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Willis Towers Watson (WTW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Willis Towers Watson (WTW) reported revenue of $2.3B for the second quarter 2025 (Q2 2025), -0.2% from a year earlier and +2% from the quarter before. Operating margin was 16.3%, net earnings $331M (14.6% of revenue).
Willis Towers Watson, Q2 2025: revenue $2.3B (-0.2% year over year), operating margin 16.3%, net earnings $331M, operating cash flow $361M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +2% | -0.2% |
| Operating profit | $368M | -15% | +74% |
| Net earnings | $331M | +41% | +135% |
| Operating cash flow | $361M | — | -11% |
| Free cash flow | $303M | — | -11% |
What changed
Revenue was $2.3B in Q2 2025, roughly flat year over year and up 2% from the previous quarter. Health Wealth and Career was the largest line at 53% of revenue. Health Wealth and Career lost $0.08B year over year (down 6%), 1925% of the total change.
Operating profit was $0.37B, a 16.3% margin (up 6.9 points year over year). Total costs fell 8% while revenue was flat. Net earnings were $0.33B, up 135% year over year. The effective tax rate was -6.8%.
Operating cash flow was $0.36B (down 11% year over year), 109% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.06B left free cash flow of $0.30B.
Questions
What was Willis Towers Watson's revenue in the second quarter 2025?
Willis Towers Watson (WTW) reported revenue of $2.3B for the second quarter 2025 (Q2 2025), -0.2% from a year earlier and +2% from the quarter before.
Was Willis Towers Watson profitable in the second quarter 2025?
Operating profit was $368M (16.3% of revenue) and net earnings $331M.