At a glance
Willis Towers Watson PLC is worth $30.02B, about 20 times its fiscal 2025 earnings. Revenue fell 2.2% to $9.71B in fiscal 2025, with 16.5% kept as profit; over 5 years it has grown 2.4% a year. It pays a 1.17% dividend yield, raised every year for at least 9 years, and returned $10.52B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +5.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Willis Towers Watson, known as WTW, is an insurance broker and consulting firm. Its roughly 47,000 employees serve clients in more than 140 countries and markets, from multinationals and midsize companies to government agencies and nonprofits. Clients include about 89% of the Fortune 1000 and 93% of the FTSE 100, the UK's largest listed companies. No single client accounted for more than 10% of revenue.
WTW earns mainly commissions and fees. As a broker, it acts as a middleman: it advises clients on their risks, then negotiates and places coverage with about 2,500 insurance carriers. It is not an insurer, so it doesn't carry the risk of paying claims. Commissions are generally a percentage of premiums, so they rise and fall with insurance prices, which WTW doesn't set. Consulting fees tend to hold steadier in uncertain times.
Of $9.7 billion in revenue for the fiscal year ended December 31, 2025, Health, Wealth & Career brought in 55%. It covers employee health benefits, retirement plans, investment advice and management, and pay programs, and runs a private Medicare marketplace in the U.S. Risk & Broking, covering insurance broking and risk consulting, supplied 45%, up from 41% in 2024. By type, broking was 45% of revenue, consulting 34% and outsourced administration 12%. The U.S. provided 46% and the UK 21%.
Price history
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WTW +5.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Broking | $4.33B | 44.6% |
| Consulting | $3.29B | 33.8% |
| Outsourced Administration | $1.17B | 12% |
| Product And Service Other | $644.0M | 6.6% |
By business segment
| Health Wealth And Career | $5.33B | 54.9% |
| Risk And Broking | $4.35B | 44.8% |
| Corporate | $34.0M | 0.4% |
By geography
| US | $4.50B | 46.4% |
| Rest Of World | $3.00B | 30.9% |
| GB | $2.06B | 21.3% |
| IE | $143.0M | 1.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.46B, up 7.5% from a year earlier, and net income was $303.0M (-0.3%).
- For fiscal 2025, revenue was $9.71B (-2.2% year over year; +2.4% a year from FY2020 to FY2025) with a 16.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.4% watch |
|---|---|
| Operating margin | 23% good |
| Free cash flow margin | 15.9% good |
| Return on equity (FY2025) | 20.1% good |
| Return on assets (FY2025) | 5.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.62B | $996.0M | — |
| FY2021 | $9.00B | $4.22B | — |
| FY2022 | $8.87B | $1.01B | — |
| FY2023 | $9.48B | $1.05B | $1.10B |
| FY2024 | $9.93B | $-98.0M | $1.27B |
| FY2025 | $9.71B | $1.60B | $1.55B |
Valuation snapshot
| Market value | $30.02B |
|---|---|
| P/E ratio | 20 |
| Dividend yield | 1.17% |
Rank among 1514 US companies
Market value at each year end
Willis Towers Watson’s market value went from $26.47B at the end of 2022 to $30.02B on Nov 2, 2026, up 13%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $30.02B | -4.6% |
| 2025 | $31.46B | -0.3% |
| 2024 | $31.55B | +26.7% |
| 2023 | $24.91B | -5.9% |
| 2022 | $26.47B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WTW price data to Nov 2, 2026 | +0.1% | +5.3% | +12.9% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.1% |
| 2025 | +6.1% |
| 2024 | +31.5% |
| 2023 | +0.1% |
| 2022 | +7.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($250K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Alexis Faber Chief Operating Officer | sell | $250K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 8.5% | Jun 30, 2026 |
| BlackRock, Inc. | 7.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| Massachusetts Financial Services Company | 6.4% | Dec 31, 2024 |
| Artisan Partners Asset Management Inc. | 5.9% | Jun 30, 2026 |
| HARRIS ASSOCIATES L P | 5.9% | Dec 31, 2025 |
| First Eagle Investment Management, LLC | 4.4% | Dec 31, 2024 |
ETFs with the most weight in WTW
| MDPL Monarch Dividend Plus ETF | 3.35% |
| OAKM Oakmark U.S. Large Cap ETF | 3.13% |
| BUSA Brandes U.S. Value ETF | 2.58% |
| WBIL WBI BullBear Quality 3000 ETF | 2.33% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 2.12% |
| CZA Invesco Zacks Mid-Cap ETF | 2.07% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.97% |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 1.81% |
What could go wrong
- Commissions depend on insurance prices. Broking, about 45% of fiscal 2025 revenue, earns commissions tied to premiums that insurers set. Falling insurance prices, industry trouble or strained carrier relationships could cut that income directly.
