WILLIS TOWERS WATSON PLC (WTW) financial statements: income statement, balance sheet and cash flow
WILLIS TOWERS WATSON PLC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), WILLIS TOWERS WATSON PLC reported revenue of $9.7B (-2.2% year on year) and net income of $1.6B (+1933.0% year on year).
Income statement
WILLIS TOWERS WATSON PLC income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$9.7B
$9.9B
$9.5B
$8.9B
Salaries and benefits
$5.6B
$5.5B
$5.3B
$5.1B
Other operating expenses
$1.4B
$1.8B
$1.8B
$1.8B
Impairment
$0
$1.0B
—
—
Depreciation
$226.0M
$230.0M
$242.0M
$255.0M
Amortization
$192.0M
$226.0M
$263.0M
$312.0M
Restructuring costs
$0
$61.0M
$68.0M
$99.0M
Transaction and transformation
$23.0M
$409.0M
$386.0M
$181.0M
Total costs of providing services
$7.5B
$9.3B
$8.1B
$7.7B
Income from operations
$2.2B
$627.0M
$1.4B
$1.2B
Interest expense
($260.0M)
($263.0M)
($235.0M)
($208.0M)
Other (loss)/income, net
($21.0M)
($260.0M)
$149.0M
$288.0M
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
$2.0B
—
—
—
Provision for income taxes
($318.0M)
($192.0M)
($215.0M)
($194.0M)
INCOME/(LOSS) FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
$1.6B
—
—
—
Interest in earnings of associates, net of tax
($22.0M)
—
—
—
NET INCOME/(LOSS)
$1.6B
($88.0M)
$1.1B
$1.0B
Income attributable to non-controlling interests
($8.0M)
($10.0M)
($9.0M)
($15.0M)
NET INCOME/(LOSS) ATTRIBUTABLE TO WTW
$1.6B
($98.0M)
$1.1B
$1.0B
Basic earnings/(loss) per share
$16.34
-$0.96
$10.01
$9.00
Diluted earnings/(loss) per share
$16.26
-$0.96
$9.95
$8.98
Foreign currency translation
$412.0M
($204.0M)
$173.0M
($499.0M)
Defined pension and post-retirement benefits
($91.0M)
($94.0M)
($408.0M)
$65.0M
Derivative instruments
$3.0M
($4.0M)
$2.0M
($2.0M)
Other comprehensive income/(loss), net of tax, before non-controlling interests
$324.0M
($302.0M)
($233.0M)
($436.0M)
Comprehensive income/(loss) before non-controlling interests
$1.9B
($390.0M)
$831.0M
$588.0M
Comprehensive income attributable to non-controlling interests
($8.0M)
($10.0M)
($11.0M)
($14.0M)
Comprehensive income/(loss) attributable to WTW
$1.9B
($400.0M)
$820.0M
$574.0M
WILLIS TOWERS WATSON PLC income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$2.5B
$2.4B
$2.3B
$2.3B
Salaries and benefits
$1.6B
$1.4B
$1.4B
$1.4B
Other operating expenses
$380.0M
$385.0M
$352.0M
$336.0M
Depreciation
$55.0M
$56.0M
$56.0M
$57.0M
Amortization
$55.0M
$48.0M
$47.0M
$49.0M
Transaction and integration expenses
$61.0M
$41.0M
$2.0M
$2.0M
Total costs of providing services
$2.1B
$2.0B
$1.9B
$1.9B
Income from operations
$364.0M
$448.0M
$418.0M
$368.0M
Interest expense
($78.0M)
($77.0M)
($65.0M)
($64.0M)
Other income/(loss), net
$6.0M
$5.0M
$37.0M
$9.0M
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
$292.0M
$376.0M
$390.0M
$313.0M
(Provision for)/benefit from income taxes
($57.0M)
($70.0M)
($77.0M)
$21.0M
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
$235.0M
$306.0M
$313.0M
$334.0M
Interests in earnings of associates, net of tax
($4.0M)
($3.0M)
($7.0M)
($2.0M)
NET INCOME
$231.0M
$303.0M
$306.0M
$332.0M
Income attributable to non-controlling interests
($2.0M)
($6.0M)
($2.0M)
($1.0M)
NET INCOME ATTRIBUTABLE TO WTW
$229.0M
$297.0M
$304.0M
$331.0M
Basic earnings per share
$2.43
$3.12
$3.12
$3.34
Diluted earnings per share
$2.43
