Revenue growth remains sensitive to cyclical conditions, evidenced by a shift from a 5.0% contraction in 2025Q1 to an 8.5% expansion in 2026Q1.
| 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 |
|---|
| Revenue | 9.9B | 9.71B | 9.93B | 9.48B | 8.87B | 9B | 8.62B | 8.37B | 8.51B | 8.2B | 7.89B | 3.83B | 3.8B | 3.65B | 3.48B | 3.45B | 3.33B | 3.26B | 2.83B | 2.58B | 2.43B | 2.27B | 2.27B | 2.08B | 1.74B | 1.42B | 1.3B |
| Revenue Growth % | 0.87% | -2.24% | 4.71% | 6.96% | -1.47% | 4.45% | 2.93% | -1.68% | 3.79% | 3.99% | 105.98% | 0.71% | 4.02% | 5.03% | 0.96% | 3.45% | 2.11% | 15.42% | 9.66% | 6.18% | 7.1% | -0.35% | 9.59% | 19.65% | 21.84% | 9.12% | - |
| Medical Costs & Claims | 6.12B | 5.63B | 5.5B | 5.34B | 5.07B | 5.25B | 5.16B | 4.93B | 5.12B | 4.97B | 4.85B | 2.3B | 2.31B | 2.21B | 2.48B | 2.09B | 1.87B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 61.84% | 57.94% | 55.41% | 56.35% | 57.13% | 58.38% | 59.86% | 58.89% | 60.18% | 60.56% | 61.48% | 60.15% | 60.86% | 60.38% | 71.12% | 60.55% | 56.06% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 3.78B | 4.08B | 4.43B | 4.14B | 3.8B | 3.75B | 3.46B | 3.44B | 3.39B | 3.23B | 3.04B | 1.53B | 1.49B | 1.45B | 1B | 1.36B | 1.46B | 3.26B | 2.83B | 2.58B | 2.43B | 2.27B | 2.27B | 2.08B | 1.74B | 1.42B | 1.3B |
| Gross Margin % | 38.16% | 42.06% | 44.59% | 43.65% | 42.87% | 41.62% | 40.14% | 41.11% | 39.82% | 39.44% | 38.52% | 39.85% | 39.14% | 39.62% | 28.88% | 39.45% | 43.94% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -7.79% | 6.98% | 8.89% | 1.5% | 8.3% | 0.49% | 1.5% | 4.79% | 6.48% | 99.08% | 2.55% | 2.76% | 44.08% | -26.1% | -7.1% | -55.13% | 15.42% | 9.66% | 6.18% | 7.1% | -0.35% | 9.59% | 19.65% | 21.84% | 9.12% | - |
| Operating Expenses | 1.53B | 1.85B | 3.8B | 2.77B | 2.62B | 1.54B | 2.6B | 2.39B | 2.58B | 2.72B | 2.69B | 1.1B | 841M | 785M | 1.23B | 794M | 711M | 2.57B | 2.32B | 1.96B | 1.88B | 1.82B | 1.61B | 1.46B | 1.32B | 1.26B | 1.15B |
| OpEx / Revenue % | 15.43% | 19.05% | 38.28% | 29.25% | 29.58% | 17.15% | 30.17% | 28.52% | 30.32% | 33.15% | 34.11% | 28.7% | 22.12% | 21.48% | 35.34% | 23.03% | 21.34% | 78.73% | 82.21% | 75.95% | 77.27% | 80.11% | 70.73% | 70.13% | 75.85% | 88.69% | 88.2% |
| Depreciation & Amortization | 374M | 418M | 456M | 505M | 567M | 650M | 770M | 729M | 747M | 833M | 769M | 171M | 146M | 149M | 138M | 142M | 145M | 164M | 90M | 66M | 63M | 54M | 47M | 39M | 35M | 68M | 72M |
| Combined Ratio % | 77.27% | 76.99% | 93.69% | 85.61% | 86.71% | 75.53% | 90.03% | 87.41% | 90.5% | 93.71% | 95.59% | 88.85% | 82.98% | 81.86% | 106.47% | 83.58% | 77.4% | 78.73% | 82.21% | 75.95% | 77.27% | 80.11% | 70.73% | 70.13% | 75.85% | 88.69% | 88.2% |
| Operating Income | 2.25B | 2.23B | 627M | 1.36B | 1.18B | 2.2B | 859M | 1.05B | 809M | 516M | 348M | 427M | 647M | 663M | -225M | 566M | 753M | 694M | 503M | 620M | 552M | 451M | 666M | 620M | 419M | 161M | 154M |
| Operating Margin % | 22.73% | 23.01% | 6.31% | 14.39% | 13.29% | 24.47% | 9.97% | 12.59% | 9.5% | 6.29% | 4.41% | 11.15% | 17.02% | 18.14% | -6.47% | 16.42% | 22.6% | 21.27% | 17.79% | 24.05% | 22.73% | 19.89% | 29.27% | 29.87% | 24.15% | 11.31% | 11.8% |
| Operating Income Growth % | - | 256.3% | -54.07% | 15.87% | -46.5% | 156.34% | -18.5% | 30.28% | 56.78% | 48.28% | -18.5% | -34% | -2.41% | 394.67% | -139.75% | -24.83% | 8.5% | 37.97% | -18.87% | 12.32% | 22.39% | -32.28% | 7.42% | 47.97% | 160.25% | 4.55% | - |
