Operating cash flow generation remains inconsistent, highlighted by a negative $35 million result in 2025Q1 compared to a $771 million peak in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 1.8B | 1.77B | 1.51B | 1.34B | 812M | 2.06B | 1.77B | 1.08B | 1.29B | 862M | 967M | 243M | 477M | 561M | 525M | 439M | 489M | 418M | 211M | 268M | 147M | 140M | 490M | 493M | 343M | 221M | 79M |
| Operating CF Growth % | 129.5% | 17.39% | 12.42% | 65.64% | -60.6% | 16.18% | 64.11% | -16.07% | 49.42% | -10.86% | 297.94% | -49.06% | -14.97% | 6.86% | 19.59% | -10.22% | 16.99% | 98.1% | -21.27% | 82.31% | 5% | -71.43% | -0.61% | 43.73% | 55.2% | 179.75% | - |
| Operating CF / Revenue % | 18.19% | 18.28% | 15.23% | 14.18% | 9.16% | 22.91% | 20.59% | 12.92% | 15.13% | 10.51% | 12.26% | 6.35% | 12.55% | 15.35% | 15.09% | 12.74% | 14.68% | 12.81% | 7.46% | 10.4% | 6.05% | 6.18% | 21.54% | 23.75% | 19.77% | 15.52% | 6.05% |
| Net Income | 1.67B | 1.61B | 1.25B | 1.05B | 1.02B | 4.24B | 1.02B | 1.07B | 715M | 592M | 330M | 384M | 373M | 377M | -433M | 219M | 470M | 457M | 303M | 409M | 449M | 300M | 427M | 414M | 210M | 2M | 9M |
| Depreciation & Amortization | 372M | 226M | 456M | 505M | 567M | 650M | 770M | 729M | 747M | 833M | 769M | 171M | 146M | 149M | 138M | 142M | 145M | 160M | 90M | 66M | 63M | 54M | 47M | 39M | 35M | 68M | 72M |
| Stock-Based Compensation | 158M | 153M | 121M | 125M | 99M | 101M | 90M | 74M | 54M | 67M | 123M | 64M | 52M | 42M | 32M | 41M | 47M | 39M | 40M | 33M | 18K | 0 | 11K | 20K | 80M | 0 | 0 |
| Deferred Taxes | -69M | 55M | -213M | -109M | -50M | 226M | 99M | -72M | -115M | -285M | -136M | -99M | 66M | 39M | 54M | 17M | 77M | -21M | 46M | 66M | 82M | 47M | -19M | 6M | -8M | -18M | -8M |
| Other Non-Cash Items | 328M | 439M | 226M | 140M | 60M | -2.7B | -149M | 67M | -112M | -67M | -58M | -98M | -10M | 71M | 908M | 171M | 1M | -40M | -40M | -50M | -102.02M | -95M | 17.99M | 29.98M | -22M | 144M | -7M |
| Working Capital Changes | -669M | -711M | -326M | -371M | -888M | -449M | -56M | -790M | -1M | -278M | -61M | -179M | -150M | -117M | -174M | -151M | -251M | -177M | -228M | -256M | -345M | -166M | 17M | 4M | 48M | 25M | 13M |
| Cash from Investing | -309M | 447M | 250M | -1.08B | -173M | 2.77B | -160M | -1.61B | -341M | -335M | 188M | -943M | -276M | -120M | -172M | -101M | -94M | 102M | -1.04B | -221M | 67M | 32M | -183M | -135M | -50M | -10M | -41M |
| Capital Expenditures | -233M | -229M | -245M | -242M | -204M | -201M | -223M | -305M | -322M | -375M | -307M | -158M | -117M | -119M | -137M | -111M | -83M | -96M | -94M | -185M | -55M | -32M | -49M | -57M | -47M | -40M | -30M |
| Acquisitions | 21M | 855M | 515M | -6M | -169M | 2.97B | 143M | -1.31B | -32M | -13M | 475M | -801M | -155M | -6M | -33M | 2M | -22M | 113M | -936M | -81M | -68M | -35M | -147M | -91M | -13M | 27M | -8M |
| Purchase of Investments | -62M | -125M | -15M | -4M | 200M | -200M | 0 | 0 | 0 | 0 | 0 | 12M | -10M | -7M | -7M | -5M | -1M | 20M | -31M | -1M | -25M | -42M | -80M | -48M | -21M | -16M | -32M |
| Sale/Maturity of Investments | 16M | 0 | 0 | 0 | 200M | 53M | 0 | 0 | 0 | 0 | 0 | 3M | 4M | 7M | 2M | 0 | 10M | 21M | 15M | 19M | 10M | 47M | 69M | 42M | 13M | 14M | 25M |
