Willis Towers Watson Public Limited Company logo WTW - Willis Towers Watson Public Limited Company

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 1
BUY 18
HOLD 9
SELL 1
STRONG
SELL 0
| PRICE TARGET: $337.38 DETAILS
HIGH: $409.00
LOW: $275.00
MEDIAN: $338.00
CONSENSUS: $337.38
UPSIDE: 31.07%
Annual Quarterly
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1
Revenue
Revenue 2,412 2,936 2,288 2,261 2,223 3,035 2,289 2,265 2,341 2,914 2,166 2,159 2,244 2,722 1,953 2,031 2,160 2,706 1,973 2,091 2,228 2,764 1,897 2,113 2,466 2,690 1,989 2,048 2,312 2,372 1,859 1,990 2,292 2,078 1,852 1,953 2,319 1,927 1,777 1,949 2,234 974 846 922 1,087 958 812 935 1,097 919 795 890 1,051 871 754 842 1,013 814 760 861 1,007 835 733 799 972 824 725 784 930 799 579 661 795 639 574 626 739 621 543 593 671 562 487 549 669 588 490 532 665 577 492 483 411 387 337 375
Cost of Revenue 1,819 1,439 1,413 1,449 1,324 1,367 1,396 1,397 1,342 533 396 1,347 1,313 1,263 1,225 1,259 1,318 1,262 1,255 1,317 1,419 1,419 1,238 1,363 1,394 1,340 1,283 1,278 1,348 1,233 1,238 1,275 1,377 1,261 1,212 1,211 1,253 1,127 1,119 1,201 1,196 608 570 561 567 600 569 575 570 569 541 529 568 2,475 502 500 506 0 0 0 0 0 0 0 0 0 0 0 0 0 131 0 0 0 116 114 111 0 138 108 0 0 89 98 0 0.0 0 0 0 0 0 0 0 0 0 0
Gross Profit 593 1,497 875 812 899 1,668 893 868 999 2,381 1,770 812 931 1,459 728 772 842 1,444 718 774 809 1,345 659 750 1,072 1,350 706 770 964 1,139 621 715 915 817 640 742 1,066 800 658 748 1,038 366 276 361 520 358 243 360 527 350 254 361 483 (1,604) 252 342 507 814 760 861 1,007 835 733 799 972 824 725 784 930 799 448 661 795 639 458 512 628 621 405 485 671 562 398 451 669 588.0 490 532 665 577 492 483 411 387 337 375
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 0 0 0 0 0 0 29 (21) 0 42 (29) (25) 0 0 (64) (69) 0 0 0 (72) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 502 500 506 507 489 505 583 469 462 456 486 455 449 443 480 1,049 359 428 411 819 352 360 377 829 383 351 348 492 319 316 511 412 369 373 419 375 351 290 372 283 259 268
Other Expenses 145 481 457 444 467 767 1,630 677 719 1,560 1,640 695 646 751 638 704 663 754 (413) 676 598 758 593 587 712 663 599 594 605 669 604 652 656 707 666 681 665 712 657 612 712 364 249 256 227 219 209 212 201 198 184 194 202 (829) (320) (337) (316) 226 181 200 185 189 165 174 185 196 194 176 176 (386) 23 156 159 (331) 13 14 13 (340) (75) 15 119 (37) 13 (64) 64 6 12 6 12 10 5 (4) 9 22 16 18
Operating Expenses 145 481 457 444 467 767 1,659 656 719 1,602 1,611 670 646 751 574 635 663 754 (413) 604 598 758 593 587 712 663 599 594 605 669 604 652 656 707 666 681 665 712 657 612 712 364 249 256 227 219 209 212 201 198 184 194 202 (829) 182 163 190 733 670 705 768 658 627 630 671 651 643 619 656 663 382 584 570 488 365 374 390 489 308 366 467 455 332 252 575 418 381 379 431 385 356 286 381 305 275 286
Operating Income
Operating Income 448 1,016 418 368 432 901 (766) 212 280 779 159 142 285 708 154 137 179 690 1,131 170 211 587 66 163 360 687 107 176 359 470 17 63 259 110 (26) 61 401 88 1 136 326 2 27 105 293 139 34 148 326 152 70 167 281 (775) 70 179 317 81 90 156 239 177 106 169 301 173 82 165 274 136 66 77 225 151 93 138 238 132 97 119 204 107 66 199 94 170 109 153 234 192 136 197 30 82 62 89
