10-KPeriod: FY2025

Aon plc Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:AON

Summary

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.

Financial Highlights

49 data points
Beta

Revenue

$17.18B

Net Income

$3.75B

21.8% Net Margin

EPS (Diluted)

$17.02

Total Assets

$50.78B

Cash & Equivalents

$1.20B

Free Cash Flow

$3.22B

Financial Statements
Beta
Revenue$17.18B
Operating Expenses$12.84B
Operating Income$4.34B
Net Income$3.75B
EPS (Basic)$17.11
EPS (Diluted)$17.02
Shares Outstanding (Basic)215.90M
Shares Outstanding (Diluted)217.10M

Key Highlights

  • 1Total revenue increased by 9% to $17.2 billion, driven by 6% organic revenue growth and acquired revenues.
  • 2Operating margin improved to 25.3% from 24.4% in the prior year, supported by revenue growth and cost savings initiatives.
  • 3Diluted earnings per share (EPS) rose significantly to $17.02, up from $12.49 in the previous year.
  • 4Free cash flow increased by 14% to $3.2 billion, demonstrating strong operational cash generation.
  • 5The company completed the sale of a majority of NFP's wealth businesses, recognizing a pre-tax gain of $1.2 billion.
  • 6Aon continues to return capital to shareholders, repurchasing $1.0 billion of shares and paying dividends.
  • 7The "Accelerating Aon United" program is on track to deliver annualized savings of approximately $450 million by the end of 2027.

Frequently Asked Questions

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.

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.

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.

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.