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Willis Towers Watson (WTW) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
Willis Towers Watson (WTW) reported revenue of $2.2B for the first quarter 2025 (Q1 2025), -5% from a year earlier and -27% from the quarter before. Operating margin was 19.4%, net earnings $235M (10.6% of revenue).
Willis Towers Watson, Q1 2025: revenue $2.2B (-5% year over year), operating margin 19.4%, net earnings $235M, operating cash flow −$35.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -27% | -5% |
| Operating profit | $432M | -52% | +54% |
| Net earnings | $235M | -81% | +24% |
| Operating cash flow | −$35.0M | — | — |
What changed
Revenue was $2.2B in Q1 2025, down 5% year over year and down 27% from the previous quarter. Health Wealth and Career was the largest line at 53% of revenue. Health Wealth and Career lost $0.17B year over year (down 13%), 145% of the total change.
Operating profit was $0.43B, a 19.4% margin (up 7.5 points year over year). Total costs fell 13% while revenue fell 5%. Net earnings were $0.23B, up 24% year over year. The effective tax rate was 21.4%.
Operating cash flow was −$0.04B. Non-cash charges added back $0.10B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.41B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$0.09B.
Questions
What was Willis Towers Watson's revenue in the first quarter 2025?
Willis Towers Watson (WTW) reported revenue of $2.2B for the first quarter 2025 (Q1 2025), -5% from a year earlier and -27% from the quarter before.
Was Willis Towers Watson profitable in the first quarter 2025?
Operating profit was $432M (19.4% of revenue) and net earnings $235M.