Interest Expense 77 66 65 64 65 66 65 68 64 63 61 57 54 54 54 51 49 50 50 52 59 60 61 62 61 62 62 56 54 54 51 52 51 49 47 46 46 46 45 47 46 39 35 35 33 34 34 35 32 33 30 32 31 31 32 33 32 44 38 34 40 42 40 41 43 46 47 43 38 0 0 21 16 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0.1 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0 0 0 0.1 0 0 0 0 0 0
Profitability
EBITDA 504 1,144 558 483 470 1,858 470 352 425 920 347 311 441 928 370 378 357 927 1,390 414 823 846 403 425 671 927 338 425 595 712 268 319 507 351 210 304 647 281 189 311 512 79 84 167 323 195 61 181 362 191 50 206 327 (740) 105 213 351 115 125 192 105 213 142 206 337 214 126 202 312 173 86 94 241 168 109 155 254 142 121 134 218 121 79 216 107 182 121 164 246 203 145 207 38 99 78 107
EBIT 448 1,035 455 377 368 1,754 354 235 306 802 225 177 310 791 239 230 206 774 1,236 244 649 662 222 239 452 737 162 243 414 531 87 126 315 128 12 95 444 87 (13) 142 308 31 36 128 287 157 25 145 326 152 15 171 287 (775) 70 179 317 81 90 156 68 177 106 169 301 173 82 165 274 136 66 77 225 151 93 138 238 125 104 119 204 107 66 199 94 170 109 153 234 192 136 197 30 82 62 89
Income Before Tax 376 933 383 311 304 1,688 (1,994) 168 242 739 164 120 256 737 185 179 157 724 1,186 192 590 602 161 177 391 675 100 187 360 477 36 74 264 80 (35) 50 399 41 (57) 95 263 (14) 4 91 270 118 (6) 107 313 108 (16) 136 271 (813) 36 145 300 26 62 119 44 131 75 126 278 118 51 122 262 100 34 53 235 133 76 119 226 121 88 110 195 98 57 193 88 163 103 149 212 179 123 182 13 63 41 68
Income Tax Expense 70 197 77 (21) 65 440 (322) 26 48 116 25 24 50 131 1 19 43 150 267 75 44 119 42 75 78 124 20 38 67 94 (10) 9 43 (173) 19 8 46 (107) (26) 19 18 4 (112) 19 56 35 2 59 63 34 11 29 48 (13) 10 36 68 (2) 2 31 1 28 10 35 67 32 (29) 31 62 23 (2) 12 60 28 12 36 68 (38) 3 36 62 31 16 75 26 53 31 52 72 57 44 58 20 26 16 31
Net Income 297 735 304 331 235 1,246 (1,675) 141 190 622 136 94 203 588 190 109 122 2,402 903 184 733 476 121 94 305 544 75 138 287 378 44 58 215 245 (54) 33 344 142 (32) 72 238 (24) 117 70 210 76 (7) 47 246 68 (27) 105 219 (805) 26 108 225 25 60 85 34 98 64 89 204 79 79 87 193 62 36 39 166 95 67 78 169 148 89 72 140 60 45 114 72 108 75 96 148 118 80 118 (7) 27 17 39
Per Share Data
EPS (Basic) 3.12 7.66 3.10 3.34 2.35 12.34 -16.42 1.37 1.84 6.02 1.30 0.88 1.90 5.42 1.73 1.43 1.03 19.23 7.01 1.42 5.64 3.67 0.93 0.73 2.36 4.20 0.58 1.06 2.21 2.91 0.34 0.44 1.62 1.85 -0.40 0.24 2.51 0.25 -0.23 0.52 1.76 -0.35 1.72 1.03 3.10 1.14 -0.11 0.69 3.63 1.01 -0.40 1.59 3.36 -12.33 0.40 1.64 3.43 0.61 0.93 1.30 0.53 1.52 1.01 1.38 3.21 1.24 1.25 1.38 3.07 0.98 0.66 0.74 3.10 1.77 1.25 1.46 2.94 2.58 1.51 1.22 2.36 1.01 0.74 1.85 1.17 1.76 1.27 1.62 2.49 1.98 1.40 2.10 -0.13 0.49 0.34 0.82
EPS (Diluted) 3.10 7.62 3.11 3.31 2.33 12.22 -16.42 1.36 1.83 5.98 1.29 0.88 1.88 5.40 1.71 1.43 1.03 19.19 6.99 1.41 5.63 3.66 0.93 0.72 2.34 4.18 0.58 1.06 2.20 2.89 0.33 0.44 1.61 1.84 -0.40 0.24 2.50 0.25 -0.23 0.51 1.75 -0.35 1.70 1.01 3.05 1.11 -0.10 0.69 3.58 0.98 -0.40 1.56 3.28 -12.33 0.40 1.62 3.39 0.61 0.90 1.27 0.53 1.49 0.98 1.38 3.18 1.23 1.25 1.38 3.07 0.98 0.66 0.72 3.07 1.76 1.22 1.43 2.91 2.55 1.48 1.19 2.33 1.00 0.74 1.85 1.14 1.70 1.19 1.51 2.30 1.84 1.25 1.85 -0.13 0.45 0.32 0.79
