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WTW

Willis Towers Watson Public Limited Company

WTW

Willis Towers Watson Public Limited Company • NASDAQ
$321.00 ▼ -0.07% (-0.23)
Market Cap $31.78 B
52w High $352.79
52w Low $292.97
Dividend Yield 3.64%
P/E 15.36
Volume 252.86K
Outstanding Shares 99.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.288B ▲ $457M ▲ $304M ▼ 13.287% ▼ $3.1 ▼ $558M ▲
Q2-2025 $2.261B ▲ $444M ▼ $331M ▲ 14.64% ▲ $3.34 ▲ $483M ▲
Q1-2025 $2.223B ▼ $467M ▼ $235M ▼ 10.571% ▼ $2.35 ▼ $470M ▼
Q4-2024 $3.035B ▲ $767M ▼ $1.246B ▲ 41.054% ▲ $12.34 ▲ $1.858B ▲
Q3-2024 $2.289B $1.659B $-1.675B -73.176% $-16.42 $470M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.925B ▼ $27.439B ▼ $19.629B ▼ $7.735B ▼
Q2-2025 $1.991B ▲ $28.478B ▲ $20.298B ▲ $8.1B ▼
Q1-2025 $1.507B ▼ $28.064B ▲ $19.85B ▲ $8.133B ▲
Q4-2024 $1.89B ▲ $27.681B ▲ $19.664B ▲ $7.94B ▲
Q3-2024 $1.372B $27.168B $19.598B $7.492B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $310M ▼ $678M ▲ $-82M ▼ $-511M ▲ $80M ▼ $627M ▲
Q2-2025 $332M ▲ $361M ▲ $696M ▲ $-824M ▼ $360M ▲ $303M ▲
Q1-2025 $239M ▼ $-35M ▼ $-84M ▼ $24M ▲ $-15M ▼ $-86M ▼
Q4-2024 $1.248B ▲ $599M ▲ $480M ▲ $-664M ▼ $286M ▼ $788M ▲
Q3-2024 $-1.672B $482M $-72M $-159M $336M $419M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Health Wealth and Career
Health Wealth and Career
 $1.87Bn ▲$1.18Bn ▼$1.20Bn ▲$1.28Bn ▲
Risk and Broking
Risk and Broking
 $1.15Bn ▲$1.03Bn ▼$1.05Bn ▲$1.01Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, but profits have been much more uneven. Gross profit has generally improved, suggesting the core business has pricing power and decent underlying economics. However, operating income has bounced around, and the most recent year shows weaker profitability than the prior couple of years. Reported net income even dipped into a small loss recently, which likely reflects a mix of higher costs, restructuring, and one‑offs rather than a collapse in demand. Overall, this looks like a stable, slowly growing advisory and brokerage franchise whose earnings profile is still being reshaped by strategic changes and cost actions.

Balance Sheet

Balance Sheet The balance sheet shows a firm that has been gradually slimming down and simplifying. Total assets have trended lower, which is consistent with divestments, buybacks, or a tighter focus on core operations. Debt has stayed broadly stable to slightly lower, so leverage does not appear excessive for a fee‑based, asset‑light business. Cash levels move around from year to year but are not alarmingly low. Shareholders’ equity has come down from its peak, suggesting capital return to shareholders and possibly some one‑time charges. Overall, the balance sheet looks serviceable, but with less of a cushion than a few years ago and an emphasis on efficiency over bulk.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has remained consistently positive, even in years when accounting earnings looked weaker. Free cash flow follows the same pattern, supported by low capital spending needs typical of a consulting and brokerage model. This indicates that the underlying business throws off dependable cash, which can be used for buybacks, debt service, and selective investment. The key watchpoint is whether management can convert that healthy cash generation into more stable and higher-quality earnings over time.

Competitive Edge

Competitive Edge WTW holds a strong position in a very concentrated global market, sitting alongside a small group of large insurance brokers and human capital advisors. Its edge comes from combining deep industry expertise with proprietary software, data, and analytics. The firm is deeply embedded with large corporate clients, often across multiple lines of business and geographies, which raises switching costs and supports recurring revenue. Its global scale, long track record, and relationships with both clients and insurers reinforce its standing. The main competitive pressures come from similarly large, sophisticated rivals and from the need to stay ahead in analytics and technology rather than pure headcount or price competition.

Innovation and R&D

Innovation and R&D Innovation at WTW is more about software, data, and new solution design than traditional lab-style R&D. The company has built and continually upgrades proprietary platforms for pricing, reserving, workforce design, and compensation analytics, many of which now incorporate artificial intelligence and machine learning. It is pushing into newer risk areas like cyber, climate, AI governance, and the digital economy, often with specialized tools and advisory services. Internal venture and growth programs show an organized approach to nurturing new ideas and partnerships. The opportunity is to turn these platforms into stickier, higher-margin, and more scalable offerings; the risk is that technology and client needs evolve quickly, demanding ongoing investment and flawless execution.

Summary

WTW combines a globally entrenched, advisory-driven franchise with a growing suite of technology and analytics solutions. Revenue has been steadily rising, and cash flow is solid, but reported profits have been volatile and recently under pressure as the firm reshapes itself and absorbs various costs. The balance sheet is leaner than a few years ago but appears reasonably sound for an asset-light business. Competitively, WTW benefits from scale, brand, data, and long-standing client relationships in a market with high switching costs. Its strategic focus on AI-enabled tools, cyber and climate risk, and innovative insurance structures offers meaningful growth avenues. The big questions going forward are whether management can translate these strengths into more stable, higher-quality earnings and maintain its technological edge in a fast-changing risk and benefits landscape.

NEWS

November 13, 2025 · 3:00 AM UTC

Rate softening in the energy market shows no signs of abating, according to Willis

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November 11, 2025 · 11:00 PM UTC

Willis and Rare partners to launch innovative insurance solution for fishers in the Philippines

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November 11, 2025 · 11:21 AM UTC

Double-digit healthcare cost increases projected to persist into 2026 and beyond

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November 10, 2025 · 9:48 AM UTC

Willis announces new Global Head of Claims Strategy & Execution

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November 10, 2025 · 6:07 AM UTC

WTW's Alexis Faber Honored as Women to Watch Iconic Leader by Business Insurance

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