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

Willis Towers (WTW) reported diluted earnings per share of $16.26 for fiscal year 2025. This represents a 1793.8% 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.

Willis Towers Financials

WTW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Willis Towers (WTW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

Financial Health Signals

Financial Profile 55/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Willis Towers has an operating margin of 23.0%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 6.3% the prior year.

Growth

Willis Towers's revenue declined 2.2% year-over-year, from $9.9B to $9.7B. This contraction results in a growth score of 30/100.

Leverage

Willis Towers carries a low D/E ratio of 0.72, meaning only $0.72 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, 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 19/100, which could limit financial flexibility.

Cash Flow

Willis Towers converts 15.9% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 65/100.

Returns

Willis Towers's ROE of 20.1% shows moderate profitability relative to equity, earning a score of 56/100. This is up from -1.2% the prior year.

Altman Z-Score Distress

1.45

Willis Towers scores 1.45, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.4B) relative to total liabilities ($21.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Willis Towers passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.11x

For every $1 of reported earnings, Willis Towers generates $1.11 in operating cash flow ($1.8B OCF vs $1.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

8.6x

Willis Towers earns $8.6 in operating income for every $1 of interest expense ($2.2B vs $260.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$9.7B

YoY-2.2%

5Y CAGR+2.4%

10Y CAGR+9.7%

Willis Towers generated $9.7B in revenue in fiscal year 2025. This represents a decrease of 2.2% from the prior year.

EBITDA

$2.7B

YoY+144.5%

5Y CAGR+10.2%

10Y CAGR+16.1%

Willis Towers's EBITDA was $2.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 144.5% from the prior year.

Net Income

$1.6B

YoY+1737.8%

5Y CAGR+10.0%

10Y CAGR+15.7%

Willis Towers reported $1.6B in net income in fiscal year 2025. This represents an increase of 1737.8% from the prior year.

EPS (Diluted)

$16.26

YoY+1793.8%

5Y CAGR+16.3%

10Y CAGR+11.6%

Willis Towers earned $16.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1793.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.5B

YoY+22.0%

10Y CAGR+31.8%

Willis Towers generated $1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.0% from the prior year.

Cash & Debt

$3.1B

YoY+65.7%

5Y CAGR+9.0%

10Y CAGR+19.4%

Willis Towers held $3.1B in cash against $5.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.68

YoY+4.5%

5Y CAGR+6.0%

10Y CAGR+1.2%

Willis Towers paid $3.68 per share in dividends in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

23.0%

YoY+16.7pp

5Y CAGR+13.0pp

10Y CAGR+11.9pp

Willis Towers's operating margin was 23.0% in fiscal year 2025, reflecting core business profitability. This is up 16.7 percentage points from the prior year.

Net Margin

16.5%

YoY+17.5pp

5Y CAGR+5.0pp

10Y CAGR+6.8pp

Willis Towers's net profit margin was 16.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17.5 percentage points from the prior year.

Return on Equity

20.1%

YoY+21.3pp

5Y CAGR+10.9pp

10Y CAGR+3.4pp

Willis Towers's ROE was 20.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 21.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.6B

YoY+83.1%

10Y CAGR+35.0%

Willis Towers spent $1.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 83.1% from the prior year.

Capital Expenditures

$229.0M

YoY-6.5%

10Y CAGR+4.6%

Willis Towers invested $229.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.5% from the prior year.

WTW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.7B-2.2%	$9.9B+4.7%	$9.5B+7.0%	$8.9B-1.5%	$9.0B+4.4%	$8.6B
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	$2.2B+256.3%	$627.0M-54.1%	$1.4B+15.9%	$1.2B-46.5%	$2.2B+156.3%	$859.0M
Interest Expense	$260.0M-1.1%	$263.0M+11.9%	$235.0M+13.0%	$208.0M-1.4%	$211.0M-13.5%	$244.0M
Income Tax	$318.0M+65.6%	$192.0M-10.7%	$215.0M+10.8%	$194.0M-63.8%	$536.0M+115.3%	$249.0M
Net Income	$1.6B+1737.8%	-$98.0M-109.3%	$1.1B+4.6%	$1.0B-76.1%	$4.2B+323.9%	$996.0M
EPS (Diluted)	$16.26+1793.8%	$-0.96-109.6%	$9.95+10.8%	$8.98-72.6%	$32.78+328.5%	$7.65

