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	7,474	9,303	8,118	7,688	6,796
Gross Profit	2,234	627	1,365	1,178	2,202
Depreciation & Amortization Expenses	418	456	505	567	650
Other Operating Expenses	1,431	3,345	2,269	2,056	893
Total Operating Expenses	1,849	3,801	2,774	2,623	1,543
Operating Income	2,234	627	1,365	1,178	2,202
Interest Expense	-260	-263	-235	-208	-211
Other Non-Operating Income (Expense)	-21	-262	146	288	701
Total Non-Operating Income (Expense)	-281	-525	-89	80	490
Pretax Income	1,953	102	1,276	1,258	2,692
Provision for Income Taxes	318	192	215	194	536
Net Income	1,605	-98	1,055	1,009	4,222
Minority Interest in Earnings	30	8	6	15	14
Earnings From Discontinued Operations	-	-	-	-40	2,080
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)	16.34	-0.96	10.01	9.36	16.68
EPS (Diluted)	16.26	-0.96	9.95	9.34	16.63
EPS Growth	-	-	6.53%	-43.84%	193.30%
Free Cash Flow	0	0	0	674	1,913
Free Cash Flow Growth	-	-	-	-64.77%	23.34%
Free Cash Flow Per Share	-	-	-	6.02	14.83
Dividends Per Share	3.720	3.560	3.400	3.300	3.130
Dividend Growth	4.49%	4.71%	3.03%	5.43%	12.59%
Gross Margin	23.01%	6.31%	14.39%	13.29%	24.47%
Operating Margin	23.01%	6.31%	14.39%	13.29%	24.47%
Profit Margin	16.62%	-0.89%	11.22%	11.55%	47.08%
FCF Margin	0.00%	0.00%	0.00%	7.60%	21.26%
EBITDA	2,234	627	1,365	1,745	2,852
EBITDA Margin	23.01%	6.31%	14.39%	19.68%	31.70%
EBIT	2,234	627	1,365	1,178	2,202
EBIT Margin	23.01%	6.31%	14.39%	13.29%	24.47%
Effective Tax Rate	16.28%	188.24%	16.85%	15.42%	19.91%

Updated Feb 3, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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