Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.89B | $8.20B | $8.41B | $8.29B | $8.55B | $8.83B | $8.73B | $9.30B | $9.74B | $9.52B |
| Revenue growth | — | 4.0% | 2.6% | -1.5% | 3.2% | 3.2% | -1.1% | 6.6% | 4.7% | -2.3% |
| Operating income | $348M | $516M | $809M | $1.05B | $859M | $2.20B | $1.18B | $1.36B | $627M | $2.23B |
| Operating margin | 4.4% | 6.3% | 9.6% | 12.7% | 10.0% | 24.9% | 13.5% | 14.7% | 6.4% | 23.5% |
| Net income | $420M | $568M | $695M | $1.04B | $996M | $4.22B | $1.01B | $1.05B | -$98.0M | $1.60B |
| Net margin | 5.3% | 6.9% | 8.3% | 12.6% | 11.6% | 47.8% | 11.6% | 11.3% | -1.0% | 16.9% |
| EPS (diluted) | $3.04 | $4.18 | $5.27 | $8.02 | $7.65 | $32.78 | $8.98 | $9.95 | -$0.96 | $16.26 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $933M | $862M | $1.29B | $1.08B | $1.77B | $2.06B | $812M | $1.34B | $1.51B | $1.77B |
| Capital expenditures | $218M | $300M | $268M | — | — | — | — | $242M | $245M | $229M |
| Free cash flow | $715M | $562M | $1.02B | — | — | — | — | $1.10B | $1.27B | $1.55B |
| Share buybacks | $396M | $532M | $602M | $150M | $0.00 | $1.63B | $3.53B | $1.00B | $901M | $1.65B |
| Dividends paid | $199M | $277M | $306M | $329M | $346M | $374M | $369M | $352M | $354M | $358M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $870M | $1.03B | $1.03B | $887M | $2.04B | $4.49B | $1.26B | $1.42B | $1.89B | $3.13B |
| Total assets | $30.3B | $32.5B | $32.4B | $35.4B | $38.5B | $35.0B | $31.8B | $29.1B | $27.7B | $29.5B |
| Total liabilities | $20.0B | $22.2B | $22.4B | $25.1B | $27.6B | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Long-term debt | $3.36B | $4.45B | $4.39B | $5.30B | $4.66B | $3.97B | $4.47B | $4.57B | $5.31B | $5.76B |
| Shareholders' equity | $10.1B | $10.1B | $9.85B | $10.2B | $10.8B | $13.3B | $10.0B | $9.52B | $7.94B | $7.98B |
| Retained earnings | $1.45B | $1.10B | $1.20B | $1.79B | $2.43B | $4.64B | $1.76B | $1.47B | $109M | -$296M |
| Shares (wtd avg diluted) | 138M | 136M | 132M | 130M | 130M | 129M | 112M | 106M | 102M | 99.0M |
Every figure is extracted from WILLIS TOWERS WATSON PLC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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