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.9B+28.3%	$2.3B+1.2%	$2.3B+1.7%	$2.2B-26.8%	$3.0B+32.6%	$2.3B+1.1%	$2.3B-3.2%	$2.3B
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	$1.0B+143.1%	$418.0M+13.6%	$368.0M-14.8%	$432.0M-52.1%	$901.0M+217.6%	-$766.0M-461.3%	$212.0M-24.3%	$280.0M
Interest Expense	$66.0M+1.5%	$65.0M+1.6%	$64.0M-1.5%	$65.0M-1.5%	$66.0M+1.5%	$65.0M-4.4%	$68.0M+6.3%	$64.0M
Income Tax	$197.0M+155.8%	$77.0M+466.7%	-$21.0M-132.3%	$65.0M-85.2%	$440.0M+236.6%	-$322.0M-1338.5%	$26.0M-45.8%	$48.0M
Net Income	$735.0M+141.8%	$304.0M-8.2%	$331.0M+40.9%	$235.0M-81.1%	$1.2B+174.4%	-$1.7B-1287.9%	$141.0M-25.8%	$190.0M
EPS (Diluted)	N/A	$3.11-6.3%	$3.32+42.5%	$2.33	N/A	$-16.44-1308.8%	$1.36-25.7%	$1.83

WTW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.5B+6.7%	$27.7B-4.8%	$29.1B-8.4%	$31.8B-9.2%	$35.0B-9.2%	$38.5B
Current Assets	$16.9B+11.7%	$15.1B+12.4%	$13.4B-15.2%	$15.8B-14.3%	$18.5B-8.9%	$20.3B
Cash & Equivalents	$3.1B+65.7%	$1.9B+32.7%	$1.4B+12.8%	$1.3B-71.9%	$4.5B+120.0%	$2.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.7B+8.3%	$2.5B-3.0%	$2.6B+7.8%	$2.4B+0.7%	$2.4B-1.6%	$2.4B
Goodwill	$8.9B+1.6%	$8.8B-13.7%	$10.2B+0.2%	$10.2B-0.1%	$10.2B-2.0%	$10.4B
Total Liabilities	$21.5B+9.2%	$19.7B+0.9%	$19.5B-10.1%	$21.7B+0.1%	$21.7B-21.5%	$27.6B
Current Liabilities	$14.0B+11.2%	$12.6B-0.3%	$12.6B-14.5%	$14.8B+0.4%	$14.7B-23.8%	$19.3B
Long-Term Debt	$5.8B+8.4%	$5.3B+16.2%	$4.6B+2.1%	$4.5B+12.5%	$4.0B-14.8%	$4.7B
Total Equity	$8.0B+0.5%	$7.9B-16.6%	$9.5B-5.0%	$10.0B-24.5%	$13.3B+22.6%	$10.8B
Retained Earnings	-$296.0M-371.6%	$109.0M-92.6%	$1.5B-16.9%	$1.8B-62.0%	$4.6B+90.8%	$2.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$29.5B+7.6%	$27.4B-3.6%	$28.5B+1.5%	$28.1B+1.4%	$27.7B+1.9%	$27.2B-8.3%	$29.6B-2.0%	$30.2B
Current Assets	$16.9B+15.4%	$14.6B-6.3%	$15.6B+0.9%	$15.5B+2.4%	$15.1B+5.5%	$14.3B+2.0%	$14.0B-4.2%	$14.6B
Cash & Equivalents	$3.1B+65.3%	$1.9B-3.5%	$2.0B+30.3%	$1.5B-20.3%	$1.9B+37.8%	$1.4B+10.0%	$1.2B-34.1%	$1.9B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.7B+23.4%	$2.2B-7.4%	$2.4B-0.1%	$2.4B-5.1%	$2.5B+17.8%	$2.1B-12.7%	$2.4B-0.2%	$2.4B
Goodwill	$8.9B0.0%	$8.9B0.0%	$8.9B+1.1%	$8.8B+0.5%	$8.8B-0.9%	$8.9B-12.8%	$10.2B0.0%	$10.2B
Total Liabilities	$21.5B+9.4%	$19.6B-3.3%	$20.3B+2.3%	$19.9B+0.9%	$19.7B+0.3%	$19.6B-3.0%	$20.2B-2.2%	$20.7B
Current Liabilities	$14.0B+5.7%	$13.2B-4.5%	$13.9B+3.6%	$13.4B+6.2%	$12.6B+0.5%	$12.5B-1.1%	$12.7B-3.4%	$13.1B
Long-Term Debt	$5.8B+20.8%	$4.8B0.0%	$4.8B0.0%	$4.8B-10.3%	$5.3B0.0%	$5.3B0.0%	$5.3B0.0%	$5.3B
Total Equity	$8.0B+3.1%	$7.7B-4.5%	$8.1B-0.4%	$8.1B+2.4%	$7.9B+6.0%	$7.5B-19.8%	$9.3B-1.6%	$9.5B
Retained Earnings	-$296.0M+50.1%	-$593.0M-187.9%	-$206.0M-503.9%	$51.0M-53.2%	$109.0M+116.8%	-$650.0M-149.4%	$1.3B-10.2%	$1.5B

