Willis Towers Financials

WTW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Willis Towers has an operating margin of 6.3%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is down from 14.4% the prior year.

Growth

Willis Towers's revenue grew a modest 4.7% year-over-year to $9.9B. This slow but positive growth earns a score of 42/100.

Leverage

Willis Towers carries a low D/E ratio of 0.67, meaning only $0.67 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Willis Towers's current ratio of 1.20 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Altman Z-Score Distress

1.38

Willis Towers scores 1.38, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.4B) relative to total liabilities ($19.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Willis Towers passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-15.43x

For every $1 of reported earnings, Willis Towers generates $-15.43 in operating cash flow ($1.5B OCF vs -$98.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate

2.4x

Willis Towers earns $2.4 in operating income for every $1 of interest expense ($627.0M vs $263.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows Willis Towers (WTW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$9.9B

YoY+4.7%

5Y CAGR+3.5%

10Y CAGR+10.1%

Willis Towers generated $9.9B in revenue in fiscal year 2024. This represents an increase of 4.7% from the prior year.

EBITDA

$1.1B

YoY-42.0%

5Y CAGR-9.5%

10Y CAGR+3.2%

Willis Towers's EBITDA was $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 42.0% from the prior year.

Free Cash Flow

N/A

Net Income

-$98.0M

YoY-109.3%

Willis Towers reported -$98.0M in net income in fiscal year 2024. This represents a decrease of 109.3% from the prior year.

EPS (Diluted)

$-0.96

YoY-109.6%

Willis Towers earned $-0.96 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 109.6% from the prior year.

Cash & Debt

$1.9B

YoY+32.7%

5Y CAGR+16.3%

10Y CAGR+11.5%

Willis Towers held $1.9B in cash against $5.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.52

YoY+4.8%

5Y CAGR+6.2%

10Y CAGR+1.0%

Willis Towers paid $3.52 per share in dividends in fiscal year 2024. This represents an increase of 4.8% from the prior year.

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

6.3%

YoY-8.1pp

5Y CAGR-6.3pp

10Y CAGR-10.7pp

Willis Towers's operating margin was 6.3% in fiscal year 2024, reflecting core business profitability. This is down 8.1 percentage points from the prior year.

Net Margin

-1.0%

YoY-12.1pp

5Y CAGR-13.5pp

10Y CAGR-10.5pp

Willis Towers's net profit margin was -1.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 12.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$901.0M

YoY-9.9%

5Y CAGR+43.1%

10Y CAGR+15.5%

Willis Towers spent $901.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 9.9% from the prior year.

Capital Expenditures

N/A

WTW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$9.9B+4.7%	$9.5B+7.0%	$8.9B-1.5%	$9.0B+4.4%	$8.6B+2.9%	$8.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$627.0M-54.1%	$1.4B+15.9%	$1.2B-46.5%	$2.2B+156.3%	$859.0M-18.5%	$1.1B
Interest Expense	$263.0M+11.9%	$235.0M+13.0%	$208.0M-1.4%	$211.0M-13.5%	$244.0M+4.3%	$234.0M
Income Tax	$192.0M-10.7%	$215.0M+10.8%	$194.0M-63.8%	$536.0M+115.3%	$249.0M+26.4%	$197.0M
Net Income	-$98.0M-109.3%	$1.1B+4.6%	$1.0B-76.1%	$4.2B+323.9%	$996.0M-4.6%	$1.0B
EPS (Diluted)	$-0.96-109.6%	$9.95+10.8%	$8.98-72.6%	$32.78+328.5%	$7.65-4.6%	$8.02

