{"schemaVersion":1,"research":true,"symbol":"wtw","name":"Willis Towers Watson Plc","topic":"moat","path":"/stock/wtw/moat","status":"stale","version":8,"updatedAt":"2026-10-19T11:24:42.516Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"WTW has a narrow moat supported by embedded benefits administration, recurring servicing and established advisory relationships. Proprietary systems, multi-year engagements, relationships spanning decades and reported retention support practical switching friction, although most contracts permit cancellation without substantive penalties. Pricing power is limited and uneven: lower Individual Marketplace commissions show realized pressure, while brokerage premiums are set by insurers. Global reach supports its position but does not establish network effects or a unique cost advantage.","advantages":[{"mechanism":"switching_costs","claim":"Benefits administration combines proprietary technology, records management and ongoing servicing, creating practical replacement friction. Recurring contracts and reported high retention support a current advantage, although migration costs are not quantified.","durability":"Three-to-five-year service contracts and repeated disclosures of ongoing servicing support persistence across contract cycles. Durability depends on service quality and continued technology relevance rather than enforceable lock-in.","risks":"Most company contracts allow cancellation with less than one year's notice and no substantive penalty. Technology changes, service failures and regulatory simplification could reduce dependency. Lower marketplace commissions demonstrate that recurring demand does not ensure pricing power.","invalidation":"Sustained deterioration in outsourcing renewals, contraction in administration engagements, or evidence that clients replace WTW's systems with little operational disruption would undermine this advantage.","competitors":["WageWorks","HealthEquity"],"evidenceIds":["e1","e2","e3","e4","e5","e10"],"counterEvidenceIds":["e6","e7","e8"]},{"mechanism":"intangible_assets","claim":"Longstanding client relationships and a broad advisory and insurance-placement infrastructure support access to complex institutional work. Relationships spanning decades and retention-linked organic growth provide operating support beyond management's claims about reputation.","durability":"Existing relationships and international capabilities take time to develop. The evidence supports a modest relationship advantage, but does not establish exclusivity or exceptional durability against comparable firms.","risks":"Clients can terminate engagements, bring work internally or choose competitors. Reputation and specialist expertise require continued investment. AI initiatives may change service delivery economics; their expected benefits remain prospective.","invalidation":"Persistent client losses accompanied by weaker new-business generation, sustained deterioration in organic growth attributable to competitive displacement, or loss of established institutional relationships would undermine the relationship advantage.","competitors":[],"evidenceIds":["e9","e10","e11","e12","e13"],"counterEvidenceIds":["e6","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business — Global Outsourcing proprietary administration technology","excerpt":"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."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business — ongoing servicing and reported high client retention","excerpt":"With ongoing servicing requirements and multi-year contracts in place, we have high client retention rates."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Business — recurring Benefits Delivery & Outsourcing revenue and contract duration","excerpt":"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."},{"id":"e4","sourceId":"filing-5","location":"Item 1, Business — earlier disclosure of servicing requirements and high retention","excerpt":"With ongoing servicing requirements and multi-year contracts in place, we have high client retention rates."},{"id":"e5","sourceId":"filing-1","location":"Item 1, Business — named account-based health plan and consumer-directed benefits providers","excerpt":"federal and state governments, as well as providers of account-based health plans and consumer-directed benefits such as WageWorks and HealthEquity."},{"id":"e6","sourceId":"filing-2","location":"Note 4, Performance Obligations — cancellation notice and absence of substantive cancellation penalties","excerpt":"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."},{"id":"e7","sourceId":"filing-2","location":"Item 2, MD&A — outsourcing engagement expansion offset by lower Individual Marketplace commissions","excerpt":"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."},{"id":"e8","sourceId":"filing-1","location":"Item 1A, Risk Factors — potential effect of regulatory or tax simplification on service demand","excerpt":"A simplification of regulations or tax policy could also reduce the need for our services."},{"id":"e9","sourceId":"filing-1","location":"Item 1, Business — client relationships spanning decades","excerpt":"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."},{"id":"e10","sourceId":"filing-2","location":"Item 2, MD&A — Corporate Risk & Broking organic growth from new business and strong client retention","excerpt":"Corporate Risk & Broking had organic revenue growth driven by new business activity and strong client retention globally."},{"id":"e11","sourceId":"filing-1","location":"Item 1, Business — colleague base and international operating reach","excerpt":"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."},{"id":"e12","sourceId":"filing-1","location":"Item 1, Business — insurance placement relationships with approximately 2,500 carriers","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"Item 1, Business — disclosed penetration of major corporate client groups","excerpt":"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."},{"id":"e14","sourceId":"filing-1","location":"Risk disclosure — competition from existing firms, new entrants and clients' internal capabilities","excerpt":"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."