Short answer
Willis Towers Watson (WTW) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $9.7B (+4.7% year over year) and net income of −$98M.
- Top risk flagged: Legal risk from goodwill impairment related to TRANZACT business sale, $1,042M expense in 2024 impacting net loss
FY2024 key financial metrics · XBRL
- Revenue
- $9.7B
- +4.7% YoY
- Net income
- −$98M
- −109.3% YoY
- Operating margin
- 6.4%
- −8.2 pp YoY
- EPS (diluted)
- −$0.96
- −109.6% YoY
- ROE
- -1.2%
- −12.3 pp YoY
- Operating cash flow
- $1.5B
- +12.4% YoY
Source: XBRL data from the Willis Towers Watson (WTW) FY2024 10-K on SEC EDGAR. USD.
Willis Towers Watson FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global advisory, broking and solutions for risk, retirement and health
- No new products, services, or segments introduced or emphasized this year
- No strategic shift or changed competitive positioning disclosed compared to prior year
- No quantitative business metrics, expansions or market share changes reported
- Filing focused mainly on governance disclosures, Code of Conduct updates, and compliance with insider trading regulations
Management Discussion & Analysis
- Revenue $9.93B, up 5% YoY, with organic growth also 5% excluding currency and acquisitions
- Adjusted operating income $2.38B, margin 23.9% vs 22.0% in prior year; GAAP operating income margin 6.3% vs 14.4%
- Adjusted EBITDA $2.71B, margin 27.3% vs 25.6%; net loss $(88)M vs net income $1.06B previous year
- Share repurchases $901M (3.14M shares at $286.43 avg), dividends paid $354M, capex $245M with $225-250M guidance for 2025
- Management highlights Transformation program benefits supporting margin expansion; key risks include litigation provision and tax rate volatility
Risk Factors
- Legal risk from goodwill impairment related to TRANZACT business sale, $1,042M expense in 2024 impacting net loss
- Macroeconomic threat from lower income, net loss $(98)M in 2024 vs net income $1,055M in 2023, reflecting operational pressures
- Operational risk from restructuring and transformation costs totaling $470M in 2024 affecting cost efficiency
- Competitive risk due to divestiture of TRANZACT business, potentially weakening market position in transaction services
- Financial risk of rising interest expense $263M (3% of revenue) in 2024 versus $235M (2%) in 2023 reducing income from operations
Generated from the filing text; verify against the original. How to read a 10-K
Other Willis Towers Watson annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.