Income StatementBalance SheetCash FlowSegments
Willis Towers Watson logo

Willis Towers Watson Cash Flow Statement

Operating, investing, and financing cash movements

Willis Towers Watson generated $1.8B in operating cash flow over the trailing twelve months. After $233.0M in capital expenditures, free cash flow was $1.6B. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.8BNet Cash From Investing (TTM)$1.0BNet Cash From Financing (TTM)-$2.0BCapital Expenditures (TTM)$233.0MDepreciation And Amortization Cf (TTM)$228.0MNet Change In Cash (TTM)$328.0M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$24.3B
P/E Ratio14.55
ROE20.7%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$76.0M$1.0M$13.0M$0.0$1.0M$792.0M
Capital expenditures$56.0M$51.0M$58.0M$57.0M$63.0M$55.0M
Net Change in Securities Purchased Under Agreements to Resell—-$31.0M———$16.0M
Payments For Proceeds From Sale Of Operations-$154.8M-$217.5M-$217.5M-$217.5M-$217.5M—
Net cash from investing activities$480.0M-$84.0M$696.0M——-$840.0M
Purchases of equity securities$3.0M$1.0M$7.0M$8.0M$19.0M$9.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable$504.0M-$162.0M-$63.0M-$157.0M$510.0M-$75.0M
Change in other assets$74.0M-$1.0M$100.0M$43.0M—$51.0M
Change in other liabilities$460.0M-$691.0M-$87.0M——-$517.0M
Other working capital changes-$26.0M-$9.0M-$9.0M-$16.0M-$25.0M-$18.0M
Depreciation and amortization$54.0M$54.0M$57.0M$56.0M$59.0M$56.0M
Net cash from operating activities$599.0M-$35.0M$361.0M$678.0M$771.0M-$10.0M
Net income—$239.0M$332.0M$306.0M$736.0M$303.0M
Amortization of intangible assets$50.0M$48.0M$49.0M$47.0M$48.0M$48.0M
Deferred Income Tax Expense Benefit Including Discontinued Operations—-$23.0M-$47.0M$8.0M$117.0M-$30.0M
Increase Decrease In Provision For Liabilities-$69.0M$16.0M$3.0M$1.0M-$29.0M$23.0M
Non-cash operating lease expense$22.0M$25.0M$22.0M$24.0M$26.0M$25.0M
Provision for credit losses$0.0$5.0M$2.0M$1.0M—$6.0M
Stock-based compensation$36.0M$37.0M$31.0M$36.0M$49.0M$42.0M
Loss on Sale of Subsidiary—$14.0M—$26.0M—$0.0
Postretirement benefits expense in excess of (less than) net payments$19.0M$88.0M$6.0M$6.0M$12.0M$6.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt—$0.0$0.0$0.0$999.0M$550.0M
Repayments of debt$2.0M$1.0M$1.0M$2.0M$1.0M$551.0M
Dividends paid$89.0M$88.0M$91.0M$90.0M$89.0M$88.0M
Net Proceeds From Fiduciary Funds Held For Clients—$315.0M—$202.0M—$192.0M
Net cash from financing activities-$664.0M$24.0M-$824.0M-$511.0M—-$203.0M
Payment of debt issuance costs—$0.0$0.0$0.0$10.0M$4.0M
Repurchases of common stock$395.0M$200.0M$500.0M$600.0M$350.0M$300.0M
Taxes paid for net share settlement$26.0M$2.0M$41.0M$10.0M$3.0M$2.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$543.0M-$86.0M$303.0M$621.0M$708.0M-$65.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$129.0M$80.0M$127.0M$0.0$1.0M-$29.0M
Net increase (decrease) in cash$415.0M-$95.0M$233.0M$85.0M$1.1B-$1.1B