$WTW

WILLIS TOWERS WATSON PLC

CIK:0001140536|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,466	$ 2,261	$ 4,878	$ 4,484
Costs of providing services
Salaries and benefits	1,551	1,449	2,985	2,773
Other operating expenses	380	336	765	701
Depreciation	55	57	111	111
Amortization	55	49	103	97
Transaction and integration expenses	61	2	102	2
Total costs of providing services	2,102	1,893	4,066	3,684
Income from operations	364	368	812	800
Interest expense	(78)	(64)	(155)	(129)
Other income/(loss), net	6	9	11	(55)
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	292	313	668	616
(Provision for)/benefit from income taxes	(57)	21	(127)	(44)
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	235	334	541	572
Interests in earnings of associates, net of tax	(4)	(2)	(7)	(1)
NET INCOME	231	332	534	571
Income attributable to non-controlling interests	(2)	(1)	(8)	(5)
NET INCOME ATTRIBUTABLE TO WTW	$ 229	$ 331	$ 526	$ 566
EARNINGS PER SHARE
Basic earnings per share	$ 2.43	$ 3.34	$ 5.55	$ 5.68
Diluted earnings per share	$ 2.43	$ 3.32	$ 5.53	$ 5.64
Comprehensive income before non-controlling interests	$ 252	$ 561	$ 519	$ 1,023
Comprehensive income attributable to non-controlling interests	(2)	(1)	(8)	(5)
Comprehensive income attributable to WTW	$ 250	$ 560	$ 511	$ 1,018

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

NET INCOME

$ 231

$ 332

$ 534

$ 571

Adjustments to reconcile net income to total net cash from operating activities:

Depreciation

111

Amortization

103

Non-cash lease expense

Net periodic cost of defined benefit pension plans

Provision for doubtful receivables from clients

Benefit from deferred income taxes

(42)

(70)

Share-based compensation

109

Gain on disposal of operations

(14)

Non-cash foreign exchange (gain)/loss

(16)

Other, net

Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:

Accounts receivable

121

225

Other assets

(97)

(99)

Other liabilities

(475)

(778)

Provisions

Net cash from operating activities

474

326

CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES

Additions to fixed assets and software

(114)

(109)

Acquisitions of operations, net of cash acquired

(1,039)

(14)

Contributions to investments in associates

(23)

(8)

Net proceeds from sale of operations

836

Net purchases of held-to-maturity securities

(50)

$ (50)

Net purchases of available-for-sale securities

(43)

Net cash (used in)/from investing activities

(1,176)

612

CASH FLOWS USED IN FINANCING ACTIVITIES

Borrowing of other debt

775

Debt issuance costs

(4)

Repayments of debt

(552)

(2)

Repurchase of shares

(750)

(700)

Net proceeds from fiduciary funds held for clients

159

141

Payments of deferred and contingent consideration related to acquisitions

(2)

(15)

Cash paid for employee taxes on withholding shares

(57)

(43)

Dividends paid

(178)

(179)

Acquisitions of and dividends paid to non-controlling interests

(2)

Net cash used in financing activities

(611)

(800)

(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

^[1]

(1,313)

138

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(34)

207

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

^[1]

6,487

4,998

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

^[1]

$ 5,140

$ 5,343

$ 5,140

$ 5,343

$ 6,487

[1]

The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in Note 19 — Supplemental Disclosures of Cash Flow Information.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,627	$ 3,132
Fiduciary assets	11,846	10,445
Accounts receivable, net	2,603	2,702
Prepaid and other current assets	669	595
Total current assets	16,745	16,874
Fixed assets, net	675	695
Goodwill	9,735	8,938
Other intangible assets, net	1,444	1,141
Right-of-use assets	474	487
Pension benefits assets	558	529
Other non-current assets	928	866
Total non-current assets	13,814	12,656
TOTAL ASSETS	30,559	29,530
LIABILITIES AND EQUITY
Fiduciary liabilities	11,846	10,445
Deferred revenue and accrued expenses	1,766	2,087
Current debt	749	550
Current lease liabilities	117	125
Other current liabilities	767	797
Total current liabilities	15,245	14,004
Long-term debt	5,781	5,756
Liability for pension benefits	610	660
Provision for liabilities	359	340
Long-term lease liabilities	454	472
Other non-current liabilities	340	246
Total non-current liabilities	7,544	7,474
TOTAL LIABILITIES	22,789	21,478
COMMITMENTS AND CONTINGENCIES
EQUITY
Additional paid-in capital	11,236	11,106
Accumulated deficit	(699)	(296)
Accumulated other comprehensive loss, net of tax	(2,849)	(2,834)
Total WTW shareholders' equity	7,688	7,976
Non-controlling interests	82	76
Total equity	7,770	8,052
TOTAL LIABILITIES AND EQUITY	$ 30,559	$ 29,530