Willis Towers Watson (WTW) FY2015 results: revenue $3.8 billion, up 0.7% on the year
Willis Towers Watson plc (WTW) reported revenue of $3.8 billion for fiscal 2015, the year ended 31 December 2015, up 0.7% on the year before. Net income was $373 million, up 3.0%, and diluted earnings per share $5.41. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$3.8 billion
+0.7% on the year
FY2008FY2015
Operating margin
11.2%
17.0% a year earlier
FY2008FY2015
Net income
$373 million
+3.0% on the year
FY2008FY2015
Diluted EPS
$5.41
+170.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
3,829
3,802
3,655
+0.7%
Operating income
427
647
663
-34.0%
Operating margin
11.2%
17.0%
18.1%
Interest expense
142
135
126
+5.2%
Pre-tax income
340
518
499
-34.4%
Income tax
-33.0
159
122
Effective tax rate
-9.7%
30.7%
24.4%
Net income
373
362
365
+3.0%
Net margin
9.7%
9.5%
10.0%
Diluted EPS
$5.41
$2.00
$2.04
+170.5%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
244
477
561
-48.8%
Capital expenditure
146
113
112
+29.2%
Free cash flow
98.0
364
449
-73.1%
Free cash flow margin
2.6%
9.6%
12.3%
Cash from investing
-943
-276
-120
Cash from financing
641
-323
-137
Depreciation and amortisation
171
146
149
+17.1%
Share-based compensation
64.0
52.0
42.0
+23.1%
Buybacks
82.0
213
0.0
-61.5%
Dividends paid
277
210
193
+31.9%
Dividend per share
$3.28
$1.20
$1.12
+173.3%
Diluted shares, weighted
69m
181m
179m
-61.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,229
1,985
2,215
+12.3%
Non-controlling interest
131
22.0
28.0
+495.5%
Redeemable equity
53.0
59.0
0.0
-10.2%
Short-term borrowings
988
167
15.0
+491.6%
Debt
2,278
2,130
2,311
+6.9%
Other liabilities
13,160
11,072
10,231
+18.9%
Total liabilities and equity
18,839
15,435
14,800
+22.1%
Fixed assets
563
483
481
+16.6%
Goodwill
3,737
2,937
2,838
+27.2%
Intangible assets
1,115
450
353
+147.8%
Cash and equivalents
532
635
796
-16.2%
Receivables
1,258
1,044
1,041
+20.5%
Other assets
11,634
9,886
9,291
+17.7%
Total assets
18,839
15,435
14,800
+22.1%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.