Willis Towers Watson (WTW) Cost of Revenue (2009 - 2026)
Willis Towers Watson posted quarterly Cost of Revenue of $385.0 million for Q1 2026, up 5.48% year-on-year from $365.0 million in Q1 2025, and up 8.45% on a QoQ basis from $355.0 million in Q4 2025.
Willis Towers Watson (WTW) has 18 years of Cost of Revenue data on file, last reported at $385.0 million in Q1 2026.
- For the quarter ending Q1 2026, Cost of Revenue rose 5.48% year-over-year to $385.0 million; the trailing twelve-month figure through Mar 2026 stood at $1.4 billion (down 17.98% YoY), and the FY2025 full-year result was $1.4 billion, down 23.19% from the prior year.
- Cost of Revenue for Q1 2026 stood at $385.0 million, up from $355.0 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $533.0 million in Q4 2023 and bottomed at $336.0 million in Q2 2025.
- The 5-year median for Cost of Revenue is $419.0 million (2024), against an average of $419.8 million.
- The widest annual swing landed in 2023, when Cost of Revenue gained 23.38%; it then plunged 31.47% in 2025.
- A 5-year view of Cost of Revenue shows it stood at $432.0 million in 2022, then increased by 23.38% to $533.0 million in 2023, then dropped by 2.81% to $518.0 million in 2024, then tumbled by 31.47% to $355.0 million in 2025, then rose by 8.45% to $385.0 million in 2026.
- The last three Cost of Revenue figures came in at $385.0 million (Q1 2026), $355.0 million (Q4 2025), and $352.0 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Aon | 69.60 Bn | 68.21 Bn | - | - |
| 2 | Arthur J. Gallagher | 52.64 Bn | 51.26 Bn | - | - |
| 3 | Willis Towers Watson | 24.45 Bn | 22.68 Bn | 1.98 Bn | 385.00 Mn |
| 4 | Brown & Brown | 19.37 Bn | 18.39 Bn | 1.61 Bn | 289.00 Mn |
| 5 | XChange TEC.INC | 6.95 Bn | 6.95 Bn | - | - |
| 6 | Accelerant Holdings | 3.83 Bn | 2.32 Bn | 48.00 Mn | 81.80 Mn |
| 7 | Corvel | 3.22 Bn | 2.87 Bn | 54.92 Mn | 180.71 Mn |
| 8 | Baldwin Insurance | 1.84 Bn | 2.28 Bn | - | - |
| 9 | Goosehead Insurance | 1.01 Bn | 899.53 Mn | - | - |
| 10 | Twfg | 279.02 Mn | 351.22 Mn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 385.00 Mn |
| Mar 31, 2026 | 385.00 Mn |
| Dec 31, 2025 | 355.00 Mn |
| Dec 31, 2025 | 355.00 Mn |
| Sep 30, 2025 | 352.00 Mn |
| Sep 30, 2025 | 352.00 Mn |
| Jun 30, 2025 | 336.00 Mn |
| Jun 30, 2025 | 336.00 Mn |
| Mar 31, 2025 | 365.00 Mn |
| Mar 31, 2025 | 365.00 Mn |
| Dec 31, 2024 | 518.00 Mn |
| Dec 31, 2024 | 518.00 Mn |
| Sep 30, 2024 | 419.00 Mn |
| Sep 30, 2024 | 419.00 Mn |
| Jun 30, 2024 | 439.00 Mn |
| Jun 30, 2024 | 439.00 Mn |
| Mar 31, 2024 | 457.00 Mn |
| Mar 31, 2024 | 457.00 Mn |
| Dec 31, 2023 | 533.00 Mn |
| Dec 31, 2023 | 533.00 Mn |
| Sep 30, 2023 | 396.00 Mn |
| Sep 30, 2023 | 396.00 Mn |
| Jun 30, 2023 | 433.00 Mn |
| Jun 30, 2023 | 433.00 Mn |
| Mar 31, 2023 | 453.00 Mn |
| Mar 31, 2023 | 453.00 Mn |
| Dec 31, 2022 | 432.00 Mn |
| Dec 31, 2022 | 432.00 Mn |
| Sep 30, 2022 | 384.00 Mn |
| Sep 30, 2022 | 384.00 Mn |
