Willis Towers Watson Public Limited Company (WTW) Cash Flow Statement
Where WTW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.77B +17.4% vs 2024
- Capital expenditures
- $229.0M 2.4% of revenue
- Free cash flow
- $1.55B 15.9% margin
- Returned to shareholders
- $2.01B 130% of free cash flow
- Change in cash
- $1.49B cash at year-end $6.49B
Cash from operations
$1.77B
Capital expenditures
−$229.0M
Investments (net)
−$90.0M
Acquisitions & other
+$766.0M
Dividends
−$358.0M
Share buybacks (net)
−$1.65B
Net borrowing (repayment)
+$994.0M
Other financing
+$78.0M
Currency & other
+$203.0M
Change in cash
$1.49B
Drawn to scale: where the cash came from and how it was used. Hover for values.
WTW operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WTW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $967.0M2016 | $1.77B2025 | +7.0%/yr | |
| Capital expenditures | $307.0M2016 | $229.0M2025 | −3.2%/yr | |
| Free cash flow | $660.0M2016 | $1.55B2025 | +9.9%/yr | |
| Free cash flow margin | 8.4%2016 | 15.9%2025 | +7.6 pts | |
| Operating cash flow / net income | 2.932016 | 1.102025 | −1.83 | |
| Stock-based compensation | $123.0M2016 | $153.0M2025 | +2.5%/yr | |
| Dividends paid | $199.0M2016 | $358.0M2025 | +6.7%/yr | |
| Share buybacks (net) | $396.0M2016 | $1.65B2025 | +17.2%/yr | |
| Capex / revenue | 3.9%2016 | 2.4%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WTW cash flow by activity
OperatingInvestingFinancingChange in cash
WTW net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WTW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.61B | $1.25B | $1.05B | $1.02B | $4.24B | $1.02B | $1.07B | $715.0M | $592.0M | $330.0M |
| Depreciation & amortization | $418.0M | $456.0M | $505.0M | $567.0M | $650.0M | $770.0M | $729.0M | $747.0M | $833.0M | $769.0M |
| Stock-based compensation | $153.0M | $121.0M | $125.0M | $99.0M | $101.0M | $90.0M | $74.0M | $54.0M | $67.0M | $123.0M |
| Change in working capital | −$711.0M | −$326.0M | −$371.0M | −$888.0M | −$449.0M | −$80.0M | −$790.0M | −$1.0M | −$278.0M | −$61.0M |
| Other non-cash items | $302.0M | $13.0M | $31.0M | $10.0M | −$2.48B | −$26.0M | −$5.0M | −$227.0M | −$352.0M | −$194.0M |
| Cash from operating activities | $1.77B | $1.51B | $1.34B | $812.0M | $2.06B | $1.77B | $1.08B | $1.29B | $862.0M | $967.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$229.0M | −$245.0M | −$242.0M | −$204.0M | −$201.0M | −$286.0M | −$305.0M | −$322.0M | −$375.0M | −$307.0M |
| Investments (net) | −$90.0M | $250.0M | −$1.15B | −$173.0M | $2.77B | −$160.0M | −$1.61B | −$341.0M | — | — |
| Acquisitions & other investing | $766.0M | $245.0M | $302.0M | $204.0M | $201.0M | $286.0M | $305.0M | $322.0M | $40.0M | $495.0M |
| Cash from investing activities | $447.0M | $250.0M | −$1.08B | −$173.0M | $2.77B | −$160.0M | −$1.61B | −$341.0M | −$335.0M | $188.0M |
| Financing activities | ||||||||||
| Dividends paid | −$358.0M | −$354.0M | −$352.0M | −$369.0M | −$374.0M | −$346.0M | −$329.0M | −$306.0M | −$277.0M | −$199.0M |
| Share repurchases & issuance (net) | −$1.65B | −$901.0M | −$1.00B | −$3.53B | −$1.63B | $282.0M | −$150.0M | −$602.0M | −$709.0M | −$396.0M |
| Net borrowing (repayment) | $994.0M | $91.0M | $494.0M | $160.0M | −$1.01B | −$45.0M | $971.0M | $74.0M | $589.0M | — |
| Shares issued | $0 | $0 | $0 | $7.0M | $10.0M | $16.0M | $45.0M | $45.0M | $0 | $0 |
| Other financing | $78.0M | $705.0M | −$342.0M | $287.0M | −$115.0M | −$341.0M | −$140.0M | −$114.0M | −$82.0M | −$180.0M |
| Cash from financing activities | −$936.0M | −$459.0M | −$1.20B | −$3.44B | −$3.11B | −$434.0M | $397.0M | −$903.0M | −$479.0M | −$775.0M |
| Summary | ||||||||||
| Net change in cash | $1.49B | $1.21B | −$929.0M | −$2.97B | $1.59B | $1.20B | −$138.0M | $3.0M | $160.0M | $338.0M |
| Cash at end of period | $6.49B | $5.00B | $3.79B | $4.72B | $7.89B | $2.10B | $895.0M | $1.03B | $1.03B | $870.0M |
| Free cash flow | $1.55B | $1.27B | $1.10B | $608.0M | $1.86B | $1.49B | $776.0M | $966.0M | $487.0M | $660.0M |
| Free cash flow margin | 15.9% | 12.8% | 11.6% | 6.9% | 20.7% | 17.3% | 9.3% | 11.3% | 5.9% | 8.4% |
| Capex / revenue | 2.4% | 2.5% | 2.6% | 2.3% | 2.2% | 3.3% | 3.6% | 3.8% | 4.6% | 3.9% |
| Operating cash flow / net income | 1.10 | 1.21 | 1.27 | 0.79 | 0.49 | 1.74 | 1.01 | 1.80 | 1.46 | 2.93 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $229.0M | $303.0M | $735.0M | $310.0M | $332.0M | $239.0M | $1.25B | −$1.67B | $141.0M | $190.0M | $622.0M | $139.0M |
