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Friday 6 November 2026 Export AON’s income statement to Excel — free account

Aon plc

AON Financial Insurance Brokers

Aon plc’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, up 9.45% from fiscal 2024.

Revenue
+2.60%
EPS
+5.66%
Free cash flow
+1.67%
Total debt
+67.0%

Quarter to September 2026, against a year earlier

343.42 1.25 −0.36%
Market cap
$73.1B
P/E
18.7×
Fwd P/E
22.9×
Dividend yield
0.93%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Risk Capital
  • Human Capital

Every year since 2008 →

Insider Decisions last twelve months

Bought, $m 7.83
Sold, $m 4.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — 1 — —
Sell — — 2 — — — — 3 — — — —
Insider Ownership 1.09%

Capital & Financial Ratios $m

Size
Market Cap 73,070.00
Revenue ttm 17,681.00
Net income ttm 3,994.00
Free cash flow ttm 3,266.00
Net debt Q 26,024.00
Valuation
P/E 18.72
Forward P/E 22.90
Price / sales 4.12
Forward P/S Powerpack
Price / FCF 22.32
Price / book 7.15
Financial health
Current ratio Q 1.60
Debt / equity Q 2.75
Interest coverage Q 3.93
Growth
Revenue growth Q +2.60% (above 0%: growing)
Operating income growth Q −0.86% (below 0%: shrinking)
EPS, this year +7.88%
EPS, next year A +9.94%
Revenue, next year A +4.39%
EPS, past 5 yrs +15.03% (at or above 15%: strong)
EPS, next 5 yrs A +11.03%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 5.28%
10-year low 10-year high
P/S against its own 10 years 40.56%
10-year low 10-year high
P/B against its own 10 years 27.04%
10-year low 10-year high

Dividends raised 7 years running

Yield
0.93%
Annual rate
3.21
Payout ratio
17.6%
Growth, 2018–26
+6.34%/yr
  1. 1.96 ’18
  2. 1.72 ’19 −12
  3. 1.78 ’20 +3
  4. 1.99 ’21 +12
  5. 2.19 ’22 +10
  6. 2.41 ’23 +10
  7. 2.64 ’24 +10
  8. 2.91 ’25 +10
  9. 3.21 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 778 1,085 1,195 2,017
Receivables 3,254 3,803 4,209 4,777
Inventory — — — —
Other — — — —
4,032 4,888 5,404 6,794
2023 2024 2025 Q'26
Payables 2,262 2,905 2,861 2,535
ST’ Debt 1,204 751 589 1,722
Other — — — —
3,466 3,656 3,450 4,257

Compound Annual Growth %

10y 5y 3y
Sales 6.13% 9.20% 11.25%
Cash Flow 5.65% 4.58% 2.64%
Earnings 10.31% 13.42% 12.59%
Book Value 4.55% 21.43% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.34 Actual 3.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.76 4.85 Beat by 0.09
Q1 FY26 6.33 6.48 Beat by 0.15
Q2 FY26 3.77 3.81 Beat by 0.04
Q3 FY26 3.34 3.36 Beat by 0.02
Q4 FY26 4.90 — Reports 29 January 2027

EPS $

Mar Jun Sep Dec Year
’26 5.63 2.58 2.23 — —
’25 4.43 2.66 2.11 7.82 17.02
’24 5.35 2.46 1.57 3.28 12.49
’23 5.07 2.71 2.23 2.47 12.51
’22 4.73 2.33 1.92 3.14 12.14
’21 4.00 1.66 (3.99) 3.90 5.55
’20 3.29 1.70 1.18 2.27 8.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,034 4,246 4,101 — —
’25 4,729 4,155 3,997 4,300 17,181
’24 4,070 3,760 3,721 4,147 15,698
’23 3,871 3,177 2,953 3,375 13,376
’22 3,670 2,983 2,696 3,130 12,479
’21 3,525 2,886 2,702 3,080 12,193
’20 3,219 2,497 2,385 2,965 11,066
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 430 556 1,191 — —
’25 140 796 1,148 1,397 3,481
’24 309 513 1,013 1,200 3,035
’23 443 688 1,043 1,261 3,435
’22 463 668 1,046 1,042 3,219
’21 561 784 (94) 931 2,182
’20 338 881 804 760 2,783
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 363 483 1,097 — —
’25 84 732 1,079 1,323 3,218
’24 261 460 951 1,145 2,817
’23 367 619 985 1,212 3,183
’22 440 623 988 972 3,023
’21 532 743 (126) 896 2,045
’20 279 851 774 738 2,642
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 28.6% a year for ten years. It grew 9.8% a year over the last ten.

