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Willis Towers Watson Income Statement

Revenue, expenses, and profitability over time

Willis Towers Watson generated $9.9B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $1.7B with a 16.84% net margin. Diluted EPS is $17.05, which grew 2.6% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.9BOperating Income (TTM)$2.3BNet Income (TTM)$1.7BEps Diluted (TTM)$17.05
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$24.4B
P/E Ratio14.61
ROE20.7%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$1.4B$1.3B$1.4B$1.4B$1.4B$1.4B
Depreciation and amortization$50M$48M$49M$47M$48M$48M
Occupancy and equipment$42M$29M$30M$29M$34M$31M
Business Combination Integration Related Costs Credits$113M$0$2M$2M$19M$41M
Depreciation Not Including Integration Component$54M$54M$57M$56M$59M$56M
Other operating expenses$518M$365M$336M$352M$355M$385M
Provision for credit losses$0$5M$2M$1M—$6M
Total operating expenses$2.1B$1.8B$1.9B$1.9B$1.9B$2B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of acquired technology$50M$48M$49M$47M$48M$48M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share—$2.34$3.34$3.12$7.54$3.12
Diluted earnings per share—$2.33$3.32$3.11$7.52$3.10
Weighted-average shares, basic102M100M99M98M98M95M
Weighted-average shares, diluted102M101M100M98M99M96M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments—$1M-$2M-$7M-$14M-$3M
Gain (loss) on disposal of assets—$14M$0$26M$0$0
Interest expense$66M$65M$64M$65M$66M$77M
Interest income$48M$43M$46M$48M$55M$49M
Other income (expense), net—-$64M$9M$37M-$3M$5M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$1.7B$303M$313M$390M$947M$376M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$440M$65M-$21M$77M$197M$70M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$2M$4M$1M$2M$1M$6M
Net income—$235M$331M$304M$735M$297M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$901M$432M$368M$418M$1B$448M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1$57.5M$19.5M$19.5M$19.5M$19.5M—
Accumulated Depreciation Depletion And Amortization Foreign Exchange-$6.3M$16.3M$16.3M$16.3M$16.3M—
Adjustments To Additional Paid In Capital Foreign Currency Translation Gain Loss$9M-$5M-$10M-$1M-$1M$2M
Adjustments To Additional Paid In Capital Sharebased Compensation And Net Settlements$23M$33M$5M$26M$70M$38M
Pre-tax stock-based compensation cost$30.3M$37M———$42M
Amount Payable From Option$1M$750K$750K$750K$750K—
Book Of Business Settlements$11M$2M$3M$6M$17M$8M
Cash Acquired From Acquisition$2M$0$0$0$0—
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect$415M-$95M$233M$85M$1.1B-$1.1B
Dividends declared (in dollars per share)$0.88$0.92$0.92$0.92$0.92$0.96
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$458M$560M$301M$610M$261M
Less: comprehensive income attributable to noncontrolling interest$2M$4M$1M$2M$1M$6M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$462M$561M$303M$611M$267M
Impact to revenue from performance obligations satisfied (or partially satisfied) in previous periods$12M$0—$4M—$0
Federal$21.5M-$13M-$13M-$13M-$13M—
Foreign$17M$30.3M$30.3M$30.3M$30.3M—
Current Income Tax Expense Benefit For Ireland$18.5M-$15.5M-$15.5M-$15.5M-$15.5M—
Current Other Jurisdictions Tax Expense Benefit$39.8M$56M$56M$56M$56M—
Current State And Local Tax Expense Benefit$4.5M$8M$8M$8M$8M—
Federal-$41.5M$26.8M$26.8M$26.8M$26.8M—
Deferred Foreign Income Tax Expense Benefit-$6.5M-$12.3M-$12.3M-$12.3M-$12.3M—
Deferred Income Tax Expense Benefit For Ireland$250K$250K$250K$250K$250K—
Deferred Income Tax Expense Benefit Including Discontinued Operations—-$23M-$47M$8M$117M-$30M
Deferred Other Jurisdictions Tax Expense Benefit-$1.5M-$2.8M-$2.8M-$2.8M-$2.8M—
State-$4M$1.8M$1.8M$1.8M$1.8M—
Defined Benefit Plan Settlements Plan Assets—$423M————
Defined Benefit Plans Percentage Of Obligation From Plans98.0%98.0%——98.0%98.0%
