Willis Towers Watson income statement

In fiscal 2025, Willis Towers Watson reported revenue of $9.71bn, down 2.2% on the year before, operating income of $2.23bn (a 23.0% margin) and net income of $1.60bn, or $16.26 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Willis Towers Watson: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	3.3	3.3	3.4	3.5	3.7	3.8	3.8	7.9	8.2	8.5	8.4	8.6	9.0	8.9	9.5	9.9	9.7	10.3
Operating income	0.7	0.8	0.6	−0.2	0.7	0.6	0.4	0.3	0.5	0.8	1.1	0.9	2.2	1.2	1.4	0.6	2.2	2.3
Interest expense	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Income before tax	0.5	0.6	0.2	−0.3	0.5	0.5	0.3	0.3	0.5	0.9	1.0	1.0	2.7	1.3	1.3	0.1	2.0	2.0
Income tax	0.1	0.1	0.0	0.1	0.1	0.2	−0.0	−0.1	−0.1	0.1	0.2	0.2	0.5	0.2	0.2	0.2	0.3	0.4
Net income	0.4	0.5	0.2	−0.4	0.4	0.4	0.4	0.4	0.6	0.7	1.0	1.0	4.2	1.0	1.1	−0.1	1.6	1.6
Diluted EPS	$3.43	$3.52	$1.54	−$3.42	$2.69	$2.66	$2.71	$3.04	$4.18	$5.27	$8.02	$7.65	$32.78	$8.98	$9.95	−$0.96	$16.26	$16.42
Diluted shares (average)	128m	129m	133m	131m	136m	136m	138m	138m	136m	132m	130m	130m	129m	112m	106m	102m	99m	95m
EBITDA	0.9	0.9	0.7	−0.3	0.8	0.8	0.6	0.5	0.8	1.0	1.3	1.2	2.5	1.4	1.6	0.9	2.5	2.5

US$ millions unless shown otherwise. Fiscal quarters.

Willis Towers Watson: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	3,035	2,223	2,261	2,288	2,936	2,412	2,466	2,460
Operating income	901	432	368	418	1,016	448	364	429
Interest expense	66	65	64	65	66	77	78	80
Income before tax	1,691	303	313	390	947	376	292	401
Income tax	440	65	−21	77	197	70	57	79
Net income	1,246	235	331	304	735	297	229	303
Diluted EPS	$12.15	$2.33	$3.32	$3.11	$7.52	$3.10	$2.43	$3.24
EBITDA	955	486	425	474	1,075	504	419	484

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.