Aon (AON) FY2019 results: revenue $11.0 billion, up 2.3% on the year
Aon plc (AON) reported revenue of $11.0 billion for fiscal 2019, the year ended 31 December 2019, up 2.3% on the year before. Net income was $1.5 billion, up 35.1%, and diluted earnings per share $6.37. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$11.0 billion
+2.3% on the year
FY2012FY2019
Operating margin
19.7%
14.3% a year earlier
FY2012FY2019
Net income
$1.5 billion
+35.1% on the year
FY2012FY2019
Diluted EPS
$6.37
+38.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,013
10,770
9,998
+2.3%
Operating income
2,169
1,544
1,065
+40.5%
Operating margin
19.7%
14.3%
10.7%
Interest expense
307
278
282
+10.4%
Pre-tax income
1,870
1,246
685
+50.1%
Income tax
297
146
250
+103.4%
Effective tax rate
15.9%
11.7%
36.5%
Net income
1,532
1,134
1,226
+35.1%
Net margin
13.9%
10.5%
12.3%
Diluted EPS
$6.37
$4.59
$4.70
+38.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,835
1,686
734
+8.8%
Capital expenditure
225
240
183
-6.2%
Free cash flow
1,610
1,446
551
+11.3%
Free cash flow margin
14.6%
13.4%
5.5%
Cash from investing
-229
31.0
2,787
Cash from financing
-247
-1,699
-3,265
Depreciation and amortisation
n/a
176
187
Share-based compensation
317
338
319
-6.2%
Buybacks
n/a
n/a
2,399
Dividends paid
410
382
364
+7.3%
Dividend per share
$1.72
$1.56
$1.41
+10.3%
Diluted shares, weighted
241m
247m
261m
-2.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,375
4,151
4,583
-18.7%
Non-controlling interest
74.0
68.0
65.0
+8.8%
Debt
7,339
6,244
5,966
+17.5%
Operating lease liabilities
944
n/a
n/a
Finance lease liabilities
76.0
n/a
n/a
Other liabilities
17,597
15,959
15,474
+10.3%
Total liabilities and equity
29,405
26,422
26,088
+11.3%
Fixed assets
621
588
564
+5.6%
Goodwill
8,165
8,171
8,358
-0.1%
Intangible assets
783
1,149
1,733
-31.9%
Investments
191
226
586
-15.5%
Cash and equivalents
790
656
756
+20.4%
Receivables
3,112
2,760
2,478
+12.8%
Other assets
15,743
12,872
11,613
+22.3%
Total assets
29,405
26,422
26,088
+11.3%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.