WTW · XBRL financial data

Willis Towers Watson financial statements, every fiscal year

The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (WTW's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2021Dec 31, 2022	FY 2021Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	9,352	8,998	8,866	9,483	9,930	9,708
Revenue from contracts with customers	9,286	8,826	8,726	9,304	9,739	9,516
Operating income (loss)	1,183	2,202	1,178	1,365	627	2,234
Interest expense	244	211	208	235	263	260
Other income (expense)	399	701	288	149	(260)	(21)
Income tax expense (benefit)	318	536	194	215	192	318
Net income (loss)	996	4,222	1,009	1,055	(98)	1,605
Earnings per share, basic USD per share	7.68	32.88	9.00	10.01	(0.96)	16.34
Earnings per share, diluted USD per share	7.65	32.78	8.98	9.95	(0.96)	16.26
Weighted average shares, basic millions of shares	130	128	112	105	102	98
Weighted average shares, diluted millions of shares	130	129	112	106	102	99

Fiscal years (WTW's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2021Dec 31, 2022	FY 2021Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	2,089	4,486	1,262	1,424	1,890	3,132
Short-term investments	—	200	0	—	—	—
Marketable securities	—	—	—	—	0	25
Accounts receivable	2,555	2,370	2,387	2,572	2,494	2,702
Prepaid and other current assets	497	612	414	364	1,217	595
Total current assets	20,301	18,488	15,835	13,433	15,105	16,874
Property and equipment, net	1,014	851	718	720	661	695
Right-of-use asset	902	720	586	565	485	487
Goodwill	11,204	10,183	10,173	10,195	8,799	8,938
Total assets	38,531	34,970	31,769	29,090	27,681	29,530
Current portion of long-term debt	971	613	250	650	0	550
Total current liabilities	19,332	14,724	14,779	12,630	12,598	14,004
Long-term debt	4,664	3,974	4,471	4,567	5,309	5,756
Lease liability, non-current	918	734	620	592	502	472
Total liabilities	27,599	21,662	21,676	19,497	19,664	21,478
Retained earnings (accumulated deficit)	2,434	4,645	1,764	1,466	109	(296)
Total stockholders' equity	10,820	13,260	10,016	9,520	7,940	7,976
Total liabilities and equity	38,531	34,970	31,769	29,090	27,681	29,530
Common shares outstanding (cover page) millions of shares	129	118	107	102	100	95

Fiscal years (WTW's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2021Dec 31, 2022	FY 2021Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	996	4,222	1,009	1,055	(98)	1,605
Stock-based compensation	90	101	99	125	121	153
Net cash from operating activities	1,774	2,061	812	1,345	1,512	1,775
Net cash from investing activities	(160)	2,570	(173)	(1,085)	250	447
Proceeds from issuing common stock	16	10	7	0	0	—
Share repurchases	0	1,627	3,530	1,000	901	1,650
Dividends paid	346	374	369	352	354	358
Repayments of long-term debt	327	1,008	585	254	655	5
Net cash from financing activities	(434)	(3,114)	(3,445)	(1,200)	(459)	(936)

SIC 6411 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 6411 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Willis Towers Watson	1,946	2,404	739*	92.2M	Q3 FY26 10-QSep 30, 2026
Brown & Brown	1,099	1,725	532*	331.7M	Q3 FY26 10-QSep 30, 2026
Equitable Holdings	17,183	1,658	643*	273.0M	Q2 FY26 10-QJun 30, 2026
Arthur J. Gallagher	1,386	4,003	10*	256.3M	Q2 FY26 10-QJun 30, 2026
Aon	2,017	4,101	1,191*	212.2M	Q3 FY26 10-QSep 30, 2026
Erie Indemnity	363	1,070	213*	not reported	Q3 FY26 10-QSep 30, 2026
Ryan Specialty Holdings	169	775	181*	not reported	Q3 FY26 10-QSep 30, 2026
Marsh & McLennan Companies	1,842	6,863	1,478*	475.5M	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.