WTW

MKT CAP:$27B

Willis Towers Watson Public Limited Company

Market Cap

$27B

Financial Services·Insurance - Brokers·🇬🇧 United Kingdom·NASDAQ

Financials·Insurance·🇬🇧·NASDAQ

Stock Price

$288.29-$37.98 (-11.64%)

Apr 24, 2026

Company Details

Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company worldwide. It operates through two segments, Health, Wealth and Career; and Risk and Broking. The company offers actuarial support, plan des...

CEO

Carl Aaron Hess

IPO Date

Jun 12, 2001

Website

www.wtwco.com

Key Metrics TTM

Revenue

$10.5B

+2.7% YoY

Net Income

$637M

EPS (Diluted)

$6.73

Free Cash Flow

$2.2B

Revenue / Share

$108.46

Gross Margin

46.3%

Operating Margin

14.4%

Net Margin

6.1%

FCF Margin

21.1%

P/S

2.6x

P/E

42.7x

Earnings Reports

FY 2025

Feb 25, 2026

$9.7BEPS $16.26

Q4 2025

Feb 25, 2026

$2.9B-3.3%EPS $7.62

Q2 2025

Aug 1, 2025

$2.3B-0.2%EPS $3.31

Q4 2024

Feb 25, 2025

$3.0B+4.2%EPS $12.22

Q3 2024

Oct 31, 2024

$2.3BEPS -$16.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 17	$1.9B	$640M	-$26M
Q3 20	$1.9B	$659M	$66M
Q1 21	$2.2B	$809M	$211M
Q3 21	$2.0B	$718M	$1.1B
Q4 22	$2.7B	$1.5B	$708M
Q4 23	$2.9B	$2.4B	$779M
Q1 24	$2.3B	$999M	$280M
Q2 24	$2.3B	$868M	$212M
Q3 24	$2.3B	$893M	-$766M
Q4 24	$3.0B	$1.7B	$901M
Q2 25	$2.3B	$812M	$368M
Q4 25	$2.9B	$1.5B	$1.0B

Valuation

Quarter	P/S	P/E
Q3 17	—	—
Q3 20	—	—
Q1 21	—	—
Q3 21	3.8x	17.5x
Q4 22	3.1x	11.6x
Q4 23	2.5x	8.8x
Q1 24	2.8x	12.2x
Q2 24	2.6x	17.2x
Q3 24	3.0x	—
Q4 24	3.2x	—
Q2 25	3.1x	705.7x
Q4 25	3.1x	51.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 17	$196M	$97M
Q3 20	$521M	$457M
Q1 21	-$128M	-$179M
Q3 21	$1.5B	$1.5B
Q4 22	$375M	$321M
Q4 23	$522M	$462M
Q1 24	$24M	-$36M
Q2 24	$407M	$341M
Q3 24	$482M	$419M
Q4 24	$599M	$788M
Q2 25	$361M	$303M
Q4 25	$771M	$708M

Capital Expenditures

Quarter	CapEx
Q3 17	$99M
Q3 20	$64M
Q1 21	$51M
Q3 21	$43M
Q4 22	$54M
Q4 23	$60M
Q1 24	$60M
Q2 24	$66M
Q3 24	$63M
Q4 24	$189M
Q2 25	$58M
Q4 25	$63M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+47.0%	+7.2%
Q4 23	+53.6%	+16.6%
Q1 24	+5.1%	+2.2%
Q2 24	+14.8%	+143.8%
Q3 24	-15.9%	+51.7%
Q4 24	+4.2%	-0.0%
Q2 25	-3.4%	-8.2%
Q4 25	+29.6%	-6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 17	$15M	0.8%
Q3 20	$31M	1.6%
Q1 21	$27M	1.2%
Q3 21	$19M	1.0%
Q4 22	$28M	1.0%
Q4 23	$38M	1.3%
Q1 24	$24M	1.0%
Q2 24	$30M	1.3%
Q3 24	$31M	1.4%
Q4 24	$36M	1.2%
Q2 25	$31M	1.4%
Q4 25	$49M	1.7%

OpEx Breakdown

Quarter	G&A
Q4 23	$54M
Q3 24	$29M

Revenue Segments

Quarter	Benefits Delivery and Administration	Corporate Risk and Broking	Human Capital and Benefits	Investment, Risk and Reinsurance	Health, Wealth and Career	Risk and Broking
Q3 17	$179M	$581M	$736M	$320M	—	—
Q4 22	—	—	—	—	$1.7B	$956M
Q1 24	—	—	—	—	$1.4B	$981M
Q2 24	—	—	—	—	$1.3B	$982M
Q3 24	—	—	—	—	$1.3B	$943M
Q4 24	—	—	—	—	$1.9B	$1.1B
Q2 25	—	—	—	—	$1.2B	$1.1B
Q4 25	—	—	—	—	$1.7B	$1.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.2B	$0	$2.2B
Q2 22	$1.9B	$0	$1.9B
Q3 22	$1.5B	$0	$1.5B
Q4 22	$1.3B	$0	$1.3B
Q1 23	$1.1B	$0	$1.1B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$1.2B	$0	$1.2B
Q4 23	$1.4B	$0	$1.4B
Q1 24	$1.9B	$0	$1.9B
Q2 24	$1.2B	$0	$1.2B
Q3 24	$1.4B	$0	$1.4B
Q4 24	$1.9B	$0	$1.9B
Q1 25	$1.5B	$0	$1.5B
Q2 25	$2.0B	$28M	$2.0B
Q3 25	$1.9B	$30M	$1.9B
Q4 25	$3.1B	$0	$3.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 17	134M	—	—
Q3 20	130M	-3.0%	—
Q1 21	130M	0.0%	—
Q3 21	129M	-0.8%	—
Q4 22	109M	-15.5%	-18.7%
Q4 23	104M	-4.6%	-20.0%
Q1 24	104M	0.0%	-20.0%
Q2 24	103M	-1.0%	-20.2%
Q3 24	102M	-1.0%	-6.4%
Q4 24	102M	0.0%	-1.9%
Q2 25	100M	-2.0%	-3.8%
Q4 25	97M	-3.0%	-5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 17	$45.2K	41K
Q3 20	$42.2K	45K
Q1 21	$48.4K	46K
Q3 21	$42.9K	46K
Q4 22	$58.4K	47K
Q4 23	$60.7K	48K
Q1 24	$48.8K	48K
Q2 24	$47.2K	48K
Q3 24	$47.7K	48K
Q4 24	$6M	550
Q2 25	$4M	550
Q4 25	$5M	550

Revenue / Employee