- Conflict claims over payments from insurers. Brokers can receive market derived income (MDI), payments from insurers on top of standard commissions. Allegations that this creates conflicts of interest or anti-competitive behavior could hurt WTW's business, results and reputation.
- Departing staff can take clients along. Client relationships often rest with individual brokers and consultants. If key colleagues or large teams leave, WTW could lose those clients, and the departing staff could end up competing against it.
- Claims over its advice and work. WTW advises on pensions, benefits, investments and insurance programs. Clients who believe that work fell short can bring claims and lawsuits, which could be costly and harm its reputation.
- Its own pension plans can swing. WTW carries material pension liabilities of its own. Shifts in interest rates and investment markets can change their size significantly, hurting net income or the balance sheet.
- Debt load and credit rating risk. Total debt was $6.53 billion as of June 30, 2026, against $1.66 billion of cash and investments. A credit downgrade could raise borrowing costs and, in some cases, require offering to buy back debt.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
WTW has raised its dividend per share at least nine years in a row through fiscal 2025. It reached $3.68 that year, up from $2.75 in 2020, about 6% a year, and rose even in 2024, when WTW reported a net loss. Fiscal 2025 dividends used 22% of earnings and 23% of free cash flow (cash left after operating costs and investment). The yield was a low 1.18% as of October 28, 2026. Buybacks get far more: $8.7 billion over fiscal 2021–2025, versus $1.8 billion in dividends, and the share count fell 28% from July 2021 to July 2026. In fiscal 2025, buybacks of $1.65 billion exceeded free cash flow of $1.55 billion.
Our price history spans 4.8 years, so it can't show how WTW fared in the 2008, 2020 or 2022 market slumps. The worst drop in the three years to October 28, 2026 was about 30%. Any single stock carries more risk than a diversified fund.
Questions investors ask
How does Willis Towers Watson make money?
Mostly through commissions and fees. WTW earns commissions for arranging insurance, usually a percentage of the premium, and fees for advising on employee benefits, retirement plans, investments, pay and risk. Of $9.7 billion in revenue for fiscal 2025, broking supplied about 45%, consulting 34% and outsourced administration, such as running benefit and pension plans for employers, 12%. By segment, Health, Wealth & Career contributed 55% and Risk & Broking 45%.
Is WTW an insurance company?
No. WTW is an insurance broker and advisor, not an insurer, so it does not take on insurance risk for its own account. It advises clients and places their coverage with about 2,500 insurance carriers, none of which made up a significant share of the premiums it placed in 2023 through 2025. Its revenue is still tied to the industry, because commissions generally follow premium levels, which carriers set.
Does WTW raise its dividend every year?
Yes, so far. WTW has raised its dividend per share at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends reached $3.68 a share in fiscal 2025, up from $2.75 in 2020. The payout is low, at about 22% of fiscal 2025 earnings, and the yield was 1.18% as of October 28, 2026. WTW returns much more cash through buybacks: $8.7 billion over fiscal 2021–2025. Past increases don't guarantee future ones.
How has WTW stock performed?
It depends on the period. As of October 28, 2026, the share price had gained about 13.4% a year over three years, or 46% in total, but only 1.7% over one year, and it was down 1.1% year to date. Calendar-year price returns were 31.5% in 2024 and 6.1% in 2025. The deepest decline in the three years to that date was about 30%. The shares traded at 19.8 times fiscal 2025 earnings.
Is Willis Towers Watson a U.S. company?
Not legally. WTW is an Irish public limited company (plc), the Irish form of a publicly traded corporation, though its shares trade on Nasdaq and the U.S. supplied 46% of fiscal 2025 revenue. The company warns that Irish law differs from U.S. law and may give shareholders less protection, and that some capital structure decisions require shareholder approval, which can limit flexibility. A U.S. investor treated as owning at least 10% of the shares may face adverse U.S. tax consequences.