| Other Investing | -51M | -54M | -5M | -833M | -200M | 147M | -80M | 3M | 13M | 53M | 20M | 1M | 2M | 5M | 3M | 13M | 2M | 44M | 6M | 27M | 205M | 94M | 24M | 19M | 18M | 5M | 4M |
| Cash from Financing | -1.16B | -936M | -459M | -1.2B | -3.44B | -3.11B | 378M | 397M | -903M | -479M | -775M | 641M | -323M | -137M | -291M | -214M | -293M | -516M | 828M | -146M | -129M | -315M | -333M | -222M | -218M | -167M | -23M |
| Dividends Paid | -358M | -358M | -354M | -352M | -369M | -374M | -346M | -329M | -306M | -277M | -199M | -277M | -210M | -193M | -185M | -180M | -202M | -191M | -146M | -143M | -145M | -135M | -115M | -63M | 0 | 0 | 0 |
| Share Repurchases | -1.75B | -1.65B | -901M | -1B | -3.53B | -1.63B | 0 | -150M | -602M | -709M | -396M | -82M | -213M | 0 | -100M | 0 | 0 | 0 | -75M | -480M | -211M | -360M | -339M | -1M | -1M | -284M | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 7M | 10M | 16M | 45M | 45M | 61M | 63M | 131M | 139M | 155M | 53M | 60M | 36M | 18M | 15M | 25M | 16M | 37M | 58M | 40M | 4M | 289M | 9M |
| Debt Issuance (Net) | -4M | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Other Financing | 950M | 88M | 705M | -342M | 323M | -115M | 753M | -140M | -39M | -64M | -101M | 566M | -19M | -12M | -45M | -17M | -34M | -16M | 649M | 9M | 11M | 0 | 113M | -62.94M | 0 | 0 | 0 |
| Net Change in Cash | 422M | 1.49B | 1.21B | -929M | -2.97B | 1.59B | 2.12B | -138M | 3M | 160M | 338M | -103M | -161M | 296M | 64M | 120M | 95M | 15M | -24M | -88M | 95M | -158M | -13M | 153M | 83M | 40M | 8M |
| Exchange Rate Effect | 94M | 203M | -97M | 11M | -164M | -127M | 126M | -2M | -41M | 112M | -15M | -44M | -39M | -8M | 2M | -4M | -7M | 11M | -23M | 11M | 10M | -15M | 13M | 17M | 8M | -4M | -7M |
| Cash at Beginning | 6.49B | 5B | 3.79B | 4.72B | 7.69B | 6.3B | 4.18B | 1.03B | 1.03B | 870M | 532M | 635M | 796M | 500M | 436M | 316M | 221M | 176M | 200M | 288M | 193M | 351M | 364M | 211M | 128M | 88M | 80M |
| Cash at End | 5.41B | 6.49B | 5B | 3.79B | 4.72B | 7.89B | 6.3B | 895M | 1.03B | 1.03B | 870M | 532M | 635M | 796M | 500M | 436M | 316M | 191M | 176M | 200M | 288M | 193M | 351M | 364M | 211M | 128M | 88M |
| Free Cash Flow | 1.57B | 1.55B | 1.27B | 1.1B | 608M | 1.86B | 1.49B | 776M | 966M | 487M | 660M | 85M | 360M | 442M | 388M | 328M | 406M | 322M | 117M | 83M | 92M | 108M | 441M | 436M | 296M | 181M | 49M |
| FCF Growth % | 7.59% | 22.02% | 14.87% | 81.41% | -67.31% | 25% | 91.75% | -19.67% | 98.36% | -26.21% | 676.47% | -76.39% | -18.55% | 13.92% | 18.29% | -19.21% | 26.09% | 175.21% | 40.96% | -9.78% | -14.81% | -75.51% | 1.15% | 47.3% | 63.54% | 269.39% | - |
| FCF Margin % | 15.89% | 15.93% | 12.76% | 11.63% | 6.86% | 20.67% | 17.27% | 9.27% | 11.35% | 5.94% | 8.37% | 2.22% | 9.47% | 12.09% | 11.15% | 9.52% | 12.18% | 9.87% | 4.14% | 3.22% | 3.79% | 4.76% | 19.38% | 21% | 17.06% | 12.71% | 3.75% |
| FCF per Share | 16.42 | 15.62 | 12.42 | 10.41 | 5.43 | 14.42 | 11.45 | 5.97 | 7.32 | 3.58 | 4.78 | 1.23 | 5.27 | 6.5 | 5.94 | 4.94 | 6.29 | 5.05 | 2.09 | 1.5 | 1.54 | 1.76 | 7.04 | 6.87 | 4.78 | 3.24 | 1.07 |
Producer attrition and integration
