Willis Towers Watson (WTW) FY2023 results: revenue $9.5 billion, up 7.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $9.5 billion for fiscal 2023, the year ended 31 December 2023, up 7.0% on the year before. Net income was $1.1 billion, up 4.6%, and diluted earnings per share $9.95. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$9.5 billion
+7.0% on the year
FY2016FY2023
Operating margin
14.4%
13.3% a year earlier
FY2016FY2023
Net income
$1.1 billion
+4.6% on the year
FY2016FY2023
Diluted EPS
$9.95
+10.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,345
812
2,061
+65.6%
Capital expenditure
242
n/a
n/a
Free cash flow
1,103
n/a
n/a
Free cash flow margin
11.6%
n/a
n/a
Cash from investing
-1,085
-173
2,570
Cash from financing
-1,200
-3,445
-3,114
Depreciation and amortisation
505
567
650
-10.9%
Share-based compensation
125
99.0
101
+26.3%
Buybacks
1,000
3,530
1,627
-71.7%
Dividends paid
352
369
374
-4.6%
Dividend per share
$3.36
$3.28
$3.02
+2.4%
Diluted shares, weighted
106m
112m
129m
-5.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
9,520
10,016
13,260
-5.0%
Non-controlling interest
73.0
77.0
48.0
-5.2%
Debt
7,435
6,756
6,636
+10.1%
Operating lease liabilities
592
620
734
-4.5%
Finance lease liabilities
7.0
12.0
15.0
-41.7%
Other liabilities
11,463
14,288
14,277
-19.8%
Total liabilities and equity
29,090
31,769
34,970
-8.4%
Fixed assets
720
718
851
+0.3%
Goodwill
10,195
10,173
10,183
+0.2%
Intangible assets
2,016
2,273
2,555
-11.3%
Investments
n/a
0.0
200
Cash and equivalents
1,424
1,262
4,486
+12.8%
Receivables
2,572
2,387
2,370
+7.8%
Other assets
12,163
14,956
14,325
-18.7%
Total assets
29,090
31,769
34,970
-8.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.