Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 2/6 · 24/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Solidité financière58
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 56.02
- netDebtEbitGrade
- 71.58
- interestCoverageGrade
- 69.02
- currentRatioGrade
- 36.40
- Debt / FCF (x)
- 4.08
- Net debt / operating income (x)
- 1.42
- Interest coverage (x)
- 8.59
- Current ratio (x)
- 1.20
Allocation du capital62
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 11.63
- 3-year average dilution (%)
- -4.34
- 3-year average SBC / revenue (%)
- 1.40
- cashConversionGrade
- 0.00
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
Global Outsourcing — Global Outsourcing administers the health, welfare and retirement plans of clients using our proprietary technology for benefit modeling, decision support, enrollment and benefit choice, records management and self-service.
Item 1, Business — Global Outsourcing proprietary administration technology · Dépôt 25/02/2026
With ongoing servicing requirements and multi-year contracts in place, we have high client retention rates.
Item 1, Business — ongoing servicing and reported high client retention · Dépôt 25/02/2026
A significant portion of the revenue in Benefits Delivery & Outsourcing is recurring in nature, driven by either the commissions from the policies we sell, or from long-term service contracts with our clients that typically range from three to five years.
Item 1, Business — recurring Benefits Delivery & Outsourcing revenue and contract duration · Dépôt 25/02/2026
With ongoing servicing requirements and multi-year contracts in place, we have high client retention rates.
Item 1, Business — earlier disclosure of servicing requirements and high retention · Dépôt 22/02/2024
federal and state governments, as well as providers of account-based health plans and consumer-directed benefits such as WageWorks and HealthEquity.
Item 1, Business — named account-based health plan and consumer-directed benefits providers · Dépôt 25/02/2026
Remainder of 2026 2027 2028 onward Total Revenue expected to be recognized on contracts as of June 30, 2026 $ 371 $ 534 $ 577 $ 1,482 17 Since most of the Company’s contracts are cancellable with less than one year’s notice and have no substantive penalty for cancellation, the majority of the Company’s remaining performance obligations as of June 30, 2026 have been excluded from the table above.
Note 4, Performance Obligations — cancellation notice and absence of substantive cancellation penalties · Dépôt 30/07/2026
BD&O revenue was flat on an organic basis as expanded project work and administration engagements in Outsourcing were offset by lower commissions in Individual Marketplace.
Item 2, MD&A — outsourcing engagement expansion offset by lower Individual Marketplace commissions · Dépôt 30/07/2026
A simplification of regulations or tax policy could also reduce the need for our services.
Item 1A, Risk Factors — potential effect of regulatory or tax simplification on service demand · Dépôt 25/02/2026
We work with major corporations, emerging growth companies, governmental agencies and not-for-profit institutions in a wide variety of industries, with many of our client relationships spanning decades.
Item 1, Business — client relationships spanning decades · Dépôt 25/02/2026
Corporate Risk & Broking had organic revenue growth driven by new business activity and strong client retention globally.
Item 2, MD&A — Corporate Risk & Broking organic growth from new business and strong client retention · Dépôt 30/07/2026
Utilizing the global view and local expertise of our approximately 47,000 colleagues serving more than 140 countries and markets, we help organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance.
Item 1, Business — colleague base and international operating reach · Dépôt 25/02/2026
We place insurance with approximately 2,500 insurance carriers, none of which individually accounted for a significant concentration of the total premiums we placed on behalf of our clients in 2025, 2024 or 2023.
Item 1, Business — insurance placement relationships with approximately 2,500 carriers · Dépôt 25/02/2026
Our clients include many of the world’s leading corporations, including approximately 93% of the FTSE 100, 89% of the Fortune 1000, and 92% of the Fortune Global 500 companies.
Item 1, Business — disclosed penetration of major corporate client groups · Dépôt 25/02/2026
The demand for our services may not grow or be maintained, and we may not be able to compete successfully with our existing competitors, new competitors or our clients’ internal capabilities.
