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Willis Towers Watson (WTW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Willis Towers Watson (WTW) reported revenue of $2.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +28% from the quarter before. Operating margin was 34.6%, net earnings $736M (25.1% of revenue).
Willis Towers Watson, Q4 2025: revenue $2.9B (-3% year over year), operating margin 34.6%, net earnings $736M, operating cash flow $771M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | +28% | -3% |
| Operating profit | $1.0B | +143% | +13% |
| Net earnings | $736M | +141% | -41% |
| Operating cash flow | $771M | +14% | +29% |
| Free cash flow | $708M | +14% | +30% |
What changed
Revenue was $2.9B in Q4 2025, down 3% year over year and up 28% from the previous quarter. Health Wealth and Career was the largest line at 57% of revenue.
Operating profit was $1.0B, a 34.6% margin (up 4.9 points year over year). Total costs fell 10% while revenue fell 3%. Net earnings were $0.73B, down 41% year over year. The effective tax rate was 21.1%.
Operating cash flow was $0.77B (up 29% year over year), 105% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.06B left free cash flow of $0.71B.
Questions
What was Willis Towers Watson's revenue in the fourth quarter 2025?
Willis Towers Watson (WTW) reported revenue of $2.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +28% from the quarter before.
Was Willis Towers Watson profitable in the fourth quarter 2025?
Operating profit was $1.0B (34.6% of revenue) and net earnings $736M.