| EBITDA | 2.62B | 2.65B | 1.08B | 1.87B | 1.75B | 2.85B | 1.63B | 1.78B | 1.56B | 1.35B | 1.12B | 598M | 793M | 812M | -87M | 708M | 898M | 858M | 593M | 686M | 615M | 505M | 713M | 659M | 454M | 229M | 226M |
| EBITDA Margin % | 26.51% | 27.32% | 10.91% | 19.72% | 19.68% | 31.7% | 18.91% | 21.3% | 18.28% | 16.45% | 14.16% | 15.62% | 20.86% | 22.22% | -2.5% | 20.54% | 26.95% | 26.29% | 20.98% | 26.61% | 25.33% | 22.28% | 31.34% | 31.74% | 26.17% | 16.08% | 17.32% |
| Interest Expense | 272M | 260M | 263M | 235M | 208M | 211M | 244M | 234M | 208M | 188M | 184M | 142M | 135M | 126M | 128M | 156M | 166M | 174M | 105M | 0 | 0 | 0 | 0 | 53K | 0 | 0 | 0 |
| Non-Operating Income | -65M | -23M | 260M | -149M | -288M | -701M | -396M | -226M | -250M | -164M | -178M | -55M | -6M | 38M | -16M | 171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18M |
| Pretax Income | 2B | 1.93B | 104M | 1.28B | 1.26B | 2.69B | 1.01B | 1.05B | 851M | 495M | 344M | 351M | 532M | 499M | -332M | 251M | 610M | 553M | 420M | 554M | 514M | 421M | 591M | 567M | 354M | 79M | 65M |
| Pretax Margin % | 20.24% | 19.89% | 1.05% | 13.49% | 14.19% | 29.92% | 11.74% | 12.5% | 10% | 6.04% | 4.36% | 9.17% | 13.99% | 13.65% | -9.54% | 7.28% | 18.31% | 16.95% | 14.86% | 21.49% | 21.17% | 18.57% | 25.98% | 27.31% | 20.4% | 5.55% | 4.98% |
| Income Tax | 323M | 318M | 192M | 215M | 194M | 536M | 249M | 197M | 136M | -100M | -96M | -33M | 159M | 122M | 101M | 32M | 140M | 96M | 97M | 144M | 63M | 143M | 197M | 159M | 141M | 62M | 33M |
| Effective Tax Rate % | 16.13% | 16.47% | 184.62% | 16.81% | 15.42% | 19.91% | 24.63% | 18.83% | 15.98% | -20.2% | -27.91% | -9.4% | 29.89% | 24.45% | -30.42% | 12.75% | 22.95% | 17.36% | 23.1% | 25.99% | 12.26% | 33.97% | 33.33% | 28.04% | 39.83% | 78.48% | 50.77% |
| Net Income | 1.67B | 1.6B | -98M | 1.05B | 1.01B | 4.22B | 996M | 1.04B | 695M | 568M | 420M | 373M | 362M | 365M | -446M | 204M | 455M | 438M | 303M | 409M | 449M | 281M | 402M | 414M | 210M | 2M | 9M |
| Net Margin % | 16.84% | 16.53% | -0.99% | 11.13% | 11.38% | 46.92% | 11.56% | 12.47% | 8.16% | 6.93% | 5.33% | 9.74% | 9.52% | 9.99% | -12.82% | 5.92% | 13.66% | 13.42% | 10.72% | 15.87% | 18.49% | 12.4% | 17.67% | 19.94% | 12.1% | 0.14% | 0.69% |
| Net Income Growth % | 3245.28% | 1737.76% | -109.29% | 4.56% | -76.1% | 323.9% | -4.6% | 50.22% | 22.36% | 35.24% | 12.6% | 3.04% | -0.82% | 181.84% | -318.63% | -55.16% | 3.88% | 44.55% | -25.92% | -8.91% | 59.79% | -30.1% | -2.9% | 97.14% | 10400% | -77.78% | - |
| EPS (Diluted) | 17.40 | 16.26 | -0.96 | 9.95 | 8.98 | 14.90 | 7.65 | 8.03 | 5.27 | 4.18 | 2.26 | 5.41 | 5.30 | 5.37 | -6.83 | 3.05 | 7.05 | 6.86 | 5.43 | 7.36 | 7.52 | 4.56 | 6.41 | 5.75 | 3.39 | 0.03 | 0.19 |
| EPS Growth % | 3460.78% | 1793.75% | -109.65% | 10.8% | -39.73% | 94.77% | -4.73% | 52.37% | 26.08% | 84.96% | -58.23% | 2.08% | -1.3% | 178.62% | -323.93% | -56.74% | 2.77% | 26.34% | -26.22% | -2.13% | 64.91% | -28.86% | 11.48% | 69.62% | 12692.45% | -86.05% | - |
| EPS (Basic) | - | 16.34 | -0.96 | 10.05 | 9.00 | 15.02 | 7.68 | 8.03 | 5.31 | 4.21 | 2.28 | 5.49 | 5.38 | 5.53 | -6.83 | 3.10 | 7.10 | 6.91 | 5.43 | 7.47 | 7.58 | 4.64 | 6.78 | 6.36 | 3.79 | 0.03 | 0.19 |
| Diluted Shares Outstanding | 95.81M | 99M | 102M | 106M | 112M | 129M | 130M | 130M | 132M | 136M | 138M | 69M | 68.33M | 68M | 65.31M | 66.44M | 64.55M | 63.8M | 55.87M | 55.49M | 59.65M | 61.53M | 62.67M | 63.42M | 61.91M | 55.87M | 45.8M |