Defined Contribution Plan Cost Recognized$41M$40M$41M$39M$50M$41M
Depreciation$54M$54M$57M$56M$59M$56M
Depreciation Expense Excluding Abandonment Of Internally Developed Software Asset$57.5M$56.5M$56.5M$56.5M$56.5M—
Derivative Instruments Gain Loss Reclassification From Accumulated OCI To Income Estimated Net Amount To Be Transferred—$1M$3M——$1M
Dilutive Securities Effect On Basic Earnings Per Share—$-0.01$-0.02$-0.01—$-0.02
Gain in connection with sale—$14M$0$26M$0$0
Dividends, Common Stock$87M$93M$88M$91M$88M$93M
Effect of exchange rate changes on cash, cash equivalents and restricted cash-$129M$80M$127M$0$1M-$29M
Effective tax rates—$0.2-$0.1$0.2$0$0.2
Effective Income Tax Rate Reconciliation Beat Amount$250K—————
Effect of cross-border tax laws—$500K$500K$500K$500K—
Effect of cross-border tax laws————0.1%—
Effective Income Tax Rate Reconciliation Effect Of Foreign Exchange And Other Differences-$250K—————
Global Intangible Low-taxed Income, net of credits$1M—————
Effective Income Tax Rate Reconciliation Net Adjustments On Acquisition Costs$0—————
Effective Income Tax Rate Reconciliation On Subpart F Amount$0—————
Changes in unrecognized tax benefits————-3.2%—
Share-Based Payment Arrangement, Expense, Tax Benefit$5M$5.8M$5.8M$5.8M$5.8M—
Employee Services Share Based Compensation Tax Benefit Realized From Vesting Of RS Us$6M$4.3M$4.3M$4.3M$4.3M—
Fair Value Level Three Transfers Amount$0$0$0$0$0$0
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings$1M$0$1M——$0
Other Comprehensive (Income) Loss-$1M$1M$1M——$0
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements$0$0$30M$3M$0$0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases—$0$4M$0$1M$18M
Amount of foreign currency translation increase (decrease)$17M-$7M-$17M——$3M
Acquired intangibles$2M$1M$9M$0$4M$185M
Gain (Loss), Foreign Currency Transaction, before Tax$6M-$9M-$21M——$14M
Foreign Currency Transaction Gain Loss Realized$7M-$4M-$5M-$2M-$6M$0
Gain on sale of business and assets—$14M—$26M—$0
Goodwill Additions—$2.3M$2.3M$2.3M$2.3M$744M
Foreign Currency Translation and Other Adjustments$83M-$42M-$88M$0-$2M$20M
Income From Operations Before Income Loss From Equity Method Investments—$238M$334M$313M$750M$306M
Income Tax Reconciliation Change In Enacted Tax Rate$0—————
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount$22.8M—————
Business disposition$46.8M—————
Income Tax Reconciliation Earnout Received And Changes In Uncertain Tax Positions—-$19.8M-$19.8M-$19.8M-$19.8M—
Income Tax Reconciliation Foreign Income Tax Rate Differential$4.5M—————
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount$5.3M—————
Nontaxable or Nondeductible items$4.3M—————
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount-$500K-$250K-$250K-$250K-$250K—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$500K—————
Changes in unrecognized tax benefits$8.5M-$15.5M-$15.5M-$15.5M-$15.5M—
Increase (Decrease) in Accounts Receivable$504M-$162M-$63M-$157M$510M-$75M
Increase Decrease In Deferred Income Tax Assets And Liabilities$162.3M-$16.8M-$16.8M-$16.8M-$16.8M—
Increase (Decrease) in Other Operating Assets$74M-$1M$100M$43M—$51M
Other liabilities$460M-$691M-$87M——-$517M
Increase Decrease In Provision For Liabilities-$69M$16M$3M$1M-$29M$23M
Interest income and other, net$48M$43M$46M$48M$55M$49M
Interest Income$36M$39M$40M$42M$35M$40M
Interest Paid, Excluding Capitalized Interest, Operating Activity$60.5M$63M$63M$63M$63M—
Lease Cost$52M$33M$29M$29M$33M$29M
Lease Payment$39.5M$39.3M$39.3M$39.3M$39.3M—
Miscellaneous Other Non Operating Income Expense—$1M$1M$1M—-$1M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$664M$24M-$824M-$511M—-$203M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$480M-$84M$696M——-$840M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$599M-$35M$361M$678M$771M-$10M
Net Income Loss Attributable To Noncontrolling Interest$2M$4M$1M$2M$1M$6M
Net loss—$239M$332M$306M$736M$303M