Shares Outstanding 95.2 96 99 100 100 101 102 103 103 103 105 107 107 108 110 112 118 125 129 130 130 130 130 129 130 129 130 130 130 130 131 132 133 133 134 136 137 137 138 139 135 68.0 68.0 68.0 67.6 66.8 66.0 67.6 67.6 67.2 66.8 66.1 65.3 65.3 65.3 65.3 65.7 65.7 65.3 64.9 64.6 64.6 64.2 64.2 63.8 63.8 63.4 63.4 63.0 62.7 53.6 53.2 53.6 53.6 54.0 53.6 57.4 57.4 59.3 59.3 59.3 59.3 60.4 61.5 61.5 61.5 59.3 59.6 59.6 59.6 57.4 56.2 55.5 55.5 48.3 46.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2 2009 Q1 2007 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2001 Q3 2001 Q2 2001 Q1
Current Assets
Cash & Cash Equivalents 1,855 3,132 1,895 1,963 1,507 1,890 1,372 1,247 1,893 1,424 1,247 1,602 1,135 1,262 1,496 1,920 2,198 4,486 2,162 2,217 1,960 2,039 1,647 1,087 898 887 867 812 992 1,033 931 911 954 1,030 912 852 901 870 767 949 954 139 196 191 103 147 210 383 211 364 286 189 211 194 120 141 96
Short-Term Investments 0 0 30 28 0 0 0 0 0 0 0 0 0 0 0 0 0 200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17 48 65 66 61 56 57 54 54 43 42 42
Net Receivables 2,648 2,702 2,525 2,715 2,366 2,494 2,118 2,425 2,430 2,572 2,079 2,206 2,261 2,387 1,884 2,025 2,186 2,370 2,065 2,507 2,569 2,408 2,223 2,430 2,594 2,621 2,167 2,461 2,490 2,379 2,132 2,394 2,600 2,246 2,155 2,288 2,307 2,080 2,043 2,187 2,268 9,687 10,528 816 10,382 9,688 8,604 8,474 8,797 6,980 8,556 8,268 6,589 6,930 5,256 5,631 5,678
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 11,582 11,040 10,171 10,899 10,323 10,598 10,698 10,256 9,940 9,314 8,373 8,608 12,426 12,054 11,559 12,322 11,914 11,295 15,890 15,383 16,205 15,734 15,567 16,273 15,892 13,384 14,214 14,927 15,129 12,872 13,529 14,126 13,613 12,453 12,462 12,751 12,266 10,711 11,797 11,965 12,215 1,977 1,675 9,938 1,952 1,803 1,690 1,576 1,616 1,502 1,535 1,554 1,369 1,599 1,258 1,225 1,097
Total Current Assets 16,085 16,874 14,621 15,605 15,461 15,105 14,313 14,029 14,642 13,433 11,834 12,817 15,946 15,835 15,051 16,370 16,412 18,488 20,591 20,568 20,872 20,301 19,914 19,922 19,550 17,122 17,400 18,333 19,020 16,420 16,756 17,889 17,606 15,861 15,691 16,233 15,795 13,799 14,733 15,230 15,579 11,803 12,399 10,512 12,437 11,655 10,552 10,498 10,690 8,907 10,433 10,068 8,223 8,777 6,677 7,039 6,913
Non-Current Assets
Property, Plant & Equipment 1,170 1,182 1,166 1,191 1,154 1,146 1,249 1,245 1,245 1,285 1,243 1,295 1,300 1,304 1,285 1,365 1,518 1,571 1,676 1,757 1,792 1,916 1,891 1,883 1,880 2,014 1,922 1,897 1,903 942 944 924 926 985 937 895 863 839 811 794 790 346 352 352 336 305 279 238 242 249 226 212 213 202 180 178 180
Goodwill 9,662 8,938 8,936 8,938 8,841 8,799 8,882 10,184 10,186 10,195 10,143 10,202 10,193 10,173 10,089 10,158 10,200 10,183 10,146 10,995 10,986 11,204 11,131 11,196 11,162 11,194 11,187 10,454 10,456 10,477 10,457 10,468 10,555 10,519 10,529 10,509 10,442 10,426 10,483 10,527 10,477 3,271 3,272 3,277 3,267 3,272 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 1,275 1,141 1,185 1,232 1,255 1,295 1,360 1,898 1,960 2,016 2,064 2,146 2,212 2,273 2,314 2,408 2,492 2,555 2,681 2,786 2,878 3,043 3,125 3,257 3,360 3,478 3,561 3,055 3,187 3,318 3,429 3,562 3,761 3,882 4,034 4,156 4,245 4,368 4,589 4,713 5,086 528 551 572 637 652 1,727 1,430 1,416 1,345 1,330 1,314 1,262 1,260 1,200 1,208 1,220
