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	2015 - 2019
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	2015 - 2019
Net Income	2,116	-98	1,055	1,009	4,222	996	Upgrade
Depreciation & Amortization	415	458	515	567	650	770	Upgrade
Other Amortization	-	-2	-10	-	-	-	Upgrade
Loss (Gain) From Sale of Assets	-893	337	-43	59	-379	-81	Upgrade
Asset Writedown & Restructuring Costs	24	1,083	38	152	-	-	Upgrade
Stock-Based Compensation	140	121	125	99	101	90	Upgrade
Provision & Write-off of Bad Debts	8	13	6	13	19	29	Upgrade
Other Operating Activities	409	-74	30	-199	197	26	Upgrade
Change in Accounts Receivable	-122	-233	-206	-188	-134	72	Upgrade
Change in Other Net Operating Assets	-494	-93	-165	-700	-315	-128	Upgrade
Operating Cash Flow	1,603	1,512	1,345	812	2,061	1,774	Upgrade
Operating Cash Flow Growth	11.71%	12.42%	65.64%	-60.60%	16.18%	64.11%	Upgrade
Capital Expenditures	-113	-136	-153	-138	-148	-223	Upgrade
Cash Acquisitions	-93	-107	-6	-81	-47	-69	Upgrade
Divestitures	1,484	614	-833	-88	3,018	212	Upgrade
Sale (Purchase) of Intangibles	-109	-109	-89	-66	-53	-63	Upgrade
Investment in Securities	-105	-12	-4	200	-200	-	Upgrade
Other Investing Activities	-54	-	-	-	-	-17	Upgrade
Investing Cash Flow	1,010	250	-1,085	-173	2,570	-160	Upgrade
Long-Term Debt Issued	-	746	748	750	-	282	Upgrade
Total Debt Issued	-	746	748	750	-	282	Upgrade
Long-Term Debt Repaid	-	-655	-254	-585	-1,008	-327	Upgrade
Net Debt Issued (Repaid)	-6	91	494	165	-1,008	-45	Upgrade
Issuance of Common Stock	-	-	-	7	10	16	Upgrade
Repurchase of Common Stock	-1,774	-957	-1,026	-3,564	-1,643	-14	Upgrade
Common Dividends Paid	-358	-354	-352	-369	-374	-346	Upgrade
Other Financing Activities	163	761	-316	316	-99	767	Upgrade
Financing Cash Flow	-1,975	-459	-1,200	-3,445	-3,114	378	Upgrade
Foreign Exchange Rate Adjustments	73	-97	11	-164	-127	126	Upgrade
Net Cash Flow	711	1,206	-929	-2,970	1,390	2,118	Upgrade
Free Cash Flow	1,490	1,376	1,192	674	1,913	1,551	Upgrade
Free Cash Flow Growth	23.24%	15.44%	76.85%	-64.77%	23.34%	85.75%	Upgrade
Free Cash Flow Margin	15.19%	13.86%	12.57%	7.60%	21.26%	18.00%	Upgrade
Free Cash Flow Per Share	14.94	13.49	11.24	6.02	14.83	11.93	Upgrade
Cash Interest Paid	242	242	223	201	212	229	Upgrade
Cash Income Tax Paid	312	312	348	428	570	310	Upgrade
Levered Free Cash Flow	1,958	963.5	1,461	1,135	1,722	1,788	Upgrade
Unlevered Free Cash Flow	2,121	1,128	1,608	1,265	1,854	1,940	Upgrade
Change in Working Capital	-616	-326	-371	-888	-449	-56	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.