Operating

Willis Towers Watson·Cash Flow Statement·23 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Change in other liabilities	—	—	$460M	-$691M	-$87M	—	—	-$517M
Net income	$142M	-$1.7B	—	$239M	$332M	$306M	$736M	$303M
Change in accounts receivable	-$5M	-$153M	$504M	-$162M	-$63M	-$157M	$510M	-$75M
Depreciation and amortization	$57M	$60M	$54M	$54M	$57M	$56M	$59M	$56M
Depreciation	$57M	$60M	$54M	$54M	$57M	$56M	$59M	$56M
Change in other assets	$108M	$138M	$74M	-$1M	$100M	$43M	—	$51M
Increase (Decrease) in Other Operating Assets	$108M	$138M	$74M	-$1M	$100M	$43M	—	$51M
Amortization of intangible assets	$60M	$56M	$50M	$48M	$49M	$47M	$48M	$48M
Stock-based compensation	$30M	$31M	$36M	$37M	$31M	$36M	$49M	$42M
Deferred Income Tax Expense Benefit Including Discontinued Operations	-$16M	-$354M	—	-$23M	-$47M	$8M	$117M	-$30M
Non-cash operating lease expense	$22M	$27M	$22M	$25M	$22M	$24M	$26M	$25M
Operating lease right-of-use asset amortization	$22M	$27M	$22M	$25M	$22M	$24M	$26M	$25M
Increase Decrease In Provision For Liabilities	$32M	$3M	-$69M	$16M	$3M	$1M	-$29M	$23M
Other working capital changes	-$14M	-$10M	-$26M	-$9M	-$9M	-$16M	-$25M	-$18M
Other Noncash Income (Expense)	-$14M	-$10M	-$26M	-$9M	-$9M	-$16M	-$25M	-$18M
Foreign currency remeasurement (loss) gain on debt	$11M	$13M	$6M	-$9M	-$21M	—	—	$14M
Net cash from operating activities	$407M	$482M	$599M	-$35M	$361M	$678M	$771M	-$10M
Pension and other postretirement income	-$7M	-$4M	$19M	$88M	$6M	$6M	$12M	$6M
Accounts Receivable, Credit Loss Expense (Reversal)	$2M	$3M	$0	$5M	$2M	$1M	—	$6M
Pension and postretirement benefit expense	-$7M	-$4M	$19M	$88M	$6M	$6M	$12M	$6M
Provision for credit losses	$2M	$3M	$0	$5M	$2M	$1M	—	$6M
Gain (loss) on sale of assets	$0	-$1.2B	—	$14M	—	$26M	—	$0
Gain on sale of business and assets	$0	-$1.2B	—	$14M	—	$26M	—	$0

Metrics

Operating

Breakdown

Metrics

Change in accounts receivable

Change in other assets

Change in other liabilities

Other working capital changes

Depreciation and amortization

Gain (loss) on sale of assets

Net cash from operating activities

Net income

Amortization of intangible assets

Deferred Income Tax Expense Benefit Including Discontinued Operations

Depreciation

Foreign currency remeasurement (loss) gain on debt

Gain on sale of business and assets

Increase (Decrease) in Other Operating Assets

Increase Decrease In Provision For Liabilities

Non-cash operating lease expense

Operating lease right-of-use asset amortization

Other Noncash Income (Expense)

Pension and other postretirement income

Accounts Receivable, Credit Loss Expense (Reversal)

Pension and postretirement benefit expense

Provision for credit losses

Stock-based compensation