WTW · 10-Q · 2026Q3 · Full report
Balance Sheet and Liquidity
WILLIS TOWERS WATSON PLC · 2026-10-29 · Importance 66 · Surprise 40 · From source text
At September 30, 2026, the Obligor group reported net payables to non-guarantor subsidiaries of $18.2 billion, up from $16.3 billion at December 31, 2025. It also reported net intercompany receivables of $1.9 billion at both dates. The filing states that the Obligor group’s ability to service its notes depends on non-guarantor subsidiaries’ net cash flows and their ability to transfer funds, while laws and contractual arrangements may restrict those transfers.
Key facts
- The Obligor group’s net payables to non-guarantor subsidiaries were $18.2 billion at September 30, 2026 and $16.3 billion at December 31, 2025. source
- WTW cash and cash equivalents totaled $1.9 billion at September 30, 2026, compared with $3.1 billion at December 31, 2025. source
- WTW total debt was $6.532 billion at September 30, 2026, compared with $6.306 billion at December 31, 2025; its capitalization ratio was 45.7%, compared with 44.2%. source
- WTW’s cash decline through September 30, 2026 reflected $1.1 billion of acquisition-related outflows, $970 million in share repurchases and $267 million in dividends, partly offset by $1.2 billion of operating cash inflows. source
- WTW’s financing activities in the nine months ended September 30, 2026 included $970 million of share repurchases, $552 million of debt repayments and $267 million of dividends, partly offset by $771 million of net other-debt borrowings. source
- At September 30, 2026, the Obligor group had net receivables of $1.9 billion from non-guarantor subsidiaries, unchanged from December 31, 2025. source
- WTW had all borrowing capacity available under its $1.5 billion revolving credit facility at September 30, 2026 and December 31, 2025. source
- The Obligor group’s ability to service its debt depends on net cash flows from non-guarantor subsidiaries and their ability to distribute those funds; certain laws and contractual arrangements may restrict such distributions. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -6.3% | The Obligor group’s net payables to non-guarantor subsidiaries were $18.2 billion at September 30, 2026 and $16.3 billion at December 31,… |
| cash | negative | realized | -4.0% | WTW cash and cash equivalents totaled $1.9 billion at September 30, 2026, compared with $3.1 billion at December 31, 2025. |
| cash | positive | realized | +2.6% | WTW’s financing activities in the nine months ended September 30, 2026 included $970 million of share repurchases, $552 million of debt… |
| liability | negative | realized | -2.6% | WTW’s financing activities in the nine months ended September 30, 2026 included $970 million of share repurchases, $552 million of debt… |
| cash | negative | realized | -1.8% | WTW’s financing activities in the nine months ended September 30, 2026 included $970 million of share repurchases, $552 million of debt… |
| liability | positive | realized | +1.8% | WTW’s financing activities in the nine months ended September 30, 2026 included $970 million of share repurchases, $552 million of debt… |
| liability | negative | realized | -0.8% | WTW total debt was $6.532 billion at September 30, 2026, compared with $6.306 billion at December 31, 2025; its capitalization ratio was… |