$3.10
$3.11
$3.32
Comprehensive income before non-controlling interests
$252.0M
$267.0M
$303.0M
$561.0M
Comprehensive income attributable to non-controlling interests
($2.0M)
($6.0M)
($2.0M)
($1.0M)
Comprehensive income attributable to WTW
$250.0M
$261.0M
$301.0M
$560.0M
Balance sheet
WILLIS TOWERS WATSON PLC balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.1B
$1.9B
$1.4B
$1.3B
Fiduciary assets
$10.4B
$9.5B
$9.1B
$11.8B
Accounts receivable, net
$2.7B
$2.5B
$2.6B
$2.4B
Prepaid and other current assets
$595.0M
$1.2B
$364.0M
$414.0M
Total current assets
$16.9B
$15.1B
$13.4B
$15.8B
Fixed assets, net
$695.0M
$661.0M
$720.0M
$718.0M
Goodwill
$8.9B
$8.8B
$10.2B
$10.2B
Other intangible assets, net
$1.1B
$1.3B
$2.0B
$2.3B
Right-of-use assets
$487.0M
$485.0M
$565.0M
$586.0M
Pension benefits assets
$529.0M
$530.0M
$588.0M
$827.0M
Other non-current assets
$866.0M
$806.0M
$1.6B
$1.4B
Total non-current assets
$12.7B
$12.6B
$15.7B
$15.9B
TOTAL ASSETS
$29.5B
$27.7B
$29.1B
$31.8B
Fiduciary liabilities
$10.4B
$9.5B
$9.1B
$11.8B
Deferred revenue and accrued expenses
$2.1B
$2.2B
$2.1B
$1.9B
Current debt
$550.0M
$0
$650.0M
$250.0M
Current lease liabilities
$125.0M
$118.0M
$125.0M
$126.0M
Other current liabilities
$797.0M
$765.0M
$678.0M
$716.0M
Total current liabilities
$14.0B
$12.6B
$12.6B
$14.8B
Long-term debt
$5.8B
$5.3B
$4.6B
$4.5B
Liability for pension benefits
$660.0M
$615.0M
$563.0M
$480.0M
Provision for liabilities
$340.0M
$341.0M
$365.0M
$357.0M
Long-term lease liabilities
$472.0M
$502.0M
$592.0M
$620.0M
Other non-current liabilities
$246.0M
$254.0M
$238.0M
$221.0M
Total non-current liabilities
$7.5B
$7.1B
$6.9B
$6.9B
TOTAL LIABILITIES
$21.5B
$19.7B
$19.5B
$21.7B
Additional paid-in capital
$11.1B
$11.0B
$10.9B
$10.9B
Retained earnings
($296.0M)
$109.0M
$1.5B
$1.8B
Accumulated other comprehensive loss, net of tax
($2.8B)
($3.2B)
($2.9B)
($2.6B)
Total WTW shareholders' equity
$8.0B
$7.9B
$9.5B
$10.0B
Non-controlling interests
$76.0M
$77.0M
$73.0M
$77.0M
Total equity
$8.1B
$8.0B
$9.6B
$10.1B
TOTAL LIABILITIES AND EQUITY
$29.5B
$27.7B
$29.1B
$31.8B
WILLIS TOWERS WATSON PLC balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.6B
$1.9B
$1.9B
$2.0B
Fiduciary assets
$11.8B
$11.0B
$10.0B
$10.7B
Accounts receivable, net
$2.6B
$2.6B
$2.2B
$2.4B
Prepaid and other current assets
$669.0M
$601.0M
$570.0M
$558.0M
Total current assets
$16.7B
$16.1B
$14.6B
$15.6B
Fixed assets, net
$675.0M
$671.0M
$686.0M
$696.0M
Goodwill
$9.7B
$9.7B
$8.9B
$8.9B
Other intangible assets, net
$1.4B
$1.3B
$1.2B
$1.2B
Right-of-use assets
$474.0M
$499.0M
$480.0M
$495.0M
Pension benefits assets
$558.0M
$541.0M
$589.0M
$578.0M
Other non-current assets
$928.0M
$904.0M
$942.0M
$934.0M
Total non-current assets
$13.8B
$13.6B
$12.8B
$12.9B
TOTAL ASSETS
$30.6B
$29.6B
$27.4B
$28.5B
Fiduciary liabilities
$11.8B
$11.0B
$10.0B
$10.7B
Deferred revenue and accrued expenses
$1.8B
$1.5B
$1.9B
$1.7B
Current debt
$749.0M
$0
$550.0M
$549.0M
Current lease liabilities
$117.0M
$117.0M
$123.0M
$124.0M
Other current liabilities
$767.0M
$906.0M
$735.0M
$752.0M
Total current liabilities
$15.2B
$13.5B
$13.2B
$13.9B
Long-term debt
$5.8B
$6.3B
$4.8B
$4.8B
Liability for pension benefits
$610.0M
$630.0M
$524.0M
$550.0M
Provision for liabilities
$359.0M
$361.0M
$369.0M
$369.0M
Long-term lease liabilities
$454.0M
$485.0M