Implied
28.6%
10 years, reported
9.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,409 9,998 10,770 11,013 11,066 12,193 12,479 13,376 15,698 17,181 17,681 +6.9% 17,936 21,670 22,887 +10.0%
Gross margin, % 41.40 39.96 43.33 45.03 46.64 44.74 48.10 48.40 47.24 47.70 48.78 +6.3 pt
EBT 1,401 685 1,246 1,870 2,466 1,931 3,156 3,169 3,462 4,759 5,098 +14.6%
EBT margin, % 14.89 6.85 11.57 16.98 22.28 15.84 25.29 23.69 22.05 27.70 28.83 +12.8 pt
Net income 1,430 1,263 1,174 1,573 2,018 1,308 2,646 2,628 2,720 3,750 3,994 +11.3%
Per share, $
Per share, $ Revenue 35.10 38.68 43.92 46.16 47.72 54.26 58.95 65.73 74.26 79.58 83.28 +9.5%
Earnings 5.21 4.74 4.62 6.42 8.49 5.59 12.23 12.60 12.55 17.11 18.35 +14.1%
Cash flow 8.68 2.84 6.88 7.69 12.00 9.71 15.21 16.88 14.36 16.12 16.83 +7.1%
Capex (0.58) (0.71) (0.98) (0.94) (0.61) (0.61) (0.93) (1.24) (1.03) (1.22) (1.45) +8.6%
Free cash flow 8.09 2.13 5.90 6.75 11.39 9.10 14.28 15.64 13.33 14.91 15.38 +7.0%
Book value 20.63 17.98 17.21 14.46 15.45 5.15 (2.03) (3.65) 29.83 43.81 48.03 +8.7%
Shares, m 268 259 245 239 232 225 212 204 211 216 214 (2.4%)
Valuation, ×
Valuation, × P/E 21.51 28.16 31.53 32.55 24.88 53.29 24.54 22.91 28.19 20.60 18.72 28.8
P/S 3.19 3.40 3.31 4.51 4.43 5.54 5.08 4.38 4.84 4.43 4.12 4.3
P/B 5.43 7.31 8.45 14.41 13.67 58.32 0.00 0.00 12.04 8.05 7.15 12.8
EV/Sales 3.81 3.92 3.83 5.11 5.05 6.26 5.89 5.16 5.85 5.25 — 5.0
EV/FCF 16.51 71.14 28.51 34.94 21.13 37.35 24.30 21.69 32.61 28.04 — 31.6
Cash, $m
Cash, $m Operating cash flow 2,326 734 1,686 1,835 2,783 2,182 3,219 3,435 3,035 3,481 3,574 +4.6%
Capex (156) (183) (240) (225) (141) (137) (196) (252) (218) (263) (308) +6.0%
Free cash flow 2,170 551 1,446 1,610 2,642 2,045 3,023 3,183 2,817 3,218 3,266 +4.5%
Balance, $m
Balance, $m Working capital 592 974 1,222 1,251 1,490 282 666 566 1,232 1,954 2,537 +14.2%
Net debt 5,779 5,210 5,588 6,549 6,845 8,848 10,080 10,421 15,931 14,054 26,024 +10.4%
Shareholders’ equity 5,532 4,648 4,219 3,449 3,583 1,158 (429) (742) 6,305 9,459 10,197 +6.1%
Returns, %
Returns, % ROA 5.22 4.65 4.32 5.49 6.40 3.92 8.01 7.69 6.40 7.41 6.73 +2.2 pt
ROIC 10.01 6.75 9.84 13.56 16.67 13.05 23.76 24.44 10.78 11.55 8.02 +1.5 pt
ROE 24.09 24.09 25.58 39.96 56.00 52.94 710.29 (437.92) 95.42 46.88 42.95 +22.8 pt
People
People Employees 69,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 60,000 60,000 — (1.5%)
Revenue/emp, $m 0.14 0.20 0.22 0.22 0.22 0.24 0.25 0.27 0.26 0.29 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Aon plc is a professional services firm that helps organizations manage risk and make decisions about their employees and investments. Founded in 1982 and headquartered in London, it is led by President and Chief Executive Officer Gregory C. Case.

Its Risk Capital business helps clients arrange insurance and reinsurance—the insurance that insurers buy to transfer some of their own risks. Aon also advises organizations on retaining or transferring risks, managing claims and raising capital. Its specialists work on exposures such as property damage, cyber incidents, construction projects and professional liability.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Risk Capital 11,290 65.71%
Human Capital 5,907 34.38%
Gross margin 47.70%
Operating margin 25.28%
Pre-tax margin 27.70%

Revenue by segment since 2008

Aon plc vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRSH Marsh $99.6B 24.8× 23.3× +8.06% (above 0%: growing) +11.84% (above 0%: growing) −30.50% (below 0%: shrinking) 100.00% 17.70% Compare
AJG Arthur J. Gallagher & Co. $73.9B 43.4× 38.3× +18.14% (above 0%: growing) +49.23% (above 0%: growing) +91.16% (above 0%: growing) 43.74% 17.18% Compare
AON Aon plc $73.1B 18.7× 22.9× +2.60% (above 0%: growing) +5.66% (above 0%: growing) +1.67% (above 0%: growing) 44.53% 19.73%
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44% Compare
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35% Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
Median of peers $19.0B 24.8× 22.0× +7.79% +11.84% +9.00% 47.03% 17.57%

All 23 Insurance Brokers stocks →

From the latest earnings call

Updated

  • Interim CFO Nadin Virani said new business and client retention supported organic growth, while softer insurance and reinsurance pricing left the overall market impact slightly positive.
  • CEO Greg Case said the pending USI acquisition would extend Aon’s middle-market capabilities and provide direct access to the excess and surplus insurance market.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Piper Sandler Oct 19, 2026 Target raised — —

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 73.74m 82.23m 174.00
2024 26.21m 46.94m 175.00
2023 23.66m 26.60m 141.00
2022 19.67m 18.54m 144.00
2021 19.87m 101.10m 143.00

Ownership

Directors and executive officers, together 1.00%
BlackRock, Inc. 6.29%
Capital World Investors 5.69%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Aon plc (AON) Latest News

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AON metrics, ten years each

stockrow.com/AON · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com