# WILLIS TOWERS WATSON PLC (WTW)

Informational only - not investment advice.

CIK: 0001140536
SIC: 6411 Insurance Agents, Brokers & Service
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 64](/major-group/64/) > [SIC 6411 Insurance Agents, Brokers & Service](/industry/6411/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1140536
Filing source: https://www.sec.gov/Archives/edgar/data/1140536/000119312526069307/wtw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001193125-26-069307 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001140536.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 9,708,000,000 USD | 2025 | verified |
| Net income | 1,605,000,000 USD | 2025 | verified |
| Assets | 29,530,000,000 USD | 2025 | verified |
| Free cash flow | 1,546,000,000 USD | 2025 | computed |
| Net margin | 16.53% | 2025 | computed |
| Operating margin | 23.01% | 2025 | computed |
| Revenue YoY | -2.24% | 2025 | computed |
| ROE | 20.12% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WTW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 16.5% | 10.7% | 79 | 15 |
| Operating margin | 23.0% | 17.6% | 75 | 9 |
| Revenue growth | -2.2% | 8.3% | 14 | 15 |
| FCF margin | 15.9% | 14.0% | 58 | 13 |
| ROE | 20.1% | 13.5% | 57 | 15 |
| ROA | 5.4% | 3.8% | 57 | 15 |
| Liabilities / equity | 2.69 | 2.36 | 54 | 14 |
| Current ratio | 1.20 | 1.16 | 58 | 13 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6411 Insurance Agents, Brokers & Service, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 9708000000 | USD | 2025 | 2026-02-25 |
| Net income | 1605000000 | USD | 2025 | 2026-02-25 |
| Assets | 29530000000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001140536.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 7,887,000,000 | 8,202,000,000 | 8,513,000,000 | 8,370,000,000 | 8,615,000,000 | 8,998,000,000 | 8,866,000,000 | 9,483,000,000 | 9,930,000,000 | 9,708,000,000 |
| Net income |  |  | 420,000,000 | 568,000,000 | 695,000,000 | 1,044,000,000 | 996,000,000 | 4,222,000,000 | 1,009,000,000 | 1,055,000,000 | -98,000,000 | 1,605,000,000 |
| Operating income |  |  | 348,000,000 | 516,000,000 | 809,000,000 | 1,054,000,000 | 859,000,000 | 2,202,000,000 | 1,178,000,000 | 1,365,000,000 | 627,000,000 | 2,234,000,000 |
| Diluted EPS |  |  | 3.04 | 4.18 | 5.27 | 8.02 | 7.65 | 32.78 | 8.98 | 9.95 | -0.96 | 16.26 |
| Operating cash flow |  |  | 933,000,000 | 862,000,000 | 1,288,000,000 | 1,081,000,000 | 1,774,000,000 | 2,061,000,000 | 812,000,000 | 1,345,000,000 | 1,512,000,000 | 1,775,000,000 |
| Capital expenditures | 113,000,000 | 146,000,000 | 218,000,000 | 300,000,000 | 268,000,000 |  |  |  |  | 242,000,000 | 245,000,000 | 229,000,000 |
| Dividends paid |  |  | 199,000,000 | 277,000,000 | 306,000,000 | 329,000,000 | 346,000,000 | 374,000,000 | 369,000,000 | 352,000,000 | 354,000,000 | 358,000,000 |
| Share buybacks |  |  | 396,000,000 | 532,000,000 | 602,000,000 | 150,000,000 | 0.00 | 1,627,000,000 | 3,530,000,000 | 1,000,000,000 | 901,000,000 | 1,650,000,000 |
| Assets |  |  | 30,253,000,000 | 32,458,000,000 | 32,385,000,000 | 35,426,000,000 | 38,531,000,000 | 34,970,000,000 | 31,769,000,000 | 29,090,000,000 | 27,681,000,000 | 29,530,000,000 |