Risk disclosure — competition from existing firms, new entrants and clients' internal capabilities · Dépôt 25/02/2026
Implementation of AI initiatives may not achieve planned benefits, further our strategic goals or strengthen our competitive position, and they can create significant operational risks, such as potential correlated errors and omission liability from AI not operating as intended, regulatory, privacy or other compliance exposures, intellectual property challenges, cyber-security exposures, operational resilience challenges from reliance on AI tools or vendors, and potential reputational damage.
Item 1A, Risk Factors — prospective AI implementation and competitive-position risks · Dépôt 30/07/2026
We derive significant revenue from commissions for brokerage services, but do not determine the insurance premiums on which our commissions are generally based.
Item 1A, Risk Factors — brokerage commissions and lack of control over underlying premiums · Dépôt 25/02/2026
Revenue from our broking services consists of commissions or fees negotiated in lieu of commissions.
Revenue recognition — commissions or fees negotiated in lieu of commissions · Dépôt 25/02/2026
Adjusted operating margin was 25.2%, an increase of 130 basis points compared to prior year, primarily driven by greater operating leverage and efficiencies, along with a 50 basis point tailwind from the TRANZACT divestiture.
Compensation Discussion and Analysis — 2025 adjusted margin improvement and divestiture contribution · Dépôt 27/03/2026
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions, except per share data) Revenue $ 2,466 100 % $ 2,261 100 % $ 4,878 100 % $ 4,484 100 % Costs of providing services Salaries and benefits 1,551 63 % 1,449 64 % 2,985 61 % 2,773 62 % Other operating expenses 380 15 % 336 15 % 765 16 % 701 16 % Depreciation 55 2 % 57 3 % 111 2 % 111 2 % Amortization 55 2 % 49 2 % 103 2 % 97 2 % Transaction and integration expenses 61 2 % 2 — % 102 2 % 2 — % Total costs of providing services 2,102 1,893 4,066 3,684 Income from operations 364 15 % 368 16 % 812 17 % 800 18 % Interest expense (78 ) (3 )% (64 ) (3 )% (155 ) (3 )% (129 ) (3 )% Other income/(loss), net 6 — % 9 — % 11 — % (55 ) (1 )% INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES 292 12 % 313 14 % 668 14 % 616 14 % (Provision for)/benefit from income taxes (57 ) (2 )% 21 1 % (127 ) (3 )% (44 ) (1 )% Interest in earnings of associates, net of tax (4 ) — % (2 ) — % (7 ) — % (1 ) — % Income attributable to non-controlling interests (2 ) — % (1 ) — % (8 ) — % (5 ) — % NET INCOME ATTRIBUTABLE TO WTW $ 229 9 % $ 331 15 % $ 526 11 % $ 566 13 % Diluted earnings per share $ 2.43 $ 3.32 $ 5.53 $ 5.64 33 Consolidated Revenue Revenue for the three months ended June 30, 2026 was $2.5 billion, compared to $2.3 billion for the three months ended June 30, 2025, an increase of $205 million, or 9%, on an as-reported basis.
Item 2, MD&A — comparative GAAP revenue, operating income and transaction expenses · Dépôt 30/07/2026
Reconciliations of cash flows used in operating activities to free cash flow for the six months ended June 30, 2026 and 2025 are as follows: Six Months Ended June 30, 2026 2025 (in millions) Cash flows from operating activities $ 474 $ 326 Less: Additions to fixed assets and software (114 ) (109 ) Free cash flow $ 360 $ 217 The increase was primarily driven by operating margin expansion.
