Willis Towers Watson (WTW) FY2016 results: revenue $7.9 billion, up 106.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $7.9 billion for fiscal 2016, the year ended 31 December 2016, up 106.0% on the year before. Net income was $420 million, up 12.6%, and diluted earnings per share $3.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$7.9 billion
+106.0% on the year
FY2009FY2016
Operating margin
4.4%
11.2% a year earlier
FY2009FY2016
Net income
$420 million
+12.6% on the year
FY2009FY2016
Diluted EPS
$3.04
-43.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
7,887
3,829
3,802
+106.0%
Operating income
348
427
647
-18.5%
Operating margin
4.4%
11.2%
17.0%
Interest expense
184
142
135
+29.6%
Pre-tax income
342
340
518
+0.6%
Income tax
-96.0
-33.0
159
Effective tax rate
-28.1%
-9.7%
30.7%
Net income
420
373
362
+12.6%
Net margin
5.3%
9.7%
9.5%
Diluted EPS
$3.04
$5.41
$2.00
-43.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
933
244
477
+282.4%
Capital expenditure
218
146
113
+49.3%
Free cash flow
715
98.0
364
+629.6%
Free cash flow margin
9.1%
2.6%
9.6%
Cash from investing
195
-943
-276
Cash from financing
-775
641
-323
Depreciation and amortisation
769
171
146
+349.7%
Share-based compensation
123
64.0
52.0
+92.2%
Buybacks
396
82.0
213
+382.9%
Dividends paid
199
277
210
-28.2%
Dividend per share
$1.92
$3.28
$1.20
-41.5%
Diluted shares, weighted
138m
69m
181m
+100.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
10,065
2,229
1,985
+351.5%
Non-controlling interest
118
131
22.0
-9.9%
Redeemable equity
51.0
53.0
59.0
-3.8%
Short-term borrowings
n/a
988
167
Debt
4,943
2,278
2,130
+117.0%
Other liabilities
15,076
13,160
11,072
+14.6%
Total liabilities and equity
30,253
18,839
15,435
+60.6%
Fixed assets
839
563
483
+49.0%
Goodwill
10,413
3,737
2,937
+178.6%
Intangible assets
4,368
1,115
450
+291.7%
Cash and equivalents
870
532
635
+63.5%
Receivables
2,080
1,258
1,044
+65.3%
Other assets
11,683
11,634
9,886
+0.4%
Total assets
30,253
18,839
15,435
+60.6%
10-K for the year ended 31 December 2016, filed 27 February 2019: the filing.