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$2.3B+1.2%	$2.3B+1.7%	$2.2B-26.8%	$3.0B+34.0%	$2.3B-3.2%	$2.3B-19.7%	$2.9B+34.5%	$2.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$418.0M+13.6%	$368.0M-14.8%	$432.0M-52.1%	$901.0M+325.0%	$212.0M-24.3%	$280.0M-64.1%	$779.0M+389.9%	$159.0M
Interest Expense	$65.0M+1.6%	$64.0M-1.5%	$65.0M-1.5%	$66.0M-2.9%	$68.0M+6.3%	$64.0M+1.6%	$63.0M+3.3%	$61.0M
Income Tax	$77.0M+466.7%	-$21.0M-132.3%	$65.0M-85.2%	$440.0M+1592.3%	$26.0M-45.8%	$48.0M-58.6%	$116.0M+364.0%	$25.0M
Net Income	$304.0M-8.2%	$331.0M+40.9%	$235.0M-81.1%	$1.2B+783.7%	$141.0M-25.8%	$190.0M-69.5%	$622.0M+357.4%	$136.0M
EPS (Diluted)	$3.11-6.3%	$3.32+42.5%	$2.33-81.0%	$12.29+803.7%	$1.36-25.7%	$1.83-69.0%	$5.90+357.4%	$1.29

WTW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$27.7B-4.8%	$29.1B-8.4%	$31.8B-9.2%	$35.0B-9.2%	$38.5B+8.8%	$35.4B
Current Assets	$15.1B+12.4%	$13.4B-15.2%	$15.8B-14.3%	$18.5B-8.9%	$20.3B+19.2%	$17.0B
Cash & Equivalents	$1.9B+32.7%	$1.4B+12.8%	$1.3B-71.9%	$4.5B+120.0%	$2.0B+129.9%	$887.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.5B-3.0%	$2.6B+7.8%	$2.4B+0.7%	$2.4B-1.6%	$2.4B-8.1%	$2.6B
Goodwill	$8.8B-13.7%	$10.2B+0.2%	$10.2B-0.1%	$10.2B-2.0%	$10.4B+0.1%	$10.4B
Total Liabilities	$19.7B+0.9%	$19.5B-10.1%	$21.7B+0.1%	$21.7B-21.5%	$27.6B+10.1%	$25.1B
Current Liabilities	$12.6B-0.3%	$12.6B-14.5%	$14.8B+0.4%	$14.7B-23.8%	$19.3B+20.3%	$16.1B
Long-Term Debt	$5.3B+16.2%	$4.6B+2.1%	$4.5B+12.5%	$4.0B-14.8%	$4.7B-12.0%	$5.3B
Total Equity	$7.9B-16.6%	$9.5B-5.0%	$10.0B-24.5%	$13.3B+22.6%	$10.8B+5.6%	$10.2B
Retained Earnings	$109.0M-92.6%	$1.5B-16.9%	$1.8B-62.0%	$4.6B+90.8%	$2.4B+35.8%	$1.8B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$27.4B-3.6%	$28.5B+1.5%	$28.1B+1.4%	$27.7B-6.6%	$29.6B-2.0%	$30.2B+3.9%	$29.1B+5.3%	$27.6B
Current Assets	$14.6B-6.3%	$15.6B+0.9%	$15.5B+2.4%	$15.1B+7.7%	$14.0B-4.2%	$14.6B+9.0%	$13.4B+13.5%	$11.8B
Cash & Equivalents	$1.9B-3.5%	$2.0B+30.3%	$1.5B-20.3%	$1.9B+51.6%	$1.2B-34.1%	$1.9B+32.9%	$1.4B+14.2%	$1.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.2B-7.4%	$2.4B-0.1%	$2.4B-5.1%	$2.5B+2.8%	$2.4B-0.2%	$2.4B-5.5%	$2.6B+23.7%	$2.1B
Goodwill	$8.9B0.0%	$8.9B+1.1%	$8.8B+0.5%	$8.8B-13.6%	$10.2B0.0%	$10.2B-0.1%	$10.2B+0.5%	$10.1B
Total Liabilities	$19.6B-3.3%	$20.3B+2.3%	$19.9B+0.9%	$19.7B-2.7%	$20.2B-2.2%	$20.7B+6.0%	$19.5B+7.5%	$18.1B
Current Liabilities	$13.2B-4.5%	$13.9B+3.6%	$13.4B+6.2%	$12.6B-0.6%	$12.7B-3.4%	$13.1B+3.9%	$12.6B+11.7%	$11.3B
Long-Term Debt	$4.8B0.0%	$4.8B0.0%	$4.8B-10.3%	$5.3B0.0%	$5.3B0.0%	$5.3B+16.2%	$4.6B0.0%	$4.6B
Total Equity	$7.7B-4.5%	$8.1B-0.4%	$8.1B+2.4%	$7.9B-15.0%	$9.3B-1.6%	$9.5B-0.3%	$9.5B+1.2%	$9.4B
Retained Earnings	-$593.0M-187.9%	-$206.0M-503.9%	$51.0M-53.2%	$109.0M-91.7%	$1.3B-10.2%	$1.5B-0.1%	$1.5B+30.1%	$1.1B

