Willis Towers Watson Income 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
Revenue	9,708	9,930	9,483	8,866	8,998
Revenue Growth (YoY)	-2.24%	4.71%	6.96%	-1.47%	4.45%
Cost of Revenue	5,625	5,438	5,235	4,793	4,950
Gross Profit	4,083	4,492	4,248	4,073	4,048
Selling, General & Admin	-	159	173	189	226
Amortization of Goodwill & Intangibles	192	226	263	312	369
Other Operating Expenses	1,408	1,674	1,642	1,506	1,423
Operating Expenses	1,826	2,289	2,320	2,262	2,299
Operating Income	2,257	2,203	1,928	1,811	1,749
Interest Expense	-260	-263	-235	-208	-211
Earnings From Equity Investments	-22	2	3	4	8
Currency Exchange Gain (Loss)	-	9	-11	-	8
Other Non Operating Income (Expenses)	-21	2	5	5	3
EBT Excluding Unusual Items	1,954	1,953	1,690	1,612	1,557
Merger & Restructuring Charges	-23	-470	-454	-280	780
Impairment of Goodwill	-	-1,042	-	-	-
Gain (Loss) on Sale of Assets	-	-337	43	7	379
Asset Writedown	-	-	-	-81	-
Other Unusual Items	-	-	-	-	-24
Pretax Income	1,931	104	1,279	1,258	2,692
Income Tax Expense	318	192	215	194	536
Earnings From Continuing Operations	1,613	-88	1,064	1,064	2,156
Earnings From Discontinued Operations	-	-	-	-40	2,080
Net Income to Company	1,613	-88	1,064	1,024	4,236
Minority Interest in Earnings	-8	-10	-9	-15	-14
Net Income	1,605	-98	1,055	1,009	4,222
Net Income to Common	1,605	-98	1,055	1,009	4,222
Net Income Growth	-	-	4.56%	-76.10%	323.90%
Shares Outstanding (Basic)	98	102	105	112	128
Shares Outstanding (Diluted)	99	102	106	112	129
Shares Change (YoY)	-2.94%	-3.77%	-5.36%	-13.18%	-0.77%
EPS (Basic)	16.38	-0.96	10.05	9.01	32.98
EPS (Diluted)	16.26	-0.96	9.95	8.98	32.75
EPS Growth	-	-	10.77%	-72.58%	327.90%
Free Cash Flow	1,546	1,376	1,192	674	1,913
Free Cash Flow Per Share	15.62	13.49	11.24	6.02	14.83
Dividend Per Share	-	3.560	3.400	3.300	3.130
Dividend Growth	-	4.71%	3.03%	5.43%	12.59%
Gross Margin	42.06%	45.24%	44.80%	45.94%	44.99%
Operating Margin	23.25%	22.18%	20.33%	20.43%	19.44%
Profit Margin	16.53%	-0.99%	11.13%	11.38%	46.92%
Free Cash Flow Margin	15.93%	13.86%	12.57%	7.60%	21.26%
EBITDA	2,675	2,661	2,443	2,378	2,399
EBITDA Margin	27.56%	26.80%	25.76%	26.82%	26.66%
D&A For EBITDA	418	458	515	567	650
EBIT	2,257	2,203	1,928	1,811	1,749
EBIT Margin	23.25%	22.18%	20.33%	20.43%	19.44%
Effective Tax Rate	16.47%	184.62%	16.81%	15.42%	19.91%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.