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Aon

AON NYSE Insurance Brokers Financials FY2016–FY2025

Aon's revenue rose 9.4% to $17.2 billion in fiscal 2025. Its operating margin was 25.3%, up from 24.4% a year earlier. Free cash flow was $3.2 billion, up 14.2%. It paid out $1.6 billion in dividends and buybacks, 51% of free cash flow. The diluted share count rose 2.2%.

Last close · Oct 23, 2026

$303.52

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$17.2B
9.4% vs prior year
Operating margin Operating income as a share of revenue.
25.3%
0.9 pts
Net income Profit after all expenses, interest and tax.
$3.7B
39.2%
Free cash flow Cash from operations minus capital spending.
$3.2B
14.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.6%
3.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$64.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.7x
On $18.13 EPS (TTM)

What Aon does

Aon is a professional services firm that helps companies manage risk and workforce costs. Its main business is insurance and reinsurance brokerage: it advises clients on what coverage to buy and places it with insurers. It also sells consulting on health benefits, pensions, retirement plans and investments. It serves clients in more than 120 countries.

Aon has two segments. Risk Capital covers commercial insurance brokerage, reinsurance and related advice, and Human Capital covers health, benefits, talent and retirement services. In 2025 total revenue was $17,181 million, including $11,290 million from Risk Capital and $5,907 million from Human Capital before certain eliminations between its own units.

It earns money mainly from commissions, fees from clients, and fees from insurers for services it provides to them. Aon names Marsh McLennan, Willis Towers Watson, Arthur J Gallagher and Lockton among its competitors. At the end of 2025 it had about 60,000 employees. Its largest single client was about 1% of revenue.

Legal name
Aon plc
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0001628280-26-008116
0000315293

Revenue and margins

Aon had $17.2B of revenue in fiscal 2025, up 9.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 14.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.2B in fiscal 2025, 18.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Aon returned $1.6B to shareholders in fiscal 2025, 51% of free cash flow. The diluted share count rose 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Aon yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$12.5B and divides by 217.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.7x · peers 23.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Aon can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $836M$1.1B$1.1B$1.3B$2.8B
Debt incl. finance leases $9.5B$10.8B$11.2B$17.0B$15.2B
Net debt / EBITDA 3.8x2.5x2.6x3.9x2.8x
Debt / equity ———2.8x1.6x
Interest coverage 6.5x9.0x7.8x4.9x5.3x
Current ratio 1.0x1.0x1.0x1.0x1.1x
Quick ratio 1.0x1.0x1.0x1.0x1.1x
Total assets $31.9B$32.7B$34.0B$49.0B$50.8B
Total liabilities $30.8B$33.1B$34.7B$42.5B$41.2B
Shareholders' equity $1.1B−$529M−$826M$6.1B$9.4B
Net debt (− = net cash) $8.6B$9.7B$10.1B$15.7B$12.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$7.8M

1 insider

Sold, 12 months

$7.8M

1 insider

Of sales under plans

43%

$3.3M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Lester B KnightDirector Bought 20,000 $327.48 $6.5M Form 4
Jul 28, 2026 Darren ZeidelGeneral Counsel Sold plan 1,900 $377.76 $0.7M Form 4
Jul 17, 2026 Darren ZeidelGeneral Counsel Sold plan 1,950 $372.05 $0.7M Form 4
Jul 7, 2026 Darren ZeidelGeneral Counsel Sold plan 600 $360.00 $0.2M Form 4
Feb 26, 2026 Darren ZeidelGeneral Counsel Sold 4,300 $329.72 $1.4M Form 4
Feb 17, 2026 Darren ZeidelGeneral Counsel Sold plan 5,040 $325.79 $1.6M Form 4
Feb 10, 2026 Lester B KnightDirector Bought 4,000 $319.24 $1.3M Form 4
Nov 5, 2025 Darren ZeidelGeneral Counsel Sold 8,800 $344.52 $3.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 5 / 85 / 84 / 8
Accruals ratio −2.6%−0.9%0.4%
Altman Z'' 0.410.591.13

