Willis Towers Watson Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2,116	-98	1,055	1,009	4,222	996
Depreciation & Amortization	415	458	515	567	650	770
Other Amortization	-	-2	-10	-	-	-
Loss (Gain) From Sale of Assets	-893	337	-43	59	-379	-81
Asset Writedown & Restructuring Costs	24	1,083	38	152	-	-
Stock-Based Compensation	140	121	125	99	101	90
Provision & Write-off of Bad Debts	8	13	6	13	19	29
Other Operating Activities	409	-74	30	-199	197	26
Change in Accounts Receivable	-122	-233	-206	-188	-134	72
Change in Other Net Operating Assets	-494	-93	-165	-700	-315	-128
Operating Cash Flow	1,603	1,512	1,345	812	2,061	1,774
Operating Cash Flow Growth	11.71%	12.42%	65.64%	-60.60%	16.18%	64.11%
Capital Expenditures	-113	-136	-153	-138	-148	-223
Cash Acquisitions	-93	-107	-6	-81	-47	-69
Divestitures	1,484	614	-833	-88	3,018	212
Sale (Purchase) of Intangibles	-109	-109	-89	-66	-53	-63
Investment in Securities	-105	-12	-4	200	-200	-
Other Investing Activities	-54	-	-	-	-	-17
Investing Cash Flow	1,010	250	-1,085	-173	2,570	-160
Long-Term Debt Issued	-	746	748	750	-	282
Total Debt Issued	-	746	748	750	-	282
Long-Term Debt Repaid	-	-655	-254	-585	-1,008	-327
Net Debt Issued (Repaid)	-6	91	494	165	-1,008	-45
Issuance of Common Stock	-	-	-	7	10	16
Repurchase of Common Stock	-1,774	-957	-1,026	-3,564	-1,643	-14
Common Dividends Paid	-358	-354	-352	-369	-374	-346
Other Financing Activities	163	761	-316	316	-99	767
Financing Cash Flow	-1,975	-459	-1,200	-3,445	-3,114	378
Foreign Exchange Rate Adjustments	73	-97	11	-164	-127	126
Net Cash Flow	711	1,206	-929	-2,970	1,390	2,118
Free Cash Flow	1,490	1,376	1,192	674	1,913	1,551
Free Cash Flow Growth	23.24%	15.44%	76.85%	-64.77%	23.34%	85.75%
Free Cash Flow Margin	15.19%	13.86%	12.57%	7.60%	21.26%	18.00%
Free Cash Flow Per Share	14.94	13.49	11.24	6.02	14.83	11.93
Cash Interest Paid	242	242	223	201	212	229
Cash Income Tax Paid	312	312	348	428	570	310
Levered Free Cash Flow	1,958	963.5	1,461	1,135	1,722	1,788
Unlevered Free Cash Flow	2,121	1,128	1,608	1,265	1,854	1,940
Change in Working Capital	-616	-326	-371	-888	-449	-56

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