Earnings Per Share

6 Months Ended

Jun. 30, 2025

Note 18 — Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to WTW by the average number of ordinary shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company.

At June 30, 2025 and 2024, there were 0.3 million and 0.5 million restricted time-based stock units outstanding, respectively, and 0.7 million restricted performance-based stock units outstanding for both periods presented. The Company had no time-based share options or performance-based share options outstanding at June 30, 2025 and 2024.

Basic and diluted earnings per share are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income attributable to WTW	$	331		$	141		$	566		$	331

Basic average number of shares outstanding		99			103			100			103
Dilutive effect of potentially issuable shares		1			—			—			1
Diluted average number of shares outstanding		100			103			100			104

Basic earnings per share	$	3.34		$	1.37		$	5.68		$	3.22
Dilutive effect of potentially issuable shares		(0.02	)		(0.01	)		(0.04	)		(0.02	)
Diluted earnings per share	$	3.32		$	1.36		$	5.64		$	3.20

For the three and six months ended June 30, 2025 and 2024, 0.3 million and 0.1 million restricted stock units, respectively, were not included in the computation of the dilutive effect of potentially issuable shares because their effect was anti-dilutive. There were no anti-dilutive options for the three and six months ended June 30, 2025 and 2024.