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Willis Towers Watson cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$675M in Q3 2026 · $1.7B over twelve months

Operating cash flow$739M
Capital spending−$64.0M
Free cash flow+$675M
Cash / net income2.4×

Analysis

In Q3 2026, Willis Towers Watson generated $739M of operating cash flow and spent $64.0M on capital projects, leaving free cash flow of $675M. That is $54.0M more than in Q3 2025 ($621M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were buybacks ($1.3B), acquisitions ($1.1B), net borrowing (+) / repaid (−) ($553M); besides operations, cash came from other financing ($1.6B); the cash balance fell by $67.0M.

Operating cash flow was $739M against net income of $309M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: receivables +$154M, other liabilities +$121M, depreciation & amortization +$114M.

Free cash flow

Willis Towers Watson: free cash flow by quarterWillis Towers Watson: free cash flow by quarter$543MQ4 2024−$86.0MQ1 2025$303MQ2 2025$621MQ3 2025$708MQ4 2025−$65.0MQ1 2026$425MQ2 2026$675MQ3 2026
Operating cash flow less capital spending.
Willis Towers Watson: operating cash flow against capital spendingWillis Towers Watson: operating cash flow against capital spendingOperating cash flowCapital spending$599M$56.0MQ4 2024−$35.0M$51.0MQ1 2025$361M$58.0MQ2 2025$678M$57.0MQ3 2025$771M$63.0MQ4 2025−$10.0M$55.0MQ1 2026$484M$59.0MQ2 2026$739M$64.0MQ3 2026
Latest (Q3 2026): Operating cash flow $739M, Capital spending $64.0M.

Capital allocation, year by year

Willis Towers Watson: where the cash came from (up) and went (down), by fiscal yearWillis Towers Watson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.1BFY2021: Net borrowing −$1.0BFY2021: Shares issued $20.0MFY2021: Asset sales $75.0MFY2021: Acquisitions −$47.0MFY2021: Buybacks −$1.6BFY2021: Dividends −$374M$2.2BFY2021FY2022: Operating cash flow $812MFY2022: Net borrowing $161MFY2022: Shares issued $14.0MFY2022: Asset sales $1.0MFY2022: Acquisitions −$81.0MFY2022: Buybacks −$3.5BFY2022: Dividends −$369M$988MFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $490MFY2023: Asset sales $89.0MFY2023: Capital spending −$242MFY2023: Acquisitions −$6.0MFY2023: Buybacks −$1.0BFY2023: Dividends −$352M$1.9BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $86.0MFY2024: Asset sales $18.0MFY2024: Capital spending −$245MFY2024: Acquisitions −$104MFY2024: Buybacks −$901MFY2024: Dividends −$354M$1.6BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing $989MFY2025: Asset sales $34.0MFY2025: Capital spending −$229MFY2025: Acquisitions −$15.0MFY2025: Buybacks −$1.6BFY2025: Dividends −$358M$2.8BFY2025
Over these 5 years operating cash flow totalled $7.5B; the largest uses were buybacks ($8.7B) and dividends ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$9.7B
Net debt$7.7B
Due within a year$828M

Willis Towers Watson funds itself: free cash flow was $1.7B over the last twelve months, and $2.0B of cash and investments stands against $9.7B of debt ($828M due within a year, 2.4× covered by cash).

Willis Towers Watson: debt maturities by year (FY2025)Willis Towers Watson: debt maturities by year (FY2025)$828MYear 1$1.0BYear 2$831MYear 3$930MYear 4$190MYear 5$5.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.0B of cash and investments now.

Where the cash came from and went

Willis Towers Watson: sources (+) and uses (−) of cash, Q3 2026Willis Towers Watson: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$739MBuybacks−$220MCash drawn (+) / kept (−)−$216MOther financing−$108MDividends−$89.0MCapital spending−$64.0MAcquisitions−$64.0MOther investing$39.0MPartners−$9.0MTaxes on employees’ shares−$4.0MExchange rates−$4.0M
Willis Towers Watson: sources (+) and uses (−) of cash, TTM to Q3 2026Willis Towers Watson: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.0BOther financing$1.6BBuybacks−$1.3BAcquisitions−$1.1BNet borrowing (+) / repaid (−)−$553MDividends−$356MCapital spending−$241MCash drawn (+) / kept (−)$67.0MTaxes on employees’ shares−$64.0MExchange rates−$37.0MPartners−$11.0MOther investing−$3.0M

From profit to cash

Willis Towers Watson: net income to operating cash flow, Q3 2026Willis Towers Watson: net income to operating cash flow, Q3 2026Net income$309MDepreciation & amortization$114MStock-based pay$70.0MOther non-cash$11.0MReceivables$154MPrepaid and other assets−$27.0MOther liabilities$121MOperating cash flow$739M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$739M−$64.0M−$64.0M−$220M−$89.0M—−$216M$675M
Q2 2026$484M−$59.0M−$247M−$450M−$90.0M$224M$265M$425M
Q1 2026−$10.0M−$55.0M−$792M−$300M−$88.0M−$1.0M$1.1B−$65.0M
Q4 2025$771M−$63.0M−$1.0M−$350M−$89.0M$998M−$1.1B$708M
Q3 2025$678M−$57.0M—−$600M−$90.0M−$2.0M−$80.0M$621M
Q2 2025$361M−$58.0M−$13.0M−$500M−$91.0M−$1.0M−$360M$303M
Q1 2025−$35.0M−$51.0M−$1.0M−$200M−$88.0M−$1.0M$15.0M−$86.0M
Q4 2024$599M−$56.0M−$76.0M−$395M−$89.0M−$2.0M−$286M$543M

Willis Towers Watson: income statement and cash flow

Willis Towers Watson, Q3 2026: revenue $2.5B (+8% year over year), operating margin 17.4%. The chart follows the revenue to costs, profit and cash.

Willis Towers Watson: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.