MD&A — first-half operating cash flow, capital spending and free cash flow reconciliation · Dépôt 30/07/2026
dollars) (Unaudited) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES NET INCOME $ 534 $ 571 Adjustments to reconcile net income to total net cash from operating activities: Depreciation 111 111 Amortization 103 97 Non-cash lease expense 50 47 Net periodic cost of defined benefit pension plans 14 94 Provision for doubtful receivables from clients 10 7 Benefit from deferred income taxes (42 ) (70 ) Share-based compensation 109 68 Gain on disposal of operations — (14 ) Non-cash foreign exchange (gain)/loss (16 ) 30 Other, net 31 18 Changes in operating assets and liabilities, net of effects from purchase of subsidiaries: Accounts receivable 121 225 Other assets (97 ) (99 ) Other liabilities (475 ) (778 ) Provisions 21 19 Net cash from operating activities 474 326 CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES Additions to fixed assets and software (114 ) (109 ) Acquisitions of operations, net of cash acquired (1,039 ) (14 ) Contributions to investments in associates (23 ) (8 ) Net proceeds from sale of operations — 836 Net purchases of held-to-maturity securities — (50 ) Net purchases of available-for-sale securities — (43 ) Net cash (used in)/from investing activities (1,176 ) 612 CASH FLOWS USED IN FINANCING ACTIVITIES Borrowing of other debt 775 — Debt issuance costs (4 ) — Repayments of debt (552 ) (2 ) Repurchase of shares (750 ) (700 ) Net proceeds from fiduciary funds held for clients 159 141 Payments of deferred and contingent consideration related to acquisitions (2 ) (15 ) Cash paid for employee taxes on withholding shares (57 ) (43 ) Dividends paid (178 ) (179 ) Acquisitions of and dividends paid to non-controlling interests (2 ) (2 ) Net cash used in financing activities (611 ) (800 ) (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (i) (1,313 ) 138 Effect of exchange rate changes on cash, cash equivalents and restricted cash (34 ) 207 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i) 6,487 4,998 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i) $ 5,140 $ 5,343 (i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in Note 19 — Supplemental Disclosures of Cash Flow Information.
Condensed Consolidated Statements of Cash Flows — acquisitions, repurchases, dividends, borrowing and share-based compensation · Dépôt 30/07/2026
Years ended December 31, 2025 2024 2023 Revenue: Total segment revenue $ 9,588 $ 9,815 $ 9,317 Corporate, reimbursable expenses and other 120 115 166 Revenue $ 9,708 $ 9,930 $ 9,483 Total segment operating income $ 2,753 $ 2,675 $ 2,378 Impairment (i) — (1,042 ) — Amortization (192 ) (226 ) (263 ) Restructuring costs — (61 ) (68 ) Transaction and transformation (23 ) (409 ) (386 ) Unallocated, net (ii) (304 ) (310 ) (296 ) Income from operations 2,234 627 1,365 Interest expense (260 ) (263 ) (235 ) Other (loss)/income, net (21 ) (262 ) 146 INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES $ 1,953 $ 102 $ 1,276 (i) Represents the non-cash goodwill impairment associated with our BDO reporting unit related to the sale of our TRANZACT business (see Note 3 — Acquisitions and Divestitures for further information).
Note 5, Segment Information — operating income reconciliation and TRANZACT-related impairment · Dépôt 25/02/2026
Long-Term Incentive Compensation 2025 – 2027 LTIP Design The 2025 LTIP design approved by the HCC Committee in February 2025 remained consistent with the 2024 LTIP design, except for the PSU financial metric targets.
Compensation Discussion and Analysis — February 2025 approval of the 2025–2027 incentive design · Dépôt 27/03/2026
LTIP awards were delivered through PSUs and RSUs, weighted 75% and 25%, respectively.
Compensation Discussion and Analysis — actual delivery mix of performance-based and time-based awards · Dépôt 27/03/2026
The LTIP design also includes a relative TSR modifier (+/- 20%) which measures the Company’s TSR relative to that of the S&P 500 companies for the performance period.