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component$0$75M-$13M-$12M$0-$6M
Net Proceeds From Fiduciary Funds Held For Clients—$315M—$202M—$192M
Non Cash Or Part Non Cash Acquisition Fair Value Of Deferred And Contingent Consideration$750K$1.5M$1.5M$1.5M$1.5M—
Number of reportable segments—2.00———2.00
Number of reporting units1.751.501.501.501.50—
Operating lease right-of-use assets amortization expense$22M$25M$22M$24M$26M$25M
Other Comprehensive Income Loss Before Tax-$84M$73.5M$73.5M$73.5M$73.5M—
Unrealized gains (losses) on hedge instruments-$1M$750K$750K$750K$750K—
Foreign currency translation gains (losses)-$51M$103M$103M$103M$103M—
Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Nonredeemable Noncontrolling Interest-$348M$223M$229M-$3M—-$36M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax$23.5M$22.8M$22.8M$22.8M$22.8M—
Tax expense (benefit)-$8.5M-$7.5M-$7.5M-$7.5M-$7.5M—
Membership and other income$1M$2M$3M$0$3M$1M
Other Noncash Income (Expense)-$26M-$9M-$9M-$16M-$25M-$18M
Other income, net (Note 6)—-$64M$9M$37M-$3M$5M
Payments For Proceeds From Sale Of Operations-$154.8M-$217.5M-$217.5M-$217.5M-$217.5M—
Payments for Repurchase of Common Stock$395M$200M$500M$600M$350M$300M
Payments of Debt Issuance Costs—$0$0$0$10M$4M
Payments of Ordinary Dividends, Common Stock$89M$88M$91M$90M$89M$88M
Payment, Tax Withholding, Share-Based Payment Arrangement$26M$2M$41M$10M$3M$2M
Payments to Acquire Businesses, Net of Cash Acquired$76M$1M$13M$0$1M$792M
Payments to Acquire Equity Method Investments$3M$1M$7M$8M$19M$9M
Payments to Acquire Productive Assets$56M$51M$58M$57M$63M$55M
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash$19M$88M$6M$6M$12M$6M
Proceeds From Income Tax Refund Federal—$28.8M$28.8M$28.8M$28.8M—
Proceeds from new debt—$0———$550M
Change in Securities Purchased under Agreements to Resell—-$31M———$16M
Property Plant And Equipment Additions$60.8M$57.3M$57.3M$57.3M$57.3M—
Retired property, plant and equipment$71.8M$20.8M$20.8M$20.8M$20.8M—
Property Plant And Equipment Increase Decrease Due To Foreign Exchange-$10M$25.3M$25.3M$25.3M$25.3M—
Net additions (releases) charged to costs and expenses$0$5M$2M$1M—$6M
Tax effect-$4M$6M-$6M-$6M-$7M$8M
Reimbursable Expenses And Other$36M$21M$23M$14M$30M$22M
Repayments of Long-Term Debt$2M$1M$1M$2M$1M$551M
Revenue From Contract With Customer Excluding Assessed Tax$3B$2.2B$2.2B$2.2B$2.9B$2.4B
Stock-based compensation$36M$37M$31M$36M$49M$42M
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease—————5K
Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Employees Affected116.00—————
Share-based Goods and Nonemployee Services Transaction, Modification of Terms, Incremental Compensation Cost$3.5M—————
Stock-based compensation, shares issued during period (in shares)—————212K
Distributed under benefit plans413K———413K13K
Stock Issued During Period Value Acquisitions—————$93M
Value of shares repurchased$395M$200M$500M$600M$350M$300M
Tax On Unremitted Earnings Net Of Foreign Tax Credits$1.3M—————
Undistributed Earnings$8B$9.4B$9.4B$9.4B$9.4B—
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$500K$11.3M$11.3M$11.3M$11.3M—
Unrecognized tax benefits, settlements$0$4M$4M$4M$4M—
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$7.5M$500K$500K$500K$500K—
Additions for tax positions of prior years$1M$4M$4M$4M$4M—
Unrecognized tax benefit, interest expense (income)$500K$250K$250K$250K$250K—
Unrecognized Tax Benefits Other Increase Decrease-$250K$500K$500K$500K$500K—
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations$500K$250K$250K$250K$250K—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount-$1.8M$2.8M$2.8M$2.8M$2.8M—
Variable Lease Cost$15M$10M$5M$10M$8M$8M
Add: dilutive effect of potential common shares (in shares)$0$1M$1M$0—$1M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rental income$6M$6M$7M$11M$9M$10M
Total revenue$3B$2.2B$2.3B$2.3B$2.9B$2.4B