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AON

Aon plc

AON

Aon plc • NYSE
$353.92 ▲ 0.37% (+1.31)
Market Cap $76.52 B
52w High $412.97
52w Low $323.73
Dividend Yield 2.91%
P/E 28.34
Volume 395.00K
Outstanding Shares 216.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.997B ▼ $318.1M ▼ $470M ▼ 11.759% ▼ $2.12 ▼ $1.009B ▼
Q2-2025 $4.155B ▼ $936M ▼ $579M ▼ 13.935% ▼ $2.68 ▼ $1.163B ▼
Q1-2025 $4.729B ▲ $1.019B ▲ $965M ▲ 20.406% ▲ $4.46 ▲ $1.701B ▲
Q4-2024 $4.147B ▲ $936M ▼ $716M ▲ 17.265% ▲ $3.31 ▲ $1.329B ▲
Q3-2024 $3.721B $948M $343M 9.218% $1.58 $883M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.302B ▼ $51.637B ▼ $43.538B ▼ $7.939B ▲
Q2-2025 $9.702B ▲ $54.01B ▲ $45.921B ▲ $7.843B ▲
Q1-2025 $8.392B ▼ $50.304B ▲ $43.03B ▲ $7.004B ▲
Q4-2024 $11.623B ▲ $48.965B ▼ $42.535B ▼ $6.121B ▼
Q3-2024 $1.299B $49.885B $43.332B $6.244B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $470M ▼ $1.148B ▲ $-94M ▼ $-768M ▼ $196M ▼ $1.079B ▲
Q2-2025 $594M ▼ $796M ▲ $24M ▲ $-24M ▲ $1.296B ▲ $732M ▲
Q1-2025 $982M ▲ $140M ▼ $-292M ▲ $-349M ▲ $-305M ▲ $84M ▼
Q4-2024 $734M ▲ $1.2B ▲ $-577M ▼ $-769M ▼ $-710M ▼ $1.145B ▲
Q3-2024 $355M $1.013B $29M $-699M $722M $951M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Human Capital Segment
Human Capital Segment
 $0 ▲$1.54Bn ▲$1.29Bn ▼$1.48Bn ▲
Risk Capital Segment
Risk Capital Segment
 $0 ▲$3.19Bn ▲$2.87Bn ▼$2.52Bn ▼
Commercial Risk Solutions
Commercial Risk Solutions
 $1.85Bn ▲$0 ▼$0 ▲$0 ▲
Health
Health
 $870.00M ▲$0 ▼$0 ▲$0 ▲
Reinsurance
Reinsurance
 $500.00M ▲$0 ▼$0 ▲$0 ▲
Wealth Solutions
Wealth Solutions
 $500.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Aon’s income statement shows a business that is steadily getting bigger and more profitable over time. Revenue has grown at a healthy pace across the last five years, helped by both its risk and human capital businesses. Profitability is strong: gross profit and operating profit have both trended upward, suggesting good pricing power and tight cost control. There was some noise in earlier years from one‑off items, but the last few years look more stable, with earnings per share high and fairly consistent. Overall, the company looks like a mature, high-margin service business with dependable earnings rather than a volatile cyclical story.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑light but highly leveraged model. Total assets have expanded, especially most recently, likely tied to acquisitions and growth investments. Debt has risen meaningfully over the period, while reported equity was negative for several years before turning positive again, which often points to heavy share repurchases and a lean capital structure. Cash on hand is relatively modest compared with total debt, but that is common for a broker with strong recurring cash flows. The key risk is that higher leverage and a thin equity cushion leave less room for error if earnings were to weaken or funding costs rise.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been solid and fairly steady over time, closely tracking the company’s profit profile. Free cash flow is strong because the business does not require much spending on physical assets. This leaves room for debt service, buybacks, and acquisitions. There is a slight step down in recent operating cash flow from the prior peak, which is worth watching, but overall the cash flow pattern still looks resilient and consistent with a mature, fee‑based franchise.

Competitive Edge

Competitive Edge Aon has a strong competitive position built around global scale, trusted relationships, and deep specialization. Its presence in many countries and industries allows it to serve large, complex clients that smaller rivals struggle to handle. The brand is well established, and the firm benefits from switching costs: once a large client embeds Aon’s data, models, and advisory processes, changing brokers is disruptive. Its diversified mix across risk, reinsurance, wealth, health, and human capital solutions also reduces reliance on any single line of business. The main pressures come from intense competition with other major brokers, regulatory scrutiny, and the constant need to attract and retain top talent in a people‑driven business.

Innovation and R&D

Innovation and R&D Aon’s “R&D” is less about labs and more about building better data, analytics, and platforms. The company is leaning hard into proprietary tools, AI, and advanced modeling to sharpen its risk and human capital advice. Its innovation centers and partnerships give it access to new insurtech ideas, and its Aon Business Services platform is central to standardizing data and delivering insights at scale. It is also pushing into newer risk areas such as cyber, climate, intellectual property, and insurance‑linked securities, plus digital placements and even blockchain pilots. The opportunity is to deepen its moat with smarter, more integrated solutions; the risk is execution—integrating acquisitions, upgrading technology, and managing data and AI responsibly while competitors are doing the same.

Summary

Overall, Aon looks like a high‑quality, cash‑generative professional services and insurance broking group with a meaningful competitive edge. Its income statement and cash flows show steady growth and strong margins, while the balance sheet highlights a deliberate use of leverage and buybacks that tightens the capital structure but adds financial risk. Strategically, Aon is betting on scale, data, analytics, and integrated risk-and-people solutions to stay ahead in a crowded market. Future performance will hinge on how well it executes its technology and integration agenda, manages its elevated debt levels, and continues to innovate in emerging risk areas like climate, cyber, and intangible assets.

NEWS

November 18, 2025 · 9:00 AM UTC

Jennifer Kupcho Clinches $1 Million Aon Risk Reward Challenge Title in Final-Event Comeback

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October 31, 2025 · 6:30 AM UTC

Aon Reports Third Quarter 2025 Results

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October 10, 2025 · 4:02 PM UTC

Aon Announces Quarterly Cash Dividend

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October 1, 2025 · 8:24 AM UTC

Creighton University and Aon COO Mindy Simon Discuss the Effective and Ethical Application of AI in Business

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October 1, 2025 · 3:00 AM UTC

Geopolitical Volatility Surges into Top 10 Business Risks for the First Time, Aon's Global Study Finds

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