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Willis Towers Watson 8-K Report, Financial Results (Feb 4, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 4, 2025
Period End
February 4, 2025
Security
WTW
In the 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 · Sep ’18Sep ’18
  2. Deal closed8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed February 4, 2025. Cited figures are marked; the original filing is the authoritative source.

WTW (Willis Towers Watson Public Limited Company) reported results for the fourth quarter and full year ended December 31, 2024, furnishing a press release (Exhibit 99.1) and a supplemental slide presentation (Exhibit 99.2) under Items 2.02 and 7.01.

For Q4 2024, revenue was $3.04 billiona, up 4% as reported and 5% organic, with diluted EPS of $12.25 (including a gain on disposal of operations) and adjusted diluted EPS of $8.13, up 9%. Operating margin was 29.7%, up 300 basis points, and adjusted operating margin was 36.1%, up 190 basis points. For full year 2024, revenue was $9.93 billion, up 5% with 5% organic growth.

The company reported a net loss of $88 millionb and diluted loss per share of $(0.96), driven primarily by impairment charges of over $1.0 billion related to the sale of TRANZACT. Adjusted diluted EPS rose 17% to $16.93, adjusted operating margin was 23.9% (up 190 basis points), and free cash flow was $1.4 billion, an increase of $184 million. Share repurchases totaled $901 million for the year.

Looking ahead, the filing outlines 2025 considerations including expected share repurchases of about $1.5 billionc, a reinsurance joint venture expected to be a headwind of $0.25 to $0.35 to adjusted diluted EPS, a foreign currency headwind of about $0.18, and roughly 100 basis points of average annual margin expansion in Risk & Broking over the next three years. The company also changed its non-GAAP definitions, excluding non-cash pension credits and including capitalized software costs in free cash flow.

02—Key points

Key Highlights

  1. Q4 2024 revenue of $3.04 billion, up 4% as reported and 5% organic; full year revenue of $9.93 billion, up 5%
  2. Full year 2024 net loss of $88 million (diluted loss per share $(0.96)), primarily reflecting impairment charges of over $1.0 billion related to the sale of TRANZACT
  3. Q4 2024 diluted EPS of $12.25 versus $5.97 prior year; adjusted diluted EPS of $8.13, up 9%; full year adjusted diluted EPS of $16.93, up 17%
  4. Adjusted operating margin of 36.1% for Q4 2024 (up 190 basis points) and 23.9% for full year 2024 (up 190 basis points)
  5. Free cash flow of $1.4 billion for 2024, an increase of $184 million, and share repurchases of $901 million for the year
  6. 2025 outlook includes expected share repurchases of about $1.5 billion and a reinsurance joint venture headwind of $0.25 to $0.35 to adjusted diluted EPS
  7. Divested TRANZACT, which contributed $1.14 to 2024 adjusted diluted EPS, is no longer part of the business portfolio

03—Questions

Frequently Asked Questions

  1. Why did WTW report a full-year net loss despite revenue growth?

    The full-year 2024 net loss of $88 million was primarily driven by impairment charges of over $1.0 billion related to the sale of TRANZACT. Adjusted net income, which excludes impairment and other specified items, rose to $1.73 billion.

  2. How did WTW's segments perform in Q4 2024?

    Health, Wealth & Career revenue was $1.85 billion, up 3% organically, with operating margin of 41.9% (up 140 basis points). Risk & Broking revenue was $1.14 billion, up 7% organically, with operating margin of 33.5% (up 60 basis points).

  3. What does WTW expect for 2025?

    WTW expects share repurchases of about $1.5 billion, subject to market conditions. It expects a reinsurance joint venture headwind of approximately $0.25 to $0.35 to adjusted diluted EPS and a foreign currency headwind of about $0.18. It also targets about 100 basis points of average annual margin expansion in Risk & Broking over the next three years.

  4. What changes did WTW make to its non-GAAP measures for 2025?

    All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefit credits. Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs. The filing references recast historical non-GAAP measures in its supplemental slides.

  5. What is the status of the Transformation program?

    The Transformation program concluded in 2024, with cumulative run-rate savings of $473 million. The company expects additional cash outflows in 2025 from the settlement of accrued costs related to the program.

04—Continue

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