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Willis Towers WatsonWTW

Legal name
Willis Towers Watson plc
Sector
Financial Services
Industry
Insurance Agents, Brokers & Service
Exchange
Nasdaq

Stock Price $WTW

Latest filings

You are here#56 of 77 in Financials by market cap

Filing record · 2016–202610-K1210-Q338-K148

WTW filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 148 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $9.71B
YoY changeLargest recent move+106.0%in FY16Latest −2.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All WTW Financial Metrics56 metrics

Income Statement12

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

Willis Towers Watson Financial Overview 2021–2025

Updated Nov 4, 2026

WTW's FY2025 free cash flow hit $1.55 billiona, a 15.9% margin, even as reported revenue fell 2%. That gap is the story: the business shrank on paper after the TRANZACT sale, yet the underlying engine kept running, with 5% organic growth and cash generation that outpaced the top line.

The core thesis is that WTW has traded headline size for profitability and cash. Revenue moved from $8.998 billion in FY2021 to $9.71 billionb in FY2025, while adjusted operating margin reached 25.2% in FY2025 from 19.9% in FY2021. Reported earnings were noisy along the way. FY2021 net income of $4.222 billion was inflated by the Willis Re sale and a $1 billion Aon termination receipt. FY2024 swung to a $98 million loss on a $1.04 billion goodwill impairment. FY2025 net income of $1.61 billion gave a cleaner read, with diluted EPS of $16.26.

Capital returns were heavy. WTW repurchased $1.6 billionc of shares and paid $358 million in dividends in FY2025, and it collected a $750 million Willis Re earnout. Debt climbed to $6.31 billion against $3.13 billion of cash. At the close of FY2025, the shares were at $328.60, or 20.2x earnings. Softening insurance pricing is a flagged pressure on commission revenue.

Recent Developments (Q2 and Q3 2026)

WTW closed an acquisition-heavy stretch while adjusted profit climbed. Q3 2026 revenue reached $2.46 billiond, up 8% as reported and 4% organic. Adjusted diluted EPS rose 18% to $3.63, and adjusted EBITDA margin expanded to 23.5% from 22.5%. Q2 2026 was similar: adjusted EPS of $3.35 against $2.86, while GAAP EPS fell to $2.43 from $3.32 on higher compensation, tax and integration costs. Newfront ($1.05 billion) and Cushon closed, and the board approved the Propel AI plan, targeting about $350 million of net annual savings by 2028 against roughly $625 million of cash costs. Cash fell to $1.95 billion, and the buyback authority was raised by $1.5 billion.

Bull case: Propel and buybacks support margin and per-share growth, with $1.06 billione of nine-month free cash flow. Bear case: organic growth slowed to 4%, GAAP margins are shrinking, and acquisitions add dilution and debt. At 19.7x earnings as of the Q3 2026 report date (October 28, 2026), the valuation looks moderate.

What to watch: Propel savings delivery beyond the $18 million achieved so far; organic growth against 4%