Long-Term Investments 0 0 232 230 0 157 91 0 0 88 0 0 0 90 0 0 0 55 0 0 0 70 20 0 0 23 20 21 0 7 8 0 32 26 29 0 0 30 29 31 53 151 172 156 295 293 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 1,445 1,395 1,065 1,035 1,353 941 1,169 2,266 2,204 1,987 2,339 2,313 2,255 2,026 2,252 2,208 2,219 2,039 2,188 2,161 2,104 1,948 1,875 1,852 1,775 1,608 1,545 1,335 1,327 1,173 1,381 1,370 1,274 1,139 1,002 981 887 761 1,119 1,076 1,000 830 781 672 834 862 789 380 386 316 289 290 296 262 268 249 248
Total Non-Current Assets 13,552 12,656 12,818 12,873 12,603 12,576 12,855 15,593 15,595 15,657 15,789 15,956 15,960 15,934 15,940 16,139 16,429 16,482 16,691 17,699 17,760 18,230 18,123 18,188 18,177 18,389 18,303 16,833 16,873 15,976 16,285 16,324 16,606 16,597 16,581 16,541 16,437 16,474 17,068 17,179 17,450 5,217 5,216 5,111 5,430 5,448 2,840 2,183 2,177 2,051 1,996 1,969 1,922 1,792 1,701 1,673 1,691
Total Assets 29,637 29,530 27,439 28,478 28,064 27,681 27,168 29,622 30,237 29,090 27,623 28,773 31,906 31,769 30,991 32,509 32,841 34,970 37,282 38,267 38,632 38,531 38,037 38,110 37,727 35,511 35,703 35,166 35,893 32,396 33,041 34,213 34,212 32,458 32,272 32,774 32,232 30,273 31,801 32,409 33,029 17,020 17,615 15,623 17,867 17,103 13,392 12,681 12,867 10,958 12,429 12,037 10,145 10,569 8,378 8,712 8,604
Current Liabilities
Account Payables 0 0 962 1,006 1,007 1,053 0 1,099 1,106 1,073 0 1,016 1,002 975 876 900 926 898 911 961 913 857 0 832 854 856 882 793 688 691 679 715 670 908 0 703 135 117 121 123 114 10,975 11,494 9,686 11,599 10,795 9,811 9,810 10,142 8,210 9,829 9,609 7,725 8,231 6,242 6,602 6,510
Short-Term Debt 0 550 550 549 549 0 0 0 650 650 649 899 250 250 250 0 599 613 644 1,110 471 971 973 525 697 316 484 187 187 186 186 85 85 85 85 85 120 508 519 528 1,144 193 193 209 106 174 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 1,543 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,733 0 0 0 0 0 0 0 0 0 0 1,711 1,472 0 1,203 1,481 1,282 1,221 1,109 240 248 301 331 333 351 227 221 327 244 197 233 193 138 119 91
Other Current Liabilities 12,004 13,329 11,608 12,192 11,028 10,890 10,386 11,457 10,700 10,335 8,238 9,929 12,975 12,972 12,365 13,470 12,447 12,406 16,179 16,508 17,489 16,646 14,638 17,322 16,759 14,215 14,861 15,896 16,478 13,939 14,558 15,439 14,922 11,752 11,527 14,125 11,470 9,492 10,759 11,026 11,425 28 27 9,942 11 12 103 197 169 137 203 189 169 326 289 288 291
Total Current Liabilities 13,547 14,004 13,243 13,871 13,384 12,598 12,535 12,674 13,118 12,630 11,305 11,969 14,889 14,779 14,122 14,692 14,914 14,724 18,616 19,174 19,020 19,332 19,220 19,019 18,624 16,155 16,736 17,204 17,654 15,301 15,555 16,382 15,804 14,755 14,556 15,029 14,585 13,373 14,217 14,417 15,256 11,529 12,044 10,271 12,138 11,421 10,265 10,234 10,532 8,674 10,276 9,995 8,127 8,750 6,669 7,009 6,892
Non-Current Liabilities
Long-Term Debt 6,789 5,756 4,763 4,762 4,761 5,309 5,308 5,307 5,307 4,567 4,565 4,565 4,472 4,471 4,470 4,720 3,975 3,974 3,993 3,995 4,632 4,664 4,641 5,068 5,177 5,301 5,381 4,284 4,518 4,389 4,498 4,589 4,507 4,450 4,493 4,097 3,975 3,357 3,267 3,281 2,767 2,154 2,204 2,165 2,390 2,480 1,200 450 300 370 490 499 567 658 836 909 935
Deferred Tax Liabilities 0 0 38 37 0 45 94 552 550 542 706 721 736 748 758 804 835 845 612 628 576 561 587 575 501 526 690 532 544 559 678 691 711 615 856 823 799 994 1,137 1,156 1,234 28 27 29 11 12 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 1,242 1,246 1,110 1,128 1,207 1,208 1,102 1,106 1,124 1,159 985 1,039 1,012 1,046 1,107 1,217 1,327 1,370 1,811 1,900 1,973 2,106 2,054 2,086 2,122 2,174 1,885 1,949 1,949 1,990 1,965 2,015 2,360 2,195 2,146 2,249 2,416 2,295 2,086 2,168 2,242 908 968 733 1,181 1,122 590 604 667 571 593 553 572 207 210 206 485