WTW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.8B+17.4%	$1.5B+12.4%	$1.3B+65.6%	$812.0M-60.6%	$2.1B+16.2%	$1.8B
Capital Expenditures	$229.0M-6.5%	$245.0M+1.2%	$242.0M	N/A	N/A	N/A
Free Cash Flow	$1.5B+22.0%	$1.3B+14.9%	$1.1B	N/A	N/A	N/A
Investing Cash Flow	$447.0M+78.8%	$250.0M+123.0%	-$1.1B-527.2%	-$173.0M-106.7%	$2.6B+1706.3%	-$160.0M
Financing Cash Flow	-$936.0M-103.9%	-$459.0M+61.8%	-$1.2B+65.2%	-$3.4B-10.6%	-$3.1B-923.8%	$378.0M
Dividends Paid	$358.0M+1.1%	$354.0M+0.6%	$352.0M-4.6%	$369.0M-1.3%	$374.0M+8.1%	$346.0M
Share Buybacks	$1.6B+83.1%	$901.0M-9.9%	$1.0B-71.7%	$3.5B+117.0%	$1.6B	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$771.0M+13.7%	$678.0M+87.8%	$361.0M+1131.4%	-$35.0M-105.8%	$599.0M+24.3%	$482.0M+18.4%	$407.0M+1595.8%	$24.0M
Capital Expenditures	$63.0M+10.5%	$57.0M-1.7%	$58.0M+13.7%	$51.0M-8.9%	$56.0M-11.1%	$63.0M-4.5%	$66.0M+10.0%	$60.0M
Free Cash Flow	$708.0M+14.0%	$621.0M+105.0%	$303.0M+452.3%	-$86.0M-115.8%	$543.0M+29.6%	$419.0M+22.9%	$341.0M+1047.2%	-$36.0M
Investing Cash Flow	-$83.0M-1.2%	-$82.0M-111.8%	$696.0M+928.6%	-$84.0M-117.5%	$480.0M+766.7%	-$72.0M+14.3%	-$84.0M-13.5%	-$74.0M
Financing Cash Flow	$375.0M+173.4%	-$511.0M+38.0%	-$824.0M-3533.3%	$24.0M+103.6%	-$664.0M-317.6%	-$159.0M+86.7%	-$1.2B-176.6%	$1.6B
Dividends Paid	$89.0M-1.1%	$90.0M-1.1%	$91.0M+3.4%	$88.0M-1.1%	$89.0M0.0%	$89.0M-1.1%	$90.0M+4.7%	$86.0M
Share Buybacks	$350.0M-41.7%	$600.0M+20.0%	$500.0M+150.0%	$200.0M-49.4%	$395.0M+92.7%	$205.0M+2.5%	$200.0M+98.0%	$101.0M