03—Filings

Recent SEC Filings

  1. 8-KWillis Towers Watson 8-K Report, Executive Changes (Nov 3, 2026)Willis Towers Watson Public Limited Company (the "Company") announced on November 3, 2026 that Steven Alcock, 47, will succeed Joseph Kurpis as Principal Accounting Officer and Controller, effective April 1, 2027. Mr. Kurpis had previously notified the Company of his intent to retire from these roles. This filing is a Form 8-K under Item 5.02, which covers changes in directors or certain officers and related compensatory arrangements. Mr. Alcock has served as Head of Finance, International since January 2022 and, since December 2025, as Chief Financial Officer of Willis Limited, a regulated U.K. subsidiary. He joined the Company in 1997 and has held several senior accounting and finance leadership roles since then. The filing states that there are no arrangements or understandings with any other person tied to his appointment, no family relationships with any director or executive officer, and no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. For investors, the filing describes a planned, orderly leadership transition in the finance and accounting function rather than an unexpected departure. The filing does not disclose any compensation terms for Mr. Alcock or any change to the Company's financial results or outlook.
  2. 8-KWillis Towers Watson 8-K Report, Financial Results (Oct 29, 2026)WTW (Willis Towers Watson Public Limited Company) furnished its third quarter 2026 earnings press release (Exhibit 99.1) and a supplemental slide presentation (Exhibit 99.2) on October 29, 2026, covering the quarter and nine months ended September 30, 2026. Revenue for the quarter was $2.46 billion, up 8% as reported and 4% organic, while Income from Operations rose 3% to $429 million and Operating Margin was 17.4%, down 90 basis points. Adjusted Operating Margin expanded 150 basis points to 21.9%, and Adjusted Diluted EPS grew 18% to $3.63 versus Diluted EPS of $3.24 (up 4%). Net income attributable to WTW was $303 million for the quarter, and free cash flow for the nine months was $1.06 billion versus $838 million a year earlier. The company repurchased $220 million of shares in the quarter and expects share repurchases in excess of $1.0 billion for 2026. The filing highlights Propel, WTW's AI Acceleration Plan, approved by the Board on July 28, 2026 and running through December 31, 2028. WTW expects to invest approximately $625 million of cash and incur about $25 million of non-cash charges to generate roughly $400 million of run-rate savings, or about $350 million net of approximately $50 million reinvested for growth, with a target of approximately 30% adjusted operating margin in 2028. Through September 30, 2026, Propel had incurred $14 million of restructuring costs and $7 million of transaction and program expenses, and achieved $18 million of annualized run-rate savings. For 2026, WTW guides to mid-single-digit enterprise organic revenue growth, expects the Willis Re joint venture to be a headwind of about $0.30 on Adjusted Diluted EPS, and expects the Newfront acquisition to be about $0.10 dilutive to Adjusted EPS, with post-close revenue of about $250 million. An incremental currency tailwind of about $0.35 to full-year Adjusted Diluted EPS is expected at today's rates.
  3. 8-KWillis Towers Watson 8-K Report, Financial Results (Jul 30, 2026)WTW (Willis Towers Watson Public Limited Company) reported second quarter 2026 results in a press release furnished as Exhibit 99.1 on July 30, 2026. Revenue rose 9% year over year to $2.47 billion ($2,466 million), with organic revenue growth of 5%. Reported diluted EPS was $2.43, down 27% from $3.32, and net income fell to $231 million from $332 million. Adjusted diluted EPS rose 17% to $3.35 from $2.86, and adjusted operating margin expanded 100 basis points to 19.5%, while GAAP operating margin declined 150 basis points to 14.8%. The gap between GAAP and adjusted results reflects $61 million of transaction and integration expenses in the quarter, largely tied to the Newfront acquisition, versus $2 million a year earlier. The company announced Propel, an AI and automation acceleration plan to be completed by the end of 2028. WTW expects roughly $625 million of cash investment and about $25 million of non-cash charges to generate approximately $400 million of run-rate savings, with about $50 million reinvested for growth, leaving approximately $350 million of net run-rate savings. Management targets an adjusted operating margin of approximately 30% in 2028, and the full-year 2026 guidance remains unchanged. The board also increased share repurchase authority by $1.5 billion, in addition to roughly $500 million remaining under the existing open-ended authority. Free cash flow for the first six months rose to $360 million from $217 million. Quarterly share repurchases were $450 million, and dividends were $90 million. Cash and cash equivalents fell to $1.63 billion at June 30, 2026, from $3.13 billion at December 31, 2025, reflecting $1.04 billion of acquisitions in the first half. Total debt was $6.53 billion, and the company cites a debt-to-adjusted-EBITDA ratio of 2.4x on a trailing twelve-month basis. Management guided to an expected share repurchase of $1.0 billion or greater in 2026.
  4. 8-KWillis Towers Watson 8-K Report, Shareholder Vote Results (May 21, 2026)Willis Towers Watson Public Limited Company filed this Form 8-K on May 21, 2026 to report the results of its 2026 Annual General Meeting of Shareholders, held May 20, 2026. Holders of 87,424,851 ordinary shares, about 92.8% of the 94,203,101 shares outstanding and entitled to vote as of the March 23, 2026 record date, were present in person or by proxy, which constituted a quorum. No solicitation in opposition to the company's proxy solicitation was reported. Shareholders elected all nine director nominees, including Dame Inga Beale, Fumbi Chima, Stephen Chipman, Michael Hammond, Carl Hess, Jacqueline Hunt, Paul Reilly, Michelle Swanback and Fredric Tomczyk. Paul Reilly drew the most against votes at 2,611,803. Shareholders also ratified Deloitte & Touche LLP as auditor and Deloitte Ireland LLP for the Irish Statutory Accounts, with 87,044,110 votes in favor, and gave an advisory, non-binding approval of named executive officer compensation, with 82,052,852 votes in favor and 2,326,840 against. Shareholders also renewed the Board's authority to issue shares under Irish law up to approximately 20% of issued ordinary share capital, and renewed its authority to opt out of statutory pre-emption rights for rights issues and, separately, for issuances up to approximately 20%. In addition, they approved the Amended and Restated Employee Share Purchase Plan, including an increase in the number of shares authorized for issuance under the plan.
  5. 8-KWillis Towers Watson 8-K Report, Financial Results (Apr 30, 2026)WTW (NASDAQ: WTW), filing under Willis Towers Watson Public Limited Company, reported first quarter 2026 results on April 30, 2026. Revenue rose 8% to $2.41 billion from $2.22 billion, with constant currency growth of 4% and organic growth of 3%. Diluted EPS was $3.10, up 33% from $2.33, while Adjusted Diluted EPS was $3.72, up 19% from $3.13. Operating margin was 18.6%, down 80 basis points, while Adjusted Operating Margin was 22.3%, up 70 basis points. Net income rose to $303 million from $239 million. Cash flow remained negative for the quarter, with cash used in operating activities of $10 million and free cash flow of $(65) million, compared with $(86) million a year earlier. The company repurchased $300 million of shares during the quarter and paid $88 million in dividends. Cash and cash equivalents fell to $1,855 million from $3,132 million at year-end 2025, largely reflecting $792 million in acquisitions, and total debt was $6,304 million versus $6,306 million at December 31, 2025. Management reaffirmed its 2026 outlook, including expected share repurchases of $1.0 billion or greater, roughly $0.30 of EPS headwind from the Willis Re joint venture, about $0.10 of dilution from the Newfront acquisition, and an expected foreign currency tailwind of about $0.35 to Adjusted Diluted EPS for the full year. Management cited geopolitical uncertainty in the Middle East as weighing on Career organic revenue.
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04—See also

Related Companies

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