$475.0M
$500.0M
Other non-current liabilities
$340.0M
$251.0M
$255.0M
$246.0M
Total non-current liabilities
$7.5B
$8.0B
$6.4B
$6.4B
TOTAL LIABILITIES
$22.8B
$21.6B
$19.6B
$20.3B
Additional paid-in capital
$11.2B
$11.2B
$11.0B
$11.0B
Accumulated deficit
($699.0M)
($392.0M)
($593.0M)
($206.0M)
Accumulated other comprehensive loss, net of tax
($2.8B)
($2.9B)
($2.7B)
($2.7B)
Total WTW shareholders' equity
$7.7B
$8.0B
$7.7B
$8.1B
Non-controlling interests
$82.0M
$82.0M
$75.0M
$80.0M
Total equity
$7.8B
$8.1B
$7.8B
$8.2B
TOTAL LIABILITIES AND EQUITY
$30.6B
$29.6B
$27.4B
$28.5B
Cash flow statement
WILLIS TOWERS WATSON PLC cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
NET INCOME/(LOSS)
$1.6B
($88.0M)
$1.1B
$1.0B
Depreciation
$226.0M
$230.0M
$242.0M
$255.0M
Amortization
$192.0M
$226.0M
$263.0M
$312.0M
Impairment
$0
$1.0B
$0
$81.0M
Non-cash restructuring charges
$0
$41.0M
$38.0M
$71.0M
Non-cash lease expense
$97.0M
$98.0M
$105.0M
$120.0M
Net periodic cost of/(credit for) defined benefit pension plans
$112.0M
$4.0M
($26.0M)
($153.0M)
Provision for doubtful receivables from clients
$6.0M
$13.0M
$6.0M
$13.0M
Provision for/(benefit from) deferred income taxes
$55.0M
($213.0M)
($109.0M)
($50.0M)
Share-based compensation
$153.0M
$121.0M
$125.0M
$99.0M
Net (gain)/loss on disposal of operations
($40.0M)
$337.0M
($43.0M)
$59.0M
Non-cash foreign exchange loss/(gain)
$13.0M
($31.0M)
$20.0M
($137.0M)
Other, net
$59.0M
$58.0M
$31.0M
$6.0M
Accounts receivable
($128.0M)
($233.0M)
($206.0M)
($188.0M)
Other assets
($116.0M)
($373.0M)
($185.0M)
($197.0M)
Other liabilities
($458.0M)
$301.0M
$16.0M
($495.0M)
Provisions
($9.0M)
($21.0M)
$4.0M
($8.0M)
Net cash from operating activities
$1.8B
$1.5B
$1.3B
$812.0M
Additions to fixed assets and software
($229.0M)
—
—
—
Acquisitions of operations, net of cash acquired
($15.0M)
($107.0M)
($6.0M)
($81.0M)
Contributions to investments in associates
($35.0M)
—
—
—
Net proceeds from sale of operations
$870.0M
$619.0M
$89.0M
($59.0M)
Cash and fiduciary funds transferred in sale of operations
($54.0M)
($5.0M)
($922.0M)
($29.0M)
Net purchases of held-to-maturity securities
($50.0M)
—
—
—
Net purchases of available-for-sale securities
($40.0M)
—
—
—
Net cash from/(used in) investing activities
$447.0M
$250.0M
($1.1B)
($173.0M)
Senior notes issued
$999.0M
$746.0M
$748.0M
$750.0M
Debt issuance costs
($10.0M)
($9.0M)
($7.0M)
($5.0M)
Repayments of debt
($5.0M)
($655.0M)
($254.0M)
($585.0M)
Repurchase of shares
-1.6B
-901.0M
-1.0B
-3.5B
Net proceeds/(payments) from fiduciary funds held for clients
$172.0M
$785.0M
($234.0M)
$354.0M
Payments of deferred and contingent consideration related to acquisitions
($19.0M)
($2.0M)
($12.0M)
($22.0M)
Cash paid for employee taxes on withholding shares
-56.0M
-56.0M
-26.0M
-34.0M
Dividends paid
($358.0M)
($354.0M)
($352.0M)
($369.0M)
Acquisitions of and dividends paid to non-controlling interests
($9.0M)
($13.0M)
($63.0M)
($11.0M)
Net cash used in financing activities
($936.0M)
($459.0M)
($1.2B)
($3.4B)
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
$1.3B
$1.3B
($940.0M)
($2.8B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$203.0M
($97.0M)
$11.0M
($164.0M)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR
$5.0B
$3.8B
$4.7B
$7.7B
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR