NYSE : AON
Aon plc — Financial statements
Financials · Insurance Brokers · Ireland
Last price 321.67 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 68.24B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Aon plc (AON) reported revenue of 17.68B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.68B | 17.18B | 15.70B | 13.38B | 12.48B | 12.19B |
| Cost of Revenue | 9.12B | 9.07B | 8.33B | 7.00B | 6.66B | 6.72B |
| Gross Profit | 8.56B | 8.11B | 7.37B | 6.38B | 5.82B | 5.48B |
| Selling, General & Admin | 2.59B | 2.44B | 2.29B | 2.30B | 2.01B | 3.04B |
| Amortization of Goodwill & Intangibles | 686.00M | 778.00M | 503.00M | 89.00M | 113.00M | 147.00M |
| Operating Expenses | 3.46B | 3.41B | 2.98B | 2.55B | 2.27B | 3.37B |
| Operating Income | 5.09B | 4.70B | 4.39B | 3.82B | 3.55B | 2.11B |
| Interest Expense | -755.00M | -815.00M | -788.00M | -484.00M | -406.00M | -322.00M |
| Interest & Investment Income | 55.00M | 19.00M | 67.00M | 31.00M | 18.00M | 11.00M |
| Earnings From Equity Investments | 5.00M | 10.00M | 10.00M | 5.00M | 10.00M | 8.00M |
| Currency Exchange Gain (Loss) | -3.00M | -52.00M | 8.00M | -99.00M | -14.00M | 26.00M |
| Other Non Operating Income (Expenses) | -4.00M | 139.00M | 48.00M | 25.00M | 4.00M | -45.00M |
| EBT Excluding Unusual Items | 4.39B | 4.00B | 3.73B | 3.30B | 3.16B | 1.79B |
| Merger & Restructuring Charges | -491.00M | -442.00M | -574.00M | -135.00M | ||
| Gain (Loss) on Sale of Assets | 1.22B | 1.20B | 337.00M | 4.00M | 54.00M | 142.00M |
| Legal Settlements | 23.00M | -58.00M | ||||
| Other Unusual Items | -22.00M | -22.00M | -34.00M | |||
| Pretax Income | 5.10B | 4.76B | 3.46B | 3.17B | 3.16B | 1.93B |
| Income Tax Expense | 1.10B | 1.01B | 742.00M | 541.00M | 510.00M | 623.00M |
| Earnings From Continuing Operations | 3.99B | 3.75B | 2.72B | 2.63B | 2.65B | 1.31B |
| Net Income to Company | 3.99B | 3.75B | 2.72B | 2.63B | 2.65B | 1.31B |
| Minority Interest in Earnings | -62.00M | -55.00M | -66.00M | -64.00M | -57.00M | -53.00M |
| Net Income | 3.93B | 3.69B | 2.65B | 2.56B | 2.59B | 1.25B |
| Net Income to Common | 3.93B | 3.69B | 2.65B | 2.56B | 2.59B | 1.25B |
| Shares Outstanding (Basic) | 213.80M | 215.90M | 211.40M | 203.50M | 211.70M | 224.70M |
| Shares Outstanding (Diluted) | 214.70M | 217.10M | 212.50M | 205.00M | 213.20M | 226.10M |
| EPS (Basic) | 18.39 | 17.11 | 12.55 | 12.60 | 12.23 | 5.59 |
| EPS (Diluted) | 18.32 | 17.02 | 12.49 | 12.51 | 12.14 | 5.55 |
| Free Cash Flow | 3.27B | 3.22B | 2.82B | 3.18B | 3.02B | 2.04B |
| Free Cash Flow Per Share | 15.21 | 14.82 | 13.26 | 15.53 | 14.18 | 9.04 |