| Depreciation & amortization | $110.0M | $104.0M | $107.0M | $103.0M | $57.0M | $102.0M | −$122.0M | $116.0M | $117.0M | $119.0M | $118.0M | $122.0M |
| Stock-based compensation | $67.0M | $42.0M | $49.0M | $36.0M | $31.0M | $37.0M | $36.0M | $31.0M | $30.0M | $24.0M | $38.0M | $29.0M |
| Change in working capital | $40.0M | −$470.0M | −$282.0M | $204.0M | −$121.0M | −$512.0M | −$187.0M | $101.0M | $113.0M | −$353.0M | −$269.0M | $135.0M |
| Other non-cash items | $38.0M | $11.0M | $162.0M | $25.0M | $62.0M | $99.0M | −$376.0M | $1.91B | $6.0M | $44.0M | $13.0M | −$32.0M |
| Cash from operating activities | $484.0M | −$10.0M | $771.0M | $678.0M | $361.0M | −$35.0M | $599.0M | $482.0M | $407.0M | $24.0M | $522.0M | $393.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$59.0M | −$55.0M | −$63.0M | −$51.0M | −$58.0M | −$51.0M | −$189.0M | −$63.0M | −$66.0M | −$60.0M | −$60.0M | −$61.0M |
| Investments (net) | −$16.0M | $16.0M | $0 | −$82.0M | $696.0M | −$84.0M | $480.0M | −$72.0M | −$84.0M | −$74.0M | −$55.0M | $5.0M |
| Acquisitions & other investing | −$261.0M | −$801.0M | −$20.0M | $51.0M | $58.0M | $51.0M | $189.0M | $63.0M | $66.0M | $60.0M | $60.0M | $61.0M |
| Cash from investing activities | −$336.0M | −$840.0M | −$83.0M | −$82.0M | $696.0M | −$84.0M | $480.0M | −$72.0M | −$84.0M | −$74.0M | −$55.0M | $5.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$90.0M | −$88.0M | −$89.0M | −$90.0M | −$91.0M | −$88.0M | −$89.0M | −$89.0M | −$90.0M | −$86.0M | −$87.0M | −$88.0M |
| Share repurchases & issuance (net) | −$450.0M | −$300.0M | −$350.0M | −$600.0M | −$500.0M | −$200.0M | −$395.0M | −$205.0M | −$200.0M | −$101.0M | −$196.0M | −$350.0M |
| Net borrowing (repayment) | $224.0M | −$1.0M | $998.0M | −$2.0M | −$1.0M | −$1.0M | −$2.0M | −$1.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$92.0M | $186.0M | −$184.0M | $181.0M | −$232.0M | $313.0M | −$178.0M | $136.0M | −$902.0M | $1.74B | −$189.0M | −$177.0M |
| Cash from financing activities | −$408.0M | −$203.0M | $375.0M | −$511.0M | −$824.0M | $24.0M | −$664.0M | −$159.0M | −$1.19B | $1.56B | −$472.0M | −$615.0M |
| Summary | ||||||||||||
| Net change in cash | −$228.0M | −$1.08B | $1.06B | $80.0M | $360.0M | −$15.0M | $286.0M | $336.0M | −$875.0M | $1.46B | $60.0M | −$272.0M |
| Cash at end of period | $1.63B | $5.41B | $6.49B | $5.42B | $5.34B | $4.98B | $5.00B | $4.71B | $4.38B | $5.25B | $3.79B | $3.73B |
| Free cash flow | $425.0M | −$65.0M | $708.0M | $627.0M | $303.0M | −$86.0M | $788.0M | $419.0M | $341.0M | −$36.0M | $462.0M | $332.0M |
| Free cash flow margin | 17.2% | −2.7% | 24.1% | 27.4% | 13.4% | −3.9% | 26.0% | 18.3% | 15.1% | −1.5% | 15.9% | 15.3% |
| Capex / revenue | 2.4% | 2.3% | 2.1% | 2.2% | 2.6% | 2.3% | 6.2% | 2.8% | 2.9% | 2.6% | 2.1% | 2.8% |
| Operating cash flow / net income | 2.11 | −0.03 | 1.05 | 2.19 | 1.09 | −0.15 | 0.48 | — | 2.89 | 0.13 | 0.84 | 2.83 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WTW cash generation
In fiscal 2025 (ended December 31, 2025), WTW generated $1.8 billion of cash from operations (up 17.4%) and spent $229.0 million on capital expenditures, leaving free cash flow of $1.5 billion, 15.9% of revenue. It returned $2.0 billion to shareholders through dividends ($358.0 million) and net share buybacks ($1.6 billion). Cash and equivalents rose by $1.5 billion over the year.
Related: WTW income statement, WTW balance sheet, WTW dividend history. See the WTW stock overview for the latest quote and news.
WTW cash flow FAQ
What is WTW's free cash flow?
WTW's free cash flow was $1.5 billion in fiscal 2025: $1.8 billion of operating cash flow minus $229.0 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does WTW generate from operations?
WTW generated $1.8 billion of cash from operating activities in fiscal 2025, 1.10 times its net income of $1.6 billion.
How much does WTW spend on capital expenditures?
WTW spent $229.0 million on capital expenditures in fiscal 2025, 2.4% of revenue, compared with $245.0 million the year before.
How much stock does WTW buy back?
WTW spent $1.6 billion on net share repurchases in fiscal 2025.
How much does WTW pay in dividends?
WTW paid $358.0 million in dividends in fiscal 2025, 23.2% of free cash flow.