluted EPS	2.26	4.18	5.27	8.02	7.65	32.8	8.98	9.95	-0.96	16.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.2B	2.9B	2.3B	2.3B	2.3B	3B	2.2B	2.3B	2.3B	2.9B	2.4B	2.5B
Cost of revenue	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B	1.6B
Gross profit	807M	1.6B	999M	868M	893M	1.7B	899M	812M	875M	1.5B	978M	915M
Gross margin	37.3%	54.5%	42.7%	38.3%	39%	55%	40.4%	35.9%	38.2%	51%	40.5%	37.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-29M	—	—	-21M	—	—	—	—	—	—	—	—
Operating expenses	367M	533M	457M	418M	419M	518M	365M	336M	352M	355M	385M	380M
Operating income	289M	856M	423M	312M	358M	1B	432M	370M	420M	1B	489M	425M
Operating margin	13.3%	29.4%	18.1%	13.8%	15.6%	34.5%	19.4%	16.4%	18.4%	35.3%	20.3%	17.2%
Non-operating income, net	-64M	-54M	-117M	-76M	-2.3B	708M	-64M	7M	35M	-22M	-36M	-55M
Pretax income	164M	739M	242M	168M	-2B	1.7B	303M	313M	390M	947M	376M	292M
Income tax	25M	116M	48M	26M	-322M	440M	65M	-21M	77M	197M	70M	57M
Net income	139M	623M	194M	142M	-1.7B	1.2B	239M	332M	306M	736M	303M	231M
Net margin	6.42%	21.4%	8.29%	6.27%	-73%	41.1%	10.8%	14.7%	13.4%	25.1%	12.6%	9.37%
EBITDA	439M	1.1B	565M	452M	503M	1.1B	460M	490M	536M	1.1B	598M	541M
EPS	1.3	6.02	1.84	1.37	-16.4	12.3	2.34	3.34	3.12	7.66	3.12	2.43
Diluted EPS	1.29	5.97	1.83	1.36	-16.4	12.3	2.33	3.32	3.11	7.62	3.1	2.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	20.3B	19.9B	26.3B	27.4B	30.4B	—	25.3B	32B	32.2B	27.1B
Enterprise value	—	11.9B	11B	19.1B	32.1B	31.2B	—	29.8B	36B	35.9B	32.7B
Shares outstanding	137M	135M	131M	130M	130M	128M	112M	105M	102M	98M	98M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	34.4	27.8	24.5	26.9	7.18	—	23.8	—	20	18.2
P/S	—	2.48	2.34	3.14	3.18	3.38	—	2.67	3.22	3.32	2.69
P/B	—	1.98	1.99	2.53	2.51	2.28	—	2.64	3.99	4	3.53
EV/EBITDA	—	6	5.38	9.33	15.5	13.1	—	12.2	13.5	13.7	11.6
EV/Sales	—	1.45	1.29	2.29	3.72	3.47	—	3.15	3.62	3.7	3.23
Earnings yield	—	2.91%	3.59%	4.09%	3.72%	13.9%	—	4.2%	—	5.01%	5.49%
FCF yield	—	2.39%	4.86%	2.96%	5.43%	6.12%	—	4.36%	3.97%	4.8%	5.22%
PEG	—	—	—	—	—	—	—	—	—	—	-0.67