| Dividend Per Share | 3.13 | 2.91 | 2.64 | 2.41 | 2.19 | 1.99 |
| Gross Margin | 48.40% | 47.20% | 46.93% | 47.67% | 46.66% | 44.91% |
| Operating Margin | 28.80% | 27.34% | 27.95% | 28.57% | 28.43% | 17.31% |
| Profit Margin | 22.24% | 21.51% | 16.91% | 19.17% | 20.75% | 10.29% |
| Free Cash Flow Margin | 18.47% | 18.73% | 17.95% | 23.80% | 24.22% | 16.77% |
| EBITDA | 5.97B | 5.66B | 5.08B | 4.08B | 3.81B | 2.44B |
| EBITDA Margin | 33.77% | 32.97% | 32.38% | 30.49% | 30.55% | 19.99% |
| D&A For EBITDA | 878.00M | 966.00M | 695.00M | 256.00M | 264.00M | 326.00M |
| EBIT | 5.09B | 4.70B | 4.39B | 3.82B | 3.55B | 2.11B |
| EBIT Margin | 28.80% | 27.34% | 27.95% | 28.57% | 28.43% | 17.31% |
| Effective Tax Rate | 21.66% | 21.20% | 21.43% | 17.07% | 16.16% | 32.26% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.95B | 1.11B | 1.04B | 738.00M | 647.50M | 496.80M |
| Short-Term Investments | 13.20B | 1.51B | 140.00M | 289.00M | 379.50M | 179.20M |
| Cash & Short-Term Investments | 15.15B | 2.62B | 1.18B | 1.03B | 1.03B | 676.00M |
| Accounts Receivable | 4.78B | 4.21B | 3.80B | 3.25B | 3.04B | 3.09B |
| Other Receivables | 136.00M | 102.00M | 43.00M | 35.00M | 74.00M | 53.00M |
| Receivables | 4.91B | 4.31B | 3.85B | 3.29B | 3.11B | 3.15B |
| Prepaid Expenses | 187.00M | 136.00M | 135.00M | 100.00M | 109.00M | 137.00M |
| Restricted Cash | 68.00M | 83.00M | 44.00M | 40.00M | 42.50M | 47.20M |
| Other Current Assets | 19.57B | 18.63B | 18.23B | 17.25B | 16.44B | 15.02B |
| Total Current Assets | 39.89B | 25.77B | 23.43B | 21.70B | 20.72B | 19.03B |
| Property, Plant & Equipment | 1.55B | 1.38B | 1.35B | 1.29B | 1.26B | 1.38B |
| Long-Term Investments | 198.00M | 192.00M | 90.00M | 45.00M | 60.00M | 64.00M |
| Goodwill | 15.90B | 15.80B | 15.23B | 8.41B | 8.29B | 8.43B |
| Other Intangible Assets | 5.49B | 5.73B | 6.74B | 234.00M | 447.00M | 492.00M |
| Long-Term Deferred Tax Assets | 884.00M | 748.00M | 654.00M | 1.20B | 824.00M | 766.00M |
| Long-Term Deferred Charges | 215.00M | 208.00M | 207.00M | 195.00M | 185.00M | 179.00M |
| Other Long-Term Assets | 1.02B | 959.00M | 1.26B | 884.00M | 916.00M | 1.57B |
| Total Assets | 65.14B | 50.78B | 48.97B | 33.96B | 32.70B | 31.92B |
| Accounts Payable | 2.54B | 2.58B | 2.90B | 2.26B | 2.11B | 2.19B |
| Short-Term Debt | 1.00M | 2.00M | 597.00M | 592.00M | 665.00M | |
| Current Portion of Long-Term Debt | 1.72B | 588.00M | 749.00M | 607.00M | 353.00M | 499.00M |
| Current Portion of Leases | 176.00M | 181.00M | 191.00M | 182.00M | 186.00M | 213.00M |