| Liabilities |  |  | 20,019,000,000 | 22,181,000,000 | 22,388,000,000 | 25,057,000,000 | 27,599,000,000 | 21,662,000,000 | 21,676,000,000 | 19,497,000,000 | 19,664,000,000 | 21,478,000,000 |
| Stockholders' equity |  |  | 10,065,000,000 | 10,126,000,000 | 9,852,000,000 | 10,249,000,000 | 10,820,000,000 | 13,260,000,000 | 10,016,000,000 | 9,520,000,000 | 7,940,000,000 | 7,976,000,000 |
| Cash and cash equivalents |  |  | 870,000,000 | 1,030,000,000 | 1,033,000,000 | 887,000,000 | 2,039,000,000 | 4,486,000,000 | 1,262,000,000 | 1,424,000,000 | 1,890,000,000 | 3,132,000,000 |
| Free cash flow |  |  | 715,000,000 | 562,000,000 | 1,020,000,000 |  |  |  |  | 1,103,000,000 | 1,267,000,000 | 1,546,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 5.33% | 6.93% | 8.16% | 12.47% | 11.56% | 46.92% | 11.38% | 11.13% | -0.99% | 16.53% |
| Operating margin |  |  | 4.41% | 6.29% | 9.50% | 12.59% | 9.97% | 24.47% | 13.29% | 14.39% | 6.31% | 23.01% |
| Return on equity |  |  | 4.17% | 5.61% | 7.05% | 10.19% | 9.21% | 31.84% | 10.07% | 11.08% | -1.23% | 20.12% |
| Return on assets |  |  | 1.39% | 1.75% | 2.15% | 2.95% | 2.58% | 12.07% | 3.18% | 3.63% | -0.35% | 5.44% |
| Liabilities / equity |  |  | 1.99 | 2.19 | 2.27 | 2.44 | 2.55 | 1.63 | 2.16 | 2.05 | 2.48 | 2.69 |
| Current ratio |  |  | 1.03 | 1.07 | 1.07 | 1.06 | 1.05 | 1.26 | 1.07 | 1.06 | 1.20 | 1.20 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/WTW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001140536.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.72 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.88 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 2,159,000,000 | 94,000,000 | 0.88 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,166,000,000 | 136,000,000 | 1.29 | reported discrete quarter |
| 2024-Q1 | 2024-03-31 | 2,341,000,000 | 190,000,000 | 1.83 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,265,000,000 | 141,000,000 | 1.36 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,289,000,000 | -1,675,000,000 | -16.44 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 3,035,000,000 | 1,246,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,223,000,000 | 235,000,000 | 2.33 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,261,000,000 | 331,000,000 | 3.32 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,288,000,000 | 304,000,000 | 3.11 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,936,000,000 | 735,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,412,000,000 | 297,000,000 | 3.10 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,466,000,000 | 229,000,000 | 2.43 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WTW's latest 10-K: [/company/WTW/business/](/company/WTW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WTW's latest 10-K: [/company/WTW/risk-factors/](/company/WTW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1140536/000119312526325374/wtw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion includes forward-looking statements. See ‘Disclaimer Regarding Forward-looking Statements’ for certain cautionary information regarding forward-looking statements and a list of factors that could cause actual results to differ materially from those predicted in those statements.

