Willis Towers Watson (WTW) FY2020 results: revenue $8.6 billion, up 2.9% on the year
Willis Towers Watson plc (WTW) reported revenue of $8.6 billion for fiscal 2020, the year ended 31 December 2020, up 2.9% on the year before. Net income was $996 million, down 4.6%, and diluted earnings per share $7.65. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$8.6 billion
+2.9% on the year
FY2013FY2020
Operating margin
10.0%
12.6% a year earlier
FY2013FY2020
Net income
$996 million
-4.6% on the year
FY2013FY2020
Diluted EPS
$7.65
-4.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,615
8,370
8,513
+2.9%
Operating income
859
1,054
809
-18.5%
Operating margin
10.0%
12.6%
9.5%
Interest expense
244
234
208
+4.3%
Pre-tax income
1,011
1,046
851
-3.3%
Income tax
249
197
136
+26.4%
Effective tax rate
24.6%
18.8%
16.0%
Net income
996
1,044
695
-4.6%
Net margin
11.6%
12.5%
8.2%
Diluted EPS
$7.65
$8.02
$5.27
-4.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,774
1,081
1,288
+64.1%
Capital expenditure
n/a
n/a
268
Free cash flow
n/a
n/a
1,020
Free cash flow margin
n/a
n/a
12.0%
Cash from investing
-160
-1,614
-341
Cash from financing
378
455
-903
-16.9%
Depreciation and amortisation
770
729
747
+5.6%
Share-based compensation
90.0
74.0
50.0
+21.6%
Buybacks
0.0
150
602
Dividends paid
346
329
306
+5.2%
Dividend per share
$2.75
$2.60
$2.40
+5.8%
Diluted shares, weighted
130m
130m
132m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,820
10,249
9,852
+5.6%
Non-controlling interest
112
120
119
-6.7%
Redeemable equity
n/a
0.0
26.0
Debt
7,884
8,017
6,400
-1.7%
Operating lease liabilities
918
964
0.0
-4.8%
Finance lease liabilities
19.0
22.0
26.0
-13.6%
Other liabilities
18,778
16,054
15,962
+17.0%
Total liabilities and equity
38,531
35,426
32,385
+8.8%
Fixed assets
1,014
1,046
942
-3.1%
Goodwill
10,392
10,385
10,465
+0.1%
Intangible assets
2,989
3,478
3,318
-14.1%
Cash and equivalents
2,039
887
1,033
+129.9%
Receivables
2,408
2,621
2,379
-8.1%
Other assets
19,689
17,009
14,248
+15.8%
Total assets
38,531
35,426
32,385
+8.8%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.