01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Aon plc reported strong financial performance for the fiscal year ending December 31, 2025.
The company achieved a significant increase in total revenue, driven by robust organic growth and strategic acquisitions, particularly the NFP transaction. Both the Risk Capital and Human Capital segments contributed to this revenue growth, with Human Capital showing a particularly strong percentage increase. Operating income and margins improved year-over-year, reflecting disciplined expense management alongside revenue expansion.
Diluted earnings per share saw a substantial rise, indicating enhanced profitability. The company also generated strong free cash flow, providing flexibility for capital allocation, including ongoing share repurchases and dividend payments. Management remains focused on executing its "Aon United" strategy, emphasizing actionable analytic insight and integrated expertise.
The company continues to invest in innovation and streamline its operations, as evidenced by the "Accelerating Aon United" program. While facing a dynamic competitive landscape and macroeconomic uncertainties, Aon's diversified client base and focus on higher-margin, capital-light professional services position it for continued resilience and growth.
02—Key points
Key Highlights
- Total revenue increased by 9% to $17.2 billion, driven by 6% organic revenue growth and acquired revenues.
- Operating margin improved to 25.3% from 24.4% in the prior year, supported by revenue growth and cost savings initiatives.
- Diluted earnings per share (EPS) rose significantly to $17.02, up from $12.49 in the previous year.
- Free cash flow increased by 14% to $3.2 billion, demonstrating strong operational cash generation.
- The company completed the sale of a majority of NFP's wealth businesses, recognizing a pre-tax gain of $1.2 billion.
- Aon continues to return capital to shareholders, repurchasing $1.0 billion of shares and paying dividends.
- The "Accelerating Aon United" program is on track to deliver annualized savings of approximately $450 million by the end of 2027.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $17.18B$15.70B | +9.4% |
| Operating Expenses | $12.84B$11.86B | +8.2% |
| Operating Income | $4.34B$3.83B | +13.3% |
| Net Income | $3.75B$2.65B | +41.3% |
| EPS (Basic) | $17.11$12.55 | +36.3% |
| EPS (Diluted) | $17.02$12.49 | +36.3% |
| Shares Outstanding (Basic) | 215.90M211.40M | +2.1% |
| Shares Outstanding (Diluted) | 217.10M212.50M | +2.2% |
05—Questions
Frequently Asked Questions
What were Aon's key financial results for the fiscal year 2025?
Aon plc reported total revenue of $17.2 billion, a 9% increase from the prior year, with 6% organic growth. Operating income rose to $4.3 billion, and diluted earnings per share increased to $17.02. The company generated $3.5 billion in cash flow from operations and $3.2 billion in free cash flow.
How did the NFP acquisition and subsequent divestiture impact Aon's financials?
The acquisition of NFP significantly contributed to revenue growth in 2025. Aon later completed the sale of a majority of NFP's wealth businesses, recognizing a $1.2 billion pre-tax gain. These transactions strategically reshaped the company's portfolio while demonstrating effective capital management.
What is the outlook for Aon's business segments, Risk Capital and Human Capital?
Both segments showed strong performance. Risk Capital revenue grew by 7% to $11.3 billion, driven by Commercial Risk Solutions and Reinsurance Solutions. Human Capital revenue increased by 13% to $5.9 billion, with Health Solutions and Wealth Solutions both experiencing robust growth. The operating margin for Human Capital saw a notable increase.
What are the main risks Aon faces, as highlighted in the 10-K?
Aon faces various risks including economic downturns affecting client spending, significant competitive pressures, the need for continuous innovation, client dissatisfaction, fluctuations in insurance markets, currency exchange rate volatility, interest rate changes, and cybersecurity threats. The company also highlights risks related to its Irish incorporation, such as differing legal protections for shareholders.
06—Continue