Saturday 17 October 2026 Export WTW’s income statement to Excel — free account

Willis Towers Watson Public Limited Company

Willis Towers Watson Public Limited Company’s revenue for fiscal 2025 (year ended December 2025) was $9.7 billion, down 2.24% from fiscal 2024. In the quarter to June 2026, revenue grew 9.07%, EPS fell 27.3%, free cash flow grew 42.8% and total debt rose 23.0%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

315.26 4.90 +1.58%

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Market cap: $28.8B
P/E: 19.3×
Fwd P/E: 15.3×
Dividend yield: 1.21%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 2.07

Total sells 1.16

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	2	—	—	2	—	—	—	—	—
Sell	—	—	—	—	1	—	—	—	—	1	—	—

Insider Ownership 1.64%

Capital & Financial Ratios $m

Market Cap 28,820.00

Revenue 10,102.00

Net Income 1,576.00

Free Cash Flow 1,689.00

Net Debt 4,903.00

Current Ratio 1.68

Debt/Equity 0.84

P/E ratio 19.31

Fwd P/E 15.30

P/S ratio 2.93

P/B ratio 3.81

Past 5Y EPS Growth 16.28%

This Y EPS Growth 15.93%

Next Y EPS Growth 15.69%

Next Y revenue growth 7.85%

Next 5Y EPS Growth 16.91%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 22.40%

10-year low 10-year high

P/S against its own 10 years 55.22%

10-year low 10-year high

P/B against its own 10 years 88.65%

10-year low 10-year high

Dividends

Payout Ratio 0.23

Annual Dividend Rate 3.80

Annual Dividend Yield 1.21%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.79	0.96 0.96 0.96
2025	3.68	0.92 0.92 0.92 0.92
2024	3.52	0.88 0.88 0.88 0.88
2023	3.36	0.84 0.84 0.84 0.84
2022	3.28	0.82 0.82 0.82 0.82
2021	3.55	0.71 0.71 0.53 0.80 0.80
2020	2.75	0.68 0.68 0.68 0.71
2019	2.60	0.65 0.65 0.65 0.65
2018	2.40	0.60 0.60 0.60 0.60
2017	2.12	0.53 0.53 0.53 0.53
2016	1.92	0.48 0.48 0.48 0.48

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,424	1,890	3,132	1,627
Receivables	2,572	2,494	2,702	2,603
Inventory	—	—	—	—
Other	—	—	—	—
	3,996	4,384	5,834	4,230

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	650	—	550	749
Other	—	—	—	—
	2,754	2,211	2,637	2,515

Compound Annual Growth %

	10y	5y	3y
Sales	9.75%	2.42%	3.07%
Cash Flow	21.95%	0.01%	29.78%
Earnings	15.71%	10.01%	16.73%
Book Value	13.06%	(5.93%)	(7.25%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,412	2,466	—	—	—
’25	2,223	2,261	2,288	2,936	9,708
’24	2,341	2,265	2,289	3,035	9,930
’23	2,244	2,159	2,166	2,914	9,483
’22	2,160	2,031	1,953	2,722	8,866
’21	2,228	2,091	1,973	2,706	8,998
’20	2,466	2,113	1,897	2,139	8,615

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(10)	484	—	—	—
’25	(35)	361	678	771	1,775
’24	24	407	482	599	1,512
’23	134	296	393	522	1,345
’22	21	237	179	375	812
’21	(128)	494	1,511	184	2,061
’20	23	662	521	568	1,774

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(866)	434	—	—	—
’25	(88)	304	621	693	1,531
’24	(36)	341	419	439	1,163
’23	73	236	332	456	1,097
’22	(25)	190	122	321	608
’21	(179)	439	1,468	132	1,860
’20	(58)	575	457	514	1,488

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.10	2.43	—	—	—
’25	2.33	3.32	3.11	7.62	16.26
’24	1.83	1.36	(16.44)	12.25	(0.96)
’23	1.88	0.88	1.29	5.97	9.95
’22	1.03	0.97	1.72	5.40	8.98
’21	5.63	1.41	6.99	19.19	32.78
’20	2.34	0.72	0.93	3.66	7.65