WTW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.5B+12.4%	$1.3B+65.6%	$812.0M-60.6%	$2.1B+16.2%	$1.8B+64.1%	$1.1B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$250.0M+123.0%	-$1.1B-527.2%	-$173.0M-106.7%	$2.6B+1706.3%	-$160.0M+90.1%	-$1.6B
Financing Cash Flow	-$459.0M+61.8%	-$1.2B+65.2%	-$3.4B-10.6%	-$3.1B-923.8%	$378.0M-16.9%	$455.0M
Dividends Paid	$354.0M+0.6%	$352.0M-4.6%	$369.0M-1.3%	$374.0M+8.1%	$346.0M+5.2%	$329.0M
Share Buybacks	$901.0M-9.9%	$1.0B-71.7%	$3.5B+117.0%	$1.6B	$0-100.0%	$150.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$678.0M+87.8%	$361.0M+1131.4%	-$35.0M-105.8%	$599.0M+47.2%	$407.0M+1595.8%	$24.0M-95.4%	$522.0M+32.8%	$393.0M
Capital Expenditures	$57.0M-1.7%	$58.0M+13.7%	$51.0M-19.0%	$63.0M-4.5%	$66.0M+10.0%	$60.0M	N/A	N/A
Free Cash Flow	$621.0M+105.0%	$303.0M+452.3%	-$86.0M-120.5%	$419.0M+22.9%	$341.0M+1047.2%	-$36.0M	N/A	N/A
Investing Cash Flow	-$82.0M-111.8%	$696.0M+928.6%	-$84.0M-117.5%	$480.0M+671.4%	-$84.0M-13.5%	-$74.0M-34.5%	-$55.0M-1200.0%	$5.0M
Financing Cash Flow	-$511.0M+38.0%	-$824.0M-3533.3%	$24.0M+103.6%	-$664.0M+44.3%	-$1.2B-176.6%	$1.6B+429.7%	-$472.0M+23.3%	-$615.0M
Dividends Paid	$90.0M-1.1%	$91.0M+3.4%	$88.0M-1.1%	$89.0M-1.1%	$90.0M+4.7%	$86.0M-1.1%	$87.0M-1.1%	$88.0M
Share Buybacks	$600.0M+20.0%	$500.0M+150.0%	$200.0M-49.4%	$395.0M+97.5%	$200.0M+98.0%	$101.0M-48.5%	$196.0M-44.0%	$350.0M

