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	Jun '25 Jun 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	137	-98	1,055	1,009	4,222	996	Upgrade
Depreciation & Amortization	429	458	515	567	650	770	Upgrade
Other Amortization	-1	-2	-10	-	-	-	Upgrade
Loss (Gain) From Sale of Assets	323	337	-43	59	-379	-81	Upgrade
Asset Writedown & Restructuring Costs	1,071	1,083	38	152	-	-	Upgrade
Stock-Based Compensation	135	121	125	99	101	90	Upgrade
Provision & Write-off of Bad Debts	10	13	6	13	19	29	Upgrade
Other Operating Activities	22	-74	30	-199	197	26	Upgrade
Change in Accounts Receivable	-126	-233	-206	-188	-134	72	Upgrade
Change in Other Net Operating Assets	-593	-93	-165	-700	-315	-128	Upgrade
Operating Cash Flow	1,407	1,512	1,345	812	2,061	1,774	Upgrade
Operating Cash Flow Growth	4.53%	12.42%	65.64%	-60.60%	16.18%	64.11%	Upgrade
Capital Expenditures	-119	-136	-153	-138	-148	-223	Upgrade
Cash Acquisitions	-103	-107	-6	-81	-47	-69	Upgrade
Divestitures	1,450	614	-833	-88	3,018	212	Upgrade
Sale (Purchase) of Intangibles	-109	-109	-89	-66	-53	-63	Upgrade
Investment in Securities	-99	-12	-4	200	-200	-	Upgrade
Other Investing Activities	-	-	-	-	-	-17	Upgrade
Investing Cash Flow	1,020	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)	-5	91	494	165	-1,008	-45	Upgrade
Issuance of Common Stock	-	-	-	7	10	16	Upgrade
Repurchase of Common Stock	-1,375	-957	-1,026	-3,564	-1,643	-14	Upgrade
Common Dividends Paid	-357	-354	-352	-369	-374	-346	Upgrade
Other Financing Activities	114	761	-316	316	-99	767	Upgrade
Financing Cash Flow	-1,623	-459	-1,200	-3,445	-3,114	378	Upgrade
Foreign Exchange Rate Adjustments	163	-97	11	-164	-127	126	Upgrade
Net Cash Flow	967	1,206	-929	-2,970	1,390	2,118	Upgrade
Free Cash Flow	1,288	1,376	1,192	674	1,913	1,551	Upgrade
Free Cash Flow Growth	12.29%	15.44%	76.85%	-64.77%	23.34%	85.75%	Upgrade
Free Cash Flow Margin	13.13%	13.86%	12.57%	7.60%	21.26%	18.00%	Upgrade
Free Cash Flow Per Share	12.82	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	1,336	963.5	1,461	1,135	1,722	1,788	Upgrade
Unlevered Free Cash Flow	1,498	1,128	1,608	1,265	1,854	1,940	Upgrade
Change in Working Capital	-719	-326	-371	-888	-449	-56	Upgrade

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