WTW
Willis Towers Watson Public Limited CompanyIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $9B | $8.87B | $9.48B | $9.93B | $9.71B | $10.42B | $10.99B | $11.63B |
| Cost of revenue | $5.25B | $5.07B | $5.34B | $5.5B | $5.63B | $5.92B | $6.39B | $6.57B |
| Gross profit | $3.75B | $3.8B | $4.14B | $4.43B | $4.08B | $4.41B | $4.71B | $4.95B |
| Gross margin | +41.62% | +42.87% | +43.65% | +44.59% | +42.06% | +42.36% | +42.85% | +42.55% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $1.54B | $2.62B | $2.77B | $3.8B | $1.85B | $3B | $3.26B | $3.39B |
| Operating income | $2.2B | $1.18B | $1.37B | $627M | $2.23B | $1.51B | $1.59B | $1.67B |
| Operating margin | +24.47% | +13.29% | +14.39% | +6.31% | +23.01% | +14.47% | +14.50% | +14.32% |
| EBITDA | $3.55B | $2.03B | $2.02B | $823M | $2.68B | $1.95B | $2.05B | $2.2B |
| EBIT | $2.9B | $1.47B | $1.51B | $367M | $2.26B | $1.47B | $1.58B | $1.67B |
| Below the line | ||||||||
| Interest expense | $211M | $208M | $235M | $263M | $260M | $278.27M | $282.78M | $293.88M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $490M | $80M | -$86M | -$523M | -$303M | — | — | — |
| Pre-tax income | $2.69B | $1.26B | $1.28B | $104M | $1.93B | $1.21B | $1.26B | $1.33B |
| Income tax expense | $536M | $194M | $215M | $192M | $318M | $204.12M | $215.68M | $228.13M |
| Earnings | ||||||||
| Net income | $4.22B | $1.01B | $1.06B | -$98M | $1.61B | $953.9M | $950.09M | $1.01B |
| Net income · continuing ops | $2.16B | $1.06B | $1.06B | -$88M | $1.61B | $941.87M | $1B | $1.07B |
| Net margin | +46.92% | +11.38% | +11.13% | -0.99% | +16.53% | +9.16% | +8.64% | +8.66% |
| EPS · basic | $15.02 | $9.00 | $10.05 | $-0.96 | $16.34 | $19.69 | $22.49 | $25.02 |
| EPS · diluted | $14.90 | $8.98 | $9.95 | $-0.96 | $16.26 | $19.54 | $22.13 | $25.09 |
| EPS · low estimate | — | — | — | — | — | $19.27 | $21.51 | $21.90 |
| EPS · high estimate | — | — | — | — | — | $20.01 | $22.84 | $29.52 |
| Shares · basic | 128M | 112M | 105M | 102M | 98M | 98.8M | 98.88M | 98.24M |
| Shares · diluted | 129M | 112M | 106M | 102M | 99M | 98.49M | 99.01M | 98.14M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 8 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 3 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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