This discussion includes references to non-GAAP financial measures as defined in the rules of the SEC. We present such non-GAAP financial measures, specifically, adjusted, constant currency and organic non-GAAP financial measures, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent under U.S. GAAP, and these provide a measure against which our businesses may be assessed in the future.

See ‘Non-GAAP Financial Measures’ below for further discussion of our adjusted, constant currency and organic non-GAAP financial measures.

Executive Overview

Impact of Market Conditions on Our Business

Typically, our business benefits from regulatory change, political risk or economic uncertainty. Insurance broking generally tracks the economy, but demand for both insurance broking and advisory services usually remains steady during times of uncertainty. We have some businesses, such as our health and benefits and administration businesses, which can be counter cyclical during the early period of a significant economic change.

Within our insurance and brokerage business, due to the cyclical nature of the insurance market and the impact of other market conditions on insurance premiums, commission revenue may vary widely between accounting periods. A period of low or declining premium rates, generally known as a ‘soft’ or ‘softening’ market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our revenue and operating margin. A ‘hard’ or ‘firming’ market, during which premium rates rise, generally has a favorable impact on our revenue and operating margin. Rates, however, vary by geography, industry and client segment. As a result, and due to the global and diverse nature of our business, we view rates in the aggregate. At the time of filing this Quarterly Report, market conditions continue to soften, with the exception of U.S. Casualty and a few specialty product lines.

Market conditions in the broking industry in which we operate are generally defined by factors such as the strength of the various geographical economies which we serve around the world, insurance rate movements, and insurance and reinsurance buying patterns of our clients.

The markets for our advisory, technology and solutions, and marketplace services are affected by economic, regulatory and legislative changes, technological developments, and increased competition from established and new competitors. We believe that the primary factors in selecting a company with expertise in human resources or risk management include reputation, the ability to provide measurable increases to shareholder value and return on investment, global scale, quality of service and the ability to tailor services to clients’ unique needs. In that regard, we are focused on developing and implementing technology, data and analytic solutions, including evolving technology and artificial intelligence (‘AI’) solutions, for both internal operations and for maintaining industry standards and meeting client preferences (see the discussion of our artificial intelligence acceleration plan in Note 20 — Subsequent Event within Part I, Item 1 ‘Financial Statements,’ and in Part II, Item 1A – Risk Factors, and Item 5 – Other Information, in each case, included in this Quarterly Report on Form 10-Q). We have made such investments from time to time and may decide, based on perceived business needs, to make investments in the future that may be different from past practice or our current expectations.

With regard to the market for exchanges, we believe that clients base their decisions on a variety of factors that include the role of health care coverage in recruiting/retaining employees and transitioning employees to retirement, the availability of price competitive individual insurance policies, the array of coverage choices available through the exchange provider and its ability to deliver measurable cost savings for corporate clients, and to both execute efficiently and deliver high quality service. Since the individual insurance market for Medicare policies is well-established and a significant portion of corporate employers have already implemented an exchange for their Medicare retirees, growth in this population segment will be derived from public employers and educational and other not-for-profit institutions. This growth may be more episodic in nature. Growth in other population segments is likely to remain low unless a more competitive individual insurance market emerges for these segments.

Risks and Uncertainties of the Economic Environment

U.S. and global markets are continuing to experience uncertainty, volatility and disruption as a result of uncertain macroeconomic conditions including tariff actions and uncertainties relating to global trade, fluctuations in currency exchange rates, volatility in debt and equity markets, uncertainty around interest rates, softening consumer confidence and labor markets, changes in U.S.

32

policies across a broad range of areas and the speed with which such changes are or may be implemented, and the geopolitical conflicts and tensions in Russia, Ukraine and the Middle East creating or exacerbating those conditions, while also experiencing rapid development of evolving AI technologies driving growth and market performance for many industries. Although the length and impact of these situations are highly unpredictable, the ongoing uncertainty and volatility of the global economy and capital markets, which has resulted in persistent inflation and fluctuating interest rates in many of the markets in which we operate, could accelerate recessionary pressures and continue to lead to further market disruptions. Further, in addition to the direct impact of the continuing dynamic tariff environment on our business (which we do not expect to be significant, so long as retaliatory actions do not extend to services), the global tariff landscape continues to fluctuate, creating uncertainty for the business. This uncertainty may be exacerbated by U.S. legislation and other U.S. federal government actions, including the recent decision of the U.S. Supreme Court striking down tariffs imposed under the International Emergency Economic Powers Act. Additionally, indirect impacts from changes in tariffs and other legislative or regulatory developments, such as changes in consumer sentiment, trade relations, economic activity, disruption of U.S. federal government operations, willingness to do business with U.S.-listed firms, inflationary pressures and employee distraction, among others, could also negatively affect our business, operations and financial condition.