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Aon AON $64.9B 9.5% 25.3% 18.7% 15.6% 16.7x 4
Arthur J. Gallagher AJG $68.8B 20.7% — 12.8% 9.9% 44.5x 3 Compare →
Marsh McLennan MRSH $94.6B 10.3% 23.1% 18.5% 15.0% 23.6x 5 Compare →
Willis Towers Watson WTW $30.6B −2.2% 23.0% 15.9% 12.8% 20.1x 7 Compare →
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $9.4B $10.0B $10.8B $11.0B $11.1B $12.2B $12.5B $13.4B $15.7B $17.2B
Operating income $1.8B $1.1B $1.5B $2.2B $2.8B $2.1B $3.7B $3.8B $3.8B $4.3B
Interest expense $282M $282M $278M $307M $334M $322M $406M $484M $788M $815M
Pretax income $1.4B $685M $1.2B $1.9B $2.5B $1.9B $3.2B $3.2B $3.5B $4.8B
Income tax $148M $250M $146M $297M $448M $623M $510M $541M $742M $1.0B
Net income $1.4B $1.3B $1.2B $1.5B $2.0B $1.3B $2.6B $2.6B $2.7B $3.7B
Diluted EPS $5.16 $4.70 $4.59 $6.37 $8.45 $5.55 $12.14 $12.51 $12.49 $17.02
Diluted shares 0.27B 0.26B 0.25B 0.24B 0.23B 0.23B 0.21B 0.21B 0.21B 0.22B
Cash flow
Cash from operations $2.3B $734M $1.7B $1.8B $2.8B $2.2B $3.2B $3.4B $3.0B $3.5B
Capital expenditure $156M $183M $240M $225M $141M $137M $196M $252M $218M $263M
Free cash flow $2.2B $551M $1.4B $1.6B $2.6B $2.0B $3.0B $3.2B $2.8B $3.2B
Depreciation and amortization $162M $187M $176M $172M $167M $179M $151M $167M $183M $188M
Stock-based compensation $306M $319M $338M $317M $312M $449M $397M $438M $474M $432M
Acquisitions $879M $1.0B $58.0M $39.0M $368M $14.0M $162M $35.0M $3.5B $394M
Share buybacks $1.3B $2.4B $1.5B $2.0B $1.8B $3.5B $3.2B $2.7B $1.0B $1.0B
Dividends paid $345M $364M $382M $410M $412M $447M $463M $489M $562M $629M
Dividends and buybacks $1.6B $2.8B $1.9B $2.4B $2.2B $4.0B $3.7B $3.2B $1.6B $1.6B
Balance sheet
Cash and short-term investments $716M $1.3B $828M $928M $1.2B $836M $1.1B $1.1B $1.3B $2.8B
Total debt $6.2B $6.0B $6.2B $7.3B $7.7B $9.4B $10.8B $11.2B $17.0B $15.2B
Finance lease liabilities $0.0M $0.0M $0.0M $100M $95.0M $65.0M $51.0M $33.0M $15.0M $0.0M
Current assets $13.1B $13.7B $14.4B $16.5B $18.7B $19.0B $20.7B $21.7B $23.4B $25.8B
Current liabilities $12.5B $12.8B $13.3B $15.6B $17.4B $19.1B $20.3B $21.7B $23.0B $23.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $550M $564M $588M $621M $599M $529M $558M $638M $637M $702M
Total assets $26.6B $26.1B $26.4B $29.4B $32.1B $31.9B $32.7B $34.0B $49.0B $50.8B
Total liabilities $21.1B $21.4B $22.2B $26.0B $28.5B $30.8B $33.1B $34.7B $42.5B $41.2B
Shareholders' equity $5.5B $4.6B $4.2B $3.4B $3.5B $1.1B −$529M −$826M $6.1B $9.4B
Margins
Operating margin 19.3% 10.7% 14.3% 19.7% 25.1% 17.1% 29.4% 28.3% 24.4% 25.3%
EBITDA margin 21.0% 12.5% 16.0% 21.3% 26.6% 18.6% 30.6% 29.6% 25.6% 26.4%
Net margin 15.2% 12.6% 10.9% 13.9% 17.8% 10.3% 20.8% 19.2% 16.9% 21.5%
FCF margin 23.1% 5.5% 13.4% 14.6% 23.9% 16.8% 24.2% 23.8% 17.9% 18.7%
Returns
Return on capital 15.1% 6.6% 14.4% 18.6% 22.6% 14.2% 32.3% 33.8% 19.2% 15.6%
Return on capital employed 13.0% 7.8% 11.7% 16.1% 19.5% 15.2% 29.1% 30.6% 20.0% 16.2%
Return on equity 24.9% 25.1% 26.9% 40.7% 57.3% 55.1% — — 100.3% 47.8%
Return on assets 5.4% 4.8% 4.5% 5.5% 6.4% 3.9% 8.0% 7.7% 6.4% 7.4%
Growth
Revenue growth −0.8% 6.3% 7.7% 2.3% 0.5% 10.2% 2.4% 7.2% 17.4% 9.5%
Net income growth 0.6% −11.7% −7.1% 30.5% 28.5% −36.3% 106.3% −1.0% 3.5% 39.2%
EPS growth 5.7% −8.9% −2.3% 38.8% 32.7% −34.3% 118.7% 3.1% −0.2% 36.3%
FCF growth 20.0% −74.6% 162.4% 11.3% 64.1% −22.6% 47.8% 5.3% −11.5% 14.2%
Share count change −4.8% −3.6% −5.3% −2.6% −3.1% −3.0% −5.7% −3.9% 3.7% 2.2%
Financial health
Net debt / EBITDA 2.8x 3.7x 3.2x 2.8x 2.3x 3.8x 2.5x 2.6x 3.9x 2.8x
Debt / equity 1.1x 1.3x 1.5x 2.2x 2.2x — — — 2.8x 1.6x
Interest coverage 6.4x 3.8x 5.6x 7.1x 8.3x 6.5x 9.0x 7.8x 4.9x 5.3x
Current ratio 1.1x 1.1x 1.1x 1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.1x
Quick ratio 1.1x 1.1x 1.1x 1.1x 1.1x 1.0x 1.0x 1.0x 1.0x 1.1x
Capital allocation
Capex / revenue 1.7% 1.8% 2.2% 2.0% 1.3% 1.1% 1.6% 1.9% 1.4% 1.5%
Stock comp / revenue 3.3% 3.2% 3.1% 2.9% 2.8% 3.7% 3.2% 3.3% 3.0% 2.5%
Payouts / FCF 73.8% 501.5% 128.1% 147.2% 82.3% 195.1% 121.3% 100.2% 55.5% 50.6%
Quality scores
Piotroski F-score 7.0 6.0 6.0 6.0 7.0 5.0 7.0 5.0 5.0 4.0
Altman Z'' 1.4 1.0 1.1 1.0 1.1 0.3 0.6 0.4 0.6 1.1
Accruals ratio −3.4% 2.0% −2.0% −1.1% −2.7% −2.9% −2.0% −2.6% −0.9% 0.4%

Source: SEC EDGAR XBRL filings (CIK 0000315293). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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