10-QPeriod: Q3 FY2025

Aon plc Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 31, 2025For Securities:AON

Summary

Aon plc reported a strong third quarter for 2025, with total revenue increasing by 7% to $4.0 billion, driven by robust organic revenue growth of 7% and a favorable foreign currency impact. Both the Risk Capital and Human Capital segments demonstrated significant growth, with Risk Capital revenue up 7% and Human Capital revenue up 8%. For the first nine months of the year, revenue surged 12% to $12.9 billion, largely due to the integration of NFP and continued organic growth. Net income attributable to Aon shareholders rose 32% to $458 million for the quarter, translating to diluted earnings per share of $2.11, up from $1.57 in the prior year. On a nine-month basis, net income attributable to Aon shareholders reached $2.0 billion, with diluted EPS at $9.21, a slight increase from $9.20 in the prior year. The company also reported strong cash flow generation, with free cash flow increasing 13% to $1.9 billion for the nine-month period, underscoring Aon's operational efficiency and financial health.

Financial Highlights

49 data points
Beta

Revenue

$4.00B

Net Income

$470.00M

11.8% Net Margin

EPS (Diluted)

$2.11

Total Assets

$51.64B

Cash & Equivalents

$1.09B

Free Cash Flow

$1.08B

Financial Statements
Beta
Revenue$4.00B
Operating Expenses$3.18B
Operating Income$816.00M
Net Income$470.00M
EPS (Basic)$2.12
EPS (Diluted)$2.11
Shares Outstanding (Basic)215.70M
Shares Outstanding (Diluted)216.70M

Key Highlights

  • 1Total revenue for Q3 2025 increased 7% to $4.0 billion, with organic revenue growth of 7%.
  • 2Risk Capital segment revenue grew 7% and Human Capital segment revenue grew 8% in Q3 2025.
  • 3Net income attributable to Aon shareholders increased 32% to $458 million in Q3 2025.
  • 4Diluted EPS rose to $2.11 in Q3 2025 from $1.57 in the prior year period.
  • 5Free cash flow for the nine months ended September 30, 2025, increased 13% to $1.9 billion.
  • 6The company continues to manage its 'Accelerating Aon United Program,' with expenses decreasing significantly compared to the prior year.
  • 7Aon completed the sale of a significant majority of NFP’s wealth businesses for $2.3 billion in October 2025, subsequent to the quarter-end.

Frequently Asked Questions

Revenue growth in the third quarter of 2025 was primarily driven by a 7% increase in organic revenue and a 1% favorable impact from foreign currency translation. Both the Risk Capital and Human Capital segments contributed to this growth.

Expenses related to the Accelerating Aon United Program decreased by $37 million in the third quarter of 2025 compared to the prior year period, reflecting lower costs associated with workforce optimization and overall progress in the program's restructuring initiatives.

Aon believes its balance sheet and strong cash flow provide adequate liquidity. Primary sources include operating cash flows, cash reserves, and divestiture proceeds. Uses of liquidity primarily consist of operating expenses, investments, capital expenditures, acquisitions, share repurchases, pension obligations, and dividends. The company expects sufficient liquidity to meet its obligations over the next twelve months and long-term.

Subsequent to the quarter-end, on October 30, 2025, Aon completed the sale of a significant majority of NFP’s wealth businesses for $2.3 billion. The gain from this sale will be recognized in the fourth quarter.