WTW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.0%+16.7pp	6.3%-8.1pp	14.4%+1.1pp	13.3%-11.2pp	24.5%+14.5pp	10.0%
Net Margin	16.5%+17.5pp	-1.0%-12.1pp	11.1%-0.3pp	11.4%-35.5pp	46.9%+35.4pp	11.6%
Return on Equity	20.1%+21.3pp	-1.2%-12.3pp	11.1%+1.0pp	10.1%-21.8pp	31.8%+22.6pp	9.2%
Return on Assets	5.4%+5.8pp	-0.4%-4.0pp	3.6%+0.4pp	3.2%-8.9pp	12.1%+9.5pp	2.6%
Current Ratio	1.200.0	1.20+0.1	1.060.0	1.07-0.2	1.26+0.2	1.05
Debt-to-Equity	0.72+0.1	0.67+0.2	0.48+0.0	0.45+0.1	0.30-0.1	0.43
FCF Margin	15.9%+3.2pp	12.8%+1.1pp	11.6%	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	34.6%+16.3pp	18.3%+2.0pp	16.3%-3.1pp	19.4%-10.3pp	29.7%+63.1pp	-33.5%-42.8pp	9.4%-2.6pp	12.0%
Net Margin	25.0%+11.7pp	13.3%-1.4pp	14.6%+4.1pp	10.6%-30.5pp	41.0%+114.2pp	-73.2%-79.4pp	6.2%-1.9pp	8.1%
Return on Equity	9.2%+5.3pp	3.9%-0.2pp	4.1%+1.2pp	2.9%-12.8pp	15.7%+38.0pp	-22.4%-23.9pp	1.5%-0.5pp	2.0%
Return on Assets	2.5%+1.4pp	1.1%-0.0pp	1.2%+0.3pp	0.8%-3.7pp	4.5%+10.7pp	-6.2%-6.7pp	0.5%-0.2pp	0.6%
Current Ratio	1.20+0.1	1.10-0.0	1.13-0.0	1.16-0.0	1.20+0.1	1.14+0.0	1.110.0	1.12
Debt-to-Equity	0.72+0.1	0.62+0.0	0.590.0	0.59-0.1	0.67-0.0	0.71+0.1	0.570.0	0.56
FCF Margin	24.1%-3.0pp	27.1%+13.7pp	13.4%+17.3pp	-3.9%-21.8pp	17.9%-0.4pp	18.3%+3.2pp	15.1%+16.6pp	-1.5%

Similar Companies

Brown & Brown Inc BRO

$22.1B

Aon Plc AON

$69.2B

Gallagher (ARTHUR J.) & Co. AJG

$55.6B

Marsh & Mclennan MMC

$89.5B

Erie Indty Co ERIE

$13.1B

Frequently Asked Questions

What is Willis Towers's annual revenue?

Willis Towers (WTW) reported $9.7B in total revenue for fiscal year 2025. This represents a -2.2% 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 declined by 2.2% year-over-year, from $9.9B to $9.7B in fiscal year 2025.

Is Willis Towers profitable?

Yes, Willis Towers (WTW) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 16.5%.

What is Willis Towers's EBITDA?

Willis Towers (WTW) had EBITDA of $2.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Willis Towers have?

As of fiscal year 2025, Willis Towers (WTW) had $3.1B in cash and equivalents against $5.8B in long-term debt.

What is Willis Towers's operating margin?

Willis Towers (WTW) had an operating margin of 23.0% in fiscal year 2025, 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 16.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Willis Towers pay dividends?

Yes, Willis Towers (WTW) paid $3.68 per share in dividends during fiscal year 2025.

What is Willis Towers's return on equity (ROE)?

Willis Towers (WTW) has a return on equity of 20.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Willis Towers's free cash flow?

Willis Towers (WTW) generated $1.5B in free cash flow during fiscal year 2025. This represents a 22.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Willis Towers's operating cash flow?

Willis Towers (WTW) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Willis Towers's total assets?

Willis Towers (WTW) had $29.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Willis Towers's capital expenditures?

Willis Towers (WTW) invested $229.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Willis Towers buy back shares?

Yes, Willis Towers (WTW) spent $1.6B on share buybacks during fiscal year 2025, 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 2025, which is considered adequate.

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

Willis Towers (WTW) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, 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 5.4% for fiscal year 2025, 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 1.45, 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 5 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 1.11x, considered cash-backed (high 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 8.6x, meaning it can comfortably 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 55 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.