Friday 6 November 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.

Revenue: +7.52%
EPS: +4.17%
Free cash flow: +13.4%
Total debt: +22.9%

Quarter to September 2026, against a year earlier

336.06 1.31 −0.39%

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Market cap: $31.0B
P/E: 20.4×
Fwd P/E: 18.8×
Dividend yield: 1.13%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Willis Towers Watson Public Limited Company (WTW) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2017: revenue by segment, and margins
Human Capital And Benefits	3,176	38.72%
Corporate Risk And Broking	2,709	33.03%
Investment Risk And Reinsurance	1,474	17.97%
Benefits Delivery And Administration	734	8.95%
Other, not broken out	109	1.33%
Gross margin		100.00%
Operating margin		6.29%
Pre-tax margin		6.00%

Revenue by product or service $m

Line	FY2021	FY2018
Broking	4,182 47.38%	4,021 47.80%
Consulting	2,936 33.27%	2,830 33.64%
Outsourced administration	1,134 12.85%	1,035 12.30%
Other	531 6.02%	433 5.15%
Other, not broken out	—	94 1.12%
Service	8,783	—
Revenue	8,826	8,413

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2011	FY2010	FY2009
HWC	5,291 55.60%	5,804 59.60%	5,625 60.46%	5,312 60.88%	5,291 59.95%	4,941 57.76%	—	—	—	—	—	—	—	—	—
R&B	4,222 44.37%	3,924 40.29%	3,641 39.13%	3,395 38.91%	3,476 39.38%	3,285 38.40%	—	—	—	—	—	—	—	—	—
Corporate Segment	3 0.03%	11 0.11%	38 0.41%	19 0.22%	(12) (0.14%)	—	—	—	—	—	—	—	—	—	—
Divested Businesses	—	—	—	—	71 0.80%	323 3.78%	—	—	—	—	—	—	—	—	—
Human Capital And Benefits	—	—	—	—	—	—	3,336 40.26%	3,209 38.14%	3,176 38.72%	3,100 39.31%	584 15.25%	655 17.23%	—	—	—
Corporate Risk And Broking	—	—	—	—	—	—	2,901 35.01%	2,815 33.46%	2,709 33.03%	2,608 33.07%	2,349 61.35%	2,381 62.62%	—	—	—
Benefits Delivery And Administration	—	—	—	—	—	—	1,047 12.64%	758 9.01%	734 8.95%	660 8.37%	0 0.00%	0 0.00%	—	—	—
Investment Risk And Reinsurance	—	—	—	—	—	—	959 11.57%	1,528 18.16%	1,474 17.97%	1,473 18.68%	896 23.40%	766 20.15%	—	—	—
Corporate, Non-Segment	—	—	—	—	—	—	—	17 0.20%	—	—	—	—	—	—	—
Retail	—	—	—	—	—	—	—	—	—	—	—	—	2,365 68.61%	2,336 70.11%	2,315 71.17%
Global	—	—	—	—	—	—	—	—	—	—	—	—	1,082 31.39%	996 29.89%	938 28.83%
Other, not broken out	—	—	—	—	—	—	43 0.52%	86 1.02%	109 1.33%	46 0.58%	—	—	—	—	—
Operating Segments	—	—	—	—	—	—	—	—	—	—	—	—	3,447	3,332	3,253
Revenue	9,516	9,739	9,304	8,726	8,826	8,554	8,286	8,413	8,202	7,887	3,829	3,802	3,447	3,332	3,253

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2011	FY2010	FY2009
HWC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
R&B	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Human Capital And Benefits	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Risk And Broking	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Benefits Delivery And Administration	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment Risk And Reinsurance	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Global	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Segment Reconciling Items	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2018	FY2017	FY2016	FY2015	FY2014
North America	4,083 48.53%	—	—	—	—
Rest of World	2,479 29.47%	2,459 29.98%	2,164 27.44%	1,113 29.07%	1,094 28.77%
Great Britain	1,861 22.12%	—	—	—	—
Also reported: a second breakdown of the same revenue
United States	3,970 47.19%	3,821 46.59%	3,395 43.05%	1,597 41.71%	1,600 42.08%
United Kingdom	1,926 22.89%	1,815 22.13%	2,236 28.35%	1,055 27.55%	1,057 27.80%
Western Europe	1,412 16.78%	—	—	—	—
International	963 11.45%	—	—	—	—
Ireland	138 1.64%	107 1.30%	92 1.17%	64 1.67%	51 1.34%
Total Foreign Countries	8,375	8,095	7,795	3,765	3,751
Revenue	8,413	8,202	7,887	3,829	3,802

Operating income by segment $m, and margin

	FY2018	FY2017	FY2016	FY2015	FY2014
North America	‡	‡	‡	‡	‡
International	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$1.6B	$1.6B	+1.92%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.

Willis Towers Watson Public Limited Company (WTW) revenue by segment, product and region

Where the money comes from and where it goes

Revenue by product or service $m

Revenue by segment $m

Operating income by segment $m, and margin

Revenue by region $m

Operating income by segment $m, and margin

Operating figures as reported in each quarter’s results release or filing

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