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Aon plcAON

Sector
Financial Services
Industry
Insurance Agents, Brokers & Service
Exchange
NYSE

Stock Price $AON

Latest filings

You are here#33 of 58 in Financials by market cap

Filing record · 2016–202610-K1210-Q328-K142

AON filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 142 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · May ’17May ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Material agreement8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $17.18B
YoY changeLargest recent move+17.4%in FY24Latest +9.4%

1 older move runs past ±25% (largest +32.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AON Financial Metrics57 metrics

Income Statement12

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Aon plc Financial Overview 2021–2025

Updated Jul 10, 2026

Aon's diluted earnings per share surged 36% to $17.02a 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 billionb 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 $352.88c 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 gaind 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 billione 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

03—Filings

Recent SEC Filings

  1. 8-KAon plc 8-K Report, Material Agreement (Sep 22, 2026)Aon plc (AON) announced in this 8-K filing dated September 22, 2026, the execution of a new $4 billion unsecured delayed draw term loan credit facility and a $3 billion unsecured revolving credit facility, both with Citibank, N.A. as administrative agent. The term loan facility is specifically to fund a portion of the cash consideration for the previously announced acquisition of USI Advantage Corp. (USI), along with associated fees and expenses. The term loan facility comprises two tranches: a $2 billion two-year facility (Tranche 1) and a $2 billion three-year facility (Tranche 2), with the borrower being Aon North America, Inc. (ANA). This new financing strengthens Aon's liquidity position and supports its strategic growth initiatives, particularly the significant USI acquisition. The company has also replaced its prior revolving credit facilities with a larger, longer-dated facility, enhancing its financial flexibility. Key covenants include leverage and interest coverage ratios, which are subject to adjustments post-acquisition. The filing also notes the termination of the prior credit agreements upon the execution of the new facilities.
  2. 8-KAon plc 8-K Report, Corporate Update (Sep 17, 2026)Aon plc, through its subsidiaries Aon North America, Inc. and Aon Global Holdings plc, has successfully completed a significant debt offering, raising approximately $13.4 billion in aggregate principal amount of senior notes. These notes, with maturities ranging from 2029 to 2056, carry interest rates between 5.350% and 6.450%. The proceeds are earmarked for general corporate purposes, with a primary focus on funding the cash consideration for the previously announced acquisition of USI Advantage Corp. ("USI"), repaying certain outstanding indebtedness of USI, and covering associated fees and expenses. The offering was underwritten by a syndicate of prominent financial institutions. This substantial debt issuance underscores Aon's commitment to financing its strategic growth initiatives, particularly the USI acquisition, which is expected to be a key driver of future value. Investors should note that a portion of the notes issued (excluding the 2056 Notes) are subject to mandatory redemption at 101% of their principal amount plus accrued interest if the USI Acquisition is not consummated by a specified deadline, which extends to mid-2027 with possible further extensions. The issuance was facilitated through a shelf registration statement, with various legal opinions and agreements filed concurrently.
  3. 8-KAon plc 8-K Report, Corporate Update (Sep 11, 2026)On September 11, 2026, Aon plc filed an 8-K to supply the financial statements required in connection with its previously announced agreement (dated August 30, 2026) to acquire USI Advantage Corp., the parent of insurance broker USI, Inc. The filing contains USI's audited 2025 financial statements (reissued with an EY report dated February 27, 2026, with Note 2 dated August 21, 2026), USI's unaudited six-month 2026 financials, and Aon's unaudited pro forma combined financial information. The filing itself does not change Aon's reported results; it provides the information investors need to evaluate the deal. The transaction is a roughly $17.0 billion cash payment, consisting of about $12.5 billion of merger consideration plus about $4.5 billion to repay USI debt. Closing is subject to customary conditions, including regulatory approvals, and is not subject to a financing condition. The deal is expected to be funded with about $4.0 billion of senior unsecured term loans and about $13.5 billion of senior unsecured notes at a weighted average coupon of 5.92%. USI is a meaningful business: it generated 2025 total revenues of about $2.97 billion, operating income of $339 million, and net income of $61 million, but its results are burdened by heavy amortization ($375 million) and interest expense ($319 million). USI reported a net loss of $16 million for the first half of 2026, driven by a $32 million tax expense on $16 million of pre-tax income, which reflects a valuation allowance and discrete items. The pro forma analysis shows Aon's first-half 2026 revenue rising from $9.28 billion to $10.78 billion, while pro forma diluted EPS falls from $8.22 to $5.70. For full-year 2025, pro forma diluted EPS falls from $17.02 to $11.24. The EPS dilution is driven primarily by roughly $675 million of incremental annual amortization from the approximately $7.5 billion of acquired intangibles, plus higher interest expense. The pro forma figures exclude expected cost synergies and integration costs, and the purchase price allocation is preliminary, with goodwill of about $11.1 billion. For investors, the key questions are the leverage added by the financing, the earnings dilution from acquisition amortization, and whether the deal's projected benefits justify a price of roughly 16.4 billion in total preliminary purchase consideration. The filing does not include synergy estimates, so the strategic case must come from other disclosures.
  4. 8-KAon plc 8-K Report, Material Agreement (Aug 31, 2026)On August 30, 2026, Aon plc agreed to acquire USI Advantage Corp., a U.S. insurance broker with roughly $3.0 billion in annual revenue and more than 10,500 employees, for a purchase price of $17.0 billion in cash ($16.7 billion net of approximately $278 million in certain tax attributes). The deal is positioned as the foundation of a premier U.S. middle-market platform, building on Aon's 2024 acquisition of NFP, and expands Aon's direct access to the Excess & Surplus (E&S) segment. Management cites a net purchase price of about 14.5x synergized trailing adjusted EBITDA and projects $395 million in annual run-rate net adjusted EBITDA impact from revenue and cost synergies, substantially realized by 2029. The transaction is expected to be dilutive to adjusted EPS in 2027 and accretive in 2028 and thereafter. It will be funded entirely with new debt, and management expects to keep its Baa2 (Moody's) and A- (S&P) ratings while deleveraging to its 2.8x-3.0x objective in roughly 24 months after closing. Leverage is projected at about 4.8x at close, assuming a Q4 2026 closing, including restructuring expenses. Management does not expect share repurchases in the near term. Integration costs are estimated at $550 million, transaction costs at $160 million, and retention incentives of up to $400 million over three years. Closing is subject to regulatory approvals and customary conditions and is expected in Q4 2026. The merger agreement allows termination if closing has not occurred by June 1, 2027, with extensions of three months each for unsatisfied regulatory conditions, and the parties are not required to close until October 19, 2026. Investors should note the execution risk from financing a $17 billion deal, integration complexity, and the significant leverage increase, which together could weigh on near-term credit metrics and per-share results.
  5. 8-KAon 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.
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04—See also

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