Willis Towers Watson Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	9,897	9,708	9,930	9,483	8,866	8,998
Revenue Growth (YoY)	0.87%	-2.24%	4.71%	6.96%	-1.47%	4.45%
Cost of Revenue	5,735	5,625	5,502	5,344	5,065	5,253
Gross Profit	4,162	4,083	4,428	4,139	3,801	3,745
Selling, General & Admin	1,428	1,408	1,833	1,815	1,695	1,673
Depreciation & Amortization Expenses	420	418	456	505	567	650
Other Operating Expenses	64	23	1,512	454	361	-780
Total Operating Expenses	1,912	1,849	3,801	2,774	2,623	1,543
Operating Income	2,250	2,234	627	1,365	1,178	2,202
Interest Expense	-272	-260	-263	-235	-208	-211
Other Non-Operating Income (Expense)	48	-21	-260	146	288	701
Total Non-Operating Income (Expense)	-224	-281	-523	-89	80	490
Pretax Income	2,026	1,953	104	1,276	1,258	2,692
Provision for Income Taxes	323	318	192	215	194	536
Net Income	1,667	1,605	-98	1,055	1,009	4,222
Minority Interest in Earnings	36	30	10	6	15	14
Earnings From Discontinued Operations	-	-	-	-	-40	2,080
Net Income to Common	1,667	1,605	-98	1,055	1,009	4,222
Net Income Growth	-	-	-	4.56%	-76.10%	323.90%
Shares Outstanding (Basic)	97	98	102	105	112	128
Shares Outstanding (Diluted)	98	99	102	106	112	129
Shares Change (YoY)	-4.17%	-2.94%	-3.77%	-5.36%	-13.18%	-0.77%
EPS (Basic)	17.24	16.34	-0.96	10.01	9.00	32.88
EPS (Diluted)	17.15	16.26	-0.96	9.95	8.98	32.78
EPS Growth	-	-	-	10.80%	-72.61%	328.50%
Shares Outstanding	94.28	95.08	99.81	102.54	106.76	122.06
Free Cash Flow	1,567	1,546	1,267	1,103	674	1,913
Free Cash Flow Growth	1.36%	22.02%	14.87%	63.65%	-64.77%	23.34%
Free Cash Flow Per Share	16.03	15.62	12.42	10.41	6.02	14.83
Dividends Per Share	2.800	3.720	3.560	3.400	3.300	3.130
Dividend Growth	-24.73%	4.49%	4.71%	3.03%	5.43%	12.59%
Gross Margin	42.05%	42.06%	44.59%	43.65%	42.87%	41.62%
Operating Margin	22.73%	23.01%	6.31%	14.39%	13.29%	24.47%
Profit Margin	16.94%	16.62%	-0.89%	11.22%	11.55%	47.08%
FCF Margin	15.83%	15.93%	12.76%	11.63%	7.60%	21.26%
EBITDA	2,670	2,652	1,083	1,870	1,745	2,852
EBITDA Margin	26.98%	27.32%	10.91%	19.72%	19.68%	31.70%
EBIT	2,250	2,234	627	1,365	1,178	2,202
EBIT Margin	22.73%	23.01%	6.31%	14.39%	13.29%	24.47%
Effective Tax Rate	15.94%	16.28%	184.62%	16.85%	15.42%	19.91%

Updated May 1, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q