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Stocks / United States / WTW · Insurance Agents, Brokers & Service · Nasdaq

Willis Towers Watson plc (WTW)

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Willis Towers Watson plc (WTW) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.1% on the same quarter a year earlier. Net income was $229 million, down 30.8% on the year, and diluted earnings per share $2.43. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$2.5 billionup 9.1%
Net income$229 milliondown 30.8%
Diluted EPS$2.43
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE20.4%
ROCE16.7%
Operating margin22.2%
Net margin15.5%
FCF margin16.7%
Interest cover7.85
Debt to equity0.75
Cash conversion1.23
Share count, 1 year-4.8%
Sales CAGR, 3 years3.1%
Profit CAGR, 3 years16.7%
EPS, TTM$16.14

At the close of 21 September 2026

Price$306.82
Market cap$28.5 billion
Stock P/E19.01
Price to book3.71
EV / EBITDA12.23
Dividend yield1.2%
Market cap / sales2.82
52-week high$350.75
52-week low$242.12
Price, 1 year-8.9%
Price CAGR, 3 years12.9%
Price CAGR, 5 years5.8%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Willis Towers Watson plc files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WTW

Filings21 in twelve months: 12 current reports (8-K), about 6 regulation fd disclosure; 5 results of operations; 3 material agreement; 2 new financial obligation; 2 other events
Planned insider sales2 Form 144 notices in twelve months, $1.2 million; latest 10 August 2026
Options tapeput/call 0.98 by open interest on 23 September 2026; the straddle prices a 5.3% move to 16 October 2026
Holders10 of the followed funds hold it; largest Dodge & Cox; 6 Schedule 13D or 13G filings in twelve months
Insider trading1 sale and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.4 million shares short, 5.36 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,1662,9142,3412,2652,2893,0352,2232,2612,2882,9362,4122,466
Operating income159779280212-7669014323684181,016448364
Operating margin7%27%12%9%-33%30%19%16%18%35%19%15%
Interest expense61.063.064.068.065.066.065.064.065.066.077.078.0
Pre-tax income164739242168-1,9941,688303313390947376292
Tax rate15%16%20%15%n/a26%21%-7%20%21%19%20%
Net income136622190141-1,6751,246235331304735297229
Net margin6%21%8%6%-73%41%11%15%13%25%12%9%
Diluted EPS$1.29$5.90$1.83$1.36-$16.44$12.29$2.33$3.32$3.11$7.50$3.10$2.43
Operating cash flow39352224.0407482599-35.0361678771-10.0484
Capital expendituren/an/a60.066.063.056.051.058.057.063.055.059.0
Free cash flown/an/a-36.0341419543-86.0303621708-65.0425
Buybacks350196101200205395200500600350300450
Dividends paid88.087.086.090.089.089.088.091.090.089.088.090.0
Shares outstanding103m102m102m102m101m100m99m98m96m95m94m93m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016 FY2017 FY2018FY2019 FY2020 FY2021FY2022FY2023 FY2024 FY2025TTM
Revenue3,8023,8297,8878,2028,5138,3708,6158,9988,8669,4839,9309,70810,102
Operating income6474273485168091,0548592,2021,1781,3656272,2342,246
Operating margin17.0%11.2%4.4%6.3%9.5%12.6%10.0%24.5%13.3%14.4%6.3%23.0%22.2%
Interest expense135142184188208234244211208235263260286
Pre-tax income5183403424928511,0461,0112,6921,2581,2761021,9532,005
Income tax159-33.0-96.0-100136197249536194215192318401
Effective tax rate30.7%-9.7%-28.1%-20.3%16.0%18.8%24.6%19.9%15.4%16.8%188.2%16.3%20.0%
Net income3623734205686951,0449964,2221,0091,055-98.01,6051,565
Net margin9.5%9.7%5.3%6.9%8.2%12.5%11.6%46.9%11.4%11.1%-1.0%16.5%15.5%
Diluted EPS$2.00$5.41$3.04$4.18$5.27$8.02$7.65$32.78$8.98$9.95-$0.96$16.26$16.14
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016 FY2017 FY2018FY2019 FY2020 FY2021FY2022FY2023 FY2024 FY2025TTM
Operating cash flow4772449338621,2881,0811,7742,0618121,3451,5121,7751,923
Capital expenditure113146218300268n/an/an/an/a242245229234
Free cash flow36498.07155621,020n/an/an/an/a1,1031,2671,5461,689
Free cash flow margin9.6%2.6%9.1%6.9%12.0%n/an/an/an/a11.6%12.8%15.9%16.7%
Depreciation and amortisation146171769833747729770650567505456418424
Share-based compensation52.064.012367.050.074.090.010199.0125121153194
Buybacks21382.03965326021500.01,6273,5301,0009011,6501,700
Dividends paid210277199277306329346374369352354358357
Dividend per share$1.20$3.28$1.92$2.12$2.40$2.60$2.75$3.02$3.28$3.36$3.52$3.68n/a
Diluted shares, weighted181m69m138m136m132m130m130m129m112m106m102m99m94m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a93m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016 FY2017 FY2018FY2019 FY2020 FY2021FY2022FY2023 FY2024 FY2025TTM
Total assets15,43518,83930,25332,45832,38535,42638,53134,97031,76929,09027,68129,53030,559
Cash and equivalents6355328701,0301,0338872,0394,4861,2621,4241,8903,1321,627
Receivables1,0441,2582,0802,2462,3792,6212,4082,3702,3872,5722,4942,7022,603
Goodwill2,9373,73710,41310,51910,46510,38510,39210,18310,17310,1958,7998,9389,735
Long-term debt2,1302,2784,9435,6386,4008,0177,8846,6366,7567,4358,6119,6855,781
Operating lease liabilitiesn/an/an/an/a0.0964918734620592502472454
Finance lease liabilitiesn/an/an/an/a26.022.019.015.012.07.02.00.0n/a
Shareholders' equity1,9852,22910,06510,1269,85210,24910,82013,26010,0169,5207,9407,9767,688
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.7%2.4%3.1%3.0%
Profit growth, compounded15.7%10.0%16.7%1042.3%
Return on equity, average10.8%14.4%10.0%20.1%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Insurance Agents, Brokers & Service

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Marsh & Mclennan Companies, Inc. MRSH$82.6 billion21.1125.8%21.6%8.3%1.272.0%
Aon plc AON$61.7 billion16.0340.8%26.5%4.9%1.351.0%
Arthur J. Gallagher & Co. AJG$60.6 billion39.246.6%12.6%26.3%0.571.1%
Willis Towers Watson plc WTW$28.5 billion19.0120.4%22.2%3.0%0.751.2%
Brown & Brown, Inc. BRO$21.2 billion20.549.6%n/a34.2%0.62n/a
Erie Indemnity Co. ERIEn/an/a23.4%17.9%3.7%0.00n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR
10-Q31 March 202425 April 2024EDGAR

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