For the year ending 2025-12-31, WTW had $1,286M increase in cash & cash equivalents over the period. $1,546M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income/(loss) | 1,613 | -88 | 1,064 | 1,024 |
| Depreciation | 226 | 230 | 242 | 255 |
| Amortization | 192 | 226 | 263 | 312 |
| Impairment | 0 | 1,042 | 0 | 81 |
| Non-cash restructuring charges | 0 | 41 | 38 | 71 |
| Non-cash lease expense | 97 | 98 | 105 | 120 |
| Net periodic cost of/(credit for) defined benefit pension plans | 112 | 4 | -26 | -153 |
| Provision for doubtful receivables from clients | 6 | 13 | 6 | 13 |
| Provision for/(benefit from) deferred income taxes | 55 | -213 | -109 | -50 |
| Share-based compensation | 153 | 121 | 125 | 99 |
| Net (gain)/loss on disposal of operations | 40 | -337 | 43 | -59 |
| Non-cash foreign exchange loss/(gain) | -13 | 31 | -20 | 137 |
| Other, net | -59 | -58 | -31 | -6 |
| Accounts receivable | 128 | 233 | 206 | 188 |
| Other assets | 116 | 373 | 185 | 197 |
| Other liabilities | -458 | 301 | 16 | -495 |
| Provisions | -9 | -21 | 4 | -8 |
| Net cash from operating activities | 1,775 | 1,512 | 1,345 | 812 |
| Additions to fixed assets and software for internal use | - | 136 | 153 | 138 |
| Capitalized software costs | - | 109 | 89 | 66 |
| Additions to fixed assets and software | 229 | - | - | - |
| Acquisitions of operations, net of cash acquired | 15 | 107 | 6 | 81 |
| Contributions to investments in associates | 35 | - | - | - |
| Net proceeds from sale of operations | -870 | -619 | -89 | 59 |
| Cash and fiduciary funds transferred in sale of operations | 54 | 5 | 922 | 29 |
| (purchase)/sale of investments | - | 12 | 4 | -200 |
| Net purchases of held-to-maturity securities | 50 | - | - | - |
| Other, net | - | - | - | 0 |
| Net purchases of available-for-sale securities | 40 | - | - | - |
| Net cash from/(used in) investing activities | 447 | 250 | -1,085 | -173 |
| Senior notes issued | 999 | 746 | 748 | 750 |
| Debt issuance costs | 10 | 9 | 7 | 5 |
| Repayments of debt | 5 | 655 | 254 | 585 |
| Repurchase of shares | 1,650 | 901 | 1,000 | 3,530 |
| Proceeds from issuance of shares | - | 0 | 0 | 7 |
| Net proceeds/(payments) from fiduciary funds held for clients | -172 | -785 | 234 | -354 |
| Payments of deferred and contingent consideration related to acquisitions | 19 | 2 | 12 | 22 |
| Cash paid for employee taxes on withholding shares | 56 | 56 | 26 | 34 |
| Dividends paid | 358 | 354 | 352 | 369 |
| Acquisitions of and dividends paid to non-controlling interests | -9 | -13 | -63 | -11 |
| Other, net | - | - | - | 0 |
| Net cash used in financing activities | -936 | -459 | -1,200 | -3,445 |
| Increase/(decrease) in cash, cash equivalents and restricted cash | 1,286 | 1,303 | -940 | -2,806 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 203 | -97 | 11 | -164 |
| Cash, cash equivalents and restricted cash, beginning of year | 4,998 | 3,792 | 4,721 | 7,691 |
| Cash, cash equivalents and restricted cash, end of year | 6,487 | 4,998 | 3,792 | 4,721 |
WILLIS TOWERS WATSON PLC (WTW)
WILLIS TOWERS WATSON PLC (WTW)