These general economic conditions, including inflation, stagflation, political volatility, supply chain disruptions, costs of labor, cost of capital, interest rates, bank stability, credit availability and tax rates, affect not only the cost of and access to liquidity, but also our costs to run and invest in our business, including our operating and general and administrative expenses, and we have no control or limited ability to control such factors. These general economic conditions impact revenue from customers, as well as income from funds we hold on behalf of customers and pension-related income. While parts of our business could benefit from uncertainty or regulatory change, we may see increased caution in spending on services we provide that are more discretionary in nature or where there are alternatives, such as self-insurance. Other parts of our business, such as M&A-related services, may be adversely impacted when there is lower economic activity or transaction volumes.

If our costs grow significantly in excess of our ability to raise revenue, whether as a result of the foregoing global economic factors or otherwise, our margins and results of operations may be materially and adversely impacted and we may not be able to achieve our strategic and financial objectives.

See Part I, Item 1A ‘Risk Factors’ in our Annual Report on Form 10-K, filed with the SEC on February 25, 2026, for a discussion of risks that may affect, among other things, our growth relative to expectation and our ability to achieve our objectives.

Financial Statement Overview

The table below sets forth our summarized condensed consolidated statements of comprehensive income and data as a percentage of revenue for the periods indicated.

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

33

Consolidated Revenue

Revenue for the three months ended June 30, 2026 was $2.5 billion, compared to $2.3 billion for the three months ended June 30, 2025, an increase of $205 million, or 9%, on an as-reported basis. Ad

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1140536/000119312526069307/wtw-20251231.htm
Complete FY 2025 MD&A: /company/WTW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion includes forward-looking statements. See ‘Disclaimer Regarding Forward-looking Statements’ for certain cautionary information regarding forward-looking statements and Part I, Item 1A Risk Factors for a list of factors that could cause actual results to differ materially from those predicted in those statements.

This discussion includes references to non-GAAP financial measures as defined in the rules of the SEC. We present such non-GAAP financial measures, specifically, adjusted, constant currency and organic non-GAAP financial measures, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent under U.S. GAAP, and these provide a measure against which our businesses may be assessed in the future.

Our methods of calculating these measures may differ from those used by other companies and therefore comparability may be limited. These financial measures should be viewed in addition to, not in lieu of, the consolidated financial statements for the year ended December 31, 2025.

See ‘Non-GAAP Financial Measures’ below for further discussion of our adjusted, constant currency and organic non-GAAP financial measures.

Executive Overview

Impact of Market Conditions on Our Business

Typically, our business benefits from regulatory change, political risk or economic uncertainty. Insurance broking generally tracks the economy, but demand for both insurance broking and consulting services usually remains steady during times of uncertainty. We have some businesses, such as our health and benefits and administration businesses, which can be counter cyclical during the early period of a significant economic change.

Within our insurance and brokerage business, due to the cyclical nature of the insurance market and the impact of other market conditions on insurance premiums, commission revenue may vary widely between accounting periods. A period of low or declining premium rates, generally known as a ‘soft’ or ‘softening’ market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our revenue and operating margin. A ‘hard’ or ‘firming’ market, during which premium rates rise, generally has a favorable impact on our revenue and operating margin. Rates, however, vary by geography, industry and client segment. As a result, and due to the global and diverse nature of our business, we view rates in the aggregate. Overall, at the time of filing this Annual Report, we are seeing a softening market.

Market conditions in the broking industry in which we operate are generally defined by factors such as the strength of the various geographical economies which we serve around the world, insurance rate movements, and insurance and reinsurance buying patterns of our clients.

