01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Aon plc reported a strong third quarter for 2025, with total revenue increasing by 7% to $4.0 billiona, 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 billionb, 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 billionc, 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.
02—Key points
Key Highlights
- Total revenue for Q3 2025 increased 7% to $4.0 billion, with organic revenue growth of 7%.
- Risk Capital segment revenue grew 7% and Human Capital segment revenue grew 8% in Q3 2025.
- Net income attributable to Aon shareholders increased 32% to $458 million in Q3 2025.
- Diluted EPS rose to $2.11 in Q3 2025 from $1.57 in the prior year period.
- Free cash flow for the nine months ended September 30, 2025, increased 13% to $1.9 billion.
- The company continues to manage its 'Accelerating Aon United Program,' with expenses decreasing significantly compared to the prior year.
- Aon completed the sale of a significant majority of NFP’s wealth businesses for $2.3 billion in October 2025, subsequent to the quarter-end.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $4.00B$3.72B | +7.4% |
| Operating Expenses | $3.18B$3.10B | +2.7% |
| Operating Income | $816.00M$623.00M | +31.0% |
| Net Income | $470.00M$343.00M | +37.0% |
| EPS (Basic) | $2.12$1.58 | +34.2% |
| EPS (Diluted) | $2.11$1.57 | +34.4% |
| Shares Outstanding (Basic) | 215.70M217.40M | −0.8% |
| Shares Outstanding (Diluted) | 216.70M218.40M | −0.8% |
05—Questions
Frequently Asked Questions
What were the primary drivers of revenue growth in the third quarter of 2025?
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.
How did the Accelerating Aon United Program impact expenses?
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.
What is the company's outlook on liquidity and financial condition?
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.
What significant events occurred after the reporting period ended?
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.
06—Continue