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	104.11	120.87	134.50	146.35	143.34	197.63	187.89	195.29	237.50	292.97	Analyst estimates 2026–2028 Powerpack
	High	133.40	165.00	164.99	206.29	220.97	271.87	252.99	258.93	334.99	352.79
People
People	Employees	41,000	43,000	43,000	45,000	46,100	44,200	46,600	48,000	48,900	46,900
	Revenue/emp, $m	0.19	0.19	0.20	0.19	0.19	0.20	0.19	0.20	0.20	0.21
Income, $m
Income, $m	Revenue	7,887	8,202	8,513	8,370	8,615	8,998	8,866	9,483	9,930	9,708
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	342	492	851	1,046	1,011	2,692	1,258	1,276	102	1,953
	EBT margin, %	4.34	6.00	10.00	12.50	11.74	29.92	14.19	13.46	1.03	20.12
	Net income	438	592	715	1,073	1,020	4,236	1,024	1,064	(88)	1,613
	Depreciation	769	833	747	729	770	650	567	505	456	418
Per share, $
Per share, $	Revenue	57.57	60.76	64.98	64.38	66.27	70.30	79.16	90.31	97.35	99.06
	Earnings	3.20	4.21	5.29	8.05	7.68	32.88	9.00	10.01	(0.96)	16.34
	Cash flow	6.81	6.39	9.83	8.32	13.65	16.10	7.25	12.81	14.82	18.11
	Capex	(2.22)	(2.36)	(2.46)	(2.35)	(2.20)	(1.57)	(1.82)	(2.36)	(3.42)	(2.49)
	Free cash flow	4.59	4.03	7.37	5.97	11.45	14.53	5.43	10.45	11.40	15.62
	Book value	74.33	75.92	76.11	79.76	84.09	103.97	90.12	91.36	78.60	82.16
	Shares, m	137	135	131	130	130	128	112	105	102	98
Valuation, ×
Valuation, ×	P/E	39.63	35.08	28.60	25.09	27.40	7.13	26.82	23.78	0.00	19.96
	P/S	2.14	2.42	2.34	3.14	3.18	3.38	3.10	2.66	3.22	3.32
	P/B	1.66	1.94	2.00	2.53	2.51	2.28	2.72	2.63	3.99	4.00
	EV/Sales	2.52	2.85	2.75	3.70	3.60	3.39	3.49	3.06	3.63	3.64
	EV/FCF	32.06	43.64	24.49	40.39	20.95	16.48	51.62	26.50	31.19	24.91
Cash, $m
Cash, $m	Operating cash flow	933	862	1,288	1,081	1,774	2,061	812	1,345	1,512	1,775
	Capex	(304)	(318)	(322)	(305)	(286)	(201)	(204)	(248)	(349)	(244)
	Free cash flow	629	544	966	776	1,488	1,860	608	1,097	1,163	1,531
Balance, $m
Balance, $m	Working capital	961	1,480	1,579	1,408	1,378	4,317	1,484	1,242	2,173	3,197
	Total debt	3,865	4,535	4,575	5,617	5,635	4,587	4,721	5,217	5,309	6,306
	Net debt	2,995	3,505	3,542	4,730	3,596	101	3,459	3,793	3,419	3,174
	Shareholders’ equity	10,183	10,249	9,971	10,369	10,932	13,308	10,093	9,593	8,017	8,052
Returns, %
Returns, %	ROA	1.71	1.81	2.14	3.08	2.69	11.49	3.02	3.47	(0.35)	5.61
	ROIC	1.65	2.34	3.74	4.36	3.70	10.26	5.43	6.37	3.43	12.44
	ROE	6.70	5.56	6.87	10.27	9.35	34.83	8.62	10.72	(1.11)	19.98

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MRSH Marsh	$89.0B	22.4×	19.2×	+8.06% (above 0%: growing)	+12.23% (above 0%: growing)	−9.99% (below 0%: shrinking)	100.00%	17.70%	Compare
AJG Arthur J. Gallagher & Co.	$64.1B	41.6×	23.0×	+24.24% (above 0%: growing)	−11.89% (below 0%: shrinking)	+91.16% (above 0%: growing)	41.79%	14.54%	Compare
AON Aon plc	$60.8B	16.0×	21.1×	+2.19% (above 0%: growing)	−3.73% (below 0%: shrinking)	−34.02% (below 0%: shrinking)	46.51%	21.55%	Compare
WTW Willis Towers Watson Public Limited Company	$28.8B	19.3×	15.3×	+9.07% (above 0%: growing)	−27.25% (below 0%: shrinking)	+42.76% (above 0%: growing)	100.00%	14.76%
BRO Brown & Brown, Inc.	$22.8B	19.3×	17.6×	+30.43% (above 0%: growing)	+8.86% (above 0%: growing)	+6.75% (above 0%: growing)	50.00%	28.82%	Compare
ERIE Erie Indemnity Company	$11.1B	19.7×	18.0×	+2.80% (above 0%: growing)	+3.20% (above 0%: growing)	+10.22% (above 0%: growing)	18.73%	18.73%	Compare
BWIN Baldwin Insurance Group, Inc.	$4.5B	— (loss-making)	— (loss-making)	+30.13% (above 0%: growing)	n/m	+208.10% (above 0%: growing)	31.81%	(1.69%)	Compare
ARX Accelerant Holdings	$4.3B	— (loss-making)	143×	+62.89% (above 0%: growing)	+620.00% (above 0%: growing)	−139.56% (below 0%: shrinking)	100.00%	30.96%	Compare
CRVL CorVel Corp.	$4.1B	35.4×	—	+10.74% (above 0%: growing)	+18.87% (above 0%: growing)	+8.94% (above 0%: growing)	26.08%	16.67%	Compare
Median of peers	$16.9B	21.0×	20.2×	+17.49%	+8.86%	+7.84%	44.15%	18.21%

All 22 Insurance Brokers stocks →

Willis Towers Watson Public Limited Company (WTW) key facts

Concern: Willis Towers Watson Public Limited Company’s revenue for fiscal 2025 (year ended December 2025) was $9.7 billion, down 2.24% from fiscal 2024.
Willis Towers Watson Public Limited Company (WTW) is an Insurance Brokers company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, WTW traded at $315.26, a market capitalization of $28.8 billion.
Willis Towers Watson Public Limited Company pays an annual dividend of $3.80 per share, a yield of 1.21%, with a payout ratio of 23.4%.
Return on equity was 20.0% and debt-to-equity 0.84.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.