The markets for our consulting, technology and solutions, and marketplace services are affected by economic, regulatory and legislative changes, technological developments, and increased competition from established and new competitors. We believe that the primary factors in selecting a human resources or risk management consulting company include reputation, the ability to provide measurable increases to shareholder value and return on investment, global scale, quality of service and the ability to tailor services to clients’ unique needs. In that regard, we are focused on developing and implementing technology, data and analytic solutions for both internal operations and for maintaining industry standards and meeting client preferences. We have made such investments from time to time and may decide, based on perceived business needs, to make investments in the future that may be different from past practice or our current expectations.

With regard to the market for exchanges, we believe that clients base their decisions on a variety of factors that include the role of health care coverage in recruiting/retaining employees and transitioning employees to retirement, the availability of price competitive individual insurance policies, the array of coverage choices available through the exchange provider and its ability to deliver measurable cost savings for corporate clients, and to both execute efficiently and deliver high quality service. Since the individual insurance market for Medicare policies is well-established and a significant portion of corporate employers have already implemented an exchange for their Medicare retirees, growth in this population segment will be derived from public employers and educational and other not-for-profit institutions. This growth may be more episodic in nature. Growth in other population segments is likely to remain low unless a more competitive individual insurance market emerges for these segments.

46

Risks and Uncertainties of the Economic Environment

U.S. and global markets are continuing to experience uncertainty, volatility and disruption as a result of uncertain macroeconomic conditions including tariff actions and uncertainties relating to global trade, fluctuations in currency exchange rates, volatility in debt and equity markets, uncertainty around interest rates, softening consumer confidence and labor markets, changes in U.S. policies across a broad range of subjects and the speed with which such changes are or may be implemented, and the ongoing Russia-Ukraine and other geopolitical conflicts and tensions. Although the length and impact of these situations are highly unpredictable, the ongoing uncertainty and volatility of the global economy and capital markets, which has resulted in persistent inflation and fluctuating interest rates in many of the markets in which we operate, could accelerate recessionary pressures and continue to lead to further market disruptions. Further, in addition to the direct impact of the continuing dynamic tariff environment on our business (which we do not expect to be significant, so long as retaliatory actions do not extend to services), recent U.S. legislation and other U.S. federal government actions continue to create uncertainty for the business as well as accounting and tax matters. Other indirect impacts from changes in tariffs or from legislative or regulatory developments, such as changes in consumer sentiment, trade relations, economic activity, disruption of U.S. federal government operations, willingness to do business with U.S.-listed firms, inflationary pressures and employee distraction, among others, could negatively affect our business, operations and financial condition.

These general economic conditions, including inflation, stagflation, political volatility, costs of labor, cost of capital, interest rates, bank stability, credit availability and tax rates, affect not only the cost of and access to liquidity, but also our costs to run and invest in our business, including our operating and general and administrative expenses, and we have no control or limited ability to control such factors. These general economic conditions impact revenue from customers, as well as income from funds we hold on behalf of customers and pension-related income. While parts of our business could benefit from uncertainty or regulatory change, we may see increased caution in spending on services we provide that are more discretionary in nature or where there are alternatives, such as self-insurance. Other parts of our business, such as M&A-related services, may be adversely impacted when there is lower economic activity or transaction volumes.

If our costs grow significantly in excess of our ability to raise revenue, whether as a result of the foregoing global economic factors or otherwise, our margins and results of operations may be materially and adversely impacted and we may not be able to achieve our strategic and financial objectives.

See Part I, Item 1A Risk Factors in this Annual Report on Form 10-K for a discussion of risks that may affect, among other things, our growth relative to expectation and our ability to achieve our objectives.

47

For management’s discussion of our results of operations for the year ended December 31, 2024 in comparison with the year ended December 31, 2023, please see our Annual Report on Form 10-K filed with the SEC on February 25, 2025.

Financial Statement Overview

The tables below set forth our summarized consolidated statements of comprehensive income and data as a percentage of revenue for the periods indicated.

