WTW Financials Willis Towers Watson

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 2.2% per year over the past 5 years.
Net income has grown faster than revenue (10.0% vs 2.2% per year).
Operating margin has expanded, at 23.5% in the latest year.
Free cash flow has grown 18.4% per year over the past 5 years.

Financial health

Total debt ($9.7B) exceeds cash ($3.1B); net debt is $6.6B.
Total debt has grown in line with revenue (4.2% vs 2.2% per year).
Operating income covered interest expense 8.6× in the latest year, up from 3.5× 5 years ago.
Total debt is 4.3× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 22.3% of earnings and 23.2% of free cash flow.
The dividend has grown 0.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$9.5B	$1.6B	0.0%	23.5%	$1.5B	$9.7B	$3.1B
2024	$9.7B	-$98M	0.0%	6.4%	$1.3B	$8.6B	$1.9B
2023	$9.3B	$1.1B	0.0%	14.7%	$1.1B	$7.4B	$1.4B
2022	$8.7B	$1.0B	0.0%	13.5%	—	$6.8B	$1.3B
2021	$8.8B	$4.2B	0.0%	24.9%	—	$6.6B	$4.5B
2020	$8.6B	$996M	0.0%	10.0%	—	$7.9B	$2.0B
2019	$8.3B	$1.0B	0.0%	12.7%	—	$8.0B	$887M
2018	$8.4B	$695M	0.0%	9.6%	$1.0B	$6.4B	$1.0B
2017	—	$568M	—	—	$562M	$5.6B	$1.0B
2016	—	$420M	—	—	$715M	$4.9B	$870M
2015	—	$373M	—	—	$98M	$3.3B	$532M
2014	—	$362M	—	—	$364M	$2.3B	$635M
2013	—	$365M	—	—	—	$2.3B	$796M
2012	—	-$446M	—	—	—	$2.3B	$500M
2011	—	$204M	—	—	—	$2.4B	$436M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$2.4B	$297M	0.0%	19.0%	-$65M	$6.3B	$1.9B
Dec '25	$2.9B	$735M	0.0%	35.3%	$708M	$9.7B	$3.1B
Sep '25	$2.2B	$304M	0.0%	18.7%	$621M	$5.3B	$1.9B
Jun '25	$2.2B	$331M	0.0%	16.6%	$303M	$5.3B	$2.0B
Mar '25	$2.2B	$235M	0.0%	19.8%	-$86M	$5.3B	$1.5B
Dec '24	$3.0B	$1.2B	0.0%	30.2%	$543M	$8.6B	$1.9B
Sep '24	$2.2B	-$1.7B	0.0%	-34.2%	$419M	$5.3B	$1.4B
Jun '24	$2.2B	$141M	0.0%	9.6%	$341M	$5.3B	$1.2B
Mar '24	$2.3B	$190M	0.0%	12.2%	-$36M	$6.0B	$1.9B
Dec '23	$2.9B	$622M	0.0%	27.2%	—	$7.4B	$1.4B
Sep '23	$2.1B	$136M	0.0%	7.5%	—	$5.2B	$1.2B
Jun '23	$2.1B	$94M	0.0%	6.7%	—	$5.5B	$1.6B
Mar '23	$2.2B	$203M	0.0%	12.9%	—	$4.7B	$1.1B
Sep '22	$1.9B	$190M	0.0%	8.0%	—	$4.7B	$1.5B
Jun '22	$2.0B	$109M	0.0%	6.9%	—	$4.7B	$1.9B
Mar '22	$2.1B	$122M	0.0%	8.3%	—	$4.6B	$2.2B
Dec '21	$2.6B	$2.4B	0.0%	26.3%	—	$6.6B	$4.5B
Sep '21	$2.0B	$903M	0.0%	57.9%	—	$4.6B	$2.2B
Jun '21	$2.1B	$184M	0.0%	8.3%	—	$5.1B	$2.2B
Mar '21	$2.2B	$733M	0.0%	9.6%	—	$5.1B	$2.0B

Valuation over time

How the market has priced WTW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 21.8× (Mar '23) to 15.2× (Jun '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 2.6× (Jun '26).
The dividend yield has fallen from 1.7% (Mar '23) to 1.5% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WTW growing its revenue and profit?

Over the past 5 years, Willis Towers Watson's revenue has grown 2.2% per year, and net income grown 10.0% per year. These are computed facts, not advice.

How much debt does WTW have?

As of FY2025, Willis Towers Watson reported $9.7B of total debt against $3.1B of cash; operating income covered interest expense 8.6×.

What is WTW's profit margin?

In FY2025, gross margin was —, operating margin 23.5%, and net margin 16.9%.

What is WTW's P/E ratio?

As of Jun '26, Willis Towers Watson traded at a price-to-earnings ratio of about 15.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.