Total Non-Current Liabilities 8,031 7,474 6,386 6,427 6,466 7,066 7,063 7,533 7,551 6,867 6,833 6,927 6,841 6,897 6,956 7,400 6,852 6,938 7,233 7,378 8,038 8,267 8,197 8,635 8,714 8,987 8,936 7,730 7,997 7,086 7,296 7,457 7,578 7,426 7,635 7,301 7,190 6,779 6,630 6,752 6,416 3,062 3,172 3,123 3,571 3,602 1,790 1,054 967 941 1,083 1,052 1,139 865 1,046 1,115 1,420
Total Liabilities 21,578 21,478 19,629 20,298 19,850 19,664 19,598 20,207 20,669 19,497 18,138 18,896 21,730 21,676 21,078 22,092 21,766 21,662 25,849 26,552 27,058 27,599 27,417 27,654 27,338 25,142 25,672 24,934 25,651 22,387 22,851 23,839 23,382 22,181 22,191 22,330 21,775 20,152 20,847 21,169 21,672 14,591 15,216 13,394 15,709 15,023 12,055 11,288 11,499 9,615 11,359 11,047 9,266 9,615 7,715 8,124 8,312
Stockholders' Equity
Common Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20
Retained Earnings (392) (296) (593) (206) 51 109 (650) 1,315 1,464 1,466 1,127 1,429 1,774 1,764 1,706 1,971 2,423 4,645 2,969 3,166 3,075 2,434 2,047 2,015 2,009 1,792 1,336 1,442 1,439 1,201 1,102 1,270 1,557 1,104 1,130 1,402 1,561 1,344 1,455 1,739 1,771 2,063 2,019 1,859 1,787 1,744 1,404 552 485 367 201 140 42 (73) (192) (111) (128)
Accumulated Other Comprehensive Income (2,870) (2,834) (2,709) (2,706) (2,935) (3,158) (2,810) (2,921) (2,905) (2,856) (2,620) (2,540) (2,568) (2,621) (2,720) (2,486) (2,242) (2,186) (2,359) (2,278) (2,311) (2,359) (2,253) (2,390) (2,446) (2,227) (2,113) (1,993) (1,974) (1,961) (1,627) (1,605) (1,430) (1,513) (1,676) (1,776) (1,908) (1,889) (1,221) (1,181) (1,053) (610) (594) (594) (576) (606) (152) (133) (114) (126) (129) (137) (131) 39 5 (11) (10)
Total Stockholders' Equity 7,977 7,976 7,735 8,100 8,133 7,940 7,492 9,337 9,489 9,520 9,410 9,799 10,096 10,016 9,838 10,337 11,004 13,260 11,393 11,670 11,526 10,820 10,515 10,335 10,263 10,249 9,887 10,090 10,092 9,852 10,049 10,228 10,672 10,126 9,915 10,263 10,278 9,952 10,767 11,050 11,151 2,401 2,349 2,180 2,114 2,027 1,297 1,375 1,349 1,324 1,052 970 854 935 649 569 273
Total Liabilities & Equity 29,637 29,530 27,439 28,478 28,064 27,681 27,168 29,622 30,237 29,090 27,623 28,773 31,906 31,769 30,991 32,509 32,841 34,970 37,282 38,267 38,632 38,531 38,037 38,110 37,727 35,511 35,703 35,166 35,893 32,396 33,041 34,213 34,212 32,458 32,272 32,774 32,232 30,273 31,801 32,409 33,029 17,020 17,615 15,623 17,867 17,103 13,392 12,681 12,867 10,958 12,429 12,037 10,145 10,569 8,378 8,712 8,604
Debt Metrics
Total Debt 6,789 6,903 5,911 5,935 5,928 5,931 5,989 5,993 6,650 5,941 5,910 6,191 5,470 5,479 5,467 5,516 5,431 5,486 5,604 6,112 6,107 6,723 6,672 6,643 6,939 6,767 6,996 5,590 5,849 4,724 4,839 4,836 4,592 4,701 4,718 4,314 4,095 3,998 3,926 3,956 4,084 2,347 2,397 2,374 2,496 2,654 1,200 450 300 370 490 499 567 658 836 909 935
Net Debt 4,934 3,771 4,016 3,972 4,421 4,041 4,617 4,746 4,757 4,517 4,663 4,589 4,335 4,217 3,971 3,596 3,233 1,000 3,442 3,895 4,147 4,684 5,025 5,556 6,041 5,880 6,129 4,778 4,857 3,691 3,908 3,925 3,638 3,671 3,806 3,462 3,194 3,128 3,159 3,007 3,130 2,208 2,201 2,153 2,393 2,507 990 67 89 6 204 310 356 464 716 768 839
