Income StatementBalance SheetCash FlowSegments
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Willis Towers Watson Business Segments

Business, geographic, and product segment breakdowns

Willis Towers Watson generates $9.9B in annual revenue across 2 key segments: Health Wealth And Career ($5.4B), and Risk And Broking ($4.4B). The company-wide operating margin is 22.73%. Based on the Q1 2026 filing.

Health Wealth And Career (TTM)$5.4BRisk And Broking (TTM)$4.4B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$24.3B
P/E Ratio14.55
ROE20.7%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$3.0B$2.2B$2.2B$2.2B$2.9B$2.3B
Broking$1.7B$936.0M$996.0M$915.0M$1.5B$1.0B
Consulting$805.0M$798.0M$804.0M$818.0M$865.0M$861.0M
Outsourced Administration$313.0M$289.0M$257.0M$299.0M$320.0M$298.0M

Business Combination Consideration Transferred1

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Up Front————$1.1B$1.1B

Geographic

Non-Current Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Countries$1.1B$1.1B$1.2B$1.2B$1.2B$1.2B
Rest Of World$341.0M$352.0M$367.0M$356.0M$372.0M$355.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Countries$3.0B$2.2B$2.2B$2.3B$2.9B$2.4B
Rest Of World$766.0M$805.0M$669.0M$717.0M$805.0M$890.0M

Operating Loss Carryforwards Valuation Allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us$16.0M———$24.0M—
US State Capital$12.0M———$8.0M—

Income Taxes Paid Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rest Of World—$40.8M$40.8M$40.8M$40.8M—

Business Segments

Book Of Business Settlements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$6.0M$0.0$3.0M$6.0M$12.0M$7.0M
Health Wealth And Career$5.0M$2.0M$0.0$0.0$5.0M$1.0M

Interest And Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$31.0M$24.0M$28.0M$34.0M$38.0M$33.0M
Health Wealth And Career$13.0M$9.0M$8.0M$8.0M$12.0M$9.0M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$26.0M$22.0M$23.0M$28.0M$24.0M$25.0M
Health Wealth And Career$6.0M$7.0M$7.0M$8.0M$7.0M$8.0M

Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking—$2.0M$2.0M$0.0$2.0M$1.0M
Health Wealth And Career$2.0M$0.0$1.0M$0.0$0.0$0.0

Reimbursable Expenses And Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$20.0M$17.0M$18.0M$16.0M$23.0M$19.0M
Risk And Broking$4.0M$3.0M$3.0M$3.0M$3.0M$3.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.9B$1.2B$1.2B$1.3B$1.7B$1.3B
Risk And Broking$1.1B$1.0B$1.1B$1.0B$1.3B$1.1B

Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$41.0M$31.0M$32.0M$31.0M$36.0M$32.0M
Risk And Broking$10.0M$10.0M$10.0M$10.0M$11.0M$10.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$6.4B$6.4B$6.4B$6.4B$6.4B$6.8B
Risk And Broking$2.4B$2.5B$2.5B$2.5B$2.5B$2.9B

Goodwill Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$21.0M$2.3M$2.3M$2.3M$2.3M$378.0M
Health Wealth And Career-$21.0M——$0.0$0.0$366.0M

Goodwill Foreign Currency Translation Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$55.0M-$27.0M-$60.0M$0.0-$2.0M$13.0M
Health Wealth And Career$28.0M-$15.0M-$28.0M——$7.0M

Goodwill Gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$7.3B$7.3B$7.3B$7.3B$7.3B$7.7B
Risk And Broking$2.8B$2.8B$2.9B$2.9B$2.9B$3.3B

Goodwill Impaired Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$911.0M$911.0M$911.0M$911.0M$911.0M$911.0M
Risk And Broking$362.0M$362.0M$362.0M$362.0M$362.0M$362.0M

Interest Income Operating And Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$26.0M$22.0M$23.0M$28.0M$24.0M$25.0M
Health Wealth And Career$6.0M$7.0M$7.0M$8.0M$7.0M$8.0M

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.1B$854.0M$900.0M$900.0M$919.0M$919.0M
Risk And Broking$758.0M$801.0M$825.0M$818.0M$818.0M$864.0M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$776.0M$311.0M$280.0M$361.0M$729.0M$346.0M
Risk And Broking$383.0M$226.0M$222.0M$189.0M$435.0M$252.0M

Revenues Excluding Interest And Dividends

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.8B$1.2B$1.2B$1.3B$1.6B$1.3B
Risk And Broking$1.1B$1.0B$1.0B$979.0M$1.2B$1.1B

Segment Reporting Other Item Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.0B$823.0M$868.0M$869.0M$883.0M$887.0M
Risk And Broking$748.0M$791.0M$815.0M$808.0M$807.0M$854.0M