Willis Towers Watson Public (WTW) 10-K Summary — Year Ended Dec 31, 2024
Willis Towers Watson is a global advisory, broking, and solutions firm that recently re-entered the reinsurance broking space. For the most recent period, revenue increased while net income was negative, though operating cash flow remained positive.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Willis Towers Watson is a global advisory, broking, and solutions firm that recently re-entered the reinsurance broking space. For the most recent period, revenue increased while net income was negative, though operating cash flow remained positive.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.7B
Revenue reported for the fiscal year.
Operating income
$627M
Income from operations reported for the year.
Net income
-$98M
Net income reported for the year.
Operating cash flow
$1.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $8.8B | n/a |
| Dec 31, 2022 | $8.7B | -1.1% |
| Dec 31, 2023 | $9.3B | +6.6% |
| Dec 31, 2024 | $9.7B | +4.7% |
Business overview
The company provides advisory, broking, and solutions services globally. It recently re-entered the reinsurance broking space after a prior divestiture.
Financial performance
Revenue increased compared to the prior period. Operating income was positive, but net income was negative. Cash generated from operations was positive.
Material risks
The company is exposed to risks from financial market volatility, including equity market declines, inflation, and changes in interest rates, which could reduce its access to liquidity. These factors may impact the company's ability to meet its obligations.
Liquidity and capital
Liquidity is primarily sourced from operating cash flows, cash reserves, a revolving credit facility, and potential debt offerings. Funds are allocated to business investments, debt repayments, share repurchases, and dividends, and an earnout from a prior divestiture is expected to be collected.
What to watch
Investors should monitor the performance and impact of the company's re-entry into the reinsurance broking market.