Producer attrition and integration
According to the provided quarterly data, WTW's revenue growth has fluctuated significantly, ranging from a 5.0% contraction in 2025Q1 to an 8.5% expansion in 2026Q1, suggesting that the firm's top-line trajectory remains sensitive to cyclical market conditions and the ongoing impact of recent organizational restructuring efforts.
The inconsistency in revenue growth highlights the challenges of maintaining organic momentum following the failed Aon merger and subsequent divestitures. Investors should monitor whether the recent 8.5% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous periods of stagnation.
As reported in financial statements, WTW's combined ratio has demonstrated notable volatility, spiking to 133.5% in 2024Q3 before stabilizing near 81.4% in 2026Q1, which indicates that underwriting profitability remains highly susceptible to periodic operational disruptions and the firm's ability to manage its core expense base effectively.
The wide variance in the combined ratio suggests that the company's cost structure is not yet fully optimized for consistent margin expansion. The 2024Q3 outlier warrants further investigation, as it likely reflects non-recurring charges that mask the underlying efficiency of the brokerage and consulting operations.
Based on the company's reported figures, the 2024Q3 period served as a critical inflection point where a combined ratio of 133.5% and a net loss of $1.7 billion highlighted the severe financial impact of structural transformation costs and potential legacy liability adjustments during that specific quarter.
This period appears to represent the nadir of the post-divestiture transition, forcing a re-evaluation of the firm's operational scale. The subsequent return to profitability suggests that management has successfully navigated the immediate fallout, though the long-term impact on client retention remains a key area for ongoing scrutiny.
Analysis of the provided income statement data suggests that WTW's net income is frequently distorted by non-recurring items, as evidenced by the extreme EPS swing from -$16.42 in 2024Q3 to $12.22 in 2024Q4, which complicates the assessment of the firm's true underlying earnings power and operational health.
The reliance on significant quarterly adjustments implies that headline earnings may not accurately reflect the firm's core brokerage performance. Investors should be cautious of using GAAP net income as a proxy for cash-generative capacity, as the volatility appears driven more by accounting noise than by fundamental shifts in the business.
Quick answers to the most common questions about buying WTW stock.
For fiscal year 2025, Willis Towers Watson Public Limited Company (WTW) reported total revenue of $9.71B. This represents a 643.9% increase compared to $1.30B in 2000.
Willis Towers Watson Public Limited Company (WTW) is profitable, generating $1.60B in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
Willis Towers Watson Public Limited Company (WTW) reported an operating income of $2.23B, resulting in an operating profit margin of 23.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Willis Towers Watson Public Limited Company (WTW) generated $4.08B in gross profit for the year, representing a gross profit margin of 42.1%. This demonstrates the company's core pricing power and production efficiency.