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.5%	39.4%	39.8%	41.1%	40.1%	41.6%	42.9%	43.6%	44.6%	42.1%	37.1%
Operating margin	9.1%	11.2%	11.9%	12.7%	11.5%	15.8%	16.4%	19.2%	21.5%	23.2%	17.6%
Net margin	5.55%	7.22%	8.4%	12.8%	11.8%	47.1%	11.5%	11.2%	-0.89%	16.6%	15.5%
ROE	4.28%	5.76%	7.15%	10.3%	9.33%	31.8%	10.1%	11.1%	-1.1%	20%	19.8%
ROA	1.45%	1.82%	2.21%	3.03%	2.65%	12.1%	3.22%	3.66%	-0.32%	5.46%	5.08%
ROIC	25.1%	51.1%	78.4%	26.7%	4.79%	8.07%	8.62%	10.7%	0%	16%	14.3%
Return on tangible assets	63.4%	16.2%	15%	17.6%	8.67%	44.6%	14.9%	22.8%	-1.17%	17.2%	19.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.03	1.07	1.07	1.06	1.05	1.26	1.07	1.06	1.2	1.2	1.1
Quick ratio	1.03	1.07	1.07	1.06	1.05	1.26	1.07	1.06	1.2	1.2	1.1
Debt / equity	0.39	0.46	0.47	0.65	0.61	0.41	0.54	0.62	0.74	0.86	0.91
Debt / assets	0.13	0.14	0.15	0.19	0.17	0.16	0.17	0.2	0.21	0.23	0.23
Net debt / EBITDA	-4.36	-4.3	-4.37	-3.47	2.26	0.34	1.83	1.85	1.52	1.42	1.93
Interest coverage	2.86	3.62	5.09	5.47	5.14	13.8	7.05	6.44	1.4	8.51	8.01
Effective tax rate	0%	0%	16%	18.8%	24.6%	19.9%	15.4%	16.8%	100%	16.3%	20%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	57.6	60.8	65	64.4	66.3	70.3	79.2	90.3	97.4	99.1	105.8
EPS (basic)	2.28	4.21	5.29	8.05	7.68	32.9	9	10	-0.96	16.3	16.3
EPS (diluted)	2.26	4.18	5.27	8.02	7.65	32.8	8.98	9.95	-0.96	16.3	16
Book value per share	74.7	76.1	76.3	79.8	84.1	104	90.1	91.4	78.6	82.2	82.7
FCF per share	4.6	3.61	7.37	5.97	11.4	14.5	5.43	10.5	12.4	15.8	18
Cash per share	83	97.7	104.1	106.9	15.7	36.6	11.3	13.6	18.5	32.3	17.9
Capex per share	1.59	2.22	2.05	1.89	1.72	1.16	1.23	1.46	1.33	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.76%	3.66%	3.15%	2.94%	2.59%	1.64%	1.56%	1.61%	1.37%	—	—
Capex / operating cash flow	21.4%	34.4%	19%	20.9%	11%	3.02%	14.5%	11%	92.5%	—	—
Payout ratio	45.4%	46.8%	42.8%	30.7%	33.9%	8.83%	36%	33.1%	-402.3%	22.2%	23.3%
Dividend yield	—	1.36%	1.54%	1.25%	1.26%	1.23%	—	1.39%	1.11%	1.11%	1.31%

Yield

1.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.96

ex-dividend Sep 30, 2026

Payout ratio

23%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.96
Jun 30, 2026	$0.96
Mar 31, 2026	$0.96

