WILLIS TOWERS WATSON PLC (WTW) SEC Filings, Jul-Aug 2025

Willis Towers Watson (WTW) delivered a markedly more profitable Q2 2025 despite flat top-line growth. Revenue was $2.26 bn, virtually unchanged YoY, but disciplined cost control after the 2024 Transformation program lifted operating income 73% to $368 m and expanded the operating margin to 16.3% (vs 9.4%). Net income attributable to WTW more than doubled to $331 m, driving diluted EPS to $3.32 from $1.36. For the first six months, EPS rose 76% to $5.64 while revenue slipped 2.6% to $4.48 bn.

• Segment trends: Health, Wealth & Career revenue fell 6% but maintained a 23.9% operating margin; Risk & Broking rose 7.5% with margin up to 21.2%.
• Balance sheet: Cash increased to $1.96 bn; long-term debt cut 10% to $4.76 bn, lowering leverage. AOCL improved by $452 m.
• Capital returns: Company repurchased $700 m of shares in H1, shrinking share count to 97.9 m; dividends paid totaled $179 m.
• Cash flow: Operating cash flow fell 24% to $326 m; a $836 m divestiture boosted investing inflows, while heavy buybacks drove a $800 m financing outflow.
• Guidance & outlook: Management highlights continued margin expansion post-transformation but notes macro, FX and regulatory risks within the 10-Q.