Compensation Discussion and Analysis — relative shareholder-return modifier · Dépôt 27/03/2026
• Based on our financial performance, achievements against our strategic priorities and other factors taken into consideration, NEO 2025 STI awards were earned at 99.3% to 131.1% of target and 2023 LTIP performance-based restricted share units (“PSUs”), with a performance period that concluded at the end of 2025, were earned at 195.1% of target.
Proxy highlights — earned 2025 short-term and completed 2023 long-term incentive outcomes · Dépôt 27/03/2026
Share ownership policy applicable to executive officers; minimum guideline of 6x base salary for CEO and 3x base salary for all other executive officers.
Executive compensation practices — executive share ownership guidelines · Dépôt 27/03/2026
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY 53 2025 YEAR-END PROXY STATEMENT Executive Compensation: Compensation Discussion and Analysis (continued) Covered Persons Company’s current and former executive officers Covered Events Financial Restatement Detrimental Conduct* Trigger Financial Restatement due to material noncompliance with any financial reporting requirement under securities laws Detrimental Conduct that is likely to cause or has caused material financial, operational or reputational harm to WTW Lookback Period Three years Three years Covered Incentive Compensation Compensation granted, earned or vested after the effective date of the Recoupment Policy based wholly or in part upon attainment of Financial Reporting Measure Incentive compensation (awarded, earned, paid or payable), including any bonus, STI award/amount, LTIP award/amount and equity-based awards, including those that vest solely based on continued service Recoupment Amount Any excess compensation determined with reference to the restated Financial Reporting Measure(s) Determined by the HCC Committee with reference to factors including relative degree of fault or involvement, impact of conduct on WTW, magnitude of any loss caused and other relevant facts and circumstances HCC Committee Discretion No discretion unless HCC Committee determines that such recovery would be impracticable in accordance with the Policy Discretion to determine whether Detrimental Conduct has occurred and amount to be recovered * Detrimental Conduct consists of: (i) the commission of an act of fraud, misappropriation or embezzlement in the course of employment; (ii) the commission of a criminal act, whether or not in the workplace, that in the HCC Committee’s sole discretion, constitutes a felony or crime of comparable magnitude that could subject the Company to reputational harm; (iii) the material violation of a non-compete, non-solicitation, confidentiality or other restrictive covenant agreement; (iv) the willful and material breach of a Covered Person’s obligations under the Company’s Code of Conduct relating to compliance with law or regulations that would give rise to dismissal under the Code of Conduct or termination for Cause (as defined in the policy); or (v) any act or omission involving willful misconduct that resulted in such Covered Person’s termination for Cause.
Compensation Discussion and Analysis — operative compensation recoupment policy · Dépôt 27/03/2026
· All independent directors other than CEO.
Corporate governance practices — board independence · Dépôt 27/03/2026
· Annual elections of directors and tenure limitations for directors, Board Chair and Committee Chairs.
Corporate governance practices — annual director elections and tenure limits · Dépôt 27/03/2026
· No poison pill. · Shareholders holding 10% of the Company’s share capital can convene a special meeting.
Corporate governance practices — special meeting rights and absence of poison pill · Dépôt 27/03/2026
WTW delivered 5% organic revenue growth, in line with the target of mid-single digit organic growth.
Compensation Discussion and Analysis — 2025 organic growth against disclosed target · Dépôt 27/03/2026
Adjusting for the impacts of foreign currency and acquisitions and disposals, our organic revenue growth was 4% for the six months ended June 30, 2026.
Item 2, MD&A — first-half 2026 organic revenue growth · Dépôt 30/07/2026
Approximately $625 million of cash costs are expected to be incurred as well as approximately $25 million in non-cash charges through the end of 2028 in connection with the Plan, consisting principally of process automation and organizational transition costs, including process and organizational design costs, severance and separation-related costs and temporary retention costs, as well as costs associated with implementing AI systems and related technologies, including technology implementation, integration and certain contractor and vendor contract termination costs.
Item 5, Other Information — expected AI acceleration plan cash costs and non-cash charges · Dépôt 30/07/2026
