Willis Towers Watson Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,605	-98	1,055	1,009	4,222
Depreciation & Amortization	418	458	515	567	650
Other Amortization	-	-2	-10	-	-
Loss (Gain) From Sale of Assets	-40	337	-43	59	-379
Asset Writedown & Restructuring Costs	-	1,083	38	152	-
Stock-Based Compensation	153	121	125	99	101
Provision & Write-off of Bad Debts	6	13	6	13	19
Other Operating Activities	344	-74	30	-199	197
Change in Accounts Receivable	-128	-233	-206	-188	-134
Change in Other Net Operating Assets	-583	-93	-165	-700	-315
Operating Cash Flow	1,775	1,512	1,345	812	2,061
Operating Cash Flow Growth	17.39%	12.42%	65.64%	-60.60%	16.18%
Capital Expenditures	-229	-136	-153	-138	-148
Cash Acquisitions	-15	-107	-6	-81	-47
Divestitures	816	614	-833	-88	3,018
Sale (Purchase) of Intangibles	-	-109	-89	-66	-53
Investment in Securities	-125	-12	-4	200	-200
Investing Cash Flow	447	250	-1,085	-173	2,570
Long-Term Debt Issued	999	746	748	750	-
Total Debt Issued	999	746	748	750	-
Long-Term Debt Repaid	-5	-655	-254	-585	-1,008
Net Debt Issued (Repaid)	994	91	494	165	-1,008
Issuance of Common Stock	-	-	-	7	10
Repurchase of Common Stock	-1,706	-957	-1,026	-3,564	-1,643
Common Dividends Paid	-358	-354	-352	-369	-374
Other Financing Activities	134	761	-316	316	-99
Financing Cash Flow	-936	-459	-1,200	-3,445	-3,114
Foreign Exchange Rate Adjustments	203	-97	11	-164	-127
Net Cash Flow	1,489	1,206	-929	-2,970	1,390
Free Cash Flow	1,546	1,376	1,192	674	1,913
Free Cash Flow Growth	12.35%	15.44%	76.85%	-64.77%	23.34%
Free Cash Flow Margin	15.93%	13.86%	12.57%	7.60%	21.26%
Free Cash Flow Per Share	15.62	13.49	11.24	6.02	14.83
Cash Interest Paid	-	242	223	201	212
Cash Income Tax Paid	-	312	348	428	570
Levered Free Cash Flow	1,917	963.5	1,461	1,135	1,722
Unlevered Free Cash Flow	2,080	1,128	1,608	1,265	1,854
Change in Working Capital	-711	-326	-371	-888	-449

Source: S&P Global Market Intelligence. Standard template. Financial Sources.