},{"id":"e15","sourceId":"filing-2","location":"Item 1A, Risk Factors — prospective AI implementation and competitive-position risks","excerpt":"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."},{"id":"e16","sourceId":"filing-1","location":"Item 1A, Risk Factors — brokerage commissions and lack of control over underlying premiums","excerpt":"We derive significant revenue from commissions for brokerage services, but do not determine the insurance premiums on which our commissions are generally based."},{"id":"e17","sourceId":"filing-1","location":"Revenue recognition — commissions or fees negotiated in lieu of commissions","excerpt":"Revenue from our broking services consists of commissions or fees negotiated in lieu of commissions."},{"id":"e18","sourceId":"filing-3","location":"Compensation Discussion and Analysis — 2025 adjusted margin improvement and divestiture contribution","excerpt":"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."},{"id":"e19","sourceId":"filing-2","location":"Item 2, MD&A — comparative GAAP revenue, operating income and transaction expenses","excerpt":"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."},{"id":"e20","sourceId":"filing-2","location":"MD&A — first-half operating cash flow, capital spending and free cash flow reconciliation","excerpt":"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."},{"id":"e21","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows — acquisitions, repurchases, dividends, borrowing and share-based compensation","excerpt":"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."},{"id":"e22","sourceId":"filing-1","location":"Note 5, Segment Information — operating income reconciliation and TRANZACT-related impairment","excerpt":"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)."},{"id":"e23","sourceId":"filing-3","location":"Compensation Discussion and Analysis — February 2025 approval of the 2025–2027 incentive design","excerpt":"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."},{"id":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis — actual delivery mix of performance-based and time-based awards","excerpt":"LTIP awards were delivered through PSUs and RSUs, weighted 75% and 25%, respectively."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis — relative shareholder-return modifier","excerpt":"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."},{"id":"e26","sourceId":"filing-3","location":"Proxy highlights — earned 2025 short-term and completed 2023 long-term incentive outcomes","excerpt":"• 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."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation practices — executive share ownership guidelines","excerpt":"Share ownership policy applicable to executive officers; minimum guideline of 6x base salary for CEO and 3x base salary for all other executive officers."},{"id":"e28","sourceId":"filing-3","location":"Compensation Discussion and Analysis — operative compensation recoupment policy","excerpt":"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."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance practices — board independence","excerpt":"· All independent directors other than CEO."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance practices — annual director elections and tenure limits","excerpt":"· Annual elections of directors and tenure limitations for directors, Board Chair and Committee Chairs."},{"id":"e31","sourceId":"filing-3","location":"Corporate governance practices — special meeting rights and absence of poison pill","excerpt":"· No poison pill. · Shareholders holding 10% of the Company’s share capital can convene a special meeting."},{"id":"e32","sourceId":"filing-3","location":"Compensation Discussion and Analysis — 2025 organic growth against disclosed target","excerpt":"WTW delivered 5% organic revenue growth, in line with the target of mid-single digit organic growth."},{"id":"e33","sourceId":"filing-2","location":"Item 2, MD&A — first-half 2026 organic revenue growth","excerpt":"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."},{"id":"e34","sourceId":"filing-2","location":"Item 5, Other Information — expected AI acceleration plan cash costs and non-cash charges","excerpt":"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."}],"changes":["Changed the previous uncertain verdict to narrow after weighing the combined evidence of embedded administration technology, recurring contracts, relationships spanning decades and retention-linked operating growth. This is an interpretation of the supplied evidence, not a claim that switching costs have been quantified.","Added numerical pricing and management assessments supported by contractual disclosures, operating results and the supplied proxy; retained explicit limits on pricing freedom and acquisition outcomes."],"limitations":["All evidence comes from issuer filings. Retention descriptions and explanations of growth drivers are management reports without quantified renewal cohorts or independent competitive comparisons.","WageWorks and HealthEquity are named in the benefits-provider passage; this does not establish direct competitor coverage for Global Outsourcing or the entire company. No named advisory or brokerage rival is established as a competitor by the supplied passages.","Client penetration, global reach and carrier relationships demonstrate existing capabilities, but do not prove exclusivity, superior market share, network effects or a relative cost advantage.","Lower Individual Marketplace commissions establish remuneration pressure, but the passages do not separate commission rates, policy mix and volumes or quantify company-wide realized fee changes.","The proxy supplies actual incentive design, earned awards and ownership guidelines, but the selected passages do not establish executives' actual ownership or compliance with those guidelines. Proposed shareholder resolutions are not treated as completed approvals.","AI savings and acquisition benefits remain prospective. Filing dates retain dateKind filed; no retrieval date is treated as publication."