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Willis Towers Watson cash flow statement

In fiscal 2025, Willis Towers Watson's operations generated $1.77bn of cash; it spent $229m on capital projects, leaving free cash flow of $1.55bn. It returned $358m in dividends and $1.65bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations4194894395255614772449338621,2881,0811,7742,0618121,3451,5121,7751,984
Depreciation and amortisation164145142−79149146171178252213240308281255242230226225
Stock-based pay394741324252641236750749010199125121153228
Capital spending9683111135112113146218300268————242245229241
Free cash flow323406328390449364987155621,020————1,1031,2671,5461,743
Free cash flow after stock pay28435928735840731234592495970————9781,1461,3931,515
Dividends paid174176180185193210277199277306329346374369352354358356
Share buybacks—0010002138239653260215001,6273,5301,0009011,6501,320
Shares issued18366053155139131636145451610700——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Willis Towers Watson's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Willis Towers Watson.