WTW · 10-Q · 2026Q3 · Full report

Free Cash Flow

WILLIS TOWERS WATSON PLC · 2026-10-29 · Importance 53 · Surprise 48 · Contradicted

For the nine months ended September 30, 2026, operating cash flow was $1.213 billion, up from $1.004 billion in the prior-year period. Net additions to fixed assets and software were $149 million, compared with $166 million a year earlier, producing free cash flow of $1.064 billion. The increase was primarily driven by operating margin expansion, and the period included $29 million in cash proceeds from building and related-improvement disposals.

Key facts

• WTW generated $1.2 billion of operating cash flow in the nine months ended September 30, 2026, compared with $1.0 billion in the prior-year period; the increase was primarily driven by operating margin expansion. source
• WTW’s net cash from operating activities for the nine months ended September 30, 2026 included $843 million net income, $547 million of favorable non-cash adjustments and $177 million of unfavorable changes in operating assets and liabilities. source
• WTW free cash flow was $1,064 million for the nine months ended September 30, 2026. source
• WTW’s free cash flow increase was primarily driven by operating margin expansion. source

Impact estimates