Willis Towers Financials
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).
Margin recovery and strong cash conversion are the dominant mechanics, allowing generous capital returns without heavy reinvestment needs.
Operating margin rebounded from6.3% to23.0% while revenue barely moved year to year, so FY2025's earnings recovery looks more like expense normalization than a demand surge. With free cash flow at$1.5B and capex only$229M , that recovery translated into cash instead of being swallowed by reinvestment.
Net income of
Cash returned to shareholders stayed aggressive, with buybacks of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Willis Towers's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Willis Towers has an operating margin of 23.0%, meaning the company retains $23 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is up from 6.3% the prior year.
Willis Towers's revenue declined 2.2% year-over-year, from $9.9B to $9.7B. This contraction results in a growth score of 35/100.
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.
Willis Towers's current ratio of 1.20 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Willis Towers has a free cash flow margin of 15.9%, earning a moderate score of 60/100. The company generates positive cash flow after capital investments, but with room for improvement.
Willis Towers's ROE of 20.1% shows moderate profitability relative to equity, earning a score of 38/100. This is up from -1.2% the prior year.
Willis Towers scores 1.34, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
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.
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.
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
Earnings & Revenue
Willis Towers generated $9.7B in revenue in fiscal year 2025. This represents a decrease of 2.2% from the prior year.
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.
Willis Towers reported $1.6B in net income in fiscal year 2025. This represents an increase of 1737.8% from the prior year.
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
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.
Willis Towers held $3.1B in cash against $5.8B in long-term debt as of fiscal year 2025.
Willis Towers paid $3.68 per share in dividends in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
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.
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.
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B-17.8% | $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 |
| 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 | $1.4B-0.3% | $1.4B+1.8% | $1.4B-2.5% | $1.4B+9.4% | $1.3B-3.1% | $1.4B-2.1% | $1.4B-0.1% | $1.4B |
| Operating Income | $448.0M-55.9% | $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 |
| Interest Expense | $77.0M+16.7% | $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 |
| Income Tax | $70.0M-64.5% | $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 |
| Net Income | $297.0M-59.6% | $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 |
| EPS (Diluted) | $3.10 | N/A | $3.11-6.3% | $3.32+42.5% | $2.33 | N/A | $-16.44-1308.8% | $1.36 |
WTW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.6B+0.4% | $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 |
| Current Assets | $16.1B-4.7% | $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 |
| Cash & Equivalents | $1.9B-40.8% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.6B-2.0% | $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 |
| Goodwill | $9.7B+8.1% | $8.9B0.0% | $8.9B0.0% | $8.9B+1.1% | $8.8B+0.5% | $8.8B-0.9% | $8.9B-12.8% | $10.2B |
| Total Liabilities | $21.6B+0.5% | $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 |
| Current Liabilities | $13.5B-3.3% | $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 |
| Long-Term Debt | $6.3B+9.5% | $5.8B+20.8% | $4.8B0.0% | $4.8B0.0% | $4.8B-10.3% | $5.3B0.0% | $5.3B0.0% | $5.3B |
| Total Equity | $8.0B0.0% | $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 |
| Retained Earnings | -$392.0M-32.4% | -$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 |
WTW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.0M-101.3% | $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 |
| Capital Expenditures | $55.0M-12.7% | $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 |
| Free Cash Flow | -$65.0M-109.2% | $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 |
| Investing Cash Flow | -$840.0M-912.0% | -$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 |
| Financing Cash Flow | -$203.0M-154.1% | $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 |
| Dividends Paid | $88.0M-1.1% | $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 |
| Share Buybacks | $300.0M-14.3% | $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 |
WTW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 18.6%-16.0pp | 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% |
| Net Margin | 12.3%-12.7pp | 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% |
| Return on Equity | 3.7%-5.5pp | 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% |
| Return on Assets | 1.0%-1.5pp | 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% |
| Current Ratio | 1.19-0.0 | 1.20+0.1 | 1.10-0.0 | 1.13-0.0 | 1.16-0.0 | 1.20+0.1 | 1.14+0.0 | 1.11 |
| Debt-to-Equity | 0.79+0.1 | 0.72+0.1 | 0.62+0.0 | 0.590.0 | 0.59-0.1 | 0.67-0.0 | 0.71+0.1 | 0.57 |
| FCF Margin | -2.7%-26.8pp | 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% |
Similar Companies
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.
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 1.34, 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 to 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 50 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.