According to the provided quarterly data, WTW's operating cash flow has exhibited extreme volatility, swinging from a negative $35 million in 2025Q1 to a peak of $771 million in 2025Q4, which underscores the inconsistent nature of cash generation relative to the firm's substantial $1.4 billion quarterly claims burden.
The significant variance in operating cash flow suggests that the company's ability to retain float is highly sensitive to the timing of policy renewals and potential shifts in claims payment velocity. Investors should monitor whether this instability reflects underlying operational friction or merely the cyclical nature of the insurance brokerage business model.
As reported in financial statements, the OCF/NI ratio has fluctuated wildly, ranging from a negative 0.29 in 2024Q3 to a high of 2.89 in 2024Q2, indicating that net income is frequently decoupled from actual cash inflows due to significant non-cash adjustments and restructuring charges.
The disconnect between reported net income and cash flow suggests that the firm's bottom line is heavily influenced by accounting treatments rather than pure operational performance. This lack of correlation warrants further investigation into the sustainability of earnings, particularly given the recurring nature of transformation-related expenses.
Based on the company's reported figures, WTW has maintained a consistent dividend and buyback program, with share repurchases totaling $600 million in 2025Q3 alone, even during periods where operating cash flow failed to cover these outflows, suggesting a reliance on existing cash reserves for shareholder distributions.
The decision to prioritize aggressive buybacks despite inconsistent cash generation appears to be a strategic choice to support EPS, though it may limit the firm's flexibility for organic reinvestment. Analysts should consider whether this capital allocation strategy is sustainable if the current volatility in operating cash flow persists over the long term.
Data from recent filings indicates that WTW's investment portfolio activity remains relatively muted, with minimal purchase and sale activity observed in most quarters, except for a significant $922 million sale in 2023Q4, which suggests a conservative approach to managing the firm's liquid asset base.
The limited portfolio turnover implies that the company is not actively trading its investment assets to generate short-term gains, preferring instead to hold a stable liquidity position. This strategy appears consistent with a focus on maintaining a fortress-like balance sheet, though it may limit the potential for incremental investment income in a rising rate environment.
Quick answers to the most common questions about buying WTW stock.
Willis Towers Watson Public Limited Company (WTW) generated $1.77B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Willis Towers Watson Public Limited Company (WTW) generated $1.55B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Willis Towers Watson Public Limited Company (WTW) spent $229.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Willis Towers Watson Public Limited Company (WTW) returned $358.0M to shareholders via cash dividends and spent $1.65B on share repurchases. This shows the company's commitment to returning capital to its equity investors.