For the quarter ending 2025-09-30, WTW had $85M increase in cash & cash equivalents over the period. $621M in free cash flow.
| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|---|
| Net income/(loss) | 306 | 332 | 239 | 1,248 |
| Depreciation | 56 | 57 | 54 | 54 |
| Amortization | 47 | 49 | 48 | 50 |
| Impairment | 0 | - | - | 0 |
| Non-cash restructuring charges | 0 | 0 | 0 | 24 |
| Non-cash lease expense | 24 | 22 | 25 | 22 |
| Net periodic cost/(benefit) of defined benefit pension plans | 6 | 6 | 88 | 19 |
| Provision for doubtful receivables from clients | 1 | 2 | 5 | 0 |
| Benefit from deferred income taxes | 8 | -47 | -23 | 166 |
| Share-based compensation | 36 | 31 | 37 | 36 |
| (gain)/loss on disposal of operations | 26 | 0 | 14 | 853 |
| Non-cash foreign exchange loss/(gain) | 0 | -21 | -9 | 6 |
| Other, net | -16 | -9 | -9 | -26 |
| Accounts receivable | -157 | -63 | -162 | 504 |
| Other assets | 43 | 100 | -1 | 74 |
| Other liabilities | 89 | -87 | -691 | 460 |
| Provisions | 1 | 3 | 16 | -69 |
| Net cash from operating activities | 678 | 361 | -35 | 599 |
| Additions to fixed assets and software for internal use | - | - | - | 30 |
| Capitalized software costs | - | - | - | 26 |
| Additions to fixed assets and software | 57 | 58 | 51 | - |
| Acquisitions of operations, net of cash acquired | 0 | 13 | 1 | 79 |
| Contributions to investments in associates | 8 | 8 | - | - |
| Net proceeds/(payments) from sale of operations | - | - | - | -619 |
| Net proceeds from sale of operations | 34 | 836 | - | - |
| Cash and fiduciary funds transferred in sale of operations | 54 | - | - | 5 |
| Net purchases of held-to-maturity securities | 0 | 50 | - | - |
| (purchase)/sale of investments | - | - | 32 | 13 |
| Net purchases of available-for-sale securities | -3 | 43 | - | - |
| Net cash from/(used in) investing activities | -82 | 696 | -84 | 480 |
| Senior notes issued | 0 | 0 | 0 | 0 |
| Debt issuance costs | 0 | 0 | 0 | 0 |
| Repayments of debt | 2 | 1 | 1 | 2 |
| Repurchase of shares | 600 | 500 | 200 | 395 |
| Proceeds from issuance of shares | - | - | - | 0 |
| Net proceeds/(payments) from fiduciary funds held for clients | - | - | - | 149 |
| Net proceeds from fiduciary funds held for clients | 202 | -174 | 315 | - |
| Payments of deferred and contingent consideration related to acquisitions | 4 | 15 | - | 0 |
| Cash paid for employee taxes on withholding shares | 10 | 41 | 2 | 26 |
| Dividends paid | 90 | 91 | 88 | 89 |
| Acquisitions of and dividends paid to non-controlling interests | -7 | -2 | 0 | -3 |
| Net cash (used in)/from financing activities | -511 | -824 | 24 | -664 |
| Increase in cash, cash equivalents and restricted cash | 85 | 233 | -95 | 415 |
| Effect of exchange rate changes on cash | -5 | 127 | 80 | -129 |
| Cash and cash equivalents at beginning of period | 5,343 | 4,983 | 4,998 | 4,712 |
| Cash and cash equivalents at end of period | 5,423 | 5,343 | 4,983 | 4,998 |
WILLIS TOWERS WATSON PLC (WTW)
WILLIS TOWERS WATSON PLC (WTW)