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.2B	$2.9B	$2.3B	$2.3B	$2.3B	$3B	$2.2B	$2.3B	$2.3B	$2.9B	$2.4B	$2.5B
YoY change	+10.9%	+7.05%	+4.32%	+4.91%	+5.68%	+4.15%	-5.04%	-0.18%	-0.04%	-3.26%	+8.5%	+9.07%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	11.4B	13.2B	13.6B	13.9B	2B	4.7B	1.3B	1.4B	1.9B	3.2B
Receivables	1.8B	2.2B	1.7B	1.8B	1.6B	1.5B	1.5B	1.6B	1.6B	1.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	13.8B	15.9B	16.4B	17B	20.3B	18.5B	15.8B	13.4B	15.1B	16.9B
Property, plant & equipment	839M	985M	942M	2B	1.9B	1.6B	1.3B	1.3B	1.1B	1.2B
Goodwill & intangibles	29.6B	28.8B	27.6B	29.3B	26.8B	25.5B	24.9B	24.4B	20.2B	20.2B
Total assets	30.3B	32.5B	32.4B	35.4B	38.5B	35B	31.8B	29.1B	27.7B	29.5B
Accounts payable	117M	908M	691M	856M	857M	898M	975M	1.1B	1.1B	986M
Short-term debt	508M	85M	186M	480M	1.1B	763M	376M	775M	118M	675M
Total current liabilities	13.4B	14.8B	15.3B	16.1B	19.3B	14.7B	14.8B	12.6B	12.6B	14B
Long-term debt	3.5B	4.6B	4.5B	6.3B	5.6B	4.7B	5.1B	5.2B	5.8B	6.2B
Total liabilities	20B	22.2B	22.4B	25.1B	27.6B	21.7B	21.7B	19.5B	19.7B	21.5B
Shareholders' equity	10.2B	10.3B	10B	10.4B	10.9B	13.3B	10.1B	9.6B	8B	8.1B
Total debt	4B	4.7B	4.7B	6.8B	6.7B	5.5B	5.5B	5.9B	5.9B	6.9B
Net debt	3.1B	3.7B	3.7B	5.9B	4.7B	1B	4.2B	4.5B	4B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.2B	1.4B	1.9B	1.2B	1.4B	1.9B	1.5B	2B	1.9B	3.2B	1.9B	1.7B
Receivables	1.3B	1.6B	1.5B	1.6B	1.4B	1.6B	1.6B	1.7B	1.5B	1.8B	1.8B	1.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	11.8B	13.4B	14.6B	14B	14.3B	15.1B	15.5B	15.6B	14.6B	16.9B	16.1B	16.7B
Property, plant & equipment	1.2B	1.3B	1.2B	1.2B	1.2B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B
Goodwill & intangibles	24.4B	24.4B	24.3B	24.2B	20.5B	20.2B	20.2B	20.3B	20.2B	20.2B	21.9B	22.4B
Total assets	27.6B	29.1B	30.2B	29.6B	27.2B	27.7B	28.1B	28.5B	27.4B	29.5B	29.6B	30.6B
Accounts payable	—	1.1B	1.1B	1.1B	—	1.1B	1B	1B	962M	986M	1.1B	1.1B
Short-term debt	768M	775M	773M	118M	122M	118M	669M	673M	673M	675M	117M	866M
Total current liabilities	11.3B	12.6B	13.1B	12.7B	12.5B	12.6B	13.4B	13.9B	13.2B	14B	13.5B	15.2B
Long-term debt	5.1B	5.2B	5.9B	5.9B	5.9B	5.8B	5.3B	5.3B	5.2B	6.2B	6.8B	6.2B
Total liabilities	18.1B	19.5B	20.7B	20.2B	19.6B	19.7B	19.9B	20.3B	19.6B	21.5B	21.6B	22.8B
Shareholders' equity	9.5B	9.6B	9.6B	9.4B	7.6B	8B	8.2B	8.2B	7.8B	8.1B	8.1B	7.8B
Total debt	5.9B	5.9B	6.7B	6B	6B	5.9B	5.9B	5.9B	5.9B	6.9B	6.9B	7.1B
Net debt	4.7B	4.5B	4.8B	4.7B	4.6B	4B	4.4B	4B	4B	3.8B	5.1B	5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	438M	592M	715M	1.1B	1B	4.2B	1B	1.1B	-88M	1.6B
Depreciation & amortization	769M	833M	747M	729M	770M	650M	567M	505M	456M	418M
Stock-based compensation	123M	67M	50M	74M	90M	101M	99M	125M	121M	153M
Change in working capital	-95M	-278M	3M	-790M	-56M	-449M	-888M	-371M	-326M	-711M
Operating cash flow	1B	872M	1.4B	1.2B	2B	4.9B	949M	1.4B	147M	1.8B
Capital expenditure	-218M	-300M	-268M	-246M	-223M	-148M	-138M	-153M	-136M	—
Investing cash flow	280M	-260M	-287M	-1.6B	-97M	2.6B	-307M	-992M	371M	676M
Dividends paid	-199M	-277M	-306M	-329M	-346M	-374M	-369M	-352M	-354M	-358M
Share repurchases	-396M	-709M	-602M	-150M	0	-1.6B	-3.5B	-1B	-901M	-1.6B
Financing cash flow	-1B	163M	-1.7B	324M	378M	-3.1B	-3.4B	-1.2B	-459M	-936M
Net change in cash	286M	775M	-536M	-52M	2.3B	4.4B	-2.8B	-804M	59M	1.5B
Free cash flow	630M	487M	966M	776M	1.5B	1.9B	608M	1.1B	1.3B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	139M	623M	194M	142M	-1.7B	1.2B	239M	332M	306M	736M	303M	231M
Depreciation & amortization	122M	118M	119M	117M	116M	104M	102M	106M	103M	107M	104M	110M
Stock-based compensation	29M	38M	24M	30M	31M	36M	37M	31M	36M	49M	42M	67M
Change in working capital	135M	-269M	-353M	113M	101M	-187M	-512M	-121M	204M	-282M	-470M	40M
Operating cash flow	445M	510M	21M	423M	-1.7B	1.4B	-123M	332M	678M	771M	-10M	484M
Capital expenditure	-36M	-37M	-33M	-10M	20M	-30M	-51M	-58M	—	—	—	—
Investing cash flow	30M	-34M	-47M	-13M	11M	505M	-52M	758M	-25M	-20M	-801M	-261M
Dividends paid	-88M	-87M	-86M	-90M	-89M	-89M	-88M	-91M	-90M	-89M	-88M	-90M
Share repurchases	-350M	-196M	-101M	-200M	-205M	-395M	-200M	-500M	-600M	-350M	-300M	-450M
Financing cash flow	-615M	-472M	1.6B	-1.2B	-159M	-664M	24M	-824M	-511M	375M	-203M	-408M
Net change in cash	-140M	4M	1.5B	-782M	-1.9B	1.3B	-151M	266M	142M	1.1B	-1B	-185M
Free cash flow	332M	462M	-36M	341M	419M	543M	-86M	303M	621M	708M	-65M	425M

Willis Towers Watson Public Limited Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Willis Towers Watson Public Limited Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history