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2005 Q3 2005 Q2 2005 Q1 2004 Q2 2004 Q1 2003 Q4 2003 Q3 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2002 Q2 2002 Q1 2001 Q4 2001 Q3 2001 Q2
Operating Activities
Net Income 303 735 310 332 239 1,248 (1,672) 141 190 622 139 96 206 593 192 114 125 569 907 186 736 483 122 102 313 551 80 149 293 383 46 65 221 253 (54) 41 352 40 (31) 76 245 49 119 72 96 148 118 99 80 117 118 31 (7) 68 27 (81) 17
Depreciation & Amortization 104 107 104 57 102 (122) 116 117 119 118 122 134 131 137 131 148 151 153 154 170 174 184 181 186 219 190 176 182 181 181 181 193 192 223 198 209 203 194 202 169 204 13 14 13 11 12 11 9 9 10 10 9 8 8 17 17 16
Stock-Based Compensation 42 49 36 31 37 36 31 30 24 38 29 32 26 28 24 25 22 0 19 25 27 31 31 29 (1) 26 21 17 10 35 11 1 3 19 15 19 14 29 26 33 35 0 0 0 0 2 0.0 0 0 8 80 0 0 0 0 0 0
Change in Working Capital (470) (282) 204 (121) (512) (187) 101 113 (353) (269) 135 26 (263) (457) 60 (106) (385) (297) 483 58 (693) (167) 291 304 (508) (314) 37 14 (527) 45 149 150 (341) 125 8 (35) (376) 119 72 39 (291) 98 (29) (269) (31) (38) 11 (1) 20 (26) 24 16 7 1 1 16 16
Other Non-Cash Items 41 162 16 109 122 (542) 2,260 22 53 64 (11) 30 49 32 (181) 84 125 (241) (37) 9 (382) (7) (119) (22) 23 36 6 1 24 (27) (44) (10) (31) (44) 11 24 (24) (7) (19) (27) (5) (62) (81) 68 (2) 33 10.0 (8) 35 (15) (127) 10 80 15 36 118 0
Operating Cash Flow (10) 771 678 361 (35) 599 482 407 24 522 393 296 134 375 179 237 21 184 1,511 494 (128) 568 521 662 23 461 317 350 (47) 572 321 377 18 347 196 224 95 359 181 309 118 97 29 (106) 113 163 170 84 144 95 104 73 78 88 83 42 58
Investing Activities
Capital Expenditure (55) (63) (51) (58) (51) 189 (63) (66) (60) (60) (61) (60) (61) (54) (57) (47) (46) (39) (43) (55) (51) (54) (64) (87) (81) (87) (64) (80) (74) (72) (84) (88) (78) (125) (99) (74) (77) (92) (81) (68) (66) (8) (5) (10) (11) (13) (17) (13) (18) (9) (17) (13) (12) (5) (20) (7) (8)
Acquisitions (792) (1) (1) 815 (1) 543 (10) (3) (15) 3 69 (907) (4) (61) (20) (8) (80) 3,275 30 0 480 (3) 210 2 (66) (5) (1,319) 13 (1) (28) 0 (3) (5) 57 0 (1) (12) (1) 533 (526) 469 (9) (3) (13) (18) (49) (6) (13) (24) (48) (3) (9) 0 0 0 24 (1)
Purchases of Investments (9) (19) (8) (26) (32) (2) 1 (14) 0 2 (3) (3) 0 (400) 0 0 200 (200) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (10) 0 0 (18) (6) (18) (12) (19) (14) (4) (21) (20) (3) (3) 0 0 (18) (8) (3) (4)
Sales/Maturities of Investments 16 0 0 0 0 0 0 (1) 1 (922) 3 3 4 (200) 0 0 200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (11) 0 0 11 7 23 12 17 11 13 8 0 0 3 0 0 10 8 2 0
Other Investing Activities 0 0 (16) (35) 0 (5) (189) 0 0 922 (3) (7) (19) 600 (17) (18) (200) (1,030) (13) (13) (14) 5 (5) (2) (30) 9 (5) (6) 0 (1) (3) 17 4 (5) (8) 2 7 19 (477) 485 21 0 100 1 12 (13) 2 6 31 1 16 1 (6) 6 4 (5) 11
Investing Cash Flow (840) (83) (82) 696 (84) 480 (72) (84) (74) (55) 5 (974) (61) (115) (77) (55) 74 1,993 (13) (55) 429 (52) 141 (87) (162) (83) (1,383) (73) (75) (101) (87) (74) (79) (73) (107) (73) (82) (95) (25) (109) 417 (16) 97 (22) (19) (65) (12) (33) (31) (59) (4) (21) (18) (7) (16) 11 (2)
Financing Activities
Net Debt Issuance (1) (1) (2) (1) (1) (93) (1) (651) 745 (1) (251) 747 (1) 0 (2) (582) (1) (38) (455) (7) (508) (8) (8) (297) 268 (260) 1,340 (246) 137 (100) 20 114 40 (54) 373 48 222 112 (31) (87) (122) 0 0 0 133 (70) (78) (43) (9) (68) (91) (20) (90) (20) (50) (73) (26)
