Aon plcAON
Aon plc Financial Overview 2021–2025
Updated Jul 10, 2026Aon's diluted earnings per share surged 36% to $17.02 in FY2025, proving the firm can digest large-scale acquisitions without permanently sacrificing bottom-line profitability. The core investment thesis is clear: Aon is successfully scaling its risk and human capital operations through aggressive M&A while relying on strict operational discipline to expand its margins.
The company's top line illustrates a steady structural expansion, as total revenue grew from $12.2 billion in FY2021 to $17.2 billion in FY2025. This long-term arc was supercharged by the $9.1 billion acquisition of NFP, which temporarily pressured profitability but drove a 17% revenue increase in FY2024. By FY2025, Aon had stabilized these integration costs, pushing its operating margin back up to 25.3% from 24.4% the prior year. Strong core operations also generated $3.2 billion in free cash flow, representing a 14% year-over-year increase that funded $1.0 billion in share repurchases during the period.
Investors rewarded this integration success and the underlying 6% organic revenue growth across the business. At the close of FY2025, Aon traded at $352.88 per share, carrying a 20.7x price-to-earnings ratio. This market valuation reflects confidence that Aon's ongoing restructuring program—targeting $450 million in annualized savings by the end of 2027—will continue to convert acquired scale into enhanced shareholder returns.
Recent Developments (Q4 2025 and Q1 2026)
Aon capped off Q4 2025 by securing a $1.2 billion pre-tax gain from the sale of NFP's wealth businesses, rolling that momentum into Q1 2026. The company opened the year with a 10% revenue jump in its Risk Capital segment, pushing the segment's operating margin to 39.5%. Overall Q1 2026 revenue reached $5.03 billion, marking a 6% increase year-over-year. Net income surged 26% to $1.21 billion, lifting quarterly diluted earnings per share to $5.63. Operating cash flow jumped 207% to $430 million, directly funding $500 million in first-quarter share repurchases.
The board recently authorized a $7.5 billion share repurchase program and extended the CEO's contract through June 30, 2027. Bulls argue that accelerating cash generation makes the stock attractive at 18.3x earnings as of May 1, 2026. Bears counter that shareholder rejection of the latest executive compensation plan signals governance friction, and the Human Capital segment experienced a 1% revenue decline in Q1 2026.
What to watch: Human Capital revenue trends; deployment pace of the $7.5 billion share repurchase program
Rev
$17.18B
FY2025
NI
$3.75B
FY2025
EPS
$17.11
FY2025
OCF
$3.48B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All AON Financial Metrics(57)
Income Statement
Balance Sheet
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- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
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- Current Liabilities
- Accrued Liabilities
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
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Cash Flow
Recent SEC Filings
Aon plc 8-K Report, Material Agreement (Aug 31, 2026)
Aon plc has entered into a material definitive agreement to acquire USI Advantage Corp. for approximately $17 billion in cash. This significant transaction is expected to enhance Aon's presence in the middle-market and Excess & Surplus (E&S) segments. The deal is subject to customary closing conditions, including regulatory approvals, with a target completion date of June 1, 2027, potentially extended for regulatory reasons. This acquisition represents a strategic move by Aon to expand its service offerings and market reach. Investors should monitor the progress of regulatory approvals and the integration process, as successful execution is crucial for realizing the anticipated benefits, including revenue and cost synergies, and increased profitability. The company has provided supplemental information and an investor presentation to detail the transaction's expected impacts.
Aon plc 8-K Report, Executive Changes (Aug 17, 2026)
Aon plc (AON) announced a significant leadership change in its finance department via an 8-K filing on August 17, 2026. Edmund Reese, the current Executive Vice President and Chief Financial Officer, is transitioning to a senior advisor role for a one-year period, concluding on August 16, 2027. This transition is governed by a specific Letter Agreement, details of which are filed as an exhibit. The company has appointed Nadin Virani as the interim Chief Financial Officer, effective immediately. Mr. Virani brings a wealth of financial experience, having most recently led Global Corporate Planning and Analytics at Aon. His prior roles include leadership positions at Broadridge Financial Solutions and American Express. As interim CFO, Mr. Virani will receive a monthly salary increase of $50,000, along with a commensurate cash bonus upon the appointment of a permanent CFO.
Aon plc 8-K Report, Financial Results (Jul 29, 2026)
Aon plc has filed an 8-K report on July 29, 2026, to announce its financial results for the quarter ended June 30, 2026. The primary purpose of this filing is to provide investors with the company's performance data for the period, as detailed in the accompanying press release. While the 8-K itself is brief, it directs investors to the more comprehensive information contained within the press release. Investors should review the attached press release (Exhibit 99.1) for specific details regarding Aon's revenue, profitability, and any significant operational developments during the second quarter of 2026. This filing serves as the official mechanism to disseminate these key financial metrics to the public markets, allowing for informed investment decisions. No other material events or financial statements are being disclosed within this specific 8-K filing beyond the quarterly results.
Aon plc 8-K Report, Executive Changes (Jul 1, 2026)
This 8-K filing from Aon plc details two primary events: an amendment to Gregory C. Case's international assignment letter and the outcomes of the company's Annual Shareholder Meeting. The amendment to Mr. Case's letter extends his assignment term by one year, to June 30, 2027, indicating continued executive commitment. At the Annual Meeting, all 13 director nominees were overwhelmingly elected. However, a significant development was the advisory vote on executive compensation, which shareholders did not approve. Further key outcomes from the meeting include the ratification of Ernst & Young LLP as the independent registered public accounting firm and Ernst & Young Chartered Accountants as the statutory auditor. The shareholders also approved the board's authority to determine auditor remuneration, and granted the board authorization to issue shares and opt-out of statutory pre-emption rights for a period of 18 months. Notably, on June 26, 2026, the Board of Directors approved an additional $7.5 billion for share repurchases, augmenting the existing program.
Aon plc 8-K Report, Financial Results (May 1, 2026)
Aon plc filed an 8-K on May 1, 2026, to report its financial results for the first quarter ended March 31, 2026. The primary purpose of this filing is to provide investors with the company's operational performance and financial condition for the period, as detailed in the accompanying press release. Investors should refer to the press release (Exhibit 99.1) for specific financial metrics and commentary on the company's performance. While the 8-K itself does not contain the detailed financial statements or management's discussion and analysis, it formally incorporates the press release which serves as the official disclosure of Aon's quarterly results. This filing is a standard procedure for publicly traded companies to promptly disseminate material information regarding their financial performance to the market.
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