WTWHIGH SIGNALFINANCIAL10-K

WTW executed a massive turnaround from -$98M net loss to $1.6B profit while significantly reducing share count and strengthening cash position.

This represents an extraordinary financial transformation with net income swinging positive by over $1.7 billion, suggesting either a major one-time gain, successful restructuring, or dramatic operational improvement. The company simultaneously returned $1.6B to shareholders through buybacks while reducing outstanding shares by over 5 million, indicating strong capital allocation and confidence in the business.

Comparing 2026-02-25 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

WTW delivered exceptional financial performance with net income surging from negative $98M to positive $1.6B and operating income more than tripling to $2.2B. The company significantly accelerated share buybacks to $1.6B while growing operating cash flow to $1.8B and increasing cash reserves to $3.1B, demonstrating strong cash generation and shareholder-friendly capital allocation. Despite moderate debt increases to $9.7B, the overall financial picture signals a dramatic business turnaround with robust profitability, enhanced liquidity, and aggressive shareholder returns.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+1737.8%
-$98.0M$1.6B

Net income grew 1737.8% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+256.3%
$627.0M$2.2B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
+83.1%
$901.0M$1.6B

Share repurchases increased 83.1% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+65.7%
$1.9B$3.1B

Cash position surged 65.7% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+29.2%
$113.0M$146.0M

Capex increased 29.2% — ongoing investment in capacity or infrastructure for future growth.

Operating Cash Flow
Cash Flow
+17.4%
$1.5B$1.8B

Operating cash flow grew 17.4% — strong conversion of earnings to cash, healthy business fundamentals.

Total Debt
Balance Sheet
+12.5%
$8.6B$9.7B

Debt rose 12.5% — additional borrowing for investment or operations; monitor coverage ratios.

Current Assets
Balance Sheet
+11.7%
$15.1B$16.9B

Current assets grew 11.7% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+11.2%
$12.6B$14.0B

Current liabilities rose 11.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-25
ADDED
As of February 20, 2026, there were outstanding 94,545,903 ordinary shares, nominal value $0.000304635 per share, of the Registrant.
United Kingdom Brexit The United Kingdom s exit from the European Union, which occurred on January 31, 2020 E.U.
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.
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.
Our risk control services span from strategic risk consulting, including actuarial analysis and various due diligence services, to practical on-site support such as health and safety or property loss control consulting, alongside analytical and advisory services like hazard modeling and climate risk quantification.
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REMOVED
As of February 19, 2025, there were outstanding 99,692,639 ordinary shares, nominal value $0.000304635 per share, of the Registrant.
United Kingdom Brexit The United Kingdom s exit from the European Union, which occurred on January 31, 2020.
Our clients include many of the world s leading corporations, including approximately 96% of the FTSE 100, 89% of the Fortune 1000, and 90% of the Fortune Global 500 companies.
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 2024, 2023 or 2022.
Our risk control services range from strategic risk consulting (including providing actuarial analysis) to a variety of due diligence services, to the provision of practical on-site risk control services (such as health and safety or property loss control consulting), as well as analytical and advisory services (such as hazard modeling and climate risk quantification).
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