Aon plcAON
Aon plc Financial Overview 2021–2025
Aon's diluted earnings per share surged to $17.02 in FY2025, a sharp increase from $12.49 in the prior year, proving the firm can digest a $9.1 billion acquisition while rapidly expanding profitability. By targeting the middle market through its NFP buyout and executing strict expense management, Aon has cemented its ability to drive inorganic scale without sacrificing its cash-generation machine. This strategy successfully pushed total revenue from $12.2 billion in FY2021 to a record $17.2 billion by the end of FY2025.
The integration of NFP initially compressed profitability, dragging operating margins down to 24.4% amid a 17% revenue spike in FY2024. However, operational efficiencies quickly stabilized the business, lifting the operating margin back to 25.3% in FY2025. The company maintained significant liquidity throughout this transition, generating $3.2 billion in free cash flow in FY2025 to fund $1.0 billion in share repurchases alongside dividend payments. Investors rewarded this rapid margin recovery and strategic expansion, valuing the stock at $352.88 with a 20.7x price-to-earnings multiple at the close of FY2025.
Recent Developments (Q3 and Q4 2025)
Aon executed portfolio divestitures and leadership shifts late in 2025. The firm divested a majority of NFP’s wealth businesses in October 2025, recognizing a $1.2 billion pre-tax gain. In Q3 2025, total revenue rose 7% to $4.0 billion, and diluted EPS climbed to $2.11, up from $1.57 in the prior year. Aon also extended CEO Gregory Case’s contract through December 2030, while President Eric Andersen departed the firm in January 2026.
Bulls highlight ongoing cost initiatives, which remain on track to deliver $450 million in annualized savings by the end of 2027. Bears caution that executive turnover and macroeconomic uncertainties could disrupt operations. At 18.9x earnings as of February 12, 2026, the stock trades at a lower multiple than its recent peak.
What to watch: organic revenue growth following the NFP wealth divestiture; progress toward the $450 million annualized cost savings target.
Rev
$17.18B
FY2025
NI
$3.69B
FY2025
EPS
$17.11
FY2025
OCF
$3.48B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Aon plc 8-K Report, Financial Results (Jan 30, 2026)
Aon plc (AON) filed an 8-K report on January 30, 2026, to announce its fourth quarter and full year 2025 financial results. The report primarily incorporates by reference a press release issued on January 31, 2025, detailing the company's performance for the periods ending December 31, 2025. Investors should refer to the attached press release (Exhibit 99.1) for specific financial figures, operational performance insights, and management's commentary on the results.
Aon plc 8-K Report, Executive Changes (Jan 7, 2026)
Aon plc (AON) has filed an 8-K detailing the formal separation agreement with its former President, Eric Andersen. This agreement, effective January 31, 2026, outlines the financial and equity provisions associated with Mr. Andersen's departure. Investors should note that Mr. Andersen will receive his 2025 target annual incentive in cash and specific equity awards will be treated according to the agreement, with some forfeitures and accelerated vesting periods. The filing clarifies the terms of Mr. Andersen's departure, which was previously announced in March 2025 when he transitioned to a Senior Advisor role. The separation benefits are contingent upon Mr. Andersen's agreement to a general release of claims and adherence to the separation terms. While this 8-K primarily addresses the administrative aspects of his departure and compensation, it's important for investors to understand the final financial arrangements related to this executive transition.
Aon plc 8-K Report, Executive Changes (Jan 2, 2026)
Aon plc (AON) has filed an 8-K report detailing an Amended and Restated Employment Agreement with its President and CEO, Gregory C. Case. This agreement extends Mr. Case's tenure through December 31, 2030, ensuring leadership continuity. Key changes include an increase in his annual base salary to $1,750,000 and continued eligibility for a target bonus of at least 250% of base salary. The agreement also provides for Mr. Case's nomination for re-election to the Board of Directors throughout the term. Crucially, Mr. Case will receive a significant long-term incentive award in the form of performance share units (PSUs) with a target value of $50 million. The vesting of these PSUs is tied to specific performance metrics, including organic revenue growth, adjusted operating margin, and free cash flow over a five-year period. The award also includes a provision that caps the earned units at 100% of the target if Aon's absolute Total Shareholder Return (TSR) is negative over the performance period, aligning executive compensation with shareholder value.
Aon plc 8-K Report, Financial Results (Oct 31, 2025)
Aon plc (AON) filed an 8-K on October 31, 2025, to report its financial results for the quarter ended September 30, 2025. The core of the filing is the attached press release, which provides key operational and financial performance data for the period. Investors should review the press release for detailed insights into revenue, profitability, and any significant business developments that may have impacted Aon's performance during the third quarter of 2025. While the 8-K itself is a procedural filing primarily referencing the press release, the underlying financial data is crucial for understanding Aon's current trajectory and future outlook. Investors are encouraged to examine the specific metrics and commentary within the press release to assess the company's performance against expectations and identify trends in its core business segments.
Aon plc 8-K Report, Regulation FD Disclosure (Oct 30, 2025)
Aon plc (AON) announced the successful closing of the sale of a significant majority of its wealth businesses under NFP Corp., including Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth. This transaction, originally announced on September 3, 2025, officially concluded on October 30, 2025, marking a strategic divestiture for the company. The sale is expected to refine Aon's strategic focus and capital allocation priorities, potentially enhancing shareholder value by concentrating on core growth areas within its risk and insurance services segments.
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