Stock Repurchased (300) (350) (600) (500) (200) (395) (205) (200) (101) (196) (350) (350) (104) (440) (369) (471) (2,250) (627) (1,000) 0 0 0 0 0 0 (3) (96) (51) 0 (201) (132) (269) 0 107 (343) (140) (156) (174) (184) (38) 0 (154) 0 0 (50) (148) 0 0 0 0 5 1 (5) (2) (11) 0 0
Dividends Paid (88) (89) (90) (91) (88) (89) (89) (90) (86) (87) (88) (90) (87) (89) (91) (91) (98) (99) (6) (177) (92) (87) (88) (87) (84) (84) (84) (84) (77) (78) (79) (81) (68) (68) (72) (72) (65) (66) (66) (67) (4) (35) (35) (31) (30) (26) (25) (19) 0 0 0 0 0 0 0 0 0
Other Financing Activities 186 815 181 (232) 313 (87) 136 (251) 1,003 (188) 74 45 (261) 193 37 1,034 (232) (53) 272 (52) (233) (13) (26) (19) (1) (44) (16) (80) 0 18 (19) (82) 11 (58) 3 (46) (7) 12 (50) (8) (5) 144 32 0 17 (17) 0 0 (19) 0 0 0 0 0 0 0 0
Financing Cash Flow (203) 375 (511) (824) 24 (664) (159) (1,192) 1,556 (472) (615) 340 (453) (336) (419) (110) (2,580) (809) (1,189) (235) (832) (100) (119) (401) 186 (377) 1,148 (456) 82 (361) (207) (311) (24) (233) (50) (210) 14 (116) (335) (208) (116) (40) (173) (18) 80 (252) (84) (59) (21) (58) (87) (19) (90) (22) (58) (77) (10)
Cash Position
Net Change in Cash (1,082) 1,064 80 360 (15) 286 336 (875) 1,459 60 (272) (358) (359) 50 (437) (64) (2,519) 2,318 260 214 (591) 442 560 188 11 21 62 (180) (41) 102 20 (43) (76) 118 60 (49) 31 103 (182) (5) 422 29 (44) (151) 172 (153) 84 (6) 97 (22) 17 32 (21) 55 8 (21) 45
Cash at Beginning 6,487 5,423 5,343 4,983 4,998 4,712 4,376 5,251 3,792 3,732 4,004 4,362 4,721 4,671 5,108 5,172 7,691 2,168 5,924 5,710 6,301 1,654 1,094 906 895 874 812 992 1,033 931 911 954 1,030 912 852 901 870 767 949 954 532 156 200 351 211 364 280 286 189 211 194 162 183 128 120 141 96
Cash at End 5,405 6,487 5,423 5,343 4,983 4,998 4,712 4,376 5,251 3,792 3,732 4,004 4,362 4,721 4,671 5,108 5,172 4,486 6,184 5,924 5,710 2,096 1,654 1,094 906 895 874 812 992 1,033 931 911 954 1,030 912 852 901 870 767 949 954 185 156 200 383 211 364 280 286 189 211 194 162 183 128 120 141
Free Cash Flow (65) 708 627 303 (86) 788 419 341 (36) 462 332 236 73 321 122 190 (25) 145 1,468 439 (179) 514 457 575 (58) 374 253 270 (121) 500 237 289 (60) 222 97 150 18 267 100 241 52 89 24 (116) 102 150 153 71 126 86 87 60 66 83 63 35 50
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1
Income Statement
Revenue 2,412 2,936 2,288 2,261 2,223 3,035 2,289 2,265 2,341 2,914 2,166 2,159 2,244 2,722 1,953 2,031 2,160 2,706 1,973 2,091 2,228 2,764 1,897 2,113 2,466 2,690 1,989 2,048 2,312 2,372 1,859 1,990 2,292 2,078 1,852 1,953 2,319 1,927 1,777 1,949 2,234 974 846 922 1,087 958 812 935 1,097 919 795 890 1,051 871 754 842 1,013 814 760 861 1,007 835 733 799 972 824 725 784 930 799 579 661 795 639 574 626 739 621 543 593 671 562 487 549 669 588 490 532 665 577 492 483 411 387 337 375
Gross Profit 593 1,497 875 812 899 1,668 893 868 999 2,381 1,770 812 931 1,459 728 772 842 1,444 718 774 809 1,345 659 750 1,072 1,350 706 770 964 1,139 621 715 915 817 640 742 1,066 800 658 748 1,038 366 276 361 520 358 243 360 527 350 254 361 483 (1,604) 252 342 507 814 760 861 1,007 835 733 799 972 824 725 784 930 799 448 661 795 639 458 512 628 621 405 485 671 562 398 451 669 588.0 490 532 665 577 492 483 411 387 337 375