| Jun 30, 2022 | 393.00 Mn |
| Jun 30, 2022 | 393.00 Mn |
| Mar 31, 2022 | 486.00 Mn |
| Mar 31, 2022 | 486.00 Mn |
| Dec 31, 2021 | 504.00 Mn |
| Dec 31, 2021 | 504.00 Mn |
| Sep 30, 2021 | 385.00 Mn |
| Sep 30, 2021 | 385.00 Mn |
| Jun 30, 2021 | 384.00 Mn |
| Jun 30, 2021 | 384.00 Mn |
| Mar 31, 2021 | 400.00 Mn |
| Mar 31, 2021 | 400.00 Mn |
| Dec 31, 2020 | 487.00 Mn |
| Dec 31, 2020 | 487.00 Mn |
| Sep 30, 2020 | 370.00 Mn |
| Sep 30, 2020 | 370.00 Mn |
| Jun 30, 2020 | 387.00 Mn |
| Jun 30, 2020 | 387.00 Mn |
| Mar 31, 2020 | 484.00 Mn |
| Mar 31, 2020 | 484.00 Mn |
| Dec 31, 2019 | 400.00 Mn |
| Dec 31, 2019 | 400.00 Mn |
| Sep 30, 2019 | 417.00 Mn |
| Sep 30, 2019 | 417.00 Mn |
| Jun 30, 2019 | 412.00 Mn |
| Jun 30, 2019 | 412.00 Mn |
| Mar 31, 2019 | 418.00 Mn |
| Mar 31, 2019 | 418.00 Mn |
| Dec 31, 2018 | 434.00 Mn |
| Dec 31, 2018 | 434.00 Mn |
| Sep 30, 2018 | 374.00 Mn |
| Sep 30, 2018 | 374.00 Mn |
| Jun 30, 2018 | 406.00 Mn |
| Jun 30, 2018 | 406.00 Mn |
| Mar 31, 2018 | 423.00 Mn |
| Mar 31, 2018 | 423.00 Mn |
| Dec 31, 2017 | 376.00 Mn |
| Dec 31, 2017 | 376.00 Mn |
| Sep 30, 2017 | 366.00 Mn |
| Sep 30, 2017 | 366.00 Mn |
| Jun 30, 2017 | 391.00 Mn |
| Jun 30, 2017 | 391.00 Mn |
| Mar 31, 2017 | 401.00 Mn |
| Mar 31, 2017 | 401.00 Mn |
| Dec 31, 2016 | 380.00 Mn |
| Dec 31, 2016 | 380.00 Mn |
| Sep 30, 2016 | 370.00 Mn |
| Sep 30, 2016 | 370.00 Mn |
| Jun 30, 2016 | 373.00 Mn |
| Jun 30, 2016 | 373.00 Mn |
| Mar 31, 2016 | 431.00 Mn |
| Mar 31, 2016 | 431.00 Mn |
| Dec 31, 2015 | 202.00 Mn |
| Dec 31, 2015 | 202.00 Mn |
| Sep 30, 2015 | 177.00 Mn |
| Sep 30, 2015 | 177.00 Mn |
| Jun 30, 2015 | 179.00 Mn |
| Jun 30, 2015 | 179.00 Mn |
| Mar 31, 2015 | 160.00 Mn |
| Mar 31, 2015 | 160.00 Mn |
| Dec 31, 2014 | 165.00 Mn |
| Dec 31, 2014 | 165.00 Mn |
| Sep 30, 2014 | 156.00 Mn |
| Sep 30, 2014 | 156.00 Mn |
| Jun 30, 2014 | 173.00 Mn |
| Jun 30, 2014 | 173.00 Mn |
| Mar 31, 2014 | 165.00 Mn |
| Mar 31, 2014 | 165.00 Mn |
| Dec 31, 2013 | 166.00 Mn |
| Dec 31, 2013 | 166.00 Mn |
| Sep 30, 2013 | 149.00 Mn |
| Sep 30, 2013 | 149.00 Mn |
| Jun 30, 2013 | 159.00 Mn |
| Jun 30, 2013 | 159.00 Mn |
| Mar 31, 2013 | 162.00 Mn |
| Mar 31, 2013 | 162.00 Mn |
| Dec 31, 2012 | 169.00 Mn |
| Dec 31, 2012 | 169.00 Mn |
| Sep 30, 2012 | 146.00 Mn |
| Sep 30, 2012 | 146.00 Mn |
| Jun 30, 2012 | 129.00 Mn |
| Jun 30, 2012 | 129.00 Mn |
| Mar 31, 2012 | 156.00 Mn |
| Mar 31, 2012 | 156.00 Mn |
| Dec 31, 2011 | 194.00 Mn |
| Dec 31, 2011 | 194.00 Mn |
| Sep 30, 2011 | 146.00 Mn |
| Sep 30, 2011 | 146.00 Mn |
| Jun 30, 2011 | 164.00 Mn |
| Jun 30, 2011 | 164.00 Mn |
| Mar 31, 2011 | 152.00 Mn |
| Mar 31, 2011 | 152.00 Mn |
| Dec 31, 2010 | 151.00 Mn |
| Dec 31, 2010 | 151.00 Mn |
| Sep 30, 2010 | 129.00 Mn |
| Sep 30, 2010 | 129.00 Mn |
| Jun 30, 2010 | 135.00 Mn |
| Jun 30, 2010 | 135.00 Mn |
| Sep 30, 2009 | 151.00 Mn |
| Sep 30, 2009 | 151.00 Mn |
| Jun 30, 2009 | 139.00 Mn |
| Jun 30, 2009 | 139.00 Mn |