| Current Income Taxes Payable | 239.00M | 309.00M | 260.00M | 291.00M | 193.00M | 149.00M |
| Current Unearned Revenue | 262.00M | 259.00M | 280.00M | 270.00M | 250.00M | 321.00M |
| Other Current Liabilities | 20.24B | 19.31B | 18.61B | 17.44B | 16.62B | 15.03B |
| Total Current Liabilities | 25.17B | 23.23B | 23.00B | 21.65B | 20.31B | 19.07B |
| Long-Term Debt | 26.32B | 14.66B | 16.27B | 9.99B | 9.82B | 8.23B |
| Long-Term Leases | 731.00M | 641.00M | 685.00M | 651.00M | 721.00M | 818.00M |
| Long-Term Unearned Revenue | 26.00M | 30.00M | 30.00M | 33.00M | 37.00M | 70.00M |
| Pension & Post-Retirement Benefits | 976.00M | 1.08B | 1.13B | 1.23B | 1.19B | 1.38B |
| Long-Term Deferred Tax Liabilities | 350.00M | 340.00M | 319.00M | 115.00M | 99.00M | 401.00M |
| Other Long-Term Liabilities | 1.35B | 1.25B | 1.11B | 1.03B | 959.00M | 794.00M |
| Total Liabilities | 54.92B | 41.24B | 42.53B | 34.70B | 33.13B | 30.76B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 13.62B | 13.44B | 13.17B | 6.94B | 6.86B | 6.62B |
| Retained Earnings | 384.00M | -245.00M | -2.31B | -3.40B | -2.77B | -1.69B |
| Comprehensive Income & Other | -3.90B | -3.84B | -4.75B | -4.37B | -4.62B | -3.87B |
| Total Common Equity | 10.10B | 9.35B | 6.12B | -826.00M | -529.00M | 1.06B |
| Minority Interest | 116.00M | 196.00M | 309.00M | 84.00M | 100.00M | 97.00M |
| Shareholders' Equity | 10.22B | 9.55B | 6.43B | -742.00M | -429.00M | 1.16B |
| Total Liabilities & Equity | 65.14B | 50.78B | 48.97B | 33.96B | 32.70B | 31.92B |
| Total Debt | 28.95B | 16.07B | 17.89B | 12.03B | 11.68B | 10.42B |
| Net Cash (Debt) | -13.80B | -13.45B | -16.71B | -11.01B | -10.65B | -9.75B |
| Net Cash Per Share | -64.26 | -61.97 | -78.64 | -53.68 | -49.95 | -43.11 |
| Filing Date Shares Outstanding | 212.16M | 214.25M | 216.00M | 198.30M | 205.14M | 213.94M |
| Total Common Shares Outstanding | 212.20M | 214.50M | 216.03M | 198.60M | 205.40M | 214.80M |
| Working Capital | 14.72B | 2.55B | 437.00M | 53.00M | 417.00M | -41.00M |
| Book Value Per Share | 47.60 | 43.60 | 28.33 | -4.16 | -2.58 | 4.94 |
| Tangible Book Value | -11.28B | -12.17B | -15.86B | -9.47B | -9.27B | -7.87B |
| Tangible Book Value Per Share | -53.17 | -56.75 | -73.40 | -47.70 | -45.12 | -36.62 |
| Machinery | 598.00M | 568.00M | 563.00M | 536.00M | 547.00M | |
| Construction In Progress | 199.00M | 133.00M | 130.00M | 109.00M | 45.00M | |
| Leasehold Improvements | 491.00M | 437.00M | 430.00M | 409.00M | 425.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.93B | 3.69B | 2.65B | 2.56B | 2.59B | 1.25B |
| Depreciation & Amortization | 878.00M | 966.00M | 695.00M | 256.00M | 264.00M | 326.00M |
