Cash Flow Statement
Growth Metrics

Willis Towers Watson (WTW) Operating Expenses (2009 - 2026)

Willis Towers Watson posted quarterly Operating Expenses of $2.0 billion for Q1 2026, up 9.66% year-on-year from $1.8 billion in Q1 2025, and up 2.29% on a QoQ basis from $1.9 billion in Q4 2025.

Willis Towers Watson (WTW) has 18 years of Operating Expenses data on file, last reported at $2.0 billion in Q1 2026.

  • For the quarter ending Q1 2026, Operating Expenses rose 9.66% year-over-year to $2.0 billion; the trailing twelve-month figure through Mar 2026 stood at $7.6 billion (down 15.34% YoY), and the FY2025 full-year result was $7.5 billion, down 19.66% from the prior year.
  • Operating Expenses for Q1 2026 stood at $2.0 billion, up from $1.9 billion in the prior quarter.
  • Across five years, Operating Expenses topped out at $3.1 billion in Q3 2024 and bottomed at $1.8 billion in Q1 2025.
  • The 5-year median for Operating Expenses is $2.0 billion (2022), against an average of $2.0 billion.
  • The widest annual swing landed in 2022, when Operating Expenses surged 113.66%; it then sank 38.79% in 2025.
  • A 5-year view of Operating Expenses shows it stood at $2.0 billion in 2022, then gained by 6.01% to $2.1 billion in 2023, then slipped by 0.05% to $2.1 billion in 2024, then dropped by 10.03% to $1.9 billion in 2025, then increased by 2.29% to $2.0 billion in 2026.
  • The last three Operating Expenses figures came in at $2.0 billion (Q1 2026), $1.9 billion (Q4 2025), and $1.9 billion (Q3 2025), per Business Quant data.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Aon 69.60 Bn 68.21 Bn - 3.32 Bn
2 Arthur J. Gallagher 52.64 Bn 51.26 Bn - 3.72 Bn
3 Willis Towers Watson 24.45 Bn 22.68 Bn 1.98 Bn 1.96 Bn
4 Brown & Brown 19.37 Bn 18.39 Bn 1.61 Bn 17.00 Mn
5 XChange TEC.INC 6.95 Bn 6.95 Bn - -
6 Accelerant Holdings 3.83 Bn 2.32 Bn 48.00 Mn 271.30 Mn
7 Corvel 3.22 Bn 2.87 Bn 54.92 Mn 22.68 Mn
8 Baldwin Insurance 1.84 Bn 2.28 Bn - 633.50 Mn
9 Goosehead Insurance 1.01 Bn 899.53 Mn - 78.08 Mn
10 Twfg 279.02 Mn 351.22 Mn - 60.49 Mn

Historic Data

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DateValue
Mar 31, 2026 1.96 Bn
Dec 31, 2025 1.92 Bn
Sep 30, 2025 1.87 Bn
Jun 30, 2025 1.89 Bn
Mar 31, 2025 1.79 Bn
Dec 31, 2024 2.13 Bn
Sep 30, 2024 3.06 Bn
Jun 30, 2024 2.05 Bn
Mar 31, 2024 2.06 Bn
Dec 31, 2023 2.14 Bn
Sep 30, 2023 2.01 Bn
Jun 30, 2023 2.02 Bn
Mar 31, 2023 1.96 Bn
Dec 31, 2022 2.01 Bn
Sep 30, 2022 1.80 Bn
Jun 30, 2022 1.89 Bn
Mar 31, 2022 1.98 Bn
Dec 31, 2021 2.02 Bn
Sep 30, 2021 842.00 Mn
Jun 30, 2021 1.92 Bn
Mar 31, 2021 2.02 Bn
Dec 31, 2020 2.09 Bn
Sep 30, 2020 1.83 Bn
Jun 30, 2020 1.85 Bn
Mar 31, 2020 1.98 Bn
Dec 31, 2019 2.00 Bn
Sep 30, 2019 1.88 Bn
Jun 30, 2019 1.87 Bn
Mar 31, 2019 1.95 Bn
Dec 31, 2018 1.90 Bn
Sep 30, 2018 1.84 Bn
Jun 30, 2018 1.93 Bn
Mar 31, 2018 2.03 Bn
Dec 31, 2017 2.00 Bn
Sep 30, 2017 1.88 Bn
Jun 30, 2017 1.89 Bn
Mar 31, 2017 1.92 Bn
Dec 31, 2016 1.84 Bn
Sep 30, 2016 1.78 Bn
Jun 30, 2016 1.81 Bn
Mar 31, 2016 1.91 Bn
Dec 31, 2015 972.00 Mn
Sep 30, 2015 819.00 Mn
Jun 30, 2015 817.00 Mn
Mar 31, 2015 794.00 Mn
Dec 31, 2014 819.00 Mn
Sep 30, 2014 778.00 Mn
Jun 30, 2014 787.00 Mn
Mar 31, 2014 771.00 Mn
Dec 31, 2013 774.00 Mn
Sep 30, 2013 725.00 Mn
Jun 30, 2013 723.00 Mn
Mar 31, 2013 770.00 Mn
Dec 31, 2012 1.65 Bn
Sep 30, 2012 684.00 Mn
Jun 30, 2012 663.00 Mn
Mar 31, 2012 696.00 Mn
Dec 31, 2011 738.00 Mn
Sep 30, 2011 670.00 Mn
Jun 30, 2011 705.00 Mn
Mar 31, 2011 768.00 Mn
Dec 31, 2010 651.00 Mn
Sep 30, 2010 627.00 Mn
Jun 30, 2010 630.00 Mn
Sep 30, 2009 643.00 Mn
Jun 30, 2009 619.00 Mn