Willis Towers Watson (WTW) Q4 FY2025 earnings: revenue $2.9 billion, down 3.3% on the year
Willis Towers Watson plc (WTW) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.3% on the same quarter a year earlier. Net income was $735 million, down 41.0% on the year, and diluted earnings per share $7.62. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$2.9 billion
-3.3% on the year · +28.3% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
34.6%
29.7% a year earlier
Q1 FY2024Q4 FY2025
Net income
$735 million
-41.0% on the year · +141.8% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$7.62
-37.8% on the year · +145.0% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 5 new, 1 kept.
Revenue down on TRANZACT sale: Q4 revenue was $2.94 billion, down 3% as reported and up 6% organically. Full-year revenue was $9.71 billion, down 2% reported and up 5% organically.
Adjusted EPS rose in both periods: Q4 adjusted diluted EPS was $8.12, up 2%; full-year $17.08, up 5%. Q4 GAAP diluted EPS was $7.62 versus $12.25, and the prior-year quarter included an $853 million gain on disposal.
Adjusted operating margin expanded: Adjusted operating margin was 36.9% in Q4, up 80 basis points, and 25.2% for the year, up 130 basis points. Q4 adjusted EBITDA was $1.12 billion, 38.2% of revenue.
$ million except per share. Read moreFourth quarters are the year less the first three 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.
Cash flow
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
771
678
599
+13.7%
+28.7%
Capital expenditure
63.0
57.0
56.0
+10.5%
+12.5%
Free cash flow
708
621
543
+14.0%
+30.4%
Free cash flow margin
24.1%
27.1%
17.9%
Cash from investing
-83.0
-82.0
480
Cash from financing
375
-511
-664
Depreciation and amortisation
107
103
104
+3.9%
+2.9%
Share-based compensation
49.0
36.0
36.0
+36.1%
+36.1%
Buybacks
350
600
395
-41.7%
-11.4%
Dividends paid
89.0
90.0
89.0
-1.1%
0.0%
Dividend per share
n/a
$0.92
n/a
Diluted shares, weighted
97m
98m
102m
-1.0%
-4.9%
Shares outstanding at period end
95m
96m
100m
-1.3%
-5.2%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
7,976
7,735
7,940
+3.1%
+0.5%
Non-controlling interest
76.0
75.0
77.0
+1.3%
-1.3%
Debt
9,685
5,313
8,611
+82.3%
+12.5%
Operating lease liabilities
472
475
502
-0.6%
-6.0%
Finance lease liabilities
0.0
0.0
2.0
Other liabilities
11,321
13,841
10,549
-18.2%
+7.3%
Total liabilities and equity
29,530
27,439
27,681
+7.6%
+6.7%
Fixed assets
695
686
661
+1.3%
+5.1%
Goodwill
8,938
8,936
8,799
+0.0%
+1.6%
Intangible assets
1,141
1,185
1,295
-3.7%
-11.9%
Investments
25.0
25.0
0.0
0.0%
Cash and equivalents
3,132
1,895
1,890
+65.3%
+65.7%
Receivables
2,702
2,189
2,494
+23.4%
+8.3%
Other assets
12,897
12,523
12,542
+3.0%
+2.8%
Total assets
29,530
27,439
27,681
+7.6%
+6.7%
Questions
What was Willis Towers Watson's revenue in Q4 FY2025?
Willis Towers Watson (WTW) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.3% on the same quarter a year earlier.
How much did Willis Towers Watson earn in Q4 FY2025?
Net income for Q4 FY2025 was $735 million, down 41.0% on the year, and diluted earnings per share $7.62.
When did Willis Towers Watson report Q4 FY2025 results?
Willis Towers Watson filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.
10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.