WTW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	6.3%-8.1pp	14.4%+1.1pp	13.3%-11.2pp	24.5%+14.5pp	10.0%-2.6pp	12.6%
Net Margin	-1.0%-12.1pp	11.1%-0.3pp	11.4%-35.5pp	46.9%+35.4pp	11.6%-0.9pp	12.5%
Return on Equity	N/A	11.1%+1.0pp	10.1%-21.8pp	31.8%+22.6pp	9.2%-1.0pp	10.2%
Return on Assets	-0.4%-4.0pp	3.6%+0.4pp	3.2%-8.9pp	12.1%+9.5pp	2.6%-0.4pp	2.9%
Current Ratio	1.20+0.1	1.060.0	1.07-0.2	1.26+0.2	1.05-0.0	1.06
Debt-to-Equity	0.67+0.2	0.48+0.0	0.45+0.1	0.30-0.1	0.43-0.1	0.52
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	18.3%+2.0pp	16.3%-3.1pp	19.4%-10.3pp	29.7%+20.3pp	9.4%-2.6pp	12.0%-14.8pp	26.7%+19.4pp	7.3%
Net Margin	13.3%-1.4pp	14.6%+4.1pp	10.6%-30.5pp	41.0%+34.8pp	6.2%-1.9pp	8.1%-13.2pp	21.3%+15.1pp	6.3%
Return on Equity	3.9%-0.2pp	4.1%+1.2pp	2.9%-12.8pp	15.7%+14.2pp	1.5%-0.5pp	2.0%-4.5pp	6.5%+5.1pp	1.5%
Return on Assets	1.1%-0.0pp	1.2%+0.3pp	0.8%-3.7pp	4.5%+4.0pp	0.5%-0.2pp	0.6%-1.5pp	2.1%+1.7pp	0.5%
Current Ratio	1.10-0.0	1.13-0.0	1.16-0.0	1.20+0.1	1.110.0	1.12+0.1	1.06+0.0	1.05
Debt-to-Equity	0.62+0.0	0.590.0	0.59-0.1	0.67+0.1	0.570.0	0.56+0.1	0.480.0	0.49
FCF Margin	27.1%+13.7pp	13.4%+17.3pp	-3.9%-22.2pp	18.3%+3.2pp	15.1%+16.6pp	-1.5%	N/A	N/A

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Frequently Asked Questions

What is Willis Towers's annual revenue?

Willis Towers (WTW) reported $9.9B in total revenue for fiscal year 2024. This represents a 4.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Willis Towers's revenue growing?

Willis Towers (WTW) revenue grew by 4.7% year-over-year, from $9.5B to $9.9B in fiscal year 2024.

Is Willis Towers profitable?

No, Willis Towers (WTW) reported a net income of -$98.0M in fiscal year 2024, with a net profit margin of -1.0%.

What is Willis Towers's earnings per share (EPS)?

Willis Towers (WTW) reported diluted earnings per share of $-0.96 for fiscal year 2024. This represents a -109.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Willis Towers's EBITDA?

Willis Towers (WTW) had EBITDA of $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Willis Towers have?

As of fiscal year 2024, Willis Towers (WTW) had $1.9B in cash and equivalents against $5.3B in long-term debt.

What is Willis Towers's operating margin?

Willis Towers (WTW) had an operating margin of 6.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Willis Towers's net profit margin?

Willis Towers (WTW) had a net profit margin of -1.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Willis Towers pay dividends?

Yes, Willis Towers (WTW) paid $3.52 per share in dividends during fiscal year 2024.

What is Willis Towers's operating cash flow?

Willis Towers (WTW) generated $1.5B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Willis Towers's total assets?

Willis Towers (WTW) had $27.7B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Willis Towers buy back shares?

Yes, Willis Towers (WTW) spent $901.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Willis Towers's current ratio?

Willis Towers (WTW) had a current ratio of 1.20 as of fiscal year 2024, which is considered adequate.

What is Willis Towers's debt-to-equity ratio?

Willis Towers (WTW) had a debt-to-equity ratio of 0.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Willis Towers's return on assets (ROA)?

Willis Towers (WTW) had a return on assets of -0.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Willis Towers's Altman Z-Score?

Willis Towers (WTW) has an Altman Z-Score of 1.38, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Willis Towers's Piotroski F-Score?

Willis Towers (WTW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Willis Towers's earnings high quality?

Willis Towers (WTW) has an earnings quality ratio of -15.43x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Willis Towers cover its interest payments?

Willis Towers (WTW) has an interest coverage ratio of 2.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Willis Towers?

Willis Towers (WTW) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.