| Loss (Gain) From Sale of Assets | -1.22B | -1.20B | -337.00M | -4.00M | -54.00M | -142.00M |
| Stock-Based Compensation | 368.00M | 432.00M | 474.00M | 438.00M | 397.00M | 449.00M |
| Other Operating Activities | -80.00M | -219.00M | -388.00M | -281.00M | -25.00M | 69.00M |
| Change in Accounts Receivable | -506.00M | -257.00M | -312.00M | -188.00M | -96.00M | -119.00M |
| Change in Accounts Payable | 1.00M | -155.00M | 393.00M | 13.00M | -22.00M | 264.00M |
| Change in Income Taxes | 206.00M | 114.00M | 174.00M | 216.00M | 200.00M | |
| Change in Other Net Operating Assets | -5.00M | 106.00M | -144.00M | 463.00M | -50.00M | -120.00M |
| Operating Cash Flow | 3.57B | 3.48B | 3.04B | 3.44B | 3.22B | 2.18B |
| Capital Expenditures | -308.00M | -263.00M | -218.00M | -252.00M | -196.00M | -137.00M |
| Cash Acquisitions | -445.00M | -394.00M | -3.51B | -35.00M | -162.00M | -14.00M |
| Divestitures | 2.26B | 2.35B | 700.00M | 5.00M | 81.00M | 218.00M |
| Investment in Securities | -13.08B | -1.41B | 191.00M | 94.00M | -172.00M | -18.00M |
| Investing Cash Flow | -11.57B | 286.00M | -2.83B | -188.00M | -449.00M | 49.00M |
| Short-Term Debt Issued | 280.00M | 358.00M | 702.00M | 1.24B | ||
| Long-Term Debt Issued | 7.93B | 744.00M | 1.97B | 1.50B | ||
| Total Debt Issued | 13.45B | 8.21B | 1.10B | 2.67B | 2.73B | |
| Short-Term Debt Repaid | -390.00M | -591.00M | -27.00M | -65.00M | ||
| Long-Term Debt Repaid | -1.85B | -4.93B | -350.00M | -500.00M | -413.00M | |
| Total Debt Repaid | -2.14B | -2.24B | -5.52B | -377.00M | -565.00M | -413.00M |
| Net Debt Issued (Repaid) | 11.32B | -2.24B | 2.69B | 725.00M | 2.10B | 2.32B |
| Issuance of Common Stock | 63.00M | 70.00M | 79.00M | 72.00M | 58.00M | 55.00M |
| Repurchase of Common Stock | -1.51B | -1.21B | -1.20B | -2.94B | -3.42B | -3.73B |
| Common Dividends Paid | -672.00M | -629.00M | -562.00M | -489.00M | -463.00M | -447.00M |
| Other Financing Activities | -215.00M | -198.00M | -206.00M | -232.00M | -71.00M | -125.00M |
| Financing Cash Flow | 8.98B | -4.21B | 796.00M | -2.87B | -1.79B | -1.92B |
| Foreign Exchange Rate Adjustments | -35.00M | 678.00M | -387.00M | 264.00M | -549.00M | -235.00M |
| Net Cash Flow | 951.00M | 240.00M | 611.00M | 646.00M | 431.00M | 72.00M |
| Free Cash Flow | 3.27B | 3.22B | 2.82B | 3.18B | 3.02B | 2.04B |
| Free Cash Flow Margin | 18.47% | 18.73% | 17.95% | 23.80% | 24.22% | 16.77% |
| Free Cash Flow Per Share | 15.21 | 14.82 | 13.26 | 15.53 | 14.18 | 9.04 |
| Levered Free Cash Flow | 4.40B | 3.06B | 3.42B | 2.64B | 2.57B | 1.94B |
