For the quarter ending 2026-03-31, WTW had -$1,053M decrease in cash & cash equivalents over the period. -$65M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 303 | 736 | 306 | 332 |
| Depreciation | 56 | 59 | 56 | 57 |
| Amortization | 48 | 48 | 47 | 49 |
| Impairment | - | 0 | 0 | - |
| Non-cash restructuring charges | - | 0 | 0 | 0 |
| Non-cash lease expense | 25 | 26 | 24 | 22 |
| Net periodic cost of defined benefit pension plans | 6 | 12 | 6 | 6 |
| Provision for doubtful receivables from clients | 6 | -2 | 1 | 2 |
| Benefit from deferred income taxes | -30 | 117 | 8 | -47 |
| Share-based compensation | 42 | 49 | 36 | 31 |
| Gain on disposal of operations | 0 | 0 | 26 | 0 |
| Non-cash foreign exchange (gain)/loss | 14 | 17 | 0 | -21 |
| Other, net | -18 | -25 | -16 | -9 |
| Accounts receivable | -75 | 510 | -157 | -63 |
| Other assets | 51 | -26 | 43 | 100 |
| Other liabilities | -517 | 231 | 89 | -87 |
| Provisions | 23 | -29 | 1 | 3 |
| Net cash used in operating activities | -10 | 771 | 678 | 361 |
| Additions to fixed assets and software | 55 | 63 | 57 | 58 |
| Acquisitions of operations, net of cash acquired | 792 | 1 | 0 | 13 |
| Contributions to investments in associates | 9 | 19 | 8 | 8 |
| Net proceeds from sale of operations | - | -1,740 | 34 | 836 |
| Cash and fiduciary funds transferred in sale of operations | - | 0 | 54 | - |
| Net purchases of held-to-maturity securities | - | 0 | 0 | 50 |
| Net purchases of available-for-sale securities | - | 0 | -3 | 43 |
| Net sales/(purchases) of available-for-sale securities | 16 | - | - | - |
| Net cash used in investing activities | -840 | -83 | -82 | 696 |
| Senior notes issued | - | 999 | 0 | 0 |
| Borrowing of other debt | 550 | - | - | - |
| Debt issuance costs | 4 | 10 | 0 | 0 |
| Repayments of debt | 551 | 1 | 2 | 1 |
| Repurchase of shares | 300 | 350 | 600 | 500 |
| Net proceeds from fiduciary funds held for clients | 164 | - | 202 | -174 |
| Net proceeds/(payments) from fiduciary funds held for clients | - | -172 | - | - |
| Payments of deferred and contingent consideration related to acquisitions | - | 0 | 4 | 15 |
| Cash paid for employee taxes on withholding shares | 2 | 3 | 10 | 41 |
| Dividends paid | 88 | 89 | 90 | 91 |
| Acquisitions of and dividends paid to non-controlling interests | - | 0 | -7 | -2 |
| Net cash (used in)/from financing activities | -203 | 375 | -511 | -824 |
| Decrease in cash, cash equivalents and restricted cash | -1,053 | 1,063 | 85 | 233 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -29 | 1 | -5 | 127 |
| Cash, cash equivalents and restricted cash, beginning of period | 6,487 | 5,423 | 5,343 | 4,983 |
| Cash, cash equivalents and restricted cash, end of period | 5,405 | 6,487 | 5,423 | 5,343 |
WILLIS TOWERS WATSON PLC (WTW)
WILLIS TOWERS WATSON PLC (WTW)