Operating Income 448 1,016 418 368 432 901 (766) 212 280 779 159 142 285 708 154 137 179 690 1,131 170 211 587 66 163 360 687 107 176 359 470 17 63 259 110 (26) 61 401 88 1 136 326 2 27 105 293 139 34 148 326 152 70 167 281 (775) 70 179 317 81 90 156 239 177 106 169 301 173 82 165 274 136 66 77 225 151 93 138 238 132 97 119 204 107 66 199 94 170 109 153 234 192 136 197 30 82 62 89
Net Income 297 735 304 331 235 1,246 (1,675) 141 190 622 136 94 203 588 190 109 122 2,402 903 184 733 476 121 94 305 544 75 138 287 378 44 58 215 245 (54) 33 344 142 (32) 72 238 (24) 117 70 210 76 (7) 47 246 68 (27) 105 219 (805) 26 108 225 25 60 85 34 98 64 89 204 79 79 87 193 62 36 39 166 95 67 78 169 148 89 72 140 60 45 114 72 108 75 96 148 118 80 118 (7) 27 17 39
EPS (Diluted) 3.10 7.62 3.11 3.31 2.33 12.22 -16.42 1.36 1.83 5.98 1.29 0.88 1.88 5.40 1.71 1.43 1.03 19.19 6.99 1.41 5.63 3.66 0.93 0.72 2.34 4.18 0.58 1.06 2.20 2.89 0.33 0.44 1.61 1.84 -0.40 0.24 2.50 0.25 -0.23 0.51 1.75 -0.35 1.70 1.01 3.05 1.11 -0.10 0.69 3.58 0.98 -0.40 1.56 3.28 -12.33 0.40 1.62 3.39 0.61 0.90 1.27 0.53 1.49 0.98 1.38 3.18 1.23 1.25 1.38 3.07 0.98 0.66 0.72 3.07 1.76 1.22 1.43 2.91 2.55 1.48 1.19 2.33 1.00 0.74 1.85 1.14 1.70 1.19 1.51 2.30 1.84 1.25 1.85 -0.13 0.45 0.32 0.79
Balance Sheet
Cash & Equivalents 1,855 3,132 1,895 1,963 1,507 1,890 1,372 1,247 1,893 1,424 1,247 1,602 1,135 1,262 1,496 1,920 2,198 4,486 2,162 2,217 1,960 2,039 1,647 1,087 898 887 867 812 992 1,033 931 911 954 1,030 912 852 901 870 767 949 954 139 196 191 103 147 210 383 211 364 286 189 211 194 120 141 96
Total Assets 29,637 29,530 27,439 28,478 28,064 27,681 27,168 29,622 30,237 29,090 27,623 28,773 31,906 31,769 30,991 32,509 32,841 34,970 37,282 38,267 38,632 38,531 38,037 38,110 37,727 35,511 35,703 35,166 35,893 32,396 33,041 34,213 34,212 32,458 32,272 32,774 32,232 30,273 31,801 32,409 33,029 17,020 17,615 15,623 17,867 17,103 13,392 12,681 12,867 10,958 12,429 12,037 10,145 10,569 8,378 8,712 8,604
Total Debt 6,789 6,903 5,911 5,935 5,928 5,931 5,989 5,993 6,650 5,941 5,910 6,191 5,470 5,479 5,467 5,516 5,431 5,486 5,604 6,112 6,107 6,723 6,672 6,643 6,939 6,767 6,996 5,590 5,849 4,724 4,839 4,836 4,592 4,701 4,718 4,314 4,095 3,998 3,926 3,956 4,084 2,347 2,397 2,374 2,496 2,654 1,200 450 300 370 490 499 567 658 836 909 935
Stockholders' Equity 7,977 7,976 7,735 8,100 8,133 7,940 7,492 9,337 9,489 9,520 9,410 9,799 10,096 10,016 9,838 10,337 11,004 13,260 11,393 11,670 11,526 10,820 10,515 10,335 10,263 10,249 9,887 10,090 10,092 9,852 10,049 10,228 10,672 10,126 9,915 10,263 10,278 9,952 10,767 11,050 11,151 2,401 2,349 2,180 2,114 2,027 1,297 1,375 1,349 1,324 1,052 970 854 935 649 569 273
Cash Flow
Operating Cash Flow (10) 771 678 361 (35) 599 482 407 24 522 393 296 134 375 179 237 21 184 1,511 494 (128) 568 521 662 23 461 317 350 (47) 572 321 377 18 347 196 224 95 359 181 309 118 97 29 (106) 113 163 170 84 144 95 104 73 78 88 83 42 58
Capital Expenditure (55) (63) (51) (58) (51) 189 (63) (66) (60) (60) (61) (60) (61) (54) (57) (47) (46) (39) (43) (55) (51) (54) (64) (87) (81) (87) (64) (80) (74) (72) (84) (88) (78) (125) (99) (74) (77) (92) (81) (68) (66) (8) (5) (10) (11) (13) (17) (13) (18) (9) (17) (13) (12) (5) (20) (7) (8)
Free Cash Flow (65) 708 627 303 (86) 788 419 341 (36) 462 332 236 73 321 122 190 (25) 145 1,468 439 (179) 514 457 575 (58) 374 253 270 (121) 500 237 289 (60) 222 97 150 18 267 100 241 52 89 24 (116) 102 150 153 71 126 86 87 60 66 83 63 35 50