Consolidated Statements of Comprehensive Income

($ in millions, except per share data)

[[GREPCENT_TABLE]]
[["","","Years ended December 31,"],["","","2025","","","2024"],["Revenue","","$","9,708","","","","100","%","","$","9,930","","","","100","%"],["Costs of providing services"],["Salaries and benefits","","","5,625","","","","58","%","","","5,502","","","","55","%"],["Other operating expenses","","","1,408","","","","15","%","","","1,833","","","","18","%"],["Impairment (i)","","","\u2014","","","","\u2014","%","","","1,042","","","","10","%"],["Depreciation","","","226","","","","2","%","","","230","","","","2","%"],["Amortization","","","192","","","","2","%","","","226","","","","2","%"],["Restructuring costs","","","\u2014","","","","\u2014","%","","","61","","","","1","%"],["Transaction and transformation","","","23","","","","\u2014","%","","","409","","","","4","%"],["Total costs of providing services","","","7,474","","","","","","","9,303"],["Income from operations","","","2,234","","","","23","%","","","627","","","","6","%"],["Interest expense","","","(260",")","","","(3",")%","","","(263",")","","","(3",")%"],["Other loss, net (i)","","","(21",")","","","\u2014","%","","","(262",")","","","(3",")%"],["INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES","","","1,953","","","","20","%","","","102","","","","1","%"],["Provision for income taxes","","","(318",")","","","(3",")%","","","(192",")","","","(2",")%"],["Interest in earnings of associates, net of tax","","","(22",")","","","\u2014","%","","","2","","","","\u2014","%"],["Income attributable to non-controlling interests","","","(8",")","","","\u2014","%","","","(10",")","","","\u2014","%"],["NET INCOME/(LOSS) ATTRIBUTABLE TO WTW","","$","1,605","","","","17","%","","$","(98",")","","","(1",")%"],["Diluted earnings/(loss) per share","","$","16.26","","","","","","$","(0.96",")"]]
[[/GREPCENT_TABLE]]

(i)
For the year ended December 31, 2024, Impairment and Other loss, net include goodwill-related impairment expense and loss on disposal, respectively, associated with the sale of our TRANZACT business (see Note 3 — Acquisitions and Divestitures within Item 8 of this Annual Report on Form 10-K).

Consolidated Revenue

We derive the majority of our revenue from commissions from our brokerage services and fees for consulting and administration services. No single client represented a significant concentration of our consolidated revenue for any of our three most recent fiscal years.

The following table details our top five markets based on percentage of consolidated revenue (in U.S. dollars) from the countries where work was performed for the year ended December 31, 2025. These figures do not represent the currency of the related revenue, which is presented in the next table.

[[GREPCENT_TABLE]]
[["Geographic Region","","% of Revenue"],["United States","","","46","%"],["United Kingdom","","","21","%"],["France","","","5","%"],["Canada","","","3","%"],["Germany","","","3","%"]]
[[/GREPCENT_TABLE]]

48

The table below details the approximate percentage of our revenue and expenses by transactional currency for the year ended December 31, 2025.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WTW/mda/fy2025/
All MD&A years: /company/WTW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WTW/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026278 (https://www.sec.gov/Archives/edgar/data/1140536/000095017025026278/wtw-20241231.htm)
- [FY 2023 MD&A](/company/WTW/mda/fy2023/): filed 2024-02-22; accession 0000950170-24-018575 (https://www.sec.gov/Archives/edgar/data/1140536/000095017024018575/wtw-20231231.htm)
- [FY 2022 MD&A](/company/WTW/mda/fy2022/): filed 2023-02-24; accession 0000950170-23-004303 (https://www.sec.gov/Archives/edgar/data/1140536/000095017023004303/wtw-20221231.htm)
- [FY 2021 MD&A](/company/WTW/mda/fy2021/): filed 2022-02-24; accession 0000950170-22-001932 (https://www.sec.gov/Archives/edgar/data/1140536/000095017022001932/wtw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6411 Insurance Agents, Brokers & Service) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WTW.md · JSON record: /company/WTW.json · verified financials: /company/WTW/financials.json / /company/WTW/financials.csv · machine TOC for the whole site: /llms.txt