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Embedded administration technology and longstanding relationships support modest switching and relationship advantages. Easy contractual cancellation and missing comparative evidence limit their demonstrated strength.","evidenceIds":["e1","e3","e6","e9","e10"]},{"criterion":"durability","grade":2,"rationale":"Repeated retention disclosures, multi-year servicing and relationships spanning decades support persistence. They do not demonstrate an enduring barrier against comparable providers or technological substitution.","evidenceIds":["e2","e3","e4","e9","e15"]},{"criterion":"customer_dependency","grade":2,"rationale":"Administration of benefits and records creates operational reliance, supported by reported retention. Dependency is assessed partly from service functions; replacement costs are unquantified and most contracts lack substantive cancellation penalties.","evidenceIds":["e1","e2","e6","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Organic growth and retention indicate continuing demand despite marketplace commission pressure. Regulatory and AI risks are prospective rather than realized competitive losses, but resilience through those changes remains unproven.","evidenceIds":["e7","e8","e10","e15","e33"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Lower Individual Marketplace commissions show weak observed remuneration outcomes. The disclosure does not isolate unit pricing from mix or volume, and organic growth elsewhere does not prove higher prices.","evidenceIds":["e7","e16","e33"]},{"criterion":"retention","grade":3,"rationale":"Reported high outsourcing retention, recurring service contracts, decades-long relationships and retention-linked brokerage growth collectively demonstrate strong repeat demand. No numerical retention rate or evidence of retention after price increases is supplied.","evidenceIds":["e2","e3","e4","e9","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Adjusted operating margin improved in 2025 through operating leverage and efficiencies, with a divestiture tailwind. First-half 2026 GAAP operating margin declined as transaction and integration costs increased. This supports mixed resilience and does not establish pricing-led margin protection.","evidenceIds":["e18","e19"]},{"criterion":"contractual_freedom","grade":2,"rationale":"WTW can negotiate fees in lieu of commissions, providing some commercial discretion. Insurers determine underlying premiums, and customers generally retain penalty-free cancellation rights, limiting unilateral pricing freedom.","evidenceIds":["e6","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Cash generation and capital spending are documented, but the TRANZACT impairment is an adverse allocation outcome. First-half 2026 acquisitions, repurchases and dividends materially exceeded contemporaneous free cash flow alongside borrowing. Acquisition returns and the planned AI spending payoff remain unproven.","evidenceIds":["e20","e21","e22","e34"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Approved and delivered awards emphasize multi-year performance equity with a relative shareholder-return modifier, ownership guidelines and recoupment provisions. Completed incentive outcomes are disclosed. Actual ownership compliance is missing, and these structures do not guarantee shareholder value creation.","evidenceIds":["e23","e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"WTW met its disclosed 2025 organic growth target and sustained organic growth and improved free cash flow in the first half of 2026. These are demonstrated operating outcomes, with execution assessed indirectly from results. Marketplace weakness and lower GAAP operating margin temper the assessment; future AI benefits receive no credit.","evidenceIds":["e7","e19","e20","e32","e33"]},{"criterion":"governance","grade":3,"rationale":"An independent board apart from the CEO, annual elections, tenure limits, shareholder meeting rights and an operative clawback policy support strong disclosed governance. The passages establish structures and rights rather than exceptional effectiveness in preventing losses.","evidenceIds":["e28","e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"5e030b203a30a38d46a7fcd2222a14c5f873078d9fb52b90e85a65de4a3d1724","updatedAt":"2026-10-19T11:24:42.516Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1140536/000119312526069307/wtw-20251231.htm","publishedAt":"2026-02-25","sha256":"b3f7ca3f36871c00446b506e83fde91103f1a2475886c1bc4e1735b88878490e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1140536/000119312526325374/wtw-20260630.htm","publishedAt":"2026-07-30","sha256":"4894a5b8a1ca126da16267335f32de2a1e6c078827e357f64769bb01258dcf85","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1140536/000119312526127613/wtw-20260327.htm","publishedAt":"2026-03-27","sha256":"2694c0613e9595017d9bd189682c0fce27250860819a099686dbfb2d9fc8ada5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1140536/000095017025026278/wtw-20241231.htm","publishedAt":"2025-02-25","sha256":"90c488ac09763a5b489145ef2fb494cc3d6f2e56993a84004d85b34fb76142ef","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1140536/000095017024018575/wtw-20231231.htm","publishedAt":"2024-02-22","sha256":"649e82f448c9a463aada0535948c38c814e9b2f9e39a74fa4cf251fd005491d9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1140536/000119312526195310/wtw-20260331.htm","publishedAt":"2026-04-30","sha256":"82a3cb394898edf26e9c10d0ecd977f8eee91a13e8dd7840b6700bded5631711","dateKind":"filed","citationPolicy":"numeric-lines-1"}],"model":"gpt-6.1-sol","providerId":"codex:e632dc5786e3b9e7263ce9436d9190c176c1c3a7368b0db9b692f2b5360bf127","usage":{"input_tokens":103195,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4076,"reasoning_output_tokens":118}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":24.94901427600272,"roic":12.647923047113668,"fcf_margin":null,"sbc_revenue":1.144346249716746},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":13.49988539995416,"roic":7.390950209007665,"fcf_margin":null,"sbc_revenue":1.1345404538161816},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":14.671109200343938,"roic":8.430792139550055,"fcf_margin":11.85511607910576,"sbc_revenue":1.3435081685296648},"issues":{"pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":6.43803265222302,"roic":null,"fcf_margin":13.009549235034399,"sbc_revenue":1.242427353937776},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. 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