# Willis Towers Watson plc (WTW) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WTW/thesis · /stocks/WTW/memo

## Financial Snapshot

---
ticker: WTW
step: 04
generated: 2026-05-12
source: quick-research
---

### Willis Towers Watson (WTW) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $8.87B | $9.48B | $9.93B | +4.7% |
| Gross Margin | ~25% | ~26% | ~27% | |
| Operating Margin | ~12% | ~13% | ~14% | |
| Net Income (GAAP) | ~$400M | ~$550M | ~$140M* | |
| Adjusted EPS | ~$12.00 | ~$14.50 | ~$16.50 | |

*2024 GAAP net income significantly impacted by Transformation Program costs and restructuring charges. Adjusted metrics substantially higher. Net margin on a GAAP basis was ~1.4% in 2024 vs. adjusted margins significantly higher.

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.7B |
| Free Cash Flow | ~$1.4B |
| FCF Margin | ~14% |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$5.0B |

#### Key Ratios (approximate)
- P/E (adjusted): ~18x | EV/EBITDA: ~14x | FCF Yield: ~4–5%
- Revenue Growth (FY2024): +4.7% | FCF Growth YoY: +17%
- Shares Repurchased: $3.5B in FY2022, $1.0B in FY2023 — aggressive buyback program

#### Growth Profile
WTW has delivered consistent mid-single-digit revenue growth from $8.87B in FY2022 to $9.93B in FY2024, a 3-year CAGR of ~5.8%. Free cash flow improved dramatically over the same period — from $674M in FY2022 to $1.4B in FY2024 — as the Transformation Program drove $350M+ in cost savings and eliminated structural inefficiencies. The company's pivot toward technology-enabled services (proprietary SaaS platforms, analytics) is gradually improving the margin profile. Capital returns have been aggressive, with $4.5B+ in share repurchases over FY2022–FY2023.

#### Forward Estimates
- FY2025 Revenue: ~$9.71B (slight decline from FY2024, reflecting portfolio optimization and divestitures)
- FY2025 FCF: ~$1.55B (strong; exceeded FY2024 by $279M per company report)
- Long-term target (FY2028): ~$10.9B revenue, ~$2.5B earnings — requires ~3.7% annual revenue growth and meaningful margin expansion

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WTW/fundamental

## Navigation

- Overview: /stocks/WTW
- Financials (this page): /stocks/WTW/financials
- Thesis: /stocks/WTW/thesis
- Investment Memo: /stocks/WTW/memo
- Coverage universe: /stocks