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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$24.6B
P/E Ratio14.78
ROE20.7%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$76M$1M$13M$0$1M$792M
Capital expenditures$56M$51M$58M$57M$63M$55M
Payments For Proceeds From Sale Of Operations-$154.8M-$217.5M-$217.5M-$217.5M-$217.5M—
Payments to Acquire Equity Method Investments$3M$1M$7M$8M$19M$9M
Proceeds from (Payments for) Securities Purchased under Agreements to Resell—-$31M———$16M
Net cash from investing activities$480M-$84M$696M——-$840M
Purchases of equity securities$3M$1M$7M$8M$19M$9M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable$504M-$162M-$63M-$157M$510M-$75M
Change in other assets$74M-$1M$100M$43M—$51M
Change in other liabilities$460M-$691M-$87M——-$517M
Other working capital changes-$26M-$9M-$9M-$16M-$25M-$18M
Depreciation and amortization$54M$54M$57M$56M$59M$56M
Gain (loss) on sale of assets—$14M—$26M—$0
Net cash from operating activities$599M-$35M$361M$678M$771M-$10M
Net income—$239M$332M$306M$736M$303M
Amortization of intangible assets$50M$48M$49M$47M$48M$48M
Deferred Income Tax Expense Benefit Including Discontinued Operations—-$23M-$47M$8M$117M-$30M
Depreciation$54M$54M$57M$56M$59M$56M
Foreign currency remeasurement (loss) gain on debt$6M-$9M-$21M——$14M
Gain on sale of business and assets—$14M—$26M—$0
Increase (Decrease) in Other Operating Assets$74M-$1M$100M$43M—$51M
Increase Decrease In Provision For Liabilities-$69M$16M$3M$1M-$29M$23M
Non-cash operating lease expense$22M$25M$22M$24M$26M$25M
Operating lease right-of-use asset amortization$22M$25M$22M$24M$26M$25M
Other Noncash Income (Expense)-$26M-$9M-$9M-$16M-$25M-$18M
Pension and other postretirement income$19M$88M$6M$6M$12M$6M
Accounts Receivable, Credit Loss Expense (Reversal)$0$5M$2M$1M—$6M
Pension and postretirement benefit expense$19M$88M$6M$6M$12M$6M
Provision for credit losses$0$5M$2M$1M—$6M
Stock-based compensation$36M$37M$31M$36M$49M$42M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt—$0$0$0$999M$550M
Repayments of debt$2M$1M$1M$2M$1M$551M
Dividends paid$89M$88M$91M$90M$89M$88M
Net Proceeds From Fiduciary Funds Held For Clients—$315M—$202M—$192M
Payments Of Debt Issuance Costs—$0$0$0$10M$4M
Proceeds from new debt—$0———$550M
Net cash from financing activities-$664M$24M-$824M-$511M—-$203M
Payment of debt issuance costs—$0$0$0$10M$4M
Repurchases of common stock$395M$200M$500M$600M$350M$300M
Taxes paid for net share settlement$26M$2M$41M$10M$3M$2M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$543M-$86M$303M$621M$708M-$65M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$129M$80M$127M$0$1M-$29M
Net increase (decrease) in cash$415M-$95M$233M$85M$1.1B-$1.1B