| Unlevered Free Cash Flow | 4.87B | 3.57B | 3.91B | 2.94B | 2.82B | 2.14B |
| Cash Interest Paid | 728.00M | 796.00M | 658.00M | 446.00M | 351.00M | 328.00M |
| Cash Income Tax Paid | 1.02B | 1.04B | 546.00M | 412.00M | ||
| Change in Working Capital | -304.00M | -192.00M | -63.00M | 462.00M | 48.00M | 225.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 68.24B | 75.85B | 77.67B | 58.27B | 62.08B | 66.22B |
| Enterprise Value | 82.04B | 92.56B | 94.81B | 69.59B | 73.11B | 75.04B |
| Last Close Price | 321.67 | 349.51 | 352.82 | 283.50 | 290.19 | 288.43 |
| PE Ratio | 17.56 | 20.53 | 29.27 | 22.73 | 23.98 | 52.77 |
| Forward PE | 16.77 | 19.18 | 21.39 | 18.46 | 21.23 | 23.52 |
| PS Ratio | 3.86 | 4.42 | 4.95 | 4.36 | 4.97 | 5.43 |
| PB Ratio | 6.76 | 7.94 | 12.08 | -78.53 | -144.72 | 57.19 |
| P/FCF Ratio | 20.90 | 23.57 | 27.57 | 18.31 | 20.54 | 32.38 |
| P/OCF Ratio | 19.09 | 21.79 | 25.59 | 16.96 | 19.29 | 30.35 |
| PEG Ratio | 1.59 | 1.85 | 1.92 | 1.82 | 1.86 | 1.57 |
| EV/Sales Ratio | 4.64 | 5.39 | 6.04 | 5.20 | 5.86 | 6.15 |
| EV/EBITDA Ratio | 13.74 | 16.34 | 18.65 | 17.06 | 19.18 | 30.79 |
| EV/EBIT Ratio | 16.11 | 19.70 | 21.61 | 18.21 | 20.61 | 35.55 |
| EV/FCF Ratio | 25.12 | 28.76 | 33.66 | 21.86 | 24.18 | 36.70 |
| Debt / Equity Ratio | 2.83 | 1.68 | 2.78 | -16.22 | -27.22 | 9.00 |
| Debt / EBITDA Ratio | 4.59 | 2.68 | 3.31 | 2.75 | 2.85 | 3.77 |
| Debt / FCF Ratio | 8.86 | 4.99 | 6.35 | 3.78 | 3.86 | 5.10 |
| Net Debt / Equity Ratio | 1.35 | 1.41 | 2.60 | -14.83 | -24.82 | 8.42 |
| Net Debt / EBITDA Ratio | 2.31 | 2.38 | 3.29 | 2.70 | 2.79 | 4.00 |
| Net Debt / FCF Ratio | 4.22 | 4.18 | 5.93 | 3.46 | 3.52 | 4.77 |
| Asset Turnover | 0.30 | 0.34 | 0.38 | 0.40 | 0.39 | 0.38 |
| Quick Ratio | 0.80 | 0.30 | 0.22 | 0.20 | 0.20 | 0.20 |
| Current Ratio | 1.58 | 1.11 | 1.02 | 1.00 | 1.02 | 1.00 |
| Return on Equity (ROE) | 43.38% | 46.94% | 95.64% | 725.93% | 55.18% | |
| Return on Assets (ROA) | 5.45% | 5.89% | 6.61% | 7.17% | 6.86% | 4.12% |
| Return on Invested Capital (ROIC) | 16.45% | 16.05% | 19.45% | 25.66% | 25.53% | 12.81% |
| Return on Capital Employed (ROCE) | 12.70% | 17.00% | 16.90% | 31.10% | 28.60% | 16.40% |
| Earnings Yield | 5.70% | 4.87% | 3.42% | 4.40% | 4.17% | 1.90% |
| FCF Yield | 4.79% | 4.24% | 3.63% | 5.46% | 4.87% | 3.09% |
| Dividend Yield | 1.02% | 0.82% | 0.73% | 0.82% | 0.73% | 0.65% |
| Payout Ratio | 17.90% | 17.02% | 21.18% | 19.07% | 17.88% | 35.62% |
| Buyback Yield / Dilution | 1.30% | -2.17% | -3.66% | 3.85% | 5.71% | 3.00% |
| Total Shareholder Return | 2.32% | -1.34% | -2.93% | 4.67% | 6.43% | 3.65% |